Nexon Releases Earnings for First Quarter 2025

Key insights

6 takeaways

01
Nexon reported Q1 2025 revenue of ¥113.9 billion, a 5% year-over-year increase, and operating income of ¥41.6 billion, marking a 43% growth compared to Q1 2024.See it on page 4
02
Core franchises—Dungeon&Fighter, MapleStory, and FC—achieved an aggregate 21% year-over-year growth, serving as the primary drivers of the company's financial performance.See it on page 2
03
Nexon maintains a strong financial position with approximately ¥600 billion in cash, which the company is utilizing for share repurchase programs and future investment opportunities.See it on page 4
04
The company is expanding its Chinese market presence through a partnership with Tencent, focusing on content for Dungeon&Fighter Mobile and pre-registrations for The First Berserker: Khazan and THE FINALS.See it on page 2
05
Strategic growth is centered on the IP Growth Initiative, which includes the recent debut of MABINOGI MOBILE in Korea and the global release of The First Berserker: Khazan.See it on page 2
06
Management anticipates stable revenue for Q2 2025 on a constant-currency basis, supported by ongoing momentum in major franchises and the development of the upcoming title ARC Raiders.See it on page 1

Summary

Nexon’s financial results for the first quarter of 2025 demonstrate a resilient performance characterized by the recovery of core franchises and the successful launch of new brand extensions. The company reported revenue of ¥113.9 billion, a 5% year-over-year increase, and operating income of ¥41.6 billion, representing a 43% growth compared to the same period in 2024. These results were driven by the collective strength of the Dungeon&Fighter, MapleStory, and FC franchises, which achieved an aggregate 21% year-over-year growth, alongside disciplined cost management.

The company’s strategic focus remains on its multi-year IP Growth Initiative, which emphasizes both vertical expansion through established titles and horizontal growth via new game development. Notable highlights include the successful debut of MABINOGI MOBILE in Korea and the global release of The First Berserker: Khazan. Furthermore, Nexon is actively expanding its footprint in the Chinese market through a co-development partnership with Tencent, which includes upcoming content for Dungeon&Fighter Mobile and pre-registration initiatives for The First Berserker: Khazan and THE FINALS.

Geographically, the company maintains a global reach with operations in over 190 countries. Despite a challenging comparison to the previous year’s explosive launch of Dungeon&Fighter Mobile, management remains optimistic about sustained growth. The company’s financial position is supported by a robust balance sheet containing approximately ¥600 billion in cash, facilitating ongoing share repurchase programs and future investment opportunities. Looking ahead to the second quarter of 2025, Nexon anticipates revenue to remain stable on a constant-currency basis, bolstered by continued momentum in its major franchises and the integration of player feedback into its upcoming pipeline, including the title ARC Raiders.