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Netmarble (251270) investor relations material

Netmarble Q3 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q3 2025 earnings summary6 Nov, 2025

Executive summary

  • Q3 2025 revenue reached KRW 696.0 billion, up 7.5% year-over-year but down 3% sequentially, driven by strong domestic performance of Vampir, global launch of Seven Knights Re:Birth, and regional expansion of existing games.

  • EBITDA was KRW 122.4 billion, up 19.1% YoY with a margin of 17.6%.

  • Operating profit was KRW 90.9 billion (margin 13.1%), and net income was KRW 40.6 billion, with net profit impacted by fair value adjustments on held assets.

  • The game portfolio remains diversified, with Seven Knights Re:Birth and Vampir as top contributors, and overseas sales accounting for 68% of total revenue.

Financial highlights

  • EBITDA: KRW 122.4 billion (YoY +19.1%, QoQ -6.6%), margin 17.6%.

  • Operating profit: KRW 90.9 billion; margin 13.1%.

  • Marketing expenses rose 7.3% QoQ and 38.9% YoY to KRW 145.3 billion, reflecting new launches and global expansion.

  • Labor expenses decreased 2.6% QoQ and 4.9% YoY, attributed to efficiency gains without headcount reduction.

  • Commission rate dropped by 1.5 percentage points to 32.3% due to increased sales of self-developed IP titles.

Outlook and guidance

  • Q4 2025 is expected to see higher revenue than Q3, driven by full-quarter contributions from Vampir and Seven Knights Re:Birth, as well as global expansion and updates of existing titles.

  • Major new titles, including Solo Leveling: Arise/ARISE OVERDRIVE, are scheduled for Q4 2025, with additional high-profile launches planned for the first half of 2026.

  • No significant one-off or abnormal costs are anticipated for Q4, though non-operating items may arise from annual impairment and fair value assessments.

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Frequently asked questions

Netmarble Corporation is a South Korea-based company engaged in the development and publishing of mobile and online games. The company produces a wide range of game titles across genres such as role-playing, strategy, and casual games, often in collaboration with global entertainment franchises. Netmarble distributes its games both domestically and internationally through digital platforms and app stores. The company also invests in emerging technologies such as blockchain and the metaverse to expand its gaming ecosystem. Netmarble Corporation is headquartered in Seoul, South Korea, and its shares are listed on the KRX.

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