...November 25, 2024 Healthy operating performance in 2025: We expect revenue growth in Naver's search business to return to over 5% in 2024. This follows higher traffic, time spent on its app, and advertising efficiency--via an app redesign, short videos, and AI integration. Operating profit growth also reaccelerated, up 33% year to date versus 14% in 2023. These positive trends are set to continue in 2025 as AI is further embedded in search and shopping services. We expect EBITDA margins to jump to 33% this year, driven by higher margins and an A Holdings joint venture special dividend. Increasing cash flows in 2024: We forecast free operating and discretionary cash flows will be Korean won (KRW) 1.94 trillion and KRW1.42 trillion in 2024 respectively, versus KRW1.31 trillion and 1.25 trillion in 2023. Capital expenditure will be comparable to 2023. Net cash position; higher shareholder returns: Higher cash flow, noncore asset divestments, and the A Holdings distribution produce a reported...
