KRW 66,654 Million Operating: Who Gets Paid While Wonik IPS's Net Line Stays Unnamed

Wonik IPS was paid on the operating line: third-quarter operating profit is KRW 66,654 million. The step that is stuck is the net line. Profit before tax is KRW 5,205 million, net income is KRW 3,330 million, and the 9 November filing does not name the hole between them.

KOREA PULSE · Data as at 10 Nov 2026 · Next update: when Wonik IPS posts the settlement package, or when a reviewed report names the bridge

Affects: Semiconductors — Markets: Korea

In short: On 9 November 2026 Wonik IPS filed preliminary consolidated results for 1 July to 30 September. Revenue is KRW 337,787 million. Operating profit is KRW 66,654 million. Net income is KRW 3,330 million. Our arithmetic puts KRW 61,449 million between operating profit and profit before tax. The filing leaves that amount unnamed.

Education only, not advice to buy or sell any security. Figures are from the company filing and the company pages dated as shown. Where we divide one printed number by another, the working is labelled our arithmetic.

The numbers that matter this month

The quarter recognized a much larger operating profit, and it kept almost none of that profit on the net line.

The fair disclosure is consolidated preliminary operating results under K-IFRS, in million won. The columns are the third quarter of 2026, the second quarter of 2026, the third quarter of 2025, and the nine months to 30 September against the same months of 2025.

Every figure in that table is printed in million won. KRW 66,654 million is KRW 66.654 billion. The piece stays in the filing's millions so a rounding does not become a second total.

Net income is still a profit. The turnaround column on every row is a dash. The company did not flag a swing from profit into loss, or from loss into profit. Profit before tax fell 94.85% from the prior quarter and stayed positive. Net income fell 96.30% from the prior quarter and stayed positive.

Revenue is the tall bar. Operating profit is the middle bar. Net income is the amber bar, and it is the stuck line.

The nine-month lines are a larger profit. Revenue is KRW 719,160 million, up 13.29%. Operating profit is KRW 95,772 million, up 69.18%. Profit before tax is KRW 132,813 million, up 96.72%. Net income is KRW 115,319 million, up 125.14%. The third quarter is where the net line thinned.

Owners' net income equals net income on every printed column, including both cumulative columns. The filing shows no separate share for a minority holder. The hole is not a partner's slice of the same profit.

Why does Korea matter now?

Korea is where the memory wafer gets its film, and this week's print is the toolmaker's profit, one step after the chipmaker's decision to add capacity.

Wonik IPS says, on its English about page, that it builds front-end semiconductor and display equipment from Pyeongtaek. It says it mass-produced atomic-layer deposition equipment in 1998, and that it has localized plasma-enhanced and metal chemical vapour deposition for high-bandwidth memory. HBM is that stacked memory. The same page counts more than 1,800 thin-film systems and more than 1,050 diffusion systems, and it also lists display tools. That is a description of the company. It is not a split of this quarter.

A memory maker books the chip. A toolmaker books the machine that puts the film on the wafer. Semiconductors are the layer. Wonik IPS is a Korean name on the tool invoice inside that layer.

The 9 November filing does not say how much of KRW 337,787 million was semiconductor equipment, how much was display, or which customer was invoiced. It does not mention HBM. Using the about-page history as if it were this quarter's customer list would invent a split the table does not have. The country read still holds. The fresh print is a Korean toolmaker's own profit and loss, and the profit stops before the net line.

What changed

Operating profit jumped, and the bridge underneath it flipped from a large unnamed gain to a large unnamed hole.

Against the second quarter, revenue rose 56.04% and operating profit rose 262.58%. Against the third quarter of 2025, revenue rose 25.83% and operating profit rose 142.03%. The tool line, measured at operating profit, accelerated. The same filing's profit before tax fell 94.85% from the prior quarter and 86.29% from a year earlier. Net income fell 96.30% from the prior quarter and 88.22% from a year earlier.

The operating line produced KRW 66,654 million. Profit before tax is KRW 5,205 million and net income is KRW 3,330 million. The filing prints both ends and does not say which accounts connect them.

The prior quarter ran the other way. Second-quarter operating profit was KRW 18,383 million and profit before tax was KRW 101,157 million. Nine-month profit before tax, KRW 132,813 million, is still larger than nine-month operating profit of KRW 95,772 million. The year to September has not lost the bridge. This quarter has.

The note under the table sets the limits. The figures are preliminary. An external auditor has not audited or reviewed them, and the reviewed figures can move. Settlement material is to be posted on www.ips.co.kr after the fair disclosure. No briefing is named, and no clock time is given.

Read on 10 November, the company's financial-information list still ends at the annual report for the year to December 2025, posted 16 March 2026. The disclosure list does show the 9 November filing, and above it a results-preview notice dated 30 October 2026. The explanatory package the filing promises is not on the financial-information list yet.

Our math

The printed rates match the rows. The bridge between operating profit and profit before tax is our arithmetic, because the filing does not print it.

Our arithmetic, using only the million-won figures on the 9 November filing:

• Revenue against the prior quarter: 337,787 ÷ 216,472 − 1 = 56.042%, which rounds to the printed 56.04%.
• Operating profit against the prior quarter: 66,654 ÷ 18,383 − 1 = 262.585%, which rounds to the printed 262.58%.
• Profit before tax against the prior quarter: 5,205 ÷ 101,157 − 1 = −94.855%, which rounds to the printed −94.85%.
• Net income against the third quarter of 2025: 3,330 ÷ 28,281 − 1 = −88.225%, which rounds to the printed −88.22%.
• Nine-month net income: 115,319 ÷ 51,221 − 1 = 125.140%, which rounds to the printed 125.14%.

The other printed rates round the same way. We quote the company's percent, and the division is the working.

The hole is the subtraction the table leaves out. Operating profit minus profit before tax is 66,654 − 5,205 = 61,449. That is KRW 61,449 million. 61,449 ÷ 66,654 = 92.191%. The filing does not name the account.

Profit before tax minus net income is 5,205 − 3,330 = 1,875, which is 36.023% of the pretax line. The pretax label is continuing operations before income tax. The filing does not split tax from anything else in that KRW 1,875 million, so we leave it unnamed too.

Net income is 3,330 ÷ 66,654 = 4.996% of operating profit, and 3,330 ÷ 337,787 = 0.986% of revenue. Operating profit is 66,654 ÷ 337,787 = 19.733% of revenue, against 10.259% a year earlier (27,539 ÷ 268,438). The operating margin widened. The net margin did not keep it.

The amber bar is this quarter's hole. The navy bar is the prior quarter's unnamed gain. Both are our arithmetic from printed ends.

Prior-quarter profit before tax minus operating profit is 101,157 − 18,383 = 82,774, a gain of KRW 82,774 million, also unnamed. From that gain to this hole is 82,774 + 61,449 = 144,223. That swing of KRW 144,223 million is our arithmetic, not a cash amount the company declared.

Nine-month profit before tax minus nine-month operating profit is 132,813 − 95,772 = 37,041, still a gain. This quarter's hole sits inside that year-to-date gain. The filing prints no first-quarter column. If the nine months are the three quarters with no restatement, which the filing does not discuss, residual first-quarter net income is 115,319 − 3,330 − 89,935 = 22,054. That residual is our arithmetic, not a printed row.

This quarter is 66,654 ÷ 95,772 = 69.597% of nine-month operating profit and 3,330 ÷ 115,319 = 2.888% of nine-month net income. The second quarter's printed net income, KRW 89,935 million, is the large net line, on the smaller operating profit of KRW 18,383 million. A year earlier, third-quarter net income sat KRW 742 million above operating profit: 28,281 − 27,539. This year the net line sits 66,654 − 3,330 = 63,324 million won below operating profit. The comparison does not name the account.

Where does the money stick?

It sticks in the unnamed bridge under operating profit. The tool margin is on the page. The net line does not keep it.

Revenue of KRW 337,787 million means the sales have been recognized. This filing has no balance sheet and no cash-flow line. The sales line and the operating line have been booked. A bank balance is a different document.

Operating profit of KRW 66,654 million is the margin on that booked work after the costs the company counts as operating. That is who gets paid on this print: Wonik IPS, on tools and other work already far enough along to be revenue, at a margin the operating line records. The customer is unnamed. The product mix is unnamed. The margin is not.

Revenue and operating profit are printed. The amber step is our arithmetic. Net income is printed, and it is what remains.

KRW 61,449 million is the amount that leaves the operating line before profit before tax. It can be a financial item, a foreign-exchange item, an equity-method result, or something else the note would name. The 9 November filing does not choose. Treating the hole as a known write-down, or as cash that left for a new fab, would invent the note that has not been posted.

The nine-month bridge is still a gain of KRW 37,041 million, our arithmetic. The stuck step is this quarter's bridge. Owners take the whole of the printed net income. There is no residual in this table for another shareholder.

Is the net line still stuck?

Yes. The bridge is still unnamed, the figures are still unreviewed, and the settlement package is still not on the financial-information list.

The 9 November filing says the numbers can change after an audit or a review. It says the fuller package will be posted on www.ips.co.kr after the fair disclosure. On 10 November that package is not in the financial-information archive. The disclosure list carries the filing itself. A filing and an explanation are different documents. One is up. The other is promised.

The stuck step is the name of the hole, not the existence of a loss. Net income is KRW 3,330 million of profit. Operating profit is KRW 66,654 million of profit. A buyer of deposition tools can still have paid for a machine. Wonik IPS can still have earned an operating margin of 19.733% on our arithmetic. What the reader cannot do, from this document, is say where KRW 61,449 million went.

Revenue rose on the quarter and on the year, and operating profit rose faster. The bind is below that line. Until a note names the bridge, the net line stays stuck.

What dates matter

Three dates are in the record. One of them is a promise without a day.

There is no earnings-call time in the filing. The finance team is to provide the figures from time to time after the fair disclosure. The company's disclosure list, read on 10 November, puts the filing on 9 November and the preview on 30 October. That is the order of the paper.

How is this different from the memory print?

This pulse is the toolmaker's profit and loss. The memory maker's quarter, the holding company's cheque, and the customs invoice are different pieces of paper.

The 28 October SK hynix pulse followed the memory that had already shipped. Wonik IPS, if it sold a film tool into that ramp, would be paid on a different invoice, at a different time. This filing does not say that it did. The link is the place in the chain, not a customer line we can point to.

The 4 November SK Square pulse was a return that had been described and not yet cut as the company's own cheque. Here the operating profit is already a printed number. The missing piece is the name of the bridge, not a policy still waiting on a board.

The October export pulse was the customs total for memory and for tools. The 30 October Samsung pulse was cash and clean rooms at the memory maker. This table does not name Samsung, a clean room, or a customs line. The about page can say the tools serve HBM and still leave this quarter's won unassigned. The memory prints said who booked the chip. This print says a Korean toolmaker booked the operating profit, and stops before the net line.

What would change this view?

The view is that Wonik IPS booked the operating profit, and the net line is stuck because the bridge is unnamed. It changes if a filing, not a headline, does any of these.

• [ ] The settlement package names the KRW 61,449 million as a single item, and says whether it repeats.
• [ ] Reviewed figures move net income up to the operating line, or move operating profit down to the net line.
• [ ] A cash-flow statement shows the operating profit was collected, or shows it was not.
• [ ] A customer split shows the revenue is not the tool business the about page describes.
• [ ] The reviewed third quarter shows a net loss. This preliminary table still shows a profit.

The view holds while the 9 November table stands and the bridge stays unnamed.

Practical takeaways

• Wonik IPS recognized KRW 337,787 million of revenue and KRW 66,654 million of operating profit for the third quarter of 2026. Both lines rose on the quarter and on the year.
• Net income was KRW 3,330 million. Profit before tax was KRW 5,205 million. Our arithmetic puts KRW 61,449 million in the unnamed bridge, 92.191% of operating profit.
• The quarter is still a profit. The turnaround flags are dashes. The stuck step is the missing name, not a red bottom line.
• Nine-month net income is KRW 115,319 million, up 125.14%. This quarter is 2.888% of that cumulative net income and 69.597% of cumulative operating profit, our arithmetic.
• The next document that can move the view is the settlement package on ips.co.kr, or the reviewed figures. Neither has a date in the 9 November filing. On 10 November the financial-information list still does not show the package.

FAQ

What did Wonik IPS report for the third quarter of 2026?

Revenue of KRW 337,787 million, operating profit of KRW 66,654 million, and net income of KRW 3,330 million, for 1 July to 30 September 2026. The figures are preliminary and have not been reviewed.

Who gets paid on this print?

Wonik IPS, on sales the company has already recognized. Operating profit of KRW 66,654 million is the tool margin on that revenue. The filing does not name the customer.

Why is net income so far below operating profit?

Operating profit is KRW 66,654 million and profit before tax is KRW 5,205 million. Our arithmetic puts KRW 61,449 million between those two lines. The 9 November filing does not name that amount.

Is the net line still stuck?

Yes. The bridge is still unnamed, the figures are still unreviewed, and the company's financial-information page, read on 10 November, still does not list a third-quarter settlement package.

When does the next hard number land?

The filing says the settlement package will be posted on ips.co.kr after the fair disclosure, and that a review can still change the figures. It does not give a date. The related notice it cites is dated 30 October 2026.

Keep reading on the map

• Explained: HBM
• This door: Korea · SK hynix in the third quarter · SK Square's cheque · October exports · Samsung's clean rooms
• Sibling doors: Taiwan · United States · China
• The stack: Semiconductors

How we check this

The table and the arithmetic use Wonik IPS's preliminary consolidated filing dated 9 November 2026, receipt 20261109900411. The product description is the company's English about page, read on 10 November, and it is not a split of the quarter. The claim that the settlement package is not yet listed uses the company's financial-information page the same day. The 30 October preview is named because the filing cites it and the disclosure list shows the date. Where a source is silent, the piece says so.

Last reviewed: 10 Nov 2026 · Next review: when Wonik IPS posts the third-quarter settlement package, or when reviewed figures replace this preliminary table.

Our editorial standards

References

1. Wonik IPS, consolidated preliminary operating results (fair disclosure), 9 November 2026, DART receipt 20261109900411. The results table in million won, the K-IFRS and unreviewed caveats, the promise to post settlement material on www.ips.co.kr, and the related notice dated 30 October 2026. DART filing 20261109900411
2. Wonik IPS, English about page, read 10 November 2026. What the company says it makes, the Pyeongtaek address, the 1998 ALD claim, the HBM tool sentence, and the cumulative system counts. Not a third-quarter customer split. Wonik IPS about page
3. Wonik IPS, financial-information list, read 10 November 2026. The newest package on the list is the annual report for the year to December 2025, dated 16 March 2026. No third-quarter 2026 settlement file was listed. Wonik IPS financial information
4. Wonik IPS, disclosure list, read 10 November 2026. The fair disclosure is listed on 9 November 2026 and the results-preview notice on 30 October 2026. Wonik IPS disclosure list