Naver Corp. · KRX:035420
Naver — Naver Corp Ord — Q3 2025 Earnings Presentation
14 slides from Naver's earnings presentation, Nov 9, 2025
Slide 1: NAVER 3Q25 Earnings Results
NAVER 3Q25 Earnings Results 2025.11.5
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 15.6% YoY on solid growth from ads, commerce, and fintech • Operating profit grew 8.6% YoY to operating margin of 18.2% bn KRW 3Q24 4Q24 1Q25 2Q25 3Q25 Y/Y Q/Q Revenue 2,715.6 2,885.6 2,786.8 2,915.1 3,138.1 15.6% 7.6% Search platform 997.7 1,064.7 1,
Slide 4: Search Platform search, display, other related services
Search Platform search, display, other related services Quarterly Revenue 3Q25 YoY 6.3%↑ / QoQ 2.3%↑ Naver total platform ads YoY 10.5% / QoQ 3.5% (bn KRW) 1,064.7 1,060.2 1,012.7 1,036.5 • NAVER total platform ads1) grew 10.5% YoY helped 978.4 997.7 by ad efficiency boost from AI and pre-Chuseok ho
Slide 5: Commerce commerce ad, commission & sales, membership
Commerce commerce ad, commission & sales, membership Quarterly Revenue 3Q25 YoY 35.9%↑/ QoQ 14.4%↑1) Commerce ads YoY 31.2% / QoQ 9.1% (bn KRW, tn KRW) Commission & sales YoY 39.7% / QoQ 19.4%2) 985.5 Membership YoY 30.5% / QoQ 5.3% 60.3 900.0 861.1 • Smartstore GMV grew 12.3% YoY on enhanced 775.1
Slide 6: Fintech payments, platform services
Fintech payments, platform services Quarterly Revenue 3Q25 YoY 12.5%↑/ QoQ 5.2%↑ (bn KRW, tn KRW) 22.7 tn KRW 20.8 450.0 19.3 19.6 • 3Q Total Payment Value (TPV) grew 21.7% YoY to 18.6 20.0 400.0 17.5 433.1 22.7tn KRW boosted by Smartstore growth and 411.7 400.9 392.7 350.0 385.1 continued expansion
Slide 7: Contents Webtoon, SNOW
Contents Webtoon, SNOW Quarterly Revenue 3Q25 YoY 10.0%↑ / QoQ 7.4% ↑ Webtoon YoY 11.3% / QoQ 8.8%1) (bn KRW) SNOW YoY 24.3% / QoQ -7.8% Others YoY -37.1% / QoQ -6.2% 509.3 500.0 474.0 11.1 [Webtoon] 462.8 467.3 459.3 26.2 13.7 11.8 450.0 420.0 17.6 25.8 13.1 28.5 • Details to be shared in WEBTOON E
Slide 8: Enterprise NCP, Works, LABS
Enterprise NCP, Works, LABS Quarterly Revenue 3Q25 YoY 3.8%↑ / QoQ 13.9% ↑ (bn KRW) 180.0 177.6 160.0 • Enterprise revenue grew 3.8% YoY to 150 bn KRW 140.0 150.0 helped by new GPUaaS revenue despite higher base 144.6 134.2 131.7 effect of last year’s Whalebook one-off revenue 120.0 124.6 100.0 • To
Slide 9: Operating expenses/profit
Operating expenses/profit • Development & operations expense was up 14.2% YoY on higher headcount and increased stock compensation expense • Infrastructure expense rose 22.7% YoY on higher depreciation from computing asset investments • Marketing expense grew 20.3% YoY on increased promotional activ
Slide 10: 3Q25 P&L by segment
3Q25 P&L by segment Reporting segment Total (bn KRW, %) Search Adjustment* (Consolidated) Commerce Fintech Contents Enterprise platform 3Q segment 1,096.5 987.0 480.3 572.7 169.8 (168.2) 3,138.1 revenue (A) - External revenue 1,060.2 985.5 433.1 509.3 150.0 - 3,138.1 - Internal revenue 36.3 1.5 47.1
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% 36.3% 40.0% 8.9% 34.9% 8.3% 1,950.0 700.0 7.7% 8.0% 10.0% 35.0% 6.9% 600.0 5.5% 1,850.0 30.0% 32.4% 32.9% 32.7% 32.1% 32.2% 5.0% 30.8% 500.0 1,750.0 25.0% 2,083.4 461.3 480.3 20
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) Cash and cash equivalents + Short-term financial instruments (bn KRW) 1Q25 2Q25 3Q25 NAVER(Separate) 3,300.7 3,081.9 3,643.4 NAVER(Consolidated) 7,490.
Slide 13: Appendix. Net profit
Appendix. Net profit • 3Q net profit grew 38.6% YoY • Non-operating profit/loss: Increased equity method gains and rise in financial income (bn KRW) 3Q24 4Q24 1Q25 2Q25 3Q25 Y/Y Q/Q Operating profit 525.3 542.0 505.3 521.6 570.6 8.6% 9.4% Operating margin (%) 19.3% 18.8% 18.1% 17.9% 18.2% -1.2%p 0.3
Slide 14: Thank You
NAVER Thank You