PER, EPS, PBR and BPS are calculated in-house from the last 4 quarters (2025Q3–2026Q2) · Dividend yield is based on ₩22 per share · Prices as of the 2026-10-02 close
Nau IB Capital is a new technology financing company combining venture investment with M&A and buyout activity, and its quarterly results swing sharply depending on when portfolio exits are recognized.
The company completed formation of a 61.0 billion won M&A No. 2 fund in November 2025, expanding its private equity buyout business.
In April 2025 the firm completed its first overseas buyout, acquiring 100% of Japanese semiconductor materials firm Sun Fluoro System (SFSJ).
Quarterly operating and net profit swung sharply: a loss in 2025Q2, a large profit in 2025Q3, a loss again in 2025Q4, a marginal profit in 2026Q1, and a large profit again in 2026Q2.
Related to its L&C Bio investment, the company sold part of its holdings on-market in August 2026 for partial cash realization, while retaining its remaining convertible bonds.
Revenue, operating profit, and net profit all declined in 2025 versus 2024, but the company maintained annual profitability.
Nau IB Capital is a venture capital and private equity manager registered as a new technology financing company under the Specialized Credit Finance Business Act, forming investment associations and private equity funds (PEFs) that invest in new-technology and venture companies and exit via IPO, M&A, or secondary sales.
The business cycle runs from fund formation, through investment and management, to exit, with policy institutions such as the National Pension Service, government fund-of-funds, and the Korea Development Bank serving as major limited partners.
More recently the company has moved beyond pure venture investing into M&A and buyout territory.
In November 2025 it completed formation of a 61.0 billion won M&A No. 2 fund, which followed the roughly 100 billion won No. 1 fund formed in 2019, with the Korea Development Bank understood to have anchored the new fund with about 18.0 billion won.
Through the No. 2 fund the firm plans to target sectors with structural growth such as ICT, digital transformation, bio-health, and artificial intelligence, deploying roughly 60% of the fund toward buyout investments.
On the overseas front, the company completed its first cross-border buyout in April 2025 by acquiring Japanese specialty semiconductor engineering firm Sun Fluoro System for approximately 260.0 billion won, and it has also expanded into the food value chain, acquiring a 20.6% stake in food materials firm Sunin from Goldman Sachs for about 86.0 billion won.
In the bio sector it participated as a financial investor in L&C Bio, investing a combined 76.3 billion won across new shares, existing shares, and convertible bonds; in August 2026 its Nau IB No.19 fund sold 400,780 common shares of L&C Bio on the market, reducing its holding from 2,616,469 to 2,215,689 shares and raising 23.8 billion won, while it continued to hold convertible bonds equivalent to 707,547 shares, leaving its total reported ownership ratio at 10.5%.
Reflecting this track record, the company was named best-performing investor at an award ceremony hosted by the Korea Financial Investment Association's new technology financing division.
| Quarter | Revenue | Operating profit | Op. margin |
|---|---|---|---|
| 2025Q2 | — | -₩2.7B | — |
| 2025Q3 | ₩10.1B | ₩6.6B | 65.3% |
| 2025Q4 | ₩6.7B | -₩5.5B | −81.9% |
| 2026Q1 | ₩6.7B | ₩300M | 4.6% |
| 2026Q2 | ₩8.8B | ₩5.1B | 57.3% |
| Year | Revenue | Operating profit | Net income (parent) | Op. margin | ROE | Debt-to-equity |
|---|---|---|---|---|---|---|
| 2022 | ₩22.3B | ₩11.1B | ₩8.3B | 49.7% | 11.3% | 52.6% |
| 2023 | ₩26.7B | ₩2.5B | ₩1.9B | 9.2% | 2.5% | 58.4% |
| 2024 | ₩31.4B | ₩9B | ₩7.9B | 28.7% | 9.1% | 50.2% |
| 2025 | ₩29.2B | ₩7.3B | ₩5.8B | 25.0% | 6.4% | 62.3% |
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
Nau IB Capital's annual results vary significantly depending on the timing of portfolio exits.
In 2022, revenue of 22.34 billion won produced operating profit of 11.11 billion won (a 49.7% operating margin) reflecting large exit gains, but in 2023, even as revenue rose to 26.70 billion won, operating profit collapsed to 2.46 billion won (a 9.2% margin), highlighting the volatility of exit-driven results.
In 2024, revenue reached 31.42 billion won with operating profit of 9.01 billion won (28.7% margin) and owner net profit of 7.93 billion won, marking a recovery, but 2025 saw a pullback again with revenue of 29.16 billion won, operating profit of 7.30 billion won (25.0% margin), and owner net profit of 5.78 billion won.
The quarterly pattern shows even more pronounced swings: 2025Q2 posted an operating loss of 2.68 billion won and an owner net loss of 2.11 billion won, before 2025Q3 turned sharply positive with revenue of 10.14 billion won, operating profit of 6.62 billion won, and owner net profit of 5.24 billion won.
However, 2025Q4 fell back into a loss with revenue of 6.67 billion won, an operating loss of 5.46 billion won, and an owner net loss of 4.43 billion won, and 2026Q1 returned to profitability but only marginally, with revenue of 6.74 billion won, operating profit of 0.31 billion won, and owner net profit of 0.32 billion won.
This was followed by another sizeable profit in 2026Q2, with revenue of 8.83 billion won, operating profit of 5.06 billion won, and owner net profit of 3.93 billion won.
These quarterly fluctuations are consistent with the nature of an investment company, where results are recognized based on equity-method and fair-value gains and the specific timing of portfolio exits.
Korea's venture capital and new-technology financing industry is closely tied to the scale of policy-institution commitments and the pace of recovery in IPO and M&A markets.
Recently there has been a policy push beyond pure venture investing toward activating the secondary and M&A exit market, with expanding government-backed fund programs such as the Ministry of SMEs and Startups' newly created business-succession M&A category and the Korea Development Bank's exit-market activation fund.
One example of this trend is that among the fund-of-funds programs created by the SME ministry to reinforce the secondary exit market, three private equity managers—Nau IB Capital, Daol Private Equity, and Ascent Private Equity—passed the document screening stage.
Peer comparisons for listed Korean venture capital firms typically include Atinum Investment, Q Capital, Daesung Private Equity, Woori Technology Investment, and Plutus.
When specific themes such as AI or semiconductors gain market attention, VC firms holding related portfolio companies have tended to see their share prices move together.
Nau IB Capital's relatively larger presence in M&A and buyout activity beyond pure venture investing is cited as a point of differentiation from peers. However, the structural risk that results hinge on whether a large exit is recognized in a given quarter is one shared broadly across the industry.
Following the completion of its 61.0 billion won M&A No. 2 fund in November 2025, Nau IB Capital is expected to continue executing buyout investments focused on ICT, digital transformation, bio-health, and AI sectors going forward.
With roughly 60% of the fund earmarked for buyout deals, the pace of actual capital deployment and the nature of target deals from the new fund are variables that will influence future results.
On the overseas buyout front, how the consolidated performance of the acquired Japanese firm Sun Fluoro System feeds into group results is worth monitoring.
Regarding L&C Bio, even after partially cashing out its stake in August 2026, the firm retains convertible bonds, so how the completion of L&C Bio's 140.6 billion won rights offering and the treatment of the remaining convertible bonds unfold could translate into further exit gains.
The company has accumulated a track record of completed M&A exits (such as Wooyang HC and Pia), and continues to participate in new fund-raising programs building on that record.
However, given that quarterly results are heavily dependent on the specific timing of exit recognition, whether a strong quarter carries through to the next remains something that must be confirmed disclosure by disclosure.
Because Nau IB Capital's results as an investment company are subject to significant quarterly volatility, care is needed when interpreting earnings multiples at any single point in time.
Looking at the most recent four quarters (2025Q3 through 2026Q2), the pattern of quarter-to-quarter swings is more pronounced than any smooth annual trend, so it is more useful to examine the direction of annual results—such as a shift from loss to profit or a recovery in earnings—alongside simple multiple comparisons.
The level of share price relative to net assets reflects the relative relationship between market capitalization and shareholders' equity, and the company has maintained a pattern of paying annual cash dividends.
When comparing valuation levels against peer KOSDAQ-listed venture capital and private equity firms, differences in portfolio composition and whether recent exits have been recognized should also be considered.
Investors may wish to track both the direction of quarterly earnings and valuation changes in major portfolio holdings such as L&C Bio, Cellumed, and SFSJ.
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
The company has expanded beyond pure venture investing into control-acquiring buyout deals with the completion of a 61.0 billion won M&A No. 2 fund. Policy institutions such as the Korea Development Bank participated as anchor investors, providing a relatively stable funding base.
With ICT, bio-health, and AI as core target sectors, there is room for the deal pipeline to diversify going forward.
The 2025 acquisition of Japan's Sun Fluoro System marked the company's first overseas buyout deal. It demonstrated cross-border deal-sourcing and financing capability by utilizing a Korea-Japan joint fund structure.
The acquisition of a niche semiconductor materials firm could serve as a reference case for expanding similar deals going forward.
The company confirmed its industry reputation by being named best-performing investor at an award ceremony hosted by the Korea Financial Investment Association. It has accumulated a track record of successfully completed exits following past M&A deals, such as Wooyang HC and Pia. This track record can serve as a competitive advantage when participating in new fund-raising programs.
The company posted consecutive operating and net losses in 2025Q2 and 2025Q4, while recording large profits in 2025Q3 and 2026Q2, making it difficult to treat any single quarter's performance as a reliable basis for future results.
Given the equity-method and fair-value valuation structure typical of investment companies, similar swings could recur going forward.
Revenue, operating profit, and net profit all declined in 2025 compared with 2024. There was also a 2023 instance where revenue rose even as operating profit fell sharply, illustrating that revenue growth does not necessarily translate into improved profit. The direction of annual results can hinge on whether a large exit event occurs.
The company's investment weight in specific portfolio companies such as L&C Bio is substantial, meaning that fund-raising and share-price movements at that company can directly affect Nau IB Capital's results.
The August 2026 partial stake sale illustrates portfolio management flexibility, but it also underscores significant exposure to large individual investments.
Because fair-value gains and equity-method income from investment assets flow directly into quarterly results, changes in the share price or business performance of investee companies can immediately affect earnings.
For unlisted portfolio companies, valuation outcomes can vary depending on the fair-value measurement standards applied.
Fund formation depends substantially on commitments from policy institutions such as the National Pension Service, government fund-of-funds, and the Korea Development Bank, so shifts in policy direction or commitment size could affect new fund-raising. Intensifying competition for these allocation programs could also slow the pace of capital-raising.
Overseas buyouts such as the acquisition of Japan's Sun Fluoro System can carry uncertainties related to currency movements, local regulation, and post-acquisition integration. If the acquired company's performance falls short of expectations, it could weigh on consolidated results.
Investors should check the completion of L&C Bio's 140.6 billion won rights offering and how Nau IB Capital handles its remaining convertible bonds and stake.
This is the expected timing for the 2026 third-quarter earnings disclosure, when investors should check whether the profitable trend from 2026Q2 continues or reverts to volatility.
Investors should monitor disclosures of actual investment execution (new deals) from the 61.0 billion won M&A No. 2 fund and progress toward the targeted 60% buyout allocation.
This is the timing of the annual general shareholders' meeting and the fiscal year 2026 dividend decision, when the continuity of the annual dividend policy can be confirmed.
Nau IB Capital is a KOSDAQ-listed venture capital and private equity manager operating as a new technology financing company that has expanded its business by combining venture investment with M&A and buyout activity.
Expansion in the PE segment is evident through the November 2025 formation of a 61.0 billion won M&A No. 2 fund and the acquisition of Japan's Sun Fluoro System, but quarterly results clearly display the volatility typical of an investment company, alternating between losses in 2025Q2 and 2025Q4 and large profits in 2025Q3 and 2026Q2.
On an annual basis, the company showed a recovery trend in profits from 2022 to 2024 before slowing again in 2025. Exposure to major portfolio holdings such as L&C Bio, and how the associated equity stakes and convertible bonds are handled going forward, remain variables that will continue to influence future results.
Reliance on policy-driven funding and risks associated with integrating overseas acquisitions are additional factors to weigh.
Investors will want to continue monitoring upcoming quarterly earnings disclosures and the actual pace of investment execution from the M&A No. 2 fund to gauge the company's business trajectory.
Report written 2026-09-05 · Data as of 2026-09-04
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