Earnings release
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Consolidated Statements of Income ( K - IFRS ) ( Unit : KRW Million ) Total Revenue 1Q25 2025 3Q25 4Q25 2025 1Q26 2Q26 QoQ QoQ ( % ) YoY ( Q ) YoY ( % ) 1,747,886 1,917,470 1,962,231 2,041,939 7,669,525 1,942,077 2,098,456 +156,379 + 8.1 % +180,986 + 9.4 % Platform Talk Biz Platform - Others Content Music Story 993,228 582,772 1,055,112 1,059,673 1,199,525 4,307,537 1,153,001 1,230,259 +77,258 + 6.7 % +175,148 + 16.6 % 572,702 561,745 653,355 2,370,574 629,986 643,214 +13.227 + 2.1 % +70,512 + 12.3 % 410,456 482,410 497,928 546,170 1,936,963 523,015 587,046 +64,031 + 12.2 % +104,636 + 21.7 % 754,658 862,358 902,558 842,414 3,361,988 789.076 868,197 +79,121 + 10.0 % +5,839 + 0.7 % 438,418 517,934 565,435 525,994 2,047,780 485,457 558,413 +72,956 + 15.0 % +40,480 + 7.8 % 241,148 250,220 241,282 220,642 953,292 211,191 210,727 -464 -0.2 % -39,493 -15.8 % Media 75,092 94,204 95,841 95,778 360,916 92,428 99,056 +6,628 + 7.2 % +4,852 + 5.2 % Operating Expenses Labor Cost Cost of Revenue 1,620,518 1,713,570 1,738,444 425,633 438,874 428,630 1,825,910 455,089 6,898,442 1,730,679 1,821,440 +90,760 + 5.2 % +107,870 + 6.3 % 1,748,226 444,909 448,007 +3,098 + 0.7 % + 0.7 % 19122 +9,132 + 2.1 % 658 669 678,531 698,012 739,663 2,774,875 701,165 745,924 +44,758 + 6.4 % +67,392 +67392 + 9.9 % Outsourcing / Infrastructure 190,211 217,785 245,156 237,852 891,004 208,163 223,072 +14,909 + 7.2 % +5,288 +5288 + 2.4 % Marketing Expenses 74 783 14,183 78,908 91,626 109,177 354,494 72,541 96,582 +24,040 + 33.1 % +17,673 + 22.4 % Depreciation and Amortization Cost 193,496 209,046 194,888 192.353 789,782 196,815 191,535 -5,280 -2.7 % -17,511 -8.4 % Operating expense , Finance 19,859 30,591 13,953 26,617 91,020 50,609 45,690 -4,919 -9.7 % +15,099 + 49.4 % Miscellaneous 57,869 59,834 66,179 65,158 249,040 56,477 70,631 +14,154 + 25.1 % +10,796 +18.0 % Operating Profit 127,368 203,900 223,786 216,029 771,083 211,398 277,016 Operating Profit Margin 7.3 % 10.6 % 11.4 % 10.6 % 10.1 % 10.9 % 13.2 % +65,619 2.3 % + 31 % +73,116 + 36 % + 21.3 % + 2.6 % p + 24.1 % Other Non - Operating Income 102,735 74,353 41,153 90,345 308,586 54,100 98,068 Other Non - Operating Expenses 26,029 55,735 37,633 245,545 364,942 17,617 70,475 +43,968 +52,858 + 81.3 % + 300.0 % +23,715 + 31.9 % +14,741 + 26.4 % Financial Income 95,894 49,770 48,263 145,902 339,829 86,437 71,379 -15,057 -17.4 % +21,609 + 43.4 % Financial Expenses 100,717 56,820 41,361 144,676 343,574 43,782 43,490 -291 -0.7 % -13,330 -23.5 % Equity - method Income 35,624 24,395 20,145 12,572 92,736 41,987 31,313 -10,674 -25.4 % +6,917 + 28.4 % Profits of associates and joint ventures accounted for using equity method Losses of associates and joint ventures accounted for using equity method 50,751 35,175 34,772 32,816 153,513 60,002 46,673 -13,329 -22.2 % +11,498 + 32.7 % 15,126 10,779 14,627 20,244 60,777 18,015 15,360 -2,655 -14.7 % +4.581 + 42.5 % Profit before Income Tax 234,875 239,864 254,353 74,626 803,718 332,523 363,811 +31,288 Income Tax 5,377 23,166 78,493 43,684 139,965 48,778 165,087 +116,309 + 9.4 % + 238.4 % +123,947 + 51.7 % +141,921 + 612.6 % Net Profit from Continued Operations 240.252 240,252 216,698 175,860 30,943 663,753 283,745 198,724 -85.021 -85,021 Net Profit from Discontinued Operations Net Profit Controlling Interests -39,918 -39,918 -44.883 17.003 17,005 -77,995 -77.995 -145,793 -56.909 -56,909 -180.744 -123.835 -30.0 % CB -17,974 -123,053 200,334 171,815 171.815 192,863 192.863 47 052 -47,052 517,960 226,836 17,980 17.980 -208.856 -92.1 % -92.1 % -135.861 -135,861 -153.835 -8.3 % св -89.5 % 171,852 161,247 124,924 33,469 491,492 491 492 171,696 16,332 -155,364 -90.5 % -144,915 -89.9 % Non - controlling Interests 28,482 10,568 67,939 -80,521 26,468 55,140 1,648 -53,492 -97.0 % -8,920 -84.4 % EBITDAR 318,878 407,717 420,204 Adjusted EBITDAR 328,104 422,021 426,499 402,970 414,261 1,549,769 402,278 468,598 +66,320 + 16.5 % +60,880 + 14.9 % 1,590,885 412,974 475,655 +62,681 + 15.2 % +53,634 + 12.7 % 1 ) Adjusted EBITDAR : EBITDAR + stock - based compensation
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Consolidated Statements of Financial Position (K-IFRS) (Unit: KRW Million) Accounts 2025.03.31 2025.06.30 2025.09.30 2025.12.31 2026.03.31 2026.06.30 Assets Current Assets 10,639,790 11,267,556 12,141,154 12,379,424 14,950,776 15,424,512 Cash and Cash Equivalents 5,726,880 5,993,815 6,782,664 6,817,965 6,566,376 8,662,579 Short-term Financial Instruments 1,711,122 1,603,292 1,614,542 1,959,572 1,588,597 1,737,580 Fair value through profit or loss 1,152,828 1,349,168 1,460,459 1,384,195 1,549,312 1,929,123 Fair value through other comprehensive income - - - - - - AC-Financial Assets 98,558 101,075 135,543 173,572 253,819 300,016 Derivatives Instruments Assets 672 494 494 76 76 5 Account Receivable 539,601 580,067 544,634 568,287 524,420 567,795 Other Current Financial Assets 837,527 809,878 914,988 908,442 1,347,173 1,599,079 Inventory Assets 71,881 73,505 89,248 76,541 74,839 79,266 Other Current Assets 499,634 546,363 553,899 484,990 497,141 549,068 Insurance Contract Assets Assets held for sale 1,087 209,900 44,683 5,785 2,549,023 - Receivables On Income Tax Assets - - - - - - Non-Current Assets 15,262,481 15,295,020 14,750,204 15,419,808 13,851,984 12,248,483 Long-term Financial Instruments 16,477 16,493 16,419 16,419 6,419 8,919 Fair value through profit or loss 402,621 399,498 405,865 422,715 411,578 554,194 Fair value through other comprehensive income 2,266,167 2,517,629 1,951,637 2,795,206 2,772,669 989,042 AC-Financial Assets 33,500 11,000 14,900 35,078 44,633 45,357 Derivatives Instruments Assets 8,554 8,554 8,554 59,040 59,040 59,040 Investments in Associates and Joint Ventures 2,652,120 2,557,752 2,559,649 2,517,230 2,474,724 2,633,860 Other Non-current Financial Assets 283,436 273,252 276,317 267,301 258,504 268,986 Tangible Assets 1,385,491 1,412,661 1,513,299 1,557,678 1,531,336 1,634,457 Intangible Assets 5,508,623 5,526,935 5,486,261 5,226,154 3,841,741 3,642,947 Investment Properties 111,603 105,432 105,008 122,207 153,111 151,857 Right-of-use Assets 1,760,822 1,668,254 1,588,562 1,509,036 1,463,715 1,433,127 Invested asset for postemployment benefit 26,229 15,709 17,829 65,806 45,890 35,805 Other Non-current Assets 307,655 286,506 321,756 310,170 287,418 231,563 Deferred Income Tax Assets 499,183 495,348 484,147 515,769 501,206 559,330 Total Assets 25,902,271 26,562,575 26,891,358 27,799,232 28,802,760 27,672,995 Liabilities Current Liabilities 8,291,221 8,189,437 8,620,025 8,780,501 10,505,861 10,059,048 Account Payable and Other Payable 1,805,517 2,042,887 2,135,114 2,167,684 2,431,404 2,810,790 Short-term Borrowings 1,629,527 1,142,503 1,189,799 1,144,218 903,255 975,270 Withholdings 1,710,248 1,918,099 2,096,129 2,285,859 2,512,245 2,815,715 Other Current Financial Liabilities 1,681,789 1,602,077 1,581,804 1,613,454 1,646,386 1,531,218 Income Tax Payable 134,259 74,277 173,241 211,477 222,052 676,828 Provisions 18,646 18,958 21,186 27,016 22,152 23,685 Derivatives Instruments Liabilities 96,859 89,644 58,892 41,919 11,548 4,817 Current Finance Lease Obligations 332,585 324,103 319,321 331,295 322,046 334,755 Other Current Liabilities 881,791 927,685 998,450 956,591 902,288 885,971 Liabilities held for sale - 49,204 46,089 988 1,532,483 - Non-Current Liabilities 3,275,728 3,783,588 3,617,981 3,782,509 2,876,412 2,540,545 Non-Current Account Payable and Other Payable 5,724 5,386 3,369 5,968 5,993 6,369 Long-term Borrowings 377,765 912,628 886,240 990,548 353,583 334,954 Non-Current Provisions 80,006 80,610 80,961 77,232 73,021 71,738 Non-Current Finance Lease Obligations 1,787,001 1,689,706 1,623,671 1,559,477 1,488,433 1,478,760 Defined Benefit Liabilities 33,424 38,207 50,343 24,925 8,138 9,586 Other Long-term Employee Benefits Liabilities 81,465 87,567 89,480 87,998 88,965 89,877 Non-Current Derivatives Instruments Liabilities - - - - 1- - Deferred Income Tax Liabilities 679,323 731,906 612,392 772,225 632,350 326,520 Other Non-Current Financial Liabilities 209,999 210,880 248,073 237,470 179,656 179,780 Other Non-Current Liabilities 21,022 26,698 23,453 26,665 46,273 42,960 Total Liabilities 11,566,948 11,973,025 12,238,006 12,563,010 13,382,273 12,599,594 Equity Paid-in Capital 44,437 44,251 44,282 44,300 44,350 44,348 Capital Surplus 8,913,976 8,825,215 8,820,839 8,803,321 8,645,115 8,820,159 Other Accumulated Earnings -32,551 -88,731 -86,642 -82,389 -85,646 -137,540 Accumulated Other Comprehensive Income -619,288 -467,357 -812,022 -171,683 -37,422 -899,992 Retained Earnings 2,086,014 2,261,557 2,648,785 2,694,337 2,923,191 3,955,255 Minority Interest 3,942,735 4,014,616 4,038,110 3,948,337 3,930,899 3,291,171 Total Equity 14,335,322 14,589,550 14,653,352 15,236,223 15,420,487 15,073,401 Total Liabilities & Equity 25,902,271 26,562,575 26,891,358 27,799,232 28,802,760 27,672,995
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Separate Statements of Income(K-IFRS) (Unit: KRW Million) 1Q25 2Q25 3Q25 4Q25 2025 1Q26 2Q26 QoQ QoQ(%) YoY(Q) YoY(%) Total Revenue 661,738 654,618 638,437 726,068 2,680,861 700,932 713,948 +13,016 +1.9% +59,330 +9.1% Operating Expenses 557,812 546,780 537,901 598,127 2,240,619 581,621 587,751 +6,130 +1.1% +40,971 +7.5% Labor Cost 146,541 150,852 144,093 150,232 591,718 149,543 159,916 +10,373 +6.9% +9,064 +6.0% Cost of Revenue 222,967 202,271 190,287 229,136 844,662 231,865 219,076 -12,788 -5.5% +16,805 +8.3% Outsourcing / Infrastructure 84,792 84,158 95,632 102,694 367,276 92,912 96,979 +4,067 +4.4% +12,821 +15.2% Marketing Expenses 4,758 6,676 9,793 17,240 38,466 7,082 8,391 +1,309 +18.5% +1,715 +25.7% Depreciation and Amortization Cost 83,888 88,785 82,270 82,540 337,483 85,082 87,105 +2,023 +2.4% -1,679 -1.9% Miscellaneous 14,865 14,038 15,825 16,285 61,013 15,137 16,284 +1,147 +7.6% +2,246 +16.0% Operating Profit 103,926 107,839 100,536 127,942 440,242 119,311 126,197 +6,886 +5.8% +18,359 +17.0% Operating Profit Margin 15.7% 16.5% 15.7% 17.6% 16.4% 17.0% 17.7% +0.7%p +3.8% +1.2% +7.3% Other Non-Operating Income 5,158 62,711 9,045 20,037 96,951 16,518 370,921 +354,403 +2145.6% +308,210 +491.5% Other Non-Operating Expenses 11,842 57,737 11,767 179,329 260,676 6,123 55,550 +49,427 +807.2% -2,188 -3.8% Financial Income 73,849 16,928 13,738 145,744 250,259 86,863 26,323 -60,540 -69.7% +9,395 +55.5% Financial Expenses 82,098 100,182 12,877 12,596 207,753 15,691 13,603 -2,089 -13.3% -86,580 -86.4% Profit Before Income Tax 88,993 29,558 98,674 101,798 319,023 200,878 454,289 +253,411 +126.2% +424,731 +1436.9% Income Tax 8,844 12,412 33,582 29,994 84,831 36,452 135,861 +99,408 +272.7% +123,449 +994.6% Net Profit 80,149 17,146 65,092 71,804 234,192 164,425 318,429 +154,003 +93.7% +301,282 +1757.1% EBITDAR 187,708 192,709 185,864 210,925 777,206 203,759 212,903 +9,144 +4.5% +20,194 +10.5% Adjusted EBITDAR 192,258 200,528 193,559 218,175 804,520 209,976 217,078 +7,102 +3.4% +16,550 +8.3% 1) Adjusted EBITDAR: EBITDAR + stock-based compensation
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Separated Statements of Financial Position (K-IFRS) (Unit: KRW Million) Accounts 2025.03.31 2025.06.30 2025.09.30 2025.12.31 2026.03.31 2026.06.30 Assets Current Assets 2,195,859 2,156,193 2,287,838 2,606,897 2,905,612 2,890,440 Cash and Cash Equivalents 1,674,648 1,683,199 1,785,977 2,109,189 2,250,393 2,330,746 Short-term Financial Instruments 11,500 11,500 11,500 11,500 21,500 46,500 Fair Value through Profit or Loss 0 0 0 Account Receivable 151,670 148,628 142,980 177,920 162,086 170,920 Short-term Finance Lease Receivable 34,454 34,910 35,095 35,411 35,615 35,272 Other Current Financial Assets 256,714 209,261 234,882 201,936 310,669 223,550 Inventory Assets 28,215 27,296 34,199 34,712 32,428 31,154 Derivatives Instruments Assets 5 5 5 5 5 5 Income tax refund receivables - - - 0 0 0 Other Current Assets 38,652 41,394 43,200 36,225 43,632 52,292 Non-current Assets Held for Sale - - - 0 49,283 0 Non-Current Assets 9,126,370 9,200,782 9,176,349 8,983,472 8,927,670 9,172,757 Long-term Financial Instruments 10,000 10,000 10,000 10,000 0 0 Fair Value through Profit or Loss 74,040 70,824 72,574 76,720 78,930 238,696 Fair Value through Other Comprehensive Income 10,831 12,228 11,786 39,615 45,130 153,812 Long-term Available for Sales - - - 0 0 0 Derivative financial instruments - - - 7,327 7,327 7,327 Investment Securities in Associates and Subsidiaries 4,928,666 5,209,705 5,229,750 5,172,889 5,137,315 5,083,510 Other Non-current Financial Assets 241,371 62,361 63,084 59,556 60,123 57,100 Tangible Assets 884,675 890,603 905,688 898,155 894,499 924,718 Right-of-use Assets 814,040 810,428 759,974 729,002 738,771 711,207 Long-term finance lease receivable 157,905 150,588 148,676 141,238 133,717 126,564 Intangible Assets 1,574,672 1,573,375 1,578,678 1,438,037 1,433,949 1,402,709 Investment Properties 386,673 374,479 357,054 351,520 345,987 340,467 Retirement Pension Management Assets 14,499 7,524 10,729 31,442 24,827 18,211 Deferred Income Tax Assets 0 0 0 0 0 83,302 Other Non-current Assets 28,998 28,666 28,358 27,971 27,095 25,134 Total Assets 11,322,229 11,356,976 11,464,187 11,590,369 11,833,282 12,063,197 Liabilities Current Liabilities 2,459,864 2,458,659 2,541,678 2,626,569 2,699,729 2,735,794 Accounts Payables and Other Payables 433,184 417,724 446,744 504,308 512,622 474,551 Short-term Borrowings 9,663 - - 0 0 0 Curent Finance Lease Obligations 175,167 182,270 177,970 176,985 176,622 176,145 Other Current Financial Liabilities 1,511,168 1,479,382 1,505,080 1,518,558 1,548,579 1,428,624 Income Taxe Payable 86,813 42,588 54,767 69,542 90,592 297,437 Derivatives Instruments Liabilities 1,380 79,477 79,477 80,309 80,309 80,309 Other Current Liabilities 242,489 257,218 277,640 276,867 291,005 278,728 Current Provisions for Customer Refunds 0 0 0 0 0 Provisions 0 0 0 0 0 Non-Current Liabilities 1,588,132 1,581,475 1,524,448 1,486,216 1,504,605 1,351,331 Non-Current Trade Payables and Other Payables 41,903 35,850 37,365 36,553 37,004 36,314 Long-term Borrowings - 50,183 50,183 50,183 50,183 4,954 Non-Current Finance Lease Obligations 1,377,971 1,350,451 1,293,540 1,263,752 1,234,130 1,202,950 Non-Current Provisions 37,621 37,828 37,428 34,326 34,546 34,769 Defined Benefit Liabilities 0 0 0 0 0 0 Other Long-term Employee Benefits Liabilities 39,287 41,632 39,955 45,667 45,300 44,933 Deferred Income Tax Liabilities 90,426 62,604 62,866 52,677 73,318 0 Other Non-Current Liabilities 924 2,928 3,111 3,059 30,124 27,411 Other Non-Current Financial Liabilities Total Liabilities 4,047,996 4,040,134 4,066,125 4,112,785 4,204,334 4,087,125 Equity Paid-in Capital 44,437 44,251 44,282 44,300 44,350 44,348 Capital Surplus 5,829,638 5,910,400 5,925,025 5,933,966 5,851,531 5,957,512 Other Accumulated Earnings -32,551 -88,731 -86,642 -82,389 -85,646 -137,540 Accumulated Other Comprehensive Income -19,394 -18,327 -18,944 -26,930 -21,324 -46,714 Retained Earnings 1,452,102 1,469,249 1,534,341 1,608,637 1,840,037 2,158,466 Total Equity 7,274,233 7,316,842 7,398,062 7,477,584 7,628,948 7,976,072 Total Liabilities & Equity 11,322,229 11,356,976 11,464,187 11,590,369 11,833,282 12,063,197
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Number of Employees 1Q25 2Q25 3Q25 4Q25 1Q26 2Q26 QoQ YoY Kakao 4,014 3,986 3,942 3,922 3,975 3,918 ▽57 ▽68 Kakao Subsidiaries 12,379 12,398 12,247 11,934 10,115 10,128 ▲13 ▽2,270 Total 16,393 16,384 16,189 15,856 14,090 14,046 ▽44 ▽2,338 * Based on key consolidated subsidiaries * Above number includes interns, assistants, short-term employees. but not part-time employees and the member of the board. Ownership Stake in Key Subsidiaries and Affiliates (Reference date: June 30, 2026) Affiliates Company Kakao Pay Kakao Mobility Kakao Entertainment Kakao Piccoma Kakao Enterprise SM Entertainment Kakao Bank Stake 46.1% 57.2% 66.0% 91.1% 98.1% 41.5% 27.2% * Kakao as a separate entity owns a 72.9% stake in Kakao Piccoma and a 21.6% stake in SM Entertainment. * Above equity ratio is the number of stocks held to the total number of issued stocks, and was calculated by simply adding the percentage of equity held by the consolidated subsidiaries. Subsidiaries