PER, EPS, PBR and BPS are calculated in-house from the last 4 quarters (2025Q3–2026Q2) · Dividend yield is based on ₩0 per share · Prices as of the 2026-10-02 close
Globon shows early signs of cosmetics revenue recovery and has secured a large new fertilizer-derivative contract, even as its debt ratio has surged and it continues to rely on repeated rights offerings and convertible bond issuance.
2025 consolidated revenue of KRW 12.9bn with an operating loss of KRW 4.8bn, reversing the brief 2024 profit
Revenue recovered sequentially in 1Q-2Q 2026 (KRW 2.78bn to KRW 3.23bn) but operating losses persisted
Signed a KRW 3.8bn anhydrous ammonia supply contract with a Philippine company, the first concrete result of the new fertilizer-derivative business
A KRW 5.0bn rights offering to the CEO in early 2026 was followed by a KRW 4.2bn convertible bond issuance, continuing a pattern of repeated fundraising
Debt ratio jumped from 20.2% in 2024 to 112.7% in 2025, while total equity also shrank
Globon was founded in 1986 and listed on KOSDAQ in 1992 as a cosmetics specialist. Through its flagship brand 'RUE KWAVE,' the company sells basic skincare and mask packs to Korean-wave-favoring female consumers in China, Southeast Asia, and the Middle East.
Rather than in-house manufacturing, it operates on an OEM/ODM model, producing and selling cosmetic materials and containers. The controlling shareholder is CEO Han Sang-ho, who has led the company since taking over management control in 2015.
Beyond cosmetics, the company has pursued various new ventures including renewable energy, hydrogen plants, secondary batteries, and the metaverse, most of which did not translate into substantive operations.
In early 2026, at its annual general shareholders' meeting, the company amended its articles of incorporation to add five new business objectives including non-ferrous metals, chemical fertilizer, petroleum, electric forklifts, and investment.
Among these, the fertilizer-derivative trading and investment business has begun generating actual revenue, and the company recently signed an anhydrous ammonia supply contract with a Philippine fertilizer company.
The coexistence of two disparate businesses—cosmetics and fertilizer trading—now characterizes Globon's business portfolio.
| Quarter | Revenue | Operating profit | Op. margin |
|---|---|---|---|
| 2025Q2 | ₩1.4B | -₩600M | −40.7% |
| 2025Q3 | ₩4.1B | -₩700M | −17.5% |
| 2025Q4 | ₩5.2B | -₩3B | −58.9% |
| 2026Q1 | ₩2.8B | -₩800M | −30.3% |
| 2026Q2 | ₩3.2B | -₩700M | −20.5% |
| Year | Revenue | Operating profit | Net income (parent) | Op. margin | ROE | Debt-to-equity |
|---|---|---|---|---|---|---|
| 2022 | ₩18.5B | -₩4.1B | -₩6.4B | −22.1% | −42.9% | 86.9% |
| 2023 | ₩20.3B | -₩4B | -₩4.5B | −19.7% | −42.7% | 27.2% |
| 2024 | ₩17.3B | ₩200M | ₩600M | 1.4% | 5.0% | 20.2% |
| 2025 | ₩12.9B | -₩4.8B | -₩5.8B | −37.3% | −53.3% | 112.7% |
Consolidated basis (financial statements including subsidiaries) · Final figures from DART filings · Net income attributable to owners of the parent · Data as of 2026-08-23
2025 consolidated revenue came to KRW 12.948bn, down from KRW 17.329bn in 2024.
The operating result swung to a loss of KRW 4.830bn in 2025, reversing from an operating profit of KRW 244mn in 2024. 2024 was the only year of the past four with profitability, posting revenue of KRW 17.3bn, operating profit of KRW 244mn, and net income of KRW 553mn.
By contrast, the 2025 owner's net loss reached KRW 5.759bn, marking another large deficit following losses of KRW 6.405bn in 2022 and KRW 4.493bn in 2023.
On a quarterly basis, revenue rose from KRW 1.384bn with an operating loss of KRW 563mn in 2Q 2025 to KRW 4.148bn in 3Q 2025, though the operating loss also widened to KRW 725mn.
In 4Q 2025, revenue climbed further to KRW 5.173bn, but the operating loss deepened to KRW 3.044bn and the net loss reached KRW 4.361bn, the largest of the four quarters.
Moving into 2026, 1Q revenue was KRW 2.782bn with an operating loss of KRW 843mn, and 2Q revenue was KRW 3.235bn with an operating loss of KRW 662mn—revenue recovered sequentially while the loss narrowed from the 4Q trough.
Operating cash flow remained negative every year from 2022 through 2025, with a cash outflow of KRW 3.985bn in 2025 alone. The debt ratio jumped from 20.2% in 2024 to 112.7% in 2025, and total equity shrank from KRW 11.144bn to KRW 10.804bn, reflecting a rapidly deteriorating financial structure.
Korea's cosmetics industry is generally seen as continuing to grow on the back of expanding overseas demand for K-beauty.
Sector research notes that K-beauty's functional appeal and reasonable pricing are lifting brand awareness in advanced markets while expansion into emerging markets continues, and rising K-content consumption is accelerating online sales and offline entry in the U.S. and Europe.
However, the benefits of this trend tend to concentrate among larger players with strong brand power and distribution networks, or select indie brands, meaning a small brand company like Globon may see limited direct upside.
Globon's newly entered chemical fertilizer-derivative (anhydrous ammonia, etc.) trading business is a structure whose performance is heavily influenced by global commodity prices, logistics, and exchange rates.
This business is viewed in the market as having limited margins in the fertilizer-derivative trading business, meaning revenue contribution does not necessarily translate proportionally into profit.
The company's asset base is reported to have shrunk by more than half to KRW 17bn from roughly KRW 40bn previously, positioning it as a small player in both the cosmetics and fertilizer-trading industries.
In terms of competitive structure, the cosmetics segment competes in a market where large brand companies and indie brands coexist, while the fertilizer-trading segment, given its relatively low entry barriers, competes against numerous other trading firms.
The most visible near-term event is the anhydrous ammonia supply contract with Philippine Phosphate Fertilizer Corporation disclosed on August 24, 2026, valued at KRW 3.8bn and set to run for about four months.
This represents a substantial 28.7% of Globon's prior fiscal-year revenue, giving it potential to lift near-term sales. On the financing side, a KRW 5.0bn third-party rights offering to CEO Han Sang-ho in early 2026 was followed by the issuance of a fifth-series convertible bond worth KRW 4.2bn the same year.
This CB carries a conversion price of KRW 2,863, a 1% coupon and 3% maturity yield, with the put option exercisable from October 5, 2026 and the conversion right exercisable from November 7, 2026.
Notably, this CB lacks a call-option clause, forgoing the customary roughly 30% call option typically used to safeguard controlling ownership.
The fact that the company did not respond to press inquiries about the reasons for the CB issuance and the profitability of the new business suggests the level of disclosure around the new venture's progress warrants continued attention.
Key variables going forward are whether the cosmetics segment can ride the industry trend of expanding overseas online and offline channels, and whether the fertilizer-trading segment can secure follow-on contracts after this Philippine deal.
Globon posted an owner's net loss in three of the past four years (2022, 2023, and 2025), placing it in a range where earnings-based multiples are difficult to use as a gauge of share price level. Its price-to-book ratio appears to trade at a certain premium to net asset value even as total equity has been shrinking.
Given that equity declined and the debt ratio jumped sharply between 2024 and 2025, book-value-based metrics are likely to remain volatile depending on quarterly earnings going forward. The company has not paid dividends in recent years, limiting the relevance of dividend-yield comparisons.
It is also worth noting that the recently issued convertible bond has a fixed conversion price of KRW 2,863, meaning that shares outstanding and per-share metrics could change depending on whether the conversion right is exercised going forward.
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 2026-08-23
Revenue rose sequentially to KRW 2.782bn and KRW 3.235bn in 1Q and 2Q 2026, respectively, and the operating loss narrowed to the KRW 600-800mn range from KRW 3.044bn in 4Q 2025. This could be read as a signal that the cosmetics business may be moving past its trough. However, both quarters still failed to escape an operating loss, which warrants attention.
In August 2026, Globon signed a KRW 3.8bn anhydrous ammonia supply contract with Philippine Phosphate Fertilizer Corporation, turning its revenue diversification effort into a concrete result. The contract size equals 28.7% of the prior fiscal year's revenue, potentially boosting near-term sales. If follow-on contracts materialize, the new business could become a more stable revenue pillar.
Sector research indicates K-beauty is gaining recognition overseas on the strength of functional benefits and reasonable pricing, with online and offline expansion expected to accelerate alongside growing K-content consumption.
This broadly favorable industry trend could present business opportunities for Globon, which owns the RUE KWAVE brand.
In 2025 the operating loss reached KRW 4.830bn and the owner's net loss reached KRW 5.759bn, while the debt ratio surged from 20.2% in 2024 to 112.7% in 2025. Total equity also declined from KRW 11.1bn to KRW 10.8bn, reflecting a rapidly deteriorating financial structure.
Operating cash flow was negative for four consecutive years, indicating pressure on cash generation as well as earnings.
The company followed a KRW 5.0bn third-party rights offering to its CEO in early 2026 with an additional KRW 4.2bn convertible bond issuance.
The CB's conversion price of KRW 2,863 means shares outstanding could increase if the conversion right is exercised, and this CB also lacks the call-option clause typically used as a control safeguard. The repeated fundraising suggests chronic shortfalls in operating capital.
The fertilizer-derivative trading business is viewed in the market as having limited margins, and the company has a track record of prior new-business attempts—renewable energy, hydrogen plants, and others—that failed to translate into substantive, sustained operations.
Given the recurring gap between newly added business objectives and actual results, the sustainability of the fertilizer business also warrants continued monitoring.
Over the past 18 months, four disclosure amendments were identified related to filings such as annual general shareholders' meeting results and revenue/profit-structure changes, and in March 2026 the company disclosed a delay in submitting its audit report. Frequent disclosure corrections and delays can raise questions about information reliability.
The put option on the KRW 4.2bn CB becomes exercisable from October 5, 2026, and the conversion right from November 7, 2026, meaning either a cash repayment event or a dilution event is approaching. The absence of a call-option clause could leave the company with relatively limited room to respond.
Reliance on a single contract is high, with the Philippine supply deal alone equal to 28.7% of prior fiscal-year revenue, creating a potential revenue gap if follow-on volume is not secured after the contract ends.
In the core cosmetics business, revenue recovery has not yet translated into improved profitability, meaning both segments are at a stage where continuity needs to be verified.
The put option on the KRW 4.2bn CB becomes exercisable. Watch whether and to what extent bondholders request early redemption.
The conversion right on the same CB becomes exercisable. Any actual conversion would change shares outstanding and ownership structure.
Check how much of the Philippine anhydrous ammonia supply contract flows into 3Q results and what actual margin the fertilizer business generates.
The roughly four-month Philippine supply contract is expected to conclude around this time. Confirm whether the contract was fulfilled and whether follow-on contracts were signed.
Globon is a small KOSDAQ-listed company that began as a cosmetics specialist and has recently expanded into fertilizer-derivative trading. 2025 consolidated revenue was KRW 12.9bn, with an operating loss of KRW 4.8bn and an owner's net loss of KRW 5.8bn, reversing from the brief 2024 profit as the debt ratio also surged.
Quarterly revenue has shown a recovery trend in 2026 and the operating loss has narrowed from its 4Q trough, but the company has yet to exit loss territory.
The KRW 3.8bn anhydrous ammonia supply contract signed with a Philippine company is the new business's first concrete result, but it also carries the limitation of heavy reliance on a single contract for a large share of revenue.
The pattern of a KRW 5.0bn rights offering followed by a KRW 4.2bn CB issuance reflects the company's persistent need for capital, with the CB's put option and conversion right exercise dates approaching in October and November, respectively.
Whether the core cosmetics business can improve its profitability, and whether the new fertilizer business proves profitable and sustainable, remain the key variables that will determine the direction of future results.
Report written 2026-09-05 · Data as of 2026-09-04
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