Dalba Global (460230.KS) Q1 2026: Revenue Surges 50% to ₩171.2B as U.S. Sales Nearly Triple, 26% Margin Intact
d'Alba defies K-beauty's growth-margin trade-off: 94% of new revenue came from overseas while operating profitability held essentially flat.
Source: Q1 2026 Quarterly Report (11th Fiscal Year) — Filed May 13, 2026 with DART | Consolidated Financial Statements | Unit: ₩ billions
Dalba Global posted consolidated revenue of ₩171.24 billion in Q1 2026, a 50.5% year-on-year advance, while holding its operating margin at 26.3% — essentially unchanged from 26.4% a year earlier. Of the ₩57.48 billion added to the top line, roughly 94% originated outside Korea: U.S. revenue nearly tripled (+182%), Japan expanded 67%, and domestic sales grew just 6.7%. The company generated that pace of expansion through an entirely asset-light, OEM-based model — no owned manufacturing, no interest-bearing debt, and ₩168.4 billion in combined liquid assets on the balance sheet. For a brand-driven consumer business, the simultaneous achievement of record revenue, record operating profit, and stable margins across the same quarter is the clearest signal the financial statements can send.
