HYBE (352820) Q4 2023 earnings summary

Executive summary

• FY2023 revenue reached KRW2.178T, up 22.6% YoY; operating profit was KRW295.8B, up 24.9%.

• Q4 revenue rose 14.1% YoY to KRW608.6B and operating profit rose 75.5% to KRW89.3B.

Financial highlights

• FY2023 net profit was KRW186.6B, versus KRW48.0B in FY2022; EBITDA rose 19.0% to KRW390.2B.

• Q4 net loss was KRW53.6B, versus net profit of KRW99.7B in Q4 2022; Q4 non-operating expenses were KRW263.3B.

• FY2023 operating expenses rose 22.3% YoY to KRW1.882T, alongside revenue growth of 22.6%.

Segment performance

• FY2023 artist direct-involvement revenue grew 51.4% to KRW1.471T; recorded music rose 75.8% to KRW970.5B and concerts rose 39.1% to KRW359.1B.

• FY2023 artist indirect-involvement revenue fell 12.1% to KRW706.6B; merchandising and licensing declined 17.7% to KRW325.6B, while fan club revenue rose 35.9% to KRW91.2B.

• Q4 recorded music revenue increased 87.5% YoY to KRW276.2B and concert revenue increased 38.4% to KRW89.5B; merchandising and licensing fell 47.5% to KRW59.1B.