[Click eStock] "Almac Accelerates Structural Improvement with Expansion into Aerospace and Power Infrastructure"

On March 4, Hana Securities analyzed Almac, stating that the company is accelerating its structural improvement, supported by strong performance in electric vehicle (EV) components and the expansion of new businesses. The improvement in product mix in response to the EV lightweighting trend and the full-scale realization of cost reduction effects are underway, while entry into new markets such as aerospace and high-power infrastructure is emerging as a mid- to long-term growth driver.

Yugeon Han, a researcher at Hana Securities, commented, "Almac is a specialized materials manufacturer that produces core components for electric vehicles and industrial applications based on aluminum extrusion and processing technology. The company possesses Korea's highest level of aluminum crash alloy material technology and has established an integrated production system from aluminum casting to assembly and surface treatment."

Almac's major products include EV battery module cases, battery pack frames, aluminum billets, and heat-dissipating lightweight components. The company has secured global top-tier EV and internal combustion vehicle manufacturers as its core clients. Driven by increased sales of EV components, Almac successfully turned a full-year profit in 2025.

Aluminum does not exist in a pure metal form and requires impurity extraction and alloying processes. Sophisticated alloying technology is essential to achieve desired material properties. Han noted, "The process of rearranging the metal's structure to obtain desired properties is not as simple as following a cooking recipe," adding, "Almac, with over 50 years of experience, specializes in handling aluminum materials."

The company has secured a full value chain by vertically integrating all processes from raw billet casting to extrusion, processing, and surface treatment. With a production capacity valued at approximately 450 billion won, Almac is considered to have differentiated competitiveness in both cost and product quality.

Based on this, Almac is expanding its business portfolio into the aerospace and high-power infrastructure sectors. In the aerospace segment, the company has completed registration as a partner with a global top-tier company and has already shipped sample quantities. Final quality test results are expected to be available in the first or second quarter, with mass production and supply anticipated to begin in the second half of the year depending on the outcome. As key clients are expected to expand their launch plans this year, material supply volumes are also projected to increase.

Opportunities are also emerging in the power infrastructure sector. Recent supply chain issues and growing demand for data centers have caused copper prices to surge, leading to increased interest in alternative materials. Almac has succeeded in developing high-conductivity materials based on aluminum, which is three to four times less expensive than copper and can minimize power loss. Accordingly, the range of industries applying these materials is expanding to include data centers, ESS, and renewable energy, suggesting mid- to long-term benefits.

Almac's performance is also showing clear improvement. In 2025, sales reached 187.8 billion won, up 19.7% from the previous year, and operating profit swung to a surplus at 6.24 billion won. The operating margin recorded 3.3%. For this year, sales are expected to reach 220 billion won (a 17.1% increase year-on-year), and operating profit is projected at 13.5 billion won (a 116.3% increase year-on-year), with the operating margin improving to 6.1%.

Han analyzed, "The main factors driving improvements in scale and profitability are the resolution of previously low-priced orders, product mix improvement with the launch of new products, cost reduction through aluminum scrap recycling, and increased new revenue from entering the aerospace and conductor businesses."

This content was produced with the assistance of AI translation services.