SK Telecom 2Q OP a slight beat, AI DC build-out strategy remains a key swing factor

Research evidence excerpt

J P M O R G A N

Asia Pacific Equity Research

06 August 2026

SK Telecom

2Q OP a slight beat, AI DC build-out strategy remains a

key swing factor

2Q OP of W566B slightly beat consensus, driven by SKBB’s increased OP

contribution (W132B). In the wake of AI datacenter revenue growth of 93% y/y,

SK Hyper’s AI DC strategy was the dominant topic on the earnings call. Mgmt

emphasized that SK Hyper will accelerate efforts to expand to 5GW by starting in

Ulsan and moving into concrete negotiations with a wide range of potential

customers, including global Big Tech firms. We are constructive on the ambitious

AI DC strategy in light of the external capital skewed funding strategy and

potentially attractive unit economics (15~20% OPM). On the flip side, SKT’s

recent pull back of foreign ownership reflects investor concern on increasing share

price volatility from its AI exposure (Anthropic Stake, AI DC strategy). Reiterate

OW with SoTP driven PT of W110,000.

2Q OP a slight beat. Consolidated 2Q revenue of W4.4T (-0.8% q/q, 0.5% y/y)

came 1% below Street consensus estimates. Wireless service revenue declined

1.9% y/y despite a higher ARPU acquisition plan. AI datacenter revenue

surged 93% y/y on the back of the Pangyo DC acquisition and a utilization rate

increase at the Gasan DC. Consolidated OP of W566B beat consensus by 3%

thanks to increased OP contribution (W132B) from SKBB and tighter cost

control in marketing and labor.

AI DC strategy was the dominant topic of 2Q earnings call. SK Hyper plans

to secure sites and power capacity to attract customers, and to take a leading

role in driving the AI data center (AI DC) business. Total committed capital

is W750B, and W330B is scheduled to be deployed this year. As data center

capacity expands, the initial investment amount may increase, but the company

plans to secure additional funding by raising capital from financial investors

(and similar sources). Its top priority principle is to secure customers first and

then build the data center, rather than building capacity first and looking for

demand afterward. It also plans to secure the necessary funding after customer

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