Misto Holdings (081660) Q1 2025 earnings summary

Executive summary

• Q1 2025 consolidated revenue was KRW 1,237.5bn, up 4.6% year-over-year, driven by Acushnet and strong domestic footwear sales.

• Operating profit was KRW 162.7bn, nearly flat year-over-year, as Acushnet gains offset Misto's North America restructuring impact.

• Net profit attributable to owners was KRW 151.5bn, with EPS of KRW 1,400 for Q1 2025.

• Operates as a global holding company with two main segments: Misto (fashion/lifestyle brands, including FILA) and Acushnet (golf brands, including Titleist and FootJoy).

• Maintains a strong credit rating (A+) and robust governance structure.

Financial highlights

• Acushnet revenue grew 8.7% year-over-year to KRW 1,021.8bn, driven by new product launches and favorable FX rates.

• Misto revenue declined 11.1% year-over-year to KRW 215.7bn, impacted by North America restructuring, but domestic footwear and online DTC channels saw strong growth.

• Gross margin improved slightly to 52.2% from 52.1% year-over-year.

• Operating margin was 13.1%, down from 13.8% year-over-year.

• Cash and cash equivalents at Q1 2025: KRW 570.5bn.

Outlook and guidance

• FY2025 consolidated revenue expected to grow 2.2% at mid-point; Acushnet revenue (USD) to rise 2.6%.

• Misto revenue guidance: -10% to 0% year-over-year; Acushnet operating profit expected to increase 25–35%.

• Misto operating profit expected to turn positive from FY2024 loss, with KRW 50–60bn forecast.

• New shareholder return policy: up to KRW 500bn over 2025–2027 via dividends and share buybacks.

• Guidance reaffirmed, with plans to revisit as macroeconomic visibility improves.