1. T’way Holdings H1 2025: What Happened?

T’way Holdings saw impressive revenue growth in the first half of 2025, reaching ₩2.3 billion, a 109.1% increase year-on-year. This growth was driven by the strong performance of the PHC pile business. However, significant losses from T’way Air resulted in a net loss of ₩15.6 billion, keeping the company in the red.

2. Why These Results?

  • PHC Pile Business Growth: Revenue surged thanks to the recovering construction market and increased demand for large-diameter PHC piles.
  • T’way Air’s Struggles: T’way Air’s poor performance significantly impacted T’way Holdings’ financial health.
  • Change in Ownership: The change in majority ownership to Sono International brings hope for new growth drivers.

3. What’s Next for T’way Holdings?

The future of T’way Holdings remains uncertain. Continued growth in the PHC pile business and the new owner’s management capabilities could be positive factors. However, the biggest variable is whether T’way Air can turn things around. The uncertain macroeconomic environment also poses risks.

4. What Should Investors Do?

  • Monitor PHC Pile Business Profitability: Investors should track revenue growth alongside improvements in profitability.
  • Watch for T’way Air’s Turnaround: T’way Air’s recovery is crucial for T’way Holdings’ own rebound.
  • Analyze the New Owner’s Strategy: Carefully assess the new owner’s business plans and execution capabilities.