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Dion

Vice President and Equity Research Analyst at JPMorgan Chase & Co.

Dion Leonard is a Vice President and Equity Research Analyst at JPMorgan Chase & Co., specializing in the consumer discretionary sector with a focus on retail and apparel companies. He covers specific firms including Nike, Lululemon Athletica, VF Corporation, and Under Armour, boasting a strong performance track record with a 68% success rate on stock ratings and average return of 14.2% per recommendation according to TipRanks, where he ranks in the top 10% of analysts. Leonard joined JPMorgan in 2018 after prior roles at Barclays from 2013 to 2018 and earlier at Credit Suisse starting in 2010, building over 15 years of buy-side and sell-side experience in consumer research. He holds Series 7, 63, and 86 FINRA licenses, along with an MBA from the University of Chicago Booth School of Business.

Dion's questions to WEBTOON Entertainment (WBTN) leadership

Question · Q4 2025

Dion asked for a more detailed breakdown of the expected double-digit growth by year-end, specifically whether it would be driven more by MPU or monetization (ARPU), given that 2025 paid content growth was ARPU-driven. He also asked about the 2026 IP adaptation pipeline compared to 2025 and its expected contribution to the double-digit growth.

Answer

David Lee, CFO and COO, explained that double-digit growth would be driven by both paid content and advertising improvements. He detailed regional paid content drivers: Korea (mature) focuses on MPU/ARPU via AI/content; Japan (early, high potential) expects return to growth in ARPU and top-of-funnel metrics post-infrastructure; Rest of world (largest addressable) is preparing for mid-to-long term revenue, showing MAU/MPU growth. For advertising, Korea was impacted by a discrete e-commerce provider, while Japan remains strong in rewarded video. Lee noted that FY2025 IP adaptation revenue grew 35.5% and expressed qualitative satisfaction with the 2026 pipeline, but cautioned on specific quarterly impacts due to milestone volatility. Yongsoo Kim, Chief Strategy Officer, added that English WEBTOON is seeing MAU momentum transfer to MPU growth, and Japan's initiatives for user base expansion are expected to deliver results in H2 2026.

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Question · Q4 2025

Dion asked for a more detailed breakdown of the expected double-digit growth by year-end 2026, specifically differentiating between MPU and monetization (ARPU) drivers across Korea, Japan, and the rest of the world. She also inquired about the 2026 IP adaptation pipeline compared to 2025 and its anticipated contribution to the overall growth.

Answer

David Lee, CFO and COO, explained that double-digit growth would be driven by both paid content and improved advertising. For paid content, he highlighted Korea's strong MPU/ARPU from AI innovation, Japan's expected return to healthy ARPU and user growth post-infrastructure, and the early-stage, long-term potential of the 'rest of world' market. For advertising, he noted Korea's healthy business despite a discrete advertiser impact, early days in 'rest of world,' and Japan's consistent strength. He added that IP adaptation revenue grew 35.5% in fiscal 2025, and while the 2026 pipeline is strong, specific quarterly impacts are hard to predict. Yongsoo Kim, Chief Strategy Officer, outlined the growth pattern of MAU leading to MPU and then revenue, noting MPU growth in English WEBTOON and planned user base expansion in Japan for H2 2026.

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