Q3 2025 Naver Corp Earnings Call Transcript
Key Points
- NAVER Corp (XKRX:035420) reported a 15.6% increase in revenue for Q3, reaching KRW3.138 trillion, driven by growth in advertising, commerce, and fintech.
- The company's advertising revenue grew by 10.5% YoY, supported by AI-driven enhancements in advertising efficiency.
- Smartstore GMV recorded accelerated growth with a 12.3% YoY increase, aided by a revised commission structure.
- NAVER Pay's TPV increased by 21.7% YoY to KRW22.7 trillion, with non-captive payments growing by 31% YoY.
- The NAVER Plus Store app surpassed 10 million downloads within six months of its launch, indicating strong user engagement and growth potential.
- Operating profit margin slightly increased to 18.2%, but higher expenses related to business expansion and competitiveness enhancement impacted profitability.
- Increased infrastructure investments, particularly in GPUs, led to a decrease in Q3 free cash flow by KRW185.2 billion YoY.
- The enterprise business reported expanded losses due to increased infrastructure investments for AI model training and inference.
- Content segment faced widened operating losses due to increased production costs and higher marketing expenses.
- Despite growth in payment revenue, the fintech business experienced a slight decline in profitability due to delayed purchase confirmations and expanded promotional activities.
Good morning. We will now begin NAVER's 2025 Q3 earnings conference call. For the benefit of our investors joining from home and abroad, we will provide simultaneous interpretation service for the presentation and switch to consecutive interpretation for the Q&As.
Good morning. I am [Chen Yang Han] from the office of Capital Market. I would like to thank the analysts and investors for joining NAVER's 2025 Q3 earnings presentation.
CEO, Soo-yeon Choi; and CFO, Hee-Cheol Kim, and they will walk you through NAVER's business highlights and strategies and financial results, after which we will entertain your questions.
Please note that the earnings results are K-IFRS based provided for timely communications and have not yet been audited by an independent auditor and hence are subject to change after such review.
With that, I will turn it over to our CEO to present on the business highlights.
Good morning. I am Su Yeon Choi, the CEO. In
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