[Edaily Park Jung-Soo Reporter Park Min] In the first half of this year, operating profits for companies listed on the Korea Composite Stock Price Index (KOSPI) surpassed 388 trillion won, setting a record high. Riding the semiconductor supercycle, SamsungElectronics(005930)and SK hynix(000660)led profit growth, while operating profits for other listed companies—excluding these two—also rose by more than 70%. Although earnings growth is expected to exceed first-half levels in the second half, some analysts predict that the upward trend may slow somewhat as rising semiconductor prices begin to level off and costs such as performance-based bonuses increase.

◇ Record-High Earnings… Operating Profit Up 76% Even Excluding Samsung and INICS Corporation
According to the “2026 First-Half Financial Results for December-Year-End Companies on the KOSPI Market” released by the Korea Exchange on the 19th, the operating profit of the 634 listed companies analyzed on a consolidated basis totaled 388.1532 trillion won, a 254.15% increase compared to the same period last year. Revenue reached 2,000.1261 trillion won, up 28.84% from the same period last year, while net income surged 333.30% year-over-year to 386.6740 trillion won.
The upward trend in earnings was also pronounced on a non-consolidated basis. Operating profit for the 720 companies analyzed totaled 275.0772 trillion won, a 348.85% increase compared to the same period last year. During the same period, revenue rose 34.47% to 1,070.5326 trillion won, and net income surged 330.54% to 291.5471 trillion won.
In particular, even excluding SamsungElectronics and SK hynix, the profit growth trend among KOSPI-listed companies was pronounced.
On a consolidated basis, the operating profit of SamsungElectronics and SK hynix totaled 244.88 trillion won. The operating profit of the remaining 632 companies, excluding these two, reached 143.2751 trillion won, a 75.61% increase compared to the same period last year. Net income rose 119.68% to 133.5558 trillion won during the same period, while revenue also increased by 15.01% to 1,562.8582 trillion won.
On a standalone basis as well, operating profit for the 718 companies excluding SamsungElectronics and SK hynix totaled 48.5269 trillion won, an increase of 11.78% compared to the same period last year. Net income rose 25.44% to 55.3388 trillion won.
The trend of improved performance was relatively widespread across industries as well. On a consolidated basis, revenue increased year-over-year in 16 of the 20 industries, and operating profit rose in 14 industries. While operating profit in the electrical and electronics sector surged by 674.92%, other sectors such as general services (237.04%), chemicals (203.76%), and medical and precision equipment (138.03%) also posted significant gains.
Yeom Dong-chan, an analyst at Korea Investment & Securities, commented, “The most notable feature of this earnings season is that profit improvement is spreading from the semiconductor sector to other industries.” He added, “Until the first half of the year, market attention was focused on the semiconductor sector, which recorded explosive profit growth due to favorable business conditions; however, these latest results confirm that non-semiconductor companies are also experiencing profit growth and improved profitability.”
◇ Growth to Continue in the Second Half, “Though the Pace May Slow”
The industry expects earnings growth to continue in the second half of the year, led by SamsungElectronics and SK hynix.
According to financial information provider FnGuide Inc., the securities industry estimates third-quarter revenue for the semiconductor sector at 310.09 trillion won and operating profit at 193.4058 trillion won. These figures represent sharp increases of 174.3% and 708.1%, respectively, compared to the same period last year. For the fourth quarter as well, revenue is forecast at 332.7653 trillion won and operating profit at 213.2241 trillion won, both higher than in the third quarter. These figures represent year-over-year increases of 157.0% and 437.8%, respectively.
However, there are concerns that the pace of profit growth may slow somewhat compared to the first half of the year. This is because several variables are expected to come into play in the second half, including a slowdown in the momentum of rising semiconductor prices, a decline in the won-dollar exchange rate, and the burden of one-time costs and performance-based bonuses.
According to BNK Investment & Securities, while the DRAM export price index in won terms rose 270.3% year-over-year in July, the pace of growth slowed compared to June’s rate (277.9% year-over-year). The analysis also noted that although the NAND export price index rose 248.1% year-over-year in July, it peaked in June and has since leveled off and slowed.
One-time expenses in the fourth quarter are also a factor holding back profit growth. From 2020 to 2024, the average fourth-quarter one-time expenses for KOSPI 200 companies were 22.9 trillion won. This year, performance-based bonuses are likely to increase, particularly in sectors where earnings have improved—including SamsungElectronics and SK hynix, as well as the defense, shipbuilding, machinery, and financial industries. Consequently, there are conflicting forecasts suggesting that the net income attributable to controlling shareholders of KOSPI 200 companies could drop by approximately 60 trillion to 100 trillion won from 783 trillion won this year.
Kim Seong-no, an analyst at BNK Investment & Securities, stated, “Revenue growth is expected to stagnate due to the decline in the exchange rate in the third quarter and the slowing year-over-year growth rate of DRAM and NAND export prices,” adding, “While the fourth quarter typically sees a significant increase in one-time expenses, demands for performance bonuses may intensify this year.”
Some observers suggest that interest rates and the upcoming U.S. midterm elections in November could also be variables affecting the second-half earnings of domestic listed companies. Baek Chan-kyu, head of the Asset Management Consulting Center at NH INVESTMENT & SECURITIES, noted, “The ultimate customers of SamsungElectronics and SK hynix are, after all, the United States,” and predicted, “If the Trump administration steps up efforts to stimulate consumption and implement economic stimulus measures to win the midterm elections, this will be positive for not only the domestic semiconductor industry but also companies exporting to the U.S.”