Company: OSRH
Filing Date: 2025-01-31
Form Type: 424B3
Source: 0001213900-25-008874
Chunk: 915

Company: OSR Holdings, Inc.
Filing Date: 2025-01-31
Form: 424B3
Chunk 915
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66.75 | % |     | 66.75 | % |     | 66.74 | % |     | 66.75 | % |     | 66.75 | % |     |      66.75 | % |

The Company analyzed the trend of sales changes based on the past four years of financial data and calculated the arithmetic average growth rate for the three years, which was used as an estimate of the growth rate of future operating revenues. The Company’s estimate is possible if the Company maintains the average sales growth rate of the past three years and maintains the average cost of sales rate, so the Company’s estimate may differ from actual results.

Annex I-32

Estimating labor costs The future cash flows were estimated by assuming the nominal wage growth rate in Seoul (4.6%)(*1), which is higher than the national average at the end of December 2022, as the labor cost growth rate.

| (Unit: millions of KRW) |     |        |   |     |        |   |     |        |   |     |        |   |     |        |   |     |            |   |
| 2022                    |     |   2023 |   |     |   2024 |   |     |   2025 |   |     |   2026 |   |     |   2027 |   |     | After 2028 |   |
| 678                     |     |    710 |   |     |    742 |   |     |    776 |   |     |    812 |   |     |    849 |   |     |        889 |   |
|                         |     | 104.72 | % |     | 104.51 | % |     | 104.58 | % |     | 104.64 | % |     | 104.56 | % |     |     104.71 | % |

____________ (*1)Source: Bank of Korea Economic Statistics System (ecos.bok.or.kr) Estimating Other Operating Expenses Based on historical financial data, we calculated the average cost-to-sales ratio for the three-year period from 2020 to 2022, and estimated future other expenses by multiplying future operating revenue by the average cost-to-sales ratio (9.69%). The estimated results are as follows.

| (Unit: millions of dollars) |     |      |     |      |     |      |