Netmarble 2Q 2025 Earnings Results

Key insights

5 takeaways

01
Netmarble reported Q2 2025 revenue of KRW 717.6 billion, a 15% quarter-over-quarter increase, with an operating profit of KRW 101.1 billion.See it on page 3
02
The company achieved an EBITDA of KRW 131.1 billion, representing an 18.3% margin, driven by the full-quarter performance of RF ONLINE NEXT and the launch of Seven Knights Re:BIRTH.See it on page 3
03
Revenue is geographically balanced between North America (35%) and Korea (34%), while RPGs remain the dominant genre at 42% of total revenue.See it on page 6
04
Operational efficiency improved as the commission-to-revenue ratio decreased, supported by a strategic shift toward in-house intellectual property.See it on page 7
05
Netmarble plans to sustain growth in the second half of 2025 by launching seven new titles, including The King of Fighters AFK, VAMPIR, and StoneAge: Pet World.See it on page 8

Summary

Netmarble’s second-quarter 2025 earnings results demonstrate a strong recovery in financial performance, characterized by significant quarter-over-quarter growth in both revenue and profitability. The company reported consolidated revenue of KRW 717.6 billion, representing a 15% increase from the previous quarter. Operating profit reached KRW 101.1 billion, while EBITDA rose to KRW 131.1 billion, yielding an EBITDA margin of 18.3%. These gains are primarily attributed to the full-quarter revenue recognition of RF ONLINE NEXT and the successful market introduction of Seven Knights Re:BIRTH.

The company’s revenue portfolio remains geographically and genre-diverse, with North America leading at 35% of total revenue, followed by Korea at 34%. By genre, RPGs account for the largest share at 42%, followed by casual games at 33% and MMORPGs at 18%. The shift toward in-house intellectual property has positively impacted the cost structure, as the commission-to-revenue ratio decreased during the quarter. Despite the launch of new titles, marketing-to-revenue ratios remained stable, reflecting disciplined cost management alongside a slight increase in labor costs due to salary adjustments.

Looking ahead to the second half of 2025, the company plans to sustain this momentum through a robust pipeline of seven new game launches, including The King of Fighters AFK, VAMPIR, and StoneAge: Pet World. These releases, combined with planned regional expansions for existing titles like RF ONLINE NEXT and Seven Knights Re:BIRTH, form the core of the company’s growth strategy. The financial results are presented in accordance with K-IFRS standards and reflect the company’s ongoing focus on operational efficiency and portfolio diversification across mobile, PC, and console platforms.