PER, EPS, PBR and BPS are calculated in-house from the last 4 quarters (2025Q3–2026Q2) · Dividend yield is based on ₩100 per share · Prices as of the 2026-10-02 close
Meatbox Global posted record first-half consolidated revenue of KRW 79.7 billion and operating profit of KRW 2.46 billion in H1 2026, consolidating a shift from loss to profit.
H1 2026 revenue reached KRW 79.7 billion, up 33.3% year on year, with operating profit of KRW 2.46 billion marking a swing to profit.
Full-year 2025 revenue came to KRW 135.6 billion with an operating margin of 2.1%, slightly below 2024's 2.8%.
The company is pursuing a 200% bonus share issuance alongside the CEO's planned KRW 1 billion open-market share purchase, aimed at shareholder returns and liquidity expansion.
Online penetration in the food sector remains around 30%, and some analysts point to room for growth through further platform transaction volume and repeat-purchase expansion.
US beef tariffs were fully eliminated starting January 2026, while whether the 30-month age restriction on imports will be eased remains an open variable in Korea-US trade talks.
Meatbox Global was founded in 2014 and listed on KOSDAQ in January 2025 as a B2B digital distribution platform specializing in livestock products.
Its core business is the Meatbox platform, which directly connects sellers such as importers and primary wholesalers with buyers such as butcher shops and restaurants, shortening distribution stages; roughly 40% of major products sold are imported beef and about 20% imported pork.
Sellers include Cargill, the world's largest livestock products distributor, alongside directly imported brands from Australia and the United States such as IBP, EXCEL, TEYS, and AMH sourced through large overseas distributors.
The company also operates private-brand product lines including Dangdang Hanwoo (Korean beef), Dangdang Handon (Korean pork), Dangdang Handak (Korean chicken), and Dangdang Cut, capturing margin through direct purchasing.
To expand its business, the company runs a livestock-collateral financing service through subsidiary Meatmatch Daebu and a processed-food business through subsidiary Meatgram.
Logistics are anchored by the Yongin MFC (Meatbox Fulfillment Center), which received a smart logistics center certification from the Ministry of Land, Infrastructure and Transport and has introduced ACR (Autonomous Case-handling Robotic) automation for select categories to improve cold-chain operating efficiency.
The customer base is centered on small business operators such as butcher shops, restaurants, and food material distributors, with reportedly high adoption of data subscription services and repeat purchase rates among registered sellers.
In Korea's mature offline-dominated livestock distribution market, the company has positioned itself around a clearly defined online direct-trade niche as a point of differentiation.
| Quarter | Revenue | Operating profit | Op. margin |
|---|---|---|---|
| 2025Q2 | ₩31.5B | -₩300M | −0.9% |
| 2025Q3 | ₩41.5B | ₩900M | 2.3% |
| 2025Q4 | ₩34.2B | ₩2B | 5.9% |
| 2026Q1 | ₩34.3B | ₩1.6B | 4.6% |
| 2026Q2 | ₩45.5B | ₩900M | 1.9% |
| Year | Revenue | Operating profit | Net income (parent) | Op. margin | ROE | Debt-to-equity |
|---|---|---|---|---|---|---|
| 2023 | ₩66.9B | ₩2.6B | ₩3.5B | 3.9% | 23.5% | 176.6% |
| 2024 | ₩110.3B | ₩3.1B | ₩1.8B | 2.8% | 10.9% | 192.3% |
| 2025 | ₩135.6B | ₩2.9B | ₩1.7B | 2.1% | 4.7% | 161.9% |
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
Based on confirmed financials, Meatbox Global recorded 2023 revenue of KRW 66.9 billion, operating profit of KRW 2.6 billion (3.9% operating margin), and owners' net income of KRW 3.5 billion.
In 2024, revenue rose sharply to KRW 110.3 billion, though the operating margin slipped to 2.8% and owners' net income fell to KRW 1.83 billion.
The net income decline was reportedly linked to a one-off impairment recognized on a subsidiary's under-construction asset tied to a build-transfer-operate logistics facility project at the Giheung IC on the Gyeongbu Expressway.
Consolidated 2025 revenue reached KRW 135.6 billion with operating profit of KRW 2.91 billion (2.1% operating margin) and owners' net income of KRW 1.74 billion.
On a quarterly basis, Q2 2025 showed an operating loss of KRW 289 million and an owners' net loss of KRW 371 million, reflecting listing-related and subsidiary setup costs.
This was followed by a swing to profit in Q3 2025, with revenue of KRW 41.5 billion, operating profit of KRW 942 million, and owners' net income of KRW 691 million, while Q4 operating profit climbed further to KRW 2.03 billion, illustrating a pronounced seasonal peak in the second half.
In 2026, operating profit came to KRW 1.59 billion in Q1 and KRW 871 million in Q2, both improving year on year, with combined H1 operating profit of KRW 2.46 billion equating to roughly 84.7% of full-year 2025 operating profit.
This pattern is consistent with the industry's characteristic seasonality, in which revenue and profit concentrate in the second half, combined with cost-structure improvements from rising platform transaction volumes.
Korea's livestock distribution market is generally viewed as a mature, offline-centered industry, but online penetration in the food sector stood at roughly 30% as of September 2025, relatively low compared with other consumer categories.
This has been cited as an indicator of structural growth room for online direct-trade platforms such as Meatbox Global.
The company's gross merchandise value (GMV) was approximately KRW 480 billion in 2024, with annual purchasing customers approaching 70,000, and cumulative GMV from 2023 through Q3 2025 surpassing roughly KRW 1.24 trillion.
The repeat purchase rate has stayed in the low-80% range, indicating relatively low customer churn, while the platform's take rate is reported to remain below 10%.
In terms of competitive positioning, the company's relationships with major global suppliers, including Cargill, the world's largest livestock products distributor, are highlighted as a distinguishing feature.
However, livestock distribution is an industry where raw material price volatility, inventory management, and refrigerated or frozen logistics costs have a direct bearing on profitability, making inventory turnover and cost management as important as top-line growth rates.
In April 2026, the company disclosed a 'value-up plan' setting out goals of revenue growth, improved profitability, stronger financial soundness, and continued shareholder return policies.
Specific measures included upgrading logistics infrastructure and optimizing user experience, diversifying product categories to broaden the customer base and raise order values, and pursuing new business expansion along with operational efficiency gains.
As execution examples, the company points to the introduction of 'Yukmart 2.0' for restaurant operators, extending the order cutoff time to 10 p.m., and expanding the 'in-fridge delivery' service, all of which it says contributed to the first-half earnings improvement.
For the second half, the company outlined plans to expand cut-meat products and product categories centered on Yukmart to grow new customers and transaction volume.
On the external front, US beef tariffs were fully eliminated starting January 2026 under the Korea-US free trade agreement, a factor cited as potentially favorable given the company's high exposure to imported meat trading.
However, whether the 30-month age restriction on US beef imports will be relaxed remains a sensitive item on the Korea-US trade agenda; as of reports from the second half of 2025, the restriction was still in place, though the outcome could change depending on future negotiations.
The livestock-collateral financing service offered through subsidiary Meatmatch Daebu, which began in earnest in H1 2025, is flagged as a point to watch for whether platform data-based risk management know-how can translate into a new growth driver.
Meatbox Global's earnings path shows a period of sustained profitability through 2023, a decline in net income in 2024 due to a one-off impairment charge, a loss in H1 2025, and a return to profit starting Q3 2025.
This loss-to-profit transition is reflected in market valuation, with the current share price trading at a level that carries a degree of premium over net asset value.
Given the company's short trading history since listing, establishing a clear long-term valuation band is difficult, though brokerage reports have attempted relative valuation approaches using comparable domestic and overseas e-commerce and vertical-commerce companies.
The company's decision to carry out a 200% bonus share issuance, together with the CEO's open-market share purchase, is an event that will expand the float and alter shareholder composition, a factor that should be considered given it may shift the baseline for future trading metrics.
On dividends, the company paid a year-end dividend for fiscal 2025 with a payout ratio of 32.26% and has been classified as a high-dividend company under the Special Tax Treatment Control Act, which is cited as an indicator of the direction of its shareholder return policy.
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
H1 2026 revenue of KRW 79.7 billion and operating profit of KRW 2.46 billion represent the company's best first half since founding.
Compared with an operating loss in the same period a year earlier, this marks a clear swing to profit, with H1 operating profit already reaching about 85% of full-year 2025 operating profit. The company attributes part of this improvement to service upgrades such as Yukmart 2.0 and in-fridge delivery.
The company decided on a 200% bonus share issuance to triple the number of outstanding shares, while the CEO is separately pursuing a KRW 1 billion open-market share purchase. This is interpreted as targeting both improved trading accessibility through a larger float and reinforced management accountability.
The fiscal 2025 year-end dividend and the company's classification as a high-dividend company also support the continuity of its shareholder return policy.
With online penetration in the domestic food sector at roughly 30%, some analysis points to further room for online conversion relative to other consumer categories.
The company's repeat purchase rate in the low-80% range and a take rate still below 10% are cited as indicators of expansion potential within its business model. Its plans to diversify categories and acquire new customers to grow transaction volume are interpreted as attempts to capture this room.
H1 has been structurally weak, with the company posting an operating loss and an owners' net loss in Q2 2025.
Given the business's recurring seasonality, with consumption concentrated around summer vacations, holidays, and year-end gatherings in the second half, annual performance cannot be judged from first-half results alone.
Even with improved H1 2026 results, the possibility of a similar seasonal pattern recurring in a future first half cannot be ruled out.
With roughly 40% of major products sold being imported beef and 20% imported pork, the business is exposed to changes in trade policy.
US beef tariffs were fully eliminated in January 2026, but whether the 30-month age restriction on imports will be eased remains a sensitive item in Korea-US negotiations, making the direction hard to predict.
If the restriction is eased, it could simultaneously expand trading volume and intensify price competition against domestic Korean beef.
In 2024, an impairment on a subsidiary's under-construction asset tied to the Giheung IC logistics facility project was a major factor behind the decline in net income.
The livestock-collateral financing service run through subsidiary Meatmatch Daebu is a new business carrying credit and collateral-valuation risk; while the company argues risk is low given the ease of disposing of collateral, actual bad debts could still affect earnings. As new business expansion continues, the possibility of similar one-off costs recurring cannot be ruled out.
While tariffs on US beef have been eliminated, easing of the 30-month age import restriction remains an unresolved item in Korea-US trade negotiations. Depending on the outcome, imported meat trading volumes and price structures could shift, adding uncertainty to business planning.
Changes in government quarantine and trade policy related to livestock products are also a variable requiring ongoing monitoring.
Livestock distribution is an industry where raw material price volatility, inventory management, and refrigerated or frozen logistics costs directly affect profitability. A growing share of directly purchased products can expand top-line figures on paper but also increase inventory burden and price-volatility risk.
If cost-structure improvements are not sustained, margins could come under renewed pressure despite revenue growth.
A scheduled 200% bonus share issuance will triple the number of outstanding shares, potentially altering the supply-demand structure once the new shares are listed. As a relatively small-cap stock, the potential for greater price volatility tied to changes in trading volume should also be considered.
With the bonus issuance and the share purchase occurring simultaneously, changes in shareholder composition going forward warrant continued attention.
Record date for the 200% bonus share issuance; shareholders registered on this date will be eligible for new share allocation.
Scheduled listing date for the 11,293,050 new shares from the bonus issuance, a point to check for supply-demand effects from the change in float.
Expected timing for Q3 2026 earnings disclosure, a point to check whether revenue and profit improvements continue as the company enters its seasonally strong second half.
Continued monitoring of Korea-US trade negotiation developments and government announcements regarding the 30-month age restriction on US beef imports.
Check for disclosures on the progress and completion of the CEO's planned KRW 1 billion open-market share purchase, and for any additional shareholder return policy announcements.
Meatbox Global has continued a path from an H1 2025 loss to profitability from Q3 2025 onward, and in H1 2026 posted record first-half revenue and operating profit.
However, since this improvement occurs within a business structure heavily reliant on second-half seasonal peaks, it remains premature to draw firm conclusions about the full-year trajectory from first-half results alone.
The elimination of US beef tariffs in January 2026 is cited as a favorable backdrop given the company's high exposure to imported meat, but whether the 30-month age import restriction will be eased remains an uncertain trade variable.
The company is simultaneously pursuing a 200% bonus share issuance and a CEO share purchase to expand its float and strengthen shareholder returns, an event that could reset the baseline for future trading metrics.
Steady growth in GMV and repeat purchase rates in a market with low online penetration illustrates structural room in the business model, but raw material price volatility and the possibility of recurring one-off costs from new business ventures are factors that should also be weighed.
Overall, investors would benefit from sequentially tracking second-half earnings disclosures, the bonus issuance schedule, and the progress of trade negotiations to assess whether the company's return to profitability holds.
Report written 2026-09-05 · Data as of 2026-09-04
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