1. What Happened? : Wireable’s H1 2025 Earnings Analysis
Wireable’s H1 2025 revenue decreased by 27.8% year-on-year to KRW 29.1 billion. While base station fees grew by 5.3%, a sharp 57.6% decline in telecommunication facility revenue dragged down the overall performance. Operating profit and net profit also decreased by 23.1% and 29.6%, respectively.
2. Why These Results? : Analysis of the Decline in Performance
The main reason for the decline in telecommunication facility revenue is the decrease in 5G quality improvement projects. The decrease in other revenues also contributed to the decline in performance. On the other hand, the base station fees segment maintained steady growth and secured a stable cash flow.
3. What’s Next? : Future Outlook and Growth Drivers
Wireable is seeking to secure growth engines by entering new businesses such as information and communications, concert hall operation, and food and beverage. The successful establishment of new businesses, along with the continued growth of the core base station fees business, will be key variables. Furthermore, efforts to manage costs for profitability improvement are also essential.
4. What Should Investors Do? : Investment Strategy and Key Checkpoints
The investment opinion on Wireable is ‘Neutral’. Investment decisions should be made by comprehensively considering the possibility of recovery in telecommunication facility revenue, the performance of new businesses, profitability improvement strategies, and macroeconomic impacts. In particular, close monitoring of the specific performance of new businesses and whether profitability improves is necessary.