NEXON (3659) Q3 2025 earnings summary

Executive summary

• Q3 2025 revenue reached ¥118.7 billion, with operating income of ¥37.5 billion, both within guidance, driven by strong performances from MapleStory and ARC Raiders, which sold over 4 million units and reached 700,000 concurrent players.

• Net income rose 41% year-over-year to ¥38.2 billion, mainly due to a significant ¥9.2 billion FX gain compared to a loss last year.

• The company is expanding globally with new launches and hyperlocalized content, including MapleStory Classic World and THE FINALS China open beta.

• Shareholder returns were enhanced by doubling the year-end dividend forecast and completing a major share repurchase.

• The IP growth initiative and global expansion are fueling sustainable long-term growth.

Financial highlights

• Q3 2025 revenue was ¥118.7 billion, down 12% year-over-year, but operating income was in line with expectations.

• Net income exceeded outlook, up 41% year-over-year, driven by a ¥9.2 billion FX gain.

• PC/Console revenue grew 20% year-over-year, while mobile revenue declined 48%.

• Q4 revenue is expected between ¥115.8–129.3 billion, a 45–62% year-over-year increase as reported.

• Korea contributed 58% of total revenue, with strong growth in MapleStory, FC ONLINE, and Dungeon & Fighter (PC).

Outlook and guidance

• Full-year 2025 revenue is forecasted in the range of ¥467,303–480,839 million (up 4.7%–7.8% year-over-year), with operating profit expected at ¥138,581–148,711 million (up 11.6%–19.8%).

• Q4 2025 is expected to see double-digit revenue growth in MapleStory and FC franchises, with new titles like ARC Raiders contributing.

• Net income is expected to decrease year-over-year due to a high FX gain in Q4 2024.

• Significant revenue growth is anticipated in North America and Europe, driven by ARC Raiders and THE FINALS.

• Dungeon&Fighter Franchise revenue is expected to decline about 10% year-over-year, with PC growth offset by mobile flatness.