Green Plus그린플러스

Green Plus is back to a small operating profit on a trailing basis, but still posts a large net loss, carries heavy borrowings, and its shares have fallen about 40% over the past year.

Green Plus makes aluminum extrusion products for construction and industrial uses and runs a smart farm business that supports smart greenhouses. For the twelve months to H1 2026 it reported revenue of about ₩127B, an operating profit of about ₩1.6B and a net loss of about ₩8.1B, with borrowings of ₩41B against cash of ₩4.4B. At ₩3,660 the shares are up 14.4% over one month but down 40.4% over one year.

What stands out

• Trailing operating margin is 1.3%, but trailing net margin is -6.4%, so financing and other costs are pushing the company into a loss.
• Revenue grew 20.6% in 2025 after a 48.9% rise in 2024, yet 2025 operating and net results were both negative.
• Liabilities are 163% of equity and trailing ROE is -18.7%, pointing to a stretched balance sheet.
• Trailing free cash flow is only about ₩46M, which is close to zero relative to the company's size.
• Foreign ownership fell from 2.6% to 1.8% over 60 days, and the 20-day flows show net selling by foreign and institutional investors with net buying by retail investors.
• Filings in 2026 include a convertible bond acquisition notice, a conversion price adjustment and amended major sales contracts; the news feed had no headlines in the data.

What to watch

• The next quarterly or annual results, to see whether operating profit holds and the net loss narrows.
• Further filings on convertible bonds and conversion price changes, which could affect share count and dilution.
• Whether the amended major sales contracts are followed by clearer revenue or order details in later filings.