Neowiz FY2025 Q3 Earnings Release

Investor Presentation
November 2025
Investor Presentation
November 2025

Disclaimer
All financial information contained in this document is based on consolidated K -IFRS.
The matters discussed in this presentation contain forward -looking statements that involved risks
and uncertainties concerning NEOWIZ expected financial information performance as well as
strategic and operational plans.
Actual results may differ from the results predicted, and reported results should not be considered
as an indication of future performance. Therefore NEOWIZ will not be responsible for individual
investment decisions based only on this material.
All information in this presentation is as of November 2025 and NEOWIZ undertakes no duty to
update this information.
1

Q3 2025 Revenue KRW 127.4 bn , Operating Profit KRW 26.5bn , Net Profit KRW 25.0 bn
Quarterly Financial Highlights
3Q24 4Q24 1Q25 2Q25 3Q25
6.9% 7.7%
11.5%
16.9%
20.8%
3Q24 4Q24 1Q25 2Q25 3Q25
Operating Profit OPM(%)
Revenue
-1.5%
-30.8%
6.9%
11.6%
19.7%
Net Profit NPM(%)
Operating Profit Net Profit
2
3Q24 4Q24 1Q25 2Q25 3Q25
(KRW mn ) (KRW mn ) (KRW mn )

45,656 43,023 45,349 44,032
58,468
36,917 37,629 36,425
57,470
58,712
Quarterly Revenue Breakdown
[Q 3 20 25Revenue by Platform ] [Q3 2025 Revenue by Region ]
53% 47%
Overseas Domestic
Revenue Revenue Breakdown
3
46%
46%
8%
PC/Console Mobile Others ■PC/Console ■Mobile ■Others(Rental, Ads)
Q3 2025 Revenue KRW 127.4 bn , YoY 36.8% ▲ , QoQ 15.8% ▲
▪ PC/Console game KRW 58.7 bn (YoY 59.0%, QoQ 2.2%) : Increased QoQ driven by solid performance of ‘Lies of P’
and successful official launch of ‘Shape of dreams’
▪ Mobile game KRW 58.5 bn (YoY 28.1%, QoQ 32.8%) : Increased QoQ thanks to following events of ‘Bronwndust2’ 2 ndanniversary
and recognition of ‘Browndust2’ deferred revenue
(KRW mn )

(KRW mn ) Q3 20 24 Q4 20 24 Q1 2025 Q2 20 25 Q3 20 25 YoY QoQ
Operating expenses 86,670 82,733 78,802 91,424 100,947 16.5% 10.4%
Labor cost 38,182 39,287 36,597 41,843 36,612 -4.1% -12.5%
Variable cost 25,730 23,712 24,769 30,744 45,298 76.1% 47.3%
Marketing 10,438 8,045 5,589 8,316 8,438 -19.2% 1.5%
D&A 4,954 3,960 5,643 3,499 3,408 -31.2% -2.6%
Others 7,366 7,730 6,197 7,022 7,192 -2.4% 2.4%
Quarterly Expenses Breakdown
4
Q3 2025 Operating Expenses KRW 100 .9 bn , YoY 16.5% ▲ , QoQ 10.4% ▲
▪ Labor cost : Decreased QoQ due to incentive decrease
▪ Variable cost : Increased QoQ due to revenue increase of ‘Browndust2’ and official launch of ‘Shape of dreams’

5
5
Quarterly Highlights
Main events & Plans
June July August September October November December
Anniversary
BM
Story Quest
Platform
Offline Events by Region
Korea
Taiwan /China
Japan
US
Story Pack 18
Prestige Skin, Swimsuit
2ndAnniversary
Prestige Skin, Swimsuit
2.5 thAnniversary
Story Pack 19
Halloween Costume Collaboration
Steam Web Shop
Active communications & unique contents
TGS 2025 KYOMAF
Anime NYC
Fancy Frontier
Comic Market
2ndAnniversary
Comic -Con
AGF
BW25
Offline Event
Fan Event
‘Browndust2’, Recorded 7 consecutive quarters of revenue growth
▪ Recorded the highest quarterly revenue driven by 2 nd anniversary and following events
▪ Focusing on growth in FY2026 by fan -focused services
Pop -up Cafe
Fan Event

※ Upcoming titles are developing focus on global publishing and franchise expansion.
※ Release schedule will be disclosed according to marketing strategy and development status.
Timeline Game Genre Platform Market In-House/Publishing
1stHalf
FY2026
Cats & Soup : Magic Recipe Simulation Mobile Global In-House
Kill the Shadow Detective Adventure PC(Steam) Global Publishing
2ndHalf
FY2026
Goodbye Seoul: Itaewon Puzzle Platformer PC(Steam) Global Publishing
Kingdom 2 MMORPG Mobile Global In-House
.
Phase 1: Focusing on live services of main titles, discovering high potential INDIE titles
New Pipeline
Phase 2: Ready for expansion of global IPs
Game Genre Platform Market In-House/Publishing
Wolfeye Studios New Project Retro SF First -person RPG PC/Console Global Publishing
Zakazane Studio New Project Noir West CRPG PC/Console Global Publishing
Life Simulation New Project Life Simulation PC/Console Global In-House
Survival Action Adventure New Project Survival Action Adventure PC/Console Global In-House
Lies of P Sequel Souls -like RPG PC/Console Global In-House
New Project by Seungho Jin Narrative -based RPG PC/Console Global In-House
New Project by Kay Lee Souls -like RPG PC/Console Global In-House
6

Appendix : Consolidated Financial Statements
7
Consolidated Financial Statement Consolidated Income Statement
(KRW mn) 3Q24 4Q24 1Q25 2Q25 3Q25
Current assets 302,822 314, 032 316,235 336,127 357,054
Cash & cash equivalents 112,373 116,867 99,854 95,937 89,587
Trade & other receivables 42,444 49,310 36,257 67,147 47,197
Financial assets 141,244 141,032 173,184 159,782 209,113
Other current assets 6,761 6,823 6,940 13,261 11,157
Non -current assets 348,897 305,966 304,782 306,070 307,524
Trade & other receivables 1,213 1,249 1,259 1,253 1,281
Investments in JV & assoc. 22,386 22,337 22,419 22,218 22,346
Investment property 29,022 26,657 26,521 26,385 26,249
Tangible assets 85,753 87,493 86,957 86,163 85,690
Intangible assets 136,973 99,599 94,998 91,856 92,991
Financial assets 37,561 36,291 37,595 41,679 43,544
Other non -current assets 35,989 32,340 35,033 36,516 35,423
Total assets 651,719 619,998 621,017 642,197 664,577
Current liabilities 77,491 81,0 60 75,478 87,315 79,744
Non -current liabilities 34,317 20,002 19,551 22,404 23,921
Total liabilities 111,808 101,062 95,028 109,719 103,665
Controlling interests 505,160 487,3 26 495,657 503,910 533,217
Capital stock 11,017 11,017 11,017 11,017 11,017
Capital surplus 129,989 129,989 129,989 129,989 129,989
Retained earnings 449,877 420, 821 428,059 440,620 466,600
Other components of equity (85,722) (74, 500) (73,409) (77,717) (74,389)
Non -controlling interests 34,750 31,611 30,332 28,568 27,695
Total equity 539,911 518,937 525,989 532,478 560,912
Total liabilities and equity 651,719 619,998 621,017 642,197 664,577
(KRW mn) 3Q24 4Q24 1Q25 2Q25 3Q25
Revenue 93,134 89,602 89,030 110,010 127,418
Operating expenses 86,670 82,733 78,802 91,424 100,947
Operating profit (loss) 6,464 6,869 10,229 18,586 26,470
Financial income 611 10,753 4,109 4,184 4,807
Financial expenses 6,692 4,569 4,976 5,008 (870)
Other income 2,922 4,765 589 90 691
Other expenses 1,820 39,724 708 418 (151)
Equity method income (loss) (192) (27) (197) (208) 8
Profit (loss) before income tax 1,293 (21, 933 ) 9,044 17,225 32,997
Income tax 2,692 5,634 2,935 4,454 7,951
Net profit (loss) (1,399) (27,567 ) 6,109 12,771 25,047
Controlling interests 1,416 (24, 682) 7,279 14,009 25,950
Non -controlling interests (2,815) (2,885) (1,170) (1,238) (903)

8
End of Document