In 2025 Q3, the company's revenue grew by 36.5% year-over-year, achieving the highest quarterly revenue of KRW 232.6 BN. Operating profit decreased by 15.7% to KRW 40.8 BN, and net profit decreased by 30.0% to KRW 27.2 BN.

Major artists' album releases, global world tours, and domestic management activities drove the record-high quarterly revenue. We will now provide a detailed explanation of Q3 revenue by segments. 

In July 2025, Stray Kids held a total of 8 stadium-scale concerts in Europe, and the estimated overage profit share from Europe regions were fully reflected. Furthermore, there were 12 concerts from TWICE's 6th world tour held in Korea, Japan, and Macau. 3 concerts of DAY6’s 10th year anniversary world tour including domestic concerts at Goyang Stadium for the first time as a Korean band group were also reflected, achieving a record-high concert revenue of KRW 63.3 BN, a 186.8% increase year-over-year.

With the expansion of our artists' global and domestic advertisement portfolio, advertisement revenue also increased by 52.1% year-over-year, setting a new record-high of KRW 12.8 BN. Appearances revenue reached its highest of KRW 11.1 BN, an increase of 104.4% year-over-year. Appearances revenue was driven by a total of 6 domestic fan meetings of DAY6 in July, 1 fan meeting of ITZY, and 2 fan meetings of NMIXX, as well as TWICE's performance as the first K-POP girl group headliner at ‘Lollapalooza Chicago.’

Physical album sales recorded KRW 67.0 BN, an increase of 22.9% year-over-year. In 2025 Q3, a total of 7 global albums were released, including Stray Kids' 4th regular album, TWICE's 4th regular album and Chaeyoung's 1st solo regular album, DAY6's 4th regular album, and KickFlip's 3rd mini album. Streaming revenue was KRW 13.4 BN, a decrease of 3.3% year-over-year, from one-off recognition of Chinese streaming revenue in 2024 Q4 and high base impact from DAY6 domestic streaming success in 2024 3Q. 

In 2025 Q3, MD revenue recorded KRW 40.0 BN, a decrease of 20.5% year-over-year. There was a high base effect from large-scale online MD sales of Stray Kids' SKZOO in 2024 Q3. In addition, in this quarter, large-scale project MD or online MD sales were not reflected.

By region, activities including concerts and fan meetings were all centered in Korea, achieving a record-high domestic revenue of KRW 101.3 BN, an increase of 21.9% year-over-year.

Despite achieving the highest quarterly revenue, operating profit decreased year-over-year due to the artist contract renewal, increased content production cost from the rise in the number of new albums, increased gross-revenue-based domestic management activities such as concerts and fan meetings, and the debut of new artists.

Artist fee was KRW 62.3 BN, an increase of 165.0% year-over-year, driven by the effect of artist contract renewal and a record-high management segment revenue. Content production cost increased by 25.5% year-over-year to KRW 46.8 BN, reflecting the domestic concerts production cost, increased album releases, and debut expenses for new artists including CIIU, GIRLSET, and YOUNGBIN. In addition, other expenses also rose by 79.0% year-over-year due to the artists' domestic fan meeting expenses and new album promotional costs.

Due to increased COGS, JYP recorded 33.2% GPM and 17.5% OPM in 2025 Q3. Subsidiary Blue Garage continuously improved profitability, recording its cumulative OPM of approximately 9%.

Now, I will present major artists' activities and investment highlights. 

JYP Entertainment will continue to grow based on our capabilities of strategic management and retention for our global top-tier artists. This year, we have proven our organic growth strategy for our early-stage artists based on core fandom, and we will further expand our global mass fandom base continuously. With K-POP’s global expansion, we will continue to penetrate into global markets and diversify our artist portfolio for mid-to-long term growth.      

DAY6 recorded their career-high album sales with the 4th regular album released in September. They successfully held their 10th-anniversary world tour kick-off concert at Goyang Stadium in August, becoming the first Korean band to perform. They also plan to hold special concerts in Seoul in December. They announced the 2nd contract renewal based on long-standing trust with the company and will continue various activities next year as a leading K-POP band.  

TWICE became the first K-POP girl group to enter the Billboard 200 for the 10th time with their 10th-anniversary special album released in October. Since July, they have been hosting their 6th world tour, featuring 360-degree stages in all venues. A total of 73 shows across 43 regions are currently announced with 35 shows in North American regions through next year, and additional shows will be added. 2 soundtracks featured in ‘K-POP Demon Hunters,’ ‘Strategy’ and ‘TAKEDOWN,’ recorded a new career high in the Billboard Hot 100. TWICE also performed as the headliner at ‘Lollapalooza Chicago,’ a first for K-POP girl groups. They will continue collaboration with global brands such as ‘2025 Victoria’s Secret Fashion Show’ and ‘Sanrio.’

With their 4th regular album released in August, Stray Kids achieved triple-million-selling in the first week, ranking No.1 in K-POP album first-week sales for the year. They recorded #1 on the Billboard 200 with this album and became the world’s first artist to rank #1 with 7 consecutive albums on the chart throughout Billboard history, proving their strong global presence. They also plan to release a special album in November. Their largest world tour, which began in August 2024, concluded with encore concerts at Incheon Asiad Main Stadium this October. Furthermore, they are strengthening their global influence through collaborations with global brands such as ‘Tamagotchi’ and ‘BAPE’ for character IP licensing.   

ITZY released a 11th mini album in November, and they plan to host their 3rd world tour globally next year, starting with 3 concerts in Seoul in February, followed by more shows in North America and Europe. In September, they officially announced an early contract renewal. They will continue to diversify their activities globally next year. 

NMIXX released the 1st regular album in October, and immediately after the release, they recorded their first #1 on domestic music charts and won 1st place on music shows, continuously dominating major domestic charts for weeks. Their 1st concerts at Incheon Inspire Arena in November are all sold out, and they will expand their global mass fandom base as they continue their tour in global regions including North America and Europe next year.

KickFlip is steadily growing their core fandom base, releasing their 3rd mini album in September and recording their first #1 on domestic music shows. They are planning to perform at major year-end K-POP awards such as MAMA, AAA(Asia Artist Awards), and KGMA(Korea Grand Music Awards), proving their popularity as a rookie. 

NiziU is hosting their largest tour in Japan in the H2, and the 3rd regular album in Japan is also planned in November. NEXZ released a global mini album and completed their 1st Korea concerts in October 2025. They are continuing activities in both Japan and Korea.

A member of BOY STORY, the boy group under Beijing Shinsung Entertainment—our Chinese JV with TME—won the Top 3 in Mnet’s K-POP boy group audition program ‘Boys 2 Planet,’ raising BOY STORY’s awareness. YAOCHEN from our 100% Chinese subsidiary Beijing Fanling Culture Media began his career as an actor through a strategic partnership with Wanda Pictures in China. After their official debut in August, CIIU is planning to have various core-fandom-building activities including showcases.  

GIRLSET is preparing for a new leap forward, with a new digital single in November. In the North and South American regions, we will enhance our business capabilities through strengthening and diversifying strategic partnerships with global top-tier companies. 

We will continue to enhance our global business capabilities to secure mid-to-long-term growth drivers. We will solidify our in-house multi-label system and structure, increase internal creative capabilities, and diversify our business through strengthening our artist lineup.

For concerts, we will strengthen the partnership with Live Nation and continuously enhance global capabilities and creative innovation. For IPX/MD, we will also expand collaborations with key partners in regions including the United States and China and focus on MD enhancement strategies such as strengthening overseas IP licensing and all time sales of character MD. We will create synergy by combining MD with various business segments such as albums and concerts, including MD featured albums such as the SKZOO character album and DAY6’s in-ear album released in this quarter, and overseas concerts MD.

For the FANS platform, we are continuously working on optimizing the business model by rationalizing fees and logistics/operations. We will also expand the digital paid integrated membership launched in Q3 to enhance the global fandom experience in the future.

Next is the major albums and performances scheduled for 2025 Q4. The detailed album and performance schedules disclosed in this slide are based on information currently released through official social accounts and the media, and are subject to change with future announcements.