Studio Dragon (253450) Q3 2026 earnings summary

Executive summary

• Q3 revenue rose 16.5% YoY to W159.0bn and operating profit increased 44.4% to W15.1bn, supported by global OTT originals, overseas pre-sales, stronger content sales and cost efficiency.

• 9M26 revenue reached W459.6bn, up 19.4% YoY, and operating profit rose 212.6% to W37.0bn.

Financial highlights

• Q3 net profit was W4.5bn, down 49.1% YoY; net margin fell 3.7 percentage points to 2.9%.

• Distribution revenue rose 31.7% YoY to W139.6bn, while programming revenue declined 38.1% to W17.1bn.

• 9M26 net profit was W24.1bn, up 219.7% YoY; pre-tax profit rose 182.0% to W32.2bn.

Outlook and guidance

• Q4 outlook cited expanded pre-sales and a higher hit ratio; strategy includes global pre-buy expansion and improved content recoupment.

• Cost savings reached ~8% in 9M26, with a ~10% FY2026 target; plans also include IP expansion and greater cost efficiency.

• Q4 slate includes The Substitute on TVING from Nov. 23, Gift on tvN from Dec. 5, and Tantara on Netflix from Dec. 11.