Financials Macquarie Korea Infrastructure Fund

Equities

End-of-day quote Korea S.E. Other stock markets 2025-12-12			5-day change	1st Jan Change
11,710.00 ^KRW	+0.69%		+0.26%	+10.58%

Apr. 29	Macquarie Korea Infrastructure Fund Reports Earnings Results for the First Quarter Ended March 31, 2025	CI
Jan. 30	Macquarie Korea Infrastructure Fund Reports Earnings Results for the Full Year Ended December 31, 2024	CI

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
Net sales ¹	304.4	348.4	376.6	396.1	422.1	434.8	439.7	453.2
Change	-	14.44%	8.12%	5.17%	6.57%	3.01%	1.12%	3.07%
EBITDA	267.7	-	-	-	-	-	-	-
Change	-	-	-	-	-	-	-	-
EBIT ¹	267.7	303.7	328.8	326.2	348.1	364.8	369.6	385.8
Change	-	13.48%	8.24%	-0.8%	6.72%	4.81%	1.33%	4.37%
Interest Paid ²	-8,377	-7,079	-13,616	-21,555	-22,253	-20,000	-19,000	-18,000
Earnings before Tax (EBT) ¹	259.3	296.7	315.2	326.2	348.1	364.8	369.6	385.8
Change	-	14.41%	6.24%	3.48%	6.72%	4.81%	1.33%	4.37%
Net income ¹	259.3	296.7	315.2	326.2	348.1	364.8	371.1	385.8
Change	-	14.41%	6.24%	3.48%	6.72%	4.81%	1.72%	3.97%
Announcement Date	1/29/21	1/29/22	1/31/23	1/31/24	1/31/25	-	-	-

¹KRW in Billions²KRW in Million

Estimates

Fiscal Period: December	2020 Q2	2020 Q3	2020 Q4	2021 Q1	2021 Q2	2021 Q3	2021 Q4	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2025 Q1	2025 Q2	2025 Q3	2025 Q4
Net sales ¹	50.3	53.93	59.3	164.2	55.21	64.63	90.42	70.83	69.29	173.6	72.69	76.06	73.7	184.1	-	74.35	199.2	77.74	72	97
Change	-	7.22%	9.97%	176.86%	-66.37%	17.06%	39.9%	-21.66%	-2.18%	150.61%	-58.14%	4.63%	-3.11%	149.86%	-	-	167.87%	-60.97%	-7.38%	34.72%
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Change	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT ¹	-	-	-	-	-	-	-	-	58.44	-	54.9	-	-	166.1	-	-	-	60.89	55	77
Change	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-14.6%	-9.67%	40%
Charge d'intérêts ²	-1,769	-1,872	-2,896	-	-	-	-1,858	-	-4,849	-	-5,423	-5,709	-	-4,829	-	-	-	-3,644	-5,000	-6,000
Earnings before Tax (EBT) ¹	38.91	42.89	-	-	-	-	-	-	53.6	-	-	-	-	166.1	-	-	-	60.89	55	77
Change	-	10.23%	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-14.6%	-9.67%	40%
Net income ¹	38.91	42.89	47.4	-	42.33	51.42	49.63	55.72	53.6	156.8	54.9	58.52	55.9	166.1	55.36	-	182.7	60.89	55	77
Change	-	10.23%	10.51%	-	-	21.48%	-3.48%	12.26%	-3.8%	192.62%	-65%	6.61%	-4.48%	197.16%	-66.67%	-	-	-66.66%	-9.67%	40%
Announcement Date	7/31/20	11/9/20	1/29/21	4/30/21	7/29/21	10/29/21	1/29/22	10/31/22	1/31/23	4/28/23	7/28/23	10/31/23	1/31/24	4/30/24	7/30/24	10/31/24	4/30/25	7/29/25	-	-

¹KRW in Billions²KRW in Million

Estimates

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
Net Debt ¹	128	217	459	382	349	354	350	339
Change	-	69.53%	111.52%	-16.78%	-8.64%	1.34%	-1.13%	-3.14%
Announcement Date	1/29/21	1/29/22	1/31/23	1/31/24	1/31/25	-	-	-

¹KRW in Billions

Estimates

Fiscal Period:

Estimates

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
Profitability
EBITDA Margin (%)	87.94%	-	-	-	-	-	-	-
EBIT Margin (%)	87.94%	87.2%	87.3%	82.34%	82.46%	83.9%	84.07%	85.14%
EBT Margin (%)	85.18%	85.16%	83.68%	82.34%	82.46%	83.9%	84.07%	85.14%
Net margin (%)	85.18%	85.16%	83.68%	82.34%	82.46%	83.9%	84.4%	85.14%
FCF margin (%)	24,778.07%	-	-	-	-	-	-	-
FCF / Net Income (%)	29,087.89%	-	-	-	-	-	-	-
Profitability
ROA	11.7%	11.51%	10.74%	14.57%	9.71%	9.5%	9.6%	10%
ROE	13.03%	12.76%	12.42%	11.96%	11%	10.68%	10.83%	11.28%
Financial Health
Leverage (Debt/EBITDA)	0.48x	-	-	-	-	-	-	-
Debt / Free cash flow	0x	-	-	-	-	-	-	-
Capital Intensity
CAPEX / Current Assets (%)	-	-	-	-	-	-	-	-
CAPEX / EBITDA (%)	-	-	-	-	-	-	-	-
CAPEX / FCF (%)	-	-	-	-	-	-	-	-
Items per share
Cash flow per share ¹	-	-	-	-	-	-	-	-
Change	-	-	-	-	-	-	-	-
Dividend per Share ¹	720	750	770	775	-	760	770	795
Change	-	4.17%	2.67%	0.65%	-	-	1.32%	3.25%
Book Value Per Share ¹	5,688	6,258	6,276	6,682	7,129	7,131	7,151	7,154
Change	-	10.02%	0.29%	6.47%	6.69%	0.03%	0.27%	0.05%
EPS ¹	742	771	779	782	782	762.1	775	805.2
Change	-	3.91%	1.04%	0.39%	0%	-2.54%	1.69%	3.9%
Nbr of stocks (in thousands)	349,044	404,846	404,846	435,781	478,922	478,922	478,922	478,922
Announcement Date	1/29/21	1/29/22	1/31/23	1/31/24	1/31/25	-	-	-