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
Nuriplan is expanding from its urban landscape and air-quality business toward nuclear, LNG, and data-center plant equipment and seismic isolation devices through subsidiary Unison HKR, with operating profit recovering over the past two quarters.
Consolidated 2025 revenue was KRW 117.6bn with operating profit of KRW 4.82bn (operating margin 4.1%), maintaining profitability for a second consecutive year.
After an operating loss of KRW 4.64bn in Q4 2025, the company returned to profit for two straight quarters in Q1-Q2 2026, highlighting earnings volatility.
Subsidiary Unison HKR's plant and construction order backlog reached a record KRW 83.6bn as of end-July, exceeding half of the group's total backlog.
The Kumamoto earthquake in Japan, which halted a semiconductor line, has renewed attention on seismic isolation demand for data centers and chip fabs.
The debt ratio fell from 359.3% in 2022 to 203.3% in 2025 but remains above 200%, indicating financial structure improvement is still in progress.
Founded in 1994 and listed on KOSDAQ in 2010, Nuriplan is an urban environment improvement company operating in construction/plant, urban construction, air environment, landscape lighting, and IT businesses.
Its main products include pedestrian overpasses, noise barriers, bridge inspection walkways, bridge bearings, and expansion joints, while its air environment business supplies white-plume reduction systems.
Subsidiaries include Nurion, which provides LED and IoT-based smart streetlight solutions, Nuriworks in landscape lighting, Powerglass Global in LED manufacturing, and Unison HKR in plant and construction.
Unison HKR specializes in pipe support products and seismic isolation devices (laminated rubber bearings), and has recently emerged as a key growth driver for the group.
In the first half of 2026, Unison HKR's plant and construction segments generated approximately KRW 30.1bn and KRW 8.1bn respectively on a consolidated basis, while the parent company's core landscape facilities revenue fell to about KRW 12.2bn year over year.
The landscape lighting segment, driven by nighttime scenic lighting projects for construction firms and local governments, has continued to contribute to results.
Customers span public institutions such as local governments and education offices, construction companies, and power/plant operators, with SOC projects and urban regeneration initiatives supporting facility demand.
Competitively, the urban landscape and environmental equipment segment involves numerous small and mid-sized rivals, while the plant pipe-support and seismic isolation businesses are viewed as more technology-intensive areas with higher entry barriers.
| Quarter | Revenue | Operating profit | Op. margin |
|---|---|---|---|
| 2025Q2 | ₩33B | ₩5.7B | 17.2% |
| 2025Q3 | ₩31.1B | ₩3.3B | 10.7% |
| 2025Q4 | ₩30.1B | -₩4.6B | −15.4% |
| 2026Q1 | ₩27.2B | ₩1.7B | 6.3% |
| 2026Q2 | ₩35B | ₩3.7B | 10.7% |
| Year | Revenue | Operating profit | Net income (parent) | Op. margin | ROE | Debt-to-equity |
|---|---|---|---|---|---|---|
| 2022 | ₩131.2B | -₩6.1B | -₩8.5B | −4.6% | −32.2% | 359.3% |
| 2023 | ₩122.2B | -₩24.6B | -₩28.4B | −20.2% | −73.7% | 256.3% |
| 2024 | ₩116.1B | ₩4.1B | ₩1.8B | 3.6% | 4.6% | 246.1% |
| 2025 | ₩117.6B | ₩4.8B | ₩200M | 4.1% | 0.5% | 203.3% |
Consolidated basis (financial statements including subsidiaries) · Final figures from DART filings · Net income attributable to owners of the parent · Data as of 2026-09-04
Nuriplan posted large operating losses of KRW 6.06bn and KRW 24.65bn in 2022 and 2023, respectively, before turning profitable with operating income of KRW 4.13bn in 2024 and expanding to KRW 4.82bn in 2025.
Revenue contracted from KRW 131.15bn in 2022 to KRW 122.18bn in 2023 and KRW 116.06bn in 2024, before recovering slightly to KRW 117.64bn in 2025. Operating margin improved from -4.6% in 2022 and -20.2% in 2023 to 3.6% in 2024 and 4.1% in 2025.
However, net income attributable to owners actually declined from KRW 1.76bn in 2024 to KRW 0.21bn in 2025, showing a divergence between operating profit improvement and net income trends.
On a quarterly basis, operating profit was strong at KRW 5.67bn in Q2 2025 and KRW 3.34bn in Q3 2025, but swung sharply into a loss of KRW 4.64bn in Q4 2025, with net income attributable to owners falling to a loss of KRW 6.19bn.
The company then returned to profitability with operating income of KRW 1.72bn in Q1 2026 and KRW 3.75bn in Q2 2026, while net income attributable to owners rose from KRW 0.73bn in Q1 to KRW 3.26bn in Q2.
Summing net income attributable to owners over the most recent four quarters (Q3 2025 through Q2 2026) yields approximately KRW 0.53bn, illustrating pronounced quarter-to-quarter variability.
This pattern reflects the project-based nature of the business, where revenue recognition timing and progress on large public-sector contracts can cause significant quarterly swings.
The urban environment and construction materials industry that Nuriplan operates in is heavily dependent on SOC budgets and local government procurement volumes.
The company itself expects expanding SOC projects and urban regeneration initiatives to drive demand for facility products such as noise barriers and pedestrian overpasses.
Meanwhile, the axis of growth has shifted from traditional urban landscape work toward industrial and energy infrastructure such as nuclear power, LNG, and data centers, an area handled by subsidiary Unison HKR's plant equipment and seismic isolation devices.
Unison HKR's order backlog reached a record KRW 83.6bn (plant KRW 72.2bn, construction KRW 11.4bn) as of end-July, up 18.6% from the first quarter, and now accounts for more than half of the group's total backlog. Disaster-response demand has also emerged as a new driver.
A magnitude 7.1 earthquake in Kumamoto, Japan in July halted semiconductor lines at TSMC subsidiary JASM, renewing attention on seismic isolation technology, with some observers noting that Nuriplan's extensive domestic reference base could improve its chances of entering the data center and semiconductor fab market.
Competitively, the urban landscape and environmental equipment segment remains a fragmented market with numerous small and mid-sized rivals, while the plant pipe-support and seismic isolation businesses are considered areas with relatively higher technical entry barriers.
Independent research firm ValueFinder assessed that Unison HKR's backlog expansion over consecutive quarters has made it a core pillar of consolidated revenue, and suggested that broader adoption of seismic isolation equipment for data centers and semiconductor fabs could become a trigger for valuation re-rating.
The company has stated its intention to accelerate its transformation into an energy infrastructure firm targeting nuclear, LNG, and data-center markets, aiming for revenue of KRW 500bn and a double-digit operating margin by 2030.
Chairman Lee Sang-woo has said the company's financial structure improved substantially after resolving large losses in 2023, and reaffirmed the strategy of using Unison HKR to pursue the LNG, SMR, and data-center markets.
Unison HKR is reportedly working toward an IPO around 2027 as it seeks to strengthen competitiveness and sustainability, and if realized, this could bring renewed attention to subsidiary valuation and potential governance changes.
On the order front, in February 2026 the company signed a construction contract with Jaesung General Construction for a pedestrian overpass in Wolgye-dong, Nowon-gu, Seoul, valued at KRW 19.08bn with a contract period from February 2026 through December 2027, providing some revenue visibility for the urban construction segment.
The seismic isolation business remains at an early stage as a new growth driver, and whether it converts into actual orders from data centers and semiconductor fabs is a key point to watch going forward.
In the air environment business, the company is pursuing commercialization of white-plume condensation systems, and stricter regulations or rising industrial demand could affect related revenue.
Overall, the company's medium-to-long-term direction has been clearly articulated, but the pace and scale of translation into actual earnings will need to be tracked through quarterly order and revenue recognition data.
Nuriplan's share price trades at a level below its book value per share, suggesting a discount relative to net assets. However, because net income over the most recent four quarters has been modest in absolute terms, the price-to-earnings multiple sits in a relatively elevated range.
The company does not currently pay a cash dividend, so market attention centers more on the pace of earnings recovery from the business transition rather than dividend appeal.
The swing from large losses in 2022-2023 to an earnings recovery phase in 2024-2025 has been accompanied by notable quarterly volatility, such as the operating loss recorded in Q4 2025, meaning market interpretations of valuation can shift considerably with each quarterly result.
Against this backdrop, valuation outcomes are likely to hinge heavily on how consistently Unison HKR's plant and seismic isolation business translates into stable revenue and profit.
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 2026-09-04
Unison HKR's plant and construction order backlog hit a record KRW 83.6bn as of end-July, up 18.6% from the first quarter. This exceeds half of the group's total backlog, indicating that the expansion into nuclear, LNG, and data-center markets is translating into actual orders.
The company has articulated a mid-to-long-term target of KRW 500bn in revenue and a double-digit operating margin by 2030.
The Kumamoto earthquake in Japan, which halted semiconductor lines at TSMC subsidiary JASM, renewed attention on the importance of seismic isolation technology. Some observers note that Nuriplan's extensive domestic reference base could improve its chances of entering the data center and semiconductor fab market. However, actual conversion into orders still needs to be confirmed.
After posting large operating losses in 2022-2023, the company achieved consecutive operating profits in 2024 and 2025, while the debt ratio fell from 359.3% in 2022 to 203.3% in 2025. Operating profit continued through Q1 and Q2 2026, sustaining the recovery trend.
Chairman Lee Sang-woo has stated that the financial structure improved substantially after resolving losses in 2023.
Revenue from the parent company's core landscape facilities business fell 24.3% year over year to approximately KRW 12.2bn in the first half of 2026.
Consolidated operating profit also declined 10.7% year over year in the same period, showing that new business expansion has not yet fully offset the slowdown in the core business. Whether the parent's own business continues to contract as growth shifts to the subsidiary remains a point to watch.
After strong results in Q2-Q3 2025, the company swung to an operating loss of KRW 4.64bn and a net loss attributable to owners of KRW 6.19bn in Q4 2025.
While it returned to profit in Q1-Q2 2026, the sum of net income attributable to owners over the most recent four quarters was only about KRW 0.53bn, indicating earnings stability remains low.
The business structure continues to see results swing based on the timing of revenue recognition for large public and plant projects.
Net income attributable to owners in 2025 was only about KRW 0.21bn, indicating a very thin profit base despite operating profit improvement.
Although the debt ratio has fallen to the low 200% range, it remains elevated, and the company has a history of raising funds through rights offerings, meaning financial burden has not been fully resolved. This thin profit base could amplify the earnings impact of future investment expansion or unexpected costs.
The business structure, centered on public procurement and large plant projects, causes quarterly results to fluctuate significantly depending on revenue and profit recognition timing. As seen in the Q4 2025 operating loss, there remains a possibility of large losses being recorded in a given quarter. This reduces the reliability of annual earnings forecasts.
The debt ratio stood at 203.3% in 2025, above the 200% level, implying ongoing interest expense and repayment burden. Given a history of rights offerings for debt repayment, the possibility of needing additional future funding cannot be ruled out. Financial structure improvement is underway but has not been fully resolved.
Unison HKR is reportedly targeting an IPO around 2027, and if realized, this could result in equity dilution or changes to the group's governance structure.
As the subsidiary's contribution to overall results grows, any change in listing conditions or timing could affect how the group's overall valuation is interpreted. The listing schedule and conditions remain unconfirmed, leaving uncertainty in place.
Check whether Q3 2026 preliminary results are disclosed and whether profitability continues into Q4. A key point is whether a large loss similar to Q4 2025 recurs.
At the time of the 2026 annual business report disclosure, progress against the 2030 revenue target of KRW 500bn should be checked.
Track progress on Unison HKR's IPO process, including any preliminary listing review filing, and assess subsidiary valuation re-rating and dilution effects if listing proceeds.
Continuously monitor for disclosure of new orders for seismic isolation equipment targeting data centers or semiconductor fabs.
Monitor progress on the Wolgye-dong pedestrian overpass construction contract with Jaesung General Construction (KRW 19.08bn) and check for additional SOC orders.
Nuriplan is in a transitional phase, expanding from its traditional urban landscape and air environment business toward plant equipment and seismic isolation devices for nuclear, LNG, and data-center markets, centered on subsidiary Unison HKR.
The company has moved from large losses in 2022-2023 to an earnings recovery phase in 2024-2025, with a lower debt ratio, but quarterly earnings volatility remains significant, as seen in the large Q4 2025 loss.
Unison HKR's backlog reaching a record high and emerging demand for seismic isolation equipment are positive signals, but how consistently these translate into stable revenue and profit still needs confirmation.
The shrinking of the parent company's core landscape facilities revenue as growth shifts to the subsidiary is also worth monitoring.
Whether Unison HKR proceeds with its targeted 2027 IPO and under what conditions, along with annual progress toward the 2030 revenue target of KRW 500bn, will be key indicators of whether the business transition succeeds.
Investment decisions should also weigh quarterly order and revenue recognition data alongside the trend in financial structure improvement.
Report written 2026-09-05 · Data as of 2026-09-04
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