SHIFT UP (462870) Q4 2025 earnings summary

Executive summary

• FY2025 revenue reached ₩294.5bn, operating income ₩181.4bn and net income ₩191.4bn; each set a record, with revenue up 31.4% YoY and net income up 29.4%.

• Growth came from the continued performance of Goddess of Victory: NIKKE and the PC expansion of Stellar Blade; the two titles contributed 96.1% of revenue.

Financial highlights

• Revenue rose 31.4% YoY to ₩294.5bn; operating expenses grew 58.4% to ₩113.1bn, limiting operating income growth to 18.8% at ₩181.4bn.

• Pre-tax income increased 30.3% to ₩233.0bn; net income rose 29.4% to ₩191.4bn, versus ₩148.0bn in 2024.

• Finance income increased to ₩47.8bn from ₩21.0bn, including ₩24.2bn gains on disposals of fair-value financial assets and ₩14.8bn equity-method income from associates.

• Operating cash flow was ₩157.2bn; investing cash outflow was ₩283.2bn and financing cash outflow ₩51.4bn, including ₩50.0bn of treasury-share purchases.

Outlook and guidance

• 2026 plans include further Stellar Blade platform expansion, a sequel reveal and a Project Spirit reveal; development of the sequel and cross-platform Project Spirit is underway.

• Project Spirit is planned as an Eastern-fantasy subculture title spanning mobile, PC and console, with global reach; no numerical FY2026 guidance is stated.

• Plans include continued NIKKE content updates every 2–3 weeks to support its long-term lifecycle, plus expansion of Stellar Blade into a franchise and broader IP business.