Cosmax (A192820) Q3 2025 earnings summary

Executive summary

• Consolidated revenue for 3Q 2025 reached 153.5 KRW bn, up 1.0% year-over-year, while operating profit declined 5.0% to 3.2 KRW bn.

• Net loss widened to 7.7 KRW bn, primarily due to decreased equity method income and a one-off expense from asset disposal at NBT's US subsidiary.

• Leading global ODM cosmetics manufacturer with extensive R&D, global production, and a diversified client base across 100+ countries.

• Maintains strong market position through innovation, quality certifications, and sustainability initiatives.

• High growth in BTI segment offset by underperformance in NBT and continued losses in Pharma.

Financial highlights

• Gross profit increased to 32.8 KRW bn from 28.0 KRW bn year-over-year.

• Consolidated revenue for the first nine months of 2025: KRW 1,797.8 billion, down from KRW 2,166.1 billion year-over-year.

• Operating income: KRW 154.9 billion, down from KRW 175.4 billion year-over-year.

• Net profit attributable to controlling shareholders turned negative at -1.9 KRW bn.

• Cash and cash equivalents at period end: KRW 206.0 billion.

Outlook and guidance

• New sales contributions expected in NBT Korea from the fourth quarter.

• Recovery in Australia sales base indicated by 13% quarter-over-quarter growth.

• Focus on sustainable growth, expanding global production, and adapting to evolving market trends.

• Continued investment in R&D and digital transformation to maintain competitive edge.