Amorepacific Holdings (002790.KS) Q1 2026: Revenue Rises 5% but Overseas Profit Slumps 18.5%
Domestic channel rationalization drives a 65% operating profit surge at home, while China restructuring costs and aggressive new-market launches erode overseas earnings — and a 122% spike in tax expense reverses net income growth.
Source: Q1 2026 Quarterly Report — Filed May 2026 with DART | Consolidated Financial Statements | Unit: ₩ billions
Amorepacific Holdings delivered consolidated revenue of ₩1,222.7 billion in Q1 2026, a 5.0% year-on-year advance, while operating profit rose 6.9% to ₩137.8 billion — headline figures that look constructive until the geographic breakdown reveals a widening divergence between its two operating engines. The domestic business grew revenue 8.5% and boosted operating profit by 65.0%, lifting its margin to 13.0%; the overseas segment, meanwhile, grew top-line sales 5.8% even with COSRX in the consolidation base, yet its operating profit fell 18.5% as China restructuring costs and multi-market launch investment consumed the incremental earnings. Net income attributable to controlling shareholders contracted 4.3% to ₩56.2 billion, pulled down by a 122% spike in corporate income tax expense — the effective rate vaulting from 10.9% to 22.3% — and a contraction in financial income. The quarter confirms that domestic operational recovery has moved from narrative to demonstrated margin, while the central question of when overseas profitability inflects upward remains unanswered.
