• Core business solid, high growth at emerging segments – Q1-2 FY12/25 results were ahead of guidance, driven by a combination of steady performance at the core matchmaking activities, with the adjacent Life Design and K Village segments demonstrating high growth YoY. By continuing to optimize marketing spend and balancing affiliate growth following the pricing revision, stable growth is expected in H2 FY12/25 for the core business. We expect a sustained high-growth trajectory at K Village, with demand remaining high for both the Language Community and Music Community businesses, providing high earnings visibility. We have greater conviction that K Village will become a material earnings pillar for the company in the medium term.
