COWAY (021240) Q2 2026 earnings summary

Executive summary

• Leading environmental home appliance company with strong domestic and international presence, specializing in water purifiers, air purifiers, bidets, and expanding into furniture, healthcare robotics, and pet care devices.

• Rental business model dominates revenue, with 91.4% of sales from rental and membership accounts, totaling 8.04 million accounts as of June 2026.

• Ongoing expansion of product lines and overseas subsidiaries, with recent business portfolio diversification and ESG management initiatives.

Financial highlights

• Consolidated revenue for H1 2026: KRW 2,771.9 billion, down from KRW 4,963.6 billion in FY2025.

• Operating income for H1 2026: KRW 504.1 billion; net income: KRW 360.3 billion.

• Cash and cash equivalents at June 2026: KRW 139.5 billion.

• Total assets: KRW 7,778.6 billion; total liabilities: KRW 3,957.4 billion; equity: KRW 3,821.2 billion.

• Basic EPS for H1 2026: KRW 5,122.

Outlook and guidance

• Commitment to shareholder returns: 40% of consolidated net income allocated to dividends and share buybacks through 2027.

• Quarterly dividend policy implemented, with recent payout of KRW 700 per share for Q2 2026.

• Continued focus on expanding rental business, new product launches, and overseas market penetration.