DL : 2024 1Q Earnings Results

• DL Holdings posted KRW 1,404 bn in sales & 172 bn in operating profit, thanksto improved profitability of DL Chemical and peak seasonality of DL Energy.
• Net profit was KRW 32 bn due to interest costs and depreciation of KRW.

	'24.1Q	'23.4Q		'23.1Q
	QoQ	YoY
Sales	1,404.1	1,247.2	12.6%	1,287.4	9.1%
OP	172.3	76.7	124.6%	69.0	149.7%
(%)	(12.3%)	(6.2%)	(6.1%p)	(5.4%)	(6.9%p)
DLC(Consolidated)	117.8	12.8	820.3%	18.4	540.2%
EBITDA	283.3	185.9	52.4%	174.1	62.7%
NP	32.1	43.4	-26.0%	-23.6	reverted
to profit

172.3

117.8

69.0		76.7
18.4	12.0	12.8
	-7.1

-33.8 -37.1

'24.1Q	'23.4Q	'23.1Q
	QoQ	YoY

	Sales	1,229.7	1,057.7	16.3%	1,119.2	9.9%
DLC
OP	117.8	12.8	820.3%	18.4	540.2%
(Consolidated)
	(%)	(9.6%)	(1.2%)	(8.4%p)	(1.6%)	(7.9%p)
	Sales	501.6	439.5	14.1%	424.2	18.2%
DLC
OP	82.8	61.2	35.3%	16.1	414.3%
(Separate)
	(%)	(16.5%)	(13.9%)	(2.6%p)	(3.8%)	(12.7%p)
	Sales	695.3	539.7	28.8%	662.9	4.9%
Kraton
OP	55.6	-53.4	reverted	9.0	517.8%
	to profit
	(%)	(8.0%)	(-9.9%)	(17.9%p)	(1.4%)	(6.6%p)
	Sales	50.7	84.3	-39.9%	56.7	-10.6%
Cariflex
OP	7.0	23.2	-69.8%	11.2	-37.5%
	(%)	(13.8%)	(27.5%)	(-13.7%p)	(19.8%)	(-5.9%p)

DL Chemical (Separate)

PE,salesgrowthof highvalue-added productscontinues

PB,successful ramp-up of expansion line amid solid market

Kraton

Reverted to profit due to raw material price stabilization and volume growth

• Polymer,negative lagging and seasonal off-season(Q4) ended
• Chemical, volume growth across products amid stabilized CTO price

Cariflex

Temporary earnings drop

due to customer inventory adjustments

24.1Q	23.4Q	23.1Q
	QoQ	YoY

	Sales	51.7	59.2	-12.7%	44.3	16.7%
DLE
OP	39.2	49.6	-21.0%	38.1	2.9%
(%)	(75.8%)	(83.8%)	(-8.0%p)	(86.0%)	(-10.2%p)
	Sales	24.0	30.0	-20.0%	21.2	13.2%
GLAD
OP	5.2	6.9	-24.6%	4.1	26.8%
(%)	(21.7%)	(23.0%)	(-1.3%p)	(19.3%)	(2.3%p)
	Sales	80.9	79.4	1.9%	85.6	-5.5%
DLM
OP	0.1	-2.2	reverted	-0.3	reverted
	to profit	to profit
(%)	(0.1%)	(-2.8%)	(2.9%p)	(-0.4%)	(0.5%p)

DL Energy

Strong performance due to peak season effect

• EcoOne Energy (hydrogen fuel cell) fully operational and contributing to earnings

GLAD

YoY sales and OP growth due to

increased foreign arrivals and continued robust corporate demand

DL Motors

Achieved BEP with cost reduction efforts despite stagnant sales

								YNCC
			24.1Q	23.4Q		23.1Q
					OP loss continues under prolonged weak market
					QoQ		YoY
								· However, loss size significantly reduced due to
		Sales	1,516.8	1,387.2	9.3%	1,511.9	0.3%
								slight improvement in spreads, volume growth,
	YNCC	OP	-34.7	-70.9	51.1%	-45.8	24.2%
	and reversal of inventory valuation losses
	(%)	(-2.3%)	(-5.1%)	(2.8%p)	(-3.0%)	(0.7%p)
		Equity	-22.5	-33.7	33.2%	-26.8	16.0%
		Method	PMC
		Sales	221.8	196.2	13.0%	216.8	2.3%	Continued intense competition caused by
								oversupply and weak demand
	PMC	OP	2.6	4.9	-46.9%	6.4	-59.4%
	(%)	(1.2%)	(2.5%)	(-1.3%p)	(3.0%)	(-1.8%p)	· Despite volume growth, profitability decreased
								due to deteriorated product mix
		Equity	-2.8	-1.7	-64.7%	-1.5	-86.7%
		Method
		Sales	1,890.5	2,333.0	-19.0%	1,850.1	2.2%	E&C
								YoY sales growth driven by Plant and DL
	E&C	OP	60.9	88.2	-31.0%	90.2	-32.5%
	(%)	(3.2%)	(3.8%)	(-0.6%p)	(4.9%)	(-1.7%p)	Construction
								· OP decreased due to delays in re-negotiation of
		Equity	6.3	-4.6	reverted	15.2	-58.6%
		Method	to profit	housing business contracts

		82.8
		61.2	55.6
					49.6
					38.1	39.2
						29.7
		18.2			23.2
16.1	15.3			13.6	15.5
	11.2
	9.0	8.6			8.4
			7.0	4.1	5.6	6.9	5.2

-46.3

-53.4

-65.6

	'24.1Q	'23.4Q		'23.1Q
QoQ	YoY

		Sales	1,404.1	1,247.2	156.9	1,287.4	116.7
		DL(Separate)	9.7	16.8	-7.1	80.5	-70.8
		DL Chemical	501.6	439.5	62.1	424.2	77.4
		(Separate)
		Kraton	695.3	539.7	155.6	662.9	32.4
		Cariflex	50.7	84.3	-33.6	56.7	-6.0
		DL Energy	51.7	59.2	-7.5	44.3	7.4
		GLAD	24.0	30.0	-6.0	21.2	2.8
		DL Motors	80.9	79.4	1.5	85.6	-4.7
		Others	-9.8	-1.7	-8.1	-88.0	78.2
		Operating Profit	172.3	76.7	95.6	69.0	103.3
		DL(Separate)	5.8	9.6	-3.8	76.7	-70.9
		DL Chemical	82.8	61.2	21.6	16.1	66.7
		(Separate)
		Kraton	55.6	-53.4	109.0	9.0	46.6
		Cariflex	7.0	23.2	-16.2	11.2	-4.2
		DL Energy	39.2	49.6	-10.4	38.1	1.1
		GLAD	5.2	6.9	-1.7	4.1	1.1
		DL Motors	0.1	-2.2	2.3	-0.3	0.4
		Others	-23.4	-18.2	-5.2	-85.9	62.5
	Equity Method Investment	-16.4	-46.2	29.8	-8.9	-7.5
		NetProfit	32.1	43.4	-11.3	-23.6	55.7
		Controlling	22.6	29.1	-6.5	-28.7	51.3

		End of 24.1Q	End of 2023		End of 2022
				Change		Change
	Assets	12,528.0	12,119.6	408.4	12,004.0	524.0
	Liabilities	7,938.7	7,586.2	352.5	7,401.2	537.5
	Equities	4,589.3	4,533.4	55.9	4,602.8	-13.5
	Debt/Equity Ratio	173%	167%	6%p	161%	12%p
	Cash & Cash Equiv.	1,038.0	954.5	83.5	958.0	80.0
	Debt	5,929.7	5,618.3	311.4	5,234.3	695.3
	Net Debt	4,891.6	4,663.8	227.8	4,276.3	615.3