Naver Corp: Framing the AI Factory opportunity

研报英文原文证据摘录

Naver Corp: Framing the AI Factory opportunity

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Financial Summary

Exhibit 1: Naver: Summary financials

Income Statement Balance Sheet

Year ending December 31 2025 2026E 2027E 2028E Year ending December 31 2025 2026E 2027E 2028E

KRW bn KRW bn

Naver Platform 6,965 7,822 8,569 9,257 Cash and cash equivalents 5,984 6,455 7,329 8,400

Advertisement 5,436 5,925 6,405 6,872 S/T financial instrument 2,337 2,337 2,337 2,337

Service 1,529 1,897 2,163 2,385 Trade receivables 1,690 2,092 2,311 2,514

Financial Platform 1,668 1,942 2,205 2,468 Other current assets 918 918 918 918

Global Opportunities 3,402 4,116 4,564 4,959 Total current assets 10,928 11,802 12,895 14,169

C2C 987 1,559 1,870 2,132

Contents 1,851 1,898 1,955 2,007 Property, plant and equipment 3,608 4,565 5,406 6,114

Enterprise 564 660 739 819 Intangible assets 3,421 3,400 3,376 3,357

Total revenue 12,035 13,881 15,338 16,684 L/T financial instrument 4,618 4,618 4,618 4,618

Deferred tax assets 310 310 310 310

Development & operations 2,831 3,097 3,307 3,509 Investment in associates 16,649 17,109 17,611 18,161

Partner 4,265 5,069 5,643 6,176 Other non-current assets 1,550 1,550 1,550 1,550

Infrastructure 811 1,134 1,444 1,742 Total non-current assets 30,156 31,553 32,872 34,111

Marketing 1,920 2,193 2,377 2,519 Total assets 41,084 43,355 45,767 48,280

Total operating expenses 9,827 11,494 12,771 13,946

Operating profit 2,208 2,387 2,567 2,738 Trade payables 1,540 1,902 2,101 2,285

Operating profit margin 18.3% 17.2% 16.7% 16.4% S/T borrowings 1,729 1,729 1,729 1,729

Deferred tax liabilities 419 419 419 419

Net non-operating income (expense) -528 -150 -150 -150 Other current liabilities 4,330 4,330 4,330 4,330

Net finance income (expense) 245 120 107 136 Total current liabilities 8,019 8,380 8,580 8,764