Netmarble (251270) Q4 2025 earnings summary

Executive summary

• Achieved record annual and quarterly revenue in 2025, driven by successful new game launches and global expansion.

• EBITDA for FY2025 reached KRW 484.0bn, up 30.8% year-over-year, with a margin of 17.1% due to ongoing cost optimization.

• Fourth quarter revenue was KRW 797.6bn, up 14.6% quarter-on-quarter and 22.9% year-over-year; EBITDA was KRW 148.9bn, up 21.7% QOQ and 102.9% YOY.

Financial highlights

• Full year 2025 revenue: KRW 2,835.1bn, up 6.4% year-over-year.

• FY2025 operating income was KRW 353bn (margin 12.4%), and net profit (controlling) was KRW 239bn (margin 8.4%).

• Q4 operating profit: KRW 110.8bn (margin 13.9%); net loss: KRW 35.9bn due to impairment charge.

• Cash and cash equivalents at year-end were KRW 688bn.

• Q4 EBITDA margin was 18.7%; FY2025 EBITDA margin was 17.1%.

Outlook and guidance

• 2026 to see continued top-line growth, led by blockbuster new titles and global expansion.

• Eight new game titles, including StoneAge: Idle Adventure and The Seven Deadly Sins: Origin, are scheduled for release in 2026, targeting global markets.

• Shareholder return policy for FY2026-2028 aims to expand returns up to 40% of adjusted net profit (controlling) via dividends and buybacks.

• Marketing expense ratio expected to remain around 20% in 2026; labor expense ratio to decline due to revenue growth.

• Four new titles planned for launch in the second half of 2026, with efforts to minimize delays.