COWAY (021240) Q3 2025 earnings summary

Executive summary

• Achieved double-digit consolidated revenue growth of 14.0% year-over-year in 3Q'25, with operating profit margin reaching a historical high of 19.4% and operating profit up 17.4% year-over-year.

• Net profit for 3Q'25 was KRW 176.0bn, a slight decrease of 2.0% year-over-year, despite record revenue and operating profit.

• Reached 80% of annual revenue guidance and 82% of operating profit guidance by the end of 3Q'25.

Financial highlights

• 3Q'25 consolidated revenue: KRW 1,254.4bn (+14.0% YoY); operating profit: KRW 243.1bn (+17.4% YoY); net profit: KRW 176.0bn (−2.0% YoY).

• Gross profit for 3Q'25 was KRW 807.7bn (+14.2% YoY), with COGS at KRW 446.7bn (+13.7% YoY).

• SG&A expenses increased 12.9% YoY to KRW 564.6bn.

Outlook and guidance

• By 3Q'25, 80% of annual revenue and 82% of operating profit guidance had been achieved, indicating strong progress toward full-year targets.