Kakao Games (293490) Q3 2026 earnings summary

Executive summary

• Q3 revenue was KRW 69.1bn, down 45.8% YoY and 7.9% QoQ; operating loss was KRW 26.3bn. Management characterized Q3 as the revenue bottom, with recovery expected from Q4.

• 9M 2026 revenue was KRW 227.0bn and operating loss KRW 74.8bn, reflecting lower PC and mobile game revenue.

Financial highlights

• Q3 operating loss widened from KRW 5.4bn in 3Q25 and KRW 23.0bn in 2Q26; net loss narrowed QoQ after one-off financial expenses in 2Q26 were absent.

• Operating expenses were KRW 95.4bn, down 28.2% YoY and 2.7% QoQ.

• Marketing costs rose 76.2% QoQ to KRW 6.2bn; commissions fell 4.3% QoQ to KRW 35.0bn.

• Labor costs were KRW 36.7bn, flat YoY and down 6.5% QoQ; depreciation and amortization was KRW 10.0bn, down 18.9% YoY.

Segment performance

• PC revenue was KRW 18.5bn, down 56.7% YoY and 17.2% QoQ, amid an off-season for legacy-title promotions.

• Mobile revenue was KRW 50.6bn, down 40.3% YoY and 4.0% QoQ amid legacy-title declines and few new releases; domestic Odin revenue and traffic rose QoQ.