Kakao Pay (377300) Q4 2025 earnings summary

Executive summary

• FY 2025 saw 11% year-over-year TPV growth to ₩185.6 trillion and 25% revenue growth to ₩958.4 billion, achieving the first annual operating profit turnaround at ₩50.4 billion and net income of ₩55.7 billion.

• Q4 2025 revenue reached ₩269.8 billion, up 24% year-over-year, with TPV at ₩49.3 trillion (+14% YoY), and operating profit at ₩20.8 billion.

• User engagement strengthened, with DAU up 5% year-over-year to 6.7 million and average transactions per user up 44% to 209.

• Achieved EBITDA of ₩83.3 billion for FY 2025.

Financial highlights

• Financial services revenue surged 59% year-over-year, now 40–42% of total revenue; platform revenue up 63–87% year-over-year.

• Q4 payment service TPV grew 18% year-over-year; offline TPV up 43% and cross-border TPV up 21%.

• Stock trading volume in Q4 soared 159% year-over-year to ₩45 trillion; KakaoPay Securities revenue up 37% to ₩72.8 billion.

• Q4 operating expense up 1% year-over-year; marketing expense up 70% year-over-year; labor costs up 29% year-over-year.

• Digital payments and finance revenues both showed strong year-over-year growth.

Outlook and guidance

• 2026 revenue growth guidance is 15–25%, with continued profit improvement and margin expansion.

• Strategy focuses on innovating user experience, vertical expansion, data-driven growth, and leveraging group and external synergies.

• Payment, financial, and platform businesses expected to drive top-line and profit growth, with focus on cross-border, offline, and high-value platform services.

• New business domains in stablecoin, blockchain, and AI-powered services are being prepared for future growth.

• DAU increased to 6.7 million in Q4 2025, with ARPU rising to ₩29,524.