Korea Telecom: What do we expect from the Q226 results?

研报英文原文证据摘录

Korea Telecom: What do we expect from the Q226 results?

Global Research

16 July 2026ab

Korea Telecom Equities

KoreaWhat do we expect from the Q226 results?

Telecommunications

Jennifer Han

SK Telecom: Subscriber recovery continues (5 August) Analyst

We expect Q2 revenue of Won4.4trn (+2% YoY) and op profit of Won548bn (+60% jennifer.han@ubs.com

YoY), in line with consensus. Mobile service revenue should post modest growth as +82-2-3702 8802

subscriber trends continue to normalize following last year's data breach. After losing Navin Killa

c700k subscribers, SKT recovered c200k subscribers in Q1 and is expected to record a Analyst

further, albeit modest, net increase in Q2. SK Broadband should deliver solid top- and navin.killa@ubs.com

bottom-line growth across all business segments. We expect data center revenue +852-2971 7594

growth to be supported by the ramp-up of the Pangyo data center, which commenced

operations in July 2025, and pricing uplift from contract renewals. Op profit growth

should benefit from both improving core telecom fundamentals and a low base, as Q2

2025 included one-off data breach-related costs.

LG Uplus: Enterprise strength offsets mobile softness (6 August)

LG Uplus is expected to report broadly in-line Q2 results, with revenue of Won3.9trn

(+2% YoY) and op profit of Won314bn (+3% YoY), vs consensus OP of Won310bn.

Wireless revenue should show modest growth, supported by continued 5G subscriber

expansion, although management has flagged weakness in MVNO subscriber trends.

Service revenue is expected to grow at a low single-digit pace, as solid Enterprise division

momentum offsets softer mobile service revenue due to a high base in Q225. Data

center revenue growth should remain robust following 31% YoY growth in Q1.