K Wave Media Ltd.

Listed Company

KWMCIK 0002000756NasdaqNon-AcceleratedEmerging GrowthServices-Allied To Motion Picture ProductionE9KYFY ends Dec 31

Business

K Wave Media Ltd. is a foreign private issuer in Allied To Motion Picture Production, headquartered in the Cayman Islands. Shares trade on Nasdaq under the ticker KWM.

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Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	Dec 31, 2025 2025-12-31	Dec 31, 2024 2024-12-31	Dec 31, 2023 2023-12-31
Consolidated net revenue	78,081	43,010	67,481
Cost of Revenue	−71,203	−41,912	−60,837
Gross profit	6,878	1,098	6,644
Selling, general and administrative expenses	69,208	3,984	4,598
Non-Operating Income (Expense)	1,299	1,022	1,487
Other expenses	133,696	1,643	36
Operating profit(loss)	−194,728	−3,507	3,497
Interest Income	24,648	577	1,744
- Related parties	589	126	831
- Non-related parties	24,058	451	913
Finance costs	37,594	1,382	1,688
- Related parties	−2,740	−243	−177
- Non-related parties	−34,854	−1,139	−1,512
Profit(Loss) before income tax	−207,675	−4,312	3,553
Income tax benefit(expense)	435	−754	761
Profit(Loss) for the period	−208,110	−3,558	2,792
Foreign Currency Translation adjustments	−4,891	—	—
Remeasurement of defined benefit liabilities	311	44	110
Total comprehensive loss for the period	−212,690	−3,514	2,902
Owners of the Parent Company	−205,743	−2,541	3,137
Non‑controlling interest	−2,367	−1,017	−345
Owners of the Parent Company	−210,371	−2,512	3,211
Non-controlling interest	−2,318	−1,002	−309
Earnings Per Share (Basic)	−3,341	−290	357
Earnings Per Share (Diluted)	−3,341	−290	357

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	Dec 31, 2025 2025-12-31	Dec 31, 2024 2024-12-31
Statement of financial position [abstract]	—	—
Assets	—	—
Cash and Cash Equivalents	8,364	4,151
Short-term financial instruments	22	424
Accounts receivable — trade, net	4,381	9,210
- Related parties	2,052	1,983
- Non-related parties	2,329	7,227
Short-term loans, net	3,427	787
- Related parties	2,067	662
- Non-related parties	1,360	125
Accounts receivable — other, net	536	130
- Related parties	165	126
- Non-related parties	371	5
Value added tax receivables	163	—
Other Current Assets	5,845	665
Other Non-Operating Current Assets	735	40
Contract assets	1,066	—
- Related parties	518	—
- Non-related parties	548	—
Current tax assets	45	347
Inventories, net	1,612	818
Total current assets	26,196	16,573
Long-term financial instruments	311	323
Long-term loans, net	191	—
- Related parties	136	—
- Non-related parties	55	—
Long-term investment securities	3,984	730
- Related parties	300	—
- Non-related parties	3,684	730
Investments in associates	587	—
Property and equipment including right-of-use assets	7,055	12,050
Intangible Assets	17,178	4,534
Goodwill	60,617	3,268
Long-Term Investments	2,023	401
Other Non-Operating Non-Current Assets	2,180	1,803
Other non-current non-financial assets	4,393	1,908
Deferred Tax Assets, Non-Current	1,017	1,011
Total non-current assets	99,537	26,027
Total assets	125,733	42,600
Trade and other payables	58,040	14,040
- Related parties	40,549	1,357
- Non-related parties	17,491	12,683
Total Current Liabilities	250	130
Current derivative liabilities	330	—
Warrants	529	—
Other current non-financial liabilities	1,937	1,444
- Related parties	285	—
- Non-related parties	1,651	1,444
Contract liabilities	1,252	—
- Related parties	76	—
- Non-related parties	1,177	—
Short-term borrowings	11,172	3,764
- Related parties	1,567	864
- Non-related parties	9,605	2,900
Current portion of long-term borrowings, net	2,200	2,109
- Related parties	2,200	2,090
- Non-related parties	—	19
Convertible Notes	28,634	—
- Related parties	2,956	—
- Non-related parties	25,678	—
Operating Lease Liability, Current	1,702	1,787
Other current provisions	770	—
Total Current Liabilities	1,635	109
Total current liabilities	108,451	23,382
Trade and other non-current payables	27,297	22
- Related parties	27,294	—
- Non-related parties	3	22
Long-term borrowings, excluding current portion, net	2,612	—
- Related parties	2,612	—
Total Non-Current Liabilities	220	150
Other non-current non-financial liabilities	3	—
Non-current Contract liabilities	650	—
Defined benefit liabilities	1,258	559
Other non-current provisions	456	610
Non-current lease liabilities	6,269	9,303
Deferred tax liabilities	126	399
Total non-current liabilities	38,890	11,043
Total liabilities	147,341	34,425
Share capital	9	1
Additional Paid-In Capital	205,981	499
Accumulated other comprehensive loss	−4,447	182
Accumulated Other Comprehensive Income	−53,074	−27,875
Retained earnings(Accumulated Deficit)	169,783	−35,959
Equity attributable to owners of the Parent Company	−21,314	8,766
Noncontrolling Interest	−294	−591
Total equity	−21,608	8,176
Total liabilities and equity	125,733	42,600

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	Dec 31, 2025 2025-12-31	Dec 31, 2024 2024-12-31	Dec 31, 2023 2023-12-31
Statement of cash flows [abstract]	—	—	—
Cash flows from operating activities	—	—	—
Profit (loss)	−208,110	−3,558	2,792
Net Cash from Operating Activities	199,105	2,368	−6,881
Net Cash from Operating Activities	61	38	71
Interest paid	1,095	999	1,184
Income tax refund (paid)	−263	708	3,177
Dividend received	3	1	1
Net cash outflow from operating activities	−9,773	−2,857	−8,378
Cash flows from investing activities	—	—	—
Proceeds from short-term loans	439	1,780	320
- Related parties	240	1,280	310
- Non-related parties	199	500	10
Proceeds from disposal of property and equipment	25	53	4
Disposal of Short-term investment securities	1,066	—	—
Disposal of Long-term investment securities	527	—	—
- Related parties	500	—	—
- Non-related parties	27	—	—
Disposal of Short-term financial instruments	38	—	—
Disposal of other financial assets	1,157	335	4,136
Payments for short-term loans	2,986	2,079	3,841
- Related parties	−1,626	−1,834	−3,691
- Non-related parties	−1,360	−245	−150
Purchase of property and equipment	115	273	950
Acquisition of Long-term investment securities	2,391	—	—
Acquisition of Short-term financial instruments	26	—	—
Acquisition of other financial assets	−742	−178	−610
Proceeds from Lease Incentives	—	1	150
Purchase of intangible assets	−13,824	—	—
Payments for long-term loans	21	—	1,000
- Related parties	—	—	−1
Acquisitions, net of cash acquired	3,509	—	—
Increase of cash from merger	146,000	—	—
Prepayment for acquisition of HANSOL INTICUBE Co., Ltd.	−3,000	—	—
Net cash outflow from investing activities	−16,345	−361	−1,790
Cash flows from financing activities	—	—	—
Proceeds from issuance of convertible notes, net of issuance costs	25,573	—	—
Proceeds from long-term borrowings	3,390	—	—
- Related parties	3,390	—	—
Proceeds from short-term borrowings	6,352	870	130
- Related parties	1,009	470	130
- Non-related parties	5,343	400	—
Repayment of current portion of long-term borrowings	19	25	25
Repayment of short-term borrowings	3,410	394	—
- Related parties	−976	−394	—
- Non-related parties	−2,434	—	—
Issuance of new shares, net of investment withholdings	1,408	—	—
Acquisition of Treasury shares	726	75	10,677
Repayment of lease liabilities	2,056	1,663	1,618
Proceeds from Capital Reorganisation	63	—	—
Prepayment of Deposit for treasury stock repurchase	−285	—	—
Net cash inflow(outflow) from financing activities	30,291	−1,287	−12,190
Net Change in Cash	41	71	362
Net increase (decrease) in cash and cash equivalents	4,214	−4,506	−22,357
Cash and cash equivalents at end of the year	—	—	—
Cash and cash equivalents at end of the year	—	—	—

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