Netmarble posted record earnings last year on the back of hit major new titles and the global expansion of existing games. However, with this year's results hinging on the performance of titles in the pipeline, the market's attention is already shifting to the 2026 lineup.
Netmarble said on the 5th that it posted consolidated revenue of 797.6 billion won and operating profit of 110.8 billion won in the fourth quarter last year. Revenue rose 22.9% and operating profit jumped 214.8% from a year earlier. EBITDA came to 148.9 billion won, up 102.9%. Quarter over quarter, revenue and operating profit increased 14.6% and 21.9%, respectively. However, due to an impairment of intangible assets, it continued to post a net loss in the quarter, with a bottom-line loss of 35.9 billion won.
On an annual basis, revenue was 2.8351 trillion won and operating profit was 352.5 billion won. Revenue rose 6.4% and operating profit increased 63.5% from a year earlier. Both fourth-quarter and full-year revenue were record highs on a quarterly and annual basis. Do Gi-uk, Netmarble's CFO, said on a conference call, "In 2025, we recorded the highest revenue since listing with the launch of multiple hits and achieved an EBITDA margin of 17.1% through ongoing expense efficiencies."
The key drivers of improved results were "Vampir" and "Seven Knights Re:BIRTH." The performance of "Vampir" and "Seven Knights Re:BIRTH (global)," both launched in the third quarter, was fully reflected in the fourth quarter, lifting revenue. Seasonal effects from long-running hits such as "Marvel Contest of Champions (MCoC)" and "The Seven Deadly Sins: Grand Cross," as well as contributions from the global version of "RF Online" and the Steam version of "Solo Leveling: ARISE," also added to revenue.
By region, overseas revenue in the fourth quarter was 614.3 billion won, accounting for 77% of total revenue. For the full year, overseas revenue totaled 2.0704 trillion won, or 73% of the total. In the fourth quarter, revenue by country was North America 39%, Korea 23%, Europe 12%, Southeast Asia 12%, Japan 7%, and others 7%. By genre, revenue was RPG 42%, casual games 33%, MMORPG 18%, and others 7%. Do, the CFO, said, "With seasonal updates at overseas subsidiaries and expansion of existing titles into global regions, the overseas revenue mix increased by 9 percentage points quarter over quarter."
On the expense side, efficiency efforts continued. Fourth-quarter operating expenses were 686.8 billion won, up 13.5% from the prior quarter. Marketing expense increased to 178.7 billion won due to new launches and updates to existing titles, but with a higher share of PC payments, the commission rate fell 0.7 percentage points quarter over quarter to 31.6%. Do, the CFO, said, "With a higher proportion of PC payments and changes in app market policies, we expect the commission rate in 2026 to be lower than in 2025."
However, there are still burdens on the net income side. An impairment of intangible assets was reflected in non-operating gains and losses in the fourth quarter, resulting in a net loss. Do, the CFO, said, "This impairment reflects goodwill impairment following the discontinuation of 'King Arthur' service," adding, "It is different in nature from the repeated impairments in the past."
Netmarble plans to release eight new titles this year. In the first quarter, it will launch "Stone Age: Idle" and "The Seven Deadly Sins: Origin," and in the second quarter, "SOL: enchant" and "Mon-Gil: STAR DIVE." In the second half, it plans to roll out "Solo Leveling: KARMA," "Shangri-La Frontier: The Seven Strongest Species," "Project Octopus," and "Evilbane" in sequence.
The company sees this year as when new titles truly face their trial by fire. Chief Executive Kim Byung-gyu of Netmarble said on a conference call, "This year is a turning point where new titles across multiple platforms and genres bear fruit," adding, "We will pursue meaningful growth through broader global reach and efficient expense execution." Regarding the second-half lineup, however, Kim said, "There are variables such as the results of internal and external tests," and drew a line, saying, "It is too early to say whether specific schedules and the number of business days will be reflected."
Market views are divided. While "Vampir" and "Seven Knights Re:BIRTH" last year drove hits centered on RPGs that allow so-called "rice-farming" structures, boosting short-term results, some say expectations for this year's lineup are lower than a year earlier. Daishin Securities said in a recent report, "Some of the 2026 new titles are publishing titles with low margins, and some may face delays in their launch schedules," and lowered its target price. In particular, for "The Seven Deadly Sins: Origin," the launch schedule has been adjusted multiple times, making the level of pre-release interest a variable.
Changes in the overall environment of the domestic game market are also a burden. According to the Korea Creative Content Agency (KOCCA), last year's domestic game usage rate fell to the low-50% range, the lowest since statistics have been compiled. As user leisure time shifts to OTT and short-form content rather than games that demand long engagement, observers say the traditional revenue formula centered on MMORPGs is being shaken.
Meanwhile, Netmarble also unveiled a shareholder return policy the same day. The company decided to pay 71.8 billion won in cash dividends, equivalent to 30% of net income attributable to controlling shareholders for the 2025 fiscal year. The dividend per share is 876 won. All of the 4.7% in treasury shares previously acquired will be canceled, and from 2026 to 2028, the shareholder return ratio will be expanded to up to 40%.