PER, EPS, PBR and BPS are calculated in-house from the last 4 quarters (2025Q3–2026Q2) · Dividend yield is based on ₩140 per share · Prices as of the 2026-10-02 close
Built on stable cash flow from its digital finance (ATM VAN) business, NICE Infra's unmanned parking and EV charging operations are expanding, driving a clear operating profit recovery since 2025.
2025 revenue reached KRW 383.9 billion and operating profit KRW 30.7 billion, up 13.4% and 64.2% year-on-year respectively, showing a clear earnings recovery.
Consolidated revenue in Q1 2026 rose 22.7% year-on-year, with operating profit up 63.9%.
On top of the stable cash-generating digital finance business (ATM VAN, cash management), unmanned parking brand NICE PARK and EV charging brand NICE Charger have emerged as growth drivers.
The 2025 debt ratio rose to 244.8% from 203.5% a year earlier, reflecting greater external funding tied to M&A and capex.
Net profit attributable to owners briefly turned negative in Q4 2025 but returned to positive territory in both Q1 and Q2 2026.
NICE Infra, an affiliate of the NICE Group's financial services arm, operates an unmanned-operation solutions business structured around digital finance, mobility (parking and EV charging), and unmanned solutions (kiosks and video security).
The digital finance segment maintains a dominant market position in bulk cash management and ATM VAN services, supported by expanded off-site ATM outsourcing and a nationwide network.
The mobility segment comprises the unmanned parking brand NICE PARK and EV charging brand NICE Charger, with NICE PARK reportedly operating a large number of parking lots on an unmanned basis and noted for strong customer retention.
The EV charging business has been selected as an operator for government subsidy programs, expanding charging infrastructure while diversifying into AI-based video analytics security solutions and unmanned automation.
The unmanned solutions segment covers kiosk and video security system installation and management, a category seen as benefiting from the spread of contactless services.
The company introduced Korea's first ATM VAN business in 1993 and has since accumulated over three decades of financial automation equipment management expertise.
Competitive dynamics show an oligopolistic structure among a small number of players in ATM VAN and cash management, while the unmanned parking and EV charging segments compete against a broader range of platform operators.
The company has recently continued expanding its mobility footprint, including a memorandum of understanding with Big Mobility to jointly build parking infrastructure dedicated to freight trucks.
| Quarter | Revenue | Operating profit | Op. margin |
|---|---|---|---|
| 2025Q2 | ₩92.7B | ₩9.9B | 10.7% |
| 2025Q3 | ₩101B | ₩8.8B | 8.7% |
| 2025Q4 | ₩106.2B | ₩7.5B | 7.1% |
| 2026Q1 | ₩103.2B | ₩7.5B | 7.2% |
| 2026Q2 | ₩110.5B | ₩9.6B | 8.7% |
| Year | Revenue | Operating profit | Net income (parent) | Op. margin | ROE | Debt-to-equity |
|---|---|---|---|---|---|---|
| 2022 | ₩288.9B | ₩18.9B | ₩8.6B | 6.5% | 4.9% | 183.3% |
| 2023 | ₩365.5B | ₩28B | ₩14.3B | 7.7% | 7.9% | 182.8% |
| 2024 | ₩338.7B | ₩18.7B | ₩2.5B | 5.5% | 1.4% | 203.5% |
| 2025 | ₩384B | ₩30.7B | ₩7.1B | 8.0% | 3.9% | 244.8% |
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 reached KRW 383.95 billion, up 13.4% from KRW 338.70 billion in 2024, while operating profit rose 64.2% to KRW 30.71 billion from KRW 18.70 billion. The operating margin improved from 5.5% in 2024 to 8.0% in 2025, marking a clear profitability recovery.
Given that the 2023 operating margin was 7.7%, the company appears to have moved past a temporary 2024 slump and returned to a level above its prior range.
Net profit attributable to owners jumped from KRW 2.46 billion in 2024 to KRW 7.09 billion in 2025, though this remained below the KRW 14.28 billion recorded in 2023, indicating relatively high net profit volatility.
On a quarterly basis, after posting revenue of KRW 101.0 billion, operating profit of KRW 8.8 billion, and net profit of KRW 4.6 billion in Q3 2025, the company reported revenue of KRW 106.2 billion and operating profit of KRW 7.5 billion in Q4 2025, yet net profit attributable to owners fell to a loss of KRW 0.57 billion.
Performance then recovered in Q1 2026 (revenue KRW 103.2 billion, operating profit KRW 7.5 billion, net profit KRW 1.7 billion) and Q2 2026 (revenue KRW 110.5 billion, operating profit KRW 9.6 billion, net profit KRW 5.0 billion), with revenue rising sequentially each quarter.
Operating cash flow remained solid throughout, at KRW 70.0 billion (2022), KRW 57.1 billion (2023), KRW 65.2 billion (2024), and KRW 82.6 billion (2025), showing consistent cash generation despite profit swings.
In contrast, the debt ratio climbed from 183.3% in 2022 to 244.8% in 2025, reflecting expanded external funding for M&A and capital expenditure on parking and charging infrastructure.
South Korea's unmanned and contactless service market continues to expand across parking, kiosks, and EV charging, driven by rising labor costs and growing consumer demand for convenience.
The ATM VAN and cash transport market has already matured into a stable oligopoly, within which NICE Infra is understood to hold a dominant market position.
In contrast, the EV charging infrastructure market is in a structural growth phase driven by government EV adoption policy and tightened mandatory installation regulations, exhibiting early-to-growth-stage characteristics with numerous operators competing for share.
The unmanned parking market is also seeing intensifying competition in total-solution offerings spanning development, acquisition, and operation of parking lots, with NICE PARK reportedly emphasizing strength in customer retention while operating a large number of unmanned facilities.
Competitors include incumbent ATM VAN and cash management operators, a range of EV charging operators, and unmanned parking platform providers, forming a diversified and overlapping competitive landscape.
Expanding unmanned-operation investment among retail, financial, and logistics companies in the downstream market also provides a favorable backdrop for the company's kiosk and video security businesses.
The company has signed a memorandum of understanding with Big Mobility to jointly build parking infrastructure dedicated to freight trucks, while NICE PARK has also introduced barrier-free payment terminals across all models to improve accessibility.
On the digital finance side, the company signed an MOU with ThinkPool to strengthen digital financial fraud prevention services. LS Securities, in an April 21, 2026 report, maintained a target price of KRW 7,000, citing operating profit growth driven by EBITDA expansion and M&A effects.
The same report stated that profitability in the EV charging business was expected to improve, turning profitable in 2026.
Company disclosure materials indicate that the EV charging business is expected to grow in line with government E-mobility policy, with synergies from linkage to the parking business expected to expand market share.
These outlooks reflect the views of brokerages and disclosed materials, and actual realization will depend on future quarterly results and shifts in government policy.
The current share price trades at a discount to net asset value, with the price-to-book ratio positioned below 1x.
On the earnings side, the recent recovery over the past four quarters reflects a rebound from the temporary weakness seen in 2024, though the multiple applied to historical earnings has fluctuated over different periods.
On the dividend front, the company's continued cash dividend payments in recent years are worth noting as an indicator of sustained shareholder return policy.
The rise in the debt ratio is a factor that should be considered alongside capital efficiency and financial soundness when assessing the share price relative to net assets.
Valuation in this segment may be revisited depending on how much the EV charging and unmanned parking businesses expand their contribution to profit going forward.
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
In 2025, revenue and operating profit increased by 13.4% and 64.2%, respectively, moving past the temporary weakness of 2024. The operating profit margin also improved from 5.5% to 8.0%, showing a clear recovery in profitability.
In Q1 and Q2 of 2026, net income attributable to controlling interests remained in the black, continuing the recovery trend.
The EV charging business was selected as an operating institution for a government subsidy program, laying the groundwork for infrastructure expansion. NICE Park is known to operate a number of unmanned parking lots, showing strength in terms of customer retention.
The company continues to expand its business scope, including an MOU with Big Mobility for truck parking infrastructure.
Based on its dominant market position in the ATM VAN and bulk management business, operating cash flow has been steadily maintained from KRW 70.0 billion in 2022 to KRW 82.6 billion in 2025. Despite earnings volatility, cash-based business stability provides support.
Net income attributable to controlling interests temporarily posted a loss in Q4 2025, and there was a precedent of annual net income sharply declining from KRW 14.2 billion in 2023 to KRW 2.4 billion in 2024. As quarterly net income tends to fluctuate significantly, more time is needed to confirm a stable trend.
The debt ratio rose from 183.3% in 2022 to 244.8% in 2025. Due to increased external financing from M&A and expanded capital expenditures, ongoing monitoring of interest expense burden and financial stability will be necessary going forward.
The core cash cow, the ATM VAN and cash transport business, has already entered a mature market phase, showing characteristics closer to stable maintenance rather than structural growth. If profit contribution from new business segments fails to expand as much as expected, the overall growth rate could be limited.
The EV charging business is heavily dependent on its status as an operating institution for government subsidy programs and on e-mobility policy direction. Changes in subsidy policies or mandatory charging installation regulations could affect the pace of business expansion and profitability.
The debt ratio has risen due to continued M&A and capital expenditure in the process of expanding the unmanned parking and EV charging businesses. If the timing of returns on investment is delayed or funding costs rise, the financial burden could increase.
The EV charging and unmanned parking markets are structured with multiple competing operators, and price competition or increased marketing expenses to secure market share could pressure margins.
Check Q3 2026 revenue and operating profit, along with whether profitability improvement in the EV charging segment continues.
Changes in policy or budget related to EV charging infrastructure subsidy programs may affect the pace of the company's infrastructure expansion and warrant continued monitoring.
It is worth confirming whether the MOU develops into an actual contract and construction, and at what scale and timing.
It is worth checking whether the earnings recovery translates into expanded dividends or changes in shareholder return policy.
NICE Infra is a diversification-driven growth company that leverages stable cash flow from its mature digital finance business, including ATM VAN, to expand into new businesses such as unmanned parking and EV charging.
Revenue and operating profit have clearly recovered since 2025, moving past the temporary weakness of 2024, and net profit remained positive through both Q1 and Q2 2026.
However, the rising debt ratio and quarter-to-quarter net profit volatility are factors that warrant ongoing monitoring from a financial structure and earnings stability perspective.
Growth rates in the EV charging and unmanned parking businesses may vary depending on government policy and competitive dynamics, making it important to track future quarterly results alongside policy developments.
Some brokerages have set target prices based on EBITDA growth and M&A effects, but these reflect views at a specific point in time and may change with future performance. Investment judgment should be made by readers based on a comprehensive consideration of these business and financial factors.
Report written 2026-09-05 · Data as of 2026-09-04
This content is AI analysis of market data and web search results, provided for information only. It is not a solicitation or recommendation to invest. Investment decisions and their consequences are the investor's own responsibility. Data may be delayed or contain errors.