INCAR FINANCIAL SERVICE (211050) Q1 2026 earnings summary

Executive summary

• Revenue for Q1 2026 was KRW 301.2 billion, up 30.9% year-over-year, driven by growth in long-term non-life and life insurance commissions.

• Net income attributable to owners was KRW 22.5 billion, with EPS of KRW 457, both showing significant improvement from the prior year.

• The company completed the absorption of its 100% subsidiary Dream Life in May 2026 to expand its nationwide sales network and enhance operational efficiency.

Financial highlights

• Q1 2026 consolidated revenue: KRW 301.2 billion (+30.9% YoY).

• Operating income: KRW 26.0 billion (+23.0% YoY).

• Net income: KRW 22.5 billion (+42.5% YoY).

• Gross margin: 17.4% (up from 16.7% YoY).

• Cash and cash equivalents at period end: KRW 40.9 billion.

Outlook and guidance

• The company maintains a stable dividend policy, with a cash dividend payout ratio of 25.2% for the most recent period.

• Management expects continued growth in insurance commission revenue, supported by an expanded sales network and ongoing digital transformation.