Naver Corp. · KRX:035420
Naver — Naver Corp Ord — Q2 2025 Earnings Presentation
14 slides from Naver's earnings presentation, Apr 8, 2025
Slide 1: NAVER 2Q25 Earnings Results
NAVER 2Q25 Earnings Results 2025.8.8
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: Earnings summary
Earnings summary • Revenue growth accelerated to 11.7% YoY on solid growth from ads, commerce, and fintech • Operating profit grew 10.3% YoY to operating margin of 17.9% bn KRW 2Q24 3Q24 4Q24 1Q25 2Q25 Y/Y Q/Q Revenue 2,610.5 2,715.6 2,885.6 2,786.8 2,915.1 11.7% 4.6% Search platform 978.4 997.7 1,0
Slide 4: Search Platform: Search, Display, Other related services
Search Platform Search, Display, Other related services Quarterly Revenue 2Q25 YoY 5.9%↑ / QoQ 2.4%↑ (bn KRW) 1,064.7 1,036.5 997.7 1,012.7 • NAVER total platform ads1) grew 8.7% YoY, 5.6% 978.4 905.4 QoQ on ad efficiency boost from AI and ad consulting competencies • AI-driven ad optimization resul
Slide 5: Commerce: Ad, Commission & sales, Membership
Commerce Ad, Commission & sales, Membership Quarterly Revenue 2Q25 YoY 19.8%↑/ QoQ 9.3%↑1) Commerce ads YoY 19.8% / QoQ 8.9% (bn KRW, tn KRW) Commission & sales YoY 19.6% / QoQ 10.4%2) 13.2 12.8 12.9 tn KRW Membership YoY 20.7% / QoQ 3.2% 12.4 12.5 12.2 900.0 861.1 12.0 787.9 57.2 • Commerce revenue
Slide 6: Fintech: Payments, Platform services, etc
Fintech Payments, Platform services, etc Quarterly Revenue 2Q25 YoY 11.7%↑/ QoQ 4.8%↑ (bn KRW, tn KRW) 20.8 tn KRW 450.0 19.3 19.6 18.6 20.0 17.5 • 2Q TPV grew 18.7% YoY to 20.8tn KRW on growth 400.0 16.7 411.7 400.9 392.7 from Smartstore and continued expansion into 3rd 385.1 350.0 368.5 353.9 15.0
Slide 7: Contents: Webtoon, SNOW, Others
Contents Webtoon, SNOW, Others Quarterly Revenue 2Q25 YoY 12.8%↑ / QoQ 3.2% ↑ Webtoon YoY 13.3% / QoQ 2.6%1) (bn KRW) SNOW YoY 27.8% / QoQ 21.2% Others YoY -20.3% / QoQ -9.8% 500.0 467.3 474.0 462.8 459.3 446.3 13.7 11.8 [Webtoon] 450.0 17.6 13.1 28.5 16.2 420.0 25.8 21.1 23.5 • Details will be shar
Slide 8: Enterprise: NCP, Works, LABS, etc.
Enterprise NCP, Works, LABS, etc. Quarterly Revenue 2Q25 YoY 5.8%↑ / QoQ -1.9%↓ (bn KRW) 180.0 177.6 160.0 • Enterprise revenue grew 5.8% YoY to 131.7 bn 140.0 KRW driven by Korea Hydro & Nuclear Power 144.6 134.2 131.7 Corporation’s AI project and continued growth in 120.0 124.6 117.0 LINEWORKS’ pa
Slide 9: Operating expenses/profit
Operating expenses/profit • Development & operations expense was up 2.4% YoY, 1.7% QoQ on high base related to Webtoon’s IPO in 2Q24 • Infrastructure expense rose 15.2% YoY, 4.5% QoQ on higher depreciation from computing asset investments • Marketing expense grew 31.% on increased promotional activi
Slide 10: 2Q25 P&L by segment
2Q25 P&L by segment Reporting segment Total (bn KRW, %) Search Adjustment* (Consolidated) Commerce Fintech Contents Enterprise platform 2Q segment 1,070.3 861.8 461.3 539.4 154.1 (171.9) 2,915.1 revenue (A) - External revenue 1,036.5 861.1 411.7 474.0 131.7 - 2,915.1 - Internal revenue 33.8 0.7 49.6
Slide 11: P&L by segment
P&L by segment (bn KRW, %) Search platform & Commerce Excluding KREAM/Amuse/Poshmark Fintech 800.0 37.4% 37.8% 36.8% 36.9% 35.8% 34.9% 40.0% 8.9% 1,950.0 700.0 7.7% 8.0% 8.3% 10.0% 35.0% 6.7% 600.0 5.5% 1,850.0 30.0% 32.4% 32.9% 32.7% 32.1% 5.0% 31.0% 30.8% 500.0 1,750.0 25.0% 400.0 445.9 436.1 461.
Slide 12: 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) 1% of treasury shares to be cancelled on Aug. 12th Cash and cash equivalents + Short-term financial instruments (1,584,370 shares, 368.4bn KRW based on
Slide 13: Appendix. Net profit
Appendix. Net profit • 2Q net profit grew 49.8% YoY, 17.4% QoQ • Non-operating profit/loss: Increased equity method gain and rise in foreign currency gain due to FX rate changes (bn KRW) 2Q24 3Q24 4Q24 1Q25 2Q25 Y/Y Q/Q Operating profit 472.7 525.3 542.0 505.3 521.6 10.3% 3.2% Operating margin (%) 1
Slide 14: Thank You
NAVER Thank You