COWAY

SEOUL, South Korea, November 8th, 2024 –  Coway Co., Ltd., the “Best Life Solution Company,” has announced its financial results for the third quarter of 2024.   “We continue to secure new customers, having seen our rental accounts exceed 10 million by merit of strong sales growth both domestically and internationally, and are also maintaining stable contract retention,” said Soon Tae Kim, Coway’s Chief Financial Officer. “For the remainder of this year and beyond, we will continue to prioritize research and development that drives product innovation and digitalization, and will also strive to maintain our robust performance growth.”   Coway’s reported earnings are as follows:   - Third quarter revenue: KRW 1,100.3 billion (+9.2% YoY) - Third quarter operating profit: KRW 207.1 billion (+6.0% YoY) * The reported figures are taken from the consolidated K-IFRS (International Financial Reporting Standards) statement.   Cumulative revenue for 2024 now stands at KRW 3,184.4 billion (+7.5% YoY) with an operating profit of KRW 612.0 billion (+8.3% YoY).   In South Korea, domestic business generated KRW 660.8 billion in revenue for the third quarter, up 9.9% from last year. This increase has been attributed to steady sales of the ‘Icon Ice Water Purifier’ during the summer months, as well as the ongoing popularity of the BEREX lineup of mattresses and massage chairs. The net increase in domestic rental accounts during the third quarter, totaling 102,000 accounts, more than doubled compared to the same period last year. Furthermore, the cumulative net increase for the first three quarters of this year amounts to 245,000 accounts, a figure that has already surpassed last year's total net increase of 193,000 accounts.   Coway’s overseas subsidiaries also showcased strong growth in the third quarter, with a revenue report of KRW 391.5 billion, a 7.8% year-on-year increase. Of note among these were the Malaysia subsidiary, which achieved a revenue of KRW 293.4 billion with an 8.8% year-on-year increase, and the Thailand subsidiary, which continued to expand its growth trajectory with revenue of KRW 32.5 billion and an 8.9% year-on-year increase.   For additional details about Coway's financial performance, please visit the company's  Investor Relations  page.   About Coway Co., Ltd.   Established in Korea in 1989, Coway, the "Best Life Solution Company," is a leading environmental home appliances company making people's lives healthy and comfortable with innovative home appliances such as water purifiers, air purifiers, bidets, and mattresses. The company's most recent venture, the BEREX brand, aims to improve sleep and wellness through cutting-edge mattresses and massage chairs. Since being founded, Coway has become a leader in the environmental home appliances industry, with intensive research, engineering, development, and customer service. The company has proven dedication to innovation with award-winning products, home health expertise, unrivaled market share, customer satisfaction, and brand recognition. Coway continues to innovate by diversifying product lines and accelerating overseas business in Malaysia, USA, Thailand, China, Indonesia, Vietnam, Japan, and Europe, based on the business success in Korea. For more information, please visit  http://www.coway.com/  or  http://newsroom.coway.com .

- BEREX’s diverse product lineup of smart mattresses and massage beds has accelerated market expansion - Mattress sales grow 10% year-on-year and massage chair sales increase fivefold, driving revenue growth In less than two years since its launch, Coway has successfully managed to establish BEREX, its sleep and wellness brand, within the market, as demonstrated by the numerous accolades it has received for its ever-growing market presence. The first of the company’s brands to be integrated across product categories, BEREX encompasses Coway’s mattress and massage chair products. Launched in December 2022, the brand is comprised of a variety of products designed to enhance relaxation, and has become a leading force in sleep and wellness care trends as well as a key driver of corporate growth. With the name ‘BEREX’ standing for ‘Bed & Relax’, the brand serves to underline Coway’s belief that sleep and rest are important fundamental values of life, and aims to deliver benefits that go beyond mere relaxation. Since the brand’s inception, Coway has been differentiating itself from competitors and making a splash in the market through such innovative BEREX products as the BEREX Smart Mattress, BEREX Pebble Chair and BEREX Massage Bed. The BEREX Smart Mattress has received attention for its unique air-inflated Sleep Cell technology that serves as a replacement for traditional mattress springs. The innovative mattress allows users to customize the firmness of their mattress by adjusting the air volume within 80 (for the Queen size model) individual Sleep Cells. Offering superior durability, the BEREX Smart Mattress is able to maintain a ‘good-as-new’ condition even after prolonged use. It also offers users a mobile app for real-time pressure monitoring, firmness adjustment and control of the automatic pressure distribution system that effectively alleviates body pressure, along with a ‘Relax Mode’ to help promote restful sleep. BEREX’s massage products have also been making headway in this rapidly expanding market. Breaking away from conventional design approaches, these products come in a range of options, including compact, furniture-style massage chairs, providing customers with more options while also driving competitiveness. The BEREX Pebble Chair has gained recognition for its elegant design capable of seamlessly integrating into any space — all while serving users through its powerful massage functionality. Furthermore, the BEREX Massage Bed features a 3D massage system as well as a versatile design previously only found in traditional massage chairs that has been receiving acclaim since the product’s launch in October of last year. Coway also recently introduced the BEREX Reclining Massage Bed, subsequently winning a CES 2024 Innovation Award in the Digital Health Category. The award-winning product features innovative technologies that include an automatic reclining function for upper body support and a customized massage system, both of which have contributed to its strong position within the market. Since BEREX’s launch, the products released under the brand have consistently been achieving impressive sales figures, with mattress sales growing approximately 10% year-on-year in 2023 and massage chair sales skyrocketing more than five times over the same period. Moreover, the initial stock of the BEREX Massage Chair Mine sold out quickly upon release, resulting in the need for pre-order sales, while the BEREX Pebble Chair exceeded its original sales target by more than double, indicating strong customer interest. Coway plans to increase investment in BEREX this year in order to enhance the differentiated technologies of its products as well as to accelerate its expansion within the sleep and wellness market. “We aim to concentrate our efforts on nurturing our successfully established sleep and wellness brand BEREX, as well as its innovative product lineup, into a new growth engine,” stated Coway CEO Jangwon Seo of his strong commitment to further develop the BEREX brand in his New Year’s address. Additionally, Coway is focusing on expanding the BEREX brand’s physical presence by increasing the number of offline retail locations in South Korea. The company has actively been growing the number of its experiential stores across the country, from Seoul to Busan and Gwangju, with 17 stores opened until this year in order to improve customer accessibility and engagement. A Coway official stated, “In less than two years since its launch, BEREX features a diverse product lineup and has successfully become established within the market. We will continue to focus our efforts on driving the brand’s sustainable growth through a focus on BEREX’s unique technologies and service expertise.” About Coway Co., Ltd.  Established in Korea in 1989, Coway, the "Best Life Solution Company," is a leading environmental home appliances company making people's lives healthy and comfortable with innovative home appliances such as water purifiers, air purifiers, bidets, and mattresses. The company's most recent venture, the BEREX brand, aims to improve sleep and wellness through cutting-edge mattresses and massage chairs. Since being founded, Coway has become a leader in the environmental home appliances industry, with intensive research, engineering, development, and customer service. The company has proven dedication to innovation with award-winning products, home health expertise, unrivaled market share, customer satisfaction, and brand recognition. Coway continues to innovate by diversifying product lines and accelerating overseas business in Malaysia, USA, Thailand, China, Indonesia, Vietnam, Japan, and Europe, based on the business success in Korea. For more information, please visit  http://www.coway.com/  or http://newsroom.coway.com .  

A testament to the innovative design expertise that is at the core of the sleep and wellness brand, Coway’s BEREX has been receiving international recognition in the form of prestigious awards from leading global design awards programs. Integrated across various product categories, from mattresses to massage chairs, Coway’s BEREX is designed to enhance sleep and wellness care. Since it was first launched in December 2022, BEREX has consistently won praise for its unique technologies and stylish designs, as seen in such products as BEREX Smart Mattresses, BEREX Pebble Chairs and BEREX Massage Beds. This leading combination of both design- and user-centric functionality has resulted in Coway’s BEREX receiving accolades from top design awards programs the world over.  The BEREX Massage Bed’s distinctive design has been honored with four accolades, two of which are from the world’s top four design competitions, the International Design Excellence Awards (IDEA) 2024 and the Red Dot Design Award 2024 . In addition, the versatile BEREX Massage Bed was awarded recognition at South Korea’s Good Design Korea and Pin-Up Design Awards in 2023. The award-winning BEREX Massage Bed is an electric bed-type massage device that provides users with deep and powerful massages while lying down. Having received consistent praise for its design that has the ability to fit any home, it serves not just as a functional massage bed, but also as an aesthetic furniture and interior design piece. In April of this year, Coway launched the BEREX Reclining Massage Bed, which was commended at the CES 2024 Innovation Awards for providing users with enhanced convenience through its automatic reclining functionality. The BEREX Pebble Chair has similarly earned praise for its seamless fusion of interior-worthy design and leading massage capabilities. Along with receiving winning a prestigious IDEA Award 2024 for its design innovation, the BEREX Pebble Chair has also been honored with a Silver Prize, the Minister of Trade, Industry and Energy Award, at the Good Design Korea 2023, and was also named one of the Best 100 at the Pin Up Design Awards 2023 as well as Design of the Year at the Korean Brand Awards 2024. Unlike traditional, bulky massage chairs, the BEREX Pebble Chair is compact and is also able to bring a touch of elegance to any space thanks to its smooth, pebble-like curved silhouette and stylish fabric colors. Despite its lesser size, the massage chair is able to comfortably envelop the user’s body to provide concentrated heat massages and even multidimensional massage experiences through its patented ‘Hot Stone Therapy Tool’. Moving forward, Coway plans to continue to strengthen its leadership in the sleep and wellness market via the BEREX brand with the aim of reaching those customers seeking both superior product performance and premium interior design aesthetics. A Coway official said, “Our BEREX brand has been receiving accolades for its design excellence both at home and abroad by merit of its products’ ability to go beyond their functionality and serve as stylish interior design pieces. We will continue to focus on enhancing our design capabilities by putting the customer perspective first when integrating living space, furniture and appliance solutions in order to provide the best possible relaxation experiences.” About Coway Co., Ltd.  Established in Korea in 1989, Coway, the "Best Life Solution Company," is a leading environmental home appliances company making people's lives healthy and comfortable with innovative home appliances such as water purifiers, air purifiers, bidets, and mattresses. The company's most recent venture, the BEREX brand, aims to improve sleep and wellness through cutting-edge mattresses and massage chairs. Since being founded, Coway has become a leader in the environmental home appliances industry, with intensive research, engineering, development, and customer service. The company has proven dedication to innovation with award-winning products, home health expertise, unrivaled market share, customer satisfaction, and brand recognition. Coway continues to innovate by diversifying product lines and accelerating overseas business in Malaysia, USA, Thailand, China, Indonesia, Vietnam, Japan, and Europe, based on the business success in Korea. For more information, please visit  http://www.coway.com/  or http://newsroom.coway.com .