K-Water's bulk water tariffs have been unchanged since September 23, 2016, and in 2025 they recovered only 78.1% of the cost of supply, down from 92.6% in 2021. Treated bulk water sells for KRW 432.8 per m³ and raw water for KRW 233.7.
A gap of KRW 410.2 billion
In 2025 the bulk water business cost KRW 1,870.9 billion to run and brought in KRW 1,460.7 billion, leaving a gap of KRW 410.2 billion. Recovery has hovered around that level since 2023, at 77.5% in 2023 and 78.4% in 2024.
Losses in water, profits elsewhere
The shortfall shows up in K-Water's segment results. In FY 2024 the water supply segment earned 28% of consolidated revenue but ran a -3.6% operating margin. Dams, which sell water and hydropower, earned 30.0%, and land development earned 24.5%. Consolidated operating profit was KRW 366.2 billion on revenue of KRW 4,451.5 billion.
A stronger balance sheet, weaker profit
The consolidated debt ratio fell to 98.4% at the end of 2024 and was reported at 92.7% at the end of 2025, helped by government equity of about KRW 400 billion a year. Reported net income for FY 2025 was KRW 245.6 billion, down 29.8% from FY 2024. The domestic rating agency KIS affirmed its AAA/Stable rating on June 10, 2025.
Bigger commitments ahead
K-Water is taking on large projects while the tariff stays fixed. The Yongin semiconductor cluster water supply has a planned total cost of about KRW 2.2 trillion to 2034, and bidders for two phase 1 lots are due to be selected on December 18, 2026.
How K-Water's dams, networks, energy business and governance compare, and which developments to watch through 2034, are summarized in the reference profile. The full report, Utility Intelligence Profile: K-Water, is available for USD 99. For a free overview, read the K-Water Utility Snapshot.