PER, EPS, PBR and BPS are calculated in-house from the last 4 quarters (2025Q3–2026Q2) · Dividend yield is based on ₩0 per share · Prices as of the 2026-10-02 close
As core banking solution revenue recovers and capital structure repair progresses, whether the biotech pipeline including the AIDS vaccine resumes clinical trials stands out as the next watch point.
Q1 2026 consolidated revenue rose 30.4% year-on-year while the operating loss narrowed 59.5%.
Q2 2026 net income attributable to owners turned positive at KRW 1.79bn even as the operating loss persisted, suggesting a possible one-off item.
In October 2025 the company decided on a 2-for-1 reverse stock split, cutting capital from KRW 97.6bn to KRW 48.8bn to ease concerns over designation as an administrative issue.
Partnerships expanded via a supply contract with Samsung SDS tied to Woori Bank IT infrastructure and a material transfer agreement (MTA) with Alteogen.
The AIDS vaccine SAV001 has completed GMP sample production steps and an FDA Type C meeting as it prepares to enter Phase 2 trials.
CreoSG was established in 1997 and listed on KOSDAQ in 2002; the company changed its name from Curocom to its current name in 2024 alongside a biotech-focused business restructuring.
Its business is organized into a solutions segment, a distribution segment, a biotech segment, and a real estate operation and leasing segment.
The solutions segment supplies core banking solutions and frameworks as the domestic operator of the BANCS-K core banking system, having built next-generation systems for multiple financial institutions including Kookmin Bank, Woori Bank, and Hana Bank.
More recently, maintenance and migration work tied to previously built systems, such as the Hana Bank next-generation project, has formed a base for revenue.
According to a disclosure around May 2026, the company signed a supply contract with Samsung SDS related to the third phase of Woori Bank's mid-to-long-term IT infrastructure optimization, broadening its participation in financial-sector projects through cooperation with a large systems integrator.
The biotech segment, through subsidiaries such as Sumagen (now ImmunoVaxBio), is researching and developing infectious disease vaccines including the world's first whole-inactivated HIV vaccine SAV001, as well as an immuno-oncology pipeline, in cooperation with entities such as the International Vaccine Institute (IVI) and Alteogen.
In 2025 the company signed a material transfer agreement (MTA) with Alteogen to explore joint development of next-generation immuno-oncology therapies. The real estate operation and leasing business has expanded since 2024 as part of broader diversification.
In the core banking market, the company competes against large systems integrators such as Samsung SDS and LG CNS, but its ownership of the specialized BANCS-K framework is cited as a point of differentiation.
| Quarter | Revenue | Operating profit | Op. margin |
|---|---|---|---|
| 2025Q2 | ₩2.7B | -₩1.5B | −56.3% |
| 2025Q3 | ₩2.9B | -₩900M | −31.9% |
| 2025Q4 | ₩3.2B | -₩1.9B | −60.2% |
| 2026Q1 | ₩2.6B | -₩800M | −30.9% |
| 2026Q2 | ₩3.2B | -₩100M | −4.3% |
| Year | Revenue | Operating profit | Net income (parent) | Op. margin | ROE | Debt-to-equity |
|---|---|---|---|---|---|---|
| 2022 | ₩9.8B | -₩6.1B | -₩10.4B | −62.8% | −27.0% | 91.0% |
| 2023 | ₩9.8B | -₩3.7B | -₩11.7B | −38.3% | −32.7% | 66.5% |
| 2024 | ₩8.2B | -₩5.7B | -₩12.5B | −69.3% | −24.8% | 81.6% |
| 2025 | ₩10.9B | -₩6.4B | -₩8.5B | −59.0% | −18.0% | 88.3% |
Consolidated basis (financial statements including subsidiaries) · Final figures from DART filings · Net income attributable to owners of the parent · Data as of 2026-08-23
2025 consolidated revenue reached KRW 10.86bn, up from KRW 8.16bn in 2024, while the operating loss widened to KRW 6.41bn from a loss of KRW 5.65bn the prior year. The operating margin improved to -59.0% in 2025 from -69.3% in 2024, though the company remained deeply loss-making.
Net loss attributable to owners narrowed to KRW 8.54bn in 2025 from a loss of KRW 12.54bn in 2024. Looking further back, revenue declined from KRW 9.78bn in 2022 to KRW 9.76bn in 2023 and KRW 8.16bn in 2024 before rebounding to KRW 10.86bn in 2025.
On a quarterly basis, Q3 2025 revenue was KRW 2.89bn with an operating loss of KRW 0.92bn, a relatively narrow loss, while Q4 2025 saw revenue rise to KRW 3.21bn but the operating loss widen again to KRW 1.94bn.
Q1 2026 revenue fell to KRW 2.63bn while the operating loss narrowed to KRW 0.81bn, and Q2 2026 revenue rose to KRW 3.18bn with the operating loss shrinking further to KRW 0.14bn, the smallest loss of the trailing four quarters.
Notably, Q2 2026 net income attributable to owners turned positive at KRW 1.79bn even though the operating loss persisted, which leaves room to interpret this as driven by a one-off non-operating item.
On the cash flow side, operating cash flow was negative every year from 2022 through 2025 (KRW -4.20bn, -5.49bn, -5.25bn, and -2.82bn respectively), indicating the core business has not yet secured self-sustaining cash generation.
To address capital impairment concerns, a 2-for-1 reverse stock split was decided in October 2025, which is also reflected in year-end 2025 total equity of KRW 47.21bn versus KRW 50.39bn at the end of 2024.
The domestic core banking (next-generation) systems market generates steady project volume driven by banks' system modernization and migration needs.
This market is dominated by large systems integrators such as Samsung SDS and LG CNS, with CreoSG participating as a smaller specialized operator holding the BANCS-K framework.
Samsung SDS recently signed a supply contract related to a financial-sector IT infrastructure project involving Woori Bank, highlighting CreoSG's role within the supplier ecosystem.
In biotech, HIV/AIDS vaccine development addresses a long-standing unmet need, and the whole-inactivated approach of SAV001 has drawn academic attention as a world-first attempt.
However, development was previously halted when the production institution was diverted under a US government directive during the COVID-19 pandemic, and the company has since rebuilt its partnership structure with French CMO Naobios to prepare for a clinical restart.
In immuno-oncology, cooperation with large domestic biotech firms such as Alteogen is underway, reflecting a pipeline-expansion strategy built on partnerships rather than solo development. Funding risk and clinical uncertainty typical of small biotech ventures remain common features across this segment of the industry.
The company explained that Q1 2026 results reflected continued maintenance and migration work for previously built systems at financial institutions, including the Hana Bank next-generation project, producing simultaneous revenue growth and a narrower operating loss.
Around May 2026 the company signed a supply contract with Samsung SDS tied to Woori Bank, expanding cooperation with a large systems integrator.
In biotech, the company stated that GMP sample production for SAV001's Phase 2 trial is underway at French CMO Naobios, with preparations in place to begin Phase 2 as soon as production is completed.
The company has already aligned on Phase 2 trial design with the US FDA through a Type C meeting and has contracted with global CRO Fortrea, completing preparatory steps such as drafting the clinical trial protocol and IND filing.
In an October 2025 media interview, a company representative stated that collaboration with Alteogen on next-generation immuno-oncology development was expected to move forward soon and that an overseas divestiture of the biotech business, including Sumagen Canada, was also being pursued.
However, whether such a divestiture or collaboration will actually be completed, along with its terms and timing, has not yet been officially confirmed.
On the capital structure side, the October 2025 decision on a 2-for-1 reverse stock split aimed to offset accumulated deficits and avoid designation as an administrative issue, and changes in capital impairment-related metrics are likely to be a key point to watch at the next settlement.
The company has posted annual net losses for several consecutive years, gradually shrinking its net asset base, and in October 2025 decided on a reverse stock split to ease capital impairment concerns.
The ratio of market capitalization to net assets, on an officially tallied basis, sits above net asset value, placing the stock in a range where a premium to book value exists.
From an earnings standpoint, the sum of net income attributable to owners over the trailing four quarters remains negative, meaning traditional earnings-based multiples cannot be meaningfully calculated. There is no recent history of dividend payments, making dividend-based valuation metrics difficult to apply.
That said, the swing to positive net income in Q2 2026 stands out as a point that could shape how the market assesses the company going forward, depending on whether the trend continues in subsequent quarters.
Ultimately, the pace of recovery in the core banking business and whether the biotech pipeline advances into clinical trials appear likely to serve as the key axes of market assessment for this company.
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 2026-08-23
Q1 2026 revenue rose 30.4% year-on-year while the operating loss narrowed 59.5%, with migration work tied to the Hana Bank next-generation project driving the improvement. Q2 2026 continued this trend, with revenue rising to KRW 3.18bn and the operating loss shrinking to KRW 0.14bn.
The supply contract with large systems integrator Samsung SDS can also be read as an expansion of collaboration channels.
SAV001, the world's first whole-inactivated AIDS vaccine, resumed development in partnership with French CMO Naobios after being halted by the pandemic following a successful Phase 1. Preparatory steps for Phase 2 entry, including an FDA Type C meeting and a contract with CRO Fortrea, are largely complete.
The material transfer agreement signed with Alteogen points to potential pipeline expansion into immuno-oncology.
A 2-for-1 reverse stock split decided in October 2025 reduced capital from KRW 97.6bn to about KRW 48.8bn, with the reduced capital used to offset accumulated deficits. Through this the company sought to avoid a worst-case scenario of being designated an administrative issue at the time of its audit report filing.
Q2 2026 saw net income attributable to owners turn positive, partly aligning with expectations for improved financial structure.
The company posted operating losses in all four years from 2022 through 2025, and the 2025 operating loss actually widened to KRW 6.41bn from the prior year. With annual revenue hovering around KRW 10bn, the scale may not be sufficient to cover fixed costs.
Operating cash flow was also negative for four consecutive years, meaning self-sustaining cash generation has not yet been demonstrated.
The capital impairment ratio rose to 53.0% as of the first half of 2025, requiring the emergency measure of a reverse stock split to address it. If net losses continue, a recurrence of similar financial issues cannot be ruled out.
A prior small-scale public offering by the second-largest shareholder fell short of plan, exposing limits to the company's fundraising capacity.
SAV001 remains at a pre-Phase 2 preparatory stage and was previously halted by an external factor, the pandemic. Reaching global technology transfer or commercialization requires passing through numerous clinical and regulatory steps, and both success and timing remain uncertain.
The Alteogen collaboration is also still at the material transfer agreement stage, and industry observers note that not all such agreements lead to an actual technology transfer.
The capital impairment ratio climbed to 53% as of the first half of 2025, requiring the emergency step of a reverse stock split. With operating and net losses recurring annually, the need for additional capital raising could resurface. A previous small-scale public offering by the second-largest shareholder also fell short of plan.
SAV001 is at a pre-Phase 2 stage and was previously halted once by an external factor, the pandemic. The structure relies on cooperation with global CROs and CMOs, so timelines can shift depending on overseas partners' circumstances.
The Alteogen collaboration is also still at the early material transfer agreement stage, and whether it leads to actual commercial outcomes remains uncertain.
Solutions revenue depends on projects with a small number of large financial institutions such as Kookmin Bank, Woori Bank, and Hana Bank, so revenue volatility could rise if a specific project ends or new orders are delayed.
Cooperation contracts with large systems integrators may also contribute limited profitability if structured as subcontracting rather than direct orders. The revenue mix and profitability of non-core segments such as distribution and real estate are not disclosed in detail externally, limiting visibility.
Q3 2026 results are expected to be disclosed; it is worth checking whether revenue recognition trends from projects such as the Hana Bank next-generation project and the narrowing operating loss trend continue.
Completion of GMP sample production for SAV001's Phase 2 trial and whether an IND application is filed could be a key inflection point for the biotech pipeline's value.
It is worth confirming whether the material transfer agreement with Alteogen progresses into an actual joint research or technology transfer agreement in immuno-oncology.
Whether the outcome and terms of the pursued overseas divestiture of the biotech business, including Sumagen Canada, are disclosed should be monitored.
The capital impairment ratio and any administrative-issue designation should be re-checked at the time the FY2026 audit report is filed.
CreoSG is built around two pillars: recovery in its core banking solutions revenue and its biotech pipeline.
Revenue growth and a narrowing operating loss appeared simultaneously across Q1 and Q2 2026, and Q2 net income attributable to owners turned positive, though the operating loss itself persisted, leaving open the possibility of a one-off contribution.
On the financial structure side, the company executed a 2-for-1 reverse stock split to bring down a capital impairment ratio that had risen to 53% as of the first half of 2025, a defensive measure aimed at avoiding an administrative-issue designation.
In biotech, preparations for SAV001's Phase 2 trial are underway and a material transfer agreement with Alteogen has been signed, but no definitive outcome such as trial initiation or a technology transfer agreement has yet materialized.
Expanded cooperation in financial IT, including the Samsung SDS supply contract, is a signal worth noting for revenue diversification, but with annual revenue still around KRW 10bn, a fundamental improvement in the profit and loss structure appears to require more time.
Investors should monitor upcoming quarterly results, progress of the biotech pipeline into clinical trials, and disclosures related to the capital structure together.
Report written 2026-09-05 · Data as of 2026-09-04
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