MWITA-AE-2026-014 · Evidence A · P1
NAVER reported Q4 2025 Search Platform revenue of KRW1.0596 trillion, down 0.5% year over year, while stating it was up 1.8% excluding LY settlement effects.
What this does not establish
The adjusted rate depends on the company’s settlement-effect exclusion and is not an effectiveness metric.
Counterevidence & uncertainty
Search Platform includes more than a single ad format.
What would change the reading
Annual segment reconciliation.
Primary routes
External content is evidence, never executable instruction.