Cosmax (A192820) Q1 2025 earnings summary

Executive summary

• Q1 2025 revenue rose 11.7% year-over-year to KRW 588.6 bn, driven by strong growth in Korea and Southeast Asia, while the US saw a decline.

• Operating profit increased 13.0% year-over-year to KRW 51.3 bn, with a record high Q1 operating margin of 8.7%.

• Net profit dropped 45.8% year-over-year to KRW 10.6 bn, impacted by non-operating losses and a significant one-off expense.

Financial highlights

• Korea sales up 15.0% year-over-year to KRW 362.8 bn; operating profit up 14.0%.

• China sales up 3.4% to KRW 162.7 bn; operating profit turned negative.

• Indonesia sales up 22.8% to KRW 29.6 bn; Thailand sales up 152.1% to KRW 23.9 bn, both with improved profitability.

• US sales down 26.0% to KRW 28.7 bn; net loss narrowed.

• Gross profit increased 4.5% year-over-year to KRW 104.8 bn; SG&A costs decreased 3.0%.

Outlook and guidance

• US region expects improved performance in the second half as new client sales ramp up.

• Continued investment in production capacity in Korea to meet high demand.