Cosmax (192820) Q3 2026 earnings summary

Executive summary

• 9M 2026 revenue was KRW 2.353tn, operating income KRW 210.1bn and net income KRW 138.4bn; each exceeded the prior-year period.

• Q3 revenue reached KRW 875.8bn, operating income KRW 83.3bn and net income KRW 44.5bn, versus KRW 585.6bn, KRW 42.7bn and KRW 10.7bn in Q3 2025.

• More than 90% of sales are supplied through ODM, with product development, global manufacturing and quality systems underpinning the business model.

Financial highlights

• 9M revenue increased to KRW 2.353tn from KRW 1.798tn; gross profit was KRW 405.5bn versus KRW 315.1bn.

• 9M operating income was KRW 210.1bn versus KRW 154.9bn; net income was KRW 138.4bn versus KRW 43.1bn.

• Q3 basic EPS was KRW 3,753 versus KRW 789; 9M EPS was KRW 11,709 versus KRW 3,350.

• 9M operating cash flow was KRW 63.9bn versus KRW 51.8bn; investing cash outflow was KRW 234.4bn, partly offset by KRW 203.3bn financing inflow.

• Q3 included KRW 12.8bn of derivative transaction gains and KRW 4.9bn of derivative transaction losses in finance results; 9M business-unit sale profit was KRW 2.4bn.

Segment performance

• Cosmetics segment 9M revenue was KRW 2.352tn and operating income KRW 209.9bn; other segments recorded KRW 203.8m revenue and KRW 134.2m operating income.

• Domestic sales were KRW 426.2bn and overseas sales KRW 2.182tn before KRW 255.1bn of consolidation adjustments.

• Main standalone product mix was 62.8% basic skincare, 30.9% color cosmetics, 2.3% construction products and 4.0% other.

• Regional operations generated growth across major manufacturing bases; Indonesia reported KRW 79.8bn sales and YATSEN Biotechnology KRW 55.0bn in 9M.