External broker reports(aggregated public sources), Daishin Securities

Daishin Securities

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External broker reports(aggregated public sources)

Equity Bottom-Up

<ul><li>4Q25 OP came in at W84bn, missing consensus even after factoring in one-offs and ADK consolidation</li><li>PUBG 1Q26 metrics are encouraging, but traditional peak seasonality alone looks insufficient to back annual PUBG growth</li><li>Share price upside hinges on Subnautica 2 launch; new title momentum could build once launch schedule becomes clearer</li></ul><p><em>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.</em></p>

4Q25 OP came in at W84bn, missing consensus even after factoring in one-offs and ADK consolidationPUBG 1Q26 metrics are encouraging, but traditional peak seasonality alone looks insufficient to back annual PUBG growthShare price upside hinges on Subnautica 2 launch; new title momentum could build once launch schedule becomes clearerContent 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.

Krafton - Absorbing Seasonal Headwinds in 4Q Results