Slides
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Earnings Release 2025Q1
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2 Disclaimer Financial information contained in this document is based on consolidated K-IFRS that have not been audited by an independent auditor. Therefore, the information and financial data of Kakaopay and its subsidiaries (the “Company”, or “Kakaopay”) contained in this document are subject to change upon an independent auditor’s audit. The Company does not make any representation or accept liability, as to the accuracy or completeness of the information contained in this material. The format and contents of this document are subject to change for future filings and reports. Kakaopay is not liable for providing future updates on all figures included in this document. Therefore, this presentation contained herein should not be utilized for any legal purposes in regard to investors’ investment results. The Company hereby expressly disclaims any and all liability for any loss or damage resulting from the investors’ reliance on the information contained herein.
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Table of Contents 4 6 7 8 9 11 17 18 19 Executive Summary 1. Total Payment Volume (TPV) 2. Revenue 3. Operating Expenses 4. Profit and Loss 5. Business Performance 6. ESG Appendix User Engagement Financial Statements 3
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4 TPV REVENUE EARNING Executive Summary 1Q 2025 Financial Performance 1Q 2025, TPV +8% YoY, Recorded 44.2 Tril. KRW Revenue TPV Increased +7% YoY, Recorded 12.8 Tril. KRW 1Q 2025 Revenue Increased +20% YoY, Achieved 211.9 Bil. KRW Notably, Financial services Maintained 38% Revenue Contribution for two consecutive quarters 1Q Achieved Quarterly Operating Profit of 4.4 Bil. KRW Net Income 14.4 Bil. KRW and EBITDA 12.5 Bil. KRW Financial Income 14.4 Bil. KRW 40.9 44.2 11.9 12.8 1Q24 1Q25 +8% +7% 1Q24 1Q25 +20% 176 212 0 14 -1 12 1Q24 1Q25 (Unit: Tril. KRW) Net Income, EBITDA1) (Unit: Bil. KRW) TPV REVENUE Revenue TPVTPV Digital PaymentDigital Finance Others 당기순이익 EBITDANet Income (Unit : Bil. KRW) Note1) EBITDA calculated as revenue less operation expenses excluding depreciation and amortization expenses, except for depreciation for leased assets Turnaround
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23.9% 26.6% Executive Summary 1Q 2025 Business1) Performance ATPU3) ARPU4) Note1) Notice of Business Performance metrics (from 2025) All user actions (all transactions involving monetary flow and requests for Kakao Pay services in Kakao Pay channels) are included in user traffic. This definition is distinct from UV, which simply refers to user visits. Note2) DAU : Daily Active User, MAU : Monthly Active User Note3) ATPU : Average Transaction Per User, Calculated by dividing the total number of transactions in the quarter by the quarter's last month MAU Note4) ARPU : Average Revenue Per User, calculated by dividing quarterly consolidated revenue by the quarter's last month MAU DAU2) 5 43 59 1Q24 1Q25 +38% 7,351 9,097 1Q24 1Q25 +24% DAU ATPU ARPU DAU Recorded 6.2 Mil. +8% YoY Growth DAU/MAU ratio at 26.6%, showing upward trend in user stickiness Recorded 59 Transactions, +38% YoY Growth User Activity Increased in areas such as Securities Trading, Convenience, Benefits, etc. Recorded 9,097 KRW, +24% YoY Growth Financial services were the key growth driver, leading to +20% YoY revenue expansion 5.7 6.2 1Q24 1Q25 +8% +2.7%p (Unit: Mil. Users) (Unit: Transactions) (Unit : KRW)
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41 41 42 43 1Q24 2Q24 3Q24 4Q24 1Q25 • 1Q TPV +8% YoY, Recorded 44.2 Tril. KRW • Revenue TPV 12.8 Tril. KRW, +7% YoY, contributed 29% of Total TPV • Digital Payment, Digital Finance, Money Transfer TPV mid-single digit YoY Growth Digital Payment +7% YoY, (on/offline △1%, +42% YoY) ㆍOnline Payment reflected E-commerce market trends and seasonal softer demand ㆍOffline Payment led by the acquisition of new users, strengthened promotions with large franchises, and Paymint volume growth ㆍOverseas Payment +20% YoY in line with on line and overseas offline TPV growth Loan Service +7% YoY, +21% QoQ, resumed loan operations of Tier 1 financial institutions MTS TPV2) +54% YoY, surpassing 18 Tril. KRW for the first time Money Transfer Service +8% YoY ㆍHigher user participation in financial services including asset management, stock trading, etc. has strengthened the Kakao Pay Money ecosystem 1. Total Payment Volume (TPV 1)) +3% QoQ +0.3% +3% +2% TPV Note 1) Quarterly TPV (Total Payment Volume) is total transaction amount incurred in a quarter in all service areas. Note 2) MTS TPV excluded from Financial TPV 1 62 3 4 5 6 +8% YoY 44 29% 30% 29% 29% 29% (Unit : Tril. KRW) Revenue TPV Total TPV
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2. Revenue 1 62 3 4 5 7 (Unit: Mil. KRW) 1Q24 2Q24 3Q24 4Q24 1Q25 YoY QoQ Revenue 176,347 185,497 186,209 218,182 211,905 20.2% △2.9% Digital Payment 119,952 121,445 122,903 125,690 122,201 1.9% △2.8% Digital Finance 49,937 55,175 55,045 83,989 80,157 60.5% △4.6% Others 6,459 8,877 8,262 8,503 9,546 47.8% 12.3% 1Q24 2Q24 3Q24 4Q24 1Q25 212 176 185 186 218 4% 5% 4% 28% 68% 30% 30% 65% 66% 38% 58% 4% 58% 38% 4% 1Q24 2Q24 3Q24 4Q24 1Q25 37% 5% 10% 1% -7% 0% 1% 0.4% 12% △3% △5% △3% 3% 17% 53% 2% Revenue Breakdown Quarterly Revenue Growth (Unit : Bil. KRW) Digital Finance Others Total Revenue Digital Payment Digital Finance Digital Payment Others • 1Q Revenue Recorded 211.9 Bil. KRW, +20.2% YoY Digital Payment slightly decreased QoQ due to online seasonality, but +1.9% YoY thanks to the growth in offline/overseas Financial services +60.5 YoY, All (Loans/Investment/Insurance) services posted meaningful growth ㆍLoan services +22% YoY, resumed loan origination in Tier 1 major financial institutions ㆍInvestment services +66% YoY, driven by increased total trading volume ㆍInsurance services +138% YoY,growth trends in Kakaopay Insurance and insurance data business Other services +47.8% YoY, led by credit card recommendation and ad services • Financial Services (+61% YoY) and Other Services (+48% YoY) Led Overall Revenue Growth • Financial Services remained 80 Bil. KRW range for two consecutive quarters, accounting for 38% of Total Revenue
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3. Operating Expenses 1 62 3 4 5 8 Note1) TMON and WEMAKEPRICE 31.5 Bil. KRW were recorded operating expenses in 4Q24. (Unit: Mil. KRW) 1Q24 2Q24 3Q24 4Q24 1Q25 YoY QoQ Operating Exp. 186,051 192,767 193,697 251,207 207,493 11.5% △17.4% Commission 85,334 88,492 90,237 96,185 92,108 7.9% △4.2% Labor Cost 52,964 53,116 53,589 55,776 58,370 10.2% 4.6% Stock Compensation Expense 1,528 566 590 707 591 △61.3% △16.4% Marketing Exp. 13,368 16,733 16,803 18,627 18,100 35.4% △2.8% Dep. & Amort. 12,254 12,932 13,112 14,172 12,156 △0.8% △14.2% Rent Expense 1,514 1,551 1,558 1,565 1,539 1.6% △1.6% Other 20,617 19,943 18,398 64,882 25,220 22.3% △61.1% • 1Q Operating Expenses Incurred 207.5 Bil. KRW, +11.5% YoY Marketing expenses +35.4% YoY rose due to enhanced marketing with strategic partner and engagement activation in financial services, maintained at 8.5% under 10% of the revenue Commission +7.9% YoY due to higher MyData operating expenses and direct cost increase in line with revenue growth in major services Other expenses +22.3% YoY due to higher operating costs related to financial subsidiary revenue growth • △17.4% QoQ, Most Expenses Decreased except for Labor Costs Other expenses △61.1% QoQ due to underlying impacts from TMON-WeMakePrice bad debt expenses of 31.5 Bil. KRW1) in 4Q 2024 Commission △4.2% QoQ thanks to the increasing proportion of Pay Money compared to 4Q24 Note 1) Additional charges incurred due to the exercise of stock options
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4. Profit and Loss • 1Q Operating Profit Turnaround with 4.4 Bil. KRW • Kakaopay Securities Showed Operating Profit for two Consecutive Quarters • Parallelly Posted Double-digit Billions of Profits, with Net Income 14.4 Bil. KRW and EBITDA 12.5 Bil. KRW • Continued Profit Improvement driven by Top-line Growth and Cost Efficiency 1 62 3 4 5 9 Note 1) As a leading Korean payment service provider, Kakao Pay tried to protect consumers while taking measures including pre refunds in response to unsettled accounts from TMON and WeMakePrice. Consequently, losses of 31.2 Bil. KRW in 3Q24 and 300 Mil. KRW in 4Q24 incurred. Note 2) Bad debt expenses related to TMON and WEMAKEPRICE were recorded as ‘Non-operating Bad Debt Expense’ in 3Q24 in advance based on the review of the recoverability and nature of our receivables. However, following a final review, the classification was adjusted to operating expenses in 4Q24. (Unit: Mil. KRW) 1Q24 2Q24 3Q24 4Q24 1Q25 YoY QoQ Operating Profit -9,704 -7,270 -7,488 -33,025 4,411 Turn to Black Turn to Black OPM -5.5% -3.9% -4.0% -15.1% 2.1% +7.6%p +17.2%p Net Profit 167 626 -27,529 5,198 14,369 +8,479.1% +176.4% EBITDA -1,277 1,765 1,716 -22,781 12,500 Turn to Black Turn to Black -33 -5.5% -3.9% -4.0% -15.1% 2.1% -1 2 2 -23 12 0 3 2 13 1Q24 2Q24 3Q24 4Q24 1Q25 15 0.1% 0.3% -14.8% 2.4% 6.8% -0.7% 1.0% 0.9% -10.4% 5.9% -10 -7 -7 4 0 1 -28 5 14 1Q24 2Q24 3Q24 4Q24 1Q25 Operating Profit and Net Profit EBITDA (Unit : Bil. KRW) (Unit : Bil. KRW) Net ProfitOperating Profit Operating Profit Margin Adjusted EBITDA1) EBITDA EBITDA Margin Net Profit Margin Note 1) Adjusted EBITDA is calculated by excluding stock compensation expenses, the four major insurance increases due to stock option exercise, and one-off expenses such as bad debt expenses related to TMON-WeMakePrice
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-209 -172 -112 -75 -46 -5 0 21 4Q21 2Q22 4Q22 2Q23 4Q23 2Q24 4Q24 1Q25 • 1Q Separate Revenue +8.9% YoY, +0.1% QoQ, Recorded 160.9 Bil. KRW • 1Q Separate Profit Turnaround, Operating Profit 13.6 Bil. KRW, OPM 8.4% • Accumulated deficit turned to Retained Earnings for the first time, Net Profit 21.1 Bil. KRW 1 62 3 4 5 10 148 154 156 161 161 1Q24 2Q24 3Q24 4Q24 1Q25 12 11 9 14 21 19 -10 14 21 1Q24 2Q24 3Q24 4Q24 1Q25 -20 +4% +0.1% QoQ +9% YoY +1% +3% 8.0% 7.3% 6.0% -12.6% 8.4% 14.4% 12.5% -6.1% 8.8% 13.1% Net ProfitOperating Profit Operating Profit Margin Net Profit Margin 4. Profit and Loss [Reference] Separate Revenue and Profit (Parent) (Unit : Bil. KRW) Revenue (Parent) (Unit : Bil. KRW) Operating Profit and Net Profit (Unit : Bil. KRW) (Unit: Bil. KRW) 4Q21 2Q22 4Q22 2Q23 4Q23 2Q24 4Q24 1Q25 Retained Earnings (Accumulated deficit) -209 -172 -112 -75 -46 -5 0 21
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11 1 62 3 4 5 Nearly 300K Good Deal Transactions within three months since launch A Kakaopay Money-based digital voucher allowing users to pay instantly via barcode and receive discounts at offline affiliated brand stores Real-time digital voucher issuance and redemption, matching the payment amount at the store, enhances user convenience 5. Business Performance 1) Payment ‘Good Deal’, Ongoing Discount Benefits for Daily Spending 1주차 2주차 3주차 4주차 5주차 6주차 7주차 8주차 9주차 10주차 11주차 Weekly Numberof ‘Good Deal’ Transactions Since Launch Surpassed 200K Good Deal Good Deal Launch Over 100K Good Deal Week 1 Week 2 Week 3 Week 4 Week 5 Week 6 Week 7 Week 8 Week 9 Week 10 Week 11 Ongoing Benefits & Extra Promotions up to 15% Discounts with Brand Partnerships Recommends nearby Kakao Pay merchants with location -based services Available at 41 brands and 53,000 stores, planning to expand to approx. 50 brands within the year New strategic merchants are scheduled to open monthly, with expansion plans including CVS and drugstore franchises
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1 62 3 4 5 12 Continued Growth in Service Users and Revenue Credit loan comparison service users increased +39% YoY and +11% QoQ, demonstrating upward trends in user inflow Revenue +22% YoY driven by customized user analysis utilizing diverse data pools and positive shift in loan market conditions Long-term Car Rental Comparison Service Launch Strengthened the loan comparison service portfolio and laid groundwork for expanding the auto finance business Planning to broaden vehicle options and car rental comparison service partners to provide a reasonable purchase experience 1Q24 4Q24 1Q25 User Number of Credit Loan Comparison Service 1Q24 4Q24 1Q25 Loan Services Revenue +39% YoY +11% QoQ +22% YoY +8% QoQ 5. Business Performance 2) Loan Vertical Business/Services Expansion based on Solid Growth
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1 62 3 4 5 13 5. Business Performance 3) MyData Pioneering Data-driven Financial Innovation No. of MyData User Trend and Ratio of Korea’s Economically Active Population Positioned as a Pioneer Financial Service Player Delivering Tangible Benefits Based on MyData 2.1 mil. users increased their credit scores by 21 points on average in the last 2 years, and saved an average of KRW 900K in annual loan interest per user Approx. 120 mil. accounts are securely managed, and around 500k users manage tax savings annually through the year-end tax adjustment preview service Surpassed 20 million MyData Subscribers, the First in Korea The industry’s highest milestone accomplished in three years after starting MyData business Equivalent to three out of five (3/5) economically active Koreans aged 19 to 64 using Kakao Pay's asset management services Kakao Pay MyData PayMoney, Payment, and Money Transfer Data Increase credit scores Accounts, Loans from Bank A Payments, Bills from B Card Trading, Dividends from C Securities Collect Mass Data Collecting Data across all finance sectors Personalized Services Provide tangible and practical financial benefits Prevent Finance Fraud Premium, Coverage from D Insurance Save loan interest Tax and Retirement Management Pay Data & MyData Total Analysis Future prediction based on history analysis Going beyond personalized services, expanding into data -driven inclusive financeMar.'22 Jun.'22 Sep.'22 Dec.'22 Mar.'23 Jun.'23 Sep.'23 Dec.'23 Mar.'24 Jun.'24 Sep.'24 Dec.'24 Mar.'25 Apr.'25 39% 43% 47% 51% 56% Over 10 Mil. Users Over 20 Mil. Users Over 15 Mil. Users Over 5 Mil. Users MyData Launch No. of MyData User Trend Ratio of Korea’s Economically Active Population
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14 1Q24 1Q25 국내주식 해외주식 38.9 41.2 28.4 44.7 1Q24 1Q25 5. Business Performance 4) Kakaopay Securities Achieved Consecutive Quarterly Profit 1 62 3 4 5 Kakaopay Securities’ Stock Balance Recorded 2.6 Tril. KRW, +88% YoY increase from 1.4 Tril. KRW as of 1Q24 Total deposit assets increased +56% YoY, surpassing 4.2 Tril. KRW, driven by the expansion of stock balance due to increased stock trading volume Increased Trading Volume and User Influx through never ending Advanced Services Quarterly trading volume increased +54% YoY, surpassing 18 Tril. KRW in a quarter for the first time, with +258% YoY in quarterly trading transactions : Achieved operating profit for two consecutive quarters, following Q4 2024, due to increased commission revenue from surge in trading volume Quarterly Trading Volume Quarterly Trading Transactions Kakaopay Securities Revenue & Operating Expenses Trends (Unit: Bil. KRW) '24.03 '24.06 '24.09 '24.12 '25.03 Fund DepositStocks +56% YoY 2.7 Tril. KRW 4.2 Tril. KRW 1.4 Tril. KRW +88% YoY 2.6 Tril. KRW 2. 0 Tril. KRW 1. 0 Tril. KRW 3.0 Tril. KRW 4.0 Tril. KRW +258% YoY 72 Mil. 20 Mil. 1Q24 1Q25 +54% YoY 18.1 Tril. KRW 11.8 Tril. KRW +58% YoY Operating ProfitDomestic Overseas Operating Expenses Revenue
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5. Business Performance 5) Kakaopay Securities AI-powered Investment Information, and Revamping the Charts Tab Based on Trading View 1 62 3 4 5 15 AI Investing Info – ‘How come?’ Charts Tab – Trading View Real-time analyzed information on sharp price movements in specific stocks AI-powered analysis of price movements and key news highlights Broadened Trading View features and added enhanced new features Enhanced user customized settings for tailored chart analysis
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16 1 62 3 4 5 5. Business Performance 6) Insurance New Product Launch, Expanding Product Categories Launched Domestic Travel Insurance, grounded in Innovation and Convenience, Full lineup established in Travel Insurance Released Domestic Group Travel Insurance following the market -leading overseas travel insurance and long-term overseas travel insurance, expanding the Travel/Leisure product category Expand market share in the travel insurance sector, Incorporating with Kakaopay Insurance's unique innovation and convenience Launched Giftable Kids Insurance, Expanding Mom & Family Category from Parents to Acquaintances Opened Giftable Kids Insurance following Toddler and Elementary, Middle School Students Insurance, completing the Mom & Family Category Expanded the target audience to include not only parents raising children but also grandparents, relatives, friends, and other acquaintances [Features] • No need for the fellow travelers’ personal info • Fellow travelers can directly fill out their own details • Fellow travelers can file for claims themselves [Coverage] • Injury (death, actual medical treatment expense) • Plans fit to circumstances: - Basic - Safey Plan covering ERs - Hearty Plan covering illnesses [Features] • Easy gifting via KakaoTalk • Coverage period of 1 to 3 years • Diverse premium options ranging from 20K to 200K KRW [Coverage] • Intense coverage for frequent injuries/illnesses such as ER visits, hand-foot-mouth disease, and fractures • Double coverage available even with existing children's insurance
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6. ESG 1 62 3 4 5 Purchased 2,000 MWh of Renewable Energy Purchased 2,000 MWh of renewable energy as part of Kakao Group's RE100 transition roadmap Achieved 100% RE100 for the Pangyo office based on office electricity consumption Kakao Group’s Implementation of Carbon Accounting Platform Crucial environmental data management solution to effectively prepare for climate disclosures To proactively cope with climate disclosures and reduce the risk of manual calculations Blind Spot Pay School Junior Class Signed an agreement with the Korea Youth Financial Education Council to support financial education for youth in Jan. 2025 Expanded the target to youth for Kakao Pay's flagship campaign, Blind Spot Pay School KRW 500 Mil. fund agreement to improve financial literacy among middle and high school students and resolve the financial education gap in remote areas Environment and Social-oriented ESG Progress Blind Spot Pay School Junior Class Free Semester Finance Lessons to 20 Schools Global ESG Assessment Milestones MSCI ESG Ratings ‘A’ Achieved a 3-tier jump to A rating in mere 2 years for overall ESG enhancement since obtaining the first ESG Rating of B in April 2023 Acknowledged for robust efforts to expand financial accessibility opportunities for small business owners and financially vulnerable groups Comprehensive human capital development, including formal grievance reporting and escalation processes S&P Global 2025 Sustainability Yearbook Member Recognized as 2025 Yearbook Member, ranking within the top 15% of the industry in S&P Global's 2024 Corporate Sustainability Assessment Selected as a Sustainability Yearbook Member for two consecutive years, following two consecutive years of inclusion in the DJSI Korea Indices
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5.7 6.2 6.2 6.3 6.2 1Q24 2Q24 3Q24 4Q24 1Q25 18 23.9% 24.7% 25.3% 25.7% 26.6% DAU/MAU 43 51 53 56 59 1Q24 2Q24 3Q24 4Q24 1Q25 7,351 7,421 7,620 8,877 9,097 1Q24 2Q24 3Q24 4Q24 1Q25 3.5 3.6 3.6 3.7 3.7 1Q24 2Q24 3Q24 4Q24 1Q25 +8% YoY +38% YoY +24% YoY Note1) Notice of Business Performance metrics (from 2025) All user actions (all transactions involving monetary flow and requests for Kakao Pay services in Kakao Pay channels) are included in user traffic. This definition is distinct from UV, which simply refers to user visits. Note2) DAU : Daily Active User, MAU : Monthly Active User Note3) Calculated by aggregating the number of services used by users in the corresponding quarter's final month and dividing by the MAU of that month. If the same service is used multiple times, it is counted as '1’. Note3) ATPU : Average Transaction Per User, Calculated by dividing the total number of transactions in the quarter by the quarter's last month MAU Note4) ARPU : Average Revenue Per User, calculated by dividing quarterly consolidated revenue by the quarter's last month MAU +7% YoY +2.7%p Quarterly ARPU5) (Unit : KRW) DAU2) Quarterly ATPU4) (Unit : Mil. Users) (Unit : Transaction) Appendix. ① User Engagement1) No. of Service Transition per Active Users3)
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19 Appendix. ② Consolidated Financial Statements Consolidated Statement of Financial Position Consolidated Income Statement (Unit: Mil. KRW) 2024.03 2024.12 2025.03 (Unit: Mil. KRW) 1Q24 4Q24 1Q25 Assets Current Assets 3,570,841 3,907,692 3,974,267 Revenue 176,347 218,182 211,905 Cash and cash equivalents 1,555,754 1,564,242 1,401,469 Revenue of non-financial services business 145,579 158,760 159,212 Deposits 101,859 181,464 145,327 Revenue of financial services business 30,768 59,421 52,693 Short-term financial instruments 711,950 801,450 1,001,954 Operating expenses 186,051 251,207 207,493 Financial Assets at Fair Value through Profit or Loss 757,058 905,123 1,006,190 Commission 85,334 96,185 92,108 Other current financial assets 415,596 421,969 385,079 Marketing expense 13,368 18,627 18,100 Other current assets 28,623 33,443 34,249 Labor cost 52,964 55,776 58,370 Non-current assets 529,870 507,021 526,909 Stock compensation expense 1,528 707 591 Investment in associates 39,566 45,392 49,533 Dep. & Amort. 12,254 14,172 12,156 Property and equipment 43,414 38,788 36,491 Rent 1,514 1,565 1,539 Intangible assets 140,513 126,544 122,668 Others 20,617 64,882 25,220 Other non-current assets 306,377 296,297 318,217 Operating profit and loss -9,704 -33,025 4,411 Total assets 4,100,711 4,414,712 4,501,176 Other non-operating income 1,389 1,797 2,293 Liabilities Other non-operating expense 3,593 -22,306 2,026 Current liabilities 2,044,966 2,380,942 2,454,838 Financial income 15,781 18,754 14,357 Trade and other payables 596,842 624,351 622,125 Financial expense 2,007 -205 1,686 Deposits received 535,175 583,504 591,983 Share of loss of associates 1,651 723 3,029 Deposits liabilities 812,646 1,041,180 1,118,265 Pre-tax income/loss 3,516 10,760 20,379 Other current liabilities 100,304 131,907 122,465 Income tax expense 3,348 5,562 6,010 Non-current liabilities 121,552 122,962 120,350 Net income and loss 167 5,198 14,369 Total liabilities 2,166,518 2,503,904 2,575,188 Owners of the Parent Company 3,772 3,913 13,295 Equity Non-controlling interest -3,605 1,285 1,073 Equity attributable to owners of the Parent Company 1,880,148 1,861,203 1,875,309 Share capital 67,235 67,317 67,340 Share premium 1,816,335 1,817,690 1,818,116 Other components equity 167,491 168,092 168,420 Accumulated other comprehensive income -4,452 -7,946 -7,911 Accumulated deficit -166,461 -183,951 -170,656 Non-controlling interest 54,046 49,606 50,679 Total equity 1,934,194 1,910,808 1,925,988 Total liabilities and equity 4,100,711 4,414,712 4,501,176 Note1) In accordance with the guidance of the Financial Supervisory Service (FSS), the accounting policy to present financial statements of the financial industry has changed from a liquidity-based presentation to a current/non-current classification method in 2024.
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20 Appendix. ③ Separate Financial Statements Separate Financial Statement of Financial Position Separate Income Statement (Unit: Mil. KRW) 2024.03 2024.12 2025.03 (Unit: Mil. KRW) 1Q24 4Q24 1Q25 Assets Current assets 2,420,685 2,498,868 2,577,011 Revenue 147,806 160,793 160,907 Cash and cash equivalents 1,446,487 1,492,530 1,343,743 Operating expenses 135,957 181,129 147,346 Short-term financial instruments 708,050 797,150 997,154 Commission 80,003 89,075 85,087 Other current financial assets 236,584 175,142 202,256 Marketing expense 12,230 15,436 15,387 Other current assets 29,565 34,046 33,858 Labor cost 36,129 35,992 39,173 Non-current assets 877,339 861,985 846,781 Stock compensation expense 1,207 581 492 Investments in associates 529,009 528,338 528,338 Dep. & Amort. 5,297 5,381 5,283 Property and equipment 29,264 27,042 25,149 Rent 1,246 1,264 1,242 Intangible assets 28,357 29,535 29,719 Others 1,052 33,980 1,175 Other non-current assets 290,709 277,070 263,575 Operating profit and loss 11,849 -20,336 13,561 Total assets 3,298,024 3,360,853 3,423,791 Other non-operating income 1,641 2,026 1,114 Liabilities Other non-operating expense 3,621 -22,300 1,883 Current liabilities 1,102,334 1,142,735 1,187,596 Financial income 16,017 16,837 14,980 Trade and other payables 484,433 457,578 502,816 Financial cost 1,363 1,347 1,147 Deposits received 535,175 583,504 591,983 Pre-tax income/loss 24,523 19,480 26,625 Other current liabilities 82,727 101,653 92,797 Income tax expense 3,287 5,281 5,519 Non-current liabilities 94,958 96,190 92,326 Net income and loss 21,236 14,199 21,106 Total liabilities 1,197,292 1,238,925 1,279,922 Equity Share capital 67,235 67,317 67,340 Share premium 1,893,770 1,895,125 1,895,550 Other components equity 167,491 168,092 168,420 Accumulated other comprehensive income -3,444 -8,240 -8,181 Retained earnings (Deficit) -24,320 -367 20,739 Total equity 2,100,732 2,121,928 2,143,869 Total liabilities and equity 3,298,024 3,360,853 3,423,791