1. What Happened? : Stonebridge Ventures Q2 Earnings Analysis

Stonebridge Ventures’ Q2 2025 operating revenue decreased by 22.77% YoY to 8.749 billion KRW, and operating profit fell by 39.58% YoY to 2.296 billion KRW. This decline is attributed to fluctuations in fund operating income, decreased proprietary investment returns, and increased operating expenses.

2. Why These Results? : Understanding the Decline and Identifying Positives

Despite the short-term setback, positive indicators exist. Proactive investments across the AI value chain and a cumulative investment balance of 300 billion KRW signal future growth potential. Furthermore, fund commitments totaling 1.3947 trillion KRW demonstrate consistent AUM growth, providing a stable foundation for management fees. Low debt reliance and a high equity ratio also contribute to financial stability.

3. What’s Next? : Long-Term Growth Outlook

Entering the AI investment recovery cycle is expected to be a key growth driver for Stonebridge Ventures. However, actual recovery amounts and profitability require ongoing monitoring. Furthermore, attention should be paid to macroeconomic variables (interest rates, exchange rates, etc.) and trends in the venture capital market.

4. What Should Investors Do? : Investment Strategies and Considerations

  • Monitor changes in AI portfolio recovery rates and profitability.
  • Review new fund formation size and target expansion plans.
  • Assess the persistence of the Q2 earnings decline.
  • Monitor changes in the macroeconomic and regulatory environment.
  • Conduct a valuation analysis comparing enterprise value to market expectations.