Coway is forecast to report strong Q2 growth with revenue reaching 1.4091 trillion won and operating profit of 266.9 billion won, according to consensus analysis from five major domestic securities firms released on the 29th. The projections represent year-over-year increases of 11.93% and 9.97% respectively, driven by record-breaking domestic rental account additions and sustained 20-40% growth in Southeast Asian subsidiaries including Malaysia and Thailand. The consensus analysis, compiled by Yonhap Infomax from reports issued within the past three months, showed relatively narrow variance among firms, with revenue estimates ranging from 1.3793 trillion to 1.4292 trillion won and operating profit forecasts between 262.3 billion and 273.3 billion won.
Coway Domestic Rental Accounts Reach Record Quarterly Growth
Coway's domestic rental account net additions reached 200,000 in Q2, marking a 27% year-over-year increase and the highest quarterly growth on record. Lee Jin-hyeop, researcher at Hanwha Investment & Securities, stated that quarterly account additions exceeding 200,000 represents the company's largest achievement to date. The growth occurred despite reductions in accounts reaching ownership maturity, as rental sales volumes maintained prior-year levels.
![Coway Chairman Bang Jun-hyuk]()
Coway Chairman Bang Jun-hyuk [Source: Yonhap News file photo]
Malaysia and Thailand Operations Drive Southeast Asia Revenue Expansion
Malaysia subsidiary revenue is estimated at 433.7 billion won, representing a 22% increase. The subsidiary entered a second growth phase as new categories including mattresses and air conditioners gained traction alongside the existing water purifier-focused product line. Thailand operations added 30,000 to 40,000 accounts per quarter with revenue growth approaching 35%. Park Jong-dae, researcher at Hana Securities, noted that Malaysia's competitive intensification phase concluded and market share began rising from 2025. Mattress rental sales exceeded 35,000 units per quarter, while air conditioner installations surged from 20,000 units in Q1 to 35,000 units in Q2.
US and Indonesia Subsidiaries Face Regional Headwinds
US subsidiary revenue is expected to show a slight year-over-year decline. Indonesia operations remained impacted through Q2 by changes to appliance certification regulations. Water purifier installations resumed growth from June following completion of certification procedures, according to analyst assessments.
Coway Entech Secures SK Hynix US Semiconductor Plant Contract
Coway's water treatment subsidiary Coway Entech recently secured water treatment service rights for SK Hynix's US semiconductor facility. Hana Securities stated the contract will generate approximately 80 billion won in revenue distributed over the next two years.
![Coway Q2 Performance Forecast]()
Coway Q2 performance forecast [Source: Yonhap Infomax screen number 8031]
FAQ
What revenue and profit did securities firms forecast for Coway's Q2?
Five major domestic securities firms forecast Coway Q2 revenue of 1.4091 trillion won and operating profit of 266.9 billion won, representing year-over-year increases of 11.93% and 9.97% respectively.
How many domestic rental accounts did Coway add in Q2?
Coway added 200,000 domestic rental accounts in Q2, a 27% year-over-year increase and the highest quarterly growth on record according to Hanwha Investment & Securities researcher Lee Jin-hyeop.
What contract did Coway Entech secure in the US?
Coway Entech secured water treatment service rights for SK Hynix's US semiconductor facility, generating approximately 80 billion won in revenue over two years according to Hana Securities.
