[Edaily Reporter Shin Ha-yeon ] On the 22nd, Value Finder assessed that ADforus Co., Ltd. is continuing to see revenue growth as its overseas business begins to yield significant results. The firm analyzed that while growth is expected to continue in the second half of the year, driven by the launch of new artificial intelligence (AI) and global solutions as well as the inclusion of results from its subsidiary On the Planet, the company’s shareholder return policies—including aggressive share buybacks—also warrant attention. No investment opinion or target price was provided.

Jeon Woo-bin, a senior researcher at Value Finder, stated, “Consolidated revenue for the first half of the year was 20.3 billion won, a 17.8% increase year-over-year, while standalone revenue was 12.5 billion won, a 39.9% increase, marking four consecutive quarters of revenue growth since the company’s IPO.” In particular, overseas revenue reached 1.5 billion won, a 130% increase year-over-year, surpassing last year’s full-year overseas revenue of 1.3 billion won in just half a year.

However, operating profit for the first half of the year was 1.1 billion won, a 46.9% decrease compared to the same period last year. ValueFinder analyzed that this was largely due to the impact of one-time expenses, such as acquisition brokerage advisory fees and due diligence costs incurred during the acquisition of On the Planet last June.

Researcher Jeon explained, “The decline in operating profit is largely due to the temporary impact of one-time costs incurred during the acquisition of On the Planet last June, so profitability is expected to return to normal starting in the third quarter.”

The company forecasts that new solutions targeting AI and the global market will serve as growth drivers in the second half of the year. ADforus Co., Ltd. recently launched the “Greenpi Global SDK.” Supporting six languages, it features an AI engine that analyzes user patterns, preferred networks, and ad rates by country to connect users to the optimal network. The company explains that this has lowered the barriers to integration for overseas media partners.

The company has also launched a new business to address the generative AI search environment. “ILLIGEO,” introduced through its affiliate Illiad, is a GEO (Generative Engine Optimization) and AIO (Artificial Intelligence Optimization) service that optimizes the structure of advertisers’ content to ensure it is accurately recognized in generative AI search environments such as ChatGPT, Gemini, and Naver AI Briefing.

The company also cited the full-year inclusion of its subsidiary On the Planet’s earnings starting in the third quarter as a factor driving revenue growth. On the Planet, a digital marketing firm, has been building a strong track record, including winning awards in five categories at the recent “Social Eye Awards 2026.”

Analyst Jeon stated, “As On the Planet’s earnings will be fully reflected starting in the third quarter, we expect company-wide revenue growth in the second half of the year,” adding, “Based on On the Planet’s track record—including winning five categories at the ‘Social AI Awards 2026’—we anticipate a continued increase in ad orders.”

The company’s proactive shareholder return policy was also highlighted as an investment point. ADforus Co., Ltd. is implementing a combination of cash dividends, share buybacks and cancellations, and management share purchases on the open market. Based on last year’s financial results, the company paid a cash dividend of 250 won per share for the first time, with a dividend yield of 3.2% at the time. As of the end of the first half of this year, treasury shares accounted for 22.2% of the total issued shares.

In addition, the company signed a trust agreement in August to repurchase 3 billion won worth of treasury stock. Based on the stock price at the time of acquisition, this amounts to 686,498 shares, representing 13.3% of the total issued shares. If all shares are acquired, the proportion of treasury stock could rise to 35.5%.

Researcher Jeon explained, “If the entire amount is acquired, the proportion of treasury stock could increase to 35.5%,” adding, “Upon acquisition, the company would become one of the top holders of treasury stock on the KOSDAQ market, and it is understood that the company is also considering future cancellations in line with the mandatory cancellation requirement under the revised Commercial Act.” He continued, “We expect the company to emerge as a best practice in shareholder returns by concurrently conducting open-market purchases by management.”

Among ADforus Co., Ltd.’s first-half revenue, the advertising platform accounted for the largest share at 87.6%, followed by brand strategy at 8.7%, advertising agency services at 3.3%, and leasing at 0.4%. Last year, the company recorded annual revenue of 30.6 billion won and operating profit of 2.4 billion won. As of the first half, the price-to-book ratio (PBR) stands at 0.6x, and the price-to-earnings ratio (PER) at 9.9x.

Researcher Jeon projected that rapid growth in overseas revenue, the launch of new AI and global solutions, and the inclusion of On the Planet’s earnings in the financials will drive revenue expansion in the second half of the year. Combined with the company’s additional share buybacks and consideration of future share cancellations, he assessed ADforus Co., Ltd. as “one of the top shareholder-friendly AI advertising platform companies in Korea.”