DoubleUGames (192080) Q3 2026 earnings summary

Executive summary

• 9M26 revenue reached KRW 611.0bn, up 17.5% YoY; EBITDA rose 22.1% to KRW 221.9bn and operating profit rose 20.1% to KRW 202.1bn.

• iGaming and Casual contributed 25.1% of revenue, supporting portfolio diversification.

• Q3 revenue was KRW 195.4bn, up 5.0% YoY and down 7.2% QoQ amid FX and seasonal pressure.

Financial highlights

• Q3 operating profit was KRW 63.5bn and EBITDA KRW 70.0bn, up 7.4% and 7.1% YoY, respectively, but down 9.3% and 9.0% QoQ.

• 9M26 net income was KRW 154.9bn, including KRW 112.8bn attributable to controlling interests; Q3 net income was KRW 16.3bn versus KRW 65.0bn in Q2.

• Q3 operating expenses were KRW 131.9bn, up 3.8% YoY and down 6.2% QoQ; variable costs were KRW 50.0bn, or 26% of revenue.

• Q3-end cash and cash equivalents were KRW 723.9bn; short-term deposits not classified as cash equivalents were KRW 212.5bn.

Outlook and guidance

• Q4 is the seasonal peak; enhanced LiveOps and Halloween, Thanksgiving and Christmas events are expected to support recovery in revenue and operating profit.

• Casual gaming Q4 marketing will prioritize titles with proven returns; growth investment is expected to accelerate in 2027 as the title portfolio is validated and IAP games expand.

• iGaming aims to optimize costs, maintain or grow revenue and sustain at least a 10% margin amid U.K. tax changes.