PER, EPS, PBR and BPS are calculated in-house from the last 4 quarters (2025Q3–2026Q2) · Dividend yield is based on ₩210 per share · Prices as of the 2026-10-02 close
Revenue and operating margin improved sharply in 2025, but net profit attributable to owners actually declined, reflecting accounting effects tied to the Piolink consolidation.
2025 consolidated revenue reached KRW 143.3 billion (+28.8% YoY) and operating profit KRW 16.0 billion (+163.8% YoY), improving both scale and margin.
Net profit attributable to owners, however, fell to KRW 3.63 billion from KRW 6.24 billion in 2024, marking a fourth consecutive annual decline since 2022.
Intangible asset amortization and a sharp rise in non-controlling interests following the Q4 2025 consolidation of Piolink weighed on net profit.
The fourth-quarter revenue concentration pattern persisted, with an operating loss in Q1 2026 followed by a near-breakeven Q2 2026.
The company continues to diversify its portfolio with AI-based SOAR, XDR, and autonomous SOC offerings alongside new patents.
Igloo Corporation, founded in 1999, is a South Korean information security specialist whose core businesses are the integrated Security Information and Event Management (SIEM) solution 'SPiDER TM', managed security services (MSS), and security consulting.
The company's SIEM solution has reportedly held the top domestic market share for more than two decades. More recently it has expanded its portfolio into an AI-driven hybrid XDR platform, autonomous SOC, SOAR, and OT security, while expanding its 'Igloo Alliance' partner network.
Its customer base has long been concentrated in the public sector, but the mix has reportedly shifted from roughly 70:30 to about 55:45 between public and private clients as private-sector demand has picked up.
In 2021 the company acquired a 28.97% stake in Piolink, a cloud data center optimization specialist, from NHN Corporation, becoming its largest shareholder, while Piolink in turn took a reciprocal 7% stake in Igloo.
Piolink brings strength in application delivery controllers (ADC) and network/cloud security equipment, complementing Igloo's SIEM and SOAR lineup and extending the group into cloud and data-center security.
Piolink was fully brought into Igloo's consolidated scope based on the 2025 annual report, and is reported to have posted 2025 revenue of about KRW 65.5 billion and operating profit of about KRW 5.4 billion.
The company has also been strengthening consulting and deployment capabilities around the National Network Security Framework (N2SF) and the spread of zero-trust security models.
| Quarter | Revenue | Operating profit | Op. margin |
|---|---|---|---|
| 2025Q2 | ₩25.7B | ₩600M | 2.5% |
| 2025Q3 | ₩26.8B | ₩1.4B | 5.3% |
| 2025Q4 | ₩67.2B | ₩14.8B | 22.1% |
| 2026Q1 | ₩38.9B | -₩3.2B | −8.2% |
| 2026Q2 | ₩45.9B | ₩28,470,552 | 0.1% |
| Year | Revenue | Operating profit | Net income (parent) | Op. margin | ROE | Debt-to-equity |
|---|---|---|---|---|---|---|
| 2022 | ₩103B | ₩8B | ₩7.6B | 7.8% | 10.9% | 28.7% |
| 2023 | ₩107B | ₩5.7B | ₩7.3B | 5.3% | 9.6% | 23.7% |
| 2024 | ₩111.2B | ₩6.1B | ₩6.2B | 5.5% | 7.7% | 19.7% |
| 2025 | ₩143.3B | ₩16B | ₩3.6B | 11.2% | 4.9% | 28.8% |
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 2025 revenue came to KRW 143.3 billion, up 28.8% from KRW 111.2 billion in 2024, while operating profit rose to KRW 16.0 billion from KRW 6.07 billion, roughly 2.6 times higher, lifting the operating margin from 5.5% to 11.2%.
Net profit attributable to owners, however, fell to KRW 3.63 billion in 2025 from KRW 6.24 billion in 2024, extending a four-year decline from KRW 7.56 billion in 2022, through KRW 7.28 billion in 2023 and KRW 6.24 billion in 2024, despite growing revenue and operating profit.
This gap between operating profit and net profit is attributable to intangible-asset amortization expenses tied to the Q4 2025 consolidation of subsidiary Piolink, along with a sharp rise in non-controlling interests, which expanded from about KRW 0.007 billion in 2024 to KRW 67.9 billion in 2025, both of which weighed on net profit.
Quarterly results show pronounced seasonality: operating profit improved from KRW 0.65 billion (2.5% margin) on revenue of KRW 25.7 billion in Q2 2025, to KRW 1.43 billion (5.3%) on revenue of KRW 26.8 billion in Q3 2025, before peaking at KRW 14.8 billion (22.1% margin) on revenue of KRW 67.2 billion in Q4 2025, reflecting the industry's tendency for public-sector budgets to be executed heavily at year-end.
This reversed in Q1 2026, when revenue of KRW 38.9 billion came with an operating loss of KRW 3.18 billion and a net loss attributable to owners of KRW 2.56 billion, a pattern consistent with the typical Q1 slow season compounded by amortization related to the Piolink consolidation.
Q2 2026 revenue recovered to KRW 45.9 billion with operating profit near breakeven at KRW 0.028 billion, while net profit attributable to owners turned positive at KRW 1.64 billion.
The company has characterized the consolidated operating profit decline as a non-cash, book-entry accounting cost, stating that standalone results held a stable trajectory.
Indeed, standalone first-half 2026 revenue was about KRW 55.4 billion with an operating loss of roughly KRW 0.1 billion, representing a year-on-year increase of KRW 6.7 billion in revenue and KRW 0.2 billion in operating profit.
South Korea's information security industry is estimated to be growing at an average annual rate of about 16.2%, driven by expanded public- and private-sector investment amid a broader security paradigm shift and digital transformation.
Some analysis attributes part of this investment expansion to a series of 2025 data-breach incidents at major companies including SK Telecom, KT, Lotte Card, and Coupang.
The spread of the National Network Security Framework (N2SF) and zero-trust security models is also cited as a policy factor supporting security demand.
The broader industry is clearly shifting from personnel-intensive monitoring toward AI-based automation, and Igloo has stated that its SOAR solution already automates a substantial share of monitoring tasks.
Igloo is expanding into AI-based security monitoring and SOAR built on its long-held leading share of the SIEM market, while subsidiary Piolink has broadened the group's reach into cloud and network security.
Competitors are similarly expanding AI- and zero-trust-oriented offerings, intensifying technology competition across the industry. Because the sector relies heavily on public-sector orders, revenue remains structurally concentrated around the timing of government budget planning and execution.
The company has said it plans to continue expanding its AI-based autonomous SOC, hybrid XDR platform, and OT security offerings through 2026 while broadening its 'Igloo Alliance' partner network.
On July 30 it launched a new AI-attack-response platform referred to as 'Flot', and on August 4 it said it had obtained four additional patents related to cloud and AI security. The company also said its AI security agent 'AiR' received 'AI+' certification from the Korea Standards Association on July 20.
Some brokerages expect earnings growth to accelerate in 2026 as the Piolink consolidation effect is reflected for a full year.
Kiwoom Securities, in an April 2 report, forecast 2026 consolidated revenue of KRW 195.4 billion (+36.5% YoY) and operating profit of KRW 17.7 billion (+10.6% YoY), but did not issue an investment rating or price target.
IV Research similarly forecast 2026 consolidated revenue of KRW 185.0 billion (+29.1%) and operating profit of KRW 19.0 billion (+18.7%), citing AI transition in the monitoring business and expanded new-solution sales as drivers.
A company vice president said in a recent interview that the firm is targeting annual revenue of KRW 200 billion and that synergies with Piolink would be fully reflected in 2026 results.
These figures, however, are brokerage and company forecasts, and actual outcomes will need to be confirmed through future quarterly disclosures.
The price-to-earnings multiple calculated on net profit attributable to owners over the most recent four reported quarters is relatively elevated, reflecting several preceding years in which net profit failed to keep pace with revenue and operating profit growth.
The share price trades at a ratio to book value per share below 1, meaning market value sits somewhat under accounting net asset value.
However, the capital structure now includes a much larger non-controlling interest following the Piolink consolidation, so the relationship between owners' equity and total consolidated equity warrants separate attention.
The company has paid annual cash dividends, but the dividend yield level is understood to run below that of higher-yielding peers in the sector. Ultimately, how the valuation is read may depend on how much of the one-off, accounting-driven drag on net profit from the consolidation unwinds 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
The operating margin jumped from 5.5% in 2024 to 11.2% in 2025, and standalone profitability has continued to improve, suggesting the core business's earnings power is strengthening. Standalone operating profit also rose year-on-year in the first half of 2026, indicating the trend has continued.
The Piolink consolidation has extended the business into cloud and network security, while continued AI-based product launches and patents in SOAR, XDR, and autonomous SOC show ongoing diversification.
The customer mix, once heavily weighted toward the public sector, is shifting toward greater private-sector share, and policy changes such as the National Network Security Framework (N2SF) and zero-trust adoption are cited as drivers of expanded security investment.
Unlike revenue and operating profit, net profit attributable to owners has declined for four straight years since 2022, from KRW 7.56 billion to KRW 3.63 billion in 2025, and posted a loss again in Q1 2026.
Even if the drag is accounting-related, it flows through to reported results, so the quality of earnings warrants continued monitoring.
Revenue and profit are concentrated in the fourth quarter, as seen in Q4 2025's peak revenue of KRW 67.2 billion and operating profit of KRW 14.8 billion, while Q1 typically posts a loss. This makes it difficult to gauge full-year direction from any single quarter.
Following the Piolink consolidation, non-controlling interests surged from about KRW 0.007 billion in 2024 to KRW 67.9 billion in 2025, and the debt ratio rose from 19.7% to 28.8%. With the capital structure now more complex, the accounting effects of the expanded scope of consolidation warrant continued attention.
Accounting factors tied to the Piolink consolidation, including intangible-asset amortization and shifts in non-controlling interests, could continue to affect net profit each quarter, potentially keeping a gap between headline operating results and net profit attributable to owners.
The company describes this as a non-cash, book-entry cost, but investors should still track the actual figures reflected in the financial statements.
Because a substantial portion of revenue depends on the timing of public-sector budget execution, delays or cuts in government budgeting could increase earnings volatility.
As the domestic security industry broadly pivots toward AI- and zero-trust-oriented solutions, continued launches of similar products by competitors could intensify price and margin competition.
Q3 2026 earnings disclosure is expected — a key point to check is whether operating profit normalizes after the weak first half, and how much of the Piolink-related amortization burden persists.
Q4 and full-year 2026 earnings disclosure is expected — worth checking whether the industry's typical Q4 revenue concentration recurs and whether results align with brokerage forecasts of KRW 185.0-195.4 billion in consolidated revenue.
Piolink's own quarterly disclosures, as it is separately listed, should be checked to see whether the consolidation synergy shows up numerically.
The actual supply and revenue contribution of newly launched products such as the 'Flot' platform and AI agent 'AiR' should be monitored.
Public-sector order schedules and budget execution trends related to the National Network Security Framework (N2SF) and zero-trust initiatives should be tracked.
Igloo posted sharply higher revenue and operating profit in 2025, improving both scale and margin, but net profit attributable to owners moved in the opposite direction, an unusual divergence.
This is attributable to accounting factors including intangible-asset amortization and expanded non-controlling interests tied to the Q4 2025 consolidation of Piolink.
Quarterly results show clear seasonality, with performance concentrated in Q4 and weakness in Q1, a pattern that recurred again in the first half of 2026.
Operationally, the company is expanding its portfolio into AI-based SOAR, XDR, and autonomous SOC, broadening into cloud and network security through Piolink, and shifting its customer mix toward greater private-sector participation.
Some brokerages expect earnings growth to accelerate in 2026 as the consolidation effect is reflected for a full year, but these are forecasts, and actual results will need to be confirmed through future quarterly disclosures.
Investors may wish to weigh the top-line growth in revenue and operating profit against whether net profit quality recovers. This report is prepared for informational purposes only and does not constitute a buy or sell recommendation.
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.