PER, EPS, PBR and BPS are calculated in-house from the last 4 quarters (2025Q3–2026Q2) · Dividend yield is based on ₩560 per share · Prices as of the 2026-10-02 close
NICE Holdings grew consolidated revenue and operating profit in 2025, but net income attributable to owners has swung between profit and loss on a quarterly basis.
2025 consolidated revenue reached KRW 3.24tn (+6.7% YoY) and operating profit KRW 198.1bn (+13.7%), showing improved top-line and core profitability.
Net income attributable to owners fell from KRW 47.5bn in 2024 to KRW 37.6bn in 2025, and two of the last four quarters (2025Q4, 2026Q2) posted losses at the owners' net income line.
As a pure holding company, NICE Holdings funds itself through dividends received from multiple listed and unlisted subsidiaries spanning credit rating, credit information, electronic payment, and electronic finance.
The company disclosed an FY2026-2028 dividend policy targeting a consolidated payout ratio of around 35% with dividends per share to rise from current levels.
Subsidiary restructuring, including the acquisition of a stake in KIS Information & Telecommunications via NICE I&C, is proceeding alongside new business investment such as receivables factoring.
NICE Holdings is a pure holding company listed on the KOSPI in February 2004, sitting atop a group of listed and unlisted subsidiaries under the NICE Group umbrella.
Its core subsidiaries include NICE Information Service, which handles personal and corporate credit information; NICE Credit Rating, a licensed rating agency that assesses corporate bonds and commercial paper; and Korea Electronic Finance, which operates ATM management and CD-VAN businesses.
In payment infrastructure, NICE Information & Telecommunications (formerly NICE Information & Telecom) runs VAN and electronic payment operations, and it recently acquired a 96.1% stake in KIS Information & Telecommunications that had been held by NICE Holdings.
The personal credit bureau business relies on the largest domestic credit database and data-processing know-how as its key competitive advantage, while the rating business is protected by regulatory licensing and modeling expertise as entry barriers.
Korea Electronic Finance's ATM business generates stable outsourcing revenue built on a nationwide network and security systems. NICE Information Service recently launched a new privacy-related product called URL Hacking Safety, which surpassed 290,000 subscribers within eleven months of launch.
In new business areas, the receivables-factoring platform NICE Answer secured a strategic investment from Hana Financial Group as it expands into supply-chain finance.
Competitively, the credit information and rating market involves rivals such as Korea Credit Bureau, while the payment VAN market faces intensifying competition from multiple PG and simple-payment operators.
| Quarter | Revenue | Operating profit | Op. margin |
|---|---|---|---|
| 2025Q2 | ₩788.2B | ₩68.5B | 8.7% |
| 2025Q3 | ₩845B | ₩61.4B | 7.3% |
| 2025Q4 | ₩864.3B | ₩37.6B | 4.3% |
| 2026Q1 | ₩788.8B | ₩42.4B | 5.4% |
| 2026Q2 | ₩735.3B | ₩80.8B | 11.0% |
| Year | Revenue | Operating profit | Net income (parent) | Op. margin | ROE | Debt-to-equity |
|---|---|---|---|---|---|---|
| 2022 | ₩2.8T | ₩145.2B | ₩36.7B | 5.3% | 4.9% | 155.9% |
| 2023 | ₩2.8T | ₩97B | ₩3.9B | 3.4% | 0.5% | 164.4% |
| 2024 | ₩3T | ₩174.3B | ₩47.5B | 5.7% | 6.3% | 152.9% |
| 2025 | ₩3.2T | ₩198.1B | ₩37.6B | 6.1% | 5.0% | 162.0% |
Consolidated basis (financial statements including subsidiaries) · Final figures from DART filings · Net income attributable to owners of the parent · Data as of 2026-08-22
2025 consolidated revenue came to KRW 3.2426tn, up 6.7% from KRW 3.0383tn in 2024, while operating profit rose 13.7% to KRW 198.1bn from KRW 174.3bn, lifting the operating margin from 5.7% to 6.1%.
Net income attributable to owners, however, declined to KRW 37.6bn in 2025 from KRW 47.5bn in 2024, illustrating how non-operating items such as equity-method gains/losses, minority interest allocation, and taxes can weigh heavily on a holding company's bottom line even as operating profit grows.
Year-to-year volatility was already pronounced before that: owners' net income fell from KRW 36.7bn in 2022 to just KRW 3.9bn in 2023 before recovering to KRW 47.5bn in 2024.
Looking at the last four quarters, revenue of KRW 788.2bn, operating profit of KRW 68.5bn and owners' net income of KRW 17.7bn in 2025Q2 gave way to higher revenue of KRW 845.0bn but lower operating profit of KRW 61.4bn and net income of KRW 14.4bn in 2025Q3.
In 2025Q4, revenue rose further to KRW 864.3bn, yet operating profit dropped sharply to KRW 37.6bn and owners' net income turned negative at -KRW 2.4bn. 2026Q1 saw a return to profit with revenue of KRW 788.8bn, operating profit of KRW 42.4bn and net income of KRW 14.3bn, but in 2026Q2 revenue slipped to KRW 735.3bn while operating profit jumped to KRW 80.8bn — the highest of the past five quarters — even as owners' net income fell back into negative territory at -KRW 5.7bn.
This recurring divergence between operating profit and owners' net income suggests non-operating line items carry substantial influence over the reported earnings trend.
Summed over the trailing four quarters (2025Q3-2026Q2), owners' net income totaled roughly KRW 20.6bn, a pace that on an annualized basis falls short of the 2024 level.
The credit information and rating industry in which NICE Holdings' core subsidiaries operate is closely tied to household and corporate lending cycles.
Subsidiary NICE Information Service reported that its cumulative nine-month consolidated revenue rose 14.5% year over year through the third quarter of 2025, with operating profit up 24.0% and net income up 15.2%, as personal credit bureau performance improved on the back of an expanding household loan market and growth in platform-linked lending following rate cuts.
Its corporate information business maintains stable revenue through online information services, data sales, and technology evaluation, with growth in the MyData market cited as an additional driver.
On the payment infrastructure side, however, competition among numerous VAN and PG operators creates structural pressure on per-transaction fees, while the ATM management business remains exposed to the long-term decline in cash usage.
The credit rating market has high entry barriers due to regulatory licensing that limits the number of players, but its performance is sensitive to swings in corporate bond and commercial paper issuance volumes.
Because many group subsidiaries are separately listed on KOSDAQ, NICE Holdings' consolidated results reflect a composite pattern shaped by each subsidiary's business cycle overlapping at different points in time.
The company's board announced an FY2026-2028 dividend policy aiming to maintain a stable consolidated payout ratio of around 35% while raising dividends per share above current levels.
This follows the FY2023-2025 policy, under which NICE Holdings paid out over 60% of dividends received from subsidiaries and targeted annual DPS growth of 10% or more for three years, alongside a commitment by NICE Holdings and NICE Information Service to retire at least 1% of outstanding shares annually — making it worth watching whether the new policy continues this trajectory.
The acquisition of a stake in KIS Information & Telecommunications through NICE Information & Telecommunications raises the question of whether it will lead to integration and synergy among payment-related subsidiaries.
New privacy products such as NICE Information Service's URL Hacking Safety and the receivables-factoring business NICE Answer illustrate the group's diversification into new businesses, and it remains to be seen whether the strategic investment relationship with Hana Financial Group leads to further expansion.
That said, no specific quarterly revenue or profit guidance from the company was found within the scope of this search, so future performance will need to be confirmed sequentially through quarterly disclosures.
Because the credit rating and credit bureau segments are likely linked to monetary policy direction and household/corporate loan demand, the impact of interest rate changes on subsidiary performance warrants continued monitoring.
The shares trade at a level below the company's net asset value, a relationship that should be read alongside the wide year-to-year and quarter-to-quarter swings in owners' net income.
Given that net income contracted sharply in 2023, recovered in 2024, softened again in 2025, and has alternated between profit and loss in recent quarters, applying a conventional earnings-multiple lens in isolation has limits in this case.
As a holding company, NICE Holdings' underlying asset base consists largely of stakes in multiple listed subsidiaries, so the market often references the discount between the sum of these subsidiary stake values and the holding company's own share price — a so-called holding-company discount.
On the dividend side, the disclosed FY2026-2028 policy of maintaining a roughly 35% consolidated payout ratio with rising per-share dividends offers a reference point for gauging future shareholder returns.
Because distributable profit ultimately derives from owners' net income, however, how the recent earnings volatility affects dividend capacity will need to be confirmed through future disclosures.
PER, EPS, PBR and BPS are all calculated in-house (the same method as Naver and Toss) · Dividend yield = cash dividend per share from DART filings (supplemented by KRX) ÷ current price · As of 2026-08-22
The operating margin improved from 5.7% to 6.1% in 2025, and revenue has grown for four consecutive years since 2022.
Subsidiary NICE Information Service also posted double-digit growth in cumulative revenue, operating profit and net income through the third quarter of 2025, indicating the group's core businesses retain underlying strength.
The credit information and rating businesses have room to keep improving as loan demand expands during a rate-cutting cycle.
Having paid out over 60% of dividends received and retired treasury shares annually during FY2023-2025, the company newly disclosed an FY2026-2028 policy maintaining a roughly 35% consolidated payout ratio with rising dividends.
Subsidiaries NICE Information Service and NICE Information & Telecommunications have likewise announced share retirement and buyback plans, suggesting the group-wide return policy is continuing. That said, dividend capacity ultimately depends on net income, so it should be viewed alongside future earnings trends.
Businesses with different cycles — credit rating, credit information, electronic payment, and electronic finance — sit under a single holding structure, which can partially diversify the impact of a shock in any single sector on the group as a whole.
The fact that the new receivables-factoring platform NICE Answer secured a strategic investment from Hana Financial Group illustrates the group's capacity to expand into new businesses.
NICE Information Service's new privacy-protection product has also grown its subscriber base quickly, hinting at a potential new revenue source.
While operating profit trended upward, net income attributable to owners posted losses in 2025Q4 and 2026Q2. Notably, in 2026Q2 operating profit reached its highest level in five quarters even as net income swung to a loss, underscoring the outsized influence of non-operating items. Repeated mismatches of this kind can reduce the predictability of reported earnings.
The debt ratio ranged between 152.9% and 164.4% from 2022 to 2025 and stood at 162.0% at the end of 2025, remaining elevated.
Equity attributable to owners has been nearly flat over four years, moving from KRW 752.2bn in 2022 to KRW 756.2bn in 2025, suggesting accumulated earnings have not translated meaningfully into equity growth.
The VAN and PG payment market faces structural pressure on per-transaction fees due to intense competition among numerous operators, while declining cash usage constrains the long-term growth of the ATM management business.
As these businesses account for a meaningful share of group revenue, whether growth in credit information and rating can offset the slowdown in these more mature segments remains to be seen.
The credit information and credit rating businesses are directly affected by financial regulatory licensing and personal data protection laws. Stricter regulation could raise operating costs or constrain expansion into new businesses. The industry is also exposed to reputational damage from any data protection incident or regulatory violation.
Given the holding-company structure with multiple listed subsidiaries, non-operating items such as minority interest allocation and equity-method gains/losses significantly affect owners' net income.
The recent divergence between operating profit and net income direction in quarterly results is interpreted as a reflection of this structural characteristic. If subsidiary earnings cycles move out of sync with one another, consolidated earnings volatility could increase further.
The credit bureau and credit rating businesses are tied to household and corporate loan demand as well as corporate bond and commercial paper issuance volumes, making them sensitive to changes in interest rate policy. Payment-related businesses are similarly exposed to consumption trends. Any shift in future monetary policy direction could alter the earnings contribution of individual subsidiaries.
Check for disclosures on the integration progress and potential synergies from NICE Information & Telecommunications' acquisition of a stake in KIS Information & Telecommunications.
Watch the 2026Q3 consolidated earnings release to see whether operating profit and owners' net income continue to diverge or whether recent volatility persists.
Monitor whether follow-on investment or partnership expansion between the NICE Answer factoring platform and Hana Financial Group materializes, and whether new businesses begin contributing visibly to revenue.
Confirm whether the 2026 fiscal-year-end dividend, the first under the FY2026-2028 policy, aligns with the disclosed targets of a roughly 35% consolidated payout ratio and higher per-share dividends.
NICE Holdings showed improved core profitability in 2025 with consolidated revenue and operating profit both increasing, but net income attributable to owners actually declined from the prior year and posted losses in two of the last four quarters, revealing notable volatility.
This suggests that, given the holding-company structure with multiple listed subsidiaries, non-operating factors such as minority interest allocation and equity-method gains/losses exert considerable influence on reported earnings.
The company disclosed an FY2026-2028 dividend policy targeting a roughly 35% consolidated payout ratio with rising per-share dividends, a continuation of the share-retirement and dividend-expansion trajectory set under the prior FY2023-2025 policy.
On the business side, improvement in the core credit information and rating businesses is proceeding alongside new business investment such as receivables factoring, even as structural pressure persists in more mature segments like VAN and ATM management.
A debt ratio that has ranged from the high 150% to low 160% range and equity attributable to owners that has stayed largely flat for several years are notable points for the balance sheet.
Going forward, the key items to watch are whether the divergence between quarterly operating profit and net income direction persists, and how much of the new dividend policy materializes into actual payouts.
Report written 2026-09-05 · Data as of 2026-09-04
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