PER, EPS, PBR and BPS are calculated in-house from the last 4 quarters (2025Q3–2026Q2) · Dividend yield is based on ₩780 per share · Prices as of the 2026-10-02 close
Cosmax BTI has continued a profit recovery from a net loss in 2022 to expanded net income in 2025, driven by improved earnings at its health-supplement subsidiaries and growing equity-method gains from affiliate Cosmax.
2025 consolidated revenue reached KRW 645.2 billion and operating profit KRW 27.0 billion, up 8.0% and 60.7% year-on-year, respectively.
Q2 2026 net income attributable to owners of KRW 29.3 billion far exceeded operating profit of KRW 16.3 billion, suggesting a significant contribution from equity-method gains.
Affiliate Cosmax (192820) posted record quarterly revenue and operating profit in Q2 2026.
Cosmax NBT surpassed KRW 100 billion in quarterly revenue for the first time in Q2 2026, based on preliminary figures.
The debt ratio remained elevated at 240.3% in 2025.
Cosmax BTI is the operating holding company of the Cosmax Group, established in 2014 when it was spun off from the operating company Cosmax. It sets group growth strategy and new business direction while handling integrated raw material procurement and export agency functions for subsidiaries.
Its core business is health-supplement ODM, conducted through KOSDAQ-listed Cosmax NBT and unlisted Cosmax Bio. Cosmax Bio has been building jelly production lines and developing new dosage-form technologies while holding multiple individually recognized functional ingredients.
Cosmax NBT has expanded global partnerships to raise its overseas sales share and has secured multiple individually recognized ingredients, including wheat germ extract-based materials.
Domestically, Cosmax NBT has become a core ODM partner for new distribution channels such as Olive Young, Daiso, and convenience stores, while also expanding overseas through bases in Korea, Australia, and the United States.
Cosmax BTI holds a stake in Cosmax to satisfy holding-company share-ownership requirements and is Cosmax's largest shareholder, but Cosmax has been classified as an equity-method affiliate rather than a consolidated subsidiary since the 2014 split, so its results flow through only as equity-method gains or losses.
As a result, favorable trends in Cosmax's cosmetics ODM business are not directly reflected in revenue but affect net income through equity-method income.
In terms of comparable holding-company structures in cosmetics and health supplements, Kolmar BNH, Kolmar Korea, Kolmar Holdings, and Amorepacific Holdings are cited as peer companies.
| Quarter | Revenue | Operating profit | Op. margin |
|---|---|---|---|
| 2025Q2 | ₩163.7B | ₩9.9B | 6.0% |
| 2025Q3 | ₩153.5B | ₩3.2B | 2.1% |
| 2025Q4 | ₩173.7B | ₩7.4B | 4.2% |
| 2026Q1 | ₩205.2B | ₩16.4B | 8.0% |
| 2026Q2 | ₩239B | ₩16.3B | 6.8% |
| Year | Revenue | Operating profit | Net income (parent) | Op. margin | ROE | Debt-to-equity |
|---|---|---|---|---|---|---|
| 2022 | ₩617.4B | ₩3.4B | -₩6.5B | 0.6% | −2.2% | 187.4% |
| 2023 | ₩628.6B | ₩20.2B | ₩2.5B | 3.2% | 1.1% | 248.0% |
| 2024 | ₩597.6B | ₩16.8B | ₩8B | 2.8% | 3.2% | 239.2% |
| 2025 | ₩645.2B | ₩27B | ₩18.7B | 4.2% | 6.8% | 240.3% |
Consolidated basis (financial statements including subsidiaries) · Final figures from DART filings · Net income attributable to owners of the parent · Data as of 2026-08-22
Consolidated revenue in 2025 reached KRW 645.2 billion, up 8.0% from KRW 597.6 billion in 2024, while operating profit rose 60.7% to KRW 27.0 billion from KRW 16.8 billion, lifting the operating margin from 2.8% to 4.2%.
Net income attributable to owners more than doubled to KRW 18.7 billion in 2025 from KRW 8.0 billion in 2024, continuing a three-year recovery from KRW 2.5 billion in 2023 and a net loss of KRW 6.5 billion in 2022.
On a quarterly basis, revenue contracted to KRW 153.5 billion with operating profit of KRW 3.2 billion in Q3 2025, then recovered to KRW 173.7 billion and KRW 7.4 billion in Q4, before expanding notably to KRW 205.2 billion and KRW 16.4 billion in Q1 2026 and KRW 239.0 billion and KRW 16.3 billion in Q2 2026.
Notably, net income attributable to owners more than doubled from KRW 14.1 billion in Q1 2026 to KRW 29.3 billion in Q2 2026, exceeding operating profit of KRW 16.3 billion, which appears to reflect a large equity-method income contribution as earnings at affiliate Cosmax expanded.
Indeed, Cosmax posted record Q2 2026 consolidated revenue of KRW 794.9 billion and operating profit of KRW 73.7 billion, up 27.5% and 21.3% year-on-year respectively, with net income up 129.0%.
Over the same period, KOSDAQ-listed subsidiary Cosmax NBT reported revenue of KRW 102.3 billion (up 35.2% year-on-year) and operating profit of KRW 8.5 billion (up 236.2%), swinging to a net profit of KRW 30.3 billion from a net loss a year earlier, though this figure is preliminary and pending accounting review.
The trailing four quarters (Q3 2025 through Q2 2026) show cumulative net income attributable to owners of KRW 56.2 billion, indicating the profit recovery has extended into an annualized trend.
On the cash flow side, operating cash flow reached KRW 35.2 billion in 2025, the highest level compared to KRW 23.8 billion in 2024, KRW 29.8 billion in 2023, and KRW 30.0 billion in 2022, suggesting the earnings improvement has translated into stronger cash generation.
The domestic health-supplement market has faced stagnant growth and intensifying competition in recent years, but new distribution channels such as Olive Young, Daiso, and convenience stores have emerged as a new growth axis in 2026.
Cosmax NBT has established itself as a core ODM partner for these new channels, surpassing KRW 100 billion in quarterly revenue for the first time in Q2 2026.
Overseas, the company is pursuing a strategy to expand K-health-supplement capabilities globally through production bases in Korea, Australia, and the United States.
In the cosmetics ODM market, where parent-affiliate Cosmax holds a global No.1 position, its Korean, Chinese, US, and Southeast Asian subsidiaries all grew simultaneously, with the US subsidiary turning quarterly operating profit positive for the first time in its history in Q2 2026.
In February 2026, Cosmax acquired a 51% stake in Italian cosmetics ODM company Keminova, securing its first European production base and expanding a production network previously centered on Asia and North America into Europe.
This aligns with the global expansion of K-beauty brands and reflects broader overseas demand growth across the cosmetics and health-supplement ODM sectors.
In terms of competitive positioning, Kolmar BNH, Kolmar Korea, Kolmar Holdings, and Amorepacific Holdings are cited as comparable companies within similar health-supplement and cosmetics holding structures.
However, because Cosmax BTI holds its operating affiliate Cosmax as an equity-method investment rather than a consolidated subsidiary, improvements in the cosmetics ODM business are reflected indirectly through equity-method gains and losses rather than directly in revenue.
Cosmax stated it plans to reinforce its position as the No.1 cosmetics ODM company in the second half, based on continued skincare strength, expanding global K-beauty demand, and new client onboarding.
The Keminova acquisition in Italy was set to close in March 2026 upon completion of preconditions including Italian government approval, after which capacity expansion is planned to better serve European client orders.
Cosmax NBT plans to continue expanding new-distribution-channel partnerships while also growing its overseas sales share through bases in Korea, Australia, and the United States.
Cosmax Bio is pursuing accelerated productization through jelly production line construction and new dosage-form technology development, along with securing additional individually recognized ingredients.
Cosmax BTI itself is expected to continue setting group growth strategy and handling integrated raw material procurement and export agency functions supporting subsidiaries' overseas expansion.
If earnings at equity-method affiliate Cosmax continue to improve, its contribution to net income through equity-method gains could persist, but a slowdown at Cosmax would similarly reduce that contribution.
With the debt ratio having remained in the mid-to-high 200% range for several years, whether earnings improvement translates into a stronger balance sheet remains a key point to monitor going forward.
As a holding company, Cosmax BTI has a history of trading at a discount to net asset value, and its price-to-book ratio has recently remained below 1x.
On the earnings side, the company has shifted from a net loss attributable to owners in 2022 to expanding net income in 2025, and its price-to-earnings multiple has accordingly settled in a lower range than in the past.
The dividend yield tends to run below the sector average, suggesting capital allocation priorities lean toward balance-sheet improvement and subsidiary investment rather than dividends.
Equity-method gains from affiliate Cosmax make up a substantial share of net income, making how the market values this unlisted-affiliate-style asset an important variable in interpreting the valuation multiple.
With the debt ratio remaining in the mid-200% range, the structure can be read as still carrying discount factors relative to net asset value rather than a premium.
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 2026-08-22
Cosmax posted record revenue and operating profit in Q2 2026, with net income also rising sharply. As Cosmax BTI's largest shareholder position in Cosmax, this improvement flows into net income via equity-method gains.
The fact that Q2 2026 net income attributable to owners exceeded operating profit underscores this equity-method contribution. Continued growth across Cosmax's global subsidiaries could sustain this contribution.
Cosmax NBT surpassed KRW 100 billion in quarterly revenue for the first time and posted a large increase in operating profit (preliminary figures) in Q2 2026. Net income also swung to a profit from a loss a year earlier.
Expansion of new distribution channels such as Olive Young, Daiso, and convenience stores, together with overseas base growth, is occurring simultaneously. This directly contributes to the recovery in Cosmax BTI's consolidated health-supplement segment results.
In February 2026, Cosmax acquired a 51% stake in Italy's Keminova, extending its production network beyond Asia and North America into Europe. Keminova is located in the 'Beauty Valley,' a key hub of the European cosmetics industry, and holds strengths in dermo-cosmetics.
This could enable simultaneous acquisition of European clients and transfer of K-beauty technology. Such group-level expansion could indirectly benefit Cosmax BTI through equity-method gains from its Cosmax affiliate stake.
The debt ratio stood at 240.3% in 2025, not meaningfully lower than 248.0% in 2023 or 239.2% in 2024. Compared to 187.4% in 2022, leverage has actually increased. Past analysis noted periods when the interest coverage ratio stayed below 1x. Despite improving earnings, the financial-structure burden cannot be considered fully resolved.
Q2 2026 net income attributable to owners of KRW 29.3 billion far exceeded operating profit of KRW 16.3 billion, suggesting a significant contribution from non-operating factors such as equity-method gains. This implies a structural vulnerability where net income could shrink if Cosmax's results slow.
Because a substantial portion of growth is reflected indirectly through equity-method income from the affiliate, actual consolidated revenue growth appears more limited by comparison.
The domestic health-supplement market has previously experienced stagnant growth and intensifying competition over several years. While a recovery through new distribution channels is emerging in 2026, whether this recovery is sustainable requires further confirmation.
Increasing concentration in new distribution channels could also raise the risk of weaker channel bargaining power or margin pressure.
The debt ratio has remained in the mid-to-high 200% range for an extended period, and past analysis noted periods when interest coverage stayed below 1x. While earnings have improved, whether interest expense burdens have been fully resolved requires further review of financial statements. A shift in the interest rate environment could bring renewed attention to this financial burden.
The sharp rise in net income in Q2 2026 was unusually large relative to operating profit, suggesting a significant contribution from non-operating factors such as equity-method gains. Such income can fluctuate substantially on a quarterly basis depending on the affiliate Cosmax's performance. It will be necessary to monitor whether similar levels recur in future quarters.
Cosmax acquired a 51% stake in Italy's Keminova in February 2026 to secure a European production base. Unexpected costs or delays could arise during technical and organizational integration with the newly acquired entity. Such group-level M&A risk could indirectly affect Cosmax BTI's net income through the equity-method channel.
The Q3 2026 consolidated earnings disclosure should be checked to determine whether the sharp Q2 rise in net income attributable to owners was a one-off or reflects a sustainable expansion of equity-method income.
Progress on integrating Italy's Keminova and whether European sales are being reflected should be checked through follow-up disclosures from Cosmax and Cosmax BTI.
Whether Cosmax NBT's new-distribution-channel sales and overseas subsidiary (US, Australia) performance continue to expand should be tracked through subsequent quarterly disclosures.
Financial statements should be reviewed to confirm whether the debt ratio and interest coverage-related metrics are actually easing alongside the earnings improvement.
Cosmax BTI has shown a shift from a net loss in 2022 to expanded net income in 2025, driven by a combination of recovery at its health-supplement subsidiaries and growing profit contribution from affiliate Cosmax.
Revenue and operating profit rose notably in the first half of 2026 as well, and in particular, Q2 net income attributable to owners far exceeded operating profit, suggesting a significant contribution from equity-method income.
Cosmax has continued its global expansion, including securing its first European production base, while Cosmax NBT has improved health-supplement segment results through new distribution channels and overseas bases.
However, the debt ratio has remained in the mid-to-high 200% range for an extended period, and a structural characteristic persists in which a substantial share of net income depends on the non-operating factor of equity-method income.
Going forward, it will be important to examine not only consolidated revenue and operating profit but also the sustainability of equity-method gains and whether the balance sheet is genuinely improving. This report is provided for informational purposes only and does not constitute a buy or sell recommendation.
Report written 2026-09-05 · Data as of 2026-09-04
This content is AI analysis of market data and web search results, provided for information only. It is not a solicitation or recommendation to invest. Investment decisions and their consequences are the investor's own responsibility. Data may be delayed or contain errors.