Soulbrain (357780) Q1 2025 earnings summary

Executive summary

• Consolidated financial statements for Q1 2025 reviewed, covering January 1 to March 31, 2025, compared to Q1 2024.

• No material misstatements found; statements prepared under Korean IFRS 1034.

Financial highlights

• Q1 2025 revenue: ₩209.5B, down 0.6% year-over-year from ₩210.7B.

• Operating income: ₩36.0B, down 21.7% from ₩46.0B in Q1 2024.

• Net income: ₩33.0B, down 28.5% from ₩46.2B year-over-year.

• Gross profit: ₩57.9B, down from ₩63.7B year-over-year.

• Basic and diluted EPS: ₩4,004, down from ₩5,922 in Q1 2024.

Outlook and guidance

• Effective corporate tax rate for 2025 estimated at 15.18%, down from 28.43% in 2024.

• No global minimum tax impact expected for the period.