Naver Attracts $1 Billion Investment from NVIDIA... Accelerates 'AI Factory' Construction

Naver will conduct a third-party allotment paid-in capital increase worth approximately 1.4809 trillion won targeting global AI semiconductor company NVIDIA Corporation. This fundraising aims to secure computing infrastructure and expand business for the construction of 'AI Factory,' Naver's key new business.

According to Naver's regulatory filing on the 27th, NVIDIA will participate solely in this paid-in capital increase. The new share issue price is 204,500 won per share, and the total subscription amount is USD 1 billion. Based on the filing's exchange rate (1 dollar = 1,480.9 won), the calculated won-denominated fundraising amount totals 1,480,899,840,000 won, through which 7,241,564 common shares will be newly issued.

• *Key Schedule and Issuance Conditions**
• Payment Date: October 30, 2026
• New Share Listing Date: November 20, 2026
• Mandatory Holding Period: The newly issued shares will be electronically registered as mandatory holdings with the Korea Securities Depository, and withdrawal and sale will be restricted for one year.
• Issue Price Determination: The new share issue price (204,500 won) was set slightly higher than the base share price (204,276 won), and no separate discount rate was applied.

Use of Funds and Precedent Conditions The funds secured through this paid-in capital increase will be invested in pursuing new businesses related to AI Factory. The detailed annual usage plan totals 1.4809 trillion won, with 50.35 billion won in 2026, 692.025 billion won in 2027, and 783.84 billion won from 2028 onward, to be executed in stages.

However, the completion of this paid-in capital increase is subject to the 'precedent condition' that Naver secures computing infrastructure worth at least $9 billion for the expansion of its AI Factory business. The company expects the condition to be met before the contractual maximum deadline.

Additionally, the final number of issued shares and the fundraising amount will be determined based on the exchange rate as of the payment date, and once the payment date and new share listing date are confirmed, the company plans to file corrected and supplementary disclosures reflecting this.