[Edaily Reporter Kim Yoon-jung] IBK Investment & Securities assessed that #SPSoft is expected to see improved earnings in the second half of the year, driven by Microsoft (MS) 365 (M365) price hikes and increased budget spending by public institutions.

On the 9th, Lee Geon-jae, an analyst at IBK Investment & Securities, stated, “We expect earnings to follow a ‘weak first half, strong second half’ trend in 2026,” adding, “The impact of the M365 price hike and growth in the Desktop-as-a-Service (DaaS) business will drive earnings improvement in the second half.”
SP Soft’s consolidated revenue for the first quarter of this year was 12.9 billion won, a 4.4% decrease year-over-year, but operating profit rose 31.9% to 900 million won. While consolidated revenue declined due to a decrease in remaining inventory as the smart factory business of its subsidiary, U-Host, entered its final year, standalone revenue increased 3.2% to 9.1 billion won.
The analyst explained, “Operating profit improved significantly year-over-year as the cost burden from U-Host eased.”
He projected that the effects of the M365 price hike would be fully reflected in the second half of the year. “Starting in July, M365 product prices are scheduled to increase by an average of 15%,” he noted, adding, “The impact of the price hike will be reflected in earnings sequentially.”
He also assessed, “The DaaS division is expected to contribute to revenue growth in the second half of the year, when public institutions typically concentrate their budget spending.”
He also highlighted the strategy to expand the Copilot service, which is being promoted as a new growth engine. Copilot is Microsoft’s proprietary AI assistant tool, and SPSoft is responsible for Copilot’s domestic licensing business. The analyst explained, “The company launched an online platform in February of this year that allows for the integrated subscription and management of cloud and software licenses,” adding, “As the corporate software purchasing structure, which was previously centered on offline distributors, shifts to online platforms, the company has secured management efficiency and the potential for expanded cross-selling.”
However, he noted, “It appears that usage rates are not increasing rapidly due to the high cost of Copilot,” and diagnosed that “given the strengthening market dominance of competing services such as ChatGPT, Gemini, and Claude, it is time to adjust the Copilot business strategy.”
He also mentioned the activities of activist funds surrounding the parent company, Gabia. The analyst noted, “Align Partners points to the dilution of shareholder value resulting from the dual-listing structure as the cause of Gabia’s undervaluation,” and analyzed, “While no issues directly related to SP Soft have been identified at this time, the possibility of future changes in corporate governance must be continuously monitored.”