Netmarble (251270) Q4 2025 earnings summary

Executive summary

• Achieved record annual and quarterly revenue in 2025, reaching KRW 2,835.1 billion, driven by successful new game launches, multiple hit titles, and global expansion.

• EBITDA for FY2025 reached KRW 484 billion, up 30.8% year-over-year, with a margin of 17.1% due to strong profitability and cost optimization.

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

Financial highlights

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

• Full year EBITDA: KRW 484 billion, up 30.8% year-over-year; EBITDA margin: 17.1%.

• Q4 revenue: KRW 797.6 billion, up 14.6% QOQ and 22.9% YOY.

• Q4 EBITDA: KRW 148.9 billion, up 21.7% QOQ and 102.9% YOY; EBITDA margin: 18.7%.

• Q4 operating profit: KRW 110.8 billion; net loss: KRW 35.9 billion due to impairment charge on intangible assets.

Outlook and guidance

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

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

• Commission fee rate anticipated to decrease further in 2026, driven by higher PC payment share and favorable app market policies.

• Shareholder return policy for 2026–2028 aims to expand returns up to 40% of adjusted net profit via dividends and buybacks.