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🌙 OUR OFFICIAL EN-CONNECT7 WEBSITE IS NOW LIVE 🌐 Our official report has now been released — check it out on our website along with all updates, projects, and fanbase activities worldwide 💙 🔗 en-connect7-globalfanbase.carrd.co #FATE_Is_SevEN #ENGENEs_Boycott_BELIFT

★ ENGENEs ★ It's 8PM KST TIME FOR THE 2ND WAVE 🔊 💙 Time to get louder ENGENEs' voices reflect a shared call for transparency, accountability, and respect for artists. 엔진은 책임을 요구합니다. #Hold_HYBE_Accountable_Q2 #BoycottHYBE_ZeroCredibility

✦︎ — ENVOICE CASE 008 $HYBE 2025 ANNUAL REPORT CHAPTER VI: HYBE'S CORPORATE GOVERNANCE Corporate governance determines who supervises management, how major financial decisions are reviewed and what mechanisms exist to protect shareholders. Chapter VI examines HYBE’s Board of Directors, its specialised committees, the audit and compliance systems supporting them, and the procedures surrounding shareholder participation. The chapter presents a governance structure that is formally developed. However, the disclosed voting records and meeting information also raise questions about how actively that structure challenges management and oversees capital allocation. ★ BOARD COMPOSITION AND INDEPENDENCE At the time of the report, HYBE’s board consisted of nine directors: ⤷ three internal directors ⤷ five outside directors ⤷ one other non-executive director Because outside directors held five of the nine seats, they represented a numerical majority. HYBE also operated five specialised board committees covering outside-director nominations, internal transactions, sustainability, compensation and auditing. This creates formal separation between management and the bodies responsible for supervising sensitive matters. However, numerical independence does not automatically demonstrate effective oversight. What matters is whether directors meaningfully question proposals, request additional evidence and impose conditions before corporate resources are committed. ★ BOARD VOTING AND SUBSIDIARY FINANCING HYBE held 15 board meetings during 2025 and considered approximately 61 resolution items. Every disclosed resolution was approved, and the public voting record does not show a single opposing vote from an attending director. Unanimity does not necessarily mean that no discussion occurred. Directors may raise concerns or request changes before the final vote. However, the Annual Report only records the proposal, its outcome and each director’s vote. It does not disclose the substance of the discussion or whether alternatives were considered. A substantial portion of the board’s agenda concerned subsidiary financing. At least 25 disclosed resolutions involved matters such as: ⤷ loans to subsidiaries; ⤷ working-capital credit arrangements; ⤷ extensions of intercompany lending; ⤷ capital increases; ⤷ conversions or extensions of existing financing; ⤷ guarantees for subsidiary borrowing. These transactions may be necessary within a large corporate group. Nevertheless, their frequency makes capital-allocation oversight one of the board’s most important responsibilities. The report confirms that the financing was approved, but it does not explain the criteria used to assess repayment capacity, expected returns, subsidiary performance or the risk of further losses and impairments. ★ DIRECTOR ATTENDANCE Attendance varied among HYBE’s directors. CEO Lee Jae-sang and several outside directors recorded full attendance during their respective terms. Scott Samuel Braun recorded an attendance rate of 87%. Contrary to an earlier interpretation, he attended the major financing meetings held on March 31 and June 24 and voted in favour of the proposals considered. Board Chairman Bang Si-hyuk recorded a 73% attendance rate, the lowest among HYBE’s internal directors. His absences included the June 24 meeting, during which the board considered 11 resolutions involving subsidiary loans, credit arrangements and a loan guarantee. Missing individual meetings does not prove that a director failed to perform their duties. However, attendance is especially relevant when the director holds a central leadership position and the meeting concerns numerous capital-allocation decisions. ★ SPECIALISED COMMITTEES HYBE’s Internal Transactions Committee, Compensation Committee and Audit Committee were composed entirely of outside directors. The Internal Transactions Committee reviewed transactions involving affiliates, related parties and companies under the same controlling shareholder. All disclosed resolutions were approved unanimously. The Compensation Committee reviewed the CEO compensation system, executive remuneration limits and salary and incentive arrangements. The Audit Committee held nine meetings and examined financial reporting, internal accounting controls, ethics-management assessments, external-auditor findings and an audit of Weverse Company. These committees provide important procedural safeguards. However, most disclosures only identify the titles and outcomes of the matters reviewed. The report does not provide enough information to determine: ⤷ the conditions imposed on transactions ⤷ whether proposals were modified or rejected before formal voting ⤷ the detailed findings of internal audits ⤷ the measurable targets used to calculate executive incentives ⤷ how financial losses and impairments affected compensation ★ COMPLIANCE AND SHAREHOLDER PARTICIPATION HYBE maintained dedicated audit, ethics and compliance teams and had introduced electronic voting for shareholders. However, cumulative voting, which can strengthen minority shareholders’ ability to support a specific board candidate, was excluded under HYBE’s articles during the reporting period. The company stated that it planned to propose removing this exclusion at the 2026 shareholders’ meeting. The 2025 General Shareholders’ Meeting approved the financial statements, director appointments, Audit Committee appointments, the director-remuneration limit and previously granted stock options. The report records each proposal as having passed, but does not show the percentage of votes supporting or opposing each item. This limits the ability to evaluate the level of shareholder dissent behind the final results. ★ KEY TAKEAWAY HYBE’s governance framework is formally extensive, but the public disclosures provide significantly more information about the existence and outcomes of its oversight mechanisms than about their practical effectiveness. The central question is not whether HYBE has a board, committees and compliance teams. It is whether those bodies consistently impose meaningful financial discipline, challenge management decisions and connect executive accountability to the long-term consequences of corporate strategy. $KOSPI 🔗 Full Chapter VI analysis: telegra.ph/2025-HYBE-ANNU… 📷 Official Annual Report: englishdart.fss.or.kr/dsbh001/main.d… 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 BRIEFING 008 D-1 — Q2 2026 Shareholders Meeting With only one day remaining, we encourage everyone to continue supporting the campaign and amplifying our demands for transparency, corporate accountability and the protection of artists’ welfare. Our ongoing analysis of HYBE’s 2025 Annual Report has provided important context on the company’s structure, operations, financial position and governance. Now is the time to ensure that these concerns remain visible as the meeting approaches. Please continue using the designated tags and cashtag responsibly, engage with informative posts and help us reach a wider audience. ONE DAY LEFT. LET OUR CONCERNS BE SEEN AND HEARD. $HYBE

CASHTAG GUIDELINES & TIPS ​PLEASE FOLLOW THE GUIDELINES PROVIDED BY @ENVOICEs STRICTLY TO AVOID BEING FLAGGED AS SPAM! Quick Tips: • Write Complete Sentences: Explain your point clearly regarding HYBE's corporate decisions or management • Do NOT post $/HYBE alone or under unrelated content. • Non certified accounts: Limit to ~50 posts/day. • Best format: 1-2 tags + 1 cashtag + original comment. • Vary your text every post!

🚨 HYBE INVESTOR MASS EMAIL CAMPAIGN 🚨 ​Ahead of HYBE's Q2 call, we are taking action to reach stakeholders directly. ​📧 Pre-filled Email Links: 🔗 …7-dispatcher-engene-emails.vercel.app 🔗 voiceforenhypen-gap.vercel.app ​📄 Step-by-Step Guide & Email Directory (Google Doc): 🔗 docs.google.com/document/u/0/d… (Contains step-by-step instructions on how to use the website links, alternative drafts and media email template) ​(Credits to respective owners) ​엔진은 책임을 요구합니다. #Hold_HYBE_Accountable_Q2 #BoycottHYBE_ZeroCredibility

★ ENGENEs ★ It's 1PM KST TIME FOR THE FIRST WAVE 🔊 💙 Time to get louder ENGENEs' voices reflect a shared call for transparency, accountability, and respect for artists. 엔진은 책임을 요구합니다. #Hold_HYBE_Accountable_Q2 #BoycottHYBE_ZeroCredibility

ENGENEs, it's 1 PM KST, time for 1st Wave! 🔉 DAY 2 of our MASS TAGGING campaign! 🏷🔥 We have noticed that many ENGENEs are still being filtered as spam. Those who consistently follow the tagging guidelines are no longer facing this issue, so we strongly encourage everyone to follow them carefully. Please remember that posts filtered as spam are not counted, meaning your time and effort may go to waste. Taking a few extra minutes to follow the guidelines properly will help ensure your efforts have the greatest impact. ENGENEs' voices reflect a shared call for transparency, accountability, and respect for artists. 엔진은 책임을 요구합니다. #Hold_HYBE_Accountable_Q2 #BoycottHYBE_ZeroCredibility ​📌 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.

Hello @X and @Support I have been following @ENHYPENFANBASE_ for a while now, and their account has been wrongfully suspended. They have not violated or broken any platform rules. Please look into this matter and reactivate their account. Will be grateful!

✦︎ — ENVOICE CASE 006 $HYBE 2025 ANNUAL REPORT CHAPTER IV: DIRECTOR’S MANAGEMENT ASSESSMENT AND ANALYSIS OPINION Financial statements show what happened during the year. Chapter IV shows how management interprets those results, explains the decisions behind them and presents its expectations for the future. By comparing management’s explanation with the underlying financial data, this chapter examines whether HYBE’s record revenue translated into stronger profitability, financial stability and sustainable growth. ★ DECLINING PROFITABILITY HYBE recorded its highest-ever consolidated revenue in 2025, increasing by 17.5% to KRW 2.65 trillion. However, operating profit fell by 73.2% to KRW 49.3 billion, reducing the operating margin from 8.16% to 1.86%. The company also reported a substantial consolidated net loss. Management attributes the decline mainly to proactive investment in global IP expansion, initial costs associated with debuting new artists and one-off expenses related to restructuring the North American business. While investment and expansion naturally involve costs, the scale of the decline raises important questions about cost control, execution and whether the company’s growth strategy can generate proportional returns. ★ THE SHIFT IN HOW HYBE GENERATES REVENUE The composition of HYBE’s revenue changed significantly during the year: ⤷ Albums and music decreased by 10.2% to KRW 772.9 billion. ⤷ Content decreased by 9.9% to KRW 258.8 billion. ⤷ Concert revenue increased by 69.4% to KRW 763.9 billion. ⤷ MD and licensing increased by 35.8% to KRW 570.5 billion. Revenue growth therefore became increasingly dependent on concerts, merchandise and licensing while albums, music and content declined. The report does not disclose profitability by revenue category, meaning this shift cannot be established as the direct cause of the lower operating margin. Nevertheless, it raises questions about whether growth driven increasingly by touring, merchandise and licensing can produce sustainable long-term profits after the related production, staffing and logistical costs are considered. ★ BALANCE-SHEET DEVELOPMENTS Total assets remained broadly stable at approximately KRW 5.48 trillion, liabilities decreased by around 2% and total equity increased by approximately 1% despite the company’s net loss. Management explains that the increase in equity was supported primarily by convertible-bond conversions and valuation gains on certain financial assets. Convertible-bond conversions reduce debt obligations but may also dilute existing shareholders through the issuance of additional shares. Intangible assets also decreased by approximately KRW 257.5 billion. This entire decrease was not impairment, as it also included amortization, disposals and other accounting movements. However, the detailed financial notes separately confirm substantial impairment losses on intangible assets and goodwill. The increase in equity must therefore be considered alongside the net loss, shareholder dilution and the decline in the carrying value of certain assets. ★ LIQUIDITY AND CASH GENERATION HYBE’s cash and cash equivalents increased by nearly 30% to KRW 534.9 billion at the end of 2025. However, the source of that increase requires closer examination: ⤷ Operating cash flow declined by approximately 29% to KRW 107.5 billion. ⤷ Investing activities produced a net cash outflow of approximately KRW 169.0 billion, partly affected by increased short-term deposits. ⤷ Financing activities shifted from an outflow in 2024 to an inflow of approximately KRW 187.3 billion in 2025, primarily because of increased borrowings. The higher year-end cash balance should therefore not automatically be interpreted as evidence of stronger underlying operations. A major part of the increase was supported by external financing while operating cash generation weakened. ★ KEY TAKEAWAYS Chapter IV presents 2025 as a transitional year in which lower profitability resulted from the initial costs of building a broader global business. The financial data, however, presents a more complicated picture: revenue reached a record high, but operating profit, margins and operating cash flow declined. At the same time, concerts, MD and licensing became increasingly important to growth, while financing and accounting movements materially supported the reported increases in cash and equity. Moving forward, stakeholders will need measurable evidence that HYBE’s proactive investments can produce sustainable earnings, stronger operating cash flow and returns sufficient to justify the capital committed. 🔗 Full Chapter III analysis: telegra.ph/HYBE-Annual-Re… 📷 Official Annual Report: englishdart.fss.or.kr/dsbh001/main.d… 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.

Hello @X and @Support I have been following @ENHYPENFANBASE_ for a while now, and their account has been wrongfully suspended. They have not violated or broken any platform rules. Please look into this matter and reactivate their account. Will be grateful!

Hello @X and @Support I have been following @ENHYPENFANBASE_ for a while now, and their account has been wrongfully suspended. They have not violated or broken any platform rules. Please look into this matter and reactivate their account. Will be grateful!

Four Pictures. One Enhypen Song . Can you guess it before checking the comments? ✦ 𝐇𝐈𝐍𝐓 ✦ D _ S T I N Y B _ O O D I N E V I T A B L E Comment your answer with TAGS ↓ 엔진은 책임을 요구합니다. #Hold_HYBE_Accountable_Q2 #BoycottHYBE_ZeroCredibility

★ ENGENEs ★ ╰┈➤ interactive post y’all! Guess the ENHYPEN m/v !✨ 엔진은 책임을 요구합니다. #Hold_HYBE_Accountable_Q2 #BoycottHYBE_ZeroCredibility

🎶 ★ ENGENEs ★ Interact 💙 Name the ENHYPEN song that... • Describes you best • You'd recommend first • You wish to hear live Reply with the tags everyone ⋆｡°✩ 🦇 ✩°｡⋆ #Hold_HYBE_Accountable_Q2 #BoycottHYBE_ZeroCredibility

If you really respected ENHYPEN, you'd have listened when jw said those who spread hate and cause fights aren't ENGENEs which means you're a jw anti :) Maybe focus on supporting and respecting the 6 members instead of harassing us for taking a stand against their mistreatment.

Yea ot6 stans they are definitely fine and belift is the best company ever who treats their idols right.. yea they are definitely do fine 😃🙏🏼

★ ENGENEs ★ Today's tag game is here y'all 🎶 Guess the ENHYPEN song by emojis! 🦷💘 *｡°☆ 🦇 ☆°｡* Answer with the tagsss 💙 #Hold_HYBE_Accountable_Q2 #BoycottHYBE_ZeroCredibility