Financials Korean Airlines Co.,Ltd.

Equities

A003490

KR7003490000

Airlines

End-of-day quote Korea S.E. Other stock markets 14/01/2026			5-day change	1st Jan Change
23,100.00 ^KRW	+3.82%		+2.67%	+2.44%

18/12	Incora and Korean Air Renew Long-Standing Partnership	CI
03/12	Korean Air Lines, Hyundai Rotem to Work on Reusable Methane Rocket Engine	MT

Projected Income Statement: Korean Airlines Co.,Ltd.

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
Net sales ¹	7,606	9,017	14,097	16,112	16,117	24,866	24,813	25,643
Change	-	18.55%	56.34%	14.3%	0.03%	54.29%	-0.21%	3.35%
EBITDA ¹	2,078	3,113	4,480	3,513	3,906	3,976	4,443	4,707
Change	-	49.82%	43.91%	-21.59%	11.19%	1.78%	11.75%	5.94%
EBIT ¹	108.9	1,418	2,831	1,790	1,945	1,200	1,704	2,083
Change	-	1,201.87%	99.63%	-36.76%	8.63%	-38.29%	42%	22.23%
Interest Paid ²	-5,13,863	-4,38,002	-4,33,107	-5,90,657	-5,96,801	-6,31,550	-6,39,655	-5,96,545
Earnings before Tax (EBT) ¹	-934.1	796.7	2,562	1,576	1,711	1,023	1,535	1,828
Change	-	185.29%	221.62%	-38.5%	8.6%	-40.23%	50.05%	19.13%
Net income ¹	-211.5	531.4	1,732	1,132	1,254	735.9	1,066	1,306
Change	-	351.18%	226.03%	-34.67%	10.81%	-41.33%	44.81%	22.51%
Announcement Date	04/02/21	27/01/22	01/02/23	30/01/24	07/02/25	-	-	-

¹KRW in Billions²KRW in Million

Estimates

Fiscal Period: December	2020 Q4	2021 Q1	2021 Q2	2021 Q3	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1	2025 Q2	2025 Q3	2025 Q4	2026 Q1	2026 Q2	2026 Q3	2026 Q4
Net sales ¹	1,904	1,792	2,013	2,304	2,908	2,884	3,421	3,911	3,880	3,592	3,877	4,249	4,393	4,291	4,024	4,675	4,030	6,492	6,211	6,027	6,129	6,289	6,182	6,324	6,268
Change	-	-5.84%	12.28%	14.46%	26.22%	-0.8%	18.62%	14.3%	-0.8%	-7.41%	7.94%	9.59%	3.4%	-2.32%	-6.24%	16.19%	-13.81%	61.1%	-4.33%	-2.96%	1.69%	2.61%	-1.7%	2.3%	-0.89%
EBITDA	618.8	536	615.5	-	-	1,163	-	-	964.9	-	930.8	954.8	-	-	-	-	-	-	-	-	-	-	-	-	-
Change	-	-13.38%	14.83%	-	-	-	-	-	-	-	-	2.59%	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT ¹	120.7	101.6	193.6	420.2	703.7	773.1	740.3	800.7	516.5	485.5	477.2	543	284.3	537.5	413.4	665.7	476.5	431	370.1	157.5	234.3	342.5	235	458.5	382.5
Change	-	-15.81%	90.53%	117.08%	67.49%	9.85%	-4.24%	8.16%	-35.5%	-5.99%	-1.72%	13.8%	-47.65%	89.07%	-23.09%	61.02%	-28.42%	-9.54%	-14.14%	-57.43%	48.73%	46.17%	-31.39%	95.11%	-16.58%
Charge d'intérêts	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Earnings before Tax (EBT) ¹	-161	-61.24	164.5	150.2	590.7	735.2	621.6	559.4	646	364.8	488.6	577	145.2	547.2	472.1	437.9	391.1	452.2	778.8	-333.9	-11.5	273	200	510	325
Change	-	61.96%	368.57%	-8.65%	293.21%	24.45%	-15.45%	-10.01%	15.48%	-43.52%	33.94%	18.09%	-74.84%	276.86%	-13.72%	-7.24%	-10.7%	15.64%	72.2%	-142.87%	96.56%	2,473.91%	-26.74%	155%	-36.27%
Net income ¹	449.9	-53.65	115.6	106.2	411.8	532.6	448.3	393.6	353.9	233.8	354.4	406.7	66.19	374.9	349	292.1	283.3	284.7	484.9	-119.3	8.5	167	142	395	278
Change	-	-111.93%	315.41%	-8.1%	287.72%	29.35%	-15.83%	-12.21%	-10.08%	-33.93%	51.57%	14.75%	-83.73%	466.45%	-6.9%	-16.3%	-3.01%	0.48%	70.31%	-124.61%	107.12%	1,864.71%	-14.97%	178.17%	-29.62%
Announcement Date	04/02/21	14/05/21	13/08/21	12/11/21	27/01/22	13/05/22	04/08/22	11/11/22	01/02/23	12/05/23	02/08/23	14/11/23	30/01/24	08/05/24	07/08/24	06/11/24	07/02/25	11/04/25	14/08/25	14/11/25	-	-	-	-	-

¹KRW in Billions

Estimates

Forecast Balance Sheet: Korean Airlines Co.,Ltd.

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
Net Debt ¹	12,343	8,379	8,153	4,641	12,542	15,747	13,588	12,786
Change	-	-32.12%	-2.7%	-43.08%	170.24%	25.56%	-13.71%	-5.9%
Announcement Date	04/02/21	27/01/22	01/02/23	30/01/24	07/02/25	-	-	-

¹KRW in Billions

Estimates

Cash Flow Forecast: Korean Airlines Co.,Ltd.

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
CAPEX ¹	611	343	761.8	1,909	2,894	3,585	2,853	2,893
Change	-	-43.87%	122.11%	150.54%	51.64%	23.87%	-20.42%	1.41%
Free Cash Flow (FCF) ¹	7,65,674	31,71,231	48,10,659	21,83,944	16,64,815	22,74,000	19,64,000	23,98,100
Change	-	314.18%	51.7%	-54.6%	-23.77%	36.59%	-13.63%	22.1%
Announcement Date	04/02/21	27/01/22	01/02/23	30/01/24	07/02/25	-	-	-

¹KRW in Million

Estimates

Forecast Financial Ratios: Korean Airlines Co.,Ltd.

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
Profitability
EBITDA Margin (%)	27.32%	34.53%	31.78%	21.8%	24.24%	15.99%	17.91%	18.36%
EBIT Margin (%)	1.43%	15.73%	20.08%	11.11%	12.07%	4.83%	6.87%	8.12%
EBT Margin (%)	-12.28%	8.84%	18.18%	9.78%	10.62%	4.11%	6.19%	7.13%
Net margin (%)	-2.78%	5.89%	12.29%	7.02%	7.78%	2.96%	4.29%	5.09%
FCF margin (%)	10,066.41%	35,170.15%	34,126.23%	13,554.94%	10,329.8%	9,145.04%	7,915.22%	9,351.75%
FCF / Net Income (%)	-3,61,942.86%	5,96,816.18%	2,77,690.5%	1,92,955.57%	1,32,742.61%	3,09,019.87%	1,84,300.63%	1,83,681.84%
Profitability
ROA	-0.81%	2.23%	6.21%	3.57%	3.4%	1.58%	2.35%	2.91%
ROE	-7.22%	10.49%	21.43%	11.85%	13.17%	6.74%	9.23%	10.58%
Financial Health
Leverage (Debt/EBITDA)	5.94x	2.69x	1.82x	1.32x	3.21x	3.96x	3.06x	2.72x
Debt / Free cash flow	0.02x	0x	0x	0x	0.01x	0.01x	0.01x	0.01x
Capital Intensity
CAPEX / Current Assets (%)	8.03%	3.8%	5.4%	11.85%	17.96%	14.42%	11.5%	11.28%
CAPEX / EBITDA (%)	29.4%	11.02%	17%	54.33%	74.09%	90.16%	64.21%	61.46%
CAPEX / FCF (%)	0.08%	0.01%	0.02%	0.09%	0.17%	0.16%	0.15%	0.12%
Items per share
Cash flow per share ¹	10,205	10,324	15,517	11,114	12,381	12,528	13,584	14,300
Change	-	1.16%	50.31%	-28.38%	11.4%	1.18%	8.43%	5.27%
Dividend per Share ¹	-	-	-	750.2	750	750	777.5	816.7
Change	-	-	-	-	-0.03%	0%	3.67%	5.04%
Book Value Per Share ¹	23,769	21,063	25,046	25,793	28,442	29,266	32,057	34,658
Change	-	-11.38%	18.91%	2.98%	10.27%	2.9%	9.54%	8.11%
EPS ¹	-1,568	1,662	4,787	2,916	3,616	2,023	2,806	3,420
Change	-	205.99%	188.03%	-39.09%	24.01%	-44.04%	38.7%	21.88%
Nbr of stocks (in thousands)	1,75,320	3,48,932	3,69,331	3,69,331	3,69,331	3,69,331	3,69,331	3,69,331
Announcement Date	04/02/21	27/01/22	01/02/23	30/01/24	07/02/25	-	-	-