Financials NAVER Corporation

Equities

A035420

KR7035420009

Internet Services

End-of-day quote Korea S.E. Other stock markets 2025-07-17			5-day change	1st Jan Change
243,500.00 ^KRW	-2.60%		-4.13%	+22.42%

11:01pm	Naver to Expand Immersive Media Push with AI Video, XR Content Later in 2025	MT
Jul. 16	Naver Expands Access to Electronic Documents on PC, Mobile Web	MT

Projected Income Statement: NAVER Corporation

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
Net sales ¹	5,304	6,818	8,220	9,671	10,738	11,908	13,097	14,251
Change	-	28.53%	20.57%	17.65%	11.03%	10.9%	9.98%	8.81%
EBITDA ¹	1,567	1,759	1,866	2,071	2,653	2,969	3,306	3,546
Change	-	12.23%	6.06%	11.02%	28.08%	11.91%	11.35%	7.27%
EBIT ¹	1,215	1,325	1,305	1,489	1,979	2,246	2,579	2,863
Change	-	9.06%	-1.57%	14.11%	32.95%	13.47%	14.85%	10.99%
Interest Paid ²	-146,433	-349,334	-931,523	-682,768	-578,866	-472,750	-519,250	-616,500
Earnings before Tax (EBT) ¹	1,509	2,040	1,056	1,486	2,246	2,510	2,861	3,183
Change	-	35.19%	-48.25%	40.71%	51.16%	11.75%	13.99%	11.26%
Net income ¹	1,100	1,430	752.3	1,013	1,878	1,868	2,147	2,405
Change	-	29.96%	-47.38%	34.6%	85.45%	-0.52%	14.91%	12.04%
Announcement Date	1/28/21	1/26/22	2/2/23	2/1/24	2/6/25	-	-	-

¹KRW in Billions²KRW in Million

Estimates

Fiscal Period: December	2020 Q2	2020 Q3	2020 Q4	2021 Q1	2021 Q2	2021 Q3	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1	2025 Q2	2025 Q3	2025 Q4	2026 Q1	2026 Q2	2026 Q3	2026 Q4
Net sales ¹	1,902	1,361	1,513	1,499	1,664	1,727	1,928	1,845	2,046	2,057	2,272	2,280	2,408	2,445	2,537	2,526	2,610	2,716	2,886	2,787	2,898	3,035	3,186	3,087	3,242	3,394	3,525
Change	-	-28.47%	11.16%	-0.9%	10.97%	3.84%	11.6%	-4.28%	10.87%	0.56%	10.42%	0.38%	5.59%	1.55%	3.75%	-0.43%	3.34%	4.03%	6.26%	-3.42%	4%	4.74%	4.96%	-3.1%	5.03%	4.67%	3.86%
EBITDA	-	-	-	-	-	-	-	-	-	593.7	-	-	445.5	-	-	600.9	583.8	-	-	-	-	-	-	-	-	-	-
Change	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-2.85%	-	-	-	-	-	-	-	-	-	-
EBIT ¹	230.6	291.7	323.8	288.8	335.6	349.8	351.2	301.8	336.2	330.2	336.5	330.5	372.7	380.2	405.5	439.3	472.7	525.3	542	505.3	531.1	591.5	625.4	611.3	628.5	693	731
Change	-	26.51%	10.99%	-10.8%	16.19%	4.23%	0.4%	-14.07%	11.4%	-1.78%	1.91%	-1.78%	12.77%	2.01%	6.65%	8.34%	7.6%	11.13%	3.18%	-6.77%	5.1%	11.38%	5.74%	-2.25%	2.81%	10.26%	5.48%
Charge d'intérêts	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Earnings before Tax (EBT) ¹	175.8	361.6	550.4	424.9	647.1	495	473.5	256.6	263.2	374.7	161.5	116.6	421.1	504.5	443.8	660.2	467.4	653.3	465.5	580.1	585.3	671.4	691.7	624	684.5	801	774
Change	-	105.68%	52.22%	-22.8%	52.3%	-23.5%	-4.34%	-45.81%	2.57%	42.36%	-56.9%	-27.8%	261.15%	19.81%	-12.03%	48.76%	-29.2%	39.77%	-28.75%	24.62%	0.9%	14.71%	3.02%	-9.79%	9.7%	17.02%	-3.37%
Net income ¹	139.5	245.5	415.7	314.1	527.7	331.9	256.1	171.2	183.3	257	140.8	55.1	267.7	375.8	314.1	510.6	338.4	520.4	508.6	424.8	420.4	498	511.1	458.4	528	589.5	600
Change	-	75.96%	69.35%	-24.44%	67.99%	-37.1%	-22.84%	-33.15%	7.07%	40.21%	-45.21%	-60.87%	385.84%	40.38%	-16.42%	62.56%	-33.73%	53.78%	-2.27%	-16.48%	-1.04%	18.46%	2.63%	-10.3%	15.17%	11.65%	1.78%
Announcement Date	7/29/20	10/29/20	1/28/21	5/14/21	7/21/21	10/20/21	1/26/22	4/20/22	8/4/22	11/6/22	2/2/23	5/7/23	8/3/23	11/2/23	2/1/24	5/3/24	8/8/24	11/7/24	2/6/25	5/8/25	-	-	-	-	-	-	-

¹KRW in Billions

Estimates

Forecast Balance Sheet: NAVER Corporation

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
Net Debt ¹	-1,165	-5,468	-2,231	-206	-3,253	-4,532	-6,374	-8,578
Change	-	-369.36%	59.2%	90.77%	-1,479.13%	-39.3%	-40.64%	-34.58%
Announcement Date	1/28/21	1/26/22	2/2/23	2/1/24	2/6/25	-	-	-

¹KRW in Billions

Estimates

Cash Flow Forecast: NAVER Corporation

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
CAPEX ¹	646	753.9	700.7	640.6	554	771.4	745.4	733.8
Change	-	16.71%	-7.06%	-8.58%	-13.52%	39.25%	-3.38%	-1.55%
Free Cash Flow (FCF) ¹	526,500	625,963	752,657	1,361,610	2,035,877	2,110,959	2,377,380	2,556,014
Change	-	18.89%	20.24%	80.91%	49.52%	3.69%	12.62%	7.51%
Announcement Date	1/28/21	1/26/22	2/2/23	2/1/24	2/6/25	-	-	-

¹KRW in Million

Estimates

Forecast Financial Ratios: NAVER Corporation

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
Profitability
EBITDA Margin (%)	29.55%	25.8%	22.7%	21.42%	24.71%	24.93%	25.24%	24.88%
EBIT Margin (%)	22.91%	19.44%	15.87%	15.4%	18.43%	18.86%	19.69%	20.09%
EBT Margin (%)	28.46%	29.93%	12.85%	15.37%	20.92%	21.08%	21.85%	22.34%
Net margin (%)	20.74%	20.97%	9.15%	10.47%	17.49%	15.69%	16.39%	16.88%
FCF margin (%)	9,926.2%	9,181.62%	9,156.32%	14,079.89%	18,960.09%	17,727.18%	18,152.07%	17,936.02%
FCF / Net Income (%)	47,856.46%	43,779.19%	100,047.44%	134,466.68%	108,412.44%	112,999.13%	110,744.87%	106,270.09%
Profitability
ROA	5.71%	64.99%	2.25%	2.91%	5.2%	4.75%	5.11%	5.37%
ROE	11.34%	106.64%	2.8%	4.41%	7.9%	6.98%	7.47%	7.78%
Financial Health
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Debt / Free cash flow	-	-	-	-	-	-	-	-
Capital Intensity
CAPEX / Current Assets (%)	12.18%	11.06%	8.52%	6.62%	5.16%	6.48%	5.69%	5.15%
CAPEX / EBITDA (%)	41.22%	42.86%	37.56%	30.93%	20.88%	25.99%	22.55%	20.69%
CAPEX / FCF (%)	0.12%	0.12%	0.09%	0.05%	0.03%	0.04%	0.03%	0.03%
Items per share
Cash flow per share ¹	9,877	9,199	9,662	13,273	17,151	17,068	19,774	21,705
Change	-	-6.86%	5.04%	37.37%	29.22%	-0.49%	15.85%	9.77%
Dividend per Share ¹	402	511	914	415	1,130	1,254	1,449	1,475
Change	-	27.11%	78.86%	-54.6%	172.29%	11%	15.53%	1.81%
Book Value Per Share ¹	50,278	156,900	151,646	133,212	170,953	176,159	190,366	206,344
Change	-	212.07%	-3.35%	-12.16%	28.33%	3.05%	8.06%	8.39%
EPS ¹	6,839	109,860	5,161	6,576	12,553	11,925	13,726	15,438
Change	-	1,506.38%	-95.3%	27.42%	90.89%	-5%	15.1%	12.48%
Nbr of stocks (in thousands)	145,365	149,069	149,970	150,591	151,245	148,929	148,929	148,929
Announcement Date	1/28/21	1/26/22	2/2/23	2/1/24	2/6/25	-	-	-