Hancom, the South Korean company best known for its Hangul word-processing software, is reinventing itself as a "Sovereign Agentic OS" business built around structured document data. According to an analyst report published on 23 June by the Korea IR Association's Corporate Research Centre, the company's AI revenue is expected to surge from 8.9bn won in 2025 to 36bn won in 2026 — a fourfold increase — lifting AI's share of standalone revenue from 5.1% to 17.0%.
The growth engine is straightforward: converting an existing base of roughly 200,000 office-software customers onto paid AI packages. The adoption rate among business-to-business subscribers stood at just 4.2% as of the first quarter, suggesting substantial headroom. That early momentum is already evident in the numbers: first-quarter AI revenue reached 5.2bn won, equivalent to 58.5% of the full-year 2025 AI revenue figure — in a single quarter.
Hancom laid out its platform strategy in May 2026 at an event called "Hancom THE SHIFT". The architecture links four components: ODL, a tool for structuring document data; Hancom Pedia, a chatbot solution; Hancom Assistant, a workflow-automation tool; and an Agentic OS layer that ties them together into an AI execution platform. The company has already secured public-sector reference contracts, including the digitisation and structuring of 1.8m pages of PDF documents for the National Assembly Library and the construction of an HWP (Hangul file format) data pipeline for the National Assembly Secretariat.
Overseas expansion is also under way. In June, Hancom signed a memorandum of understanding with 7Bulls, a Polish state-certified research and development centre, to begin joint development aimed at localising its Sovereign Agentic OS for the European market. The partnership remains at the MOU and proof-of-concept stage, and no contract values have been disclosed.
On a consolidated basis, the research centre projects 2026 revenue of 370.3bn won, up 13.3% year on year, with operating profit rising 30.9% to 47.6bn won. The improvement partly reflects a recovery at subsidiary Hancom Lifecare, whose defence-product deliveries were delayed in 2025, dragging on group earnings. The consolidated operating margin is forecast to widen from 11.1% to 12.9% as a result.
Despite the improving outlook, the shares trade at 11.3 times 2026 forecast earnings — a meaningful discount to the domestic software-sector peer average of 16.6 times. The report argues that a re-rating is plausible "as recurring AI revenue expands and the commercialisation of Sovereign Agentic OS becomes more tangible."