1. Q2 2025 Performance: The Power of Tax Refunds

Global Tax Free achieved a turnaround in Q2 2025, reporting revenue of ₩79.2 billion and operating profit of ₩13.3 billion. The tax refund business, contributing 87.5% of total revenue, proved to be the key growth driver. The cosmetics segment also saw significant improvement with 61% growth.

2. Segment Breakdown: Tax Refunds vs. Webtoons

  • Tax Refunds: Surging 46% on the back of increased international tourism and the K-beauty boom. Exchange rate volatility remains a concern.
  • Cosmetics (Swanicoco): Achieved 61% growth thanks to strengthened online presence and enhanced product competitiveness. Cost management is crucial.
  • Webtoons (Fingerstory): Revenue declined 53.5% due to business restructuring. Efforts are underway to improve profitability through platform enhancements and marketing.

3. Investment Takeaways: Opportunities and Risks

Opportunities: Steady growth in tax refunds, promising growth trajectory in cosmetics, and a strong financial position.

Risks: Exchange rate fluctuations, struggling webtoon business, and potential global economic slowdown.

4. Investment Strategies: Short-Term vs. Long-Term

  • Short-Term: Focus on the impact of the peak season for tax refunds and upcoming earnings releases.
  • Long-Term: Monitor the turnaround of the webtoon business and the results of new business investments.