Netmarble FY2025 Q4 Earnings Release

4Q 2025 & FY 2025 Earnings Results
Feb. 5th, 2026

DISCLAIMER
1
The financial information included in this document are consolidated earnings results based on K -IFRS.
The “financial results for 4Q 2025 and FY 2025” for Netmarble (the “Company”) contained in this document have been provided f or investors convenience only and have
not been audited by an independent auditor. Therefore, certain part(s) of this document are subject to change upon the audit out come.
This document contains “forward -looking statements” –that is, statements related to future, not past, events. In this context, “forward -looking statements” often address
our expected future business and financial performance, and often contain words such as “expects,” “anticipates,” “intends,” “pl ans,” “believes,” “seeks,” or “will.”
“Forward -looking statements” by their nature address matters that are, to different degrees, uncertain. For us, particular uncer tainties which could adversely or positively
affect our future results include the behavior of financial markets, the Company’s strategic actions, unanticipated dramatic dev elopments in our major business conditions,
and numerous other matters at the national and international levels which could affect our financial results.
These uncertainties may cause our actual results to be materially different from those expressed in this document.

117
370
484
4.7%
13.9% 17.1%
2023 2024 2025
EBITDA EBITDA Margin (%)
2
[Revenue] KRW 2,835.1bn (YoY 6.4% ▲ )
[EBITDA] KRW 484.0bn (YoY 30.8% ▲ )
– Achieved record -high revenue since IPO driven by multiple hit titles, while delivering a 17.1%
EBITDA margin through continuous cost optimization
Revenue EBITDA (Unit: KRW bn) (Unit: KRW bn)
YoY 6.4% ▲ YoY 30.8% ▲
SHAREHOLDER
RETRUN POLICY
4Q25
EARNINGS GAME PORTFOLIO
REVENUE
BREAKDOWN
BY REGION /GENRE
MAJOR COST
STRUCTURE NEW LINEUPS APPX) CONSOLIDATED
INCOME STATEMENT
APPX) CONSOLIDATED
STATEMENT OF
FINANCIAL POSITION
FY 2025
EARNINGS
SUMMARY
FY 2025
EARNINGS
SUMMARY
2,502
2,664
2,835
2023 2024 2025

73 82
131 122
149
11.3% 13.1%
18.3% 17.6% 18.7%
4Q24 1Q25 2Q25 3Q25 4Q25
649 624
718 696
798
4Q24 1Q25 2Q25 3Q25 4Q25
3
[Revenue] KRW 797.6bn (QoQ 14.6% ▲ / YoY 22.9% ▲ )
[EBITDA] KRW 148.9bn (QoQ 21.7% ▲ / YoY 102.9% ▲ )
– Revenue and EBITDA increased QoQ , reflecting seasonal updates at overseas subsidiaries and
contributions from the regional expansion of existing titles
– EBITDA Margin 18.7% (D&A KRW 38.1bn)
Revenue EBITDA (Unit: KRW bn) (Unit: KRW bn)
QoQ 14.6% ▲ YoY 22.9% ▲ QoQ 21.7% ▲ YoY 102.9% ▲
4Q25
EARNINGS
SHAREHOLDER
RETRUN POLICY
4Q25
EARNINGS GAME PORTFOLIO
REVENUE
BREAKDOWN
BY REGION /GENRE
MAJOR COST
STRUCTURE NEW LINEUPS APPX) CONSOLIDATED
INCOME STATEMENT
APPX) CONSOLIDATED
STATEMENT OF
FINANCIAL POSITION
FY 2025
EARNINGS
SUMMARY

Operating Profit Net Profit Net Profit (Controlling)
[Profit] Operating Profit KRW 110.8bn, Net Loss KRW 35.9bn,
Net Loss (Controlling) KRW 34.1bn
– Operating profit margin remained solid, driven by revenue growth and sustained cost efficiencies
– Net loss occurred due to the recognition of impairment losses on intangible assets, etc.
4
(Unit: KRW bn) (Unit: KRW bn) (Unit: KRW bn)
4Q25
EARNINGS
SHAREHOLDER
RETRUN POLICY
4Q25
EARNINGS GAME PORTFOLIO
REVENUE
BREAKDOWN
BY REGION /GENRE
MAJOR COST
STRUCTURE NEW LINEUPS APPX) CONSOLIDATED
INCOME STATEMENT
APPX) CONSOLIDATED
STATEMENT OF
FINANCIAL POSITION
FY 2025
EARNINGS
SUMMARY
35
50
101 91
111
5.4%
8.0%
14.1% 13.1% 13.9%
4Q24 1Q25 2Q25 3Q25 4Q25
(170)
80
160
41
(36)
-26.2%
12.9% 22.3% 5.8% -4.5%
4Q24 1Q25 2Q25 3Q25 4Q25
(166)
76
160
38
(34)
-25.6%
12.1% 22.3% 5.4% -4.3%
4Q24 1Q25 2Q25 3Q25 4Q25

15%
11%
7% 7%
6% 6%
4% 4% 4% 4%
32%
세븐나이츠 리버스 마블 콘테스트
오브 챔피언스
뱀피르 잭팟월드 랏차슬롯 캐시프렌지 RF 온라인 넥스트 나 혼자만 레벨업 :
ARISE
일곱 개의 대죄 :
GRAND CROSS
레이븐 2 기타
5
GAME
PORTFOLIO
• Top revenue generators were evenly distributed: Seven Knights Re:BIRTH 15%,
MARVEL Contest of Champions 11%, VAMPIR 7%, Jackpot World 7%, Lotsa Slots 6%,
Cash Frenzy 6%, etc.
MARVEL
Contest of
Champions
Jackpot World Lotsa Slots RF ONLINE
NEXT
Cash Frenzy The Seven
Deadly Sins:
GRAND CROSS
Solo Leveling:
ARISE
Seven Knights
Re:BIRTH Others Raven2 VAMPIR
SHAREHOLDER
RETRUN POLICY
4Q25
EARNINGS GAME PORTFOLIO
REVENUE
BREAKDOWN
BY REGION /GENRE
MAJOR COST
STRUCTURE NEW LINEUPS APPX) CONSOLIDATED
INCOME STATEMENT
APPX) CONSOLIDATED
STATEMENT OF
FINANCIAL POSITION
FY 2025
EARNINGS
SUMMARY

40% 42% 33% 34% 33%
39% 36%
42% 34% 42%
13% 14% 18%
22%
18%
8% 8% 7% 10% 7%
4Q24 1Q25 2Q25 3Q25 4Q25
캐주얼 게임 RPG MMORPG 기타
46% 46%
35% 34% 39%
17% 18% 34% 32% 23%
15% 14% 12% 11% 12%
9% 10% 7% 8% 12%
6% 6% 6% 8% 7%
7% 6% 6% 7% 7%
83% 82%
66% 68%
77%
4Q24 1Q25 2Q25 3Q25 4Q25 6
REVENUE
BREAKDOWN
BY REGION / GENRE
• The proportion of overseas and RPG revenue increased QoQ (+9%P and +8%P, respectively),
reflecting the global expansion of existing titles (Seven Knights Re:BIRTH , etc.)
– Revenue Proportion By Region ▶ N.A. 39%, Korea 23%, Europe 12%, SEA 12%, Japan 7% and others 7%
– Revenue Proportion By Genre ▶ RPG 42%, Casual games 33%, MMORPG 18% and others 7%
Revenue Breakdown by Region Revenue Breakdown by Genre
Others
Japan
South
East Asia
Europe
Korea
% of
Overseas
Revenue
North
America
Others
MMORPG
RPG
Casual
Games
SHAREHOLDER
RETRUN POLICY
4Q25
EARNINGS GAME PORTFOLIO
REVENUE
BREAKDOWN
BY REGION /GENRE
MAJOR COST
STRUCTURE NEW LINEUPS APPX) CONSOLIDATED
INCOME STATEMENT
APPX) CONSOLIDATED
STATEMENT OF
FINANCIAL POSITION
FY 2025
EARNINGS
SUMMARY

232
(35.7%) 219
(35.1%)
242
(33.8%) 225
(32.3%)
252
(31.6%) 2,523 2,523 31.6%
179
(27.5%) 172
(27.6%)
175
(24.4%) 170
(24.5%)
182
(22.8%) 1,795 22.8% 1,795
121
(18.6%) 114
(18.3%)
135
(18.9%) 145
(20.9%)
179
(22.4%) 22.4% 1,787 1,787
83
(12.8%) 69
(11.0%)
64
(8.8%) 65
(9.2%)
74
(9.3%) 738 738 738 614
574
617 605
689
4Q24 1Q25 2Q25 3Q25 4Q25 마케팅비 인건비 지급수수료
지급수수료 인건비 마케팅비 기타 (상각비 포함 )
7
• Marketing Costs KRW 178.7bn ( QoQ 23.0% ▲ / YoY 48.3% ▲)
-Marketing costs increased QoQ due to seasonal updates of existing titles
• Labor Costs KRW 182.0bn (QoQ 6.8% ▲ / YoY 1.8% ▲)
-Labor costs increased QoQ as a result of bonus payments
• Commission KRW 252.3bn (QoQ 12.2% ▲ / YoY 8.9% ▲)
-Commission -to-revenue ratio continues to decline
[Operating Cost] KRW 686.8bn (QoQ 13.5% ▲ / YoY 11.9% ▲ )

MAJOR COST
STRUCTURE
(Unit: KRW bn)
Labor Marketing Commission
* Proportion to the revenue (%)
※ 4Q25 Other Cost: D&A KRW 38.1bn, Other fees KRW 35.7bn
Commission Labor Marketing Other (Inc. D&A)
SHAREHOLDER
RETRUN POLICY
4Q25
EARNINGS GAME PORTFOLIO
REVENUE
BREAKDOWN
BY REGION /GENRE
MAJOR COST
STRUCTURE NEW LINEUPS APPX) CONSOLIDATED
INCOME STATEMENT
APPX) CONSOLIDATED
STATEMENT OF
FINANCIAL POSITION
FY 2025
EARNINGS
SUMMARY

Global
Casual Action Roguelike RPG
Global
Action RPG
MONGIL: STAR DIVE
Global
Incremental RPG
NEW
LINEUPS
• Starting with the launch of StoneAge : Idle Adventure and The Seven Deadly Sins: Origin,
8 new titles (SOL: enchant, MONGIL: STAR DIVE, Solo Leveling: KARMA, etc.) will be released in 2026
8
SHAREHOLDER
RETRUN POLICY
4Q25
EARNINGS GAME PORTFOLIO
REVENUE
BREAKDOWN
BY REGION /GENRE
MAJOR COST
STRUCTURE NEW LINEUPS APPX) CONSOLIDATED
INCOME STATEMENT
APPX) CONSOLIDATED
STATEMENT OF
FINANCIAL POSITION
FY 2025
EARNINGS
SUMMARY
1Q26
Korea
MMORPG
SOL: enchant
2H26
2Q26
PC Mobile Console
StoneAge : Idle Adventure The Seven Deadly Sins: Origin
Global
Open World RPG
Global
Roguelite Action RPG
Solo Leveling: KARMA
Global
Collectible RPG
Shangri -La Frontier: The Seven Colossi PROJECT OCTOPUS
Global
Co -op Action
EVILBANE

SHAREHOLDER
RETURN POLICY
9
SHAREHOLDER
RETRUN POLICY
4Q25
EARNINGS GAME PORTFOLIO
REVENUE
BREAKDOWN
BY REGION /GENRE
MAJOR COST
STRUCTURE NEW LINEUPS APPX) CONSOLIDATED
INCOME STATEMENT
APPX) CONSOLIDATED
STATEMENT OF
FINANCIAL POSITION
FY 2025
EARNINGS
SUMMARY
• Cancellation of all previously acquired treasury shares (4.7%)
• [FY 2025] Cash dividend of KRW 71.8bn (KRW 876 per share), equivalent to
30% of net profit (controlling)
• [FY2026~2028] Expand the shareholder return ratio to up to 40% of adjusted
net profit (controlling)
New Shareholder return policy
(FY 2026~2028)
Shareholder return policy
(FY 2018~2025)
Up to 40% of the adjusted
net profit (controlling)
through dividends and share
buybacks ㆍ cancellation
Cancellation of all
previously acquired
treasury shares
(4,018,931 shares, 4.7%)
Up to 30% of the adjusted
net profit (controlling)
through dividends and
share buybacks

10
Consolidated Income Statement
SHAREHOLDER
RETRUN POLICY
4Q25
EARNINGS GAME PORTFOLIO
REVENUE
BREAKDOWN
BY REGION /GENRE
MAJOR COST
STRUCTURE NEW LINEUPS APPX) CONSOLIDATED
INCOME STATEMENT
APPX) CONSOLIDATED
STATEMENT OF
FINANCIAL POSITION
FY 2025
EARNINGS
SUMMARY(KRW bn) 4 Q2 4 1 Q2 5 2 Q2 5 3 Q2 5 4 Q2 5 FY2 0 2 4 FY2 0 2 5
R e v e n u e 649 624 718 696 798 2, 664 2, 835
Commission 232 219 242 225 252 947 939
Labor Cost 179 172 175 170 182 720 699
Marketing Cost 121 114 135 145 179 470 574
Other Costs (exc. D&A) 45 37 34 33 36 157 140
E B I TDA 73 82 131 122 149 370 484
Margin (%) 11.3% 13.1% 18.3% 17.6% 18.7% 13.9% 17.1%
D&A 38 32 30 32 38 154 132
O p e r a t i n g I n co m e 35 50 101 91 111 216 353
Margin (%) 5.4% 8.0% 14.1% 13.1% 13.9% 8.1% 12.4%
Non-Operating Income&Cost (219) 48 89 (35) (91) (140) 11
P r e – t a x P r o fi t ( 1 8 4 ) 98 190 56 20 76 363
Tax (14) 17 30 15 56 73 118
N e t P r o fi t ( 1 7 0 ) 80 160 41 ( 3 6 ) 3 245
N e t P r o fi t ( co n t r o l l i n g ) ( 1 6 6 ) 76 160 38 ( 3 4 ) 26 239
Margin (%) -25.6% 12.1% 22.3% 5.4% -4.3% 1.0% 8.4%

11
Consolidated Statement of Financial Position
SHAREHOLDER
RETRUN POLICY
4Q25
EARNINGS GAME PORTFOLIO
REVENUE
BREAKDOWN
BY REGION /GENRE
MAJOR COST
STRUCTURE NEW LINEUPS APPX) CONSOLIDATED
INCOME STATEMENT
APPX) CONSOLIDATED
STATEMENT OF
FINANCIAL POSITION
FY 2025
EARNINGS
SUMMARY(KRW bn) 4 Q2 4 1 Q2 5 2 Q2 5 3 Q2 5 4 Q2 5 FY2 0 2 4 FY2 0 2 5
Cu r r e n t A s s e t s 1, 115 1, 091 1, 110 1, 119 1, 257 1, 115 1, 257
Cash and Cash Equivalents 578 593 513 591 688 578 688
Accounts Receivable 277 241 271 258 281 277 281
Other Current Financial Assets 138 164 238 191 188 138 188
Other Current Assets 122 93 88 79 99 122 99
N o n – Cu r r e n t A s s e t s 7, 062 6, 880 6, 715 6, 861 6, 842 7, 062 6, 842
Investment Assets 2, 918 2, 889 2, 963 3, 028 3, 057 2, 918 3, 057
Intangible Assets 3, 245 3, 085 2, 863 2, 937 2, 858 3, 245 2, 858
Tangible Assets 410 403 440 453 454 410 454
Other Non-Current Assets 489 503 450 443 473 489 473
To t a l A s s e t s 8, 177 7, 971 7, 825 7, 980 8, 098 8, 177 8, 098
Cu r r e n t Li a b i l i t i e s 1, 348 1, 527 1, 617 1, 770 1, 901 1, 348 1, 901
Accounts Payable 28 21 25 22 24 28 24
Short-term Debt 617 607 750 736 761 617 761
Other Current Financial Liabilities 318 589 534 675 730 318 730
Other Current Liabilities 385 310 308 338 386 385 386
N o n – Cu r r e n t Li a b i l i t i e s 1, 355 983 748 751 701 1, 355 701
Other Non-Current Financial Liabilities 1, 075 709 475 487 439 1, 075 439
Other Non-Current Liabilities 280 275 273 264 262 280 262
To t a l Li a b i l i t i e s 2, 703 2, 510 2, 365 2, 521 2, 602 2, 703 2, 602
To t a l E q u i t y 5, 474 5, 461 5, 460 5, 459 5, 496 5, 474 5, 496

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