Overview Key strengths Key risks Good market position in Korea's oil refining and chemical industry. EBITDA and cash flow highly exposed to fluctuating oil prices. Large and vertically integrated oil refinery and chemical complex. Aggressive capacity expansion and slowdown in EV battery demand. Good diversification across electric vehicle (EV) battery, power generation, and gas utilities businesses after the merger with SK E&S Co. Ltd. Sharp increase in debt owing to free operating cash deficits from significant capital spending. We expect the company's adjusted debt-to-EBITDA ratio to stay high at 7.4x in 2025 and 5.4x in 2026, albeit slightly less than 9.0x in 2024, largely due to ongoing large capital spendings for expanding EV battery capacity. We forecast SKI's EBITDA will
