COWAY (021240) Q2 2026 earnings summary

Executive summary

• Q2 revenue and operating profit reached quarterly records, up 14.6% and 4.3% YoY; net profit rose 14.6%.

• H1 results reached 51% of full-year revenue guidance and 53% of operating profit guidance, measured against the upper ends.

Financial highlights

• Q2 consolidated revenue was KRW 1.442tn, operating profit KRW 253.2bn and net profit KRW 178.3bn.

• A one-off KRW 11.45bn trade-receivables impairment related to the Pocheon Malgeunmul closure was recorded in SG&A; excluding it, adjusted operating profit was KRW 264.1bn and margin ~18.4%.

• H1 2026 revenue was KRW 2,771.9bn, operating income KRW 504.1bn and net income KRW 360.3bn.

• Net profit growth included KRW 16.9bn of FX gains and ~KRW 7bn in gains from consolidation adjustments tied to business restructuring.

Outlook and guidance

• Management plans to focus on core businesses and sustain growth across domestic and overseas markets.

• Thailand expects second-half profitability to improve as sales and rental accounts expand; Indonesia expects revenue and profitability to recover following operational normalization in June.