Mabinogi Mobile: Investor Presentation Q1 2025

Key insights

6 takeaways

01
Nexon reported Q1 2025 revenue of ¥113.9 billion, a 5% year-over-year increase, alongside a 43% surge in operating income to ¥41.6 billion.See it on page 11
02
The successful launch of Mabinogi Mobile in Korea outperformed initial projections and served as a primary growth driver alongside core franchises Dungeon&Fighter and MapleStory.See it on page 12
03
Despite strong operating performance, net income declined 27% year-over-year, impacted by localized underperformance in mobile segments and the Chinese launch of Dungeon&Fighter Mobile.See it on page 10
04
Nexon is executing a ¥50 billion share repurchase program as part of a broader ¥100 billion commitment to prioritize shareholder value.See it on page 23
05
The company projects flat year-over-year revenue for Q2 2025, balancing expected declines in the Chinese market against the sustained momentum of Mabinogi Mobile.See it on page 19
06
Future growth strategy centers on IP diversification and a development pipeline that includes Project DX2, Vindictus: Defying Fate, Dungeon&Fighter: ARAD, The First Descendant, and The First Berserker: Khazan.See it on page 26

Summary

Nexon demonstrated resilient financial health in the first quarter of 2025, characterized by a 5% year-over-year revenue increase to ¥113.9 billion and a significant 43% surge in operating income to ¥41.6 billion. This growth trajectory was primarily fueled by the enduring strength of core franchises such as Dungeon&Fighter and MapleStory within the Korean market, complemented by the successful launch of Mabinogi Mobile, which outperformed initial projections. Despite a 27% decline in net income compared to the previous year and localized underperformance in certain mobile segments and the Chinese launch of Dungeon&Fighter Mobile, the company maintains a stable fiscal foundation supported by an active development pipeline.

The strategic outlook for the second quarter of 2025 anticipates flat year-over-year revenue, as the company balances expected declines in China against the sustained momentum of Mabinogi Mobile in Korea. Nexon continues to prioritize shareholder value, currently executing a ¥50 billion share repurchase program as part of a larger ¥100 billion commitment. This financial strategy is paired with a focus on long-term growth through the expansion of global intellectual property and the development of upcoming titles, including Project DX2, Vindictus: Defying Fate, and Dungeon&Fighter: ARAD.

Spanning the global operations of the firm with a specific emphasis on the East Asian market, these results underscore a transition toward mobile-centric growth and IP diversification. By leveraging established franchises alongside new releases like The First Descendant and The First Berserker: Khazan, the company is positioning itself to navigate shifting regional market demands. The combination of disciplined capital allocation and a robust content pipeline reflects a broader effort to stabilize earnings while investing in the next generation of interactive entertainment.