INCAR FINANCIAL SERVICE (211050) Q3 2025 earnings summary

Executive summary

• Revenue for the nine months ended September 30, 2025, was ₩739.7 billion, up 17.1% year-over-year, driven by growth in insurance product sales and stable partnerships with over 30 insurers.

• Operating income for the same period was ₩70.8 billion, with net income at ₩54.2 billion, reflecting robust profitability.

• The company maintained a strong capital structure, with a debt ratio of 348% as of September 2025, down from 380% at the end of 2024.

• Cash and cash equivalents increased significantly to ₩51.1 billion at quarter-end.

Financial highlights

• Revenue: ₩739.7 billion (up 17.1% YoY); Operating income: ₩70.8 billion; Net income: ₩54.2 billion.

• Gross margin improved, with gross profit at ₩137.8 billion for the period.

• EPS (basic and diluted): ₩1,126 for the nine months ended September 2025.

• Cash flow from operations reached ₩99.9 billion, supporting liquidity.

• Dividend payout for 2024 was ₩4.87 billion, with a consistent dividend policy.

Outlook and guidance

• The company plans to maintain stable growth through continued expansion of its sales force and digital platform enhancements.

• No new share buyback or cancellation plans; future actions will consider regulatory changes.

• Management is monitoring economic conditions and may consider partial sale of treasury shares to secure operating funds in 2026.