Samyang Foods (003230) Q3 2025 earnings summary

Executive summary

• Achieved consolidated revenue of KRW 1,714.1 billion for the first nine months of 2025, up 44.0% year-over-year and 14.3% quarter-over-quarter, driven by global demand and expansion in China and the U.S.

• Operating profit rose 49.9% year-over-year to W130.9B, with an operating margin of 22.5%, despite increased costs from tariffs and new plant operations.

• Net profit surged 87.3% year-over-year to W110.0B, supported by foreign exchange gains from a weaker KRW.

• Strong overseas sales, especially in the noodle segment, drove growth; export revenue rose 41.4% year-over-year to KRW 1,330.0 billion.

• Major investments included new production lines in China and the completion of the Milyang 2nd plant.

Financial highlights

• Consolidated revenue reached W6,320 (100M), with overseas sales accounting for 80.8% of total revenue.

• EBITDA increased 48.6% year-over-year to W1,481 (100M), maintaining a margin of 23.4%.

• Net income margin improved to 17.4% in Q3 2025.

• Gross margin improved to 44.4% (KRW 761.6 billion gross profit on KRW 1,714.1 billion revenue).

• Earnings per share (EPS) increased to KRW 39,400 from KRW 36,468 year-over-year.

Outlook and guidance

• Plans to expand further in Europe and emerging markets, leveraging strong global ramen demand.

• Ongoing investments in production capacity, including a new plant in Zhejiang, China, expected to be completed by 2027.

• Plans to further diversify product portfolio and strengthen premium and health-oriented offerings.

• Dividend policy targets a 9-11% payout ratio, with progressive increases as free cash flow stabilizes.

• Continued focus on expanding global sales channels, especially in China, the US, and Europe.