Slides
Page 1
Public Disclosure IR Team Nov. 07, 2025 Indefinite 3Q`25 Earnings release Nov. 07. 2025
Page 3
3 This presentation contains historical information of the company which should not be regarded as an indication of the future performance or results. This presentation also contains forward-looking statements that are, by the nature, subject to significant risks and uncertainties. These forward-looking statements reflect our current views with respect to future events and are not a guarantee of future performance or results. Actual results may differ materially from information contained in the forward-looking statements as a results of a number of factors beyond our control. DISCLAIMER
Page 4
4 Contents 1. 3Q`25 Earning release 2. Domestic business 3. Overseas business • Key Highlights • Total rental accounts • Consolidated revenue & profits • Revenue & accounts • Rental gross adds & net adds • Revenue & accounts • Malaysia • U.S. & Thailand ※ Appendix • Consolidated financial reports • Major subsidiaries results
Page 5
1-1. Key Highlights - Recorded historical high quarterly revenue of KRW 740.2bn (+12.0% YoY) - Despite a decrease in mature accounts, maintained stable growth in rental growth adds (+6.5% YoY), supported by an increase in sales from new rental customers - 3Q rental net adds reached 169k, with cumulative net adds through 3Q surpassing the 2024 total net adds - Malaysia: Strong sales growth maintained double-digit revenue growth (+20.0% YoY) - U.S.: Increased retail channel and etc. contributed to revenue expansion (+7.8% YoY) - Thailand: Rental sales growth contributed to stable revenue growth (+28.5% YoY) 2. Domestic business 3. Overseas subsidiaries - Continued double-digit revenue growth (+14.0% YoY) - Achieved an operating profit margin of 19.4%, making a historical high in quarterly operating profit (+17.4% YoY) - Reached 80% of annual revenue guidance and 82% of operating profit guidance 1. Consolidated record 5
Page 6
6 1-2. Total rental accounts 3Q`25 Total rental accounts achieved double-digit growth with 11.2mn (+10.6% YoY) Total rental account • 3Q`25 Total rental account11.2mn (+10.6% YoY) - Domestic 7.14mn (+8.3% YoY) - Overseas 4.02mn (+15.0% YoY) Domestic Overseas Overseas Proportion [Unit: Accounts] 1,802k 2,440k 2,945k 3,274k 3,498k 4,022k 5,809k 6,018k 6,156k 6,349k 6,594k 7,144k 2020 2021 2022 2023 2024 3Q'24 3Q'25 24% 3,621k 35% 36% 35% 29% 32% 34% 7,611k 9,100k 10,333k9,623k 8,458k 6,712k 10.092k 11,166k
Page 7
7 1-3. Consolidated revenue and profits Revenue Operating profit Net profit 3Q`25 Revenue KRW 1,254.4bn (+14.0% YoY), Operating Profit KRW 243.1bn (+17.4% YoY), Net Profit KRW 176.0bn (-2.0% YoY) - Recorded historical high among 3Q revenue and historical high quarterly operating profit [Unit: KRW bn/ : Margin][Unit: KRW bn] [Unit: KRW bn/ : Margin] 1,100.3 1,254.4 3Q'24 3Q'25 207.1 243.1 18.8% 19.4% 3Q'24 3Q'25 179.5 176.0 16.3% 14.0% 3Q'24 3Q'25 3,184.4 3,688.2 3QYTD'24 3QYTD'25 612.0 697.0 19.2% 18.9% 3QYTD'24 3QYTD'25 461.3 470.3 14.5% 12.8% 3QYTD'24 3QYTD'25
Page 8
88 2-1. Domestic business Accounts 3Q’25 Domestic business historical high quarterly revenue KRW740.2bn (+12.0% YoY) Maintained stable growth in total accounts 7.52mn (+7.0% YoY) • 3Q`25 Total accounts 7.52mn - Rental accounts: 7.14mn (+550k, +8.3% YoY) - Membership accounts: 373k (-60k, -13.9% YoY) • 3Q`25 Domestic business revenue KRW 740.2bn - Rental (Operating, Financial) revenue KRW 711.0bn (+12.8% YoY) : Revenue growth driven by strong rental gross adds and account growth - Others (Membership, Lump-sum) revenue KRW29.2bn (-4.0% YoY) Revenue Financial lease portion(Rental)Rental Etc. [Unit: KRW bn] Financial lease portion(Rental)Rental Membership [Unit: Accounts] 3Q'24 3Q'25 433k 373K 3Q'24 3Q'25 63% 56% 54% 45% 740.2 660.9 7,517k 7,144k 6,594k 7,027k
Page 9
99 • 3Q`25 Rental net adds 169k - 3Q`25 Rental net adds 169k (+65.1% YoY, +5.4% QoQ) : Achieved strong rental net adds growth driven by sales growth and a decrease in matured accounts and churned accounts : Cumulative rental net adds through 3Q surpassed the 2024 total Rental net addsRental gross adds1) • 3Q`25 Rental gross adds 454k - 3Q`25 Rental gross adds 454k (+6.5% YoY, -5.6% QoQ) : Double-digit growth in new sales (+14.5% YoY) driven by strong sales of ice water purifiers and etc. : Ongoing efforts to enhance retention rate due to a decrease in matured accounts 3Q’25 Domestic business achievedrental gross adds 454k (+6.5% YoY) Recorded rental net adds 169k (+65.1% YoY) [Unit: EA] [Unit: Accounts]Financial lease portion(Rental) 1) Including financial lease sales : Applies to all gross adds in this material 2-2. Domestic business 63k 79k 1Q'24 2Q'24 3Q'24 4Q'24 1Q'25 2Q'25 3Q'25 2023 2024 102k 118k 103k 1Q'24 2Q'24 3Q'24 4Q'24 1Q'25 2Q'25 3Q'25 2023 2024 51% 57% 62% 62% 414k 449k 426k 425k 66% 473k 1,502k 1,714k 52% 58% 193k 363k 71% 480k 160k 454k 74% 169k
Page 10
10 3-1. Overseas business 3Q’25 Overseas subsidiaries revenue KRW 469.3bn (+19.9 % YoY) Total overseas accounts continued to expand, reaching 4.13mn (+13.2% YoY) AccountsRevenue • 3Q`25 Overseas subsidiaries revenue KRW 469.3bn - Continued high growth in overseas subsidiaries driven by sustained revenue growth in Malaysia, U.S., Thailand, and Indonesia • 3Q`25 Total overseas accounts4.13mn - Continued growth in total accounts driven by strong performance of key subsidiaries [Unit: KRW bn] [Unit: Accounts] 3Q'24 3Q'25 3,650k 4,131k 391.5 469.3 3Q'24 3Q'25
Page 11
11 3-2. Overseas business 3Q`25 Malaysia revenue KRW 352.1bn(+20.0% YoY) Continued high growth of total accounts 3.46mn(+10.3% YoY) Malaysia Accounts • 3Q`25 Malaysia revenue KRW 352.1bn, OPM 18.0% - Continued revenue growth driven by strong sales from product category expansion - Improved OPM, supported by a lower base in 3Q`24 and a decrease in COGS ratio from product mix changes • 3Q`25 Malaysia Total accounts 3.46mn - Rental accounts 3.38mn (+365k, +12.1% YoY) - Membership accounts 81k (-43k, -34.7% YoY) [Unit: KRW bn / : Margin] [Unit: Accounts]Rental Membership Revenue OP 3,018k 3,383k 124k 81k 3Q'24 3Q'25 3,142k 3,464k 44.3 63.3 15.1% 18.0% 3Q'24 3Q'25 293.4 352.1 3Q'24 3Q'25
Page 12
12 3-3. Overseas business 3Q`25 U.S. revenue KRW 57.5bn(+7.8% YoY) Thailand continued high growth of revenue KRW 41.8bn(+28.5% YoY) • 3Q`25 U.S. revenue KRW 57.5bn, continued loss in OPM - Revenue growth driven by an increased sales in retail channels and etc. - Operating loss narrowed due to revenue growth • 3Q`25 Thailand revenue KRW41.8bn, OPM 2.8% - Continued strong revenue growth driven by increased sales of water purifier and air purifiers - Expansion of OP growth driven by revenue growth U.S. [Unit: KRW bn / : Margin] [Unit: KRW bn / : Margin] Thailand 120 K 120 K 120 K 0.7 1.2 2.1% 2.8% 3Q'24 3Q'25 53.4 57.5 3Q'24 3Q'25 32.5 41.8 3Q'24 3Q'25 -1.4 3Q'24 3Q'25 -0.3 Revenue OP Revenue OP
Page 13
13 APPENDIX • Consolidated financial reports • Major subsidiaries results
Page 14
14 APPENDIX. Consolidated financial reports ·Balance Sheet · Income Statement (Unit: KRW bn) Sep. ’25 Dec. ’24 <Assets> 6,692.7 5,761.6 Current Assets 2,173.4 1,771.0 Cash and cash equivalents 211.4 129.0 Accounts receivable 213.0 212.1 Financial lease receivable 1,326.2 1,109.7 Inventories 279.2 240.1 Non-Current Assets 4,519.3 3,990.6 Fixed assets 991.6 1,037.6 Intangible assets 189.9 191.3 Finance lease receivables 3,048.8 2,496.5 <Liabilities> 3,266.1 2,565.4 Current Liabilities 2,179.2 1,878.0 ST Borrowings 891.0 465.0 Current portion of bonds 150.0 230.0 Current portion of LT borrowings 99.0 130.5 Non-Current Liabilities 1,086.9 687.5 LT Borrowings 23.7 42.6 Corporate bond 878.4 499.3 <Shareholders’ Equity> 3,426.6 3,196.1 Debt to Equity Ratio (Liabilities/Equity) 95.3% 80.3% Net Debt to Equity Ratio (Net Debt/Equity) 53.4% 38.7% (Unit: KRW bn) 3Q’25 3Q’24 YoY Revenue 1,254.4 1,100.3 14.0% COGS 446.7 392.9 13.7% Gross profits 807.7 707.4 14.2% SG&A 564.6 500.3 12.9% Operating profits 243.1 207.1 17.4% Margin(%) 19.4% 18.8% 0.6%p Other income 15.7 38.8 -59.5% Other expenses -3.7 -1.2 216.0% Financial income 1.5 1.4 9.5% Financial expenses 19.6 16.4 19.4% Profit before tax 243.9 231.1 5.6% Corporate tax 68.0 51.6 31.8% Net income 176.0 179.5 -2.0% Margin(%) 14.0% 16.3% -2.3%p
Page 15
(Unit: KRW bn) 3Q`25 3Q’24 YoY Malaysia Revenue 352.1 293.4 20.0% OP 63.3 44.3 43.0% Margin 18.0% 15.1% +2.9%p U.S. Revenue 57.5 53.4 7.8% OP -0.3 -1.4 - Margin - - - Thailand Revenue 41.8 32.5 28.5% OP 1.2 0.7 75.0% Margin 2.8% 2.1% +0.7%p Indonesia Revenue 13.1 8.6 52.2% OP -0.0 -1.4 - Margin - - - Vietnam Revenue 0.9 1.2 -20.5% OP -0.5 -0.7 - Margin - - - Coway Entech (Consolidated) Revenue 18.0 16.2 11.6% OP 0.6 1.4 -55.7% Margin 3.4% 8.5% -5.1%p BEREX Tech (Consolidated) Revenue 40.1 24.9 60.8% OP 2.9 1.2 134.6% Margin 7.2% 4.9% 2.3%p APPENDIX. Major subsidiaries results Malaysia U.S. Thailand Coway Entech Indonesia Vietnam BEREX Tech : Expanded revenue growth due to increased sales from retail channels and etc. : Continued stable revenue growth due to strong sales of water purifiers and air purifiers : Continued high growth driven by organization expansion and sales growth : Ongoing efforts for stable growth : Decreased in OP due to increase in SG&A expenses : Revenue growth due to expanded supply of BEREX mattresses and frames : Continued double-digit revenue growth due to high sales growth