1. What Happened? : UNiCEL’s Q2 2025 Earnings Analysis

UNiCEL announced its Q2 2025 earnings, recording sales of KRW 32.114 billion (up 31.2% YoY), operating profit of KRW 1.533 billion (turnaround), and net income of KRW 1.494 billion (up 47.0% YoY). Debt ratio and current ratio also improved, indicating enhanced financial soundness.

2. Why These Results? : Reasons for the Turnaround

The growth of the Global Data business (37.97% share) and Smart Learning business (32.78% share) drove this earnings improvement. In particular, the growth of eSIM service due to the recovery of overseas travel demand and the expansion of the smart learning business by actively utilizing the AI education trend were effective. The fact that the increase rate of selling, general and administrative expenses was lower than the sales growth rate also contributed to the turnaround.

3. What’s Next? : Future Outlook and Investment Points

The growth of the Global Data and Smart Learning businesses is expected to continue for the time being. However, the intensifying competition in the Core Network business and the lawsuit with VIVO in Brazil are risk factors to be aware of. Macroeconomic environments such as the trend of freezing interest rates, the rise in the won/dollar exchange rate, and the fall in international oil prices could have a positive impact on UNiCEL.

4. What Should Investors Do? : Action Plan

This half-year performance is a positive sign showing UNiCEL’s improved fundamentals. However, before making investment decisions, additional information gathering, in-depth analysis, and market situation monitoring are essential. In particular, attention should be paid to whether new business momentum can be secured and whether competitiveness in existing businesses can be maintained.