Paradise (034230) Q4 2025 earnings summary

Executive summary

• FY2025 revenue reached a record KRW 1.150tn, up 7.3% YoY; operating profit rose 14.9% to KRW 156.4bn.

• 4Q25 revenue grew 10.5% YoY to KRW 293.9bn, while operating profit fell 14.0% to KRW 16.7bn amid higher operating expenses.

Financial highlights

• FY2025 gross profit was KRW 272.3bn, up from KRW 238.1bn; net profit was KRW 144.1bn versus KRW 110.7bn in FY2024.

• 4Q25 gross profit increased 25.8% YoY to KRW 54.9bn; EBITDA declined 8.2% to KRW 35.3bn.

• FY2025 revenue mix: Integrated Resort KRW 597.5bn (52.0%), Hotel KRW 419.4bn (36.5%), Casino KRW 115.1bn (10.0%), Other KRW 17.8bn (1.6%).

Segment performance

• Paradise SegaSammy posted record 4Q25 revenue of KRW 156.1bn, up 20.9% YoY; operating profit was KRW 16.3bn versus KRW 3.5bn a year earlier.

• Paradise SegaSammy casino revenue rose 24.8% YoY to KRW 124.4bn; Mass Drop increased 34.9% YoY and the P-City Casino hold rate rose 1.4 percentage points.

• The separated casino and spa business recorded 4Q25 revenue of KRW 106.0bn, down 1.7% YoY, and an operating loss of KRW 1.9bn; lower hold rate offset 7.9% Drop growth.

• Paradise Hotel Busan revenue rose 11.3% YoY to KRW 29.5bn and operating profit increased to KRW 1.3bn; occupancy was 84.3%, up 7.5 points, and ADR was KRW 320,000.