GOLFZON (215000) Q4 2025 earnings summary

Executive summary

• Revenue for 2025 was ₩483.3 billion, down 22.1% year-over-year, with operating income at ₩68.1 billion, a 29.0% decrease from 2024.

• Net income attributable to owners was ₩25.6 billion, a 48.5% drop from the prior year.

• The company maintained a strong liquidity position with a current ratio of 278.2% and reduced its debt ratio to 40.7%.

• Cash and cash equivalents at year-end were ₩90.1 billion, down from ₩133.7 billion.

Financial highlights

• Gross margin for 2025 was 59.9%, up from 55.6% in 2024 due to a sharper decline in cost of goods sold.

• Operating margin was 14.1%, compared to 15.5% in 2024.

• EPS (basic and diluted) was ₩4,269, down from ₩8,190 in 2024.

• Dividend per share was ₩4,000, with a payout ratio of 93.7%.

• R&D expenses increased to ₩25.4 billion, representing 5.3% of sales.

Outlook and guidance

• The company plans to strengthen its core business and accelerate new business initiatives in 2026, focusing on hybrid golf course expansion and platform diversification.

• Overseas growth is expected through product localization and direct store efficiency improvements.