DoubleUGames (192080) Q2 2026 earnings summary

Executive summary

• Achieved record-high revenue and profit for the seventh consecutive quarter, driven by strong growth in the casual segment and improved cost structure.

• DTC (Direct-to-Consumer) revenue share reached 47.5%, significantly up YoY, enhancing profitability.

• Casual segment became the second largest revenue contributor, surpassing iGaming for the first time, with AI-driven games accounting for 81% of segment revenue.

• Operates a global gaming and iGaming business with 23 consolidated subsidiaries, expanding through M&A including SuprNation AB, Paxie Games, and WHOW Games.

• Maintains a stable credit rating (A0, stable) and is listed on KOSPI since 2019.

Financial highlights

• Q2 2026 consolidated operating revenue: KRW 210.6 billion, up 22.5% YoY and 2.8% QoQ; operating profit: KRW 70.1 billion, up 29% YoY.

• H1 2026 cumulative operating revenue: KRW 415.6 billion, EBITDA: KRW 151.9 billion, up 24.5% and 30.5% YoY respectively.

• Net income for Q2 2026: KRW 65.0 billion, up 97% YoY.

• Cash and cash equivalents at June 2026: KRW 733.0 billion, up from KRW 569.9 billion at end-2025.

• Dividend per share for FY2025: KRW 1,200; payout ratio: 17.6%.

Outlook and guidance

• Expecting continued stabilization and growth in casual games for the second half of 2026, with further expansion of AI-driven titles.

• Social casino and iGaming segments anticipated to maintain stable revenues, with seasonal boosts in Q4.

• Targeting DTC revenue share in the mid-50% range by year-end.

• Plans to expand the game portfolio via new in-house titles and further M&A.

• Ongoing commitment to shareholder returns through buybacks and dividends.