Netmarble FY2024 Q4 Earnings Release

4Q 2024 & FY 2024 Earnings Results
Feb. 13th, 2025

DISCLAIMER
1
The financial information included in this document are consolidated earnings results based on K -IFRS.
The “financial results for 4Q 2024 and FY 2024” 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.

39.2% 35.5%
29.7%
27.0%
19.4%
17.7%
7.0%
5.9%
2023 2024
Revenue EBITDA (Unit: KRW bn) (Unit: KRW bn)
YoY 6.5% ▲ YoY 216.5% ▲
Cost Breakdown
2
4Q24
EARNINGS GAME PORTFOLIO REVENUE BREAKDOWN
BY REGION /GENRE
MAJOR COST
STRUCTURE NEW LINEUPS APPX) CONSOLIDATED
INCOME STATEMENT
APPX) CONSOLIDATED
STATEMENT OF
FINANCIAL POSITION
FY 2024 EARNINGS
SUMMARY
2,502
2,664
2023 2024
117
370
4.7%
13.9%
2023 2024
EBITDA EBITDA 이익율 (%)
Other
Marketing
Labor
Commission
95.3%
86.1%
[Revenue] KRW 2,663.8bn (YoY 6.5% ▲ )
[EBITDA] KRW 370.0bn (YoY 216.5% ▲ )
– Due to increased revenue and cost efficiency, EBITDA Margin has been improved by +9.2%P YoY
FY 2024
EARNINGS
SUMMARY
EBITDA Margin (%)
* Proportion to the revenue (%)

62
43
151
103
73
9.2% 7.3%
19.3%
15.9%
11.3%
4Q23 1Q24 2Q24 3Q24 4Q24
666
585
782
647 649
4Q23 1Q24 2Q24 3Q24 4Q24
3
Revenue EBITDA
QoQ 0.3% ▲ YoY 2.5% ▼ QoQ 28.6% ▼ YoY 19.3% ▲
4Q24
EARNINGS
4Q24
EARNINGS GAME PORTFOLIO REVENUE BREAKDOWN
BY REGION /GENRE
MAJOR COST
STRUCTURE NEW LINEUPS APPX) CONSOLIDATED
INCOME STATEMENT
APPX) CONSOLIDATED
STATEMENT OF
FINANCIAL POSITION
FY 2024 EARNINGS
SUMMARY
[Revenue] KRW 649.0bn (QoQ 0.3% ▲ / YoY 2.5% ▼ )
[EBITDA] KRW 73.4bn (QoQ 28.6% ▼ / YoY 19.3% ▲ )
– Revenue slightly increased QoQ due to the seasonal updates of overseas subsidiaries,
however EBITDA decreased QoQ owing to increased costs (ex. marketing expenses)
– EBITDA Margin 11.3% (D&A KRW 38.2bn)
(Unit: KRW bn) (Unit: KRW bn)

4
19
4
111
66
35
2.8% 0.6%
14.2%
10.1%
5.4%
4Q23 1Q24 2Q24 3Q24 4Q24
(186)
(10)
162
19
(167)
-27.9% -1.7% 20.8% 3.0% -25.7%
4Q23 1Q24 2Q24 3Q24 4Q24
(172)
(0)
170
21
(163)
-25.8%
-0.1% 21.7% 3.3%
-25.1%
4Q23 1Q24 2Q24 3Q24 4Q24
4Q24
EARNINGS
4Q24
EARNINGS GAME PORTFOLIO REVENUE BREAKDOWN
BY REGION /GENRE
MAJOR COST
STRUCTURE NEW LINEUPS APPX) CONSOLIDATED
INCOME STATEMENT
APPX) CONSOLIDATED
STATEMENT OF
FINANCIAL POSITION
FY 2024 EARNINGS
SUMMARY
[Profit] Operating Profit KRW 35.2bn, Net Loss KRW 166.7bn,
Net Loss (Controlling) KRW 162.7bn
– Net loss occurred due to the reflection of impairment loss on intangible assets, etc.
Operating Profit Net Profit Net Profit (Controlling) (Unit: KRW bn) (Unit: KRW bn) (Unit: KRW bn)

13%
8% 8%
7%
6%
5% 5%
3% 3%
42%
마블 콘테스트
오브 챔피언스
잭팟월드 랏차슬롯 캐시프렌지 나 혼자만 레벨업 :
ARISE
레이븐 2 일곱 개의 대죄 :
GRAND CROSS
마블 퓨처파이트 해리 포터 :
호그와트
미스터리
기타
5
• Top revenue generators were evenly distributed: MARVEL Contest of Champions 13%,
Jackpot World 8%, Lotsa Slots 8%, Cash Frenzy 7%, Solo Leveling:ARISE 6%, Raven2 5%,
The Seven Deadly Sins: GRAND CROSS 5%, etc.
MARVEL
Contest of
Champions
Jackpot World Lotsa Slots Cash Frenzy The Seven
Deadly Sins:
GRAND CROSS
Harry Potter:
Hogwarts
Mystery
Solo Leveling:
ARISE Raven2 MARVEL:
Future Fight
GAME
PORTFOLIO
4Q24
EARNINGS GAME PORTFOLIO REVENUE BREAKDOWN
BY REGION /GENRE
MAJOR COST
STRUCTURE NEW LINEUPS APPX) CONSOLIDATED
INCOME STATEMENT
APPX) CONSOLIDATED
STATEMENT OF
FINANCIAL POSITION
FY 2024 EARNINGS
SUMMARY
Others

45% 48% 40% 43% 46%
20% 17% 24% 23% 17%
12% 13% 13% 13% 15%
9% 9% 10% 8% 9%
6% 6% 6% 7% 6%
8% 7% 7% 6% 7%
80% 83%
76% 77%
83%
4Q23 1Q24 2Q24 3Q24 4Q24
40% 47%
34% 39% 40%
38% 33%
45% 38% 39%
9% 9% 15% 15% 13%
13% 11% 6% 8% 8%
4Q23 1Q24 2Q24 3Q24 4Q24
캐주얼 게임 RPG MMORPG 기타
6
REVENUE
BREAKDOWN
BY REGION / GENRE
4Q24
EARNINGS GAME PORTFOLIO REVENUE BREAKDOWN
BY REGION /GENRE
MAJOR COST
STRUCTURE NEW LINEUPS APPX) CONSOLIDATED
INCOME STATEMENT
APPX) CONSOLIDATED
STATEMENT OF
FINANCIAL POSITION
FY 2024 EARNINGS
SUMMARY
Others
Japan
South
East Asia
Europe
Korea
% of
Overseas
Revenue
North
America
Revenue Breakdown By Region Revenue Breakdown By Genre
Others
MMORPG
RPG
Casual
Games
Others Casual Games RPG MMORPG
• The proportion of overseas revenue was 83% (QoQ +6%P) diversified across
N.A. 46%, Korea 17%, Europe 15%, SEA 9%, Japan 6% and others 7%
• Genre portfolio showed diversification across casual games 40%, RPG 39%,
MMORPG 13% and others 8%

254
(38.1%) 227
(38.8%)
263
(33.6%) 225
(34.7%)
232
(35.7%) 2,316 2,316 35.7%
183
(27.5%) 180
(30.7%)
183
(23.4%) 179
(27.7%)
179
(27.5%) 1,787 27.5% 1,787
128
(19.1%) 102
(17.3%)
144
(18.4%) 105
(16.2%)
121
(18.6%) 18.6% 1,205 1,205
83
(12.5%) 73(12.5%)
82
(10.4%)
73
(11.3%)
83
(12.8%) 830 830 830
647
582
671
582
614
4Q23 1Q24 2Q24 3Q24 4Q24 마케팅비 인건비 지급수수료
지급수수료 인건비 마케팅비 기타 (상각비 포함 )
7
• Marketing Costs KRW 120.5bn (QoQ 15.2% ▲ / YoY 5.6% ▼)
-Marketing costs increased QoQ due to the release of a new title
• Labor Costs KRW 178.7bn (QoQ 0.2% ▼ / YoY 2.2% ▼)
-Labor costs decreased QoQ as a result of a decline in the number of workforces
• Commission KRW 231.6bn (QoQ 3.0% ▲ / YoY 8.6% ▼)
-Commission Increased QoQ due to the increased sales of
external IP games
4Q24
EARNINGS GAME PORTFOLIO REVENUE BREAKDOWN
BY REGION /GENRE
MAJOR COST
STRUCTURE NEW LINEUPS APPX) CONSOLIDATED
INCOME STATEMENT
APPX) CONSOLIDATED
STATEMENT OF
FINANCIAL POSITION
FY 2024 EARNINGS
SUMMARY
MAJOR COST
STRUCTURE
[4Q24 Operating Cost] KRW 613.8bn (QoQ 5.5% ▲ / YoY 5.1% ▼ )
Commission Labor Marketing Other (Inc. D&A)
(Unit: KRW bn)

Commission Labor Marketing
* Proportion to the revenue (%)
※ 4Q24 Other Cost: D&A KRW 38.2bn, Other fees KRW 44.8bn

Global / Collectible AFK RPG
1H25
Korea / MMORPG
RF ONLINE NEXT Game of Thrones: Kingsroad
Global / Open World Action RPG
The King of Fighters AFK
Global / Open World RPG
The Seven Deadly Sins: Origin
Global / Action RPG
MONGIL: STAR DIVE
2H25
Seven Knights Re:BIRTH
Global / Turn -based RPG
Korea / MMORPG
The RED (TBD)
• Starting with the launch of RF ONLINE NEXT (Mar. 20 th), 9 new games including
Game of Thrones: Kingsroad and The Seven Deadly Sins: Origin will be released
Project SOL
Global / MMORPG
Solo Leveling:ARISE
Global / Action RPG
(Steam)
4Q24
EARNINGS GAME PORTFOLIO REVENUE BREAKDOWN
BY REGION /GENRE
MAJOR COST
STRUCTURE NEW LINEUPS APPX) CONSOLIDATED
INCOME STATEMENT
APPX) CONSOLIDATED
STATEMENT OF
FINANCIAL POSITION
FY 2024 EARNINGS
SUMMARY
NEW
LINEUPS PC Mobile Console
8

9
Consolidated Income Statement
4Q24
EARNINGS GAME PORTFOLIO REVENUE BREAKDOWN
BY REGION /GENRE
MAJOR COST
STRUCTURE NEW LINEUPS APPX) CONSOLIDATED
INCOME STATEMENT
APPX) CONSOLIDATED
STATEMENT OF
FINANCIAL POSITION
FY 2024 EARNINGS
SUMMARY(KRW bn) 4 Q 2 3 1 Q2 4 2 Q2 4 3 Q2 4 4 Q2 4 FY2 0 2 3 FY2 0 2 4
R e v e n u e 666 585 782 647 649 2, 502 2, 664
Commission 254 227 263 225 232 980 947
Labor Cost 183 180 183 179 179 744 720
Marketing Cost 128 102 144 105 121 487 470
Other Costs (exc. D&A) 40 34 42 36 45 174 157
E B I TDA 62 43 151 103 73 117 370
Margin (%) 9.2% 7.3% 19.3% 15.9% 11.3% 4.7% 13.9%
D&A 43 39 40 37 38 185 154
O p e r a t i n g I n co m e 19 4 111 66 35 ( 6 9 ) 216
Margin (%) 2.8% 0.6% 14.2% 10.1% 5.4% -2.7% 8.1%
Non-Operating Income&Cost (26) (3) 106 (23) (216) (90) (136)
P r e – t a x P r o fi t ( 7 ) 1 217 42 ( 1 8 1 ) ( 1 5 9 ) 80
Tax 178 11 55 22 (14) 145 73
N e t P r o fi t ( 1 8 6 ) ( 1 0 ) 162 21 ( 1 6 7 ) ( 3 0 4 ) 6
N e t P r o fi t ( co n t r o l l i n g ) ( 1 7 2 ) ( 0 ) 170 22 ( 1 6 3 ) ( 2 5 6 ) 29
Margin (%) -25.8% -0.1% 21.7% 3.5% -25.1% -10.2% 1.1%

10
Consolidated Statement of Financial Position
4Q24
EARNINGS GAME PORTFOLIO REVENUE BREAKDOWN
BY REGION /GENRE
MAJOR COST
STRUCTURE NEW LINEUPS APPX) CONSOLIDATED
INCOME STATEMENT
APPX) CONSOLIDATED
STATEMENT OF
FINANCIAL POSITION
FY 2024 EARNINGS
SUMMARY(KRW bn) 4 Q2 3 1 Q2 4 2 Q2 4 3 Q2 4 4 Q2 4 FY2 0 2 3 FY2 0 2 4
Cu r r e n t A s s e t s 906 1, 211 999 1, 009 1, 115 906 1, 115
Cash and Cash Equivalents 430 759 473 529 578 430 578
Accounts Receivable 255 221 337 241 277 255 277
Other Current Financial Assets 99 114 76 134 138 99 138
Other Current Assets 122 117 113 105 122 122 122
N o n – Cu r r e n t A s s e t s 7, 010 7, 083 7, 031 6, 977 7, 064 7, 010 7, 064
Investment Assets 2, 996 2, 920 2, 844 2, 906 2, 920 2, 996 2, 920
Intangible Assets 3, 229 3, 328 3, 375 3, 202 3, 245 3, 229 3, 245
Tangible Assets 420 425 422 402 410 420 410
Other Non-Current Assets 365 410 390 467 489 365 489
To t a l A s s e t s 7, 916 8, 294 8, 030 7, 986 8, 179 7, 916 8, 179
Cu r r e n t Li a b i l i t i e s 1, 940 1, 790 972 993 1, 348 1, 940 1, 348
Accounts Payable 32 28 28 26 28 32 28
Short-term Debt 1, 383 1, 300 407 405 617 1, 383 617
Other Current Financial Liabilities 233 189 215 235 318 233 318
Other Current Liabilities 292 273 322 327 385 292 385
N o n – Cu r r e n t Li a b i l i t i e s 897 1, 363 1, 681 1, 725 1, 355 897 1, 355
Other Non-Current Financial Liabilities 626 1, 081 1, 402 1, 450 1, 075 626 1, 075
Other Non-Current Liabilities 272 282 279 275 280 272 280
To t a l Li a b i l i t i e s 2, 837 3, 153 2, 653 2, 718 2, 703 2, 837 2, 703
To t a l E q u i t y 5, 079 5, 141 5, 377 5, 268 5, 476 5, 079 5, 476

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