KOSDAQFood & Beverage403490

WooDeumGee Farm

₩2,050▲ 4.33%2026-10-02 close

Market Cap

₩18.3B

Turnover

₩15,467,017

Volume

7,813 shares

Shares out.

9.2M

PER

—

PBR

0.6×

EPS

-₩797

Dividend Yield

0.00%

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

Report overview

Back to Profit After a Loss Year, Seosan Project in Focus

WooDeumGee Farm swung to an annual operating loss in 2025, widened losses in the first quarter of 2026, then returned to an operating profit in the second quarter, with the completion schedule of its Seosan smart farm complex in South Chungcheong Province standing as the key variable for future results.

1
2025 consolidated revenue was KRW 63.68 billion with an operating loss of KRW 0.88 billion, swinging from an operating profit of KRW 3.55 billion in 2024
2
The operating loss widened to KRW 2.22 billion in the first quarter of 2026, but the second quarter posted revenue of KRW 18.39 billion and an operating profit of KRW 0.75 billion, returning to profit
3
The Seosan agricultural bio-complex (Korean Global Horti Complex) project, with total investment of KRW 305.5 billion, is underway with a greenhouse completion target in the second half of 2026
4
The company continues to diversify overseas through partnerships and MOUs with Saudi Arabia, the UAE, Laos, and Japan
5
The shares trade at a discount to net asset value and the company does not currently pay a dividend

Business structure

Founded in 2011, WooDeumGee Farm is a smart farm specialist that grew around its proprietary semi-closed glass greenhouse technology and its high-sugar stevia tomato brand 'Tomango.' The company supplies a lineup of brands including Tomango and related products through large discount chains, online channels, and OEM arrangements, and is reported to hold the leading share of the stevia tomato market.

Tomango is estimated to have accounted for roughly 80% of total revenue on a cumulative basis through the third quarter of 2025, and the company has recently expanded into European vegetables such as romaine and butterhead lettuce.

Its business structure is vertically integrated across design, construction, cultivation, processing, and distribution, with subsidiary WooDeumGee ENC handling greenhouse design and construction while Nine Farm and other units manage land and cultivation.

WooDeumGee ENC secured its first external construction contract in May 2025, a roughly KRW 5 billion greenhouse project for a youth smart farm in Jinju, South Gyeongsang Province, which laid the groundwork for participation in government (B2G) tenders from 2026.

Overseas, the company signed memoranda of understanding with Middle Eastern firms in Saudi Arabia and the UAE covering smart farm solutions and processing plant construction, and in late 2025 signed an agricultural development MOU with the government of Bolikhamxay Province in Laos covering roughly 450,000 pyeong of land.

In Japan, it established a distribution agreement with JFE Engineering for smart farm design and materials supply.

Domestically, the company effectively leads the core greenhouse business of the Seosan agricultural bio-complex, a public-private project involving South Chungcheong Province, Seosan City, and Dawool Asset Management.

Earnings trend

Quarterly revenue · Operating profit

₩18.6B₩1.2B25Q2₩13.5B-₩1.1B25Q3₩17B-₩1.1B25Q4₩12.4B-₩2.2B26Q1₩18.4B₩700M26Q2

RevenueOperating profit

Annual revenue · Operating profit

₩44.9B₩3.8B2022₩56.6B₩3.4B2023₩63.9B₩3.6B2024₩63.7B-₩900M2025

RevenueOperating profit

Quarterly results · Last 5 quarters
Quarter	Revenue	Operating profit	Op. margin
2025Q2	₩18.6B	₩1.2B	6.7%
2025Q3	₩13.5B	-₩1.1B	−8.3%
2025Q4	₩17B	-₩1.1B	−6.3%
2026Q1	₩12.4B	-₩2.2B	−17.8%
2026Q2	₩18.4B	₩700M	4.1%

Annual results
Year	Revenue	Operating profit	Net income (parent)	Op. margin	ROE	Debt-to-equity
2022	₩44.9B	₩3.8B	₩4B	8.5%	14.4%	22.3%
2023	₩56.6B	₩3.4B	₩1.5B	5.9%	3.9%	44.4%
2024	₩63.9B	₩3.6B	₩2.9B	5.6%	7.2%	73.7%
2025	₩63.7B	-₩900M	-₩4.1B	−1.4%	−11.0%	100.2%

Consolidated basis (financial statements including subsidiaries) · Final figures from DART filings · Net income attributable to owners of the parent · Data as of 2026-09-05

Earnings analysis

Annual revenue rose steadily from KRW 44.94 billion in 2022 to KRW 56.58 billion in 2023 and KRW 63.91 billion in 2024, before staying roughly flat at KRW 63.68 billion in 2025.

Operating profit was stable across 2022-2024 at KRW 3.81 billion, KRW 3.35 billion, and KRW 3.55 billion respectively, but the company swung to an operating loss of KRW 0.88 billion in 2025, with net income attributable to owners also turning negative at KRW -4.10 billion.

The operating margin declined from 8.5% in 2022 to 5.6% in 2024 and then fell to -1.4% in 2025, reflecting a clear deterioration in profitability.

On a quarterly basis, the second quarter of 2025 was solid with revenue of KRW 18.60 billion and operating profit of KRW 1.24 billion, but revenue fell to KRW 13.49 billion in the third quarter, producing an operating loss of KRW 1.11 billion, and the fourth quarter saw revenue of KRW 16.97 billion with an operating loss of KRW 1.07 billion, extending losses through the second half.

In the first quarter of 2026, revenue contracted further to KRW 12.44 billion and the operating loss widened to KRW 2.22 billion, with the net loss attributable to owners reaching KRW 2.57 billion.

However, the second quarter of 2026 saw revenue recover to KRW 18.39 billion and operating profit return to positive territory at KRW 0.75 billion, while the net loss narrowed to KRW 0.06 billion, approaching breakeven.

The debt-to-equity ratio rose rapidly from 22.3% in 2022 to 73.7% in 2024 and 100.2% in 2025, indicating growing financial burden from large-scale investment projects.

Notably, despite the 2025 net loss, operating cash flow remained positive at KRW 3.12 billion, suggesting underlying cash generation capacity was preserved.

Industry analysis

The global smart farm market continues to expand against a backdrop of climate risk and food security concerns; according to Hana Securities, the global smart farm market is projected to grow from KRW 26.3 trillion in 2023 to KRW 43.5 trillion by 2026.

Japan's smart agriculture market is also expected to grow at a compound annual rate of 14.6% from 2025 to 2033, reaching USD 4.1 billion by 2033, according to IMARC Group.

In the Middle East, demand for advanced agriculture is elevated due to extreme weather and food security concerns, with Gulf Cooperation Council countries including Saudi Arabia and the UAE reported to be actively pursuing smart farm adoption.

Domestically, government policy to expand smart agriculture is coinciding with large-scale smart farm complex development led by local governments such as South Chungcheong Province in Seosan.

WooDeumGee Farm, as the first listed smart farm company in Korea, seeks differentiation from equipment- or construction-focused competitors through a vertically integrated structure spanning cultivation, processing, and distribution.

However, the smart farm industry is characterized by heavy upfront investment and long lead times to completion and operation, exposing the broader industry, including WooDeumGee Farm, to project execution risk.

Outlook

The key variable for the company's future results is the pace of progress on the Seosan agricultural bio-complex project.

According to a November 2025 Hana Securities report, six semi-closed glass greenhouses worth roughly KRW 90 billion are planned, with civil works starting in the first quarter of 2026 and completion targeted about six months later, in the third quarter of 2026.

The report indicated the first harvest from these greenhouses is expected in October 2027, with annual production of roughly 3,600 tons and consolidated revenue from contracted operations estimated at about KRW 10 billion per year.

In April 2026, WooDeumGee Farm issued a zero-coupon convertible bond worth KRW 7 billion without a refixing clause to fund its equity contribution to the Seosan project and to finance operations of a new leafy vegetable farm.

The company stated that the absence of a typical refixing clause reflected investors' positive assessment of the company's future value.

Overseas, based on the MOU signed with the government of Bolikhamxay Province in Laos, the company has outlined plans to eventually expand agricultural development area to as much as 18 million pyeong, while in Japan it is building out a sales network through its partnership with JFE Engineering.

Subsidiary WooDeumGee ENC stated that, having completed a smart farm construction project in Jinju, it has become eligible to participate in government (B2G) tenders starting in 2026.

Valuation

PER

—

PBR

0.6×

ROE

-18.9%

EPS

-₩797

BPS

₩3,886

Dividend per share

₩0

With the swing to a net loss in 2025, earnings-based valuation metrics are difficult to apply to WooDeumGee Farm, and the shares are trading at a discount multiple relative to book value per share. There is no recent dividend payment history, limiting the appeal from a yield perspective.

The stock has historically shown large price swings tied to policy themes or overseas order news, suggesting valuation has often reacted more to events than to underlying earnings fundamentals.

While a return to operating profit was confirmed in the second quarter of 2026, net income remains near breakeven, leaving the timing and scale of revenue contribution from the Seosan project as a key point to watch for any valuation reassessment.

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 2026-09-05

Bull factors

Potential New Revenue Contribution from the Seosan Project

If the Seosan agricultural bio-complex is completed as planned, it could generate roughly KRW 10 billion in annual consolidated revenue from contracted operations, plus additional revenue related to produce purchases.

As a key shareholder of the project SPC, WooDeumGee Farm effectively oversees the business, directly linking project outcomes to its core operations. With completion targeted for the second half of 2026, progress could translate into visible mid-to-long-term revenue diversification.

Diversified Overseas Expansion Channels

The company has built a diversified network of overseas partnerships spanning the Middle East (Saudi Arabia, UAE), Laos, and Japan. While the business format and pace differ by region, a steady stream of MOUs has been signed, leaving room for revenue diversification if these convert into contracts.

In particular, the distribution agreement with Japan's JFE Engineering could be viewed as a stable entry path into a developed market.

Quarterly Signs of Core Business Profitability Recovery

The swing from an operating loss of KRW 2.22 billion in the first quarter of 2026 to an operating profit of KRW 0.75 billion in the second quarter suggests signs of core business recovery, driven by expanded sales of Tomango and European vegetables and new customer acquisitions.

Operating cash flow also remained positive in 2025 despite the net loss, indicating the underlying cash generation base was not impaired.

Bear factors

2025 Annual Swing to Loss and Margin Erosion

Consolidated operating profit swung to a loss of KRW 0.88 billion in 2025 from a profit of KRW 3.55 billion the prior year, and the operating margin fell sharply from 5.6% in 2024 to -1.4% in 2025. On a net basis, the net loss attributable to owners reached KRW 4.10 billion, raising concerns about earnings stability.

Three consecutive quarters of operating losses spanning the third and fourth quarters of 2025 and the first quarter of 2026 also weigh on the outlook.

Execution and Funding Burden from Large-Scale Investment Projects

The debt-to-equity ratio rose rapidly from 22.3% in 2022 to 100.2% in 2025, reflecting growing financial burden from large-scale investments including the Seosan project. In April 2026, the company issued an additional KRW 7 billion convertible bond to continue funding these efforts.

If completion and operational timelines slip relative to plan, the payback period for these investments could be pushed further out.

Earnings Volatility and Seasonal Factors

Quarterly revenue and operating profit show wide swings, such as the sharp reversal from a profit in the second quarter of 2025 to a large loss in the third quarter, reflecting clear seasonality tied to harvest timing.

Given the nature of agricultural produce, margins can be sensitive to weather, energy costs, and raw material supply conditions.

Risk factors

Project Execution Risk

The Seosan agricultural bio-complex is a public-private project with total investment of KRW 305.5 billion, and while completion is targeted for the second half of 2026, delays or cost overruns cannot be ruled out given the scale of the construction project.

As a key shareholder of the SPC with a de facto leadership role in the business, WooDeumGee Farm could be significantly affected if the project underperforms.

Financial and Funding Risk

The debt-to-equity ratio rose to 100.2% in 2025, and convertible bond issuances have continued to meet funding needs including for the Seosan project. Further capital raises, if required, could result in equity dilution or added interest burden.

Industry and Competitive Risk

Competition may intensify as multiple players enter the domestic and overseas smart farm markets, and overseas business carries uncertainty in converting from the MOU stage to actual contracts and revenue.

The pace of domestic government-related projects could also be affected by policy changes or local government budget conditions.

What to watch next

Late September 2026
Check whether construction of the Seosan agricultural bio-complex greenhouses is completed — a point to assess actual progress against the third-quarter 2026 completion target cited by Hana Securities.
Mid-November 2026
The third-quarter 2026 quarterly report should be checked to see whether the return to profit in the second quarter continues and whether the revenue and margin recovery persists.
Second half of 2026
Follow-up contracts or concrete business progress under the Laos Bolikhamxay agricultural development MOU and the Japan JFE Engineering partnership should be monitored.
October 2027
The expected timing of the first harvest from the Seosan greenhouses, when the planned annual production of about 3,600 tons and estimated contracted operation revenue of about KRW 10 billion per year can be checked against actual results.

Overall view

WooDeumGee Farm sustained revenue growth and stable operating profit from 2022 to 2024 before swinging to an operating loss of KRW 0.88 billion and a net loss of KRW 4.10 billion in 2025.

Operating losses continued for three consecutive quarters through the first quarter of 2026, but the company returned to profit in the second quarter with revenue of KRW 18.39 billion and operating profit of KRW 0.75 billion, moving close to breakeven.

The company's mid-to-long-term growth pillars lie in the Seosan agricultural bio-complex, the largest such project under development in Korea, and overseas diversification across Saudi Arabia, the UAE, Laos, and Japan, with the completion and contract conversion timing of these projects likely to shape future results.

However, financial burden from these large-scale investments has also grown, with the debt-to-equity ratio rising to 100.2% in 2025 and continued convertible bond issuance. From a valuation standpoint, net income-based metrics are difficult to apply, and the shares trade at a discount to net asset value per share.

Investors will need to continue monitoring the Seosan project's completion schedule alongside whether the quarterly earnings recovery persists.

Sources

Korea Exchange (KRX) — Prices · Market Cap · Volume
FSS electronic disclosure system (DART) — Financial statements · Dividend filings

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Report written 2026-09-05 · Data as of 2026-09-04

This content is AI analysis of market data and web search results, provided for information only. It is not a solicitation or recommendation to invest. Investment decisions and their consequences are the investor's own responsibility. Data may be delayed or contain errors.