Kolmask consolidation and inbound indie-brand volume drive the company's best quarter ever — but leverage is rising fast.
Source: Q1 2026 Quarterly Report — Filed April 2026 with DART | Consolidated Financial Statements | Unit: ₩ billions
Kolmar Korea posted consolidated revenue of ₩728.0 billion in Q1 2026, its highest quarterly sales figure on record, representing 26.7% of the company's full-year 2025 revenue in a single quarter. Operating profit climbed 31.6% year-on-year to ₩78.9 billion and net income more than doubled to ₩60.0 billion (+159%), as operating leverage compressed selling, general and administrative costs even as the top line expanded by double digits. The quarter's strength flowed almost entirely from the cosmetics ODM segments, where the domestic indie-brand scaling cycle and K-Beauty export expansion converted directly into manufacturing volume. Against that backdrop, the company's debt ratio rose from 107.4% to 116.4% in just three months, driven by the January 2026 consolidation of Kolmask Co., Ltd. and a material step-up in acquisition-led fixed asset additions — a reminder that this record performance is being partly financed by leverage rather than retained capital alone.
