Netmarble (251270) Q2 2025 earnings summary

Executive summary

• Q2 2025 revenue reached KRW 717.6 billion, up 15% quarter-over-quarter, with EBITDA at KRW 131.1 billion, up 60.7% sequentially, driven by the full-quarter impact of RF Online Next and the launch of Seven Knights Rebirth.

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

• Net profit margin improved to 22.3% from 12.1% in the previous quarter.

• Growth was supported by efficient cost management and new game launches.

Financial highlights

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

• Operating margin was 14.1%, up from 8.0% 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%.

• Labor expenses increased 1.6% quarter-over-quarter but decreased 4.3% year-over-year.

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.

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