Shift Up FY2025 Q4 Earnings Release
Download PDF4Q25 Results
2026.02.11
2Disclaimer
This material is not intended to be a solicitation of investment by investors, but rather to enhance investors’ understanding an d provide information that
may be useful in making investment decisions.
Although this material has been prepared on an objective basis, certain plans, estimates, projections, forecasts and other ma tte rs may contain
expressions of subjective judgment and may differ from actual results in the future, and we cannot guarantee the accuracy and co mpleteness of the
financial and operating results described.
Please also note that we do not undertake any obligation to update the facts as of the date hereof.
Accordingly, this material should not be used for any legal purpose and should not be relied upon by investors as to the outc ome of their investment, and
we do not accept any responsibility or liability for any investment results arising from reliance on the information provided in this material.
3Contents
01. 4Q25 Highlight
02. Financial Results Overview
03. Operating Revenue
04. Operating Expense
05. Operating Profit & Net Profit
06. Q&A
Appendix
· Financial Statements
401. 4Q25 Highlight
All – time high annual results,
driven by stable performance
of existing IP1 New and next titles progressing
smoothly in development2
Disclosure of joint development and publishing
agreement for (Nov 26, 2025)
became official (Nov 21, 2025)GoV : NIKKE> Reaffirmed IP brand
strength and fan loyalty
Successful 3rd Anniversary event; peaked at #2 on
iOS revenue charts in Japan and Korea
MAU up QoQ; stable trend maintained
Stable sales trend,
solidified global flagship status
PC/PS5 sales stable QoQ, maintaining solid momentum
95% positive on Steam; “Overwhelmingly Positive”
’25 Revenue 294bn / Operating Profit 181bn KRW
502. Financial Results
Note : The 2025 financial results are based on preliminary financial information. During the current period (Q4 2025), the Company ac quired (invested in) a subsidiary (fund investment) and prepared consolidated financial
statements for the first time4Q25 Results
4Q25 revenue 64bn KRW, operating profit 37bn KRW, net profit 58bn KRW
Category 4Q24 3Q25 4Q25 Diff.
YoY QoQ
Operating Revenue 63,490 75,499 64,118 1.0% – 15.1%
GoV : NIKKE 42,356 44,463 44,940 6.1% 1.1%
Stellar Blade 19,615 27,693 15,411 – 21.4% – 44.4%
Others 1,519 3,343 3,766 148.0% 12.7%
Operating Expense 17,332 25,952 27,001 55.8% 4.0%
Operating Profit 46,157 49,548 37,116 – 19.6% – 25.1%OPM 72.7% 65.6% 57.9% -14.8%(p) -7.7%(p)
Non – operating P&L 24,466 18,511 18,501 – 24.4% – 0.1%
Equity method income (loss) – 14,841
N/A N/A
Net Profit bef. Corp. Tax 70,623 68,059 70,459 – 0.2% 3.5%
Net Profit 59,530 54,628 58,347 – 2.0% 6.8%
NPM 93.8% 72.4% 91.0% -2.8%(p) 18.6%(p) (Unit: M KRW,%)
FY2024 FY2025 Diff.
YoY
224,085 294,234 31.3%
151,526 166,825 10.1%
68,062 115,835 70.2%
4,497 11,574 157.4%
71,408 113,103 58.4%
152,676 181,131 18.6%
68.1% 61.6% -6.6%(p)
26,112 36,778 40.8%
14,841
N/A
178,789 232,750 30.2%
147,973 191,128 29.2%
66.0% 65.0% -1.1%(p)
74.8%
65.4%
61.9%
67.4%
60.7%
Note : The 2025 financial results are based on preliminary financial information. During the current period (Q4 2025), the Company ac quired (invested in) a subsidiary (fund investment) and prepared consolidated financial
statements for the first time03. Operating Revenue
6EBITDA
47,504
27,603 69,529
50,882
38,936
4Q24 1Q25 2Q25 3Q25 4Q25(Unit: M KRW, %) Results
4Q25 operating revenue 64bn KRW (QoQ – 15.1%, YoY +1.0%)
Revenue by IP• : Solid user metrics, reaffirming sustainable IP competitiveness
➢ [Global] The 3rd Anniversary event, centered on ‘ Nayuta ’ and ‘ Liberalio ’, generated strong user engagement and further reinforced IP power of
➢ [China] Gradually aligning narrative pacing and overall content quality with the global version
• : Sustained sales trajectory; established as a long – running hit title
➢ [PC] Delivered steady sales momentum comparable to the previous quarter, contributing to overall IP performance
➢ [PS5] Maintained stable sales momentum supported by promotional initiatives, including ‘PS Black Friday’
42,356
32,311 45,112
44,463 44,94019,615
7,012 65,719
27,693
15,411
4Q24 1Q25 2Q25 3Q25 4Q25
GoV: NIKKE Stellar Blade Others (Unit: M KRW)
63,490
42,235 112,383
75,499
64,118
04. Operating Expense
Category 4Q24 1Q25 2Q25 3Q25 4Q25 Diff. (YoY) Diff. (QoQ)
Total
322 326 335 329 339 5.3% 3.0%
Development 286 290 293 287 297 3.8% 3.5%
Directors / Admin. 36 36 42 42 42 16.7% -※ # of Employees (quarterly)
(Unit: Headcount, %)
7Category 4Q24 3Q25 4Q25 Diff. (YoY) Diff. (QoQ)
Operating Exp. 17,332 25,952 27,001 55.8% 4.0%
Labor 1
9,790 13,977 13,589 38.8% – 2.8%
Variable 2
4,993 9,637 5,730 14.8% – 40.5%
Fixed 3
2,549 2,338 7,683 201.4% 228.6% (Unit: M KRW,%)4Q25 Results
4Q25 operating expense 27bn KRW (QoQ +4.0%, YoY +55.8%)
FY2024 FY2025 Diff. (YoY)
71,408 113,103 58.4%
55,196 53,852 – 2.4%
7,401 43,082 482.1%
8,812 16,170 83.5%• Labor cost remained in line with the previous quarter at 13.6bn KRW
• Variable costs declined 41% QoQ to 5.7bn KRW, driven by lower transaction fees related to
• Fixed costs totaled 7.7bn KRW, reflecting outsourced expenses for live service enhancements
Note : The 2025 financial results are based on preliminary financial information. During the current period (Q4 2025), the Company ac quired (invested in) a subsidiary (fund investment) and prepared consolidated financial
statements for the first time; Footnote : 1
Includes wage, incentives, retirement pay, compensation related to stock option; 2
Includes transaction fee, etc ; 3
Includes amortization, rent, outsourcing, and other costs
Note : The 2025 financial results are based on preliminary financial information. During the current period (Q4 2025), the Company ac quired (invested in) a subsidiary (fund investment) and prepared consolidated financial
statements for the first time05. Operating Profit / Net Profit
84Q25 Results
4Q25 operating profit 37bn KRW (QoQ – 25.1%, YoY – 19.6%) / net profit 58bn KRW (QoQ +6.8%, YoY – 2.0%)
– operating profit totaled 18.5bn KRW, driven by higher financial income in the quarter
• Equity method income of KRW 14.8 billion reflects the acquisition (investment) of a subsidiary (fund investment) in Q4 2025
and its inclusion in the consolidated financial statements
Category 4Q24 3Q25 4Q25 Diff.
YoY QoQ
Operating Profit 46,157 49,548 37,116 – 19.6% – 25.1%OPM 72.7% 65.6% 57.9% -14.8%(p) -7.7%(p)
Non – operating P&L 24,466 18,511 18,501 – 24.4% – 0.1%
Equity method
income (loss) – 14,841
N/A N/A
Net Profit before
corporate tax 70,623 68,059 70,459 – 0.2% 3.5%
Corporate tax 11,093 13,431 12,112 9.2% – 9.8%
Net Profit 59,530 54,628 58,347 – 2.0% 6.8%
NPM 93.8% 72.4% 91.0% -2.8%(p) 18.6%(p) FY2024 FY2025 Diff.
YoY
152,676 181,131 18.6%
68.1% 61.6% -6.6%(p)
26,112 36,778 40.8%
– 14,841
N/A
178,789 232,750 30.2%
30,815 41,622 35.1%
147,973 191,128 29.2%
66.0% 65.0% -1.1%(p)(Unit: M KRW,%)
06. Q&A
9Q.1 : What is the 4Q 2025 performance review of ?
A.1: In 4Q25, (Global) sustained stable growth, supported by strong live – service capabilities and re silient user metrics. IP revenue reached KRW 45.0 billion, up 1.1%
QoQ and 6.1% YoY, reaffirming the franchise’s durable competitiveness.
The November 3rd Anniversary event marked a key milestone, highlighting the IP’s brand strength and community engagement. Ori gin al content centered on fan – favorite characters ‘ Nayuta ’ and
‘ Liberalio ’ drove high levels of immersion and response, ranking #2 on iOS revenue charts in both Korea and Japan, and #19 in the U.S. Thi s performance underscores the IP’s solid positioning and
scalability across major global markets.
MAU remained stable, reflecting the effectiveness of our long – term live – service strategy and ongoing content enhancement efforts . We continue to focus on expanding gameplay depth,
strengthening engagement with our global fan base, and delivering sustainable, quality – driven growth.
In China, the localized version is executing a market – tailored strategy with exclusive storylines and characters, while rapidly introducing major updates such as ‘Red Hood’. We are gradually
aligning narrative pacing and content quality with the global version to ensure consistency and long – term value.
Q.2 : What are the expected outcomes for in 2026?
A.2 : As enters its third to fourth year, user loyalty and brand affinity continue to strengthen. De spite natural attrition typical of live – service titles, the game maintains
resilient retention amid intensifying competition. This reflects stable operations, expanded offline engagement through MD in iti atives, and sustained support from our users (“Commanders”).
In 2026, we aim to further elevate content quality and immersion, targeting performance in line with or above 2025 levels.
06. Q&A
10Q.1 : What is the performance review of for 4 th
quarter?
A.1 : In 4Q25, sustained steady sales momentum, solidifying its position as a global flagship title within th e A AA market.
Through various promotional initiatives, including PlayStation Black Friday campaigns and Steam winter sale, the title expanded its reach to a broader audience and maintained meaningful sales
traction throughout the quarter. On Steam, the game continues to receive strong user support, maintaining a 95% positive revi ew rate and a “Very Positive” rating among global PC and console players.
Q.2: What are the expected achievements for in 2026?
A.2 : has established itself as a steady, long – tail IP, supported by sustained sales momentum and strong user receptio n since launch.
Building on this foundation, development of the next project is progressing in a structured manner, and we are reviewing plan s t o share additional details on the follow – up project within the year.
In parallel, we are reviewing platform expansion beyond PS5 and PC to broaden audience reach. This approach is expected to both introduce the title to new pla yers and gradually build anticipation for
the next chapter in the series.
We expect 2026 to be a year in which more users experience the existing title while momentum and anticipation builds toward t he next phase of the franchise.
06. Q&A
11
Q.1 : What is the current preparation status of ?
A.1 : , Shift Up’s next flagship title, is progressing steadily under strategic collaboration with a global partne r. The project is being developed as a next –
generation flagship title with a focus on achieving a high level of completion and quality, taking into account its global sc ala bility. Through co – development and other
strategic partnerships, Shift Up and the global partner continues to maintain close collaboration across full spectrum of pla nni ng, development, and service operations.
We plan to share details within the year, including the project’s direction and key features.
We look forward to continued interest and support for .
Q.2 : What is the future direction of your shareholder return policy?
A.2 : We plan to announce a clear mid – to long – term shareholder return plan within 1 st
half of the year and implement it in phases thereafter.
We remain committed to responsible management and delivering clear and visible value in line with shareholder trust.
Appendix: Financial Statements (Condensed)
12Note : The 2025 financial results are based on preliminary financial information. During the current period (Q4 2025), the Company ac quired (invested in) a subsidiary (fund investment) and prepared consolidated financial
statements for the first time4Q25 Results
Balance Sheet (Consolidated)
4Q24 1Q25 2Q25 3Q25 4Q25
Revenue 63,490 42,235 112,383 75,499 64,118
Operating Exp. 17,332 15,983 44,167 25,952 27,001
Operating Profit 46,157 26,251 68,215 49,548 37,116
Non – operating
Revenue 23,927 9,458 8,165 17,094 23,978
Non – operating
Expense (539) 4,063 13,794 (1,417) 5,476
Equity method
income (loss) – – – 14,841
Net Profit bef.
Corporate Tax 70,623 31,646 62,586 68,059 70,459
Corporate Tax 11,094 4,800 11,280 13,431 12,112
Net Profit 59,530 26,846 51,306 54,628 58,347( Unit: M KRW ) ( Unit: M KRW )
Category 2024 4Q25
Assets
803,832 1,085,311
Current Assets
768,172 783,966
Non – current Assets
35,660 301,345
Liabilities
39,428 164,422
Current Liabilities
28,586 97,770
Non – current Liabilities
10,842 66,652
Stockholders’ Equity
764,404 920,889
Capital Stock
11,667 11,792
Capital Surplus
527,437 532,236
Retained Earnings
219,071 410,199
Other Comprehensive
Income (51) 13,675
Capital Adjustment
6,281 (47,013)
Total Equity & Liabilities
803,832 1,085,311 Income Statement (Consolidated)
