South Korea’s cosmetics exports set a nine-month record in 2026, while analysts cited currency and European expansion costs as risks to the profit outlook at APR Corp., which relies heavily on overseas revenue.
The Ministry of Food and Drug Safety (MFDS) said exports from January through September totaled $11.1 billion, a record for the period. Yonhap reported that preliminary figures put the total at $11.14 billion, up 31.1% from a year earlier.
APR’s second-quarter 2026 presentation reported revenue of KRW 767.5 billion and operating profit of KRW 190.6 billion, increases of 134.2% and 134.5%, respectively, from a year earlier. Overseas revenue was KRW 704.2 billion, or 92% of the total. North America and Europe together accounted for 68% of revenue.
E-Daily reported that Meritz Securities forecast third-quarter revenue of KRW 777 billion, up 101% year over year, and operating profit at KRW 167.8 billion, up 78%. The profit estimate was 15% below the KRW 197.3 billion market consensus cited by E-Daily. The outlet reported that Meritz analyst Park Shin-ae cited the stronger won, higher air and inland transport costs, and European e-commerce fees as pressures on APR’s profit outlook.
A separate Oct. 18 compilation by Yonhap Infomax, based on estimates from 16 domestic securities firms, put APR’s third-quarter revenue at KRW 783.8 billion and operating profit at KRW 175.8 billion. The forecasts differ by source and date; neither is a reported result.
The Korea Herald reported on Oct. 22 that APR shares were trading around KRW 290,000, about 39% below a reported 52-week high of KRW 475,000 on Sept. 1. It also said analysts expected Cosmax and Kolmar Korea to post third-quarter operating-profit growth of roughly 60% year over year; both companies bill largely in won.
Investors will look to APR’s third-quarter results to see whether overseas growth is translating into earnings.
