PER, EPS, PBR and BPS are calculated in-house from the last 4 quarters (2025Q3–2026Q2) · Dividend yield is based on ₩1,200 per share · Prices as of the 2026-10-02 close
Kumbi faces both recovering demand for soju and beer glass bottles and persistent energy cost pressure, with 2025 operating margin falling sharply from the prior year amid continued earnings volatility.
After returning to net profit in 2024, 2025 revenue slipped slightly while operating margin fell sharply from 4.8% to 1.3%
An operating loss in Q4 2025 and a near-zero operating profit with a net loss attributable to owners in Q3 2026
Record soju exports and the spread of highball and premium beer consumption are positive for glass bottle demand
A sharp rise in industrial electricity rates weighs on furnace operating costs
The company is pursuing export market diversification into the US, Japan and Europe, along with normalization of China exports
Kumbi manufactures glass products and also engages in cosmetics trading, operating production sites in Icheon, Gyeonggi Province and Asan, Chungcheongnam Province.
Its business spans a glass division, a Cap (bottle cap) division, a plastics division and a cosmetics division, covering glass bottle and tax-sealed bottle cap manufacturing as well as injection molding of cosmetics containers.
The Cap division has an export component, while the plastics division operates its own production system. The glass division is expanding its business through client diversification, while the cosmetics division pursues a customer-oriented lineup centered on functional and organic products.
Its core end markets are glass packaging for alcoholic beverages (soju, beer, traditional liquor), food and cosmetics, with major domestic beverage and liquor companies among its key customers.
A shift toward solo and home drinking, alongside growing demand for highball-style mid-priced products and premium beer, has been cited as a factor supporting glass bottle sales.
On the export front, the company is pursuing expansion into the US and Japan beyond Southeast Asia and normalizing China exports, while also developing the European and Japanese markets and improving cost structures to boost exports.
| Quarter | Revenue | Operating profit | Op. margin |
|---|---|---|---|
| 2025Q3 | ₩64.9B | ₩2.7B | 4.2% |
| 2025Q4 | ₩61.3B | -₩200M | −0.4% |
| 2026Q1 | — | — | — |
| 2026Q2 | — | — | — |
| 2026Q3 | ₩65.5B | ₩40,554,166 | 0.1% |
| Year | Revenue | Operating profit | Net income (parent) | Op. margin | ROE | Debt-to-equity |
|---|---|---|---|---|---|---|
| 2022 | ₩235B | -₩6,480,775 | -₩13.2B | 0.0% | −15.3% | 130.0% |
| 2023 | ₩251B | ₩5.9B | -₩6.8B | 2.3% | −8.5% | 141.3% |
| 2024 | ₩259.5B | ₩12.4B | ₩3.6B | 4.8% | 4.4% | 126.4% |
| 2025 | ₩252.4B | ₩3.4B | ₩2.2B | 1.3% | 2.5% | 124.5% |
Consolidated basis (financial statements including subsidiaries) · Final figures from DART filings · Net income attributable to owners of the parent · Data as of 2026-09-05
Kumbi's annual revenue rose from KRW 234.9 billion in 2022 to KRW 251.0 billion in 2023 and KRW 259.5 billion in 2024, before slipping slightly to KRW 252.4 billion in 2025.
Profitability swung more sharply: in 2022, operating profit was essentially at breakeven (a loss of KRW 6.48 million), while the net loss attributable to owners reached KRW 13.2 billion.
In 2023, operating profit turned positive at KRW 5.9 billion, yet the net loss attributable to owners widened to KRW 6.8 billion, suggesting non-operating items weighed heavily on results.
In 2024, operating profit improved markedly to KRW 12.4 billion (an operating margin of 4.8%), and the company returned to a net profit attributable to owners of KRW 3.6 billion.
In 2025, however, as revenue declined, operating profit fell sharply to KRW 3.4 billion (a margin of 1.3%), and net profit attributable to owners also shrank to KRW 2.2 billion.
On a quarterly basis, Q3 2025 revenue was KRW 64.9 billion with operating profit of KRW 2.7 billion and net profit attributable to owners of KRW 0.5 billion, while Q4 2025 saw revenue of KRW 61.3 billion and an operating loss of KRW 0.2 billion, yet net profit attributable to owners actually rose to KRW 1.3 billion, indicating non-operating factors drove the result.
In the most recently disclosed quarter (Q3 2026), revenue rose year-on-year to KRW 65.5 billion, but operating profit was near breakeven at roughly KRW 40 million, and the company recorded a net loss attributable to owners of KRW 0.7 billion, extending the gap between revenue growth and profitability.
According to FnGuide, consolidated revenue in the first half of 2025 already fell 0.6% year-on-year, with operating profit and net profit down 61.0% and 66.9% respectively, showing that the margin deterioration had begun even before the second half.
South Korea's container glass market is projected to grow at a CAGR of 1.81% from 2026 to 2031, positioning it as a mature industry in a phase of modest growth.
Demand is concentrated in the beverage segment, which accounted for 67.85% of total volume in 2024, while the cosmetics and personal care segment has been driving growth, aligning with Kumbi's cosmetics and beverage packaging portfolio.
Korea's soju export value rose from USD 93.3 million in 2022 to surpass USD 100 million for the first time in 2023, and reached a record USD 104.09 million last year, becoming an overseas growth axis for glass bottle demand.
On the other hand, industrial electricity rates rose 70% between 2022 and 2024, reaching USD 133 per megawatt-hour in December 2024, a structural burden cited as weighing on the profitability of furnace-based glass manufacturers.
Over the longer term, discussions around a global plastics pollution treaty are seen as encouraging brand owners to reduce their reliance on PET, giving glass bottles a defensive position from a sustainability standpoint, although falling resin prices or subsidies for can manufacturers could amplify substitution risk.
In overseas markets, Australia and the Philippines have emerged as high-growth destinations for Korean skincare and soju exports, internationalizing demand for Korean-made glass bottles.
Competitively, Kumbi is one of a small number of dedicated glass bottle manufacturers in Korea, diversifying its business through client diversification and parallel operations in non-glass segments such as cosmetics and caps.
The company anticipates that a shift toward solo and home drinking, along with growing demand for highball-style mid-priced products and premium beer, will support glass bottle sales going forward.
On exports, it is pursuing expansion into the US and Japan beyond Southeast Asia and normalizing China exports, while also developing the European and Japanese markets alongside cost improvements since 2024 to boost exports.
Across the broader Korean liquor industry, overseas exports of soju, traditional liquor and premium spirits continue to expand, with export channel growth at major customers such as Hite Jinro, Lotte Chilsung Beverage and OB Beer potentially providing indirect support for glass bottle demand.
However, the sharp decline in the 2025 operating margin from the prior year, along with an operating loss in Q4 2025 and a near-breakeven operating profit in Q3 2026, shows that revenue recovery has not directly translated into margin improvement.
With energy cost burdens persisting, whether cost-improvement efforts translate into actual margin recovery will likely be a key point to watch in coming results.
Expansion of functional and organic products in the cosmetics division and a growing export share in the Cap division are cited as additional growth avenues beyond the glass segment, though no specific segment revenue targets or capacity expansion plans have been confirmed.
The stock trades below its per-share net asset value, meaning it is valued at a discount to net assets in the market.
However, given that results over recent years have swung between losses and profits, it is worth considering whether this discount purely reflects asset undervaluation or also incorporates earnings uncertainty.
The price-to-earnings ratio calculated on the most recent four quarters of results is elevated relative to profitable periods such as 2024 when earnings were relatively larger, an effect driven more by a lower recent earnings base than by price movement itself.
Dividends have historically fluctuated in line with the size of net profit, so future dividend policy could be influenced by the pace of earnings recovery.
When interpreting valuation, it appears more useful to consider the direction of business fundamentals, such as whether operating margin recovers, rather than focusing solely on the absolute multiple level.
PER, EPS, PBR and BPS are all calculated in-house (the same method as Naver and Toss) · Dividend yield = cash dividend per share from DART filings (supplemented by KRX) ÷ current price · As of 2026-09-05
Soju export value hit a record USD 104.09 million last year, and domestic glass bottle demand is expected to grow with the spread of highball and premium beer consumption.
In addition, discussions around a global plastics pollution treaty are seen as reducing reliance on PET, giving glass bottles a defensive position from a sustainability standpoint. These trends provide a positive backdrop for Kumbi's core glass business.
Having recorded net losses attributable to owners in 2022 and 2023, Kumbi succeeded in returning to profit in 2024, with an operating margin of 4.8% and net profit attributable to owners of KRW 3.6 billion.
Revenue also grew from KRW 234.9 billion in 2022 to KRW 259.5 billion in 2024, demonstrating that both scale and profitability have shown room to improve in the past.
The company is pursuing export expansion into the US and Japan beyond Southeast Asia and normalizing China exports, alongside developing the European and Japanese markets and improving costs.
Overseas demand is also internationalizing, with Australia and the Philippines emerging as high-growth markets for Korean skincare and soju exports, creating a potential path to reduce reliance on domestic demand.
The 2025 operating margin fell sharply to 1.3% from 4.8% in 2024, and the company posted an operating loss in Q4 2025.
In the most recently disclosed Q3 2026 quarter, operating profit was near breakeven and the company recorded a net loss attributable to owners of KRW 0.7 billion, repeating a pattern in which revenue growth has not directly translated into profitability.
Industrial electricity rates rose 70% between 2022 and 2024, reaching USD 133 per megawatt-hour in December 2024, a structural factor cited as undermining the profitability of furnace-based glass manufacturers.
Given that energy costs make up a large share of costs in the glass manufacturing process, changes in rate policy can directly affect results.
The container glass market's growth rate is modest at around 1.81% annually, and it has been noted that continued declines in resin prices or subsidies for can manufacturers could amplify substitution risk.
Competition from alternative packaging materials such as PET and cans could limit the growth potential of glass bottle demand.
Because glass manufacturing requires furnaces to run continuously, energy costs such as electricity and gas make up a large share of costs. With industrial electricity rates already having risen sharply, further rate increases or energy supply instability could reintensify cost pressure. If cost-improvement efforts fail to offset rate increases, recovery in operating margin could be delayed.
While changing drinking patterns can positively affect glass bottle sales, concerns also exist over domestic demographic shifts and a broader contraction in alcohol consumption. If the domestic market stagnates, export expansion would need to offset it, and the pace of that expansion could be slower than expected.
Environmental regulations such as extended producer responsibility (EPR) have the positive effect of stabilizing recycled cullet supply, but they can also increase the cost of meeting recycling obligations.
In addition, if resin prices fall or policy support is extended to can manufacturers, incentives to adopt alternative packaging materials instead of glass could grow.
This is when the Q3 quarterly report (regular disclosure) is due to be filed, and it will be important to check whether detailed confirmed Q3 figures and segment revenue breakdowns are disclosed.
This is the point to watch for disclosures on year-end dividend policy and how the dividend size relates to recent earnings trends.
This is when the FY2026 annual business report and Q4 results are expected to be released, with the key point being whether the operating margin, which fell sharply in 2025, shows recovery.
It will be necessary to continuously monitor changes in industrial electricity rates and energy cost policy to assess their impact on the cost structure.
This is when it will be worth confirming whether the actual progress of US, Japan and Europe export expansion and China export normalization is substantiated through IR materials or earnings releases.
As a dedicated domestic glass bottle manufacturer, Kumbi faces both demand-side tailwinds from expanding soju exports and growing highball and premium beer consumption, and cost-side headwinds from a sharp rise in industrial electricity rates.
In terms of performance, the company showed resilience by returning to profit in 2024 after losses in 2022–2023, but profitability volatility has continued, with the 2025 operating margin falling sharply to 1.3% from 4.8% the prior year, an operating loss in Q4 2025, and a near-breakeven operating profit alongside a net loss in Q3 2026.
Export diversification (into the US, Japan and Europe, and normalization in China) and parallel growth in the cosmetics and Cap divisions are cited as factors broadening the revenue base, though no specific segment targets or capacity expansion plans have been confirmed.
The stock trades at a discount to net asset value, but with the recent earnings base having declined, the price-to-earnings ratio is elevated relative to past profitable periods, meaning valuation interpretation should be considered alongside the pace of earnings recovery.
Energy costs, competition from alternative packaging materials, and shifts in domestic alcohol consumption patterns remain risk factors to monitor continuously.
Overall, Kumbi sits at a juncture where structural demand factors and cost/profitability volatility factors are both at play, with quarterly operating margin trends and export progress likely to be key variables determining the direction of future results.
Report written 2026-09-05 · Data as of 2026-09-04
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