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4Q25 Results Earnings Conference 2026. 2. 5.
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For the convenience of investors, the financial release in this document contains consolidated earnings results of CJ ENM based on K‐IFRS. Please note that year on year comparison of the earning results are presented based on the consolidated financial statements. The operating profit or loss of a business does not reflect consolidation adjustments. This document is provided for the convenience of investors only, before our external audit on 4Q 2025 financial results of our headquarter is completed. These statements involve risks and uncertainties, and actual results may differ. This document contains forward‐looking statements on such matters as business plans, predictions, and expectations. This information may differ and change. Therefore, CJ ENM is not in charge of assuring completeness of financial information addressed in this document and also does not take legal responsibility. Disclaimer
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CONTENTS Appendix4. 2. Main Line-up for 2026 1. Financial Statement Summary 2. Media Platform 3. Scripted : Film & Drama 4. Music 5. Commerce 1. 4Q25 Financial Highlights CJ ENM2. Studio Dragon3. Key Achievements and Strategies1. 2. FY2026 Key Strategies 1. FY2025 Key Achievements
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1 - 1. FY2025 Key Achievements -3- Enhanced business model strengthens competitiveness and global expansion +84% +470% +66% x Major dramas and variety shows dominated TV-OTT viewership and buzz (No.1 for 27 weeks in ’25*) x 5 titles in TIME’s Best K-Dramas of 2025 and FS <His & Hers> tops Netflix Global TV x Revenue diversification driven by strategic IPs: <Bon Appétit, Your Majesty>, <Typhoon Family> x Acceleration of global co-productions: <Marry My Husband JP>, <Romantics Anonymous> x Expanded AVOD subscribers and Ad. revenue through enhanced daily content and features x Launched overseas branded zones via HBO Max (SEA) and Disney+ (Japan) x Drove revenue growth via Mnet Plus content-based business models and monetization x Boosted MZ traffic via expanded marketing channels including offline, SNS, and OTT x Strengthened mobile live commerce through influencer and short-form content x Enhanced fast-delivery services via “Baro Delivery” and specialized store operation TVING Ad. Sales Revenue Mnet Plus MAU Growth (’25 1Q – 4Q) Commerce MLC GMV Platform Content Commerce * Source : Good Data Corporation, FUNdex TV-OTT ALL BuzzWorthiness
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Strengthen IP and US/JP production hubs to evolve into a global content IP holder Enhance artist business capabilities and expand global multi-label structure 1 Content IP -4- Transition to an IP and platform driven business model and acceleration of global business TVING) Diversify content·monetization to drive daily usage and global presence Mnet Plus) Originals, BM advancement, and UI/UX revamp to underpin growth 2 Digital Platform Developing AI-driven content and networks to lead the AI ecosystem AI across planning and production to elevate quality and lower costs 3 AI Infrastructure, influencer pool, and short-form scale-up to advance MLC model Strengthening MD through data and trend-driven small-batch sourcing 4 Commerce 2026 Key Themes Global IP Holder Optimal Platform MLC Scale-up AI Leading 1 - 2. FY2026 Key Strategies Strategic Priorities
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2 - 1. 4Q25 Financial Highlights Strengthened TVING, content, music and commerce to accelerate profitability (Unit: Wbn) (Unit: Wbn) (Unit: Wbn) · Entertainment : Revenue W1,023.5bn (YoY -26.4%), OP W53.3bn (YoY +152.8%), improved TVING and FS profits, content distribution, and music revenue · Commerce : Revenue W414.3bn (YoY +4.1%), OP W35.9bn (YoY +77.0%), profit growth driven by FW peak season and expanding mobile live commerce [4Q25] Revenue W1,437.8bn (YoY -19.6%), Operating Profit W86.0bn (YoY +109.8%) [FY2026] Prioritizing platform competitiveness, securing global Mega IPs, and advancing MLC-centered business models Operating IncomeSales Revenue Net Income · Media Platform :Drive channel strength and TVING growth via TV-OTT integration · Music : Expand global artists, concerts, and Mnet Plus synergies -5- · Scripted : Strengthen global presence with overseas content sales partnerships · Commerce : Boost content commerce through MD, short-form, and influencers * Consolidation Adjustments : -W3.2bn 1,390.0 776.0 927.1 889.9 1,023.5 397.9 362.3 385.8 355.7 414.3 1,787.9 1,138.3 1,312.9 1,245.6 1,437.8 4Q24 1Q25 2Q25 3Q25 4Q25 Entertainment Commerce 41.0 0.7 28.6 17.6 86.0 4Q24 1Q25 2Q25 3Q25 4Q25 (24.8) (82.2) 114.6 79.8 (95.2) 4Q24 1Q25 2Q25 3Q25 4Q25
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2 - 2. Media Platform Sustained content performance and improved TVING profitability drive return to profit in 4Q (Unit: Wbn) TVING accelerates toward KRW 100bn in Ad. revenueRevenue and OPM [4Q25] Revenue W409.6bn (YoY +17.2%), OP W17.8bn (YoY +1,048.9%) [FY2026] TV-OTT integration for growth and profitability · TVING : Hit originals drove strong Ad. revenue growth (YoY +108.8%), and branded zone expansion helped narrowing operating losses · Linear TV : Despite improved weekend drama competitiveness, TV ad revenue declined amid a weak ad market (YoY –25.4%) · TVING : Boost subscribers and Ad. revenue via TVING-Wavve integration, building a global K-content hub through branded zones · Linear TV : Strengthen the TV–OTT IP lineup and TV–digital Ad. solutions to defend revenue and enhance competitiveness -6- 31.7 58.5 100.0 2024 2025 2026(P) TVING Ad. Sales Revenue (Unit: Wbn) 96.5 63.3 78.1 63.9 71.9 64.6 73.3 70.3 69.9 70.2 122.7 88.9 99.5 98.8 118.8 65.8 67.3 71.3 87.2 148.7 349.6 292.8 319.3 319.8 409.6 0% (2%) (3%) (1%) 4% 4Q24 1Q25 2Q25 3Q25 4Q25 TV Ad Subscription TVING Others OPM
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2 - 3. Scripted : Film & Drama Profitability Boost from Global Drama Sales Expansion and Fifth Season Turnaround (Unit: Wbn) Revenue and OPM [4Q25] Revenue W357.9bn (YoY -55.2%), OP W16.4bn (YoY +2,386.2%) [FY2026] Mega & franchise IPs driving global positioning · FIFTH SEASON : Despite the high base from deliveries in 4Q24, profitability improved on strong distribution and cost efficiencies · Broader global partnerships with Netflix, Amazon, HBO Max, and Disney+ driving new and library content sales · Continued worldwide simul-releases on global OTTs and expanded global references through new regional partnerships · Enhanced profitability from hit IP musicals, alongside expanded series deliveries by Fifth Season to Netflix and Peacock -7- STUDIO DRAGON Mar. 2nd – Apr.7th (12eps) <Siren> <His & Hers> FIFTH SEASON Jan. 8th (6eps) CJ ENM STUDIOS 1Q26 <Ready or Not: Texas> Seoul Arts Center Jan. 7th – Mar. 22nd Musical <Spirited Away> #parkminyoung #wihajun #mystery #realityshow #leeseojin #eggiscomming #TOHO_presents #liveinKorea_originalteam #TessaThompson #JonBernthal #mystery_thriller 1Q26 Major Content 101.4 88.2 127.9 92.2 99.8 595.7 131.1 263.1 197.7 180.2 102.1 96.5 19.5 82.9 77.9 799.2 315.9 410.5 372.9 357.9 0% (7%) (0%) 2% 5% 4Q24 1Q25 2Q25 3Q25 4Q25 Local Studio Overseas Studio Others OPM
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2 - 4. Music Sustainable new artist pipeline expansion powered by global IPs such as <MAMA>, <INI>,<ZB1> (Unit: Wbn, %) Label & platform scale-up following artist expansionRevenue and OPM [4Q25] Revenue W255.9bn (YoY +6.0%), OP W19.0bn (YoY +0.9%) [FY2026] Boosting business edge via IP and Mnet Plus synergy ·Robust growth driven by strong album sales of <INI> & <JO1>, coupled with record-high revenue and profits from <MAMA 2025> ·Peak quarterly profit on core IP and <ALD1>’s pre-debut success, despite Japan JV formation and <Mnet Plus> investment costs ·Mnet Plus aims to position itself as an essential K-pop fandom hub in the mid-long term through HIP and content-centric growth ·Focusingon sub-label growth via artist expansionand enhancing Mnet Plus synergythrough global events like <MAMA> and <KCON> -8- 20.8 21.9 21.3 27.5 23.5 55.0 60.6 30.1 25.9 62.6 165.6 84.7 145.8 143.9 169.7 241.3 167.2 197.2 197.3 255.9 8% 2% 9% 1% 7% 4Q24 1Q25 2Q25 3Q25 4Q25 Albums Concerts Others OPM 147.0 243.9 323.9 315.7 376.7 2021 2022 2023 2024 2025 Sum of Separate Revenue by Sub-label FY2026(P) Mnet Plus Revenue surge 100% + Idol-category artists 10 + teams
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72.4 117.9 3Q24 3Q25 MLC GMV Sustained MLC growth with improved earnings structureRevenue and OPM [4Q25] Revenue W414.3bn (YoY +4.1%), OP W35.9bn (YoY +77.0%) [FY2026] GrowthdrivenbyMD/short-form/influencercommerce 2 - 5. Commerce Mobile Live Commerce driving profitability through content and influencer synergy · FW fashion and short-form, influencer commerce drove peak season performance and sustained MLC GMV growth (YoY +98.1%) · Enhanced delivery capabilities and strategic fandom portfolio (e.g., Labubu) strengthened MZ traffic and improved retention (Unit: Wbn, %) -9- · Leverage trend data analytics to diversify lifestyle categories and expand influencer based product planning for continued growth · Strengthen differentiated IP formats and expand short-form driven social media/OTT channels to accelerate content commerce growth <The Kim Chang-ok Live> #Shoppingsolution #talkshow #Storytell #Immersivecommerce <Catch on Brian’s Lifestyle> #Budgetliving #Interiortips #Homestyling #Brianspick <Choihwajeong Show> #Realdealcurator #trendy #Choihwajung_approved (Unit: Wbn, %) <4Q25 Major Content> 62.8% 117.8 113.9 116.0 113.6 121.0 214.1 197.1 211.7 185.5 225.5 66.0 51.4 58.0 56.6 67.8 397.9 362.3 385.8 355.7 414.3 5% 7% 6% 4% 9% 4Q24 1Q25 2Q25 3Q25 4Q25 TV e-Commerce Others OPM
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-10- Top-line growth and margin expansion from increased lineup and licensing sales 2026 lineup expansion strategyRevenue and OPM [4Q25] Revenue W145.9bn (YoY +11.7%), OP W18.5bn (YoY +246.3%) [FY2026] Platform diversification for lineup and sustainable growth (Unit: Wbn, %) 18 titles 19 titles 25 + titles 2024 2025 2026 Original 9+ titles (YoY +2↑) TV 16+ titles (YoY +4↑) ·Growthvisibilityfocuswith improvedhitratioandchannel/globalexposure → Non-captivegrowthacrossterrestrialand globaloriginals · Shift toward an IP-centric monetization model as an IP Value-Up studio → Structuralgrowthfoundationenabledby expandedIP leverage 27.6 33.2 17.3 27.6 37.0 98.3 98.2 92.4 105.9 103.1 4.6 2.3 4.7 3.0 5.7 130.6 133.8 114.5 136.5 145.9 4% 3% (3%) 8% 13% 4Q24 1Q25 2Q25 3Q25 4Q25 Programming Distribution Others OPM · Revenue uplift attributable to TV lineup additions(YoY +12 eps), global pre-sales(YoY +72.6%) and catalog sales via the overseas TVING-branded section · Operating margin expansion(YoY +8.6%p) on revenue growth supported by enhanced licensing efficiency 3. Studio Dragon
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Appendix 1 - 1. Balance Sheet Summary x Key financial ratios Total Assets 9,072 8,667 (4.5) Current Assets 2,653 2,552 (3.8) Cash and Cash Equivalents 739 782 5.8 Other Current Assets 1,914 1,770 (7.5) Non-Current Assets 6,419 6,115 (4.7) Tangible Assets 816 849 4.0 Intangible Assets 2,468 2,321 (5.9) Total Liabilities 5,449 5,221 (4.2) Current Liabilities 3,615 3,201 (11.4) Non-Current Liabilities 1,834 2,020 10.1 Shareholders' Equity 3,623 3,446 (4.9) Equity capital 212 212 - Retained Earnings 495 412 (16.7) Other Reserves 2,215 2,166 (2.2) (Unit: Wbn) 3Q25 4Q25 QoQ (%) Current Ratio (%) 73.4 79.7 6.3%p Net Debt Ratio (%) 46.4 45.6 -0.8%p Cash Ratio (%) 22.6 27.0 4.3%p (Unit: %) 3Q25 4Q25 QoQ -11-
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% YoY % YoY % QoQ Sales Revenue 5,231 5,135 (1.9) 1,788 1,246 1,438 (19.6) 15.4 Media Platform 1,373 1,342 (2.3) 350 320 410 17.2 28.1 Film & Drama 1,705 1,457 (14.5) 799 373 358 (55.2) (4.0) Music 702 818 16.4 241 197 256 6.0 29.7 Commerce 1,451 1,518 4.6 398 356 414 4.1 16.5 OPEX 5,127 5,002 (2.4) 1,747 1,228 1,352 (22.6) 10.1 COGS 3,520 3,429 (2.6) 1,325 850 939 (29.1) 10.5 SG&A 1,607 1,573 (2.1) 422 378 413 (2.1) 9.1 Operating Profit 104 133 27.2 41 18 86 109.8 389.5 Non-Operating PL (636) (49) CR (184) 68 (136) CR TR Financial PL (143) (106) CR (42) (34) (59) CR CR Equity method G/L (0) 37 TB (38) 8 (15) CR TR Others (493) 21 TB (105) 94 (62) CR TR Pre-tax profit (532) 84 TB (143) 85 (50) CR TR Tax Expenses 49 67 37.2 (119) 5 45 EXPENSE 747.4 Ongoing Operating Income (581) 17 TB (25) 80 (95) CR TR Discontinued Operating Income 0 0 - 0 0 0 - - Net profit (581) 17 TB (25) 80 (95) CR TR 2024 2025 4Q24 3Q25 4Q25 (Unit: Wbn) Appendix 1 - 2. Income Statement Summary -12-
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Appendix 2. Main Line - up for 2026 -13- Title Category Title Category <Yumi's Cells 3> TVING ORIGINAL <Tazza: The Song of Beelzebub> (W/T) Film<The Ordinary Jackpot> <Ode to My Father 2> (W/T) <Kitchen Soldier> <Paradise Lost> (W/T) <Show Me the Money 12> <Spirited Away> Musical<How to Become a Property Owner in South Korea> Weekend Drama <Beetlejuice> <Filing for Love> <Love Song in Gwanghwamoon> <Four Hands> (W/T) <2026 KBO League> Sports <100 Days of Lies> (W/T) <KFA International Match> <Our Universe> Weekday Drama <Australian Open 2026> <Siren> <2025-2026 KBL> <See You at Work Tomorrow! > (W/T) <UFC> <Beloved's Employee> (W/T) <2026 MAMA AWARDS> Music <Love in Disguise> <PRODUCE 101 JAPAN 新世界> <The Village Barber> tvN Variety Show <SUMBAKKOKJIL 2> <After-School Teacher Taeri> <ON THE MAP> <Iron Girls 3> ‘ALD1’ 1st Mini album <EUPHORIA> <Fresh Off the Sea 3> ‘ZB1’ Limited album <RE-FLOW>
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Thank You