[Edaily Reporter KIM JI-WAN ] The Corporate Research Center of the Korea IR Association assessed that HANCOM INC.(030520)is transitioning into a document-based “Sovereign Agentic OS” company, leveraging the document processing technology it has accumulated in the domestic office software market and its customer base of over 200,000.

Lee Na-yeon, an analyst at the Korea IR Association, noted, “HANCOM INC. is expanding its business scope beyond traditional document creation tools to an AI execution platform that structures document data and supports search, generation, and task execution.”

According to the report, HANCOM INC. has been transitioning from a traditional on-premises office software company to an AI-based document platform company by successively launching AI solutions—starting with Hancom Docs in 2022, followed by Hancom Docs AI, Hancom Assistant, and Hancom Pedia in 2024.

In particular, at the “Hancom THE SHIFT” event held last May, the company presented an integrated AI strategy that links ODL, Hancom Pedia, Hancom Assistant, and Agentic OS to support not only the structuring, searching, and content generation of document data but also the actual execution of tasks.

The Korea IR Council identified the migration of existing office customers to paid AI packages as HANCOM INC.’s short-term growth driver. It explained that AI revenue—which stems from upselling to existing customers rather than simple license price increases—holds high potential for future growth in recurring revenue.

Based on separate estimates, HANCOM INC.’s AI revenue is projected to increase approximately fourfold, from 8.9 billion won in 2025 to 36 billion won in 2026. Analysts note that the initial results of the AI transition strategy—leveraging the existing office customer base—are now being fully reflected in revenue.

The potential for expansion into the public sector and the European market was also highlighted as a key investment point. HANCOM INC. has secured references with public institutions such as the National Assembly Library and the National Assembly Secretariat, and is pursuing entry into the public and European sovereign AI markets—which prioritize data sovereignty—based on local partnerships in Europe.

Analyst Lee Na-yeon stated, “Demand for sovereign AI is expanding beyond data sovereignty to the operational layer, where actual work is performed,” adding, “HANCOM INC.’s competitiveness, backed by its document data processing capabilities and public sector references, will come to the fore.”

She also projected that the company’s 2026 performance would improve, driven by growth in AI revenue and reduced pressure from subsidiary performance. The Korea IR Association estimated HANCOM INC.’s 2026 consolidated revenue at 3703억원, a 13.3% increase year-over-year, and operating profit at 476억원, up 30.9%.

The analysis indicated that, on a standalone basis, the migration of existing office software customers to AI packages will drive growth, while on a consolidated basis, the easing of poor performance at subsidiaries such as Hancom Lifecare will contribute to improved profits.

The Korea IR Association stated, “HANCOM INC.’s current stock price, based on its 2026 projected earnings, trades at a price-to-earnings ratio of 11.3x, which is low compared to other domestic software companies,” adding, “If recurring AI revenue expands and the Sovereign Agentic OS business gains traction, we expect a revaluation of the company as a document-based AI execution platform provider.”