COWAY (021240) Q4 2025 earnings summary

Executive summary

• Achieved historical highs in annual revenue (+15.2% YoY), operating profit (+10.5% YoY), and net profit (+9.2% YoY), driven by strong domestic and overseas performance.

• Total rental accounts reached 11.4 million (+10.6% YoY), with overseas accounts comprising 36% of the total.

Financial highlights

• 2025 consolidated revenue: KRW 4,963.6bn (+15.2% YoY); operating profit: KRW 878.7bn (+10.5% YoY); net profit: KRW 617.5bn (+9.2% YoY).

• Domestic revenue: KRW 2,865.6bn (+11.0% YoY); overseas subsidiaries revenue: KRW 1,889.9bn (+22.3% YoY).

• BEREX (Beds) consolidated revenue: KRW 719.9bn; domestic bed revenue: KRW 365.4bn.

Outlook and guidance

• 2026 revenue guidance: KRW 5,277.0bn–5,448.0bn (+6.3%–9.8% YoY).

• 2026 operating profit guidance: KRW 920.0bn–955.0bn (+4.7%–8.7% YoY).