Cosmax (192820) Q2 2026 earnings summary

Executive summary

• Achieved record-high quarterly revenue of 794.9 KRW bn in Q2 2026, up 27.5% year-over-year, with operating profit rising 21.2% to 73.7 KRW bn.

• Global leader in cosmetics ODM, supplying over 4,000 brands in 100+ countries, with 90%+ of sales from ODM contracts.

• Net profit surged 129.0% year-over-year to 50.0 KRW bn, driven by improved operating leverage and non-operating gains.

• Maintains robust R&D, with 5.54% of sales invested in innovation and 1,839 functional approvals and 880 patents.

• Operates major production hubs in Korea, China, USA, Indonesia, and Thailand, with a total annual capacity of 2.69 billion units.

Financial highlights

• Gross profit increased 26.3% year-over-year to 142.5 KRW bn, with gross margin stable.

• 2026 H1 consolidated revenue: ₩1,476.9B, down from ₩2,398.8B in 2025 H1.

• Operating income: ₩126.8B (2025 H1: ₩195.8B); net income: ₩93.8B (2025 H1: ₩131.1B).

• SG&A expenses rose 32.1% to 68.8 KRW bn, reflecting higher commissions and bad debt expenses.

• Profit before tax jumped 145.3% to 64.7 KRW bn.

Outlook and guidance

• Growth momentum expected to continue, especially in the US as it enters a full turnaround phase.

• Focus on sustainable growth, digital transformation, and global expansion.

• Targeting 2050 Net Zero, with 2035 interim goal of 50% GHG reduction from 2024 levels.

• Continued investment in R&D and production capacity, especially in Asia and North America.

• Skincare category expansion and new product launches anticipated to drive further gains.