PER, EPS, PBR and BPS are calculated in-house from the last 4 quarters (2025Q3–2026Q2) · Dividend yield is based on ₩140 per share · Prices as of the 2026-10-02 close
Haatz saw revenue dip slightly in 2025, but operating margin and net income attributable to owners improved for a fourth straight year, with construction-cycle recovery and new-business expansion (food waste disposers, bath fixtures) as the key items to watch going forward.
2025 revenue fell year over year to KRW 176.9 billion, yet operating margin improved to 5.9%.
Net income attributable to owners rose for four consecutive years, from KRW 4.59 billion in 2022 to KRW 9.07 billion in 2025.
The debt ratio fell from 43.8% in 2024 to 36.4% in 2025, indicating an improved balance sheet.
Revenue is split between B2B sales to construction companies and B2C channels (rental, HAATZ Mall), making it sensitive to housing starts and pre-sale activity.
After hitting the year's low point in Q1 2026, both revenue and profit recovered in Q2 2026, reconfirming the company's seasonal pattern.
Founded in 1988 as an affiliate of Byucksan Group, Haatz specializes in kitchen and ventilation equipment, primarily home range hoods, built-in appliances, and residential ventilation systems.
One domestic research firm described Haatz as the leading domestic range-hood maker with over 50% market share, and the company was the first in Korea to launch a hood rental service in 2012.
Sales are split between B2B channels serving construction companies (new apartment pre-sales, interior fit-out orders) and B2C channels aimed at consumers (its own online store HAATZ Mall, open markets, dealers), exposing the business to both housing starts/pre-sale cycles and remodeling demand.
More recently, the company has expanded into food waste disposers and sink-integrated dehydrators, and launched a bath-fixtures business (toilets, sinks, bathroom faucets) while increasing investment in its online mall.
To strengthen its premium built-in lineup, Haatz partnered with Germany's BOSCH and, as its official Korean distributor, opened a premium built-in showroom in Gangnam, Seoul.
The competitive landscape includes comprehensive home-appliance and interior companies such as SK Magic and Hanssem, alongside numerous smaller hood specialists, with brand strength and after-sales network underpinning price premiums. The largest shareholder is Byucksan Group.
Recurring revenue from rental services and consumable replacements such as filters provides a demand base independent of new construction activity.
| Quarter | Revenue | Operating profit | Op. margin |
|---|---|---|---|
| 2025Q2 | ₩48.1B | ₩3.4B | 7.0% |
| 2025Q3 | ₩40.3B | ₩2.2B | 5.5% |
| 2025Q4 | ₩47.7B | ₩2.9B | 6.1% |
| 2026Q1 | ₩36.2B | ₩1.1B | 3.0% |
| 2026Q2 | ₩46.8B | ₩3.4B | 7.2% |
| Year | Revenue | Operating profit | Net income (parent) | Op. margin | ROE | Debt-to-equity |
|---|---|---|---|---|---|---|
| 2022 | ₩143.1B | ₩7.2B | ₩4.6B | 5.0% | 4.7% | 38.6% |
| 2023 | ₩154.6B | ₩6.3B | ₩6B | 4.1% | 5.9% | 41.5% |
| 2024 | ₩186.5B | ₩10.7B | ₩8.9B | 5.7% | 8.1% | 43.8% |
| 2025 | ₩176.9B | ₩10.4B | ₩9.1B | 5.9% | 7.8% | 36.4% |
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
Consolidated revenue in 2025 was KRW 176.9 billion, down about 5.2% from KRW 186.5 billion in 2024, yet operating profit reached KRW 10.35 billion, lifting operating margin to 5.9% from 5.7% in 2024.
Net income attributable to owners rose to KRW 9.07 billion in 2025 from KRW 8.88 billion in 2024, continuing a four-year uptrend from KRW 4.59 billion in 2022 and KRW 6.00 billion in 2023.
Over the same period the debt ratio climbed from 38.6% in 2022 to 41.5% in 2023 and 43.8% in 2024 before falling to 36.4% in 2025, indicating an improved balance sheet.
On a quarterly basis, Q2 2025 revenue of KRW 48.08 billion and operating profit of KRW 3.36 billion were accompanied by net income of KRW 4.38 billion, exceeding operating profit and suggesting non-operating items played a role, while Q3 2025 revenue fell to KRW 40.32 billion with operating profit of KRW 2.21 billion and net income sliding to KRW 0.97 billion, reflecting a clear seasonal low.
Q4 2025 recovered somewhat to revenue of KRW 47.68 billion, operating profit of KRW 2.89 billion and net income of KRW 2.16 billion, but Q1 2026 marked the year's trough with revenue of KRW 36.24 billion, operating profit of KRW 1.09 billion and net income of KRW 0.88 billion.
Q2 2026 rebounded to revenue of KRW 46.76 billion, operating profit of KRW 3.37 billion and net income of KRW 3.56 billion, reconfirming the seasonal high-season pattern.
As a result, cumulative net income attributable to owners over the most recent four quarters (Q3 2025 through Q2 2026) totaled roughly KRW 7.56 billion, with cumulative operating profit of about KRW 9.56 billion over the same window.
Operating cash flow swung from near zero (KRW 0.03 billion) in 2022 to KRW 11.04 billion in 2023 and KRW 14.46 billion in 2024, before declining to KRW 8.54 billion in 2025, showing year-to-year volatility between earnings improvement and cash generation.
Haatz's revenue base is closely tied to new apartment pre-sales and interior fit-out demand, and Korea's construction cycle has clearly slowed in recent years.
Research institutions including the Korea Institute of Civil Engineering and Building Technology project construction investment will rebound roughly 2.0% in 2026 to about KRW 269 trillion, following a 9.0% decline in 2025.
However, the pace of recovery diverges by region: the Seoul metropolitan housing market is expected to rise 2-3% amid reduced housing starts and project-financing risk, while regional markets are expected to fall about 1% or stay flat due to weaker demographic and demand fundamentals.
Actual construction order data has been volatile—orders rose 25.8% year over year in the first half of 2026, but plunged 28.1% in June alone, underscoring sharp month-to-month swings.
Building permit data also remains weak, with cumulative permits down 5.4% in the first half of 2026; residential permits fell 15.4% even as industrial permits rose 12.5%, highlighting a marked sectoral divergence.
This could weigh on Haatz's B2B revenue tied to construction companies, while remodeling and interior demand for existing homes tends to persist somewhat independently of new-construction weakness, potentially cushioning the B2C and rental channels.
On the competitive front, comprehensive home appliance and interior companies such as SK Magic and Hanssem have entered the built-in kitchen appliance market, keeping competition around premium lineups ongoing.
Globally, premiumization and expanding built-in formats are also key trends in the kitchen appliance market, aligning with the direction seen domestically.
Haatz is strengthening its distribution partnership with Germany's BOSCH to expand its premium built-in appliance lineup and continues to upgrade channels, including its Gangnam showroom in Seoul.
New growth drivers cited include the food waste disposer and bath-fixture businesses, with Korea's food waste disposer market reportedly having surpassed KRW 1 trillion in size, making lineup expansion a factor in revenue diversification.
On the construction cycle, public-sector SOC budgets are set to rise to KRW 27.5 trillion in 2026, supporting an expected increase in public housing orders, while the private housing market continues to face financing difficulties from tighter project-financing screening under high interest rates, delaying construction starts and suggesting normalization of new pre-sale demand will take time.
The Korea Research Institute for Construction Policy stated that "a limited recovery of about 2% is expected in 2026, but a full-fledged rebound will take more time." Against this backdrop, Haatz appears to be diversifying by leveraging its existing rental services and after-sales network to reduce dependence on new construction and secure replacement and remodeling demand.
Specific company revenue guidance or capacity expansion plans were not found in publicly available materials, warranting further confirmation through upcoming quarterly disclosures.
The price-to-earnings ratio trades below the company's five-year average of roughly 12.5x, and the price-to-book ratio also sits below its five-year average of about 0.74x.
Operating margin improved from 4.1% in 2023 to 5.9% in 2025, and net income attributable to owners has risen for four consecutive years, showing a clear recovery in profitability.
The debt ratio's decline from 43.8% in 2024 to 36.4% in 2025 is a balance-sheet factor worth considering alongside book-value-based assessments. The company has maintained a track record of annual cash dividend payments, and the sustainability of that dividend policy is a factor worth monitoring alongside yield levels.
How much this earnings recovery is being reflected in the market's book-value-based assessment is something to watch alongside future earnings trends.
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
Despite revenue fluctuations, operating margin improved from 4.1% in 2023 to 5.9% in 2025, and net income rose for four straight years, showing a clear profitability recovery. The debt ratio also fell to 36.4% in 2025, reflecting a stronger balance sheet.
Expansion into new product categories such as food waste disposers and bath fixtures, along with stronger direct-to-consumer sales via HAATZ Mall, reflects efforts to reduce dependence on new construction. In the premium built-in segment, collaboration with Germany's BOSCH is also upgrading distribution channels.
Long-held leadership in the domestic range hood market and rental service know-how dating back to 2012 are cited as differentiating factors versus competitors. Recurring revenue from after-sales service and filter replacements on the existing installed base also provides some support.
The private housing starts and pre-sales market is expected to see only limited recovery due to high interest rates and project-financing burdens, potentially slowing the pace of B2B revenue recovery. Leading indicators such as building permits also remain weak.
2025 revenue of KRW 176.9 billion declined from KRW 186.5 billion in 2024, and Q1 2026 revenue of KRW 36.24 billion marked the year's low point, meaning growth in absolute revenue scale has yet to be confirmed.
Operating cash flow fell from KRW 14.46 billion in 2024 to KRW 8.54 billion in 2025, showing significant year-to-year variability, so whether earnings improvement translates into stable cash flow improvement requires further confirmation.
A significant portion of revenue is tied to B2B channels serving construction companies, so weak private housing starts and pre-sales directly affect new-construction-linked revenue. Recent construction orders have shown large month-to-month swings, adding to unpredictability.
Rising prices for key raw materials such as stainless steel and aluminum, along with a rising construction cost index, can pressure manufacturing costs, and the construction cost index has continued to climb in 2026.
Competitive intensity also persists as comprehensive home appliance companies enter the built-in kitchen appliance market.
As a small-cap KOSDAQ stock, trading volume and liquidity may be limited, and quarterly results can be volatile, as seen in the sharp net income decline in Q3 2025. Investors need to check each quarter whether one-off factors are affecting results.
Release of the Ministry of Land, Infrastructure and Transport's September housing starts and pre-sale statistics — a gauge of whether private-sector building permits and starts are recovering.
Expected filing of the Q3 2026 quarterly report — a point to check for seasonal low-season effects and the degree to which construction-cycle recovery is being reflected.
Expected 2027 construction and housing outlook seminars by institutions such as the Korea Institute of Civil Engineering and Building Technology — a point to reassess B2B channel demand direction via updated 2027 construction investment forecasts.
Disclosure of FY2026 annual results and dividend decisions — to confirm whether annual earnings improvement continues and to review dividend policy.
Haatz continued its earnings recovery in 2025, with operating margin and net income attributable to owners improving for a fourth straight year even as revenue declined slightly, while a lower debt ratio also improved the balance sheet.
Quarterly patterns confirm clear seasonality, with a pronounced gap between the Q2 high season and the Q1/Q3 low seasons.
Given that a significant share of revenue is linked to B2B channels serving construction companies, the pace of recovery in private housing starts and pre-sales remains the key variable for future results.
At the same time, expansion into new lineups such as food waste disposers and bath fixtures, along with the upgrading of premium built-in channels, signals an effort to reduce dependence on new construction demand.
Construction-related research institutions expect only a limited rebound in construction investment in 2026, suggesting a full normalization of the industry cycle will take more time.
Investors will want to track upcoming quarterly disclosures and housing starts/pre-sale indicators together to gauge both the durability of the earnings recovery and the progress of new business initiatives.
Report written 2026-09-05 · Data as of 2026-09-04
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