For 1q26, SK Hynix posted ₩51.6 trillion won profit before tax.
Among that ₩51.6tn, ₩37.6tn is operating profit and ₩9.88tn is investment valuation gain, mostly related to Kioxia.
SK hynix owns convertible bonds that can be converted into substantially all the voting rights of BCPE Pangea Cayman2, and that vehicle holds the 77.4 million Kioxia shares, which is about 14% of Kioxia.
Kioxia’s closing share price was ¥19,080 on March 31, 2026 and Kioxia closed at ¥89,680 on June 30.
77.4m×(¥89,680-¥19,080)×₩9.5194=₩52tn
52 trillion won of Kioxia investment paper gain in a quarter.
The Kioxia investment gain alone is more than 1q26 operating profit of ₩37.6tn.
While Bain Capital needs to sell as a PE fund, SK Hynix can hold much longer.