Naver Corp. · KRX:035420
Naver — Naver Corp Ord — Q1 2026 Earnings Presentation
12 slides from Naver's earnings presentation, Apr 30, 2026
Slide 1: 1Q26 Earnings Results
1Q26 Earnings Results 2026.4.30
Slide 2: Disclaimer
Disclaimer The financial information included in this document are earnings results based on K-IFRS. This document is provided for the convenience of investors, and the external review of our financial results are yet to be completed; Therefore, certain parts of this document may be subject to chang
Slide 3: New Revenue Classification
New Revenue Classification • Revenue is reclassified from 2026 to better distinguish the core business and the new opportunities ~ FY2025 FY2026 ~ Specifics Specifics Search SA, DA, Others Naver Platform Naver core business related revenues Platform (CHZZK donation, etc.) Commerce ads, Ads Search(SA
Slide 4: Earnings summary
Earnings summary • Revenue grew 16.3% YoY led by growth acceleration in core business and C2C • Operating profit grew 7.2% YoY; heavier computing asset investments led to 16.7% operating margin bn KRW 1Q25 2Q25 3Q25 4Q25 1Q26 Y/Y Q/Q Revenue1) 2,786.8 2,915.1 3,138.1 3,195.1 3,241.1 16.3% 1.4% Naver
Slide 5: Naver Platform Ads, Services
Naver Platform Ads, Services 1Q26 YoY 14.7%, QoQ -0.6% Quarterly Revenue Ads YoY 9.3%, QoQ -1.5% Services YoY 35.6%, QoQ 2.4% (bn KRW) 10.0% 10.9% 9.8% 9.3% 8.3% 7.1% • Naver Platform revenue grew solid 14.7% YoY 1,816.6 1,850.3 1,839.8 1,680.7 1,693.1 1,604.7 • [Ads] AI driven gains in ad effective
Slide 6: Financial Platform payments, platform services, etc.
Financial Platform payments, platform services, etc. Quarterly Revenue 1Q26 YoY 18.9%, QoQ 2.5% (bn KRW, tn KRW) 24.2 tn KRW 22.7 23.0 • 1Q Total Payment Value(TPV) grew 23.4% YoY to 500.0 20.8 19.3 19.6 24.2tn KRW helped by Smartstore growth and 20.0 459.7 448.6 continued expansion into 3rd party e
Slide 7: Global Opportunities C2C, contents, enterprise
Global Opportunities C2C, contents, enterprise Quarterly Revenue 1Q26 YoY 18.4%, QoQ 5.1%1) C2C YoY 57.7%, QoQ 22.9%2) (bn KRW) Contents YoY -1.4%, QoQ -1.1% Enterprise YoY 18.8%, QoQ -9.1% 941.6 894.1 896.2 • [C2C] Wallapop consolidated in 1Q26. 809.8 795.4 816.4 150.5 GMV and revenue acceleration
Slide 8: Operating expenses/profit
Operating expenses/profit • Development & operations expense growth of 11.6% YoY reflects increased headcount and consolidation of Wallapop • Partner expense growth of 19.9% YoY reflects investments in content rights and installation of offline Npay Connect terminal • Infrastructure expense rose 32.
Slide 9: P&L by Segment
P&L by Segment (bn KRW, %) Financial Platform 800.0 700.0 8.0% 7.7% 10.0% 6.4% 600.0 5.1% 5.4% 5.6% 5.0% Naver Platform 500.0 400.0 448.6 459.7 45.0% 427.3 1,950.0 395.1 386.7 405.6 0.0% 36.1% 300.0 34.2% 32.7% 33.6% 33.4% 28.8% 35.0% 200.0 -5.0% 1,850.0 25.0% 100.0 0.0 -10.0% 1,750.0 15.0% 4Q24 1Q2
Slide 10: Cash & borrowings, consolidated FCF, direct and indirect investments
Cash & borrowings, consolidated FCF, direct and indirect investments Cash & Borrowings Consolidated FCF 2), Direct and Indirect Investments (bn KRW) Final dividend pay out in April 14th (2,630 KRW per share, 30% of average consolidated FCF of last 2 years ) Cash and cash equivalents + Short-term fin
Slide 11: Appendix. Net profit
Appendix. Net profit • 1Q net profit decreased 31.3% YoY on foreign exchange loss as well as equity method loss on affiliated companies • Other profit/loss: foreign exchange related losses (bn KRW) 1Q25 2Q25 3Q25 4Q25 1Q26 Y/Y Q/Q Operating profit 505.3 521.6 570.6 610.6 541.8 7.2% -11.3% Operating
Slide 12: Thank You
NAVER Thank You