Tear Sheet: Naver Corp. - S&P Global Ratings’ Credit Research

Tear Sheet: Naver Corp.

Tear Sheet: Naver Corp. - S&P Global Ratings’ Credit Research
Tear Sheet: Naver Corp.
Published Nov 16, 2025
7 pages (2865 words) — Published Nov 16, 2025
Price US$ 500.00  |  Buy this Report Now

About This Report

  
Abstract:

This report does not constitute a rating action. Naver Corp.?s revenue may increase 11% in 2025 and 8% in 2026, with operating income rising 8% and 7%, respectively. The company's search revenue could dip below 10% over the next 24 months, with its app redesign momentum slowing faster than we expected. We expect robust commerce growth of 20% in 2025 following the launch of its shopping app and new partnerships with increased commission rates and enhanced delivery. Naver?s capex may reach Korean won (KRW) 1 trillion in 2025 and KRW1.6 trillion in 2026, led by AI. Assuming no outsized acquisitions, net cash should reach KRW1.3 trillion-KRW 1.5 trillion in 2025-2026, from about KRW640 billion in 2024. Discretionary cash flow could

  
Brief Excerpt:

...November 16, 2025 This report does not constitute a rating action. Steady operational growth: Naver Corp.'s revenue may increase 11% in 2025 and 8% in 2026, with operating income rising 8% and 7%, respectively. The company's search revenue could dip below 10% over the next 24 months, with its app redesign momentum slowing faster than we expected. We expect robust commerce growth of 20% in 2025 following the launch of its shopping app and new partnerships with increased commission rates and enhanced delivery. Increasing capital expenditure (capex): Naver's capex may reach Korean won (KRW) 1 trillion in 2025 and KRW1.6 trillion in 2026, led by AI. Assuming no outsized acquisitions, net cash should reach KRW1.3 trillion-KRW 1.5 trillion in 2025-2026, from about KRW640 billion in 2024. Discretionary cash flow could be about KRW1.5 trillion in 2025 and KRW1 trillion in 2026. AI strategy: Naver is deploying AI across key services such as search and commerce, which should enhance personalized...

  
Report Type:

Full Report

Issuer
Naver Corp.
Sector
Global Issuers
Country
Korea
Region
Emerging Markets
Format:
PDF Adobe Acrobat
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Naver Corp. – 2025/03/31 – US$ 500.00

Tear Sheet: Naver Corp. – 2024/11/25 – US$ 500.00

Naver Corp. – 2024/04/12 – US$ 500.00

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Cite this Report

  
MLA:
S&P Global Ratings’ Credit Research. "Tear Sheet: Naver Corp." Nov 16, 2025. Alacra Store. Nov 07, 2026. <http://www.alacrastore.com/s-and-p-credit-research/Tear-Sheet-Naver-Corp-3479297>
  
APA:
S&P Global Ratings’ Credit Research. (). Tear Sheet: Naver Corp. Nov 16, 2025. New York, NY: Alacra Store. Retrieved Nov 07, 2026 from <http://www.alacrastore.com/s-and-p-credit-research/Tear-Sheet-Naver-Corp-3479297>
  
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