CJ ENM CO (035760) Q3 2025 earnings summary

Executive summary

• Q3 2025 sales reached ₩1.2456 trillion and operating profit was ₩17.6 billion, both up 11% year-over-year, driven by competitive content, improved platform performance, and global partnerships such as with Warner Bros. Discovery.

• Viewer ratings and platform performance improved, with a focus on enhancing content and platform competitiveness to drive future profitability.

• Strategic partnerships and co-productions expanded global K-content production and overseas distribution, with TVING and Mnet Plus driving digital and international growth.

Financial highlights

• Q3 2025 revenue: ₩1.2456 trillion (+10.8% YoY); operating profit: ₩17.6 billion (+11% YoY); net profit was ₩80 billion, a turnaround from a ₩531 billion loss in Q3 2024.

• Studio Dragon posted revenue of ₩136.5 billion (up 51.1% YoY) and operating profit of ₩10.5 billion, with strong IP performance and global sales.

• Commerce segment revenue rose 6.5% YoY to ₩355.7 billion, with operating profit up 37.5% YoY to ₩12.6 billion, driven by high-margin products and mobile live commerce expansion.

• Entertainment segment revenue grew 12.5% YoY to ₩889.9 billion, but operating profit declined 23.9% YoY to ₩5.5 billion due to TV ad weakness.

• TVing Q3 revenue was ₩98.8 billion with an operating loss of ₩16.1 billion; Fifth Season revenue was ₩199.7 billion with an operating loss of ₩2.1 billion.

Outlook and guidance

• Q4 is expected to benefit from anticipated drama releases, original content, and global platform growth, with TVing aiming to reach break-even through new subscription models and brand launches.

• Studio Dragon expects improved Q4 results from deferred revenue recognition and pre-sold OTT titles.

• Continued expansion of premium IPs for global audiences and further growth in pre-sales and library IPs.

• Mnet Plus targets doubling revenue in 2026 and aims for a turnaround to profitability in the mid-term.