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Partial Correction to FY2025 First Quarter Consolidated Financial Results [Japanese GAAP]

CyberAgent, Inc. issued this formal correction to its consolidated financial results for the first quarter of fiscal year 2025, covering the period from October 1, 2024, to December 31, 2024. The primary purpose of the disclosure is to provide revised numerical data and financial statements following the submission of correction reports for past annual securities reports. The scope of the report encompasses the company’s primary business segments in Japan, including Media and IP, Internet Advertisement, Gaming, and Investment Development. The revised data shows that CyberAgent achieved net sales of ¥203.8 billion, a 5.8% increase year-on-year. Operating income rose significantly by 41.6% to ¥8.3 billion, while ordinary income grew 45.4% to ¥8.8 billion. Net income attributable to owners of the parent reached ¥5.07 billion, a notable recovery from the ¥892 million loss recorded in the same period the previous year. Performance varied by segment: the Internet Advertisement Business remained the largest contributor with ¥117.8 billion in sales, while the Media and IP Business turned profitable due to loss reductions at ABEMA. Conversely, the Game Business saw a 15.1% decline in sales to ¥38.2 billion, attributed to the slowdown of existing titles and a ¥1.27 billion impairment loss. Methodologically, the financial results were prepared in accordance with Japanese GAAP. A significant structural change was noted in the reporting methodology, as the company integrated its "Other Businesses" into the newly renamed "Media and IP Business" to better align with its multimedia franchise strategy. Despite the internal corrections to historical data, the company maintained its full-year forecast for fiscal year 2025, projecting net sales of ¥820 billion and operating income of ¥42 billion.

CyberAgent, Inc.May 2025

Partial Correction to FY2021 Consolidated Financial Results (Japanese GAAP)

CyberAgent, Inc. achieved exceptional financial growth during the 2021 fiscal year, characterized by a 39.2% increase in consolidated net sales to ¥666,149 million and a 207.5% surge in operating income to ¥104,070 million. This performance was underpinned by a significant rise in profit attributable to shareholders, which climbed from ¥6,567 million in the previous year to ¥41,242 million. The company’s liquidity position strengthened considerably, with cash and cash equivalents nearly doubling to ¥184,082 million, supported by robust operating cash flows of ¥109,609 million. The Game Business served as the primary catalyst for this expansion, recording a 68.6% revenue increase to ¥262,751 million and a 217.9% jump in segment income to ¥96,445 million. This success was largely attributed to the performance of a major new title launch. Simultaneously, the Internet Advertisement Business reached record net sales of ¥321,001 million, while the Media Business grew by 45.1%, successfully narrowing its operating losses to ¥15,141 million. Other corporate developments included a four-for-one stock split implemented in April 2021, resulting in adjusted basic earnings per share of ¥81.68. Despite the strong fiscal results, management has opted not to provide a formal forecast for the 2022 fiscal year. This decision stems from the inherent volatility of the game industry, where the timing of new title launches and the fluctuation of hit-driven revenue cycles create significant uncertainty. While the company maintains a diversified portfolio across media, advertising, and investment development, the high impact of the gaming segment on overall profitability necessitates a cautious approach to forward-looking guidance.

CyberAgent, Inc.May 2025

Consolidated Results Supplementary Information for Fiscal Year Ended in March of 2025

Akatsuki Inc. reported its consolidated financial results for the fiscal year ended March 2025, highlighting a period of strategic "selection and concentration" that led to a significant increase in profitability. While total annual sales remained relatively flat at ¥23.65 billion, a 1% decrease year-over-year, consolidated operating profit jumped 46% to ¥3.91 billion. This growth was driven by the stabilization of the core Games segment and the successful transition of the Comics and IP Solutions divisions into profitable entities. The Games segment, which accounts for the vast majority of revenue, generated ¥21.24 billion in sales. Performance was bolstered by the 10th anniversary of Dragon Ball Z Dokkan Battle, which achieved record-high overseas sales and operating profit. These gains effectively offset revenue losses from withdrawn titles and increased research and development spending for upcoming projects like TRIBE NINE and Kaiju No. 8 The Game. Meanwhile, the Comics segment saw a 50% surge in annual sales to ¥1.14 billion, achieving full-year profitability due to strong external sales of original works, successful media dramatizations, and a strategic partnership with NTT Docomo for the MANGA MIRAI service in the United States. Geographically, the results reflect a strong emphasis on global expansion, particularly through simultaneous worldwide game campaigns and international comic distribution. Financial data indicates a robust balance sheet with ¥33.3 billion in cash and total assets of ¥54.6 billion. The company also benefited from a substantial increase in gains from the sale of investment securities, which rose over 700% to ¥2.16 billion. Overall, the fiscal year concluded with a net income of ¥1.65 billion, representing a 28% increase over the previous year, supported by improved operational efficiency across all business pillars.

AkatsukiMay 2025

Presentation

Consolidated Financial Results Briefing Materials: FY3/25

Akatsuki Inc. demonstrated significant financial resilience in FY3/25, characterized by a 46% year-over-year surge in consolidated operating profit to ¥3,915 million. While total sales experienced a marginal 1% decline, the core Games segment maintained stability through high-performing legacy titles such as Dragon Ball Z Dokkan Battle and Romancing SaGa Re;univerSe. Strong overseas performance and successful large-scale events effectively offset nearly ¥6 billion in development expenses for upcoming projects. This period also marked a strategic turning point as the Comics and IP Solutions segments achieved profitability, driven by the international launch of the MANGA MIRAI service and the rapid expansion of the Slash Gift online lottery platform. The company’s investment arm further bolstered the balance sheet, realizing ¥2,840 million in proceeds during the fiscal year with additional capital gains anticipated from the IPO of LIFE CREATE Co., Ltd. in early FY3/26. Despite a reduction in total headcount from 803 to 697, primarily within the Games division, permanent staffing levels remained consistent, reflecting a shift toward operational efficiency. This lean organizational structure supports a robust financial position, with ¥33.3 billion in cash reserves earmarked for a ¥35 billion growth investment plan over the next three years, focusing on mergers, acquisitions, and next-generation game development. Looking toward FY3/26, the group anticipates sustained growth in sales and profit, anchored by the upcoming release of Kaiju No. 8 The Game and the continued scaling of its digital content divisions. To reflect this positive outlook and strong liquidity, the shareholder return policy has been revised upward, increasing the target Dividend on Equity from 3% to 4%. This strategy signals a transition into a new growth phase where diversified IP solutions and global service expansions complement the established mobile gaming portfolio.

AkatsukiMay 2025

Partial Correction to FY2023 Third Quarter Consolidated Financial Results [Japanese GAAP]

CyberAgent, Inc. issued this formal correction to its consolidated financial results for the third quarter of fiscal year 2023, covering the nine-month period ending June 30, 2023. The primary purpose of the document is to provide revised numerical data and financial statements following the submission of correction reports for past annual securities reports. The scope of the data includes the company’s major business segments: Media, Internet Advertisement, Games, Investment Development, and Other Businesses. Key findings for the cumulative third quarter of FY2023 show net sales of ¥534,397 million, a marginal year-on-year increase of 0.1%. However, profitability metrics saw significant declines. Operating income fell 68.3% to ¥17,383 million, and net income attributable to owners of the parent dropped 88.3% to ¥2,304 million. These declines are attributed to heavy investments in the Media business—specifically the distribution of the FIFA World Cup Qatar 2022 on ABEMA—and a 21.2% revenue decrease in the Game Business following the slowdown of major titles like those from Cygames. The consolidated financial position as of June 30, 2023, shows total assets of ¥461,683 million, an increase of ¥79,749 million from the end of the previous fiscal year. This growth was primarily driven by the issuance of convertible bonds and an increase in long-term bank loans, which also resulted in total liabilities rising to ¥235,349 million. The Internet Advertisement business remained a primary driver of volume, reaching record net sales of ¥300,672 million, though its operating income decreased by 30.2% due to upfront investments. The methodology follows Japanese GAAP standards, incorporating recent changes to accounting policies regarding fair value measurement and group tax sharing systems.

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CyberAgent, Inc.May 2025

Consolidated Financial Results for the Fiscal Year Ended March 31, 2025

MIXI, Inc. achieved significant financial growth during the fiscal year ended March 31, 2025, characterized by a 5.4% increase in net sales to ¥154.8 billion and a 148.5% surge in profit attributable to owners, reaching ¥17.6 billion. While the core Digital Entertainment segment experienced a minor revenue contraction as engagement for the flagship title Monster Strike stabilized following its tenth anniversary, overall performance was bolstered by the Sports and Investment segments. Growth in these areas was primarily driven by increased betting service sales and strategic share divestments. This profitability was further supported by a ¥7 billion reduction in selling, general, and administrative expenses, specifically within advertising and settlement fees. The financial position remains robust, with total assets expanding to ¥225.5 billion and net cash from operating activities nearly tripling to ¥27.5 billion. Despite this liquidity, the equity ratio saw a marginal decline to 79.4% due to treasury share acquisitions and new borrowings, including a ¥9 billion loan commitment for the subsidiary Chariloto Co., Ltd. The fiscal year was also marked by strategic organizational shifts, including the acquisition of picon, Inc. and the establishment of MIXI Australia, though these were tempered by a ¥1 billion loss resulting from improper transactions at a subsidiary. Operations remain heavily concentrated in the Japanese market, which accounts for over 90% of net sales. Looking toward the fiscal year ending March 31, 2026, the outlook remains cautious with a projected 26.1% decline in profit despite stable sales forecasts of ¥155 billion. Future growth strategies prioritize expansion into AI technologies and the continued scaling of the Sports and Lifestyle segments. To maintain shareholder value, the company has committed to a ¥9.500 million treasury share repurchase program and the cancellation of 2.4 million shares, following a significant rise in basic earnings per share from ¥99.71 to ¥255.43.

MIXI, Inc.May 2025

Consolidated Financial Results for the Year Ended March 31, 2025

Konami Group Corporation achieved record-breaking financial performance for the fiscal year ending March 31, 2025, characterized by a 17.0% year-on-year revenue increase to ¥421,602 million. This growth trajectory, which marks the second consecutive year of record highs across all profit categories, was primarily propelled by the Digital Entertainment segment. A 22.5% surge in revenue within this division, fueled by the robust performance of key console and mobile titles, solidified its position as the company’s primary financial engine. Operating profit reached ¥101,944 million, reflecting the efficacy of the current business strategy and operational scaling. Diversified growth was evident across other core divisions, with the Gaming & Systems segment recording a 7.4% revenue increase and the Amusement segment growing by 4.6%. Although the Sports segment faced a minor contraction in business profit, the company maintained a resilient financial foundation, concluding the period with ¥294,216 million in cash and cash equivalents. This stability has enabled a shareholder-friendly capital allocation policy, resulting in an increased annual dividend of ¥165.50 per share. Looking toward the fiscal year ending March 31, 2026, the organization maintains a positive outlook, projecting continued expansion. Strategic initiatives for the coming year include the launch of new game titles, the enhancement of casino management system features, and the further scaling of the Pilates Mirror and outsourced sports facility operations. With a dividend increase to ¥166.00 per share already projected, the company remains focused on leveraging its diversified portfolio to sustain long-term profitability and market leadership.

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KonamiMay 2025

Partial Correction to FY2022 Third Quarter Consolidated Financial Results [Japanese GAAP]

CyberAgent, Inc. issued this corrective filing on May 15, 2025, to amend its consolidated financial results for the third quarter of fiscal year 2022, originally disclosed in July 2022. The revisions stem from a broader initiative to correct past annual securities reports and financial statements for prior fiscal years. The scope of the data covers the nine-month period ending June 30, 2022, and includes comparative data from the same period in 2021, prepared in accordance with Japanese GAAP. The corrected figures show that for the third quarter of FY2022, CyberAgent recorded net sales of ¥533,882 million, a 9.7% increase year-on-year. However, operating income fell 29.1% to ¥54,813 million, and profit attributable to shareholders of the parent dropped 39.8% to ¥19,779 million. The Media Business, driven by ABEMA’s pay-per-view growth, saw sales rise 36.2% to ¥81,926 million while narrowing its operating loss. The Internet Advertisement Business reached record high sales of ¥283,878 million. Conversely, the Game Business experienced a 6.9% decline in sales to ¥173,551 million and a 29.4% drop in operating income, attributed to the high baseline set by major events in the previous year. Methodologically, the results reflect the application of the Accounting Standard for Revenue Recognition. This change specifically impacted the Game Business, where revenue from item charges is now recognized over an estimated user usage period rather than at the point of purchase. Despite these accounting adjustments and the numerical corrections, the company maintained its full-year earnings forecast and dividend projections as originally stated in April 2022. Total assets were reported at ¥373,421 million, a slight decrease from the end of the previous fiscal year due to corporate tax and dividend payments.

CyberAgent, Inc.May 2025

Partial Correction to FY2024 Third Quarter Consolidated Financial Results [Japanese GAAP]

CyberAgent, Inc. issued a partial correction to its consolidated financial results for the third quarter of fiscal year 2024, ending September 30, 2024. This amendment follows a broader review of past annual securities reports and financial statements. The scope of the data covers the company’s performance across its primary business segments—Media, Internet Advertisement, Game, and Investment Development—primarily within the Japanese market for the nine-month period ending June 30, 2024. The revised data reveals significant year-on-year growth. Net sales reached ¥597,485 million, an 11.8% increase, while operating income doubled to ¥34,833 million. Net income attributable to the parent company saw a substantial rise of 539.1%, totaling ¥14,726 million. This performance was driven by record-high sales in the Internet Advertisement business and a 10.4% revenue increase in the Game segment, fueled by successful new titles. The Media segment, which includes the ABEMA streaming service, significantly narrowed its operating losses from ¥12,394 million in the previous year to ¥489 million. The financial position as of June 30, 2024, shows total assets of ¥492,195 million, supported by increased cash and deposits. A notable subsequent event included in the report is the July 2024 acquisition of a 72.5% stake in Nitroplus Co., Ltd. for approximately ¥16,683 million. This strategic move aims to strengthen CyberAgent’s intellectual property and content production capabilities, aligning with its goal of global expansion through the integration of technology and creative entertainment. The methodology follows Japanese GAAP, with corrections applied to previously disclosed numerical values to ensure reporting accuracy.

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CyberAgent, Inc.May 2025

Partial Correction to FY2022 Consolidated Financial Results (Japanese GAAP)

CyberAgent’s financial performance for the fiscal year ended September 30, 2022, reflects a period of strategic transition characterized by record-breaking growth in media and advertising alongside a significant contraction in the gaming sector. Consolidated net sales reached ¥709.9 billion, a 6.6% year-over-year increase, yet operating income fell 35.1% to ¥67.5 billion. This decline in profitability was primarily driven by the Game Business, where sales dropped 13.1% to ¥228.4 billion and operating income plummeted 37.2% due to the natural slowdown of major titles. Despite these headwinds, the Internet Advertisement Business achieved record sales of ¥376 billion, and the Media Business grew 35.5% behind the expansion of the ABEMA platform. The fiscal year also marked a shift in financial health and accounting methodology. Total equity rose substantially to ¥221.2 billion, yet net cash from operating activities decreased from ¥109.6 billion to ¥17.9 billion, largely due to increased income tax obligations. Furthermore, the adoption of new revenue recognition standards altered how game item charges are recorded, moving from the point of purchase to the estimated usage period. These changes, combined with the transition to a group tax sharing system, resulted in basic earnings per share falling from ¥81.68 to ¥45.29. Looking forward, the company maintains a stable dividend policy of ¥14.00 per share and projects modest growth for FY2023 with a net sales forecast of ¥720 billion. While the gaming segment remains a core profit driver, the overall corporate strategy increasingly relies on the diversification of revenue through digital media and advertising to offset the inherent volatility of the mobile gaming market. This corrected financial outlook underscores a period of high investment and structural adjustment within the Japanese digital entertainment and advertising landscape.

CyberAgent, Inc.May 2025

Report

2025 GDC Trends Report: Connecting the World Through Games

The global game industry in 2025 is defined by a strategic pivot toward practical generative AI implementation and sustainable monetization models in response to market saturation and rising development costs. Approximately one-third of developers now utilize AI tools to streamline prototyping and NPC creation, focusing on "human-in-the-loop" workflows to enhance personalization. However, this technological shift is met with significant friction regarding ethical sourcing, copyright concerns, and the potential displacement of narrative designers. To combat AAA stagnation, studios are increasingly adopting "niche" live service models and "hybrid-casual" mobile strategies, leveraging telemetry for personalized monetization and prioritizing player re-acquisition over expensive new user acquisition. Financial sustainability has become a primary concern, with 56% of studios now relying on personal funding as the publishing landscape becomes more selective. This has led to a surge in self-publishing and the adoption of HTML5 and WebGPU technologies for more efficient cross-platform distribution. The mobile sector reflects this shift, with narrative-driven advertising propelling the in-game ad market to $100 billion in 2024, officially surpassing in-app purchase revenue. Simultaneously, the industry is embracing social responsibility through the Accessible Games Initiative, which introduces standardized storefront tags to assist the 16% of the global population living with disabilities. The labor market is undergoing a historic transformation, marked by a 17% layoff rate that has catalyzed the formation of the United Videogame Workers union. Despite these workforce challenges, technical innovation continues across hardware and software, evidenced by the rise of affordable mixed-reality devices and the debut of high-performance handheld platforms like the Snapdragon G3 Gen 3. Creative excellence remains a central pillar of the industry, as demonstrated by the indie title Balatro winning Game of the Year at the 2025 Game Developers Choice Awards, signaling that innovative, community-focused projects can still achieve massive success in a highly competitive global market.

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Game Developers ConferenceMay 2025

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Consolidated Quarterly Report of the Ten Square Games S.A. Group

Ten Square Games S.A. demonstrated a strategic pivot toward operational efficiency and profitability during the first quarter of 2025. Despite a 9.2% year-over-year decline in total bookings to PLN 90.5 million and a slight dip in total revenues to PLN 96.7 million, the Group achieved a significant increase in net profit, rising to PLN 27.5 million from PLN 17.9 million in the prior year. This financial performance was primarily driven by a disciplined reduction in operating costs, specifically within marketing and third-party services, alongside the continued growth of the proprietary "TSG Store." By bypassing traditional platform commissions, the direct-to-consumer channel reached a record 19.1% share of total bookings, substantially bolstering adjusted EBITDA to PLN 30.5 million. The Group’s portfolio performance showed a transition in product lifecycle management. While flagship titles Fishing Clash and Hunting Clash experienced declines in active users and bookings due to reduced user acquisition spending and geopolitical headwinds, the newer title Wings of Heroes saw its share of bookings climb to 8.1%. The Group maintains a robust balance sheet with PLN 431.4 million in total assets and a strong liquidity position, characterized by PLN 172.4 million in cash and equivalents and an absence of external debt. This financial stability supported the approval of a PLN 100 million dividend for the 2024 fiscal year. Looking ahead, the Group is focusing on long-term player retention and the global launch of Trophy Hunter in mid-2025. Management has aligned internal incentives with these growth objectives through a new 2025–2029 program tied to a cumulative Adjusted EBITDA target of PLN 438 million. Accounting practices remain conservative, particularly regarding the capitalization of development costs post-soft launch and the maintenance of tax provisions related to IP Box relief audits. The geographic scope remains global, with revenue primarily derived from micro-payments and advertisements across its mobile gaming ecosystem.

Ten Square GamesMay 2025

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Conference Call Q1 2025

Modern Times Group (MTG) reports significant financial expansion for the first quarter of 2025, primarily driven by the strategic consolidation of Plarium. Net sales reached SEK 2,557 million, representing a 79% increase in constant currencies year-over-year. While much of this growth is attributed to the acquisition, the company also maintained a 6% organic growth rate. The long-term performance remains robust, with a 4.75-year annualized compound annual growth rate (CAGR) of 18% for reported revenue and 28% for adjusted EBITDA. The integration of Plarium has fundamentally shifted the revenue mix and user base. Strategy and Simulation now represent the largest franchise segment, contributing SEK 1,066 million in the quarter, followed by Word Games and Tower Defense. In-app purchases (IAP) have increased to 76% of total revenue, up from 61% in the prior year, while advertising revenue (IAA) has decreased proportionally. Daily Active Users (DAU) rose to 9 million, influenced by both the Plarium acquisition and the localized expansion of Word Games, though Average Revenue Per Daily Active User (ARPDAU) saw a slight decline to SEK 3.1. Financial health remains stable with a reported adjusted EBITDA of SEK 616 million, yielding a 24% margin. This was achieved despite scaled marketing investments for new titles. The group reported a free cash flow of SEK 143 million for the quarter and maintains a net debt position of SEK 5,064 million, resulting in a financial leverage ratio of 1.66x. Looking ahead to the full year 2025, the outlook anticipates organic sales growth between 3% and 7% and a total reported adjusted EBITDA margin between 21% and 24%. Management intends to focus on the disciplined scaling of new titles and geographical expansion to sustain this momentum.

Modern Times GroupMay 2025

Partial Correction to FY2024 First Quarter Consolidated Financial Results [Japanese GAAP]

CyberAgent, Inc. issued this corrective filing on May 15, 2025, to amend its consolidated financial results for the first quarter of fiscal year 2024, originally disclosed in January 2024. The primary purpose of the document is to provide a comprehensive restatement of numerical data following a separate notice regarding the submission of correction reports for past annual securities reports and financial statements. The scope of the data covers the three-month period ending December 31, 2023, and includes comparative figures for the same period in 2022. The revised data shows that for the first quarter of FY2024, net sales reached ¥192,655 million, a 15.1% year-on-year increase. Operating income significantly improved to ¥5,864 million, recovering from an operating loss of ¥1,738 million in the prior year. Despite this operational recovery, the company reported a net loss attributable to owners of the parent of ¥892 million, though this was a substantial improvement over the ¥5,391 million loss recorded in the first quarter of FY2023. A notable extraordinary loss of ¥3,376 million for the amortization of goodwill impacted the bottom line. Segment analysis reveals that the Media Business, driven by the ABEMA platform, saw sales grow 27.7% to ¥42,784 million while narrowing its operating loss to ¥991 million. The Internet Advertisement Business remained the largest contributor with ¥104,900 million in sales and ¥5,246 million in operating income. The Game Business reported sales of ¥45,043 million, up 10.1%, though operating income in that segment fell 32.9% to ¥3,495 million. As of December 31, 2023, total assets were ¥464,799 million with a shareholders' equity ratio of 28.2%. The company maintained its full-year forecast for FY2024, projecting net sales of ¥750,000 million and operating income of ¥30,000 million.

CyberAgent, Inc.May 2025

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FY2025 First Half Consolidated Financial Results (Japanese GAAP)

CyberAgent achieved a consolidated net sales increase of 3.4% year-on-year, reaching ¥421.2 billion during the first half of fiscal year 2025. This growth was accompanied by a substantial 74.2% surge in net income attributable to owners, which rose to ¥15.86 billion. These results reflect a period of strategic transition and stabilization across the company’s diverse portfolio, which primarily spans the Japanese market. Despite fluctuations in individual business units, the organization maintained its full-year guidance of ¥820 billion in net sales and ¥42 billion in operating income, signaling confidence in its long-term financial trajectory. The Internet Advertisement Business remains the primary engine of revenue, contributing ¥225.6 billion to the total. Simultaneously, the newly restructured Media & IP Business demonstrated a successful operational pivot, moving from a prior loss to a segment profit of ¥4.7 billion. This turnaround highlights improved profitability and steady growth within the company’s media assets. In contrast, the Game Business faced significant headwinds, reporting a 20.1% decline in sales and a 13.9% drop in operating income. This downturn is attributed to challenging year-on-year comparisons following a major console hit in 2024, though the segment still contributed a meaningful ¥18.7 billion to overall income. Financial stability remains robust, with formal disclosures confirming no significant changes in shareholders' equity or concerns regarding the company’s status as a going concern. By merging peripheral operations into the Media & IP segment and maintaining market leadership in digital advertising, the company has offset the cyclical volatility inherent in the gaming sector. The overall performance for the first half of FY2025 underscores a shift toward more diversified profit streams and enhanced operational efficiency across its core Japanese business segments.

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CyberAgent, Inc.May 2025

Presentation

People Can Fly Q4 2024 Financial Results Presentation

People Can Fly presents a strategic pivot toward cash flow optimization and a refined production focus as of April 2025. The primary thesis centers on transitioning away from the virtual reality segment to concentrate exclusively on AAA and compact-AAA video games. This shift is driven by changes in the global VR business model, specifically the cessation of platform subsidies. Consequently, the company will conclude its VR publishing activities following the release of Project Bison in late 2025. Financial data for the 2024 fiscal year shows cumulative revenue of PLN 190.4 million, an increase from PLN 150.1 million in 2023. This growth was supported by work-for-hire contributions from Project Maverick and Project Echo, alongside the launches of Bulletstorm VR and Green Hell VR Co-op. However, the group reported a significant net loss of PLN 175.3 million, largely attributed to one-off write-offs for Project Red, Project Bifrost, and the impairment of the Incuvo subsidiary. The strategic roadmap emphasizes securing new work-for-hire contracts, including a recently signed project with Sony Interactive Entertainment, with a target of adding two more projects this year. In the self-publishing segment, Lost Rift is scheduled for early access in 2025. Notably, Krafton Inc. has waived its right of first refusal for Projects Bifrost and Victoria, granting the company freedom to seek new publishing partners. Operational efficiency measures include optimizing team structures and office spaces while limiting disbursements to critical investments. As of late 2024, the group maintained a workforce of 756 employees across global studios in Warsaw, Montreal, Newcastle, and other locations. The company is currently evaluating various scenarios to secure additional financing to support its revised development pipeline.

PCF GroupApr 2025

investment market-analysis south-korea+2

FY2025 1Q Earning Results

The primary aim of the presentation is to convey KRAFTON’s financial performance and strategic direction for its PUBG intellectual property and related franchise initiatives during the first quarter of 2025. Consolidated results prepared under Korean IFRS show record quarterly revenue of KRW 874.2 billion, a 31.3 percent increase year‑on‑year, driven by strong growth across PC, mobile and console platforms. Operating profit reached KRW 457.3 billion, up 47.3 percent YoY, while adjusted EBITDA rose to KRW 505.1 billion, reflecting a 33.4 percent improvement. Net profit improved modestly to KRW 371.5 billion (+6.6 percent YoY) but fell 24.4 percent quarter‑on‑quarter due to foreign‑exchange effects and higher non‑operating expenses. Platform‑level analysis reveals mobile revenue of KRW 532.4 billion, up 32.3 percent YoY and 47.0 percent QoQ, while PC revenue climbed to KRW 323.5 billion, a 32.8 percent YoY rise. Console contributions increased 14.2 percent YoY to KRW 13.1 billion. The “Others” category declined sharply, falling 39.2 percent YoY, indicating a shift toward core PUBG services. Personnel costs grew 22.2 percent YoY, reflecting expanded development and publishing activities. Strategically, KRAFTON emphasizes expanding the PUBG franchise through new titles across diverse genres, including a life‑simulation spin‑off and an extraction‑RPG, with early‑access releases targeting 1 million copies sold within a week. The company is integrating advanced AI features such as on‑device language models to enhance gameplay, and it is strengthening its publishing foothold in India via collaborations on the BGMI platform and acquisition of a leading cricket game IP. These initiatives aim to sustain long‑term fan engagement, diversify revenue streams, and position PUBG as a globally influential, evergreen IP.

KraftonApr 2025