PER, EPS, PBR and BPS are calculated in-house from the last 4 quarters (2025Q3–2026Q2) · Dividend yield is based on ₩75 per share · Prices as of the 2026-10-02 close
Kolmar BNH is restructuring by transferring its cosmetics business to Kolmar Korea affiliates while concentrating on health supplement ODM and a newly launched oral care business, even as recent quarterly earnings have swung sharply.
Consolidated operating profit rose sharply year-on-year in Q1 2026 and remained above KRW 10 billion in Q2 2026.
In Q4 2025, net income attributable to owners posted a large loss, tipping the full-year 2025 result into a net loss.
The company sold or transferred its cosmetics subsidiaries (Kolmask and the H&G cosmetics division) to Kolmar Korea affiliates, shifting toward a supplement-centered structure.
A new oral care subsidiary, Kolmar Orals, was established to acquire Kolmar Korea's toothpaste business as a new growth driver.
The year-long sibling ownership dispute has effectively ended with a single-CEO structure under Lee Seung-hwa and the father's withdrawal of his lawsuit.
Kolmar BNH, founded in 2004 as a research institute company jointly established by Kolmar Korea and the Korea Atomic Energy Research Institute, specializes in developing core materials for health supplements and cosmetics.
Its core model is ODM/OEM production without its own consumer brand, supplying products developed and manufactured to order for client companies, with proprietary functional ingredients such as the individually-recognized 'Hemohim mixed extract' as a key strength.
Global network-marketing company Atomy has long been its core customer, with Kolmar BNH handling R&D and manufacturing of supplements like Hemohim and toothpaste products while Atomy manages global distribution and sales.
The business had expanded along two pillars—supplements and cosmetics—with the cosmetics share rising from 32.51% of revenue in 2021 (versus 64.36% for supplements) to 42.4% in 2024 (versus 54.83% for supplements).
More recently, as part of group-wide restructuring, the company sold its cosmetics subsidiary H&G's cosmetics division to Kolmar Korea affiliate Kolmar UX and transferred its full stake in mask-pack unit Kolmask to Kolmar Korea, effectively exiting the cosmetics business.
Using proceeds from these divestitures, it established a new oral care subsidiary, Kolmar Orals, to acquire Kolmar Korea's toothpaste business, though the quasi-drug segment (toothpaste, hand sanitizer, etc.) still accounted for only about 2.2% of total revenue in H1 2026.
Competitively, it contends with supplement ODM peers such as Novarex and Cosmax BTI, and continues to diversify individually-recognized ingredients and expand overseas footholds centered on its Sejong production complex, including Plant 3.
| Quarter | Revenue | Operating profit | Op. margin |
|---|---|---|---|
| 2025Q2 | ₩164.1B | ₩10.7B | 6.5% |
| 2025Q3 | ₩151.8B | ₩9.7B | 6.4% |
| 2025Q4 | ₩122.2B | ₩2.6B | 2.2% |
| 2026Q1 | ₩136.9B | ₩10.3B | 7.5% |
| 2026Q2 | ₩127.2B | ₩10.2B | 8.0% |
| Year | Revenue | Operating profit | Net income (parent) | Op. margin | ROE | Debt-to-equity |
|---|---|---|---|---|---|---|
| 2022 | ₩575.9B | ₩61.1B | ₩40.5B | 10.6% | 10.1% | 53.2% |
| 2023 | ₩579.6B | ₩30.3B | ₩18.7B | 5.2% | 4.7% | 75.2% |
| 2024 | ₩615.6B | ₩24.6B | ₩17.2B | 4.0% | 4.3% | 74.8% |
| 2025 | ₩574.9B | ₩26.6B | -₩22.7B | 4.6% | −6.4% | 82.8% |
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
Consolidated annual revenue rose modestly from KRW 575.9 billion in 2022 to KRW 579.6 billion in 2023 and KRW 615.6 billion in 2024, before falling to KRW 574.9 billion in 2025.
Operating profit declined from KRW 61.1 billion in 2022 to KRW 30.3 billion in 2023 and KRW 24.6 billion in 2024, then edged up to KRW 26.6 billion in 2025, while the operating margin structurally compressed from 10.6% in 2022 to 4.0% in 2024 and 4.6% in 2025.
Net income attributable to owners fell from KRW 40.5 billion in 2022 to KRW 18.7 billion in 2023 and KRW 17.2 billion in 2024, then swung to a loss of KRW 22.7 billion in 2025—a result driven largely by a Q4 2025 owner net loss of KRW 37.0 billion.
Quarterly data show a solid Q2 2025 (revenue KRW 164.1 billion, operating profit KRW 10.7 billion, owner net income KRW 6.7 billion) and Q3 2025 (revenue KRW 151.8 billion, operating profit KRW 9.7 billion, net income KRW 6.2 billion), before Q4 2025 revenue fell to KRW 122.2 billion, operating profit dropped to KRW 2.6 billion, and net income swung sharply negative.
Performance then rebounded clearly in Q1 2026, with revenue of KRW 136.9 billion, operating profit of KRW 10.3 billion, and owner net income of KRW 22.3 billion, and profitability held up in Q2 2026 with revenue of KRW 127.2 billion, operating profit of KRW 10.2 billion, and net income of KRW 6.9 billion.
On a standalone basis, H1 2026 revenue reached KRW 245.4 billion with operating profit of KRW 20.6 billion, up 8.1% and 46.7% year-on-year respectively, and Q2 alone rose 3.8% and 30.7% quarter-on-quarter to KRW 125.0 billion and KRW 11.7 billion.
The company and industry observers attribute this profit improvement to rising utilization at expanded facilities such as Sejong Plant 3 easing fixed-cost burdens, combined with a shift in product mix from lower-margin to higher-margin items.
Still, the trailing four-quarter sum of owner net income (Q3 2025 through Q2 2026) remains in a modest net loss, indicating the impact of the large one-off Q4 2025 loss has not yet been fully absorbed.
The domestic health supplement market has a structural demand base tied to an aging population's rising health interest, but faces slowing overall growth and pressure to reduce reliance on any single customer or distribution channel.
Kolmar BNH maintains a leading position in individually-recognized supplement ingredients and export production, and rising health- and beauty-related demand from an aging society is seen as a positive factor for its results.
Competition within the supplement ODM market remains intense, however, as rival Novarex has simultaneously grown revenue and improved profitability on the strength of numerous individually-recognized ingredients.
Kolmar BNH's heavy revenue dependence on core customer Atomy has long been flagged as a structural challenge, and recent results show clear regional divergence, with direct US sales and emerging-market sales rising while China and Russia sales declined.
At the group level, cosmetics operations are being consolidated under Kolmar Korea while Kolmar BNH focuses on supplements and oral care, sharpening its positioning as a specialized supplement and healthcare ODM company.
The oral care market is a relatively new area for the company, which is now building out the business based on its existing toothpaste manufacturing experience.
Through the restructuring underway since early 2026, the company has transferred cosmetics-related subsidiaries to Kolmar Korea affiliates and stated it will use the proceeds to strengthen supplement ODM competitiveness and fund new businesses.
It invested KRW 20 billion in new subsidiary Kolmar Orals to acquire Kolmar Korea's toothpaste business, and plans to build oral care into an independent growth segment.
Under CEO Lee Seung-hwa, management has laid out expanding overseas ODM operations, strengthening cooperation with key partners, and structurally improving the domestic ODM business as its growth strategy pillars.
On governance, the sibling ownership dispute has effectively concluded with the shift to a single-CEO structure and the father's withdrawal of his lawsuit, while the Kolmar group's first designation as a publicly disclosed conglomerate by the Fair Trade Commission in 2026 marks further institutional integration of its governance structure.
Still, with the remaining business scale reduced following the cosmetics transfer, how quickly the supplement and oral care businesses alone can restore prior revenue levels remains a key point to watch.
Expansion of the individually-recognized ingredient pipeline and new overseas client acquisition continue, but meaningfully reducing dependence on Atomy is likely to take time.
The stock trades at a discount to net asset value, a situation intertwined with the fact that trailing four-quarter earnings remain in a net loss, limiting the usefulness of earnings-per-share-based metrics.
Annual operating profit has swung from the KRW 60 billion range down to the KRW 25 billion range over recent years, and more recently quarterly results have alternated between profit and a large one-off loss, making the direction of earnings difficult to gauge.
Dividends have been paid at a consistent level each year, but the absolute amount is not large, so dividend appeal is unlikely to be a central basis for valuation judgments.
With restructuring still underway—including the cosmetics business transfer and the new oral care venture—how earnings normalize over the coming quarters is likely to be an important reference point for how the market assesses the company 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
Standalone H1 2026 revenue and operating profit rose 8.1% and 46.7% year-on-year respectively, with Q2 operating profit up 30.7% quarter-on-quarter. Rising utilization at expanded facilities such as Sejong Plant 3 has eased fixed-cost burdens, alongside a growing share of higher-margin products. Consolidated operating profit and net income in Q1 2026 also rose markedly from a year earlier.
Divesting non-core cosmetics subsidiaries to Kolmar Korea affiliates has freed up capital to invest in the supplement business and new ventures. Entry into oral care through new subsidiary Kolmar Orals leverages existing toothpaste manufacturing experience as a new growth attempt.
The year-long sibling ownership dispute has also concluded with a single-CEO structure and lawsuit withdrawal, reducing management uncertainty.
In H1 this year, China and Russia sales declined while direct US sales and emerging-market sales rose significantly. The company continues to expand its individually-recognized ingredient pipeline in an effort to broaden its global client base. Efforts to diversify channels and reduce reliance on a single customer are seen as gradually bearing fruit.
Owner net income posted a large loss in Q4 2025, tipping the full-year result into a loss as well. The trailing four-quarter sum of owner net income (Q3 2025-Q2 2026) also remains in a modest loss. Wide quarter-to-quarter earnings swings have reduced the predictability of results.
Heavy revenue dependence on core customer Atomy has long been flagged as a structural issue. Changes in the network-marketing business environment or Atomy's sales strategy could directly affect results.
New customer acquisition and distribution diversification are underway but have not yet materially shifted the dominant revenue share.
The debt ratio rose from 53.2% in 2022 to 82.8% in 2025, while owners' equity fell from KRW 401.6 billion in 2022 to KRW 353.8 billion in 2025. Costs and net losses stemming from the restructuring process appear to have contributed to the capital contraction. Managing financial soundness remains a challenge as new business investment continues.
The sibling ownership dispute has been resolved on the surface through the shift to a single-CEO structure and the father's lawsuit withdrawal.
However, given that board composition and management direction changed multiple times during the more than year-long conflict, the stability and execution capability of the new management structure warrant continued monitoring.
The company remains heavily dependent on core customer Atomy for revenue. Changes in the network-marketing business environment or adjustments to trading terms could have a significant impact on results.
New customer acquisition and overseas channel diversification are underway, but accumulating sufficient results will take time.
With the cosmetics business transfer and the launch of Kolmar Orals proceeding simultaneously, organizational and resource-allocation efficiency face a test. The oral care business is still at an early stage with a small revenue share, and it may take time for returns on investment to become visible.
One-off costs or impairments arising during restructuring could continue to add to earnings volatility going forward.
Check whether the Q3 consolidated results show continued revenue and margin improvement in the supplement ODM business, and how much of the revenue gap from the cosmetics transfer has been filled.
Assess whether oral care revenue from the toothpaste business acquisition via Kolmar Orals (acquisition scheduled for September 1, 2026) begins to meaningfully appear in results, and at what scale.
Monitor whether utilization at production facilities such as Sejong Plant 3 continues to provide fixed-cost leverage, and whether a large one-off loss similar to Q4 2025 recurs.
Check for further governance-related disclosures such as changes in Kolmar Holdings' shareholding structure or board composition, and how the management structure evolves after CEO Lee Seung-hwa's term (through the regular board meeting next March).
Use regional revenue data to verify whether the trend of rising direct US and emerging-market sales alongside declining China and Russia sales continues, tracking progress on customer and regional diversification.
Kolmar BNH is undergoing a restructuring that transfers its cosmetics business to Kolmar Korea affiliates while concentrating on supplement ODM and a newly launched oral care venture, with the standalone supplement business showing clear recent improvement in revenue and profit.
On a consolidated basis, however, a large Q4 2025 net loss tipped the full-year result into a loss, and the trailing four-quarter figure also remains in a net loss, making the direction of earnings difficult to judge.
The year-long sibling ownership dispute has been settled with a single-CEO structure and lawsuit withdrawal, but the stability of the new management structure will need to be validated through future results.
Heavy revenue dependence on Atomy, along with a rising debt ratio and shrinking owners' equity, are also factors worth monitoring.
Over the coming quarters, key points to watch include how much of the core supplement business's profit improvement spreads to overall consolidated results, and whether the Kolmar Orals oral care business establishes itself as a new growth driver.
Report written 2026-09-05 · Data as of 2026-09-04
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