Kurly posts 51.6 billion won half-year operating profit as it holds regular talks with IPO underwriters

Annualize the first half, accepting that one half-year is a thin base, and Kurly earns about 103 billion won of operating profit a year ^[12]. Naver's May investment valued the company at roughly 2.8 trillion won ^[7], or about 27 times that profit ^[13]. The 4 trillion won of the 2021 pre-IPO round ^[6] would be about 39 times ^[14]. To hold 27 times and reach 4 trillion won, annual operating profit would have to be about 147 billion won ^[15]. With 51.6 billion won already booked ^[4], that needs a second half of about 96 billion won, 1.9 times the first ^[16].

The profit comes from margin. Operating margin was 4.8% in the first half ^[17] against 0.55% in 2025 ^[18], while first-half revenue of 1.08 trillion won was 45.6% of the 2025 total ^[21]. Growth cannot be computed, because the report does not include first-half 2025 revenue. "Previously, Kurly's case rested on revenue growth and the potential to expand its platform. This time, its improved earnings, logistics efficiency and business diversification are supporting a stronger profit structure," an investment banking official said ^[23]. The same article quotes an investment banking official on the test ahead: "Its second-quarter and second-half results will be key, but recent trends look encouraging" ^[24].

In our view the 4 trillion won mark is out of reach on these results, and a listing nearer the Naver price is the realistic frame. That view fails if second-half profit reaches about 96 billion won, if a buyer pays more than 27 times for the margin gain, or if the first half proves unrepresentative and the multiple moves with the second half.

The price itself rests on a small cheque. Naver's 33 billion won is about 1.2% of the 2.8 trillion won valuation ^[20]. "Naver's investment can be seen as a pre-IPO round, helping restore confidence in Kurly's valuation and potentially improving exit prospects for existing investors," a Kurly investor said on condition of anonymity ^[9]. The holders an IPO would release are Anchor Equity Partners, Hillhouse Capital, HongShan, DST Global and Aspex Management, some of them after more than five years ^[8].

Kurly itself is saying little about dates. "We continue to hold regular meetings with our underwriters, but our focus remains on improving performance and enhancing our valuation," a Kurly official said ^[2]. The company is adding management layers, with 18 unregistered executives as of April 1 ^[10], and pushing into fashion and cosmetics, with a target of 2.5 times its fashion transaction volume this year ^[11].