New Risk • May 21
New major risk - Revenue and earnings growth Earnings have declined by 2.9% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 2.9% per year over the past 5 years. Minor Risk Market cap is less than US$100m (₩61.3b market cap, or US$40.7m). Duyuru • Feb 27
IGLOO Corporation, Annual General Meeting, Mar 30, 2026 IGLOO Corporation, Annual General Meeting, Mar 30, 2026, at 09:01 Tokyo Standard Time. Location: convention hall, 7, jeongui-ro 8-gil, songpa-gu, seoul South Korea Upcoming Dividend • Dec 22
Upcoming dividend of ₩180 per share Eligible shareholders must have bought the stock before 29 December 2025. Payment date: 15 April 2026. Payout ratio is a comfortable 20% but the company is not cash flow positive. Trailing yield: 3.3%. Lower than top quartile of South Korean dividend payers (3.6%). Higher than average of industry peers (1.7%). Reported Earnings • Nov 14
Third quarter 2025 earnings released: EPS: ₩139 (vs ₩178 in 3Q 2024) Third quarter 2025 results: EPS: ₩139 (down from ₩178 in 3Q 2024). Revenue: ₩26.8b (up 14% from 3Q 2024). Net income: ₩1.41b (down 24% from 3Q 2024). Profit margin: 5.3% (down from 7.9% in 3Q 2024). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 1% per year whereas the company’s share price has fallen by 2% per year. Declared Dividend • Nov 08
Dividend of ₩180 announced Dividend of ₩180 is the same as last year. Ex-date: 29th December 2025 Payment date: 15th April 2026 Dividend yield will be 3.4%, which is higher than the industry average of 1.4%. Sustainability & Growth Dividend is covered by earnings (20% earnings payout ratio) but the company has no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The dividend has increased by an average of 4.3% per year over the past 6 years and payments have been stable during that time. Earnings per share has grown by 47% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Duyuru • Nov 07
IGLOO Corporation announces Annual dividend, payable on April 15, 2026 IGLOO Corporation announced Annual dividend of KRW 180.0000 per share payable on April 15, 2026, ex-date on December 29, 2025 and record date on December 31, 2025. New Risk • Aug 30
New major risk - Financial data availability The company's latest financial reports are more than a year old. Last reported fiscal period ended September 2013. This is considered a major risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. In the worst case scenario, it may be facing other major going concern issues jeopardizing its viability as a listed company. Currently, the following risks have been identified for the company: Major Risk Latest financial reports are more than 1 year old (reported September 2013 fiscal period end). Minor Risk Market cap is less than US$100m (₩57.8b market cap, or US$41.7m). New Risk • Aug 29
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 24% This is considered a major risk. Non-cash earnings can arise from many different things. However, if a company consistently has a high level of non-cash earnings, it may be a sign that they are recognizing revenue from customers before the full value of the sales are received as cash or they are not depreciating the value of their assets appropriately. These are practices that inflate earnings, while not providing a similar increase to cash flows. Companies in some select industries naturally have a high level of non-cash earnings and it is not a major concern. However, in the worst case scenario it can be an early sign of performance manipulation by management. Currently, the following risks have been identified for the company: Major Risk High level of non-cash earnings (24% accrual ratio). Minor Risks Paying a dividend despite having no free cash flows. Market cap is less than US$100m (₩57.9b market cap, or US$41.7m). Reported Earnings • May 18
First quarter 2025 earnings released: ₩85.00 loss per share (vs ₩143 loss in 1Q 2024) First quarter 2025 results: ₩85.00 loss per share (improved from ₩143 loss in 1Q 2024). Revenue: ₩23.5b (up 9.6% from 1Q 2024). Net loss: ₩888.6m (loss narrowed 41% from 1Q 2024). Over the last 3 years on average, earnings per share has fallen by 2% per year whereas the company’s share price has fallen by 7% per year. Duyuru • Feb 25
IGLOO Corporation, Annual General Meeting, Mar 28, 2025 IGLOO Corporation, Annual General Meeting, Mar 28, 2025, at 09:00 Tokyo Standard Time. Location: convention hall, 7, jeongui-ro 8-gil, songpa-gu, seoul South Korea Duyuru • Feb 24
IGLOO Corporation (KOSDAQ:A067920) announces an Equity Buyback for KRW 2,000 million worth of its shares. IGLOO Corporation (KOSDAQ:A067920) announces a share repurchase program. Under the program, the company will repurchase up to KRW 2,000 million worth of its shares pursuant to a contract with Mirae Asset Securities. The program is aimed at enhancing shareholder value and rewarding employee performance. The program will be valid until August 25, 2025. As of February 23, 2025, the company had 524,349 shares in treasury under the dividend capacity and 1,001 shares in treasury under other capacities. Upcoming Dividend • Dec 20
Upcoming dividend of ₩180 per share Eligible shareholders must have bought the stock before 27 December 2024. Payment date: 14 April 2025. Payout ratio is a comfortable 39% and this is well supported by cash flows. Trailing yield: 3.4%. Lower than top quartile of South Korean dividend payers (3.9%). Higher than average of industry peers (1.6%). Reported Earnings • Nov 14
Third quarter 2024 earnings released: EPS: ₩178 (vs ₩147 in 3Q 2023) Third quarter 2024 results: EPS: ₩178 (up from ₩147 in 3Q 2023). Revenue: ₩23.5b (down 5.7% from 3Q 2023). Net income: ₩1.86b (up 22% from 3Q 2023). Profit margin: 7.9% (up from 6.1% in 3Q 2023). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 3% per year but the company’s share price has fallen by 13% per year, which means it is performing significantly worse than earnings. New Risk • Sep 17
New major risk - Financial data availability The company has not reported any financial data. This is considered a major risk. With no or incomplete audited reported financial data, it is virtually impossible to assess the company's investment potential. Currently, the following risks have been identified for the company: Major Risk No financial data reported. Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Market cap is less than US$100m (₩54.8b market cap, or US$41.6m). Reported Earnings • May 19
First quarter 2024 earnings released: ₩221 loss per share (vs ₩23.00 profit in 1Q 2023) First quarter 2024 results: ₩221 loss per share (down from ₩23.00 profit in 1Q 2023). Revenue: ₩21.8b (up 4.8% from 1Q 2023). Net loss: ₩2.31b (down ₩2.54b from profit in 1Q 2023). Over the last 3 years on average, earnings per share has increased by 8% per year but the company’s share price has fallen by 8% per year, which means it is significantly lagging earnings. Reported Earnings • Mar 19
Full year 2023 earnings released: EPS: ₩835 (vs ₩692 in FY 2022) Full year 2023 results: EPS: ₩835 (up from ₩692 in FY 2022). Revenue: ₩107.0b (up 3.8% from FY 2022). Net income: ₩8.70b (up 21% from FY 2022). Profit margin: 8.1% (up from 7.0% in FY 2022). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 13% per year but the company’s share price has remained flat, which means it is significantly lagging earnings. Valuation Update With 7 Day Price Move • Jan 23
Investor sentiment improves as stock rises 21% After last week's 21% share price gain to ₩7,930, the stock trades at a trailing P/E ratio of 10.8x. Average trailing P/E is 22x in the Software industry in South Korea. Total returns to shareholders of 82% over the past three years. Upcoming Dividend • Dec 20
Upcoming dividend of ₩180 per share at 2.9% yield Eligible shareholders must have bought the stock before 27 December 2023. Payment date: 11 April 2024. Payout ratio is a comfortable 24% and this is well supported by cash flows. Trailing yield: 2.9%. Lower than top quartile of South Korean dividend payers (3.5%). Higher than average of industry peers (1.6%). Reported Earnings • Nov 17
Third quarter 2023 earnings released: EPS: ₩106 (vs ₩43.00 in 3Q 2022) Third quarter 2023 results: EPS: ₩106 (up from ₩43.00 in 3Q 2022). Revenue: ₩25.4b (up 28% from 3Q 2022). Net income: ₩1.10b (up 148% from 3Q 2022). Profit margin: 4.3% (up from 2.2% in 3Q 2022). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 20% per year but the company’s share price has only increased by 10% per year, which means it is significantly lagging earnings growth. Buying Opportunity • May 10
Now 21% undervalued after recent price drop Over the last 90 days, the stock is down 12%. The fair value is estimated to be ₩8,157, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 11% over the last 3 years. Earnings per share has grown by 44%. Buying Opportunity • Apr 24
Now 20% undervalued Over the last 90 days, the stock is up 4.5%. The fair value is estimated to be ₩8,133, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 11% over the last 3 years. Earnings per share has grown by 44%. Valuation Update With 7 Day Price Move • Feb 10
Investor sentiment improves as stock rises 29% After last week's 29% share price gain to ₩8,890, the stock trades at a trailing P/E ratio of 8.5x. Average forward P/E is 32x in the Software industry in South Korea. Total returns to shareholders of 121% over the past three years. Upcoming Dividend • Dec 21
Upcoming dividend of ₩160 per share Eligible shareholders must have bought the stock before 28 December 2022. Payment date: 10 April 2023. Payout ratio is a comfortable 15% and this is well supported by cash flows. Trailing yield: 2.8%. Lower than top quartile of South Korean dividend payers (3.3%). Higher than average of industry peers (1.8%). Board Change • Nov 16
Less than half of directors are independent No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 6 experienced directors. No highly experienced directors. 2 independent directors (4 non-independent directors). was the last director to join the board, commencing their role in . The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Reported Earnings • Nov 13
Third quarter 2022 earnings released: EPS: ₩43.00 (vs ₩307 loss in 3Q 2021) Third quarter 2022 results: EPS: ₩43.00 (up from ₩307 loss in 3Q 2021). Revenue: ₩19.9b (up 28% from 3Q 2021). Net income: ₩444.6m (up ₩3.29b from 3Q 2021). Profit margin: 2.2% (up from net loss in 3Q 2021). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 30% per year but the company’s share price has only increased by 7% per year, which means it is significantly lagging earnings growth. Board Change • Apr 27
Less than half of directors are independent No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 6 experienced directors. No highly experienced directors. 2 independent directors (4 non-independent directors). was the last director to join the board, commencing their role in . The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Valuation Update With 7 Day Price Move • Apr 01
Investor sentiment improved over the past week After last week's 17% share price gain to ₩8,270, the stock trades at a trailing P/E ratio of 10.5x. Average trailing P/E is 24x in the Software industry in South Korea. Total returns to shareholders of 89% over the past three years. Upcoming Dividend • Dec 22
Upcoming dividend of ₩160 per share Eligible shareholders must have bought the stock before 29 December 2021. Payment date: 11 April 2022. Payout ratio is a comfortable 36% and this is well supported by cash flows. Trailing yield: 2.3%. Lower than top quartile of South Korean dividend payers (2.4%). Higher than average of industry peers (1.0%). Reported Earnings • Mar 18
Full year 2020 earnings released: EPS ₩526 (vs ₩211 in FY 2019) The company reported a strong full year result with improved earnings, revenues and profit margins. Full year 2020 results: Revenue: ₩81.7b (up 8.2% from FY 2019). Net income: ₩4.89b (up 138% from FY 2019). Profit margin: 6.0% (up from 2.7% in FY 2019). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 10% per year but the company’s share price has increased by 12% per year, which means it is well ahead of earnings. Duyuru • Feb 25
IGLOO SECURITY, Inc., Annual General Meeting, Mar 26, 2021 IGLOO SECURITY, Inc., Annual General Meeting, Mar 26, 2021, at 09:00 Korea Standard Time. Location: Belazel Convention Hall, 4F, Hans Building, 7, Eui- ro 8-gil, Songpa-gu Seoul South Korea Is New 90 Day High Low • Feb 03
New 90-day high: ₩6,010 The company is up 30% from its price of ₩4,625 on 05 November 2020. The South Korean market is up 28% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Software industry, which is up 10.0% over the same period. Valuation Update With 7 Day Price Move • Feb 03
Investor sentiment improved over the past week After last week's 27% share price gain to ₩6,010, the stock is trading at a trailing P/E ratio of 26.6x, up from the previous P/E ratio of 20.9x. This compares to an average P/E of 22x in the Software industry in South Korea. Total returns to shareholders over the past three years are 46%. 
