STIC Investments (026890) Q4 2025 earnings summary

Executive summary

• Achieved KRW 15,043mm net income attributable to shareholders in 2025, with KRW 12,605mm in 4Q 2025, reflecting strong year-end performance.

• Fee Related Earnings (FRE) for 2025 rose 36.7% YoY to KRW 20,224mm; Total Segment Earnings (TSE) up 4.8% YoY to KRW 18,937mm.

• Distributable Earnings (DE) declined 29.3% YoY to KRW 13,192mm, indicating pressure on distributable profits.

• Assets Under Management (AUM) increased 1.4% YoY to KRW 10,313,906mm, with Fee Paying AUM (FPAUM) up 5.9% YoY.

Financial highlights

• 4Q 2025 revenues reached KRW 29,882mm, up from KRW 21,934mm in 4Q 2024; full-year revenues at KRW 91,218mm.

• Management fees for 2025 were KRW 63,619mm, up 6.4% YoY; incentive fees doubled YoY to KRW 15,421mm.

• Operating profit for 4Q 2025 was KRW 14,119mm, reversing a loss of KRW 3,385mm in 4Q 2024.

• Net income per share for 2025 was KRW 417, up from KRW 256 in 2024.

Outlook and guidance

• Capital allocation will prioritize internal growth and share buybacks over cash dividends, aiming to maximize shareholder value.

• Flexible shareholder return policy to be maintained, adapting to investment environment and capital efficiency.