Polaris Office

Polaris Office's core business is a software platform centered on its 'Polaris Office' document editing software, combined with collaboration platforms, mobile security, and AI document solutions to generate B2B and B2G subscription revenue.

In the first half of 2026, standalone revenue was about KRW 14.6 billion, up 18% year-on-year, with B2B revenue of roughly KRW 5.7 billion growing 49% on the back of enterprise products such as SDKs, converters, and web office tools.

The company is Atlassian's official Platinum Partner in Korea, supplying Jira and Confluence along with implementation and consulting services, and is expanding domestic supply of the 'DX' AI development-productivity measurement platform.

Consolidated affiliates include Polaris Se-one, which supplies automotive HVAC components to Hanon Systems and BOSCH; Polaris Uno, which produces synthetic yarn for wigs and chemical products; Polaris AI, which distributes the Kipling and Eastpak bag brands domestically while also running an AI convergence business; Polaris AI Pharma, engaged in active pharmaceutical ingredients (API) and CDMO; and Handysoft (Polaris AI Handy), which supplies groupware to the public and financial sectors.

Polaris AI Pharma supplies API to over 100 domestic and overseas clients while holding a stake in Nasdaq-listed Alpha Tau Medical, whose valuation changes affect consolidated earnings.

The global office software market remains split largely between Microsoft 365 and Google Workspace, with domestic competition from firms such as Hancom, though local vendors retain a footing due to country-specific document formats and language barriers.

The company has also signed a Business Associate Agreement with OpenAI to co-develop the 'AskDoc for Pharma' healthcare AI solution with Polaris AI Pharma for the US market, extending its scope beyond pure software.

Overall, the business structure combines a software licensing and subscription core with consolidated results from manufacturing and biotech affiliates in a diversified holding-like structure.

Consolidated revenue expanded sharply from KRW 24.2 billion in 2022 to KRW 107.9 billion in 2023, KRW 276.3 billion in 2024, and KRW 324.2 billion in 2025, with much of this growth attributable to the sequential consolidation of manufacturing and service affiliates including Polaris Se-one, Polaris Uno, Polaris AI, Polaris AI Pharma, and Handysoft.

Operating margin fell from 6.9% in 2022 and 5.8% in 2023 to just 1.7% in 2024, before partially recovering to 2.8% in 2025, a pattern consistent with the initially lower profitability of newly consolidated affiliates combined with expanded core-business investment.

Owners' net profit rose from KRW 13.1 billion in 2022 to KRW 21.3 billion in 2023 but then declined to KRW 7.1 billion in 2024 and KRW 4.9 billion in 2025, diverging from the consolidated net profit trend—a result of the capital structure in which affiliates with large non-controlling interests do not pass their full profit contribution through to owners.

On a quarterly basis, revenue held near KRW 85.2 billion in 2025Q4 versus KRW 84.8 billion and an operating profit of KRW 4.8 billion in 2025Q3, yet the company posted an operating loss of KRW 1.2 billion in 2025Q4, suggesting seasonal or one-off cost factors.

In 2026Q1 revenue dipped to KRW 75.5 billion while operating profit reached KRW 2.4 billion and owners' net profit KRW 2.1 billion, and in 2026Q2 both revenue (KRW 84.1 billion) and operating profit (KRW 3.6 billion) improved alongside owners' net profit of KRW 2.3 billion.

According to the company, the surge in first-half consolidated net profit reflected investment gains from Polaris AI Pharma's partial sale of its stake in Nasdaq-listed Alpha Tau Medical, while on a standalone basis the core office business's operating profit more than doubled year-on-year, reaching about 98% of the prior full year's standalone operating profit within just six months.

Taken together, the trailing four quarters (2025Q3–2026Q2) reflect a mix of core-business profitability recovery, one-off investment gains from affiliates, and fourth-quarter-specific cost items, rather than a simple linear growth trajectory.

The office software industry remains split largely between Microsoft 365 and Google Workspace, which together account for the vast majority of the global market, though country-specific document formats and language barriers preserve room for local specialists.

In Korea, Hancom is among the main competitors, and Polaris Office positions itself around cloud subscription office products with integrated AI features aimed at small-and-medium enterprises and public institutions.

Competition in the global collaboration software market is increasingly shifting toward AI feature integration; Atlassian recently reported that its cloud revenue rose 31% year-on-year in its latest fiscal quarter, and usage of its proprietary AI platform 'Rovo' increased 50% quarter-on-quarter.

This external trend represents a potential growth opportunity for Atlassian's domestic partner, Polaris Office, in expanding its AI transformation (AX) business.

At the same time, as enterprise adoption of AI tools spreads, demand is rising to measure the return on such investments, which lends relevance to productivity-measurement platforms such as 'DX.' The auto parts, synthetic yarn, and API industries in which the manufacturing affiliates operate are each tied to distinct cycles—automotive OEM demand, wig and fashion material demand, and pharmaceutical procurement cycles—that move independently of software sector trends.

From a competitive standpoint, Polaris Office is better classified as a hybrid operator combining software with manufacturing and biotech affiliates rather than a pure software peer, making direct comparisons with software-only competitors less straightforward.

The company has stated plans to accelerate its AI transformation (AX) business in the second half, centered on B2B and B2G markets, leveraging Handysoft's existing customer base in the public and financial sectors combined with document and AI technology to target public institution and enterprise transformation demand.

Using its Atlassian Platinum Partner status, it intends to expand supply of the 'DX' AI coding productivity measurement platform mainly to large enterprise clients, while lowering adoption barriers through the 'Teamwork Collection' package bundling Jira, Confluence, Rovo, and Loom.

Cross-selling with affiliate Polaris Cloud (a Microsoft CSP) is also planned, proposing Azure and M365 to existing Atlassian customers and, conversely, offering Atlassian solutions to Polaris Cloud's customer base.

Polaris AI Pharma has identified localization of active pharmaceutical ingredients and expansion of CDMO as future growth pillars, and noted potential further value changes in its remaining Alpha Tau Medical stake tied to that company's progress, including its Japan sales approval and commercialization agreement with Tolmar in the United States.

The healthcare AI solution business built on the OpenAI Business Associate Agreement is also in an expansion phase. However, these are company-stated directional plans, and no specific order or revenue targets have been confirmed, meaning progress will need to be verified through future disclosures.