APR (278470) Q4 2025 earnings summary

Executive summary

• Q4 2025 consolidated revenue reached KRW 548 billion, a 124% year-over-year increase, and operating profit grew 228% to KRW 130 billion, with an operating margin of 23.8%—a 7.5 percentage point expansion.

• Annual 2025 revenue more than doubled to KRW 1.5 trillion, and operating profit nearly tripled to KRW 365 billion, with an annual operating margin of 24%, up 6.9 percentage points.

• Overseas revenue surged 207% to KRW 1.2 trillion in 2025, now representing 80% of total sales, driven by explosive growth in the U.S., Japan, and Europe.

• Medicube brand revenue soared 145% to KRW 1.4 trillion, making it the top beauty brand in Korea for 2025.

• Revenue more than doubled year-over-year, extending 11 consecutive years of growth since inception.

Financial highlights

• Q4 2025 revenue: KRW 548 billion (+124% YoY); operating profit: KRW 130 billion (+228% YoY); operating margin: 23.8%.

• 2025 annual revenue: KRW 1.5 trillion (+111% YoY); operating profit: KRW 365 billion (+198% YoY); operating margin: 24%.

• Q4 overseas revenue: KRW 475 billion (+203% YoY), now 87% of total revenue.

• U.S. Q4 revenue: KRW 255 billion (+270% YoY); Japan: KRW 69 billion (+289% YoY); Greater China: KRW 32 billion (+11% YoY); Other regions: KRW 119 billion (+192% YoY).

• Gross profit for FY2025 was KRW 1,171 billion, with gross margin improvement.

Outlook and guidance

• 2026 revenue projected at KRW 2.1 trillion (+40% YoY) with operating margin in the 25% range.

• Anticipates robust growth in U.S., Japan, and Europe, with expansion in both online and offline channels.

• Full-scale European operations expected from March 2026, with increased inventory and channel presence.

• New EBD devices to launch in late 2026; meaningful profit contribution expected from 2027.

• Management expects continued growth, supported by global expansion and an expanded bestseller portfolio.