✦ ENVOICE

evidence points the way.
resources ✦ updates ✦ accountability.

[✦ ENVOICE @ENVOICEs]

One! Two! Connect! Hello, we are EnVoice!

A fanbase created to support ENHYPEN through informed advocacy, transparency, and accountability. ✦

[✦ ENVOICE @ENVOICEs]

📢: ENGENEs, it’s 12AM KST

​We’re officially entering DAY 2 of our Mass Tag project!

Time to reset the tags!

​As HYBE prepares to present its Q2 results to investors and stakeholders on August 28, we are introducing a coordinated tag reset to sharpen our message and increase its visibility. By aligning our tags, we aim to direct sustained attention toward corporate accountability, transparent management, and the company’s responsibility to protect artist welfare, not only among fans, but also before the investors and stakeholders evaluating its performance.

ENGENEs' voices reflect a shared call for transparency, accountability, and respect for artists.

엔진은 책임을 요구합니다.
#Hold_HYBE_Accountable_Q2
#BoycottHYBE_ZeroCredibility

​ ★ GUIDELINES FOR TAGS:
• Do NOT mix them with other hashtags or add extra tags, this might interfere with main ones.
• Include the tags at the end of your post.
• DO RT and QRT posts using the official tags to help the trend.

​ ★ DISCLAIMER:
​These hashtags are meant for X (Twitter) trending only.
​Do NOT spam these tags on Instagram, TikTok, Weverse, YouTube, or any other platform.
​Do NOT use them under official ENHYPEN, EVAN, BELIFT, or HYBE official posts.

[✦ ENVOICE @ENVOICEs]

✦︎ — ENVOICE CASE 005

HYBE 2025 ANNUAL REPORT
CHAPTER III: FINANCIAL MATTERS

Financial statements do more than show whether a company made money. They reveal how effectively revenue was converted into profit and cash, how resources were allocated, and whether the company’s financial performance supports its long-term strategy.

Chapter III examines HYBE’s 2025 financial condition through its consolidated financial statements and the accompanying notes.

★ REVENUE GROWTH AND PROFITABILITY

HYBE recorded consolidated revenue of approximately KRW 2.65 trillion in 2025, representing a 17.5% increase from the previous year.

However, higher revenue did not translate into stronger profitability.

Operating profit declined to approximately KRW 49.3 billion, compared with KRW 184 billion in 2024, while the company recorded a consolidated net loss of approximately KRW 254.3 billion.

Selling and administrative expenses also increased to KRW 886.5 billion, showing that a growing portion of the company’s revenue was absorbed by the costs of maintaining its expanding operations.

★ CONSOLIDATED FINANCIAL STATEMENTS

The chapter examines the four core financial statements that form the foundation of the Annual Report:

⤷ The Statement of Financial Position, which shows HYBE’s assets, liabilities and shareholders’ equity.

⤷ The Statement of Comprehensive Income, which explains the company’s revenue, expenses and profitability.

⤷ The Statement of Changes in Equity, which records how shareholders’ equity changed throughout the year.

⤷ The Statement of Cash Flows, which shows how cash was generated and used across operating, investing and financing activities.

Together, these statements reveal that record revenue alone did not result in proportional profit growth or stronger cash generation.

Operating cash flow declined for a second consecutive year, falling from approximately KRW 310.6 billion in 2023 to KRW 151.5 billion in 2024 and KRW 107.4 billion in 2025.

★ INVESTMENTS, IMPAIRMENTS AND SUBSIDIARY PERFORMANCE

The notes to the financial statements provide important context behind the consolidated results.

HYBE America recorded approximately KRW 312.9 billion in revenue but reported a net loss of approximately KRW 323.1 billion.

The company also recognized impairment losses related to acquired businesses and investments, raising questions about their recorded values, expected returns and post-acquisition performance.

Several technology and gaming-related companies also remained loss-making, including Supertone and Dreamage.

Pressure was visible within HYBE’s core music operations as well. BigHit Music’s revenue increased significantly, but its net profit declined from approximately KRW 89.4 billion to KRW 32.6 billion. Pledis Entertainment also reported lower revenue and net profit.

★ THE ADOR DISPUTE

Chapter III also discloses the legal and financial developments surrounding HYBE’s dispute with ADOR’s minority shareholders.

The first-instance ruling went against HYBE, and the company deposited KRW 29.25 billion while seeking to suspend enforcement during the appeal.

During the same period, ADOR’s revenue declined from approximately KRW 111.1 billion in 2024 to KRW 29.5 billion in 2025, while its net profit fell from KRW 23.9 billion to KRW 6.1 billion.

The Annual Report does not establish that the dispute alone caused this deterioration. However, the combination of litigation, a significant court deposit and weaker subsidiary performance raises concerns about the financial and operational consequences of unresolved internal conflict.

★ KEY TAKEAWAYS

HYBE generated record revenue in 2025, but its operating profit, net result and operating cash flow weakened substantially.

The financial statements also reveal significant pressure from operating expenses, loss-making subsidiaries, impairment charges and declining profitability within important parts of the company’s business.

Chapter III does not prove that one decision alone caused HYBE’s consolidated net loss. It does, however, show that growth in size and revenue did not automatically produce stronger financial performance.

🔗 Full Chapter III analysis:
https://t.co/tIdJoL51vq

📄 Official Annual Report:
https://t.co/JNYiY6h9uJ

For a quick overview, refer to the poster. For the complete analysis and further context, read our Telegraph article.

Questions and requests for clarification are welcome through replies or direct messages. We will do our best to address them based on the information publicly disclosed in the Annual Report.

Stay tuned as we continue examining the information relevant to the upcoming shareholders’ meeting.

[✦ ENVOICE @ENVOICEs]

ENGENEs will maintain a financial boycott against HYBE indefinitely until the company begins treating ENHYPEN better, proper rest is given to them and the sevEN can reunite.

엔진은 공정함을 요구합니다. #EN_MISTREATMENT_UNacceptable #BOYCOTT_BELIFT_FOR_OUR_SEVEN

[✦ ENVOICE @ENVOICEs]

Engenes ! It’s 12 A.M KST. Today is the first Day of the mass tags compaign.
It’s officially the start of our project, thank you for everyone who will be able to participate.

Drop the tags, and don’t forget, every little action matters !
Let’s fight for our sevEN !!
​
​📌 TAGGING GUIDELINES:
• Keep your post focused, avoid adding unrelated or extra hashtags that could dilute our main tags.
• Add different emojis, numbers, or unique text to your posts so identical copy pastes don't get flagged as spam.
• Position the official hashtags at the very end of your post.
• Boost visibility by Reposting and Quote posts that carry the campaign tags.

◇◇◇◇

ENGENEs will maintain a financial boycott against HYBE indefinitely until the company begins treating ENHYPEN better, proper rest is given to them and the sevEN can reunite.

엔진은 공정함을 요구합니다.
#EN_MISTREATMENT_UNacceptable
#BOYCOTT_BELIFT_FOR_OUR_SEVEN

[✦ ENVOICE @ENVOICEs]

ENGENEs will maintain a financial boycott against HYBE indefinitely until the company begins treating ENHYPEN better, proper rest is given to them and the sevEN can reunite.

엔진은 공정함을 요구합니다. #EN_MISTREATMENT_UNacceptable #BOYCOTT_BELIFT_FOR_OUR_SEVEN

[✦ ENVOICE @ENVOICEs]

✦︎ - First wave is here ENGENEs, let's keep being loud!

📌 TAGGING GUIDELINES:
• Keep your post focused, avoid adding unrelated or extra hashtags that could dilute our main tags.
• Add different emojis, numbers, or unique text to your posts so identical copy pastes don't get flagged as spam.
• Position the official hashtags at the very end of your post.
• Boost visibility by Reposting and Quote posts that carry the campaign tags.

◇◇◇◇

ENGENEs will maintain a financial boycott against HYBE indefinitely until the company begins treating ENHYPEN better, proper rest is given to them and the sevEN can reunite.

엔진은 공정함을 요구합니다. #EN_MISTREATMENT_UNacceptable #BOYCOTT_BELIFT_FOR_OUR_SEVEN

[✦ ENVOICE @ENVOICEs]

✦︎ - SECOND WAVE is here ENGENEs, let's keep being loud!

📌 TAGGING GUIDELINES:
• Keep your post focused, avoid adding unrelated or extra hashtags that could dilute our main tags.
• Add different emojis, numbers, or unique text to your posts so identical copy pastes don't get flagged as spam.
• Position the official hashtags at the very end of your post.
• Boost visibility by Reposting and Quote posts that carry the campaign tags.

◇◇◇◇

ENGENEs will maintain a financial boycott against HYBE indefinitely until the company begins treating ENHYPEN better, proper rest is given to them and the sevEN can reunite.

엔진은 공정함을 요구합니다. #EN_MISTREATMENT_UNacceptable #BOYCOTT_BELIFT_FOR_OUR_SEVEN

[✦ ENVOICE @ENVOICEs]

✦︎ — ENVOICE BRIEFING 006

D-3 — Q2 2026 Shareholders Meeting

We're continuing to prepare for the upcoming shareholder meeting.

⤷ Our mass tagging project directed at the company is ongoing.
⤷ Chapter 2 of our 2025 Annual Report analysis has now been published.

Every chapter brings more context to understand the company's structure, operations, and the topics surrounding this meeting.

If you haven't had the chance yet, catch up on the analysis, participate in the tagging efforts if you wish, and stay tuned as we continue covering the most relevant sections leading up to the meeting.

The more informed we are, the more meaningful the conversation becomes.

Thank you to everyone who's been reading, sharing, and supporting the project.

[✦ ENVOICE @ENVOICEs]

✦︎ — ENVOICE CASE 004

HYBE 2025 ANNUAL REPORT
CHAPTER II: BUSINESS DESCRIPTION

After examining HYBE’s corporate structure in Chapter I, Chapter II explains how that structure operates in practice.

This chapter covers HYBE’s products and services, revenue and international sales trends, risk-management policies, contractual obligations, intellectual-property portfolio and stated plans for future growth.

★ BUSINESS OVERVIEW AND REVENUE TRENDS

HYBE mainly operates across three areas:
⤷ producing music and music-related content
⤷ developing platforms intended to strengthen engagement between fans and artists while expanding the reach of HYBE’s content
⤷ pursuing tech-driven future growth by incorporating new technologies into the entertainment industry.

Although HYBE’s total revenue increased between 2023 and 2025, its geographical sales distribution changed. Domestic sales declined, while sales across international markets generally increased, with Asia excluding Korea becoming the largest contributor to total sales in 2025.

Changes can also be observed in the percentage of total revenue generated by HYBE’s different products and services.

The figures show that the contribution of albums and digital music to total revenue decreased, both proportionally and in value. Meanwhile, revenue from performances such as concerts and fan meetings increased considerably. Revenue from merchandise and licensing, as well as fanclub and other activities, also increased.

The report additionally outlines the main financial risks faced by HYBE: market risk, credit risk and liquidity risk.
HYBE states that it manages these risks by monitoring interest rates, foreign-exchange exposure and the value of its investments; assessing the creditworthiness of its business partners and financial institutions; and comparing the maturity dates of its assets and liabilities with its expected operating cash flow.

The company has also entered into agreements involving put and call options connected to minority shares in some subsidiaries. Under certain agreed conditions, these options may allow minority shareholders to require HYBE to purchase their shares or allow HYBE to purchase the remaining minority interests.

Regarding the 20% minority stake in ADOR, HYBE stated that it had terminated the shareholders’ agreement and filed a lawsuit seeking confirmation of that termination. In February 2026, the court of first instance rejected HYBE’s claim and ordered payments connected to the minority shareholder’s share-sale claim. HYBE appealed, meaning the dispute was still ongoing at the time of the report.

The MBX crypto tokens acquired by the company were also subject to a four-year lock-up restriction. According to the report, this restriction was scheduled to be released gradually in equal monthly proportions until March 7, 2026.

★ FINANCIAL POSITION

At the end of 2025, the company reported a debt-to-equity ratio of 54.5%, compared with 55.9% at the end of 2024.

This represents a slight year-on-year decrease. However, this ratio alone is not enough to determine the company’s overall financial health, which must also be assessed through its profitability, cash flow and payment obligations.

★ OTHER DETAILS

The report describes the music industry as having relatively low formal barriers to entry, since artist development and music releases can begin with limited capital.

However, it argues that the infrastructure, funding and experience required to produce successful artists and expand internationally create much higher practical barriers. According to the report, consumer trust in previously successful artists and companies may also provide established businesses with a competitive advantage.

HYBE reported holding 5,143 registered intellectual-property rights across Korea and 38 other countries, including trademarks, designs and patents. An additional 1,167 applications were still under examination.

These protections give the company exclusive rights over its registered trademarks, designs and patents within their legal scope. They also support businesses involving artist-based merchandise, content and licensing. However, they should not be interpreted as giving HYBE unlimited rights over everything related to its artists.

HYBE is also required to comply with laws concerning copyright, artist management, youth protection, music distribution, performances and digital content.

These include rules preventing entertainment companies from using their position to impose unfair contractual conditions or obtain improper benefits, as well as requirements concerning separate accounting and the payment of contractual compensation to artists.

Because albums and merchandise use materials such as plastic CD cases, shrink wrap and packaging, HYBE and its Korean labels are also subject to waste charges and extended producer-responsibility requirements. The company states that it monitors its use of plastic and packaging materials and pays the required contributions.

★ FUTURE PLANS

HYBE states that it plans to continue developing artists through its multi-label structure and expanding this model across international markets.

The company also intends to combine music with technology through Weverse, gaming and Supertone’s AI and voice-based solutions. These businesses are presented as ways to broaden fan experiences and expand HYBE’s activities beyond traditional music production.

These are HYBE’s stated plans and expectations. Their effectiveness must be assessed through the financial performance of the businesses involved.

★ THE KEY POINT

Chapter II presents HYBE as an increasingly international entertainment company operating across music, platforms and technology.

Between 2023 and 2025, the company’s revenue mix changed. Albums and digital music accounted for a smaller share of revenue, while performances, merchandise and licensing became considerably more important.

The figures therefore show a shift in the composition of HYBE’s revenue. However, they do not independently prove that the company has deliberately moved away from album sales.

HYBE’s stated future strategy focuses on international expansion, its multi-label system and the use of platforms, games and AI-based technology to create additional forms of content and fan engagement.

🔗 Full Chapter II analysis:
https://t.co/LCMmogZHYu

📄 Official annual report:
https://t.co/JNYiY6h9uJ

For a quick overview, refer to the poster and for the complete analysis, read our Telegraph article.

Should you have any questions or need further clarification, feel free to contact us through replies or direct messages, and we will do our best to assist.

Stay tuned for more!

[En-House @EnHouseOT7]

IT’S 12KST🔔
MASS TAGGING DAY 1‼️CALLING ALL OT7s📢

Let us be as loud as we can in this project from @ENHYPENFANBASE_🧡 THANK YOU ENGENEs‼️(SEE THREAD)

엔진은 공정함을 요구합니다.
#EN_MISTREATMENT_UNacceptable
#BOYCOTT_BELIFT_FOR_OUR_SEVEN

[Agoren SevEN 🇧🇷 @AGOR7VEN]

⏰PRIMEIRA MASIVA – 12 A.M ⏰

Os jogos começaram e pedimos que por favor nos acompanhem hoje assim como nos próximos dias. Não há um número exato de comentários a serem alcançados nessa postagem, entretanto, alcancem essa meta invisível e então dobrem ela. Do Brasil não é esperado menos que a excelência.

Como auxílio para quem não sabe o que comentar mas quer ajudar: O que há ao redor de vocês nesse momento? Queremos tudo e, por gentileza, cada coisa em um comentário individual — já que o objetivo dos multirões é o volume.

엔진은 공정함을 요구합니다.
#EN_MISTREATMENT_UNacceptable
#BOYCOTT_BELIFT_FOR_OUR_SEVEN

[ENHYPEN7_BASE @ENHYPEN7_BASE]

ENGENEs, IT’S 12 AM KST! 🔊

​Our mass tag project is officially STARTING NOW! Time to reset the tags! 🏷️🔥

​Ahead of HYBE’s Q2 Conference Call this August 28th, we are strategically aligning our tags to demand corporate accountability and highlight the ongoing neglect of artist welfare directly to stakeholders.

ENGENEs will maintain a financial boycott against HYBE indefinitely until the company begins treating ENHYPEN better, proper rest is given to them and the sevEN can reunite.

엔진은 공정함을 요구합니다.
#EN_MISTREATMENT_UNacceptable
#BOYCOTT_BELIFT_FOR_OUR_SEVEN

​📌 GUIDELINES FOR TAGS:
• Do NOT mix them with other hashtags or add extra tags, this might interfere with main ones.
• Include the tags at the end of your post.
• DO RT and QRT posts using the official tags to help the trend.

​📍DISCLAIMER:
​These hashtags are meant for X (Twitter) trending only.
​Do NOT spam these tags on Instagram, TikTok, Weverse, YouTube, or any other platform.
​Do NOT use them under official ENHYPEN, EVAN, BELIFT, or HYBE official posts.

[EN-CONNECT7 💙 @ENCONNECT7_BASE]

Proud to join the OT7 Mass Tagging Event by @ENHYPENFANBASE_

Let's make our voices louder over the next 3 days! 💙

ENGENEs will continue boycotting HYBE until ENHYPEN is treated fairly.

엔진은 공정함을 요구합니다.

#EN_MISTREATMENT_UNacceptable
#BOYCOTT_BELIFT_FOR_OUR_SEVEN

[EN_CONNECT_SYSTEM_official @EN7CS_official]

⏰ 12:00 AM | 🗓️ DAY 1
🚨 PROJECT INITIATION 🚨
ENGENEs, the campaign starts now! Let’s stand united and make our voices heard.

📌 TAGGING GUIDELINES:
• Keep your post focused, avoid adding unrelated or extra hashtags that could dilute our main tags.
• Add different emojis, numbers, or unique text to your posts so identical copy pastes don't get flagged as spam.
• Position the official hashtags at the very end of your post.
• Boost visibility by Reposting and Quote posts that carry the campaign tags.

ENGENEs will maintain a financial boycott against HYBE indefinitely until the company begins treating ENHYPEN better, proper rest is given to them and the sevEN can reunite.

엔진은 공정함을 요구합니다.
#EN_MISTREATMENT_UNacceptable
#BOYCOTT_BELIFT_FOR_OUR_SEVEN

[ENHYPEN OT7 FANBASE @ENHYPENFANBASE_]

📢📢📢📢📢📢📢

ATTENTION ENGENES !!!

IT'S 12 A.M. KST !!!

IT'S DAY 1 OF OUR MASS TAGGING EVENT !

​📌 TAGGING GUIDELINES:
• Keep your post focused, avoid adding unrelated or extra hashtags that could dilute our main tags.
• Add different emojis, numbers, or unique text to your posts so identical copy pastes don't get flagged as spam.
• Position the official hashtags at the very end of your post.
• Boost visibility by Reposting and Quote posts that carry the campaign tags.

DROP THE MAXIMUM NUMBER OF TAGS POSSIBLE !!!!

ENGENEs will maintain a financial boycott against HYBE indefinitely until the company begins treating ENHYPEN better, proper rest is given to them and the sevEN can reunite.

엔진은 공정함을 요구합니다.
#EN_MISTREATMENT_UNacceptable
#BOYCOTT_BELIFT_FOR_OUR_SEVEN

[✦ ENVOICE @ENVOICEs]

✦︎ — ENVOICE BRIEFING 005

D-3 — Q2 2026 Shareholders Meeting

Our pre-meeting coverage is now underway.

In the days leading up to the meeting, EnVoice will continue examining HYBE’s 2025 Annual Report and Q1 2026 results, providing the corporate and financial context needed to better understand the upcoming discussions.

On the day of the meeting, we will share verified updates, clear summaries and relevant official documents as they become available.

Stay tuned as our coverage progresses.

[✦ ENVOICE @ENVOICEs]

✦︎ — ENVOICE CASE 003

HYBE 2025 ANNUAL REPORT
CHAPTER I: COMPANY OVERVIEW

Before examining HYBE’s business and financial performance, we first need to understand the corporate structure behind the numbers.

★ STRUCTURE, EXPANSION AND RESTRUCTURING

HYBE ended 2025 with 85 consolidated subsidiaries, compared with 78 at the beginning of the year. During the period, 11 companies were newly consolidated, four were removed and 12 were classified as major subsidiaries.

A consolidated subsidiary is a company controlled by HYBE whose financial activity is included in the group’s results. Therefore, the numbers reported under “HYBE” come from a wider network of labels, regional companies, management businesses, platforms and technology operations—not only the Korean parent company.

The new entities included operations connected to India, China, Japan, Latin America and the United States. This suggests that HYBE’s international strategy is moving beyond promoting Korean artists abroad: it is building local structures for artist development, production, management and content creation.

This may provide access to new artists, audiences and revenue sources. However, new regional businesses can require significant spending before becoming profitable, while also increasing costs and making the group harder to oversee.

Some companies were also liquidated, sold or merged. Binary Korea, for example, was absorbed into HYBE as part of an effort to integrate operations and improve efficiency.

Still, an intended result is not a proven result. Presenting a merger as an efficiency measure does not prove that costs were reduced or operations improved. Those outcomes must be compared with later financial performance.

★ OWNERSHIP, LEADERSHIP AND CONTROL

Bang Si-hyuk remained HYBE’s largest shareholder, while Lee Jae-sang served as CEO during 2025.

These roles are not identical. The largest shareholder holds concentrated voting influence, the board approves major decisions, and the CEO and management oversee daily operations and carry out strategy.

This distinction matters when discussing accountability. A major decision may involve management proposing it, the board approving it and shareholders influencing the wider governance structure.

Chapter I identifies who owns and manages the company, but the later governance chapters are needed to evaluate how oversight and responsibility work in practice.

★ SHARES, DILUTION AND EMPLOYEE COMPENSATION

HYBE’s issued common shares increased from 41,652,097 at the end of 2024 to 42,609,196 at the end of 2025.

That is an increase of 957,099 shares, or approximately 2.3%, caused by the conversion of convertible bonds into common shares.

Convertible bonds begin as debt but can later be exchanged for shares. Once converted, the total share count rises. Existing shareholders keep the same number of shares, but their proportional ownership can be reduced. This is dilution.

Dilution is not automatically unjustified. It may support financing, acquisitions or expansion. The key question is whether the capital raised created enough value to compensate shareholders for the larger share count.

HYBE also used treasury shares for employee stock-based compensation. This can help retain employees and link rewards to long-term performance. However, shareholders should still examine who receives the awards, what conditions apply and whether they reward sustainable value creation rather than expansion alone.

★ THE KEY POINT

Chapter I shows that HYBE entered 2026 as a larger, more international and more complex corporate group.

It explains the structure behind the numbers, but it does not prove that every subsidiary is profitable, that restructuring reduced costs, that international expansion is producing sustainable returns or that the value created justified dilution.

🔗 Full Chapter I analysis: https://t.co/h0r8GMr0sV

📄 Official annual report: https://t.co/JNYiY6h9uJ

For a quick overview, refer to the poster and for the complete analysis, read our Telegraph article. Should you have any questions or need further clarification, feel free to contact us through replies or direct messages, and we will do our best to assist.

Stay tuned for more!