External broker reports(aggregated public sources), Mirae Asset Securities

Mirae Asset Securities

External broker reports(aggregated public sources)

Mirae Asset Securities Co.,Ltd. provides comprehensive wealth management services. The Company offers fixed income securities brokerage, securities dealing, equity underwriting, and other services. Mirae Asset Securities also deals with mergers and acquisitions, foreign currency, and financial derivatives

Equity Bottom-Up

<ul><li>We expect the Paju AI data center to be a key driver of profitability improvement in LG Uplus’s data center business.</li><li>With phase 1 and phase 2 scheduled to come online in 2H27 and 2H28, respectively, we expect data center revenue growth to accelerate from 2027 onward.</li><li>Amid constraints on power procurement and available data center capacity in Korea due to rising demand for AI and cloud services, LG Uplus’s strategy of proactively expanding capacity—centered on the Paju facility—should help it gain share in the AI data center market. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

We expect the Paju AI data center to be a key driver of profitability improvement in LG Uplus’s data center business.With phase 1 and phase 2 scheduled to come online in 2H27 and 2H28, respectively, we expect data center revenue growth to accelerate from 2027 onward.Amid constraints on power procurement and available data center capacity in Korea due to rising demand for AI and cloud services, LG Uplus’s strategy of proactively expanding capacity—centered on the Paju facility—should help it gain share in the AI data center market. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

LG Uplus (032640 KS/Buy)Paju Facility Is Key to Accelerating Data Center Expansion

<ul><li>For 2Q26, we expect LG Uplus to report revenue of approximately W3.9tr (+1.6% QoQ, +0.5% YoY), operating profit of W340.3bn (+25.0% QoQ, +11.7% YoY; 9.7% above the consensus), and an OP margin of 8.8%.</li><li>Key earnings drivers likely included: 1) improved cost efficiency across major expense items, including marketing, labor, and depreciation/amortization; 2) an increase in the number of 5G subscribers;</li><li>3) expanding contributions from the company’s data centers, including those in Pyeongchon, Paju, and Seocho; and 4) a one-off gain.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

For 2Q26, we expect LG Uplus to report revenue of approximately W3.9tr (+1.6% QoQ, +0.5% YoY), operating profit of W340.3bn (+25.0% QoQ, +11.7% YoY; 9.7% above the consensus), and an OP margin of 8.8%.Key earnings drivers likely included: 1) improved cost efficiency across major expense items, including marketing, labor, and depreciation/amortization; 2) an increase in the number of 5G subscribers;3) expanding contributions from the company’s data centers, including those in Pyeongchon, Paju, and Seocho; and 4) a one-off gain.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

LG Uplus (032640 KS/Buy)Solid Operating Profit Growth Expected

<ul><li>For 4Q25, we expect LG Uplus to report consolidated revenue of approximately W4tr (+5.3% YoY; 0.6% above the consensus), operating profit of W185.7bn (+30.6% YoY; 17.1% below the consensus), and an OP margin of 4.7%.</li><li>Continued growth in both service and handset revenues likely supported consolidated revenue growth.</li><li>However, consolidated operating profit likely reflected the impact of one-off labor-related expenses.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

For 4Q25, we expect LG Uplus to report consolidated revenue of approximately W4tr (+5.3% YoY; 0.6% above the consensus), operating profit of W185.7bn (+30.6% YoY; 17.1% below the consensus), and an OP margin of 4.7%.Continued growth in both service and handset revenues likely supported consolidated revenue growth.However, consolidated operating profit likely reflected the impact of one-off labor-related expenses.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

LG Uplus (032640 KS/Buy)Stable Earnings Outlook; Mobile Revenue Growth to Continue

<ul><li>For 3Q25, LG Uplus posted consolidated revenue of approximately W4tr (+5.5% YoY; 4% above the consensus), operating profit of W161.7bn (-34.3% YoY; 11% below the consensus), and an OP margin of 4%.</li><li>Increases in both service and handset revenue supported growth in consolidated revenue.</li><li>Increases in both service and handset revenue supported growth in consolidated revenue. However, the drop in operating profit was much steeper than that seen in 3Q24, owing to a 31% YoY increase in labor expenses.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

For 3Q25, LG Uplus posted consolidated revenue of approximately W4tr (+5.5% YoY; 4% above the consensus), operating profit of W161.7bn (-34.3% YoY; 11% below the consensus), and an OP margin of 4%.Increases in both service and handset revenue supported growth in consolidated revenue.Increases in both service and handset revenue supported growth in consolidated revenue. However, the drop in operating profit was much steeper than that seen in 3Q24, owing to a 31% YoY increase in labor expenses.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

LG Uplus (032640 KS/Buy)Continued Wireless Growth Vs. One-Off Labor Expenses

Thematic (Sector/Industry)

<ul><li>MWC 2026- The official theme of MWC 2026 was “The IQ Era,” highlighting the convergence of AI with connectivity and the role of intelligence in driving digital transformation</li><li>The conference emphasized the transition toward AI-centric ecosystems across networks, enterprises, and broader society</li><li>- The telecom services industry has built core infrastructure around 5G and AI</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

MWC 2026- The official theme of MWC 2026 was “The IQ Era,” highlighting the convergence of AI with connectivity and the role of intelligence in driving digital transformationThe conference emphasized the transition toward AI-centric ecosystems across networks, enterprises, and broader society- The telecom services industry has built core infrastructure around 5G and AIContent is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Takeaways from MWC 2026AI driving structural transformation of telecom

South Korea

LG Uplus Corp., an affiliate of LG Group, provides a wide range of personal communications services (PCS) using code division multiple access (CDMA) technology.  The Company offers call forwarding, call and data transfer, call waiting, voice mail, Internet-phone, prepaid call, and authentication text-to-speech (TTS) services.

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LG Uplus Corp (032640 KS)

LG Uplus (032640 KS/Buy)Paju Facility Is Key to Accelerating Data Center Expansion

With phase 1 and phase 2 scheduled to come online in 2H27 and 2H28, respectively, we expect data center revenue growth to accelerate from 2027 onward.

Mirae Asset Securities

LG Uplus (032640 KS/Buy)Solid Operating Profit Growth Expected

For 2Q26, we expect LG Uplus to report revenue of approximately W3.9tr (+1.6% QoQ, +0.5% YoY), operating profit of W340.3bn (+25.0% QoQ, +11.7%...

Mirae Asset Securities

LG Uplus (032640 KS/Buy)Stable Earnings Outlook; Mobile Revenue Growth to Continue

For 4Q25, we expect LG Uplus to report consolidated revenue of approximately W4tr (+5.3% YoY; 0.6% above the consensus), operating profit of...

Mirae Asset Securities

LG Uplus (032640 KS/Buy)Continued Wireless Growth Vs. One-Off Labor Expenses

For 3Q25, LG Uplus posted consolidated revenue of approximately W4tr (+5.5% YoY; 4% above the consensus), operating profit of W161.7bn (-34.3% YoY;...

Mirae Asset Securities

Takeaways from MWC 2026AI driving structural transformation of telecom

MWC 2026- The official theme of MWC 2026 was “The IQ Era,” highlighting the convergence of AI with connectivity and the role of intelligence in...

Mirae Asset Securities

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