COWAY (021240) Q2 2025 earnings summary

Executive summary

• Achieved historical high quarterly revenue and operating profit, with balanced growth in both domestic and overseas business for 2Q'25.

• Double-digit revenue growth for three consecutive quarters (+16.3% YoY), reaching 53% of annual revenue guidance and 54% of operating profit guidance.

Financial highlights

• 2Q'25 consolidated revenue KRW 1,258.9bn (+16.3% YoY), operating profit KRW 242.7bn (+14.9% YoY), net profit KRW 155.5bn (+0.9% YoY).

• Gross profit margin at 64.6%, operating margin at 19.3%, and net margin at 12.4% for 2Q'25.

• Total rental accounts reached 10.9mn (+9.8% YoY), with overseas proportion rising to 36%.

Outlook and guidance

• 2Q'25 results reached 53% of annual revenue guidance and 54% of operating profit guidance, indicating strong progress toward full-year targets.