HYBE (352820) Q4 2025 earnings summary

Executive summary

• Fiscal year 2025 revenue reached ₩2.6499 trillion, marking record-breaking sales and 18% year-over-year growth, driven by global expansion and strong artist activities.

• Major artists held 279 large-scale global concerts in 53 cities, with new artist IPs like KATSEYE and Quartus delivering significant market influence and qualitative growth.

• BTS will resume group activities in 2026, launching a new album and the largest world tour ever, expected to drive further growth.

• Q4 2025 revenue was ₩716.4 billion, with a slight year-over-year decline but sequential stability.

• Q4 2025 operating profit was ₩4.6 billion, down 92.9% year-over-year but positive sequentially.

Financial highlights

• Consolidated revenue for 2025 was ₩2,640.9 billion, up 18% year-over-year, but operating profit was ₩49.9 billion with a margin of 1.9%, impacted by upfront investments and restructuring costs.

• FY2025 EBITDA was ₩154.0 billion, down 47.0% year-over-year; net profit was -₩256.7 billion, a significant loss.

• Q4 revenue was ₩716.4 billion, with ₩436.3 billion from direct artist involvement and ₩280.1 billion from indirect involvement.

• Q4 operating profit was ₩4.6 billion, affected by marketing costs for new games, artist debuts, and North American restructuring.

• Approximately ₩200 billion in non-cash impairment losses were recognized in Q4 due to U.S. business restructuring.

Outlook and guidance

• 2026 will see BTS's comeback and world tour, new group debuts in Korea and globally, and further expansion into the Japanese and Indian markets.

• Weverse expects increased traffic and commerce from BTS's return and continued expansion in Japan.

• Management anticipates improved profitability in North America and sustainable growth from new artist IPs.