<\/p>\n
Delivered Adjusted EBITDA Above Midpoint of Guidance Range<\/em><\/p>\n Third Quarter Revenue Growth of 8.7%; Revenue Growth on a Constant Currency Basis of 9.1%<\/em><\/p>\n Net Loss of $11.1 Million; Adjusted EBITDA of $5.1 Million<\/em><\/p>\n Strong Balance Sheet With Cash and Cash Equivalents of Approximately $584.6 Million and No Debt<\/em><\/p>\n LOS ANGELES, Nov. 12, 2025 (GLOBE NEWSWIRE) — WEBTOON Entertainment Inc. (Nasdaq: WBTN) (\u201cWEBTOON Entertainment\u201d or \u201cthe Company\u201d), a leading global entertainment company and home to some of the world\u2019s largest storytelling platforms, today announced results for its third quarter ended September 30, 2025. More information about these results can be found in the Company\u2019s shareholder letter on the investor relations section of its website.<\/p>\n Third Quarter 2025 Highlights (vs. Third Quarter 2024)<\/u><\/strong><\/p>\n Total revenue of $378.0 million increased 8.7%, driven by growth in Paid Content and IP Adaptations, partially offset by a decline in Advertising.<\/p>\n<\/li>\n Revenue on a constant currency basis was $379.5 million, up 9.1%, driven by growth in Paid Content and IP Adaptations, partially offset by a decline in Advertising.<\/p>\n<\/li>\n Net loss was $11.1 million, compared to net income of $20.0 million in the prior year, due to lower other income as well as a higher income tax expense.<\/p>\n<\/li>\n Adjusted EBITDA was $5.1 million, compared to Adjusted EBITDA of $28.9 million in the prior year. Adjusted EBITDA Margin was 1.4%, compared to 8.3% in the prior year.<\/p>\n<\/li>\n Diluted loss per share was $0.09, compared to diluted earnings per share of $0.15 in the prior year.<\/p>\n<\/li>\n Adjusted Earnings Per Share was $0.04, compared to Adjusted Earnings Per Share of $0.22 in the prior year.<\/p>\n<\/li>\n Cash and cash equivalents of approximately $584.6 million plus another $12.5 million of short-term deposits included in prepaid expenses and other current assets.<\/p>\n<\/li>\n<\/ul>\n Junkoo Kim, Founder and CEO, said, \u201cWe are pleased to deliver another quarter that showcased the progress we have made driving product improvements on our platform and providing a greater diversity of content. We achieved Adjusted EBITDA above the midpoint of our guidance and total revenue was up 9.1% on a constant currency basis, driven by constant currency growth in Paid Content and IP Adaptations.”<\/p>\n Kim continued, \u201cWe made significant progress on our strategic priorities this quarter, including the broadening of our relationship with Disney to develop an all-new digital comics platform and a non-binding agreement for Disney to acquire a 2% equity interest in WEBTOON Entertainment. These milestones mark a powerful next step, creating a strong foundation as we remain focused on becoming the global destination for comics of all kinds. We also continued to drive innovation on our platform during the quarter with new storytelling formats and experiences while launching successful IP adaptations that received global recognition. I am proud of our momentum as we continue to build on WEBTOON\u2019s 20-year track record of success, and I remain confident in our ability to drive further growth over the long-term.\u201d<\/p>\n<\/p><\/div>\n Fourth Quarter 2025 Outlook<\/u><\/strong><\/p>\n For the fourth quarter 2025, the Company expects:<\/p>\n Revenue decline on a constant currency basis in the range of 5.1%-2.3%. This represents revenue in the range of $330-$340 million, based on current FX rates.<\/p>\n<\/li>\n Adjusted EBITDA loss in the range of $6.5-$1.5 million, representing an Adjusted EBITDA Margin in the range of (2.0%)-(0.4%).<\/p>\n<\/li>\n<\/ul>\n Adjusted EBITDA guidance includes $16.5 million non-cash expenses of which actuarial losses on retiree benefits and minimum guarantee write-down are the largest contributors. Warner Bros. Animation Partnership<\/u><\/strong><\/p>\n The Company also announced in a separate press release today plans to develop a slate of animated projects with Warner Bros. Animation. The companies intend to enter into an agreement to co-produce 10 fan-favorite WEBTOON series for global distribution.<\/p>\n Conference Call & Webcast Details<\/u><\/strong><\/p>\n As previously disclosed, the Company will host a webcast and conference call on November 12, 2025, at 4:30 p.m. Eastern Time, to discuss the Company\u2019s financial results for its third quarter ended September 30, 2025.<\/p>\n A live webcast of the conference call will be available online at https:\/\/ir.webtoon.com\/.<\/p>\n For those unable to listen to the live webcast, an archived version will be available at the same location for up to one year.<\/p>\n About WEBTOON Entertainment Inc.<\/u><\/strong><\/p>\n WEBTOON Entertainment is a leading global entertainment company and home to some of the world’s largest storytelling platforms. As the global leader and pioneer of the mobile webcomic format, WEBTOON Entertainment has transformed comics and visual storytelling for fans and creators.<\/p>\n With its CANVAS UGC platform empowering anyone to become a creator, and a growing roster of superstar WEBTOON Originals creators and series, WEBTOON Entertainment\u2019s passionate fandoms are the new face of pop culture. WEBTOON Entertainment’s adaptations are available on Netflix, Prime Video, Crunchyroll and other screens around the world, and the company\u2019s content partners include Discord, HYBE and DC Comics, among many others.<\/p>\n With approximately 155 million monthly active users, WEBTOON Entertainment\u2019s IP & Creator Ecosystem of aligned brands and platforms include WEBTOON, Wattpad \u2013 the world\u2019s leading webnovel platform \u2013 WEBTOON Productions, Studio N, Studio LICO, WEBTOON Unscrolled, LINE Manga and eBookJapan, among others.<\/p>\n Forward Looking Statements<\/u><\/strong><\/p>\n This release contains forward-looking statements within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995, and involves risks, assumptions and uncertainties that could cause actual results to differ materially from those expressed or implied by forward-looking statements. Forward-looking statements cover all matters which are not historical facts and include, without limitation, statements or guidance regarding or relating to our future financial position, results of operations and growth, plans and objectives for future capabilities, ability to attract users in both our core and underpenetrated geographies, ability to grow our Paid Content, Advertising and IP Adaptations businesses, the impact of our product development initiatives, including our use of AI, our financial condition and liquidity, and other statements concerning the success of our business and strategies. Forward-looking statements may be identified by the use of words such as \u201canticipate,\u201d \u201cintend,\u201d \u201cplan,\u201d \u201cgoal,\u201d \u201cseek,\u201d \u201cbelieve,\u201d \u201cproject,\u201d \u201cestimate,\u201d \u201cexpect,\u201d \u201cstrategy,\u201d \u201cfuture,\u201d \u201clikely,\u201d \u201cmay,\u201d \u201cshould,\u201d \u201cwill\u201d and similar references to future periods. Forward-looking statements speak only as of the date on which they are made. They are not assurances of future performance and are based only on our current beliefs, expectations and assumptions regarding the future of our business, future plans and strategies, projections, anticipated events and trends, the economy and other future conditions. Therefore, you should not place undue reliance on any of these forward-looking statements. Although we believe that the forward-looking statements contained in this release are based on reasonable assumptions, you should be aware that many factors could cause actual results to differ materially from those in such forward-looking statements, including, but not limited to: weakness in the economy, market trends, uncertainty and other conditions in the markets in which we operate, and other geopolitical or macroeconomic factors beyond our control; inability to attract, empower, properly support or incentivize our creators; inability to retain, attract and engage with our users; inability to anticipate, understand and appropriately respond to market trends and changing user preferences; failure to retain or increase our paying users; failure to effectively operate in highly competitive markets; inability to innovate and expand our Advertising business; inability to continue to diversify our monetization strategy or to increase revenues from IP Adaptations; failure to control our content-related costs; exposure to significant legal proceedings and regulatory investigations which may result in significant expenses, fines and reputational damage; failure to provide a safe online environment for children; exposure to claims that we violated third parties\u2019 intellectual property rights; failure to obtain, maintain, protect or enforce our proprietary and intellectual property rights; rise of conflicts of interests with NAVER Corporation, our majority stockholder; and other risks and uncertainties set forth under the caption \u201cRisk Factors\u201d in our Annual Report on Form 10-K for the year ended December 31, 2024 filed by the Company with the SEC on March 11, 2025, and in other filings we make with the SEC in the future.<\/p>\n Additionally, forward-looking statements regarding past trends or activities should not be taken as a representation that such trends or activities will continue in the future. Other than in accordance with our legal or regulatory obligations, we undertake no obligations to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.<\/p>\n Non-GAAP Financial Measures & Definitions<\/u><\/strong><\/p>\n This release contains certain financial information that is not presented in conformity with U.S. GAAP. These non-GAAP measures include Adjusted EBITDA, Adjusted EBITDA Margin, Adjusted Earnings Per Share (Adjusted EPS), revenue on a constant currency basis and revenue growth on a constant currency basis.<\/p>\n We believe that these non-GAAP measures provide users of the Company\u2019s financial information with additional meaningful information to assist in understanding financial results and assessing the Company\u2019s performance from period to period. Management believes these measures are important indicators of operations because they exclude items that may not be indicative of our core operating results and provide a better baseline for analyzing trends in our underlying businesses, and they are consistent with how business performance is planned, reported and assessed internally by management and the board of directors of the Company. Our non-GAAP financial measures should not be considered in isolation, or as substitutes for, financial information prepared in accordance with GAAP. Non-GAAP measures have limitations as they do not reflect all the amounts associated with our results of operations as determined in accordance with GAAP, and should only be used to evaluate our results of operations in conjunction with the corresponding or most directly comparable GAAP measures. We strongly encourage investors and shareholders to review our financial statements and publicly filed reports in their entirety and not to rely on any single financial measure.<\/p>\n A reconciliation is provided at the end of this release for each historical non-GAAP financial measure to the most directly comparable financial measure stated in accordance with U.S. GAAP. We encourage investors and shareholders to review the related U.S. GAAP financial measures and the reconciliation of these non-GAAP financial measures to their most directly comparable U.S. GAAP financial measures, and not to rely on any single financial measure to evaluate our business. We do not provide a reconciliation of forward-looking non-GAAP financial measures to the most directly comparable U.S. GAAP financial measures on a forward-looking basis because we are unable to predict with reasonable certainty or without unreasonable effort non-recurring items that may arise in the future.<\/p>\n Adjusted EBITDA: We define Adjusted EBITDA as net income (loss), adjusted to remove the impact of interest income, interest expense, income tax expense and depreciation and amortization, with further adjustments to eliminate the effects of loss on equity method investments, effect of applying the valuation method of fair value through profit or loss, impairment of goodwill, non-cash stock-based compensation and certain other non-recurring costs.<\/p>\n Adjusted EBITDA Margin: We define Adjusted EBITDA Margin as Adjusted EBITDA divided by revenue.<\/p>\n Adjusted Earnings Per Share (Adjusted EPS): We define Adjusted Earnings Per Share as Earnings Per Share before interest expense, interest income, income tax expense and depreciation and amortization with further adjustments to eliminate the effects of loss on equity method investments, effect of applying the valuation method of fair value through profit or loss, impairment of goodwill, non-cash stock-based compensation and certain other non-recurring costs. We calculate Adjusted Earnings Per Share by making the adjustments described herein from Net Income (Loss) and dividing by basic and diluted weighted average shares of common stock outstanding, respectively, for the applicable period.<\/p>\n Revenue on a Constant Currency Basis: We define revenue on a constant currency basis as revenue adjusted to remove the impact of foreign currency rate fluctuations and the impact of deconsolidated and transferred operations. We calculate revenue on a constant currency basis in a given period by applying the average currency exchange rates in the comparable period of the prior year to the local currency revenue in the current period. We calculate revenue on a constant currency basis in each of our revenue streams \u2013 Paid Content, Advertising and IP Adaptations \u2013 using the same method as laid out herein.<\/p>\n Revenue Growth on a Constant Currency Basis: We define revenue growth on a constant currency basis as period-over-period growth rates of revenue, adjusted to remove the impact of foreign currency rate fluctuations and the impact of deconsolidated and transferred operations. We calculate revenue growth (as a percentage) on a constant currency basis by determining the increase in current period revenue over prior period revenue, where current period foreign currency revenue is translated using prior period average currency exchange rates.<\/p>\n \u00a0<\/p>\n<\/td>\n<\/tr>\n Financial Statements<\/u><\/strong><\/p>\n WEBTOON Entertainment Inc.<\/strong> \u00a0<\/p>\n<\/td>\n \u00a0<\/p>\n<\/td>\n \u00a0<\/p>\n<\/td>\n<\/tr>\n \u00a0<\/p>\n<\/td>\n \u00a0<\/p>\n<\/td>\n As of<\/strong><\/p>\n<\/td>\n<\/tr>\n \u00a0<\/p>\n<\/td>\n \u00a0<\/p>\n<\/td>\n September 30, \u00a0<\/p>\n<\/td>\n December 31, Assets<\/strong><\/p>\n<\/td>\n \u00a0<\/p>\n<\/td>\n \u00a0<\/p>\n<\/td>\n \u00a0<\/p>\n<\/td>\n \u00a0<\/p>\n<\/td>\n<\/tr>\n Current assets:<\/strong><\/p>\n<\/td>\n \u00a0<\/p>\n<\/td>\n \u00a0<\/p>\n<\/td>\n \u00a0<\/p>\n<\/td>\n \u00a0<\/p>\n<\/td>\n<\/tr>\n Cash and cash equivalents<\/p>\n<\/td>\n \u00a0<\/p>\n<\/td>\n $<\/p>\n<\/td>\n 584,575<\/p>\n<\/td>\n \u00a0<\/p>\n<\/td>\n \u00a0<\/p>\n<\/td>\n $<\/p>\n<\/td>\n 572,402<\/p>\n<\/td>\n \u00a0<\/p>\n<\/td>\n<\/tr>\n Receivables1<\/sup>, net of allowance for credit losses of $3,405 and $3,418 at September\u00a030, 2025 and December\u00a031, 2024, respectively<\/p>\n<\/td>\n \u00a0<\/p>\n<\/td>\n \u00a0<\/p>\n<\/td>\n 177,493<\/p>\n<\/td>\n \u00a0<\/p>\n<\/td>\n \u00a0<\/p>\n<\/td>\n \u00a0<\/p>\n<\/td>\n 169,187<\/p>\n<\/td>\n \u00a0<\/p>\n<\/td>\n<\/tr>\n Prepaid expenses and other current assets, net2<\/sup><\/p>\n<\/td>\n \u00a0<\/p>\n<\/td>\n \u00a0<\/p>\n<\/td>\n 80,346<\/p>\n<\/td>\n \u00a0<\/p>\n<\/td>\n \u00a0<\/p>\n<\/td>\n \u00a0<\/p>\n<\/td>\n 94,783<\/p>\n<\/td>\n \u00a0<\/p>\n<\/td>\n<\/tr>\n Total current assets<\/strong><\/p>\n<\/td>\n \u00a0<\/p>\n<\/td>\n \u00a0<\/p>\n<\/td>\n 842,414<\/strong><\/p>\n<\/td>\n \u00a0<\/p>\n<\/td>\n \u00a0<\/p>\n<\/td>\n \u00a0<\/p>\n<\/td>\n 836,372<\/strong><\/p>\n<\/td>\n \u00a0<\/p>\n<\/td>\n<\/tr>\n Property and equipment, net<\/p>\n<\/td>\n \u00a0<\/p>\n<\/td>\n \u00a0<\/p>\n<\/td>\n 8,651<\/p>\n<\/td>\n \u00a0<\/p>\n<\/td>\n \u00a0<\/p>\n<\/td>\n \u00a0<\/p>\n<\/td>\n 3,782<\/p>\n<\/td>\n \u00a0<\/p>\n<\/td>\n<\/tr>\n Operating lease right-of-use assets<\/p>\n<\/td>\n \u00a0<\/p>\n<\/td>\n \u00a0<\/p>\n<\/td>\n 25,944<\/p>\n<\/td>\n \u00a0<\/p>\n<\/td>\n \u00a0<\/p>\n<\/td>\n \u00a0<\/p>\n<\/td>\n 16,649<\/p>\n<\/td>\n \u00a0<\/p>\n<\/td>\n<\/tr>\n Debt and equity securities<\/p>\n<\/td>\n \u00a0<\/p>\n<\/td>\n \u00a0<\/p>\n<\/td>\n 75,513<\/p>\n<\/td>\n \u00a0<\/p>\n<\/td>\n \u00a0<\/p>\n<\/td>\n \u00a0<\/p>\n<\/td>\n 70,178<\/p>\n<\/td>\n \u00a0<\/p>\n<\/td>\n<\/tr>\n Intangible assets, net<\/p>\n<\/td>\n \u00a0<\/p>\n<\/td>\n \u00a0<\/p>\n<\/td>\n 168,085<\/p>\n<\/td>\n \u00a0<\/p>\n<\/td>\n \u00a0<\/p>\n<\/td>\n \u00a0<\/p>\n<\/td>\n 180,912<\/p>\n<\/td>\n \u00a0<\/p>\n<\/td>\n<\/tr>\n Goodwill, net<\/p>\n<\/td>\n \u00a0<\/p>\n<\/td>\n \u00a0<\/p>\n<\/td>\n 678,118<\/p>\n<\/td>\n \u00a0<\/p>\n<\/td>\n \u00a0<\/p>\n<\/td>\n \u00a0<\/p>\n<\/td>\n 665,275<\/p>\n<\/td>\n \u00a0<\/p>\n<\/td>\n<\/tr>\n Equity method investments<\/p>\n<\/td>\n \u00a0<\/p>\n<\/td>\n \u00a0<\/p>\n<\/td>\n 83,128<\/p>\n<\/td>\n \u00a0<\/p>\n<\/td>\n \u00a0<\/p>\n<\/td>\n \u00a0<\/p>\n<\/td>\n 78,668<\/p>\n<\/td>\n \u00a0<\/p>\n<\/td>\n<\/tr>\n Deferred tax assets<\/p>\n<\/td>\n \u00a0<\/p>\n<\/td>\n \u00a0<\/p>\n<\/td>\n 22,725<\/p>\n<\/td>\n \u00a0<\/p>\n<\/td>\n \u00a0<\/p>\n<\/td>\n \u00a0<\/p>\n<\/td>\n 17,592<\/p>\n<\/td>\n \u00a0<\/p>\n<\/td>\n<\/tr>\n Other non-current assets, net3<\/sup><\/p>\n<\/td>\n \u00a0<\/p>\n<\/td>\n \u00a0<\/p>\n<\/td>\n 73,293<\/p>\n<\/td>\n \u00a0<\/p>\n<\/td>\n \u00a0<\/p>\n<\/td>\n \u00a0<\/p>\n<\/td>\n 65,906<\/p>\n<\/td>\n \u00a0<\/p>\n<\/td>\n<\/tr>\n Total assets<\/strong><\/p>\n<\/td>\n \u00a0<\/p>\n<\/td>\n $<\/strong><\/p>\n<\/td>\n 1,977,871<\/strong><\/p>\n<\/td>\n \u00a0<\/p>\n<\/td>\n \u00a0<\/p>\n<\/td>\n $<\/strong><\/p>\n<\/td>\n 1,935,334<\/strong><\/p>\n<\/td>\n \u00a0<\/p>\n<\/td>\n<\/tr>\n Liabilities and equity<\/strong><\/p>\n<\/td>\n \u00a0<\/p>\n<\/td>\n \u00a0<\/p>\n<\/td>\n \u00a0<\/p>\n<\/td>\n \u00a0<\/p>\n<\/td>\n<\/tr>\n Current liabilities:<\/strong><\/p>\n<\/td>\n \u00a0<\/p>\n<\/td>\n \u00a0<\/p>\n<\/td>\n \u00a0<\/p>\n<\/td>\n \u00a0<\/p>\n<\/td>\n<\/tr>\n Accounts payable4<\/sup><\/p>\n<\/td>\n \u00a0<\/p>\n<\/td>\n $<\/p>\n<\/td>\n 140,971<\/p>\n<\/td>\n \u00a0<\/p>\n<\/td>\n \u00a0<\/p>\n<\/td>\n $<\/p>\n<\/td>\n 127,306<\/p>\n<\/td>\n \u00a0<\/p>\n<\/td>\n<\/tr>\n Accrued expenses5<\/sup><\/p>\n<\/td>\n \u00a0<\/p>\n<\/td>\n \u00a0<\/p>\n<\/td>\n 71,521<\/p>\n<\/td>\n \u00a0<\/p>\n<\/td>\n \u00a0<\/p>\n<\/td>\n \u00a0<\/p>\n<\/td>\n 62,209<\/p>\n<\/td>\n \u00a0<\/p>\n<\/td>\n<\/tr>\n Current portion of operating lease liabilities6<\/sup><\/p>\n<\/td>\n \u00a0<\/p>\n<\/td>\n \u00a0<\/p>\n<\/td>\n 9,563<\/p>\n<\/td>\n \u00a0<\/p>\n<\/td>\n \u00a0<\/p>\n<\/td>\n \u00a0<\/p>\n<\/td>\n 6,053<\/p>\n<\/td>\n \u00a0<\/p>\n<\/td>\n<\/tr>\n Contract liabilities7<\/sup><\/p>\n<\/td>\n \u00a0<\/p>\n<\/td>\n \u00a0<\/p>\n<\/td>\n 88,215<\/p>\n<\/td>\n \u00a0<\/p>\n<\/td>\n \u00a0<\/p>\n<\/td>\n \u00a0<\/p>\n<\/td>\n 85,860<\/p>\n<\/td>\n \u00a0<\/p>\n<\/td>\n<\/tr>\n Income tax payables – corporate tax<\/p>\n<\/td>\n \u00a0<\/p>\n<\/td>\n \u00a0<\/p>\n<\/td>\n 4,743<\/p>\n<\/td>\n \u00a0<\/p>\n<\/td>\n \u00a0<\/p>\n<\/td>\n \u00a0<\/p>\n<\/td>\n 10,093<\/p>\n<\/td>\n \u00a0<\/p>\n<\/td>\n<\/tr>\n Consumption taxes payables<\/p>\n<\/td>\n \u00a0<\/p>\n<\/td>\n \u00a0<\/p>\n<\/td>\n 3,625<\/p>\n<\/td>\n \u00a0<\/p>\n<\/td>\n \u00a0<\/p>\n<\/td>\n \u00a0<\/p>\n<\/td>\n 8,339<\/p>\n<\/td>\n \u00a0<\/p>\n<\/td>\n<\/tr>\n Provisions and defined pension benefits<\/p>\n<\/td>\n \u00a0<\/p>\n<\/td>\n \u00a0<\/p>\n<\/td>\n 13,367<\/p>\n<\/td>\n \u00a0<\/p>\n<\/td>\n \u00a0<\/p>\n<\/td>\n \u00a0<\/p>\n<\/td>\n 11,133<\/p>\n<\/td>\n \u00a0<\/p>\n<\/td>\n<\/tr>\n Other current liabilities<\/p>\n<\/td>\n \u00a0<\/p>\n<\/td>\n \u00a0<\/p>\n<\/td>\n 2,255<\/p>\n<\/td>\n \u00a0<\/p>\n<\/td>\n \u00a0<\/p>\n<\/td>\n \u00a0<\/p>\n<\/td>\n 2,231<\/p>\n<\/td>\n \u00a0<\/p>\n<\/td>\n<\/tr>\n Total current liabilities<\/strong><\/p>\n<\/td>\n \u00a0<\/p>\n<\/td>\n $<\/strong><\/p>\n<\/td>\n 334,260<\/strong><\/p>\n<\/td>\n \u00a0<\/p>\n<\/td>\n \u00a0<\/p>\n<\/td>\n $<\/strong><\/p>\n<\/td>\n 313,224<\/strong><\/p>\n<\/td>\n \u00a0<\/p>\n<\/td>\n<\/tr>\n Non-current liabilities:<\/strong><\/p>\n<\/td>\n \u00a0<\/p>\n<\/td>\n \u00a0<\/p>\n<\/td>\n \u00a0<\/p>\n<\/td>\n \u00a0<\/p>\n<\/td>\n<\/tr>\n Long-term operating lease liabilities8<\/sup><\/p>\n<\/td>\n \u00a0<\/p>\n<\/td>\n \u00a0<\/p>\n<\/td>\n 16,733<\/p>\n<\/td>\n \u00a0<\/p>\n<\/td>\n \u00a0<\/p>\n<\/td>\n \u00a0<\/p>\n<\/td>\n 11,187<\/p>\n<\/td>\n \u00a0<\/p>\n<\/td>\n<\/tr>\n Defined severance benefits<\/p>\n<\/td>\n \u00a0<\/p>\n<\/td>\n \u00a0<\/p>\n<\/td>\n 22,613<\/p>\n<\/td>\n \u00a0<\/p>\n<\/td>\n \u00a0<\/p>\n<\/td>\n \u00a0<\/p>\n<\/td>\n 22,030<\/p>\n<\/td>\n \u00a0<\/p>\n<\/td>\n<\/tr>\n Deferred tax liabilities<\/p>\n<\/td>\n \u00a0<\/p>\n<\/td>\n \u00a0<\/p>\n<\/td>\n 25,932<\/p>\n<\/td>\n \u00a0<\/p>\n<\/td>\n \u00a0<\/p>\n<\/td>\n \u00a0<\/p>\n<\/td>\n 30,271<\/p>\n<\/td>\n \u00a0<\/p>\n<\/td>\n<\/tr>\n Other non-current liabilities<\/p>\n<\/td>\n \u00a0<\/p>\n<\/td>\n \u00a0<\/p>\n<\/td>\n 3,397<\/p>\n<\/td>\n \u00a0<\/p>\n<\/td>\n \u00a0<\/p>\n<\/td>\n \u00a0<\/p>\n<\/td>\n 2,161<\/p>\n<\/td>\n \u00a0<\/p>\n<\/td>\n<\/tr>\n Total liabilities<\/strong><\/p>\n<\/td>\n \u00a0<\/p>\n<\/td>\n $<\/strong><\/p>\n<\/td>\n 402,935<\/strong><\/p>\n<\/td>\n \u00a0<\/p>\n<\/td>\n \u00a0<\/p>\n<\/td>\n $<\/strong><\/p>\n<\/td>\n 378,873<\/strong><\/p>\n<\/td>\n \u00a0<\/p>\n<\/td>\n<\/tr>\n Commitments and Contingencies<\/p>\n<\/td>\n \u00a0<\/p>\n<\/td>\n \u00a0<\/p>\n<\/td>\n \u00a0<\/p>\n<\/td>\n \u00a0<\/p>\n<\/td>\n<\/tr>\n Redeemable non-controlling interest in subsidiary<\/strong><\/p>\n<\/td>\n \u00a0<\/p>\n<\/td>\n $<\/p>\n<\/td>\n 37,632<\/p>\n<\/td>\n \u00a0<\/p>\n<\/td>\n \u00a0<\/p>\n<\/td>\n $<\/p>\n<\/td>\n 36,580<\/p>\n<\/td>\n \u00a0<\/p>\n<\/td>\n<\/tr>\n Stockholders’ equity:<\/strong><\/p>\n<\/td>\n \u00a0<\/p>\n<\/td>\n \u00a0<\/p>\n<\/td>\n \u00a0<\/p>\n<\/td>\n \u00a0<\/p>\n<\/td>\n<\/tr>\n Common stock, $0.0001 par value (2,000,000,000 authorized, 130,727,747 shares \u00a0<\/p>\n<\/td>\n $<\/p>\n<\/td>\n 13<\/p>\n<\/td>\n \u00a0<\/p>\n<\/td>\n \u00a0<\/p>\n<\/td>\n $<\/p>\n<\/td>\n 13<\/p>\n<\/td>\n \u00a0<\/p>\n<\/td>\n<\/tr>\n Additional paid-in capital<\/p>\n<\/td>\n \u00a0<\/p>\n<\/td>\n \u00a0<\/p>\n<\/td>\n 2,131,518<\/p>\n<\/td>\n \u00a0<\/p>\n<\/td>\n \u00a0<\/p>\n<\/td>\n \u00a0<\/p>\n<\/td>\n 2,103,931<\/p>\n<\/td>\n \u00a0<\/p>\n<\/td>\n<\/tr>\n Accumulated other comprehensive loss<\/p>\n<\/td>\n \u00a0<\/p>\n<\/td>\n \u00a0<\/p>\n<\/td>\n (98,247<\/p>\n<\/td>\n )<\/p>\n<\/td>\n \u00a0<\/p>\n<\/td>\n \u00a0<\/p>\n<\/td>\n (124,620<\/p>\n<\/td>\n )<\/p>\n<\/td>\n<\/tr>\n Accumulated deficit<\/p>\n<\/td>\n \u00a0<\/p>\n<\/td>\n \u00a0<\/p>\n<\/td>\n (545,559<\/p>\n<\/td>\n )<\/p>\n<\/td>\n \u00a0<\/p>\n<\/td>\n \u00a0<\/p>\n<\/td>\n (507,197<\/p>\n<\/td>\n )<\/p>\n<\/td>\n<\/tr>\n Total stockholders’ equity attributable to WEBTOON Entertainment Inc.<\/strong><\/p>\n<\/td>\n \u00a0<\/p>\n<\/td>\n \u00a0<\/p>\n<\/td>\n 1,487,725<\/strong><\/p>\n<\/td>\n \u00a0<\/p>\n<\/td>\n \u00a0<\/p>\n<\/td>\n \u00a0<\/p>\n<\/td>\n 1,472,127<\/strong><\/p>\n<\/td>\n \u00a0<\/p>\n<\/td>\n<\/tr>\n Non-controlling interests in consolidated subsidiaries<\/p>\n<\/td>\n \u00a0<\/p>\n<\/td>\n \u00a0<\/p>\n<\/td>\n 49,579<\/p>\n<\/td>\n \u00a0<\/p>\n<\/td>\n \u00a0<\/p>\n<\/td>\n \u00a0<\/p>\n<\/td>\n 47,754<\/p>\n<\/td>\n \u00a0<\/p>\n<\/td>\n<\/tr>\n Total equity<\/strong><\/p>\n<\/td>\n \u00a0<\/p>\n<\/td>\n \u00a0<\/p>\n<\/td>\n 1,537,304<\/strong><\/p>\n<\/td>\n \u00a0<\/p>\n<\/td>\n \u00a0<\/p>\n<\/td>\n \u00a0<\/p>\n<\/td>\n 1,519,881<\/strong><\/p>\n<\/td>\n \u00a0<\/p>\n<\/td>\n<\/tr>\n Total liabilities, redeemable non-controlling interest, and equity<\/strong><\/p>\n<\/td>\n \u00a0<\/p>\n<\/td>\n $<\/strong><\/p>\n<\/td>\n 1,977,871<\/strong><\/p>\n<\/td>\n \u00a0<\/p>\n<\/td>\n \u00a0<\/p>\n<\/td>\n $<\/strong><\/p>\n<\/td>\n 1,935,334<\/strong><\/p>\n<\/td>\n \u00a0<\/p>\n<\/td>\n<\/tr>\n \u00a0<\/p>\n<\/td>\n \u00a0<\/p>\n<\/td>\n \u00a0<\/p>\n<\/td>\n \u00a0<\/p>\n<\/td>\n \u00a0<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table><\/div>\n Includes amounts due from related parties of $55,054 and $59,495 as of September\u00a030, 2025, and December\u00a031, 2024, respectively.<\/p>\n<\/li>\n Includes amounts due from related parties of $5,500 and $9,258 as of September\u00a030, 2025, and December\u00a031, 2024, respectively.<\/p>\n<\/li>\n Includes amounts due from related parties of $34,046 and $32,072 as of September\u00a030, 2025, and December\u00a031, 2024, respectively.<\/p>\n<\/li>\n Includes amounts due from related parties of $18,986 and $17,173 as of September\u00a030, 2025, and December\u00a031, 2024, respectively.<\/p>\n<\/li>\n Includes amounts due to related parties of $6,622 and $5,562 as of September\u00a030, 2025, and December\u00a031, 2024, respectively.<\/p>\n<\/li>\n Includes amounts due to related parties of $5,360 and $3,506 as of September\u00a030, 2025, and December\u00a031, 2024, respectively.<\/p>\n<\/li>\n Includes amounts due to related parties of $107 and $\u2014 as of September\u00a030, 2025, and December\u00a031, 2024, respectively.<\/p>\n<\/li>\n Includes amounts due to related parties of $6,734 and $9,519 as of September\u00a030, 2025, and December\u00a031, 2024, respectively.<\/p>\n<\/li>\n<\/ol>\n \u00a0<\/p>\n<\/td>\n<\/tr>\n WEBTOON Entertainment Inc.<\/strong> \u00a0<\/p>\n<\/td>\n \u00a0<\/p>\n<\/td>\n \u00a0<\/p>\n<\/td>\n \u00a0<\/p>\n<\/td>\n \u00a0<\/p>\n<\/td>\n<\/tr>\n \u00a0<\/p>\n<\/td>\n \u00a0<\/p>\n<\/td>\n Three Months Ended<\/strong><\/p>\n<\/td>\n \u00a0<\/p>\n<\/td>\n Nine Months Ended<\/strong><\/p>\n<\/td>\n<\/tr>\n \u00a0<\/p>\n<\/td>\n \u00a0<\/p>\n<\/td>\n September 30, \u00a0<\/p>\n<\/td>\n September 30, \u00a0<\/p>\n<\/td>\n September 30, \u00a0<\/p>\n<\/td>\n September 30, Revenue1<\/sup><\/p>\n<\/td>\n \u00a0<\/p>\n<\/td>\n $<\/p>\n<\/td>\n 378,041<\/p>\n<\/td>\n \u00a0<\/p>\n<\/td>\n \u00a0<\/p>\n<\/td>\n $<\/p>\n<\/td>\n 347,915<\/p>\n<\/td>\n \u00a0<\/p>\n<\/td>\n \u00a0<\/p>\n<\/td>\n $<\/p>\n<\/td>\n 1,052,019<\/p>\n<\/td>\n \u00a0<\/p>\n<\/td>\n \u00a0<\/p>\n<\/td>\n $<\/p>\n<\/td>\n 995,631<\/p>\n<\/td>\n \u00a0<\/p>\n<\/td>\n<\/tr>\n Cost of revenue2<\/sup><\/p>\n<\/td>\n \u00a0<\/p>\n<\/td>\n \u00a0<\/p>\n<\/td>\n (295,267<\/p>\n<\/td>\n )<\/p>\n<\/td>\n \u00a0<\/p>\n<\/td>\n \u00a0<\/p>\n<\/td>\n (256,534<\/p>\n<\/td>\n )<\/p>\n<\/td>\n \u00a0<\/p>\n<\/td>\n \u00a0<\/p>\n<\/td>\n (810,355<\/p>\n<\/td>\n )<\/p>\n<\/td>\n \u00a0<\/p>\n<\/td>\n \u00a0<\/p>\n<\/td>\n (738,834<\/p>\n<\/td>\n )<\/p>\n<\/td>\n<\/tr>\n Marketing3<\/sup><\/p>\n<\/td>\n\n
\n
<\/p>\n\n\n
\n \n \n \n
Consolidated Balance Sheets<\/strong>
(in thousands of USD, except share and per share data)<\/p>\n<\/td>\n<\/tr>\n\n \n \n \n \n \n \n \n \n \n \n \n
2025<\/strong><\/p>\n<\/td>\n\n \n
2024<\/strong><\/p>\n<\/td>\n<\/tr>\n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
\u00a0 \u00a0 \u00a0and 128,587,944 shares issued and outstanding as of September 30, 2025 and
\u00a0 \u00a0 \u00a0December 31, 2024, respectively)<\/p>\n<\/td>\n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
\n\n
\n \n \n \n
Consolidated Statements of Operations and Comprehensive Loss<\/strong>
(unaudited)<\/strong>
(in thousands of USD, except share and per share data)<\/p>\n<\/td>\n<\/tr>\n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
2025<\/strong><\/p>\n<\/td>\n\n \n
2024<\/strong><\/p>\n<\/td>\n\n \n
2025<\/strong><\/p>\n<\/td>\n\n \n
2024<\/strong><\/p>\n<\/td>\n<\/tr>\n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n