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[ 2 0 2 5 . 3 Q P O R T F O L I O U P D A T E ]
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1 This presentation contains forward-looking statements with respect to the financial condition, results of operations and business of SK square (the “Company”) and its subsidiaries and plans and objectives of the management of the Company. The aforementioned forward-looking statements are influenced by unknown risks, uncertainties, and other factors that may change the actual results or performance of the Company. The Company does not make any representation or warranty, expressed or implied, as to the accuracy or completeness of the information contained in this management presentation, and nothing contained herein is, or shall be relied upon as, a promise or representation, whether as to the past or the future. Therefore, this presentation contained herein should not be utilized for any legal purposes in regard to investors’ investment results. The Company hereby expressly disclaims any and all liability for any loss or damage resulting from the investors’ reliance on the information contained herein. This presentation only speaks the information as of the date they are made, and the Company undertakes no obligation to update publicly any of them in light of new information or future events. This presentation includes financial results and operating performance estimated by the Company based on K-IFRS, without completion of the accounting audit by the external auditor. Part of the presentation contained herein might be revised in the accounting audit process. Disclaimer
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2 Financial Summary Debt 0.0 Net Cash* 1,088.2 Dividend Income 54.8 Consolidated Unconsolidated Revenue 407.9 Equity Method Gain/Loss 2,660.1 Operating Income 2,645.5 Net Income 2,482.4 Asset 27,254.2 Liabilities 2,388.2 Equity 24,866.0 Key Financials With strong earnings from SK hynixand continued Operational Improvement of ICT portfolio companies, consolidated operating income increased by KRW 1.5tn YoY to KRW 2.6tn. * Cash & equivalents, short-term financial instruments [KRW bn] KRW 56.3 tn NAV
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3 Highlights Shareholder Return -20.6 2024.3Q 2025.3Q -0.41.2 2025.3Q 2.6 2024.3Q Portfolio Rebalancing SK planet acquired 100% of stake in 11STREET Plan to divest stake in Incross - Divest full stake (36.1%) in Oct. 2025 - Proceeds: KRW 39.2bn Plan to divest a partial stake in Dreamus Company - Partial divestment (17.3%) in Oct. 2025, remaining stake to be 22.2% - Proceeds: KRW 30.3bn KRW 100bn Additional share buyback (2025.11.14~) Share buyback completed (2025.04.01~2025.09.30) (To be cancelled on Nov. 24, 2025) KRW 100bn Financial Performance Consolidated operating income ICT portfolio* operating income * Seven key consolidated subsidiaries (KRW tn) (KRW bn) Obtained ‘AA’, which was upgraded by one level YoY, in the assessment conducted by MSCI, through continuous ESG improvement activities and transparent information disclosure (Oct. 2025) ESG Rating Cancellation of shares previously acquired and new buyback plan announced AAA AA A BBB BB B CCC 2022 2023 2024 2025 BB A A AA ESG Rating History
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Portfolio update – 2025.3Q review 17.6 19.8 17.6 22.2 24.4 7.0 8.1 7.4 9.2 11.4 2024.3Q 2024.4Q 2025.1Q 2025.2Q 2025.3Q Revenue Operating Income Continued improvement in quarterly operating profit and EBITDA on the back of the increase in revenue of highly profitable mobility data business2) - EBITDA: 2024.3Q -1.9bn → 2025.2Q +0.8bn → 2025.3Q +3.1bn Expect a full-year EBITDA turnaround in 2025 through accelerated growth of mobility data business and strengthened AI integration Record-high MAU in 3Q25 at 15.31mn and higher non-navigation traffic thanks to increasing usage of AI-based location recommendation services - Non-navigation traffic: 5.99mn in 3Q25(up 49.3% YoY) Increasing demand for not only HBM but also high-performance DDR5 and eSSD thanks to AI inference market growth Completed 2026 HBM supply discussion with key customers and plan to ramp up sales from 4Q25 Achieved record-high quarterly revenue and operating income, exceeding KRW 10tn for the first time, on the back of memory price hikes and leadership in AI memory 2) TMAP auto, safe driving insurance, API (application programming interface)/ data, advertising, etc. Plan to meet memory demand by accelerating tech migration1) 1) 1c nm DRAM, 321-layer NAND, etc. [ Revenue and Operating Income (KRW tn) ] MAU Operating Income +6.4 +0.07 2024.3Q 15.24 → 2025.3Q 15.31 2024.3Q -7.7 → 2025.3Q -1.3 [ 2025.3Q YoY Growth (KRW bn, mn users) ] 4
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Portfolio update – 2025.3Q review +1,312억원 EBITDA 매출 [ 2025.3Q YoY Growth (KRW bn)] +44.6 2024.3Q 500.6 → 2025.3Q 545.2 2024.3Q 116.5 → 2025.3Q 127.0 +10.5 Aim to pursue profitability-oriented growth by leveraging AI technology and security expertise amid increasing demand for physical and cyber security Revenue increased by 8.9% YoY, marking a record-high third quarter performance, driven by growth in both Physical Security1) and Cyber Security2) business, while EBITDA grew by 9.0% *EBITDA is presented on a normalized basis, excluding one-off expenses Aim to improve the overall cost structure and strengthen profitability through a focus on core categories and increased share of transactions via direct visit Operating income improved by KRW 5.8bn through continuous efforts to improve profitability - 19 consecutive months of positive operating income for the open market business starting from March 2024 - Improved profitability of 1P business by expanding the share of high-margin products and fulfillment business 1) Revenue growth supported by expansion of the unmanned security business and smart store business 2) Expansion of Solution/SI-related businessStrengthening category-specific sections such as fashion, beauty, and supermarkets and expanding membership subscribers. *EBITDA Operating Income [2025.3Q YoY Growth (KRW bn)] 2024.3Q -14.6 → 2025.3Q -8.8 2024.3Q -5.3 → 2025.3Q -1.7 +3.6 +5.8 Revenue 5
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6 2025.1Q 2025.2Q 2025.3Q 2025.3Q NAV increased by KRW 7.8tn QoQ to KRW 56.3tn, driven by increase in the value of SK hynix stake ※ NAV calculation for unlisted assets ‐ TMAP MOBILITY: Last deal value (2022.3Q) ‐ SK shieldus: Last deal value (2023.3Q) ‐ ONE Store: Last deal value (2024.1Q) ‐ 11STREET: Book value/Fair value assessment from external auditor (2025.3Q) ‐ Content wavve: Last deal value (2025.3Q) ‐ SK planet: Last deal value (2023.3Q) Category Value Total NAV 56.34 No. of shares 132,540,858 NAV per share KRW 425,076 NAV [ Net Asset Value ] Details KRW 48.6tn KRW 56.3tn KRW 33.5tn Category Value Portfolio SK hynix 50.77 TMAP MOBILITY 1.46 SK shieldus 1.02 ONE Store 0.42 11STREET 0.39 Content wavve 0.26 SK planet 0.24 Others 0.69 Net Cash 1.09 Total 56.34 Summary Detailed Information [As of the end of 2025.3Q] [KRW tn]
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7 Consolidated Balance SheetConsolidated Income Statement 2025.3Q Total Assets 27,254.2 Current assets 2,611.7 Cash and equivalents 1,557.4 Non-current assets 24,642.5 2025.3Q Liabilities 2,388.2 Current liabilities 1,204.9 Current portion of debt 14.9 Non-current liabilities 1,183.3 Long-term debts 0.0 Shareholders’ equity 24,866.0 Common stock 14.1 Additional paid in capital 14,701.5 Retained earnings 9,268.0 Other comprehensive income/loss 380.3 Minority interests 502.0 2025.3Q Revenue 407.9 Operating expense 422.4 Equity method gain/loss 2,660.1 Operating income 2,645.5 Pre-tax income 2,548.3 Net Income 2,482.4 [KRW bn] [KRW bn] Financial Information [ Consolidated Income Statement & Balance Sheet ]
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8 2025.3Q Asset Liabilities Equity Revenue Net Income 11STREET 341.1 340.9 0.2 104.7 (8.4) SK planet 297.2 143.0 154.2 67.6 3.2 Dreamus Company 217.8 72.6 145.3 59.0 0.5 ONE Store 179.4 79.3 100.1 28.0 (0.4) FSK L&S 156.0 73.0 83.0 64.7 2.5 Incross 248.8 123.1 125.7 13.0 3.7 TMAP MOBILITY 719.7 91.3 628.4 73.8 (13.0) [KRW bn] Financial Information [ Summary for Consolidated Subsidiaries ]
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