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COWAY (021240) investor relations material

COWAY Q1 2026 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q1 2026 earnings summary8 May, 2026

Executive summary

  • Achieved record-high quarterly earnings in Q1 2026, with strong growth and profitability driven by core business performance and favorable external factors.

  • Revenue grew 13.2% year-over-year to KRW 1,329.7 billion, operating profit up 18.8%, and net profit surged 31.1% YoY, aided by exchange rate gains.

  • Rental accounts reached 11.73 million (+10.9% YoY), with overseas accounts comprising 36%.

  • Both domestic and overseas businesses contributed to growth, with overseas subsidiaries, especially Malaysia and Thailand, showing robust expansion.

  • Domestic revenue grew 9.5% YoY, while overseas subsidiaries saw 20.2% YoY revenue growth.

Financial highlights

  • Q1 2026 consolidated revenue: KRW 1,329.7 billion (+13.2% YoY), operating profit: KRW 250.9 billion (+18.8% YoY), net profit: KRW 182 billion (+31.1% YoY).

  • Operating profit margin improved to 18.9% from 18.0% YoY.

  • Gross profit: KRW 852.4 billion (+12.7% YoY); SG&A expenses: KRW 601.4 billion (+10.3% YoY).

  • Cash and cash equivalents rose to KRW 542.8 billion from KRW 182.2 billion at year-end.

  • Domestic revenue: KRW 742.8 billion (+9.5% YoY); overseas revenue: KRW 537 billion (+20.2% YoY).

Outlook and guidance

  • Achieved 24% of full-year revenue and 26% of operating profit guidance in Q1, indicating a strong start toward 2026 targets.

  • Expectation of business normalization and strong demand recovery in Indonesia after SNI certification in Q2.

  • Management remains focused on sustainable growth in both domestic and international markets.

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