Neowiz Investor Presentation: Q3 2025

Key insights

6 takeaways

01
Neowiz reported Q3 2025 revenue of KRW 127.4 billion, marking a 36.8% year-over-year increase and a 15.8% quarter-over-quarter growth.See it on page 4
02
Operating profit reached KRW 26.5 billion with a 20.8% operating margin, while net profit for the quarter was KRW 25.0 billion.See it on page 3
03
Mobile revenue grew to KRW 58.5 billion, a 32.8% increase quarter-over-quarter, driven by the seventh consecutive quarter of growth for Browndust2.See it on page 4
04
PC/Console revenue contributed KRW 58.7 billion to the total, supported by the sustained performance of Lies of P and the launch of Shape of Dreams.See it on page 4
05
Operating expenses rose 10.4% to KRW 100.9 billion due to variable costs from product launches, though labor costs decreased by 12.5% due to lower incentive payouts.See it on page 5
06
Neowiz’s 2026 growth strategy focuses on live service management, acquiring indie games, and developing new projects including a sequel to Lies of P.See it on page 7

Summary

Neowiz’s third-quarter 2025 financial results demonstrate significant growth, characterized by strong revenue expansion and improved profitability across its core gaming segments. The company reported quarterly revenue of KRW 127.4 billion, representing a 36.8% increase year-over-year and a 15.8% increase quarter-over-quarter. Operating profit reached KRW 26.5 billion, while net profit stood at KRW 25.0 billion, reflecting a robust operating margin of 20.8%.

Performance was driven by balanced contributions from both PC/Console and mobile platforms. PC/Console revenue reached KRW 58.7 billion, bolstered by the sustained performance of the title Lies of P and the official launch of Shape of Dreams. Simultaneously, mobile revenue grew to KRW 58.5 billion, a 32.8% increase from the previous quarter, largely attributed to the second-anniversary events and deferred revenue recognition for the title Browndust2. This mobile title has notably achieved seven consecutive quarters of revenue growth, supported by a strategy of fan-focused services and global offline engagement.

Operating expenses rose to KRW 100.9 billion, a 10.4% increase quarter-over-quarter, primarily due to higher variable costs associated with the revenue growth of Browndust2 and new product launches. However, labor costs decreased by 12.5% during the same period due to lower incentive payouts. Looking ahead, the company is prioritizing a two-phase growth strategy for fiscal year 2026. This includes the live service management of existing titles, the acquisition of high-potential indie games, and the expansion of global intellectual property through the development of new projects, including a sequel to Lies of P and various narrative-based and survival-action titles across PC and console platforms.