Paradise (034230) Q3 2026 earnings summary

Executive summary

• 3Q26 revenue was KRW 351.7bn, up 22.0% YoY; operating profit was KRW 64.1bn, up 62.3%. Growth reflected casino drop up 8.3%, a 12.9% hold rate and KRW 11.3bn of consolidated Hyatt revenue.

• 9M 2026 revenue reached ₩963.7bn vs ₩856.0bn; operating income was ₩137.0bn vs ₩139.6bn, and net income was ₩77.4bn vs ₩108.9bn.

• Resort operations generated 52.4% of 9M revenue, casino 36.6%; hotels and other operations contributed the balance.

Financial highlights

• 3Q26 gross profit rose 44.1% YoY to KRW 99.3bn and EBITDA increased 46.8% to KRW 85.3bn; operating margin was 18.2%, up 4.5 percentage points.

• Q3 revenue was ₩351.7bn vs ₩288.2bn; operating income was ₩64.1bn vs ₩39.5bn, and net income was ₩37.7bn vs ₩33.4bn.

• 3Q26 net profit attributable to controlling interests was KRW 27.8bn, up 20.6% YoY; 9M profit attributable to owners was ₩58.6bn vs ₩75.0bn.

• 9M comprehensive income was ₩78.2bn vs ₩109.0bn; basic/diluted EPS was ₩668/₩666 vs ₩867/₩842. Q3 basic/diluted EPS was ₩300/₩299 vs ₩265/₩262.

Segment performance

• Casino revenue across four properties reached a record KRW 267.5bn, up 23.1% YoY; drop was KRW 1,957.2bn, up 8.3%, with Other VIP and Mass drop up 17.3%.

• Incheon resort revenue was KRW 191.4bn, up 27.7%; operating profit rose 72.5% to KRW 38.3bn, with a 20.0% margin. Incheon casino revenue increased 25.0% to KRW 146.3bn.

• Separate casino operations generated KRW 121.3bn revenue, up 20.8%; operating profit rose 69.1% to KRW 16.8bn.

• Paradise Hotel Busan revenue grew 6.4% to KRW 32.4bn; operating profit rose 19.0% to KRW 8.9bn, supported by KRW 391K ADR, up 8.9%.

• 9M segment revenue and operating income: casino ₩353.0bn and ₩42.3bn; hotel ₩92.4bn and ₩17.0bn; resort ₩504.5bn and ₩73.9bn; other ₩13.9bn and ₩2.9bn.