NEXON (3659) Q4 2025 earnings summary

Executive summary

• Achieved record full-year revenue of ¥475.5 billion in 2025, up 6–6.5% year-over-year, driven by strong core franchises and successful new titles including ARC Raiders, MapleStory: Idle RPG, and MABINOGI MOBILE.

• ARC Raiders sold over 14 million units since launch, becoming the most successful new product and validating global blockbuster potential.

• MapleStory: Idle RPG reached #1 in multiple Asian markets, contributed significantly to revenue, but faced a coding error that led to a full refund offer and process reforms.

• Entered 2026 with a diversified, globally competitive portfolio and strong engagement across established and new IPs.

• Key franchises like Dungeon & Fighter and MapleStory showed mixed results, with MapleStory revenue increasing and Dungeon & Fighter franchise revenue declining due to mobile segment weakness.

Financial highlights

• Full-year revenue was ¥475.5 billion (up 6–6.5% year-over-year); operating income flat at ¥124.0 billion; net income down 31.7–32% to ¥92.1 billion.

• Q4 2025 revenue rose 55% year-over-year to ¥123.6 billion; operating income was ¥7.2 billion; net income was ¥10.9 billion.

• Deferred ¥27.7 billion of ARC Raiders revenue in Q4, with about half to be recognized in Q1 2026.

• Cash and cash equivalents at year-end 2025 were ¥498.9 billion, up ¥166.9 billion from prior year.

• Basic earnings per share for FY2025 was ¥114.48, down from ¥161.79 in the prior year.

Outlook and guidance

• Q1 2026 revenue forecast: ¥150.5–164.0 billion (up 32.1–44.0% year-over-year); operating profit forecast: ¥51.2–61.1 billion (up 23.0–46.9%).

• Q1 2026 profit attributable to owners of parent: ¥40.9–48.4 billion (up 55.7–84.4% year-over-year).

• Growth expected from MapleStory, ARC Raiders, Dungeon & Fighter (PC), and new titles, with continued global expansion.

• Regional outlook: Korea and Rest of World to see revenue growth; China to decline due to Dungeon & Fighter Mobile.

• New titles and pipeline games to be introduced in 2026, with more details at the March capital markets briefing.