[Alpha Biz= Ellie Kim] Naver is expected to see slowing core growth in 2026 due to the impact of last year’s commerce restructuring, according to KB Securities.

KB maintained a Buy rating with a KRW 280,000 target price, while forecasting operating profit of KRW 2.41 trillion this year (+12% YoY).

Advertising growth remains in the single-digit range, with the commerce segment—about 25% of ad revenue—facing high base effects. While Naver plans to expand AI-based ad inventory, monetization remains uncertain.

Newer businesses such as financial services and C2C platforms are growing steadily and could drive long-term upside, especially with potential integration with Dunamu.

Overall, Naver is entering a transition phase, with near-term growth slowing but longer-term expansion dependent on AI monetization and new business scaling.

 

 

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