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Studio Dragon (253450) investor relations material
Studio Dragon Q2 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Q2 2026 operating profit increased by 17% year-over-year to KRW 33.4 billion, despite an 8% revenue decline to KRW 1.2033 trillion, driven by diversified revenue streams and platform expansion.
Studio Dragon achieved Q2 2026 revenue of KRW 145.3 billion, up 26.9% YoY, with operating profit turning positive at KRW 15.4 billion and margin improving to 10.6%.
First half 2026 revenue reached KRW 300.6 billion, up 21.1% YoY, with operating income surging 1,509.8% to KRW 21.9 billion, reflecting improved cost efficiency and global sales.
Growth was supported by strong performance in commerce, music, and content segments, offsetting challenges in film and drama.
Completed merger with Next Scene in July 2026 to enhance management efficiency.
Financial highlights
Q2 2026 revenue: KRW 1.2033 trillion (down 8% YoY); operating profit: KRW 33.4 billion (up 17% YoY).
Studio Dragon Q2 2026 revenue: KRW 145.3 billion (up 26.9% YoY); operating profit: KRW 15.4 billion; net profit: KRW 13.0 billion.
First half 2026 revenue: KRW 300.6 billion (up 21.1% YoY); operating income: KRW 21.9 billion (up 1,509.8% YoY); net income: KRW 19.6 billion.
TVING revenue: KRW 140.7 billion, operating profit: KRW 6 billion; FIFTH SEASON revenue: KRW 50.4 billion, operating loss: KRW 8 billion.
Studio Dragon's distribution revenue grew 37.3% YoY; domestic revenue up 226.7% YoY.
Outlook and guidance
Expectation of improved ad sales and profitability in H2 2026, with projected upsell of over 30% post-World Cup.
Studio Dragon to focus on market leadership with large-scale titles, pre-sales, and accelerated IP business in 3Q26.
Continued global market expansion with new U.S. and Japanese projects and diversification into IP-based merchandise and e-commerce.
TVING subscriber and ad sales trends remain upward in the medium to long term, despite Q3 seasonality.
Dividend policy prioritizes reinvestment during the investment phase, with future shareholder returns as profitability stabilizes.
- Q2 revenue up 11% YOY, profit turnaround, and global streaming hits supported stable earnings.253450
Q2 2024 - Revenue up 19.8% with profit rebound; mobile commerce and global IPs drive future growth.253450
Q4 2024 - Q3 2024 brought a major net loss and sharp revenue declines, but cash and global growth remain strong.253450
Q3 2024 - Q1 2025 saw break-even profit on KRW 1.1383T revenue, but Studio Dragon's profit fell sharply.253450
Q1 2025 - Q2 2025 revenue up 13% YoY, profit and Studio Dragon revenue down, global content drives H2 rebound.253450
Q2 2025 - Q3 2025 delivered 11% YoY profit growth and global expansion amid margin improvement.253450
Q3 2025 - Operating profit more than doubled YoY in Q4 2025, led by lineup growth and global expansion.253450
Q4 2025 - Q1 2026 revenue up 16%, operating profit up 50%, driven by global content and OTT growth.253450
Q1 2026
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