WEBTOON Entertainment Inc 10-Q for FY2026 Q3

WEBTOON Entertainment Inc. (WBTN)

10-Q 2026-11-09 For: 2026-09-30

Added on November 10, 2026

About this 10-Q

WEBTOON Entertainment Inc filed this 10-Q on November 9, 2026, covering the quarter ended September 30, 2026 (FY2026 Q3).

For the three months ended September 30, 2026, WEBTOON reported a 4.0% revenue decline, while constant-currency revenue rose 0.2% by $0.6 million. Global MAU increased 2.7% to approximately 159.6 million, but MPU declined 3.1%. AI summary

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Delaware			81-3830533
(State or other jurisdiction of incorporation or organization)			(I.R.S. Employer Identification No.)

222 N. Pacific Coast Highway Suite 2300 El Segundo, CA			90245 (Zip Code)

(Address of principal executive offices)


			Page

Glossary			ii

Cautionary Note Regarding Forward-Looking Statements			iii

PART I-FINANCIAL INFORMATION			1

Item 1. Unaudited Financial Statements.			1

Condensed Consolidated Balance Sheets			1
Condensed Consolidated Statements of Operations and Comprehensive Loss			3
Condensed Consolidated Statements of Stockholders’ Equity and Group Equity			4
Condensed Consolidated Statements of Cash Flows			5
Notes to the Condensed Consolidated Financial Statements			7

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations.			27
Item 3. Quantitative and Qualitative Disclosures About Market Risk.			40
Item 4. Controls and Procedures.			41

PART II-OTHER INFORMATION			42

Item 1. Legal Proceedings.			42
Item 1A. Risk Factors.			43
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.			43
Item 3. Defaults Upon Senior Securities.			43
Item 4. Mine Safety Disclosures.			43
Item 5. Other Information.			43
Item 6. Exhibits.			44

Signatures			45


	As of
	September 30, 2026		December 31, 2025
Assets
Current assets:
Cash and cash equivalents	$	548,438	$	581,806
Receivables1, net of allowance for credit losses of $2,654 and $3,378 at September 30, 2026, and December 31, 2025, respectively	212,613		176,779

Prepaid expenses and other current assets, net2	94,053		72,647
Total current assets	855,104		831,232
Property and equipment, net	17,351		8,339
Operating lease right-of-use assets	21,633		23,705
Debt and equity securities	73,899		69,669
Intangible assets, net	146,186		157,804
Goodwill, net	341,188		336,825
Equity method investments	128,749		80,440
Deferred tax assets	25,737		22,302
Other non-current assets, net3	59,518		65,194
Total assets	$	1,669,365	$	1,595,510
Liabilities and equity
Current liabilities:
Accounts payable4	$	141,516	$	136,962
Accrued expenses5	63,198		66,690

Current portion of operating lease liabilities6	9,459		9,617
Contract liabilities	101,445		89,994
Taxes payable	3,457		4,136


Provisions and defined pension benefits	16,740		8,766
Other current liabilities	3,111		2,457
Total current liabilities	338,926		318,622
Non-current liabilities:
Long-term portion of operating lease liabilities7	15,739		14,055
Defined severance benefits	24,605		25,069
Deferred tax liabilities	10,153		5,755
Other non-current liabilities	3,779		3,737
Total liabilities	$	393,202	$	367,238
Commitments and Contingencies (Note 8)
Redeemable non-controlling interest in subsidiary	$	26,135	$	24,540
Stockholders' equity:
Common stock, $0.0001 par value (2,000,000,000 authorized, 135,730,939 shares and 130,776,161 shares issued and outstanding as of September 30, 2026, and December 31, 2025, respectively)	$	14	$	13

Additional paid-in capital	2,194,647		2,137,926
Accumulated other comprehensive loss	(93,701)		(114,363)
Accumulated deficit	(886,197)		(853,124)


Total stockholders' equity attributable to WEBTOON Entertainment Inc.	1,214,763		1,170,452
Non-controlling interests in consolidated subsidiaries	35,265		33,280
Total equity	1,250,028		1,203,732
Total liabilities, redeemable non-controlling interest, and equity	$	1,669,365	$	1,595,510


	Three Months Ended				Nine Months Ended
	September 30, 2026		September 30, 2025		September 30, 2026		September 30, 2025
Revenue1	$	362,775	$	378,041	$	1,022,112	$	1,052,019
Cost of revenue2	(270,206)		(295,267)		(758,359)		(810,355)
Marketing3	(39,111)		(35,166)		(107,967)		(97,779)
General and administrative expenses4	(62,685)		(62,486)		(188,612)		(194,160)
Operating income (loss)	(9,227)		(14,878)		(32,826)		(50,275)
Interest income	4,170		4,638		13,029		14,661
Interest expense	(19)		(2)		(53)		(6)
Gain (loss) on equity method investments, net	59		1,709		601		1,647
Other income (loss), net5	(2,983)		(1,891)		(2,516)		(588)
Income (loss) before income tax	(8,000)		(10,424)		(21,765)		(34,561)
Income tax benefit (expense)	529		(626)		(9,080)		(2,341)
Net income (loss)	$	(7,471)	$	(11,050)	$	(30,845)	$	(36,902)
Net income (loss) attributable to WEBTOON Entertainment Inc.	(8,370)		(11,647)		(33,073)		(38,362)
Net income (loss) attributable to non-controlling interests and redeemable non-controlling interests	899		597		2,228		1,460
Other comprehensive income (loss):
Foreign currency translation adjustments, net of tax	55,037		(21,116)		22,119		26,576
Share of other comprehensive income (loss) of equity method investments, net of tax	(41)		274		(104)		699
Total other comprehensive income (loss), net of tax	54,996		(20,842)		22,015		27,275
Total comprehensive income (loss)	$	47,525	$	(31,892)	$	(8,830)	$	(9,627)
Total comprehensive income (loss) attributable to WEBTOON Entertainment Inc.	43,760		(31,792)		(12,411)		(11,989)
Total comprehensive income (loss) attributable to non-controlling interests and redeemable non-controlling interests	3,765		(100)		3,581		2,362

Weighted average shares outstanding
Basic	135,714,833		130,644,101		134,869,055		130,204,411
Diluted	135,714,833		130,644,101		134,869,055		130,204,411
Income (loss) per share attributable to WEBTOON Entertainment Inc.
Basic	$	(0.06)	$	(0.09)	$	(0.25)	$	(0.30)
Diluted	$	(0.06)	$	(0.09)	$	(0.25)	$	(0.30)


x			QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934


o			TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934


	Common Stock			Additional paid-in capital		Accumulated other comprehensive loss		Accumulated deficit		Total stockholders' equity attributable to WEBTOON Entertainment Inc.		Non- controlling interests in consolidated subsidiaries		Total equity
	Shares	Amount
Balance as of December 31, 2024	128,587,944	$	13	$	2,103,931	$	(124,620)	$	(507,197)	$	1,472,127	$	47,754	$	1,519,881
Net Income (Loss)	—	—		—		—		(22,389)		(22,389)		233		(22,156)
Foreign currency translation adjustments, net of tax	—	—		—		6,533		—		6,533		22		6,555
Equity in income of equity method investees	—	—		—		(143)		—		(143)		—		(143)
Equity-based compensation and others	1,584,337	—		11,419		—		—		11,419		212		11,631
Balance as of March 31, 2025	130,172,281	$	13	$	2,115,350	$	(118,230)	$	(529,586)	$	1,467,547	$	48,221	$	1,515,768
Net income (loss)	—	—		—		—		(4,326)		(4,326)		245		(4,081)
Foreign currency translation adjustments, net of tax	—	—		—		39,560		—		39,560		865		40,425
Equity in income of equity method investees	—	—		—		568		—		568		—		568
Equity-based compensation and others	420,395	—		7,376		—		—		7,376		224		7,600
Balance as of June 30, 2025	130,592,676	$	13	$	2,122,726	$	(78,102)	$	(533,912)	$	1,510,725	$	49,555	$	1,560,280
Net income (loss)	—	—		—		—		(11,647)		(11,647)		331		(11,316)
Foreign currency translation adjustments, net of tax	—	—		—		(20,419)		—		(20,419)		(386)		(20,805)
Equity in income of equity method investees	—	—		—		274		—		274		—		274
Equity-based compensation and others	135,071	$	—	8,792		—		—		8,792		79		8,871
Balance as of September 30, 2025	130,727,747	$	13	$	2,131,518	$	(98,247)	$	(545,559)	$	1,487,725	$	49,579	$	1,537,304

Balance as of December 31, 2025	130,776,161	$	13	$	2,137,926	$	(114,363)	$	(853,124)	$	1,170,452	$	33,280	$	1,203,732
Net Income (Loss)	—	—		—		—		(9,455)		(9,455)		365		(9,090)
Foreign currency translation adjustments, net of tax	—	—		—		(22,629)		—		(22,629)		(622)		(23,251)
Equity in income of equity method investees	—	—		—		(15)		—		(15)		—		(15)
Equity-based compensation and others	1,192,168	—		7,036		—		—		7,036		—		7,036
Issuance of common stock through private placement, net	2,666,757	—		32,483		—		—		32,483		—		32,483
Balance as of March 31, 2026	134,635,086	$	13	$	2,177,445	$	(137,007)	$	(862,579)	$	1,177,872	$	33,023	$	1,210,895
Net Income (Loss)	—	—		—		—		(15,248)		(15,248)		373		(14,875)
Foreign currency translation adjustments, net of tax	—	—		—		(8,776)		—		(8,776)		(219)		(8,995)
Equity in income of equity method investees	—	—		—		(48)		—		(48)		—		(48)
Equity-based compensation and others	1,027,928	1		10,349		—		—		10,350		—		10,350

Balance as of June 30, 2026	135,663,014	$	14	$	2,187,794	$	(145,831)	$	(877,827)	$	1,164,150	$	33,177	$	1,197,327
Net Income (Loss)	—	—		—		—		(8,370)		(8,370)		498		(7,872)
Foreign currency translation adjustments, net of tax	—	—		—		52,171		—		52,171		1,590		53,761
Equity in income of equity method investees	—	—		—		(41)		—		(41)		—		(41)
Equity-based compensation and others	67,925	—		6,853		—		—		6,853		—		6,853
Balance as of September 30, 2026	135,730,939	$	14	$	2,194,647	$	(93,701)	$	(886,197)	$	1,214,763	$	35,265	$	1,250,028

The accompanying notes are an integral part of these unaudited Condensed Consolidated Financial Statements.


	For the Nine Months Ended
	September 30, 2026		September 30, 2025
Operating activities:
Net income (loss)	$	(30,845)	$	(36,902)
Adjustments to reconcile net loss to net cash used in operating activities:
Provision for credit losses	11		274
Depreciation and amortization	21,834		24,784
Operating lease expense	7,532		7,209
Loss (gain) on foreign currency, net	2,489		(2,540)
Deferred tax benefit	1,775		(8,697)
Loss (Gain) on debt and equity securities, net	(452)		4,016
Change in severance benefit, net	2,198		1,764
(Gain) loss on equity method investments, net	(601)		(1,647)

Stock-based compensation expense	27,408		35,123

Other non-cash items	624		(7)
Changes in operating assets and liabilities
Changes in receivables	(21,121)		995
Changes in other assets	(9,319)		230
Changes in accounts payable	2,655		2,764
Changes in accrued expenses	(5,077)		(15,388)
Changes in contract liabilities	6,457		(1,856)

Changes in income tax receivable	(3,260)		(6,938)

Changes in other liabilities	(3,214)		8,095
Changes in operating lease liabilities	(7,092)		(5,507)
Other operating activities	—		(316)
Payments of severance benefits, net of cash transferred	(3,894)		(1,878)
Net cash (used in) provided by operating activities	$	(11,892)	$	3,578
Investing activities:
Proceeds from maturities of short-term investments	10,622		32,515

Proceeds from sale of property and equipment	136		253
Purchases of property and equipment	(7,544)		(6,984)
Purchases of debt and equity securities	(651)		(6,664)
Proceeds from loan receivables	5,449		1,379
Payment made for short-term investments	(12,888)		(17,423)
Payment made for loan receivable	(68)		(909)
Purchases of intangible assets	(7,466)		(7,168)
Purchases of equity method investments	(45,326)		—
Acquisition of businesses, net of cash	—		(148)
Other investing activities	—		120
Net cash (used in) provided by investing activities	$	(57,736)	$	(5,029)
Financing activities:

Proceeds from issuance of common stock related to private placement, net	32,682		—
Other financing activities	(2,340)		—

Proceeds from stock option exercise	309		1,264
Proceeds from short-term borrowings	—		143


Net cash provided by financing activities	$	30,651	$	1,407
Effect of exchange rate changes on cash and cash equivalents	5,609		12,217
Cash and cash equivalents:
Net (decrease) increase in cash and cash equivalents	(33,368)		12,173
Cash and cash equivalents at beginning of the period	581,806		572,402
Cash and cash equivalents at end of the period	$	548,438	$	584,575
Supplemental disclosure:
Income taxes paid	$	10,565	$	18,097


Purchase of property and equipment included in accounts payable	$	745	$	—
Purchase of intangible assets included in accounts payable	$	48	$	—

Increase in right-of-use assets recognized from new lease agreements	$	4,896	$	13,410


Leasehold improvements funded directly by lessor (lease incentive)	$	2,919	$	—





The accompanying notes are an integral part of these unaudited Condensed Consolidated Financial Statements.


	As of
	September 30, 2026		December 31, 2025
	(in thousands of USD)
Advance payments, net	$	48,065	$	38,138
Prepaid expenses	18,032		14,635
Term deposits	13,257		10,774
Other current assets, net	14,699		9,100
Total other current assets, net	$	94,053	$	72,647




	(in thousands of USD)
Goodwill, net at December 31, 2025	$	336,825
Foreign currency translation adjustments	(5,993)
Goodwill, net at March 31, 2026	$	330,832
Foreign currency translation adjustments	(2,370)
Goodwill, net at June 30, 2026	$	328,462
Foreign currency translation adjustments	12,726
Goodwill, net at September 30, 2026	$	341,188


		As of
	Estimated Useful Lives	September 30, 2026		December 31, 2025

	(in years)	(in thousands of USD)
Land	Indefinite	$	649	$	110
Buildings	40	1,055		174
Equipment	3-5	15,788		13,775
Leasehold improvements	Lesser of lease term or useful life	10,196		3,280
Construction in progress		—		295
Property and equipment		$	27,688	$	17,634
Less: Accumulated depreciation		(10,337)		(9,295)
Property and equipment, net		$	17,351	$	8,339


	Number of RSUs	Weighted Average Grant-Date Fair Value
Balance as of December 31, 2025	3,298,513	$	13.69
Granted	2,812,298	$	9.56
Forfeited	(263,939)	$	14.40
Vested	(2,453,055)	$	11.72
Balance as of September 30, 2026	3,393,817	$	11.63


	Number of PSUs	Weighted Average Grant-Date Fair Value
Balance as of December 31, 2025	—	$	—
Granted	267,720	$	13.27
Forfeited	—	$	—
Vested	—	$	—
Balance as of September 30, 2026	267,720	$	13.27


			Level 3 Instruments			Valuation Techniques and Significant Inputs
			Debt and Equity Securities
						Recent third-party investments or pending transactions are considered to be the best evidence for any change in fair value. When these are not available, the following valuation methodologies are used, as appropriate and available (i) Transactions in similar instruments; (ii) discounted cash flow techniques; (iii) third party appraisals; (iv) binomial option pricing models; and (v) industry multiples and public comparables.

						Evidence of value in investees includes recent or pending reorganizations (for example, merger proposals, tender offers and debt restructurings) and significant changes in financial metrics, including (i) current financial performance as compared to projected performance; (ii) capitalization rates and multiples; and (iii) market yields implied by transactions of similar or related assets.


As of December 31, 2025
Debt Securities
Redeemable convertible preferred stock	$	46,024	Option pricing model	Discount rate	8.25%-21.68%
				Volatility	39.98%-51.46%
Total	$	46,024
Equity Securities
Redeemable convertible preferred stock	$	15,000	Measurement alternative
Contribution to investment fund	642		Measurement alternative
Private equity securities	735		Measurement alternative
Convertible preferred stock	6,268		Option pricing model	Discount rate	2.35%-2.94%
				Volatility	51.46%-51.46%
Simple Agreement For Future Equity (SAFE)	1,000		Measurement alternative
Total	$	23,645


	Nine Months Ended September 30, 2026
	Level 1		Level 3				Total
	Equity Securities		Equity Securities		Debt Securities		Debt & Equity Securities
Beginning balance, January 1	$	-	$	23,645	$	46,024	$	69,669


Net unrealized gain (loss)	-		(83)		(2,544)		(2,627)


Currency translation differences	-		(394)		(2,300)		(2,694)
Ending balance, March 31	$	-	$	23,168	$	41,180	$	64,348
Purchases	-		133		500		633
Net unrealized gain	-		57		1,898		1,955

Currency translation differences	-		(135)		(815)		(950)
Ending balance, June 30	$	-	$	23,223	$	42,763	$	65,986

Net unrealized gain			63		1,061		1,124

Currency translation differences			976		5,813		6,789
Ending balance, September 30	$	-	$	24,262	$	49,637	$	73,899


	Nine Months Ended September 30, 2025
	Level 1		Level 3				Total
	Equity Securities		Equity Securities		Debt Securities		Debt & Equity Securities
Beginning balance, January 1	$	3	$	22,034	$	48,142	$	70,179
Purchases	-		-		3,790		3,790

Net unrealized gain (loss)	-		225		(1,169)		(944)


Currency translation differences	-		12		87		99
Ending balance, March 31	$	3	$	22,271	$	50,850	$	73,124


Net unrealized gain (loss)			(6)		(1,440)		(1,446)

Currency translation differences	-		509		4,078		4,587
Ending balance, June 30	$	3	$	22,774	$	53,488	$	76,265
Purchases			708		2,166		2,874

Net unrealized gain (loss)	(2)		15		(1,654)		(1,641)

Currency translation differences			(231)		(1,753)		(1,984)
Ending balance, September 30	$	1	$	23,266	$	52,247	$	75,514


	Number of Phantom Units	Weighted Average Grant-Date Fair Value
Balance as of December 31, 2025	328,748	$	9.04
Granted	—	$	—
Forfeited	(11,912)	$	9.04
Vested	(198,941)	$	9.04
Balance as of September 30, 2026	117,895	$	9.04


	(in thousands of USD)
Beginning balance, December 31, 2025	$	17,377



Currency translation differences	(71)
Ending balance, March 31, 2026	$	17,306
Purchases	133


Currency translation differences	(27)
Ending balance, June 30, 2026	$	17,412



Currency translation differences	190
Ending balance, September 30, 2026	$	17,602


	2026		2025
Balance as of January 1	$	24,540	$	36,580
Comprehensive income (loss) attributable to redeemable non-controlling interest	(204)		204
Balance as of March 31	$	24,336	$	36,784
Comprehensive income (loss) attributable to redeemable non-controlling interest	123		893
Balance as of June 30	$	24,459	$	37,677
Comprehensive income (loss) attributable to redeemable non-controlling interest	1,676		(45)
Balance as of September 30	$	26,135	$	37,632


	Three Months Ended September 30,						Nine Months Ended September 30,
(in thousands of USD)	2026		2025		% Change		2026		2025		% Change
Revenue	$	362,775	$	378,041	(4.0	%)	$	1,022,112	$	1,052,019	(2.8	%)
Cost of revenue	(270,206)		(295,267)		(8.5	%)	(758,359)		(810,355)		(6.4	%)
Marketing	(39,111)		(35,166)		11.2	%	(107,967)		(97,779)		10.4	%
General and administrative expenses	(62,685)		(62,486)		0.3	%	(188,612)		(194,160)		(2.9	%)
Operating income (loss)	(9,227)		(14,878)		(38.0	%)	(32,826)		(50,275)		(34.7	%)
Interest income	4,170		4,638		(10.1	%)	13,029		14,661		(11.1	%)
Interest expense	(19)		(2)		850.0	%	(53)		(6)		783.3	%
Gain (loss) on equity method investments, net	59		1,709		(96.5	%)	601		1,647		(63.5	%)
Other income (loss), net	(2,983)		(1,891)		57.7	%	(2,516)		(588)		327.9	%
Income (loss) before income tax	(8,000)		(10,424)		(23.3	%)	(21,765)		(34,561)		(37.0	%)
Income tax benefit (expense)	529		(626)		(184.5	%)	(9,080)		(2,341)		287.9	%
Net income (loss)	(7,471)		(11,050)		(32.4	%)	(30,845)		(36,902)		(16.4	%)
Net income (loss) attributable to non-controlling interests and redeemable non-controlling interests	899		597		50.6	%	2,228		1,460		52.6	%
Net income (loss) attributable to WEBTOON Entertainment Inc.	$	(8,370)	$	(11,647)	(28.1	%)	$	(33,073)	$	(38,362)	(13.8	%)


	Three Months Ended September 30,						Nine Months Ended September 30,
(in thousands of USD, except percentages)	2026			2025			2026			2025
Net income (loss)	$	(7,471)		$	(11,050)		$	(30,845)		$	(36,902)
Interest income	(4,170)			(4,638)			(13,029)			(14,661)
Interest expense	19			2			53			6
Income tax (benefit) expense	(529)			626			9,080			2,341
Depreciation and amortization	6,493			7,940			21,834			24,784
EBITDA	$	(5,658)		$	(7,120)		$	(12,907)		$	(24,432)
Stock-based compensation expense(1)	7,678			9,625			27,408			35,123
Restructuring, advisory, and legal fees(2)	1,370			2,684			3,751			5,802
(Gain) loss on fair value instruments, net(3)	(1,125)			1,640			(487)			4,016
(Gain) loss on equity method investments, net(4)	(59)			(1,709)			(601)			(1,647)
Adjusted EBITDA(5)	$	2,206		$	5,120		$	17,164		$	18,862
Net income (loss) margin	(2.1)		%	(2.9)		%	(3.0)		%	(3.5)		%
Adjusted EBITDA Margin	0.6		%	1.4		%	1.7		%	1.8		%


Exhibit Number						Description

3.1						Amended and Restated Certificate of Incorporation of the Registrant (incorporated by reference to Exhibit 3.1 to the Registrant’s Current Report on Form 8-K filed with the SEC on July 1, 2024)
3.2						Amended and Restated By-Laws of the Registrant (incorporated by reference to Exhibit 3.2 to the Registrant’s Current Report on Form 8-K filed with the SEC on July 1, 2024)
10.1*†						Second Amended Long-Term Assignment Agreement between the Company and Yongsoo Kim dated September 1, 2026
10.2*†						Director Appointment Agreement between LINE Digital Frontier and Yongsoo Kim dated September 1, 2026
31.1*						Certification of Principal Executive Officer Pursuant to Rules 13a-14(a) and 15d-14(a) under the Securities Exchange Act of 1934, as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
31.2*						Certification of Principal Financial Officer Pursuant to Rules 13a-14(a) and 15d-14(a) under the Securities Exchange Act of 1934, as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
32.1**						Certification of Principal Executive Officer and Principal Financial Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
101.INS						Inline XBRL Instance Document - the instance document does not appear in the Interactive Data File as its XBRL tags are embedded within the Inline XBRL document
101.SCH						Inline XBRL Taxonomy Extension Schema with Embedded Linkbase Documents
104						Cover Page Interactive Data File (embedded within the Inline XBRL document)


	WEBTOON Entertainment Inc.
Date: November 9, 2026	By:	/s/ David J. Lee
		David J. Lee
		Chief Financial Officer
		(Principal Financial Officer)


			WEBTOON Entertainment Inc. 222 N. Pacific Coast Highway, Suite 2300 El Segundo, CA 90245


Item	Total Amount per 12 months	Payment Terms and Notes
1. Base Director Remuneration (Fixed Periodic)	KRW177,777,500	One-twelfth of the annual amount shall be paid on the 25th day of each month to the bank account designated by the Director. If the payment date is a non-business day, payment shall be made on the preceding business day.
2. Target Incentive	USD125,000.00	Based on organizational and individual performance, an amount ranging from 0% to 200% of the target amount may be paid between January and April, subject to the applicable corporate approval and the relevant compensation terms.
3. Long-Term Business Trip Allowance (Fixed Periodic)	USD3,402.50	One-twelfth of the annual amount shall be paid on the 25th day of each month to the bank account designated by the Director. If the payment date is a non-business day, payment shall be made on the preceding business day.


Date: November 9, 2026

/s/ Junkoo Kim
Name: Junkoo Kim
Title: Chairman of the Board and Chief Executive Officer


Date: November 9, 2026

/s/ David J. Lee
Name: David J. Lee
Title: Chief Financial Officer