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>For 2Q26, NAVER reported revenue of W3.39tr (+16% YoY) and operating profit of W520.3bn (flat YoY). Revenue was in line with the consensus, but operating profit missed by 8%.</li><li>The core NAVER platform business posted revenue of W1.90tr (+12% YoY; in line with our estimate), with ad revenue growth slowing further (+7% YoY to W1.45tr; 2% below our estimate).</li><li>Financial platform revenue totaled W470.7bn (+16% YoY; 3% above our estimate). Operating expenses increased 20% YoY to W2.87tr (3% above our estimate). </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, NAVER reported revenue of W3.39tr (+16% YoY) and operating profit of W520.3bn (flat YoY). Revenue was in line with the consensus, but operating profit missed by 8%.The core NAVER platform business posted revenue of W1.90tr (+12% YoY; in line with our estimate), with ad revenue growth slowing further (+7% YoY to W1.45tr; 2% below our estimate).Financial platform revenue totaled W470.7bn (+16% YoY; 3% above our estimate). Operating expenses increased 20% YoY to W2.87tr (3% above our estimate). 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.

NAVER (035420 KS/Buy)Take a Longer-Term View

Thematic (Sector/Industry)

<ul><li>We project global demand for AI computing capacity to reach approximately 187GW by 2030 and 285GW by 2032.</li><li>Training demand continues to grow, while inference demand should expand sharply amid a growing AI user base, the proliferation of agentic AI, and increases in both the number of model calls and token usage.</li><li>Even with improvements in compute efficiency, AI data center demand should continue rising. </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 project global demand for AI computing capacity to reach approximately 187GW by 2030 and 285GW by 2032.Training demand continues to grow, while inference demand should expand sharply amid a growing AI user base, the proliferation of agentic AI, and increases in both the number of model calls and token usage.Even with improvements in compute efficiency, AI data center demand should continue rising. 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.

Internet/Software (Overweight/Maintain)Identifying leaders in the AI data center space

<ul><li>For 4Q25, NAVER reported revenue of W3.2tr (+11% YoY) and operating profit of W611bn (+13% YoY), broadly in line with the consensus estimates (W3.26tr and W604bn, respectively).</li><li>Search platform revenue came in at W1.06tr (flat YoY), missing our estimate by 6%, affected by fewer working days due to the Chuseok holiday.</li><li>Commerce revenue was W1.05tr (+36% YoY), in line with our estimate, supported by solid growth in Smart Store and the global consumer-to-consumer business. </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, NAVER reported revenue of W3.2tr (+11% YoY) and operating profit of W611bn (+13% YoY), broadly in line with the consensus estimates (W3.26tr and W604bn, respectively).Search platform revenue came in at W1.06tr (flat YoY), missing our estimate by 6%, affected by fewer working days due to the Chuseok holiday.Commerce revenue was W1.05tr (+36% YoY), in line with our estimate, supported by solid growth in Smart Store and the global consumer-to-consumer business. 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.

NAVER (035420 KS/Buy)Growth Back in Focus in 2026

External broker reports(aggregated public sources), Daishin Securities

Daishin Securities

Founded in 1962, Daishin Securities is a leading financial services provider in Korea. Daishin securities does its best to provide high quality financial service and to satisfy the various needs of investors. Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

<ul><li>3Q25 earnings meet consensus largely driven by expanded commerce biz, albeit with heavier cost burden</li><li>Commerce expansion tailwinds to subside from 2026; Naver appears to lag behind peers in the pace of AI business</li><li>Dunamu inclusion should help improve margins; focus more on long-term growth and structural shift, rather than short-term events</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.

3Q25 earnings meet consensus largely driven by expanded commerce biz, albeit with heavier cost burdenCommerce expansion tailwinds to subside from 2026; Naver appears to lag behind peers in the pace of AI businessDunamu inclusion should help improve margins; focus more on long-term growth and structural shift, rather than short-term eventsContent 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.

Naver (035420 KS Nov 6, 2025) - Longer-Term Growth Visibility over Short-Term Event-Driven Noise

<ul><li>For 3Q25, NAVER reported revenue of W3.14tr (+16% YoY; 3% above the consensus) and operating profit of W571bn (+9% YoY; 1% above the consensus).</li><li>Search platform revenue came in at W1.06tr (+6% YoY), in line with expectations; we expect this result to help ease concerns about slowing growth.</li><li>Commerce revenue expanded 36% YoY to W985bn (beating expectations by 9%), aided by Smart Store growth (driven by enhanced AI recommendations) and increased take rates. </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, NAVER reported revenue of W3.14tr (+16% YoY; 3% above the consensus) and operating profit of W571bn (+9% YoY; 1% above the consensus).Search platform revenue came in at W1.06tr (+6% YoY), in line with expectations; we expect this result to help ease concerns about slowing growth.Commerce revenue expanded 36% YoY to W985bn (beating expectations by 9%), aided by Smart Store growth (driven by enhanced AI recommendations) and increased take rates. 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.

NAVER (035420 KS/Buy)A Strong Buying Opportunity

South Korea

Naver Corp. provides Internet site with web portal services, such as search engine, online game and content development.  The Company also offers marketing service through text and banner advertisement.

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Naver Corp (035420 KS)

NAVER (035420 KS/Buy)Take a Longer-Term View

For 2Q26, NAVER reported revenue of W3.39tr (+16% YoY) and operating profit of W520.3bn (flat YoY). Revenue was in line with the consensus, but...

Mirae Asset Securities

Internet/Software (Overweight/Maintain)Identifying leaders in the AI data center space

Training demand continues to grow, while inference demand should expand sharply amid a growing AI user base, the proliferation of agentic AI...

Mirae Asset Securities

NAVER (035420 KS/Buy)Growth Back in Focus in 2026

For 4Q25, NAVER reported revenue of W3.2tr (+11% YoY) and operating profit of W611bn (+13% YoY), broadly in line with the consensus estimates...

Mirae Asset Securities

Naver (035420 KS Nov 6, 2025) - Longer-Term Growth Visibility over Short-Term Event-Driven Noise

Dunamu inclusion should help improve margins; focus more on long-term growth and structural shift, rather than short-term events

Daishin Securities

NAVER (035420 KS/Buy)A Strong Buying Opportunity

For 3Q25, NAVER reported revenue of W3.14tr (+16% YoY; 3% above the consensus) and operating profit of W571bn (+9% YoY; 1% above the consensus).

Mirae Asset Securities

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