PER, EPS, PBR and BPS are calculated in-house from the last 4 quarters (2025Q3–2026Q2) · Dividend yield is based on ₩1,361 per share · Prices as of the 2026-10-02 close
EASY Holdings is a vertically integrated livestock holding company spanning feed, meat processing, and poultry through three core segments and 60 consolidated subsidiaries; full-year 2025 revenue and operating profit improved year on year, but quarterly results showed notable volatility including a net loss in the fourth quarter.
2025 consolidated revenue reached KRW 3,388.9 billion with operating profit of KRW 151.4 billion (operating margin 4.5%), an improvement versus the 2022-2024 margin trend.
Fourth-quarter 2025 operating profit fell sharply to KRW 15.0 billion, and owner's net income swung to a loss of KRW -33.2 billion, suggesting a possible one-off non-operating item.
First- and second-quarter 2026 results showed recovery, with owner's net income of KRW 6.7 billion and KRW 20.3 billion, respectively.
In its 2026 value-up plan, the company presented a target of maintaining a 40% payout ratio on a standalone-financial-statement basis.
Through its US entity EASY USA Holdings, the group has folded in US feed companies such as Furst-McNess and DFS Oskaloosa, giving it exposure to the North American livestock feed market.
EASY Holdings was established in May 2020 through a spin-off from EASY BIO and re-listed on KOSDAQ the same year as an operating holding company. The company runs three core segments—feed, meat processing, and poultry—and integrates the broader livestock value chain through 60 consolidated subsidiaries.
Beyond managing and investing in subsidiary equity stakes, its structure also covers grain trading, veterinary services, finance, and franchise businesses aimed at supporting growth and managing risk across the livestock sector.
Key subsidiaries include FarmStory, which operates both feed and meat businesses; Optipharm, focused on animal disease diagnostics and vaccines; and poultry meat processors Manikor and Jeongdawoon.
Through its US entity EASY USA Holdings, the group has brought US feed companies such as Furst-McNess (FMC) and DFS Oskaloosa into its fold, extending its reach into the North American feed market.
The domestic livestock market is structured around direct competition with foreign producers under free trade agreements, and the company has sought to strengthen competitiveness through the integration of mid-sized farms and slaughterhouses.
Competitors include major domestic feed companies such as Nonghyup Feed, Cargill Agri Purina, Farmsco, and Sajo Dongah One, as well as the Harim group in meat processing and poultry.
As the entity is classified as an investment company that does not file a separate standalone business report, overall group performance is driven by the consolidated results of its numerous subsidiaries.
| Quarter | Revenue | Operating profit | Op. margin |
|---|---|---|---|
| 2025Q2 | ₩828.2B | ₩54.7B | 6.6% |
| 2025Q3 | ₩840B | ₩64.3B | 7.7% |
| 2025Q4 | ₩875.1B | ₩15B | 1.7% |
| 2026Q1 | ₩860.9B | ₩34.2B | 4.0% |
| 2026Q2 | ₩913.9B | ₩56.7B | 6.2% |
| Year | Revenue | Operating profit | Net income (parent) | Op. margin | ROE | Debt-to-equity |
|---|---|---|---|---|---|---|
| 2022 | ₩3T | ₩99.9B | ₩11.4B | 3.3% | 2.0% | 161.0% |
| 2023 | ₩3.1T | ₩103.8B | ₩26.5B | 3.3% | 4.5% | 145.7% |
| 2024 | ₩3.3T | ₩123.4B | ₩17B | 3.8% | 2.5% | 136.7% |
| 2025 | ₩3.4T | ₩151.4B | ₩26.8B | 4.5% | 3.8% | 134.5% |
Consolidated basis (financial statements including subsidiaries) · Final figures from DART filings · Net income attributable to owners of the parent · Data as of 2026-08-21
Consolidated revenue in 2025 reached KRW 3,388.9 billion, up modestly from KRW 3,285.0 billion in 2024, while operating profit expanded to KRW 151.4 billion from KRW 123.4 billion, lifting the operating margin from 3.8% to 4.5%.
Owner's net income rose to KRW 26.8 billion in 2025 from KRW 17.0 billion in 2024, though this merely returned to the level seen in 2023 (KRW 26.5 billion).
Looking across 2022-2025, revenue climbed steadily from KRW 3,010.3 billion and the operating margin trended upward from 3.3% to 3.3% to 3.8% to 4.5%, but owner's net income was uneven, jumping from KRW 11.4 billion in 2022 to KRW 26.5 billion in 2023 before dipping again in 2024.
On a quarterly basis, the second quarter of 2025 (revenue KRW 828.2 billion, operating profit KRW 54.7 billion, owner's net income KRW 25.6 billion) and third quarter (revenue KRW 840.0 billion, operating profit KRW 64.3 billion, owner's net income KRW 28.5 billion) were relatively strong.
However, in the fourth quarter of 2025, even as revenue rose to KRW 875.1 billion, operating profit collapsed to KRW 15.0 billion and owner's net income swung to a loss of KRW -33.2 billion.
The fact that operating profit remained positive while net income turned sharply negative points to a substantial one-off item below the operating line—such as an impairment, an equity-method loss, or a minority-interest allocation swing.
Since then, both revenue and operating profit recovered sequentially in the first quarter of 2026 (revenue KRW 860.9 billion, operating profit KRW 34.2 billion, owner's net income KRW 6.7 billion) and the second quarter (revenue KRW 913.9 billion, operating profit KRW 56.7 billion, owner's net income KRW 20.3 billion), with second-quarter owner's net income approaching the level seen in the third quarter of 2025.
For reference, WiseReport tallied first-quarter 2026 results as showing year-on-year revenue growth of 1.8%, operating profit growth of 96.3%, and net income growth of 13.9%.
The domestic feed and livestock industry is one where profitability is heavily influenced by raw material (grain) prices and exchange rate movements, though the sector has maintained steady growth on the back of rising meat consumption.
The feed segment has maintained its position through high-quality compound feed production and distribution competitiveness, while the meat processing segment has driven earnings improvement through HACCP-certified hygiene standards and expanded branded meat distribution.
The poultry segment saw a significant improvement in results from integrated farming operations and growing sales of premium, eco-friendly products, with the chicken and duck markets expected to grow amid rising preference for low-fat, high-protein white meat.
The domestic market operates under free trade agreements that put local players in direct competition with advanced foreign feed and livestock companies, making the cultivation of mid-sized farms and slaughterhouses and further vertical integration a key competitive task.
In terms of competitive landscape, large feed companies such as Nonghyup Feed, Cargill Agri Purina, Farmsco, and Sajo Dongah One share the market alongside the Harim group's meat processing and poultry operations.
The move into the North American market through the acquisition of US feed companies can be viewed as a way of diversifying exposure to domestic raw material price and currency volatility.
In its 2026 value-up plan, the company presented a target of maintaining a 40% payout ratio on a standalone-financial-statement basis and outlined measures to improve dividend predictability, including setting the dividend record date after the dividend amount is decided.
The fiscal year 2025 (38th term) year-end dividend was structured as a tax-exempt cash dividend funded by capital reserves transferred into retained earnings.
On the business side, expansion of integrated poultry operations and premium eco-friendly products, along with growing branded meat distribution in the meat processing segment, are cited as key drivers of earnings improvement.
The feed segment's challenge is to maintain its production and distribution competitiveness in compound feed amid persistent raw material price and currency volatility.
Supply-chain synergies with North American subsidiaries such as Furst-McNess and DFS are cited as a pillar of the group's overseas expansion, though the specific scale of their earnings contribution will need to be confirmed through future disclosures.
Whether the fourth-quarter 2025 net loss reflects a one-off item or a recurring structural risk is something to watch for in explanatory disclosures in upcoming quarterly filings.
The current share price trades below the per-share owner's net asset value, which can be viewed as a discount relative to net assets. The five-year average price-to-earnings ratio is reported to be around 13 times, providing a reference point against which the current multiple can be compared.
On the dividend front, the payout ratio exceeded 90% in at least one recent year (2024), and the company reaffirmed its target of maintaining its payout ratio in its 2026 value-up plan.
That said, when a quarter such as the fourth quarter of 2025 shows a large gap between operating profit and net income, the impact on per-share metrics can vary significantly depending on the reporting period, which warrants attention.
Given the holding company's consolidated structure spanning numerous subsidiaries, the group's overall valuation can also be linked to how the market values individual subsidiaries such as FarmStory, Optipharm, and Manikor.
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 2026-08-21
The operating margin improved steadily from 3.3% in 2022 to 4.5% in 2025. Both revenue and operating profit recovered sequentially in the first and second quarters of 2026 following the weak fourth quarter, continuing a rebound trend.
Expansion of premium, eco-friendly products in poultry and stronger branded meat distribution in meat processing are cited as key drivers of margin improvement.
In its 2026 value-up plan, the company presented a target of maintaining a 40% payout ratio on a standalone basis.
The 2025 year-end dividend was decided as a cash dividend funded by tax-exempt reserves, and the company also stated its intention to move the dividend record date to after the dividend amount is decided, improving predictability.
Given that subsidiary dividends are the core source of cash generation under the holding structure, the continuity of dividend policy is cited as an investment consideration.
Through its US entity EASY USA Holdings, the group participates in the North American livestock feed market via subsidiaries such as Furst-McNess and DFS Oskaloosa. This can serve to diversify exposure to domestic raw material and currency volatility. The specific scale of the earnings contribution, however, will require confirmation through future disclosures.
In the fourth quarter of 2025, operating profit remained positive at KRW 15.0 billion, yet owner's net income swung to a loss of KRW -33.2 billion.
The large gap between operating profit and net income appears to stem from a non-operating factor, but the possibility that similar factors could recur in future quarters cannot be ruled out, reducing the predictability of quarterly results.
The feed segment faces persistent profitability constraints from raw material (grain) price and exchange rate volatility.
Fluctuations in international grain prices or the won-dollar exchange rate directly affect feed costs and can pressure margins, a structural factor that can limit profit improvement even as revenue grows.
EASY Holdings has 60 consolidated subsidiaries and, as an entity classified as an investment company, does not file a separate standalone business report. The structure, composed of numerous affiliates and sub-subsidiaries, can make it harder to assess the transparency and clarity of overall group performance.
Changes in the equity value of individually listed subsidiaries, such as FarmStory and Optipharm, also need to be monitored.
Fluctuations in grain prices, the main raw material for feed, and the won-dollar exchange rate directly affect the cost structure of the feed segment.
Supply-demand instability in international grain markets or sharp currency swings can lead to margin pressure, a structural factor that can limit the pace of profit improvement even amid revenue growth.
The poultry and meat processing segments are exposed to production and distribution disruptions from livestock disease outbreaks such as avian influenza (AI) or African swine fever (ASF). An outbreak can simultaneously reduce livestock numbers and increase quarantine costs. Outbreak risk tends to rise seasonally in autumn and winter, requiring periodic monitoring.
Acquisitions of feed companies through the US entity provide a foothold for North American expansion, but expose the group to changes in tariff and trade policy as well as local regulatory risk. The performance of overseas subsidiaries is also affected by currency translation gains and losses.
The financial burden associated with continued group expansion, and its potential link to governance risk, also warrants attention.
The third-quarter report (including preliminary results) should be checked to see whether the fourth-quarter 2025 net loss pattern recurs and to review the detailed breakdown of non-operating factors.
Monitor for outbreaks of avian influenza (AI) or African swine fever (ASF) to assess the impact on the poultry and meat processing segments.
The 2026 year-end dividend disclosure should be checked to confirm whether the 40% payout ratio target is maintained and whether the announced measures to improve dividend predictability are actually applied.
The earnings contribution of US subsidiaries such as Furst-McNess and DFS, and the profit-and-loss impact of tariff and currency environment changes, should be continuously monitored.
EASY Holdings is a holding company that has integrated the livestock value chain through three core segments—feed, meat processing, and poultry—and 60 consolidated subsidiaries, with revenue and operating margin showing a steady improving trend since 2022.
However, the fourth quarter of 2025 revealed pronounced quarterly volatility from non-operating factors, as owner's net income swung to a large loss even while operating profit remained positive.
The first and second quarters of 2026 saw revenue, operating profit, and net income recover sequentially, continuing a rebound trend.
The company has presented a target of maintaining a 40% payout ratio and improving dividend predictability in its 2026 value-up plan, while continuing overseas expansion through the acquisition of North American feed companies.
Raw material and currency volatility, livestock disease risk, and the complex affiliate structure remain factors that warrant continued observation.
For investment judgment, it will be important to monitor whether non-operating factors recur in upcoming quarterly results and whether the dividend policy is actually implemented as stated.
Report written 2026-09-05 · Data as of 2026-09-04
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