NHN (181710) Q3 2025 earnings summary

Executive summary

• Operating revenues for 3Q25 reached KRW 625.6b, up 2.8% year-over-year and 3.4% quarter-over-quarter.

• Operating income turned to a surplus at KRW 27.6b, with a 26.1% increase from the previous quarter.

• Net income attributable to owners for the nine months ended September 30, 2025, was ₩17.39 billion, a turnaround from a net loss of ₩69.39 billion in the prior year period.

• Consolidated assets increased to ₩3.45 trillion as of September 30, 2025, up from ₩3.19 trillion at the end of 2024.

• Total liabilities rose to ₩1.70 trillion, while total equity stood at ₩1.76 trillion.

Financial highlights

• Payment segment led growth with KRW 327.3b in revenue, up 15.5% YoY and 5.8% QoQ.

• Technology segment revenue was KRW 111.8b, up 8.8% YoY and 7.0% QoQ.

• Games revenue was KRW 118.3b, up 5.1% YoY and 2.9% QoQ, driven by mobile games.

• Revenue for the nine months ended September 30, 2025, was ₩1.83 trillion, up from ₩1.81 trillion year-over-year.

• Operating expenses decreased 17.2% YoY but rose 2.6% QoQ to KRW 598.0b.

Outlook and guidance

• Payment and technology segments expected to maintain growth, with continued expansion in B2B and public sector projects.

• Anticipated revenue growth in ticketing and performance segments in 4Q due to seasonal demand.

• The review report found no material misstatements and confirmed compliance with K-IFRS 1034.

• No forward-looking financial guidance was provided, but the company noted ongoing monitoring of market and legal risks.