CLASSYS (214150) Q3 2026 earnings summary

Executive summary

• 3Q26 revenue was KRW 83.0bn, flat YoY; operating profit fell 28.2% to KRW 27.0bn and net income attributable to owners fell 81.0% to KRW 6.3bn.

• Softer Korean sales, FX losses and costs of shifting LATAM and Japan to direct operations weighed on quarterly profitability; growth acceleration is targeted from 2027.

Financial highlights

• 9M26 revenue rose 13.3% YoY to KRW 275.7bn; gross profit increased 7.3% to KRW 202.8bn, while operating profit declined 9.4% to KRW 108.1bn.

• 9M26 net income attributable to owners was KRW 68.3bn, down 23.6% YoY; EBITDA was KRW 121.0bn, down 7.2%.

• 3Q26 gross profit was KRW 61.2bn, down 3.9% YoY; SG&A rose 31.1% to KRW 34.2bn, including acquisition-related personnel and marketing costs.

Outlook and guidance

• From 2027, plans target growth through China entry, U.S./EU expansion, Korean recovery and stabilization of direct-sales operations; timing depends on regulatory approvals and market conditions.

• Planned launches and approvals include China Volnewmer NMPA approval in 4Q26, U.S./EU Viclara launch in 1Q27, and Ultraformer MPT approval in 2Q27.

• Direct operations in Japan are expected to be fully transitioned in 4Q26; higher gross margins are expected as newly supplied products replace pre-acquisition high-cost inventory in LATAM.