External broker reports(aggregated public sources), Mirae Asset Securities

Mirae Asset Securities

External broker reports(aggregated public sources)

Mirae Asset Securities Co.,Ltd. provides comprehensive wealth management services. The Company offers fixed income securities brokerage, securities dealing, equity underwriting, and other services. Mirae Asset Securities also deals with mergers and acquisitions, foreign currency, and financial derivatives

Equity Bottom-Up

<ul><li>For 3Q26, we expect Korean Air to report consolidated revenue of W7.26tr (+20.5% YoY) and operating profit of W488.7bn (+210.2% YoY).</li><li>We forecast OP margin at 6.7%, up 4.1%p YoY (vs. 2.6% in 3Q25) and 9.6%p QoQ (vs. -2.9% in 2Q26).</li><li>This would mark a clear turnaround from the W207.1bn operating loss recorded in 2Q26.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

For 3Q26, we expect Korean Air to report consolidated revenue of W7.26tr (+20.5% YoY) and operating profit of W488.7bn (+210.2% YoY).We forecast OP margin at 6.7%, up 4.1%p YoY (vs. 2.6% in 3Q25) and 9.6%p QoQ (vs. -2.9% in 2Q26).This would mark a clear turnaround from the W207.1bn operating loss recorded in 2Q26.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Korean Air (003490 KS/Buy)Won Strengthens Ahead of Integration

<ul><li>For 2Q26, Korean Air reported standalone revenue of W5,019.9bn (+25.9% YoY).</li><li>Passenger revenue (W2,847.9bn; +18.8% YoY) was driven by solid inbound and transfer demand, which offset weaker outbound demand from Korea resulting from higher fuel surcharges.</li><li>Cargo revenue (W1,541.9bn; +46.1% YoY) improved sharply, driven by growing AI-related investment, semiconductor demand, and strong K-beauty exports. Standalone operating profit came in at W261.8bn. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

For 2Q26, Korean Air reported standalone revenue of W5,019.9bn (+25.9% YoY).Passenger revenue (W2,847.9bn; +18.8% YoY) was driven by solid inbound and transfer demand, which offset weaker outbound demand from Korea resulting from higher fuel surcharges.Cargo revenue (W1,541.9bn; +46.1% YoY) improved sharply, driven by growing AI-related investment, semiconductor demand, and strong K-beauty exports. Standalone operating profit came in at W261.8bn. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Korean Air (003490 KS/Buy) Expectations Rising as Fundamentals Improve

<ul><li>For 1Q26, Korean Air reported standalone revenue of W4,515.1bn (+14.1% YoY), marking a record high for a first quarter.</li><li>Passenger revenue (+7.3% YoY) exceeded expectations.</li><li>Revenue from European routes rose 18% YoY, driven by disruptions to Middle Eastern transit hubs, while China routes also performed well (+19% YoY) on improving Korea-China relations. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

For 1Q26, Korean Air reported standalone revenue of W4,515.1bn (+14.1% YoY), marking a record high for a first quarter.Passenger revenue (+7.3% YoY) exceeded expectations.Revenue from European routes rose 18% YoY, driven by disruptions to Middle Eastern transit hubs, while China routes also performed well (+19% YoY) on improving Korea-China relations. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Korean Air (003490 KS/Buy)Earnings Surprise; Focus Now Shifts to Resilience

<ul><li>In 2025, revenue from Korean Air’s aerospace division totaled W779.6bn.</li><li>Considering that this figure excludes the MRO business, the division is demonstrating exceptionally strong growth.</li><li>The aerospace order backlog stood at W3.9tr at end-3Q25. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

In 2025, revenue from Korean Air’s aerospace division totaled W779.6bn.Considering that this figure excludes the MRO business, the division is demonstrating exceptionally strong growth.The aerospace order backlog stood at W3.9tr at end-3Q25. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Korean Air (003490 KS/Buy)Defense to Drive Long-Term Growth in Aerospace Business

<ul><li>For 4Q25, Korean Air reported standalone revenue of W4.55tr (+13% YoY).</li><li>Passenger revenue rose 9.1% YoY, supported by a 2.2% YoY increase in international traffic and a 6.6% YoY rise in yields.</li><li>Strong performances were seen on routes to China, Japan and Europe, driven by long holiday periods and the visa-free travel policy for China. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

For 4Q25, Korean Air reported standalone revenue of W4.55tr (+13% YoY).Passenger revenue rose 9.1% YoY, supported by a 2.2% YoY increase in international traffic and a 6.6% YoY rise in yields.Strong performances were seen on routes to China, Japan and Europe, driven by long holiday periods and the visa-free travel policy for China. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Korean Air (003490 KS/Buy)Resilient Earnings Thanks to Higher Yields

South Korea

Korean Air Lines Co., Ltd. operates air transportation services.  The Company's services include passenger and cargo transportation, aircraft maintenance, and air catering.  Korean Air Lines provides domestic and international airline services.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Korean Air Lines (003490 KS)

Korean Air (003490 KS/Buy)Won Strengthens Ahead of Integration

For 3Q26, we expect Korean Air to report consolidated revenue of W7.26tr (+20.5% YoY) and operating profit of W488.7bn (+210.2% YoY).

Mirae Asset Securities

Korean Air (003490 KS/Buy) Expectations Rising as Fundamentals Improve

Passenger revenue (W2,847.9bn; +18.8% YoY) was driven by solid inbound and transfer demand, which offset weaker outbound demand from Korea...

Mirae Asset Securities

Korean Air (003490 KS/Buy)Earnings Surprise; Focus Now Shifts to Resilience

For 1Q26, Korean Air reported standalone revenue of W4,515.1bn (+14.1% YoY), marking a record high for a first quarter. Passenger revenue (+7.3%...

Mirae Asset Securities

Korean Air (003490 KS/Buy)Defense to Drive Long-Term Growth in Aerospace Business

In 2025, revenue from Korean Air’s aerospace division totaled W779.6bn. Considering that this figure excludes the MRO business...

Mirae Asset Securities

Korean Air (003490 KS/Buy)Resilient Earnings Thanks to Higher Yields

For 4Q25, Korean Air reported standalone revenue of W4.55tr (+13% YoY). Passenger revenue rose 9.1% YoY, supported by a 2.2% YoY increase in...

Mirae Asset Securities

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)