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0 1Q26 실적발표회 CJ ENM Earnings Conference 2026. 11. 5. 3Q26 Results CJ ENM Earnings Conference
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For the convenience of investors, the financial release in this document contains consolidated earnings results of CJ ENM based on K‐IFRS. Please note that year on year comparison of the earning results are presented based on the consolidated financial statements. The operating profit or loss of a business does not reflect consolidation adjustments. This document is provided for the convenience of investors only, before our external audit on 3Q 2026 financial results of our headquarter is completed. These statements involve risks and uncertainties, and actual results may differ. This document contains forward‐looking statements on such matters as business plans, predictions, and expectations. This information may differ and change. Therefore, CJ ENM is not in charge of assuring completeness of financial information addressed in this document and also does not take legal responsibility. Disclaimer
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CONTENTS Appendix4. 2. Main Line-up for 4Q26 1. Financial Statement Summary 2. Media Platform 3. Scripted : Film & Drama 4. Music 5. Commerce 1. 3Q26 Financial Highlights CJ ENM2. Studio Dragon3. Key Achievements and Strategies1.
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1 - 1. Key Achievements and Strategies -3- Securing growth momentum via content · platform strength and global expansion 01 MEDIA PLATFORM Media Platform Integrated ads & TVING global expansion 02 FILM & DRAMA Scripted : Film & Drama Proven premium production capabilities 03 MUSIC Music Growth base built on Mega HIPs & global live 04 COMMERCE Commerce Sustained MLC growth & creator ecosystem <ONTNER> <Spooky in Love> <Four Hands> <East of Eden> <Animals> <ALD1> <KCON LA> <INI Tokyo Dome> • MLC GMV more than doubled (YoY +104.1%) • App downloads (YoY +10.6%), MAU (YoY +11.0%) improved • Launched ONTNER, a creator commerce platform (Sep. 8) • TVING ad revenue grew (YoY +42.1%) • TV + TVING ad revenue returned to YoY growth • Launched TVINGbranded hub on MBC Shahid (MENA, Aug.) • Signed India content partnership with Amazon PV (Jul.) • <East of Eden>(TV), <Animals>(Film) ranked#1 on Netflix • <The Ordinary Jackpot> ranked #1 on Disney+ Japan • <ALD1> secured back-to-back million seller (1.13M 1st wk) • <INI> held its 1st solo TokyoDome concert (83K attendees) • <KCON LA> drew record attendance (142K, YoY +13.6%)
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2 - 1. 3Q26 Financial Highlights Content-led margin improvement, with stronger MLC customer metrics in Commerce (Unit: Wbn) (Unit: Wbn) (Unit: Wbn) · Entertainment : Revenue W841.5bn (YoY -5.4%), OP W14.2bn (YoY +159.0%), margins improved on TVING subscription ·ad growth, andexpanded content supply · Commerce : Revenue W348.9bn (YoY -1.9%), OP W6.7bn (YoY -46.8%), MLC grew with stronger customer metrics despite off-season and investment costs [3Q26] Revenue W1,190.4bn (YoY -4.4%), Operating Profit W22.1bn (YoY +25.5%) [4Q26] Leverage premium IP across integrated ads and global distribution, expand HIP fandom, and boost PB/LB-led F/W fashion sales Operating IncomeSales Revenue Net Income · Media Platform : Diversify ad formats to maximize TV·TVING’s ad revenue -4- · Scripted : Increase overseas content licensing and OTT film package deals * Consolidation Adjustments : W1.2bn · Commerce : Drive F/W peak-season growth via PB/LB; enhance ONTNER· Music : Grow HIP driven revenue, deepen fan engagement via <MAMA FAN FESTA> 889.9 1,023.5 951.1 800.5 841.5 355.7 414.3 378.5 402.8 348.9 1,245.6 1,437.8 1,329.7 1,203.3 1,190.4 3Q25 4Q25 1Q26 2Q26 3Q26 Entertainment Commerce 17.6 86.0 1.5 33.4 22.1 3Q25 4Q25 1Q26 2Q26 3Q26 79.8 (95.2) (6.1) 22.2 (25.0) 3Q25 4Q25 1Q26 2Q26 3Q26
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2 - 2. Media Platform Return to profitability driven by TVING subscriber growth and enhanced ad competitiveness TVING Ad Revenue YTD GrowthRevenue and OPM [3Q26] Revenue W351.8bn (YoY +10.0%), OP W5.9bn (YoY TB) [4Q26] TVING ad growth & channel ad sales enhancement · TVING : Revenue growth (YoY +22.0%) driven by ad and subscriber growth, despite fewer KBO games and limited originals · Linear TV : Defended ad revenue through strong content viewership, ad diversification and increased PPL sales despite seasonal weakness · TVING : Maximize peak-season ad revenue through expandedoriginals and enhanced KBO post-season ad offerings, PPL and virtual ads · Linear TV : Launch integrated group ad platform, diversify core IP- based offerings and enhance data-driven targeting via ‘CJ DMP’ -5- (Unit: Wbn) (Unit: Wbn) 63.9 71.9 50.2 61.8 63.8 69.9 70.2 72.0 71.9 71.6 98.8 118.8 107.3 140.7 120.5 87.2 148.7 97.3 105.6 95.9 319.8 409.6 326.8 380.0 351.8 (1%) 4% (6%) 3% 2% 3Q25 4Q25 1Q26 2Q26 3Q26 TV Ad Subscription TVING Others OPM 3Q YTD '25 3Q YTD '26 45.8%
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2 - 3. Scripted : Film & Drama Driving growth momentum by expanding global sales of premium original content (Unit: Wbn) Revenue and OPM [3Q26] Revenue W285.3bn (YoY -23.5%), OP W15.5bn (YoY +126.8%) [4Q26] Expanding premium IP partnership and global distribution · Delivered <Tantara>as a Netflix Original, alongside expanded global OTT pre-buys such as <Four hands> and <See You at Work Tomorrow> · Driving new global revenue via Amazon PV India partnership and TVING branded hub launch on MBC Shahid · Strengthening regional distribution to boost local sales and expand volume deals in new markets, including Europe · Mitigating TV series gap through expanded film and documentary delivery and optimizing operations to reduce costs -6- <100 Days of Deception> <The Substitute> <Love in Disguise> <Gift> 4Q26 Major Content #KimYoujung #ParkJinyoung #PeriodDrama #Romance #YimSiwan #Seolinah #Undercover_Romance STUDIO DRAGON Oct. 10 – Nov. 29 (16eps) CJ ENM STUDIOS Oct. 19 – Nov. 17 (12eps) STUDIO DRAGON Release : Nov. 23 #KimWoobin #SeoEunsoo #Sports #Youth #Superpower STUDIO DRAGON Dec. 5 – Jan. 10 (12eps) #School #Crime #Thriller #TVING_Original 92.2 99.8 124.9 68.2 181.8 197.7 180.2 233.1 46.0 61.4 82.9 77.9 99.4 76.0 42.0 372.9 357.9 457.3 190.2 285.3 2% 5% 2% (6%) 5% 3Q25 4Q25 1Q26 2Q26 3Q26 Local Studio Overseas Studio Others OPM
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2 - 4. Music -7- Solid LAPONE-led growth, offset by high prior-year MCS base and upfront investments 4Q26 Major global music content [3Q26] Revenue W204.4bn (YoY +3.6%), OL W7.3bn (YoY TR) · Revenue grew on HIP momentum: <INI> ·<JO1> global tours, <ALD1> back-to-back million-seller (1.14M), <INI> album (880K) · Near-term margin pressure from tough comp vs. prior-year <BoysII Planet>and growth investment in Mnet Plus IP ·new artists · Broaden HIP portfoliowith <KO1KEYZ> debut, new albums from <MODYSSEY>·<JO1>, <INI> Osaka Dome and <izna> Asia Tour · Host first-ever <MAMA FAN FESTA> alongside <MAMA AWARDS>, deepeningfan engagementvia voting·streaming on Mnet Plus [4Q26] MarginrecoveryonHIPs,<MAMA>-driven fanengagement Revenue and OPM (Unit: Wbn) <KO1KEYZ> <2026 MAMA AWARDS & FAN FESTA> 27.5 23.5 26.5 29.2 27.0 25.9 62.6 44.5 33.6 27.2 143.9 169.7 96.0 167.5 150.2 197.3 255.9 167.0 230.2 204.4 1% 7% (3%) 5% (4%) 3Q25 4Q25 1Q26 2Q26 3Q26 Albums Concerts Others OPM Release : 10/7 <KO1KEYZ> #Debut_Single #Oricon_Weekly_No.1 <JO1> <izna> 11/9 – 11/21 Osaka Japan, Mnet Plus (Online) #1st_Fan-Driven_Festival #Live_on_Mnet_Plus Release : 11/18 <AAO> #11th_Single #Aiming_Triple_Platinum 9/19 – 12/5 <WHO DAT GIRL?> Asia Tour #First_Solo_Concert_Tour #6_Cities_in_Asia
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80.0 163.4 3Q25 3Q26 MLC GMV 104.1% 113.6 121.0 112.3 119.4 109.6 185.5 225.5 209.2 219.2 178.8 56.6 67.8 57.1 64.2 60.4 355.7 414.3 378.5 402.8 348.9 4% 9% 6% 6% 2% 3Q25 4Q25 1Q26 2Q26 3Q26 TV e-Commerce Others OPM MLC GMV sustains strong growthRevenue and OPM [3Q26] Revenue W348.9bn (YoY -1.9%), OP W6.7bn (YoY -46.8%) [4Q26] Boost profit via peak-season sales & enhance ONTNER 2 - 5. Commerce Expanding customer base for long-term growth despite seasonal and investment pressures · GMV grew (YoY+5.8%), but revenuedecreasedon a higherconsignment sales mix, while OP declined on strategic ·promotional spending · Launched ONTNER platform to connect creators and brands, laying the foundation for scaling up the creator commerce business -8- · Expand ONTNER by onboarding new creators through <CCFK2026>, accelerating GMV growth via social mediatraffic& higherconversion · Maximize peak-season sales through major promotions such as <Come On Style>, along with new F/W launches focused on PB/LB (Unit: Wbn, %) <4Q26 Key Events & Content> (Unit: Wbn) <CCFK 2026> #CreatorCommerceFestival #CreatorMonetization #BrandCollab <ON Kids· BeautyPass> #CategoryMembership #Retention #CustomerBenefits #RepeatOrders <Choihwajeong Show> #Realdealcurator #trendy #Choihwajung_approved
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-9- 3. Studio Dragon Structural profitability gains and stronger content sustain growth momentum (Unit: Wbn) 2H24 2H25 2H26(E) 4.4 29.1 “Structural foundation for profit growth” “Momentum from expected 4Q hits” 2H26 ObjectivesRevenue and OPM [3Q26] Revenue W159.0bn (YoY +16.5%), OP W15.1bn (YoY +44.4%) (Unit: Wbn, %) <100 Days of Deception> <Gift> <Tantara> <4Q26 Feature Content><Stronger profit momentum> <The Substitute> OP [4Q26] Further gains from stronger content competitiveness 27.6 37.0 48.4 15.5 17.1 105.9 103.1 104.5 126.9 139.6 3.0 5.7 2.4 2.9 2.3 136.5 145.9 155.3 145.3 159.0 8% 13% 4% 11% 10% 3Q25 4Q25 1Q26 2Q26 3Q26 Programming Distribution Others OPM · Foundation for growth through content quality and cost efficiency → Margin recovery from large-scale titles and expanded pre-sales · Further performance improvement with a strong 4Q26 lineup → Expected rise in Hit Ratio: <100 Days of Deception>, <Gift>, <Tantara> · Revenue growth driven by stronger content competitiveness → Stronger large-scale focused portfolio and higher revenue per title · OPM of 9.5% from structural profitability improvements → Profit improvement through cost optimization and sales efficiency
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Appendix 1 - 1. Balance Sheet Summary x Key financial ratios Total Assets 8,873 8,467 (4.6) Current Assets 2,665 2,644 (0.8) Cash and Cash Equivalents 714 840 17.6 Other Current Assets 1,951 1,804 (7.5) Non-Current Assets 6,208 5,823 (6.2) Tangible Assets 837 805 (3.9) Intangible Assets 2,303 2,170 (5.7) Total Liabilities 5,359 5,224 (2.5) Current Liabilities 3,574 3,449 (3.5) Non-Current Liabilities 1,785 1,775 (0.6) Shareholders' Equity 3,514 3,243 (7.7) Equity capital 212 212 - Retained Earnings 441 422 (4.4) Other Reserves 2,220 2,032 (8.5) (Unit: Wbn) 2Q26 3Q26 QoQ (%) Current Ratio (%) 74.6 76.7 2.1%p Net Debt Ratio (%) 50.3 55.2 4.9%p Cash Ratio (%) 22.2 26.8 4.5%p (Unit: %) 2Q26 3Q26 QoQ -10-
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Appendix 1 - 2. Income Statement Summary % YoY % QoQ Sales Revenue 1,246 1,203 1,190 (4.4) (1.1) Media Platform 320 380 352 10.0 (7.4) Film & Drama 373 190 285 (23.5) 50.0 Music 197 230 204 3.6 (11.2) Commerce 356 403 349 (1.9) (13.4) OPEX 1,228 1,170 1,168 (4.9) (0.1) COGS 850 759 776 (8.7) 2.3 SG&A 378 411 393 3.7 (4.5) Operating Profit 18 33 22 25.5 (34.1) Non-Operating PL 68 (14) (50) TR CR Financial PL (34) (40) (44) CR CR Equity method G/L 8 40 10 15.3 (75.5) Others 94 (13) (16) TR CR Pre-tax profit 85 20 (28) TR TR Tax Expenses 5 (2) (3) Return Return Ongoing Operating Income 80 22 (25) TR TR Discontinued Operating Income 0 0 0 - - Net profit 80 22 (25) TR TR 3Q25 2Q26 3Q26 (Unit: Wbn) -11-
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Appendix 2. Main Line - up for 4Q26 -12- Title Cast · Venue · Channel/Platform Date Category <100 Days of Deception> Kim You Jung · Park Jinyoung Oct. 10– Nov. 29 Drama <Love in Disguise> Lim Siwan · Seol In-ah Oct. 19 – Nov. 24 <Make Me Tremble> Nam Ji-hyun · Kim Jae-young Oct. 15 – Nov. 5 <Happy Anding> Kang Hoon · Lee E-dam Nov. 11 – Dec. 17 <Gift> Kim Woo-bin · Seo Eun-soo Dec. 5 – Jan. 10 <Food, Trail, Dae Myeung> Kim Dae Myeung · Park Ji-hwan · Gong Myung Oct. 23 – TBU Variety/Sports <Iron Girls 3> Geum Saerok · Seol In-ah · Han Jihyun · Yeonwoo Nov. 26 – Feb. 11 <The Village Barber 2> Park Bo-gum · Lee Sang Yi · Ko Kyung Pyo Nov. 29 – Jan. 31 <Undercover Chef 2> Sam Kim · Jung Ji Sun · Kwon Seong-joon Oct. 29 – Nov. 19 <2026-2027 KBL> TVING Oct. 3 (Season Opener) <2026 KBO Post Season> TVING Oct. 26 – Nov. 10 <Paradise Lost> Kim Hyun-joo · Bae Hyun-sung 10/21 (Theatrical Release) Film/Musical <Love Song in Gwanghwamoon> D-Cube Link Arts Center Sep. 6 – Nov. 15 <2026 MAMA FAN FESTA> Osaka, Japan · Mnet Plus Nov. 9– Nov. 21 Music <2026 MAMA AWARDS> Kyocera Dome Osaka Nov. 20 – Nov. 21 Debut Single <KO1KEYZ> KO1KEYZ Oct. 7 1st Mini <2. Multitude: How We Bloom> MODYSSEY Oct. 12 11th Single <AAO> JO1 Nov. 18 5th Single <Rock & Roll Pretty> ME:I Dec. 2
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Thank You