SK Telecom (NYSE:SKM) reported third-quarter 2026 consolidated revenue of KRW 4,497.3 billion, up 3.2% from the prior quarter and 13.1% from a year earlier, as mobile service revenue increased. Consolidated operating income totaled KRW 552.3 billion, marking the third consecutive quarter above KRW 500 billion.
CFO Jong-seok Park said cumulative operating income for the first nine months reached KRW 1,655.9 billion, continuing the earnings-recovery trend the company outlined at the start of the year. SK Telecom declared a third-quarter dividend per share of KRW 830 and said it would seek to maintain stable shareholder returns through a stable profitability base.
Mobile revenue and customer strategy
ByeongChan Bai, head of MNO, said the company has prioritized “high-quality subscribers” and customer-value initiatives rather than excessive marketing competition. During the third quarter, the company used flagship device launches to attract higher-lifetime-value customers and targeted new segments, including foreign residents, to broaden its subscriber base.
“We will maintain this growth strategy in the fourth quarter as well,” Bai said, adding that MNO revenue is expected to continue recovering if the company further improves customer value and core competitiveness.
The company also said it ranked first in the mobile communications services category of the Korean Customer Satisfaction Index in September. Management said the result meant SK Telecom had led each of Korea’s three major customer satisfaction surveys for the first time in two years.
AI data center expansion takes shape
SK Telecom said it has refined its AI growth strategy around AI data centers, or AIDCs, and created two entities with separate roles: SK Hyper and SK Horizon. The parent company will retain responsibility for overall strategy, risk management and global collaboration, while the new companies will focus on execution in their respective areas.
SK Horizon, which management said is expected to be established early next year, will handle data center operations in the capital region, construction of 100 megawatts of capacity in Ulsan and the expansion of the submarine cable business. The company said SK Horizon already has certain commercial contracts and financing structures in place, and SK Telecom intends to retain a majority stake to support business stability.
SK Horizon is pursuing new data centers in Ulsan and Seoul with a combined target capacity of roughly 180 megawatts, based on the operational capabilities of existing facilities. It also plans to expand submarine cable operations in phases. The E2A submarine cable project, in which SK Telecom is involved, is targeting commercial service in 2029.
SK Hyper, established in July, is focused on developing gigawatt-scale AIDC projects and has secured sites while pursuing potential tenants. Park said the company had received construction permits for certain capacity in Ulsan and was discussing concrete business terms with three to four global companies. It is also pursuing land, power and customer opportunities at additional sites.
Management said it aims to secure sufficient customer demand for initial operations by the first half of next year, complete permits and construction, and open the data center in phases beginning in the second half of 2029. Because detailed tenant discussions remain ongoing, the company did not disclose contract volumes or schedules.
Park said long-term customer contracts are essential to support external financing for capital-intensive AIDC projects. SK Telecom is considering project financing as well as funding from strategic and financial investors.
Funding, shareholder returns and AI monetization
Park said SK Telecom’s basic approach to shareholder returns is to maintain at least its current dividend level by improving telecom profitability and preserving stable cash flow. However, he noted that planned data center development will require capital expenditures even as the company seeks to reduce its direct funding burden through outside investment.
The company has begun reviewing its shareholder return policy beyond 2026, including the balance between growth investment, financing structures and financial soundness. Management said the timing of an announcement has not been determined, but it could come by the time the first-quarter 2027 dividend is set.
Regarding its investment in Anthropic, Park said any decision to sell its stake after a potential initial public offering would depend on considerations including strategic synergies, market conditions and funding needs for growth investments. The use of any proceeds would also be evaluated against AI data center investment plans, funding requirements and shareholder value.
SK Telecom also discussed its “Growth Gear” framework, which aims to connect telecommunications, AI services and infrastructure within a single growth strategy. Park said the company has more than 23 million subscribers, payment and transaction systems, and platforms and infrastructure capable of supporting different AI models.
The company is developing a Token Gateway business intended to manage customer AI usage and link models and infrastructure for different purposes. Management said telecom and AI infrastructure already have established business models, and it expects rapid growth in AI infrastructure as data center utilization rises. Enterprise AI services may take longer to generate tangible results, Park said, with potential opportunities initially emerging in the public-sector and national-defense markets.
Network plans and satellite outlook
Jong-hoon Lee, head of network strategy, said SK Telecom has completed optimization and commercial network verification for standalone 5G and plans to commercialize the technology in December 2026. The company is studying and validating 5G Advanced technologies and said deployment would be phased based on customer demand, service needs and the broader technology ecosystem.
For 6G, Lee said standardization is targeted for 2029 and commercial introduction is expected after 2030. SK Telecom is participating in research, development and standardization efforts while monitoring global technology trends.
Management said low-earth-orbit satellite communications currently serve areas where terrestrial coverage is limited, including aviation and maritime uses. It expects the near-term impact on South Korea’s consumer mobile market to be limited, citing domestic operators’ nationwide 5G coverage and extensive in-building coverage. The company said it will continue monitoring satellite technology, business-model developments and regulatory changes.
About SK Telecom (NYSE:SKM)
SK Telecom Co, Ltd. is a South Korean telecommunications company that provides mobile communications and information technology services. The company offers wireless voice and data services, mobile connectivity, internet access, and related digital products to consumers and businesses.
Through its broadband and media operations, SK Telecom provides fixed-line internet, internet protocol television, and video and entertainment services. It also serves corporate and institutional customers with enterprise telecommunications, cloud, data center, cybersecurity, and other technology solutions.
SK Telecom is headquartered in South Korea and primarily serves the South Korean market, while also pursuing international opportunities through technology partnerships and investments.
