PER, EPS, PBR and BPS are calculated in-house from the last 4 quarters (2025Q3–2026Q2) · Dividend yield is based on ₩0 per share · Prices as of the 2026-10-02 close
Milae Bioresources runs a feed-additive and egg-distribution core business while layering on new ventures such as wellness beverages and pet health food, and its quarterly earnings have shown wide swings since a large loss in the fourth quarter of 2025.
Annual 2025 revenue rose to KRW 67.5 billion year over year, but the net loss attributable to owners widened.
After a large fourth-quarter 2025 loss, operating profit turned positive in the first and second quarters of 2026, though the second quarter posted a net loss despite the operating profit.
The company signed an agent agreement with IFF Danisco for feed enzyme solutions and registered its second Icheon plant as a US FDA production facility, laying groundwork for overseas expansion.
Through collaboration with affiliate Health Village, the company launched the wellness beverage brand 'Fresh Now,' attempting to expand into consumer branded products.
In March 2026, the CEO position changed hands to Lee Jae-hwan, marking a reshuffle of the management team.
Milae Bioresources organizes its business around two pillars: feed and food. The feed segment produces specialty processed raw materials, functional additives, and pet health food, while the food segment handles egg distribution and functional material products.
According to first-quarter 2026 revenue-mix data cited by JobKorea, the Health Village beverage unit accounted for roughly 20% of sales, egg distribution about 17%, and premix additives around 15%, reflecting a diversified business.
Founded in 1998, the company expanded through a KOSDAQ listing and acquisitions such as Foodtree. Its key clients include institutional caterer Ourhome and food-materials firm Dongwon Home Foods, and expanded transactions with these partners have contributed to recent revenue growth.
Rising feed raw-material prices amid a weak currency and high inflation also boosted demand for cost-saving, efficiency-enhancing additives, affecting results. The company is pursuing exports to Japan and Vietnam to expand overseas sales channels for these products and is preparing new care-food items for pets.
In November 2024 it brought beverage maker Health Village into the group, and in June 2026 the two companies jointly launched the wellness beverage brand 'Fresh Now,' marking an entry into consumer branded products.
In December 2025 it signed an official agency agreement with IFF Danisco for feed enzyme solutions, and in July of the same year its second Icheon plant was registered as a US FDA production facility, building a foundation for overseas expansion.
| Quarter | Revenue | Operating profit | Op. margin |
|---|---|---|---|
| 2025Q2 | ₩16.8B | ₩500M | 3.0% |
| 2025Q3 | ₩18.7B | ₩1.2B | 6.6% |
| 2025Q4 | ₩17.4B | -₩3.3B | −19.2% |
| 2026Q1 | ₩17B | ₩400M | 2.6% |
| 2026Q2 | ₩19.3B | ₩700M | 3.6% |
| Year | Revenue | Operating profit | Net income (parent) | Op. margin | ROE | Debt-to-equity |
|---|---|---|---|---|---|---|
| 2022 | ₩75.6B | ₩1.6B | ₩1B | 2.1% | 2.4% | 37.4% |
| 2023 | ₩60B | ₩20,185,933 | ₩400M | 0.0% | 1.0% | 16.8% |
| 2024 | ₩62.5B | ₩200M | -₩400M | 0.3% | −1.0% | 39.9% |
| 2025 | ₩67.6B | -₩1.4B | -₩3.3B | −2.1% | −8.1% | 37.9% |
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 for 2025 rose to KRW 67.55 billion from KRW 62.45 billion a year earlier, but operating profit swung to a loss of KRW 1.44 billion from a profit of KRW 0.18 billion in 2024. The net loss attributable to owners also widened to KRW 3.26 billion from KRW 0.43 billion the prior year.
On a quarterly basis, the third quarter of 2025 showed clear improvement with revenue of KRW 18.69 billion, operating profit of KRW 1.24 billion, and owners' net income of KRW 1.12 billion, but the fourth quarter recorded a large loss with revenue of KRW 17.39 billion, an operating loss of KRW 3.34 billion, and a net loss of KRW 5.00 billion, which substantially damaged the annual results.
In 2026, the first quarter returned to profitability with revenue of KRW 17.04 billion, operating profit of KRW 0.44 billion, and net income of KRW 0.50 billion, while the second quarter posted the highest quarterly revenue of KRW 19.34 billion with operating profit rising to KRW 0.70 billion.
However, owners' net income in the second quarter of 2026 was a loss of KRW 0.066 billion despite the operating profit, indicating that non-operating factors continue to drive earnings volatility.
Over the most recent four quarters (third quarter 2025 through second quarter 2026), cumulative owners' net income totaled a loss of KRW 3.45 billion, reflecting an uneven quarterly contribution pattern.
On the balance sheet, the debt ratio at the end of 2025 stood at 37.9%, slightly lower than 39.9% in 2024, and operating cash flow was a positive KRW 4.40 billion despite the net loss.
Looking further back, 2023 posted a modest profit (owners' net income of KRW 0.44 billion) on revenue of KRW 60.02 billion, and 2022 posted owners' net income of KRW 0.96 billion on revenue of KRW 75.64 billion, showing that both revenue and profit have fluctuated over the past four years.
The feed-additive and egg-distribution business has a cost structure sensitive to international grain prices and exchange rates, and demand for cost-saving additives can rise as a byproduct of a weak currency and high inflation.
Domestic feed companies are shifting weight toward overseas exports to markets such as Japan and Vietnam and toward higher-value functional products to escape stagnant domestic market growth, and the company is preparing new care-food products in line with this trend.
Comparable companies operating in similar industries include Woosung, K-Bios, WT&I, and Chunma. Concerns over raw-material cost burdens and resulting earnings uncertainty are a recurring theme across the feed and livestock-related sector broadly.
Health-oriented categories such as pet health supplements and low-sugar functional beverages are classified as growth areas with intensifying new-product competition both domestically and abroad.
Egg distribution is characterized by seasonal demand and shifts in laying-hen supply conditions that cause volume and pricing to fluctuate, serving as a relatively stable cash-flow contributor while remaining exposed to price volatility.
Within the KOSDAQ food and beverage sector, Milae Bioresources is classified as a small- to mid-cap diversified operator straddling feed raw materials/additives and food distribution, situated in a landscape of multiple smaller competitors rather than one dominated by a single large player.
In December 2025, the company signed an official agency agreement with IFF Danisco for feed enzyme solutions, and in July of that year it registered its second Icheon plant as a US FDA production facility, building infrastructure to expand overseas sales channels.
In January 2026, it opened a new branch in Iksan while divesting its lower-profitability Beijing-based Chinese subsidiary, streamlining its business structure.
The wellness beverage 'Fresh Now' is being rolled out domestically through online, offline, B2B, and institutional catering channels, and the company has stated plans to also pursue entry into the Japanese and Southeast Asian markets.
In March 2026, the CEO position changed from Kim Seong-jin to Lee Jae-hwan, who previously served as a managing director at CTC Bio and as CEO of AnyC Bio. Former CEO Kim retains a seat as an inside director after his resignation, leaving a variable for management continuity.
The company has described Fresh Now as a meaningful first step toward expanding a health-food-centered portfolio and broadening consumer touchpoints, expressing hope for revenue growth and cross-affiliate synergies.
Whether these new-business and export expansion plans translate into actual revenue and profit will need to be confirmed through upcoming quarterly disclosures.
The current share price trades close to the company's per-share net asset value, a level without a large premium or discount relative to book value.
Because owners' net income over the most recent four quarters has been in loss, an earnings-based valuation metric cannot be calculated, a result heavily influenced by the large one-off loss in the fourth quarter of 2025.
Annual results moved between modest profits and losses from 2022 to 2024, widened into a larger loss in 2025, and then showed signs of profit recovery with two consecutive quarters of operating profit in the first half of 2026.
No dividend has been paid based on the most recent disclosures, suggesting that capital is being prioritized toward business restructuring and new-venture investment rather than shareholder returns.
Assessing valuation going forward requires watching whether the fourth-quarter loss pattern recurs and whether new businesses such as wellness beverages and enzyme solutions actually contribute to revenue.
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
After a large loss in the fourth quarter of 2025, the company posted operating profit in both the first and second quarters of 2026. Second-quarter revenue reached roughly KRW 19.3 billion, the highest quarterly level, accompanied by revenue growth. However, it is still premature to conclude that net income has fully stabilized.
The agency agreement with IFF Danisco for enzyme solutions and the US FDA registration of the second Icheon plant provide real infrastructure for overseas sales expansion. The launch of the 'Fresh Now' wellness beverage represents an attempt to broaden from feed and egg-centered operations into consumer branding. Actual performance in new channels such as Japan and Southeast Asia will need to be confirmed going forward.
The debt ratio at the end of 2025 was 37.9%, not an excessive level and lower than in 2024. Even in 2025 when net income was negative, operating cash flow was a positive KRW 4.4 billion, indicating a gap between reported earnings and cash generation.
This can be interpreted as a result of non-cash factors, such as large impairments or valuation losses, affecting the income statement.
The fourth quarter of 2025 saw a large loss, with an operating loss of KRW 3.3 billion and a net loss of KRW 5.0 billion. In the second quarter of 2026, despite a positive operating profit, owners' net income fell back into a loss of KRW 0.066 billion. The pattern of recurring swings driven by non-operating factors does not yet appear to be fully resolved.
Feed raw materials are heavily dependent on international grain prices and exchange rates, and a weak currency and high inflation can increase cost burdens.
While there is a byproduct benefit from increased demand for cost-saving additives, the rise in raw-material prices itself remains a pressure on cost of goods sold. Comparable companies such as Farmstory have also been described as facing similar raw-material cost burdens.
The wellness beverage 'Fresh Now' and the IFF Danisco enzyme solutions business are still at an early stage where their revenue contribution has not yet been confirmed in disclosures.
The concrete execution direction of management strategy following the CEO change from Kim Seong-jin to Lee Jae-hwan is also a variable to watch. Whether these new businesses will grow enough to offset the earnings volatility of the existing feed and egg business remains uncertain.
High dependence on imported feed raw materials means results are directly affected by international grain prices and the won-dollar exchange rate.
While a weak currency can create a byproduct benefit through demand for cost-saving additives, a sharp rise in raw-material prices can simultaneously increase cost-of-goods pressure. This dual nature keeps uncertainty in earnings forecasting persistent.
In March 2026, the CEO position changed to Lee Jae-hwan, while former CEO Kim Seong-jin retained a seat as an inside director after resigning. How the new-business strategy for wellness beverages and enzyme solutions will be concretized under the new leadership remains to be seen.
Early in a management transition, there is a possibility of changes in the pace or direction of strategy execution.
As a small-cap KOSDAQ stock, the company shows large quarterly earnings dispersion, and the possibility of another large one-off gain or loss event similar to the fourth quarter of 2025 cannot be ruled out. Given its small market capitalization, attention to liquidity and information asymmetry is warranted. This widens the confidence interval around earnings forecasts.
The third-quarter 2026 report will show whether the operating profit trend from the first half of 2026 continued into the third quarter and whether a large earnings swing similar to the fourth quarter of 2025 recurs.
It will be worth watching whether progress on Fresh Now's planned entry into Japan and Southeast Asia, along with expansion in domestic distribution channels, is officially confirmed.
It will be important to check whether actual revenue contribution from the IFF Danisco enzyme solutions agency agreement is reflected for the first time in quarterly results.
This will be a point to confirm whether the cause of the large fourth-quarter 2025 loss did not recur, whether the company achieved an annual return to profit under the new CEO, and whether concrete results of the management strategy are disclosed.
Milae Bioresources is in a transition period, layering new ventures such as wellness beverages and enzyme solutions on top of a stable feed-additive and egg-distribution cash-cow business.
While 2025 revenue grew, a large fourth-quarter loss widened the annual net loss, and although operating profit turned positive for two consecutive quarters in the first half of 2026, the second quarter's net income fell back into a loss, leaving questions about earnings stability.
The partnership with IFF Danisco, the US FDA registration of the second Icheon plant, and the launch of Fresh Now could serve as real platforms for diversification and overseas expansion, but how much they will translate into revenue and profit has not yet been confirmed in disclosures.
The balance sheet appears relatively stable, with a lower debt ratio and positive operating cash flow. The March 2026 CEO change could mark an inflection point for management strategy while also carrying execution uncertainty.
Upcoming quarterly results and the revenue contribution of new businesses will likely be the key points to watch in assessing the company's direction.
Report written 2026-09-05 · Data as of 2026-09-04
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