Pearl Abyss (263750) Q4 2025 earnings summary

Executive summary

• Black Desert and EVE maintained growth through consistent updates, content expansions, and new classes, while Crimson Desert gained global attention and is set for launch in March 2026.

• EVE Frontier advanced testing and blockchain transition, with DokeV development to accelerate post-Crimson Desert launch.

• 2025 featured new content launches across PC, console, and mobile, with major user events and marketing ramp-up for Crimson Desert.

Financial highlights

• Q4 2025 operating revenue was KRW 95.5 billion, down 10.6% quarter-over-quarter and 0.2% year-over-year.

• Q4 operating loss was KRW 8.4 billion and net profit loss was KRW 14.4 billion, both turning negative.

• Black Desert IP revenue was KRW 63 billion (down 20.8% QoQ); EVE IP revenue was KRW 27.3 billion (up 30.8% QoQ).

• Full-year 2025 operating revenue was KRW 342.4 billion, continuing a downward trend.

• Regional revenue: 16% Korea, 18% Asia, 66% North America/Europe; platform revenue: 82% PC, 13% mobile, 5% console.

Segment performance

• Black Desert saw a slight annual revenue increase, driven by new content and user engagement events, despite a Q4 revenue decline.

• EVE Online achieved its highest quarterly revenue since the pandemic, driven by the Catalyst expansion and increased user activity.

• Mobile segment improved revenue with new content and user satisfaction initiatives.

• Black Desert and EVE remain core revenue drivers, with Black Desert contributing the majority share.

• Revenue by region shows Korea and Asia as leading markets, with NA/EU maintaining a significant share.