d'Alba Global (483650) Q2 2025 earnings summary

Executive summary

• Achieved record-high quarterly revenue of KRW 128.4 billion ($93.5 million) in Q2, up 74% year-over-year and 13% quarter-over-quarter, with operating profit of USD 21.3 million.

• First half 2025 total sales reached $176 million, a 73% year-over-year increase, with operating profit up 83% to $43.2 million and OPM at 25%.

• Overseas sales for H1 2025 already surpassed full-year 2024, surging 170% year-over-year, with strong growth in Japan, North America, Europe, ASEAN, and Pan China.

• Maintained 34 consecutive quarters of year-over-year sales growth and highest ever overseas sales proportion at 63%.

Financial highlights

• Q2 operating profit margin was 22.8%, totaling KRW 29.2 billion; gross profit margin improved to 77.5%.

• COGS ratio for Q2 was 22.5%, down 2.1 percentage points from Q1.

• SG&A ratio increased to 54.8% in Q2 due to higher marketing spend and additional tax payments.

• Net profit for Q2 was USD 14.4 million, up 44.1% year-over-year but down 20% quarter-over-quarter.

• Total assets increased to KRW 237 billion, with equity rising by 85% to KRW 189 billion.

Outlook and guidance

• Expect continued OPM improvement via increased B2B sales and offline expansion, especially in Japan and North America.

• Growth momentum expected to continue with expansion into emerging markets (India, Middle East, LATAM) and new product categories.

• Offline and online channel expansion planned in all major regions for 2H25.

• Anticipate strong Q4 rebound in domestic sales, following historical seasonal trends.

• ASEAN and Pan China expected to maintain robust growth with ongoing online and offline initiatives.