01
Executive overview
Key findings
KRW 4,451.5 billion: consolidated revenue in FY 2024; operating profit KRW 366.2 billion
98.4% → 92.7%: consolidated debt ratio at end-2024, and the reported ratio at end-2025
78.1%: bulk water cost recovery in 2025; bulk tariffs unchanged since September 23, 2016
KRW 2.2 trillion: planned total cost of the Yongin semiconductor cluster water supply to 2034
02
Buyer relevance
Who the report is for
Analysts new to the Korean water sector
Get K-Water's mandate, assets, segment results and governance on one page each, with FY 2022 to FY 2025 figures.
Suppliers and contractors screening the account
See the main projects at a glance, from the KRW 2.2 trillion Yongin supply scheme to the 95 MW Soyanggang floating solar plan.
Credit and ESG investors
Check the AAA/Stable domestic rating, the 94.5% government stake and green bond allocation of 48.4% to financing and 51.6% to refinancing.
03
Decision scope
Questions answered
How large is K-Water financially?
Consolidated revenue was KRW 4,451.5 billion in FY 2024, and reported total assets were KRW 24,865.5 billion at the end of 2025.
Which parts of K-Water make money?
In FY 2024 dams earned a 30.0% operating margin and land development 24.5%, while water supply ran -3.6%.
When did bulk water tariffs last change?
On September 23, 2016; cost recovery was 78.1% in 2025, a gap of KRW 410.2 billion.
What are the key dates to watch?
Yongin phase 1 bidder selection on December 18, 2026 (planned), phase 1 supply from May 2029, and the chief executive appointment after the term ended on June 18, 2026.
04
Inside the report
Inside the complete report
Executive Overview
Utility and Service Mandate
Water Resources and Supply
Networks and Assets
Wastewater and Resource Management
Financial Position
Investment and Major Projects
Energy and Sustainability
Governance and Regulation
Climate and Resilience
Forward Developments
Key Intelligence Summary
Source Register
05
Public preview
What to watch next
Financial Position
FY 2025 audited consolidated accounts; the 2027 budget; any bulk tariff decision; the next KIS review.
Investment and Major Projects
Yongin lot 1 and lot 3 awards (bidders to be selected December 18, 2026, planned); feasibility results for the five dams.
Energy and Sustainability
A reconciled 2030 target; Soyanggang project approval.
Governance and Regulation
The chief executive appointment.
Financial position: consolidated results FY 2022 to FY 2025 and FY 2024 segment margins
06
Included
What you receive
The complete PDF report: 10 pages, 13 sections, 13 tables and a register of 22 sources.
This edition
October 2026, First edition.
07
Evidence & method
Evidence and method
The profile draws on the June 2025 KIS credit opinion with consolidated FY 2019 to FY 2024 results, K-Water's green financing and sustainability reporting, ministry announcements on dams, floating solar and industrial supply, and Korean news reports of K-Water results, tariffs, contracts and leadership, checked to October 31, 2026.
Sources
22 sources, listed in the report's source register. Evidence current to 31 October 2026. Principal data periods: FY 2019–FY 2024 consolidated results (years ended December 31); FY 2025 reported results; plans and decisions to October 2026. Project and policy status checked on October 31, 2026. All currency is Korean won (KRW)..
Evidence boundaries
This report uses authoritative source material available at the stated research cutoff. It distinguishes published facts, calculated values and analytical interpretation. No independent modelling is performed. Forward-looking analysis reflects published plans, documented trends and stated uncertainties. It does not constitute legal, financial, investment or engineering advice.
08
Lead analyst
Robert C. Brears
Founder, Our Future Water Intelligence
Robert C. Brears is a water-security specialist and author whose work examines utility governance, infrastructure investment, climate resilience and long-term water-system change for executive and policy audiences.
- Decision-focused utility intelligence
- Published water-policy author
- Evidence-grounded system analysis
09
Buyer FAQs
Before you purchase
Who can use the report?
Licensed for internal use within one purchasing organization. The PDF and its contents may be shared with colleagues within that organization. External redistribution, resale and public publication are prohibited without permission.
How is the report delivered?
The PDF is available to download immediately after confirmed payment, through our secure delivery system.
Can my organization buy wider access?
Institutional purchasing: For invoice enquiries, multi-organization licensing or broader access requirements, contact Our Future Water Intelligence.
10
Utility Intelligence Profile: K-Water
- Format
- Length
- 10 pages
- Edition
- October 2026, First edition
- Price
- USD 99
11
Report details
Publication details
- Publisher
- Our Future Water Intelligence
- Report family
- Utility Intelligence Profile
- Edition
- October 2026, First edition
- Format
- Length
- 10 pages
- Reference
- OFW_EXT_K_WATER_UTILITY_INTELLIGENCE_PROFILE_b1ad0eede6d3
- Evidence current to
- 31 October 2026
14
Explore this report family
More Utility Intelligence Profiles
Explore the same report family covering other utilities.
Utility Intelligence Profile: PUB, Singapore's National Water Agency
- Geography
- PUB, Singapore's National Water Agency
- Edition
- October 2026, First edition
- Length
- 13 pages
Utility Research and Reference
Utility Intelligence Profile: Denver Water
- Geography
- Denver metropolitan area, Colorado, United States
- Edition
- October 2026, updated edition
- Length
- 14 pages
Utility Intelligence Profile
Utility Intelligence Profile: Sydney Water
- Geography
- Sydney Water
- Edition
- October 2026, First edition
- Length
- 13 pages