Investor Presentation Q3 2025: Nexon

Nexon’s financial performance for the third quarter of 2025 reflects a period of strategic transition characterized by significant revenue volatility offset by robust operational efficiency. While total revenue contracted by 12% year-over-year to ¥118.7 billion, largely due to a 50% decline in the Chinese market and a 48% decrease in mobile segment earnings, the company achieved a 41% surge in net income to ¥38.2 billion. This profitability underscores the resilience of core franchises, most notably MapleStory, which recorded a 61% year-over-year revenue increase, and the successful market entry of ARC Raiders, which achieved 4 million units sold.

Geographically and operationally, the company’s results remain mixed. Strong double-digit growth for the PC version of Dungeon&Fighter in China provided a critical buffer against broader regional downturns. Looking toward the final quarter of 2025, the organization anticipates a return to significant year-over-year revenue growth, fueled by a diversified pipeline that includes upcoming titles such as Vindictus: Defying Fate, NAKWON: LAST PARADISE, and Dungeon&Fighter: ARAD. This expansion is expected to occur alongside rising operational expenditures, specifically in marketing, royalty payments, and human resources.

Management maintains a positive outlook regarding long-term cash flow and shareholder value, as evidenced by the decision to double the year-end dividend forecast. Furthermore, the company has committed to completing its remaining ¥25 billion share repurchase program. By balancing aggressive investment in new intellectual property with disciplined capital allocation, the firm aims to stabilize its market position and capitalize on the enduring popularity of its flagship titles despite current macroeconomic and regional headwinds.