Webtoon Entertainment Inc: A Blank Canvas?

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Webtoon Entertainment Inc: A Blank Canvas?

Update

May 12, 2026 04:01 AM GMT

Morgan Stanley & Co. LLCMWebtoon Entertainment Inc | North America Matthew Cost

Equity Analyst

A Blank Canvas? Matthew.Cost@morganstanley.comBrian Nowak, CFA +1 212 761-7252

Brian.Nowak@morganstanley.com +1 212 761-3365

Reaction to earnings Cela VanLieshout

Research Associate

Unchanged Modest upside Meaningful revision lower Cela.Vanlieshout1@morganstanley.com +1 212 761-2679

Impact to our thesis Financial results versus consensus Direction of next 12-month Julian Herrera

consensus EPS

Source: Company data, Morgan Stanley Research Julian.Herrera@morganstanley.com +1 212 761-1784

Gregory Gao

WBTN reported 1Q with revenue in line and a profit beat, as Research Associate

Greg.Gao@morganstanley.com +1 212 296-3125

margin expansion offset user headwinds and weaker Japan. We Kavya A Narayanan

await traction in the global product strategy (e.g. Canvas UGC ResearchKavya.Narayanan@morganstanley.comAssociate +1 212 761-4183

content), as growth outside core markets looks key to durable Nikhil Javeri

multiple expansion. Maintain EW, $11 PT. ResearchNikhil.Javeri1@morganstanley.comAssociate +1 212 761-3742

Investing in the Creator Flywheel While Awaiting Japan Reacceleration: WBTN Webtoon Entertainment Inc (WBTN.O, WBTN US)

reported solid 1Q results with revenue in line and EBITDA ~$8mn ahead of our Internet | United States of America

estimates, as expense management and gross margin expansion more than offset Stock Rating Equal-weight

still-soft user trends. Total constant currency revenue growth of 0.2% was driven by Industry View Attractive

Price target $11.00

2% growth in paid content and modest advertising growth, partially offset by a 22% Shr price, close (May 11, 2026) $13.31