Easy Bio

EASY BIO is a livestock-input specialist focused on piglet feed and feed additives. The company was spun off from EASY Holdings in May 2020 and relisted on KOSDAQ in June of that year. EASY BIO holds the number-one market share domestically in piglet feed and functional feed additives.

As of the third quarter of 2024, feed additives accounted for roughly 75% of sales and piglet feed about 25%, with additives representing the majority of revenue. Key products include the piglet feed brand 'I-One' and additive brands 'Lipidol' and 'Endopower'.

Its overseas business runs through UK subsidiary Pathway Intermediates, targeting the United States, Canada, Europe and Asia, and the company exports to more than 40 countries.

In March 2024, it acquired Minnesota-based Devenish Nutrition for about KRW 88.3bn, establishing a North American production base, and in January 2026 it added BioMatrix and Nutribins through its US subsidiaries.

These successive acquisitions have expanded the company's reach into coating technology, specialty raw-material sourcing channels, and pet-food additive distribution networks.

EASY BIO's consolidated revenue rose every year, from KRW 155.6bn in 2022 to KRW 165.4bn in 2023, KRW 384.3bn in 2024 and KRW 476.9bn in 2025, with the 2024 jump driven largely by the Devenish Nutrition consolidation.

Operating profit expanded from KRW 16.2bn in 2022 to KRW 45.0bn in 2025, while the operating margin moved between 8.4% and 12.5% across the period as the business mix shifted with M&A integration. Owner net profit more than tripled, from KRW 9.1bn in 2022 to KRW 27.8bn in 2025.

On a quarterly basis, revenue climbed from KRW 113.8bn with operating profit of KRW 11.0bn in Q2 2025 to KRW 129.3bn and KRW 13.6bn respectively in Q4 2025, and revenue set fresh highs across five consecutive quarters through Q1 2026 (KRW 130.7bn revenue, KRW 13.2bn operating profit) and Q2 2026 (KRW 148.1bn revenue, KRW 15.1bn operating profit).

Owner net profit rose from KRW 3.8bn in Q2 2025 to KRW 11.2bn in Q1 2026 before settling at KRW 10.2bn in Q2 2026; the sharp increase in net profit in the third and fourth quarters of 2025 is understood to have partly reflected one-off items such as acquisition-related due diligence costs.

On a separate reporting basis, cumulative revenue and operating profit through the third quarter of 2025 rose 30.3% and 32.8% year-on-year respectively, and first-quarter 2026 revenue, operating profit and net profit grew 11.8%, 45.2% and 101.5% year-on-year.

This trajectory is consistent with analysis attributing earnings improvement to cost competitiveness from in-house additive production and expanded compound-feed sales.

South Korea's pig herd stands at roughly 11 million head, the seventh-largest in the world, and the global feed additive market is projected to grow at a 5.8% compound annual rate, which analysts cite as a continuing source of expansion opportunity.

Tighter antibiotic-use regulation and the shift toward antibiotic-free, environmentally conscious livestock farming are structural factors supporting demand for microbial and enzyme-based additives that replace antibiotics.

In the United States, a surge in beef prices has fed expectations of increased feed additive demand, while a combination of softer grain prices and a strong dollar has been noted as easing feed cost pressure.

Against this backdrop, the company is seen as sustaining growth in its compound-feed segment on the back of cost competitiveness from in-house additive production.

Domestically it retains its number-one market position, though the growth axis of the additive business has increasingly shifted overseas, particularly to North America.

In competitive terms, Korea's compound-feed and additive market includes numerous players, but operators combining proprietary additive development with North American production bases are relatively limited, a point cited as the company's point of differentiation.

NH Investment & Securities estimated in a January 2026 report that EASY BIO's feed additive segment revenue rose from KRW 109.3bn in 2023 to KRW 305.7bn in 2024, and projected further increases to KRW 387.6bn in 2025 and KRW 430.6bn in 2026.

The same report estimated that the share of overseas revenue would rise to about 70% in 2026. Regarding newly consolidated subsidiaries, the report noted that loss-making BioMatrix aims for a turnaround to profitability within the year, while Nutribins' annual profit contribution was estimated at KRW 2.0–2.5bn.

The company has stated it is pursuing synergies between existing overseas units such as Devenish and Pathway and newly acquired companies through shared production facilities, coating-technology transfer and combined sales channels.

Eugene Investment & Securities issued a buy rating with a target price of KRW 10,000 in an April 2026 report.

Management has also indicated plans to diversify its product portfolio through partnerships such as with Amicogen and to expand markets by leveraging sales networks of its own subsidiaries in Thailand and Vietnam.

These estimates and target prices, however, are individual brokerage projections that may differ from actual results.