Netmarble (251270) Q2 2025 earnings summary

Executive summary

• Q2 2025 revenue reached KRW 717.6 billion, up 15% quarter-over-quarter but down 8.2% year-over-year, with EBITDA at KRW 131.1 billion, up 60.7% sequentially and down 13.2% year-over-year.

• Operating profit was KRW 101.1 billion and net income was KRW 160.2 billion, reflecting strong profitability improvements from the previous quarter.

• Growth was driven by the full-quarter revenue from RF Online Next and the successful launch of Seven Knights Rebirth.

• Operates a global mobile game development and publishing business with 57 consolidated subsidiaries as of June 30, 2025, focusing on mobile, cross-platform, and blockchain-integrated games.

• Major titles include 'MARVEL Contest of Champions', 'Jackpot World', 'Lotsa Slots', '세븐 나이츠 리버스', and '나 혼자만 레벨 업: ARISE'.

Financial highlights

• EBITDA margin stood at 18.3% for Q2, up from 13.1% in the previous quarter.

• Operating expenses were KRW 616.5 billion, up 7.4% quarter-over-quarter and down 8.1% year-over-year.

• Marketing expenses rose to KRW 135.4 billion, with marketing spend as a percentage of revenue at 18.9%.

• H1 2025 consolidated revenue: KRW 1,341.5 billion, down from KRW 2,663.8 billion in H1 2024.

• Net profit attributable to owners: KRW 235.9 billion (H1 2025), up from KRW 25.6 billion (H1 2024).

Outlook and guidance

• Seven new titles are planned for launch in the second half, including King of Fighters AFK and Vampires, with regional expansion for existing titles.

• Ongoing updates and global launches for RF Online Next and Seven Knights Rebirth are expected to sustain performance.

• Ongoing investment in AI, blockchain, and metaverse technologies to enhance game quality and user engagement.

• The company aims to maintain stable performance momentum through operational capabilities and new releases.

• Expects continued growth in global and domestic mobile game markets, with Asia remaining the largest region.