PER, EPS, PBR and BPS are calculated in-house from the last 4 quarters (2025Q3–2026Q2) · Dividend yield is based on ₩100 per share · Prices as of the 2026-10-02 close
KTcs, built around KT customer center operations and its AICC solution HiQri, saw operating profit recover sharply in 2025 after a 2024 trough, with the improvement continuing through the first half of 2026.
2025 revenue declined year over year, but operating profit rebounded sharply to KRW 29.8bn from KRW 7.0bn in 2024
FnGuide data shows consolidated operating profit up 58.3% year over year in Q1 2026
The company is pushing to upgrade its contact-center business into a higher value-added model through the HiQri AICC solution and AICC BPO packaging
Q4 2025 operating profit was just KRW 1.175bn, underscoring continued quarter-to-quarter volatility
Revenue remains heavily dependent on outsourced consultation and distribution work for parent company KT's telecom products
KTcs is a KT group affiliate established in 2001 when KT's 114 directory information business was spun off, and it listed on the KOSPI in 2010.
The company discloses that its business lines cover KT customer center/plaza operations, the 114 directory information service, telecom product distribution, AICC (AI Contact Center) services, education consulting, and commerce operations.
Its core contact-service business handles consultation, fault reporting, and roaming or specialized support (foreign language, sign language) for KT's fixed-line, mobile, internet, and TV products through twelve customer centers across eight regions, plus dedicated roaming and verification centers.
Alongside this, the company runs a telecom distribution business, an education consulting business, and an e-commerce operation through its subsidiary KT Commerce.
The centerpiece of its AI transformation strategy is its proprietary AICC solution, HiQri, a cloud-based all-in-one platform combining an AI chatbot, AI voicebot, omnichannel consultation interface, and knowledge management system that can be deployed on the web without separate infrastructure build-out.
Building on these capabilities, the company has expanded BPO (business process outsourcing) services for corporate and public-sector customer centers, and it has stated that it currently holds roughly 120 BPO service contracts in operation.
It also operates a large-scale contact center of about 1,200 seats in Seoul, among other sites, reflecting an expanding footprint as a dedicated outsourcing operator.
Competitively, its business overlaps in part with sister affiliate kt is, which performs similar customer center operations within the KT group, and it also competes with various outsourcing specialists across Korea's broader call center and BPO market.
| Quarter | Revenue | Operating profit | Op. margin |
|---|---|---|---|
| 2025Q2 | ₩248B | ₩12.8B | 5.2% |
| 2025Q3 | ₩268.9B | ₩9.2B | 3.4% |
| 2025Q4 | ₩290.5B | ₩1.2B | 0.4% |
| 2026Q1 | ₩235.8B | ₩10.5B | 4.5% |
| 2026Q2 | ₩238.4B | ₩9.7B | 4.0% |
| Year | Revenue | Operating profit | Net income (parent) | Op. margin | ROE | Debt-to-equity |
|---|---|---|---|---|---|---|
| 2022 | ₩1T | ₩24.3B | ₩17.1B | 2.4% | 9.3% | 117.2% |
| 2023 | ₩1T | ₩18.7B | ₩14.6B | 1.8% | 7.7% | 117.4% |
| 2024 | ₩1.1T | ₩7B | ₩5.3B | 0.6% | 2.7% | 114.4% |
| 2025 | ₩1T | ₩29.8B | ₩23.4B | 2.9% | 11.0% | 109.1% |
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
Consolidated revenue in 2025 came to KRW 1.0427 trillion, down from KRW 1.1213 trillion the prior year, while operating profit rebounded sharply to KRW 29.8bn from just KRW 7.0bn in 2024, and net income attributable to owners rose to KRW 23.4bn from KRW 5.3bn.
The operating margin fell from 2.4% in 2022 to 1.8% in 2023 and 0.6% in 2024, before rebounding to 2.9% in 2025.
On a quarterly basis, revenue rose from KRW 248.0bn in Q2 2025 to KRW 268.9bn in Q3 2025 while operating profit fell from KRW 12.8bn to KRW 9.2bn, and in Q4 2025 revenue rose further to KRW 290.5bn even as operating profit collapsed to just KRW 1.175bn, highlighting significant quarter-to-quarter volatility.
Profitability then recovered in Q1 2026 (revenue KRW 235.8bn, operating profit KRW 10.5bn) and Q2 2026 (revenue KRW 238.4bn, operating profit KRW 9.7bn), sustaining double-digit billion-won operating profit for two consecutive quarters.
Data provider FnGuide reported that Q1 2026 consolidated revenue rose 0.2% year over year, operating profit rose 58.3%, and net income rose 54.7%. The same source attributed the improved profitability to the contact-center segment shifting into a higher value-added business through AICC BPO process packaging.
A separate data provider tallied that on a cumulative basis through Q3 2025, revenue fell 10.7% year over year while operating profit rose 793.0% and net income rose 1044.7%, illustrating a pattern of shrinking revenue scale alongside a sharp rebound in profitability metrics from a low base.
Still, episodes such as Q4 2025 -- where revenue rose but operating profit collapsed -- show that quarterly volatility tied to seasonal or one-off cost items remains a factor to watch given the labor-intensive nature of the business.
Korea's call center and BPO industry is in a transitional phase where AI-driven automation and traditional labor-based outsourcing coexist.
As AI voicebots and chatbots take over simple inquiry handling, demand for human agents is shifting, even as demand grows for total outsourcing that packages AICC solutions together with operational know-how.
Building on the stable base of operating KT's customer centers for fixed-line and mobile products, KTcs has been expanding into the AICC BPO market for corporations and public institutions using its HiQri platform.
At the group level, KT is pursuing an AI Transformation (AX) strategy, and as group data center and cloud affiliates expand AI infrastructure investment, the pace of AI adoption at the contact-center subsidiary is also accelerating.
That said, a partially overlapping competitive structure exists within the group itself, since affiliate kt is performs similar customer consultation work.
Expanding AICC adoption among public institutions, financial firms, and retailers could bring new order opportunities for BPO specialists such as KTcs, while deeper AI automation may continue to pressure the cost structure and profitability of traditional labor-based consultation services.
The company has set out AI Contact Company transformation as its formal strategy, pursuing commercialization of HiQri and a reorganization of its business system around AICC.
AI consultation assist and AI voicebot tools have recently been deployed at KT customer centers to streamline consultation processes, and the proprietary HiQri solution continues to be upgraded.
The reappointed chief executive emphasized building specialized capabilities to align with the AI transformation trend spreading across industries, stating that the company would focus on securing specialized capabilities to keep pace with the AI transformation trend spreading across industries.
Building on roughly 120 BPO service contracts, the company continues to expand AICC solution supply to corporate and public-institution customer centers and to reinforce its position as a dedicated outsourcing operator by leveraging large-scale contact center capacity such as its Seoul facility.
That said, the tangible results of this strategy have so far shown up mainly as profitability improvement (a recovering operating margin) rather than revenue growth, leaving whether top-line revenue itself turns higher, and whether new AICC BPO contract wins materialize, as variables to monitor going forward.
Parent KT's own AI Transformation (AX) strategy and any group-level discussion of affiliate business restructuring are also factors that could affect KTcs's scope of business and outsourcing volume.
KTcs has moved past its 2024 profit trough, with operating profit and net income clearly recovering through 2025 and into the first half of 2026. Despite this earnings recovery, the share price continues to trade at a level below the company's net asset value, reflecting a discount to book value.
The price-to-earnings multiple has also fallen well below levels seen during the prior profit trough, suggesting that much of the earnings recovery is already reflected in valuation metrics.
On the dividend side, the company has shown policy consistency by maintaining its per-share cash dividend at a stable level for several years, although the resulting dividend yield itself can vary year to year depending on earnings and share price levels.
These indicators reflect the market's assessment of the company's business structure and earnings outlook, and are best read as relative positioning against historical bands rather than as an absolute judgment of over- or undervaluation.
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
After operating profit fell to KRW 7.0bn and the operating margin dropped to just 0.6% in 2024, results rebounded sharply to KRW 29.8bn and a 2.9% margin in 2025. Operating profit remained in double-digit billion-won territory in Q1 and Q2 2026, at KRW 10.5bn and KRW 9.7bn respectively. This recovery occurred even as revenue scale shrank, suggesting accompanying improvement in the cost structure.
The company states it is transforming its contact-center business into a higher value-added model through packaged AICC BPO processes centered on its proprietary HiQri solution. A data provider attributed the profitability improvement to this shift.
With roughly 120 BPO service contracts as a base, room exists to expand business with corporate and public-sector clients.
The core of KTcs's revenue is outsourced consultation and distribution work for parent KT's fixed-line and mobile telecom products. The company operates twelve customer centers across eight regions and maintains a long-standing outsourcing relationship with KT, which can act as a buffer limiting sharp revenue swings.
2025 revenue of KRW 1.0427 trillion was down from KRW 1.1213 trillion in 2024.
The fact that the profit recovery stemmed mainly from cost structure improvement rather than revenue expansion raises questions about the sustainability of future growth, and the possibility that the improvement reflects temporary cost cuts cannot be ruled out.
In Q4 2025, revenue rose to KRW 290.5bn even as operating profit collapsed to just KRW 1.175bn. Given the labor-intensive nature of the business, quarterly profit can swing significantly due to seasonal or one-off cost items, a volatility pattern that complicates quarter-to-quarter earnings interpretation.
The spread of AI voicebots and chatbots can automate simple inquiries and reduce demand for traditional labor-based consultation.
While the company is responding by selling AICC solutions, there remains a longer-term possibility that labor outsourcing revenue itself could shrink, creating pressure for a fundamental shift in the contact-service business model.
Since the core of revenue rests on outsourced consultation and distribution work for parent KT's telecom products, any change in KT's outsourcing policy or contract terms could directly affect results. Group-level business restructuring or reallocation of work among affiliates also warrants monitoring.
The contact-center and BPO business is labor-intensive, so minimum wage increases or wage negotiation outcomes feed directly into costs. As illustrated by the sharp margin decline in 2024, cost factors can have an abrupt impact on profitability.
Various players are entering the AICC and BPO market, and within the KT group itself, affiliate kt is performs similar work, creating potential business overlap. Intensifying competition could pressure new contract wins and the ability to maintain price competitiveness.
The likely window for the Q3 2026 preliminary earnings disclosure, when it will be worth checking whether peak-season contact-center revenue and AICC margin improvement continue the Q2 trend.
Worth checking for disclosures or news on public-sector and corporate BPO contract renewals and new HiQri adoptions, to gauge tangible progress in expanding the AICC business.
The expected timing for the full-year 2026 earnings and year-end dividend disclosure, when it will be possible to confirm whether the operating margin recovery held up on a full-year basis and whether dividend policy was maintained.
It will be important to continue monitoring whether news related to parent KT's AI Transformation (AX) strategy or group-level affiliate restructuring affects KTcs's outsourcing volume or business scope.
KTcs moved past a slump in which the operating margin fell to just 0.6% in 2024, recovering to 2.9% in 2025, and has sustained double-digit billion-won quarterly operating profit through the first half of 2026, continuing its earnings recovery phase.
This improvement has been attributed to the contact-center business shifting toward higher value-added work through the HiQri AICC solution and BPO process packaging.
That said, revenue itself declined in 2025 versus the prior year, and quarterly volatility persists, as seen in Q4 2025 when operating profit collapsed even as revenue rose.
Factors that warrant continued attention include revenue dependence on parent KT, labor cost risk stemming from the business's labor-intensive structure, and pressure on the business model from spreading AI automation.
Q3 earnings, new BPO contract wins, and whether the annual dividend policy is maintained will likely serve as key indicators of whether this recovery proves durable.
Report written 2026-09-05 · Data as of 2026-09-04
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