Coupang Inc - Ordinary Shares - Class A

Revenue & growth beat expectations (but FX + one-off regulatory items matter): Q2 consolidated revenue +$8.9B, +4% YoY reported / +10% YoY constant currency. Management emphasized KRW weakness (won hit ~15-year lows vs USD), meaning reported USD growth understates underlying growth—so investors should focus on constant currency trends.

Product commerce recovering customer spend momentum, but margins under pressure (temporary): - Product commerce revenue $7.4B, +1% reported / +8% constant currency; active customers 24.7M (+3% YoY). - The key “why revenue growth lags spend growth” dynamic: most customers returned after the data incident, and WOW membership is back above pre-incident levels, but a minor cohort that left has not returned yet. - For customers excluding those still missing: spend growth ~+16% YoY, while reported product revenue growth is ~+8%, largely due to the missing cohort distorting the YoY comp. Management expects that after lapping affected periods, spend growth should converge back to the underlying customer base rate.

Profitability: near-term margin headwinds guided through Q3; full recovery targeted by mid-2027: - Consolidated adjusted EBITDA $163M, margin 1.8%, at low end of guidance; ~ -320 bps YoY. - Product commerce adjusted EBITDA margin 5.1% (excluding $410M regulatory fines) with ~ -390 bps YoY. - Margin compression drivers called out: (1) supply chain dislocation, (2) elevated marketing/promotions to reacquire, (3) fixed costs/capacity sized to pre-incident demand curve—management says this is not structural and should normalize as volumes ramp. - Outlook: Q3 constant currency revenue growth 8–9% YoY (YoY comparisons pressured by Chuseok timing). Consolidated adjusted EBITDA margin expected to contract another 300–400 bps YoY in Q3 (seasonality/timing), but management targets product commerce margin returning to ~pre-incident levels by mid-2027 (detailed guidance end of year).