PER, EPS, PBR and BPS are calculated in-house from the last 4 quarters (2025Q3–2026Q2) · Dividend yield is based on ₩40 per share · Prices as of the 2026-10-02 close
Harim swung from a net loss in 2024 to a profit in 2025, and quarterly results continued to recover through 2026, even as an avian-influenza-driven supply disruption simultaneously lifted selling prices and raised cost pressure.
2025 consolidated revenue reached KRW 1.44tn and operating profit KRW 47.7bn, both improving year on year, with owners' net income turning from loss to profit
After a Q4 2025 loss (net loss of KRW 2.6bn), the company returned to profit for two consecutive quarters in 2026, though quarter-to-quarter volatility remains large
Mass culling of breeding stock from highly pathogenic avian influenza over the 2025-2026 winter pushed broiler consumer prices to their highest level since 2011
The company is expanding its HMR portfolio, including instant rice and ramen under The Misik brand, transitioning from a pure poultry processor toward a diversified food company
The debt ratio eased from 202.2% in 2022 to 162.8% in 2025, while operating cash flow steadily increased over the same period, pointing to a gradual improvement in the financial structure
Harim is a KOSDAQ-listed poultry specialist that operates on a vertically integrated 'broiler integration system' spanning feed production, breeding-stock and broiler rearing, hatching, slaughtering, meat processing, and final distribution.
Business segments consist of feed, breeding, slaughtering and manufacturing, and meat processing, while subsidiary Singreen F&S handles spent-hen slaughtering and export operations.
The bulk of revenue comes from the broiler segment, supported by long-term contracts with contracted farms and a flexible supply system, alongside efficiency gains from smart-factory production.
Key customers include large discount retailers, franchise fried-chicken chains, foodservice and catering operators, and online distribution channels.
More recently, the company has been building out its 'Harim Food Triangle' complex in Iksan, North Jeolla Province - comprising a poultry processing center, First Kitchen, and Foodpolis - to grow its premium home meal replacement (HMR) brand The Misik, which spans instant rice, ramen, and soup and stew products, as it shifts from a pure fresh-poultry business toward a diversified food company.
The Misik has built a premium image using actor Lee Jung-jae as its advertising face and has steadily expanded its lineup from ramen into jjajangmyeon and instant rice since its initial launch.
In terms of corporate structure, Harim is the core operating subsidiary under holding company Harim Holdings, which also controls affiliates including bulk shipper Pan Ocean, feed and livestock companies Farmsco and Sunjin, and home-shopping operator NS Shopping, with founder Kim Hong-kuk leading the group.
In processed foods, the company competes against established comprehensive food companies such as CJ CheilJedang, Ottogi, and Nongshim.
| Quarter | Revenue | Operating profit | Op. margin |
|---|---|---|---|
| 2025Q2 | ₩387.4B | ₩19.8B | 5.1% |
| 2025Q3 | ₩414.3B | ₩18.5B | 4.5% |
| 2025Q4 | ₩315.9B | ₩2.5B | 0.8% |
| 2026Q1 | ₩328B | ₩11.7B | 3.6% |
| 2026Q2 | ₩425.8B | ₩17.3B | 4.1% |
| Year | Revenue | Operating profit | Net income (parent) | Op. margin | ROE | Debt-to-equity |
|---|---|---|---|---|---|---|
| 2022 | ₩1.3T | ₩46.8B | ₩5B | 3.5% | 1.7% | 202.2% |
| 2023 | ₩1.4T | ₩40.4B | ₩13B | 2.9% | 4.2% | 172.9% |
| 2024 | ₩1.3T | ₩28.5B | -₩12.3B | 2.2% | −4.3% | 188.1% |
| 2025 | ₩1.4T | ₩47.7B | ₩38.5B | 3.3% | 11.8% | 162.8% |
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
Harim's 2025 consolidated revenue came to KRW 1.44tn with operating profit of KRW 47.7bn, both up from 2024's KRW 1.285tn in revenue and KRW 28.5bn in operating profit.
Owners' net income turned to a KRW 38.5bn profit in 2025 from a KRW 12.3bn loss in 2024, while the operating margin improved from 2.2% in 2024 to 3.3% in 2025. Looking at the most recent four quarters (Q3 2025 through Q2 2026), quarterly volatility remains substantial.
Q3 2025 posted revenue of KRW 414.3bn, operating profit of KRW 18.5bn, and net income of KRW 8.5bn, but Q4 2025 revenue fell to KRW 315.9bn with operating profit of just KRW 2.5bn and a net loss of KRW 2.6bn.
Q1 2026 recovered to revenue of KRW 328.0bn and operating profit of KRW 11.7bn, maintaining a net profit of KRW 3.5bn. Q2 2026 revenue rose again to KRW 425.8bn, with operating profit of KRW 17.3bn and net income of KRW 8.9bn, marking a clear quarter-on-quarter improvement.
This swing pattern reflects a business structure directly exposed to avian influenza outbreaks, seasonal peak demand (such as the boknal midsummer season and holidays), and fluctuations in international grain prices and the exchange rate.
On the balance sheet, the debt ratio eased from 202.2% in 2022 through 172.9% in 2023 and 188.1% in 2024 to 162.8% in 2025, while operating cash flow rose steadily from KRW 61.7bn in 2022 to KRW 129.1bn in 2025, indicating an improving cash generation trend.
The domestic broiler industry suffered a severe supply shock from a highly pathogenic avian influenza (HPAI) outbreak over the 2025-2026 winter.
The Korea Poultry Association attributed the recent rise in live-bird wholesale prices to the supply shortage caused by the highly pathogenic avian influenza that broke out over the 2025-2026 winter.
About 440,000 breeding roosters and hens were culled that winter, equivalent to roughly 5% of the total breeding-stock population. Because the damage struck the breeding base itself, a recovery lag was unavoidable.
As a result, the average consumer price for one kilogram of broiler chicken, per the Dabom livestock distribution information system, reached KRW 6,677, 17% above the normal-year level, and on a monthly-average basis, that month's price of KRW 6,656 was the highest since April 2011.
Compounding this, the 2026 North/Central America World Cup and the midsummer boknal season coincided, and delivery platform Baedal Minjok reported that fried-chicken orders surged 875.8% on the morning of the Korea-Czech Republic match compared with a week earlier.
The government expanded hatching-egg imports to stabilize supply, with a Ministry of Agriculture, Food and Rural Affairs official saying 8.5 million eggs had already arrived and the rest would be supplied by August, predicting no summer supply problem.
Indeed, while mid-June wholesale chicken prices remained above year-earlier levels, wholesale prices turned lower after imported hatching eggs began reaching the market in late May, and the government applied a tariff-rate quota through July on 30,000 tons of chicken meat designated for in-house processing use.
However, this supply instability also constrains integrators' ability to raise selling prices given the government's price-stability stance, so the spread between input costs and selling prices does not always move favorably.
Competitively, Harim remains a leading integrator in the domestic broiler business with scale advantages, but continues to face competition from established comprehensive food companies such as CJ CheilJedang, Ottogi, and Nongshim in the processed HMR segment.
The company continues to expand The Misik brand's instant rice, ramen, and soup/stew lineup out of its 'Harim Food Triangle' base in Iksan.
Having launched ramen the previous year, it has steadily rolled out HMR products such as jjajangmyeon and instant rice as it seeks to grow into a comprehensive food company, and The Misik brand has built a premium image by using actor Lee Jung-jae as its advertising face while pricing products at a higher tier.
On the production side, the company operates large-scale facilities comprising the 123,429-square-meter Harim First Kitchen, the 135,445-square-meter poultry processing center, and the 53,623-square-meter Foodpolis complex, and is reinforcing an integrated production-distribution-logistics structure through the FBH (Fulfillment By Harim) system, the country's first food-logistics innovation space linking production directly to distribution.
On the cost side, the heavy depreciation burden that accompanied the initial construction of new plants may gradually ease over time, which could be a positive factor for cash generation.
On the other hand, whether HPAI recurs over the coming winter, international grain price and exchange rate trends, and whether the government extends its tariff-quota and import-expansion measures will remain key variables shaping the earnings trajectory in the second half of 2026 and beyond.
At the group level, there has also been a restructuring in which Farmsco's stake in an overseas subsidiary was transferred directly to the holding company, with the shift expected to concentrate authority over overseas subsidiaries at the holding company, simplifying governance and improving efficiency in overseas strategy and capital allocation.
Overall, the company's near-term results remain heavily exposed to broiler prices and disease risk, while over the medium to long term the key point to watch is how firmly the processed-food portfolio establishes itself as a stable earnings base.
Harim's share price trades below its net asset value, placing the price-to-book ratio in a sub-1x range.
This coincides with owners' net income having turned from a loss in 2024 to a profit in 2025, with quarterly results continuing to recover through 2026, though the earnings volatility tied to broiler prices and disease risk can still be read as a discount factor relative to asset value.
Relative to earnings, the stock trades at a multiple that reflects the recent profit-recovery phase, and how that multiple is re-rated going forward will depend on whether quarterly results prove sustainable.
On dividends, the company has paid a per-share cash dividend, and the dividend yield sits at a level that is not particularly distinctive compared with the KOSDAQ food and beverage sector average.
Ultimately, the valuation multiple sits in a range where market assessment could shift depending on how durably the processed-food (HMR) segment proves its earnings contribution, and on whether winter disease risk recurs 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 2026-08-21
After posting a net loss attributable to owners in 2024, Harim returned to profit in 2025 and has continued a recovery trend with two consecutive profitable quarters in early 2026.
The operating margin also improved from 2.2% in 2024 to 3.3% in 2025, while operating cash flow has risen steadily since 2022, pointing to improving cash generation.
Mass culling of breeding stock caused by HPAI over the 2025-2026 winter pushed broiler consumer prices to their highest level since 2011.
As an integrator, Harim is positioned to capture part of the benefit from these higher selling prices, and this dynamic may have contributed to the sharp quarter-on-quarter revenue increase in Q2 2026. Seasonal peak demand from events such as the World Cup and the boknal season also supported revenue growth.
Expansion of The Misik brand into instant rice, ramen, and soup/stew products represents an attempt to offset the limitations of a traditional broiler business sensitive to raw material and biological cycles.
The company continues to broaden its product lineup on the back of its Iksan Food Triangle production and logistics infrastructure, paired with marketing that emphasizes a premium image.
In Q4 2025, revenue declined quarter on quarter and net income swung back to a loss, a pattern that can be interpreted as reflecting the supply disruption tied to the winter HPAI outbreak. If disease outbreaks recur, similar sharp quarterly swings could reappear in the future.
Fluctuations in international grain prices and the won-dollar exchange rate, which account for a large share of feed costs, have a direct effect on earnings.
At the same time, when chicken prices spike, the government tends to intervene through tariff quotas and hatching-egg imports to stabilize prices, which can limit integrators' ability to raise selling prices.
In the instant-rice and ramen markets, the company must compete against established large comprehensive food companies such as CJ CheilJedang, Ottogi, and Nongshim.
Should marketing spending tied to the premium strategy increase, the pace at which the new business segment achieves profitability could end up slower than expected.
In the event of seasonal disease outbreaks such as avian influenza, mass culling and reduced flock numbers can cut slaughter volumes and raise cost burdens. As seen in the 2025-2026 winter case, when breeding-stock culling surges year on year, recovery can take a considerable amount of time.
Fluctuations in international grain prices for corn and soybean meal, key feed inputs, along with the won-dollar exchange rate, directly affect costs. Given the heavy reliance on imported raw materials, cost pressure can build immediately during periods of currency depreciation.
Chicken and eggs are designated key supply-management items by the government, and price surges tend to trigger policy interventions such as tariff quotas and expanded imports. While such interventions ease the burden on consumers, they can also constrain integrators' ability to raise selling prices.
Watch for the Q3 2026 earnings release (provisional pending official filing) to check whether the recovery seen through Q2 continued, and how the selling price-cost spread evolved after the summer peak season and the earlier HPAI disruption.
Monitor whether highly pathogenic avian influenza recurs as winter sets in; if it does, the scale of breeding-stock culling and its impact on broiler supply will need close attention.
Check confirmed autumn corn and soybean harvest figures from major producing regions such as the United States and international grain price trends, as a leading indicator for changes in the feed-cost spread.
Watch for whether the government extends or reinstates tariff-quota and hatching-egg import measures for chicken, and assess how any policy shift affects selling prices and costs.
Track news on new product launches and distribution channel expansion for The Misik brand, a useful reference for gauging changes in the HMR segment's revenue contribution.
Harim turned from a loss in 2024 to a profit in 2025 and continued a quarterly earnings recovery through the first half of 2026, though the Q4 2025 return to loss illustrates that quarter-to-quarter volatility tied to broiler prices and disease risk remains substantial.
The mass culling of breeding stock from HPAI over the 2025-2026 winter pushed chicken consumer prices to their highest level in 15 years, which could have supported selling prices, but this was largely offset by government price-stabilization policy and raw material/FX cost pressures.
On the balance sheet, a steadily declining debt ratio and rising operating cash flow point to a gradual improvement in cash generation.
Over the medium to long term, the key question is how much the HMR business expansion led by The Misik brand can cushion the cyclical risk of the traditional broiler business, an outcome that will depend on the intensity of competition with established large food companies such as CJ CheilJedang, Ottogi, and Nongshim.
Investors should weigh upcoming quarterly results, whether HPAI recurs over the coming winter, international grain price and FX trends, and shifts in government supply policy together when forming a judgment.
Report written 2026-09-05 · Data as of 2026-09-04
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