Netmarble FY2025 Q2 Earnings Release

2Q 2025 Earnings Results
Aug. 7th, 2025

DISCLAIMER
1
The financial information included in this document are consolidated earnings results based on K -IFRS.
The “financial results for 2Q 2025” for Netmarble (the “Company”) contained in this document have been provided for investors co nvenience only and have not been
audited by an independent auditor. Therefore, certain part(s) of this document are subject to change upon the audit outcome.
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.

151
103
73 82
131
19.3%
15.9%
11.3% 13.1%
18.3%
2Q24 3Q24 4Q24 1Q25 2Q25
782
647 649 624
718
2Q24 3Q24 4Q24 1Q25 2Q25
2
[Revenue] KRW 717.6bn (QoQ 15.0% ▲ / YoY 8.2% ▼ )
[EBITDA] KRW 131.1bn (QoQ 60.7% ▲ / YoY 13.2% ▼ )
– Revenue and EBITDA increased QoQ , reflecting the full -quarter recognition of RF ONLINE NEXT and
the successful launch of Seven Knights Re:BIRTH
– EBITDA Margin 18.3% (D&A KRW 30.0bn)
Revenue EBITDA (Unit: KRW bn) (Unit: KRW bn)
QoQ 15.0% ▲ YoY 8.2% ▼ QoQ 60.7% ▲ YoY 13.2% ▼
2Q25
EARNINGS
GAME PORTFOLIO 2Q25 EARNINGS REVENUE BREAKDOWNBY REGION / GENRE MAJOR COST STRUCTURE APPX) CONSOLIDATED FINANCIAL STATEMENTS NEW LINEUPS

Operating Profit Net Profit Net Profit (Controlling)
[Profit] Operating Profit KRW 101.1bn, Net Profit KRW 160.2bn,
Net Profit (Controlling) KRW 160.3bn
– Operating Profit and Net Profit increased due to the launch of new titles and efficient cost management
3
(Unit: KRW bn) (Unit: KRW bn) (Unit: KRW bn)
2Q25
EARNINGS
GAME PORTFOLIO 2Q25 EARNINGS REVENUE BREAKDOWNBY REGION / GENRE MAJOR COST STRUCTURE APPX) CONSOLIDATED FINANCIAL STATEMENTS NEW LINEUPS
111
66
35
50
101
14.2%
10.1%
5.4%
8.0%
14.1%
2Q24 3Q24 4Q24 1Q25 2Q25
162
21
(170)
80
160
20.8% 3.2% -26.2%
12.9% 22.3%
2Q24 3Q24 4Q24 1Q25 2Q25
170
22
(166)
76
160
21.7% 3.5%
-25.6%
12.1% 22.3%
2Q24 3Q24 4Q24 1Q25 2Q25

13%
9% 9%
7% 7%
6% 6%
4% 4%
35%
세븐나이츠 리버스 RF 온라인 넥스트 마블 콘테스트
오브 챔피언스
잭팟월드 랏차슬롯 캐시프렌지 나 혼자만 레벨업 :
ARISE
일곱 개의 대죄 :
GRAND CROSS
레이븐 2 기타
4
GAME
PORTFOLIO
GAME PORTFOLIO 2Q25 EARNINGS REVENUE BREAKDOWNBY REGION / GENRE MAJOR COST STRUCTURE APPX) CONSOLIDATED FINANCIAL STATEMENTS NEW LINEUPS
• Top revenue generators were evenly distributed: Seven Knights Re:BIRTH 13%,
RF ONLINE NEXT 9%, MARVEL Contest of Champions 9%, Jackpot World 7%,
Lotsa Slots 7%, Cash Frenzy 6%, Solo Leveling:ARISE 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

34% 39% 40% 42% 33%
45% 38% 39% 36%
42%
15% 15% 13% 14% 18%
6% 8% 8% 8% 7%
2Q24 3Q24 4Q24 1Q25 2Q25
40% 43% 46% 46%
35%
24% 23% 17% 18% 34%
13% 13% 15% 14% 12%
10% 8% 9% 10% 7%
6% 7% 6% 6% 6%
7% 6% 7% 6% 6%
76% 77% 83% 82%
66%
2Q24 3Q24 4Q24 1Q25 2Q25 5
REVENUE
BREAKDOWN
BY REGION / GENRE
– Revenue proportion in Korea increased (+16%P QoQ ), along with RPG (+6%P QoQ )
and MMORPG (+4%P QoQ ), due to the f ull -quarter recognition of RF ONLINE NEXT (Korea)
and the successful launch of Seven Knights Re:BIRTH (Korea)
– Revenue Proportion by Region ▶ N.A. 35% , Korea 34%, Europe 12%, SEA 7%, Japan 6% and others 6%
– Revenue Proportion by Genre ▶ RPG 42%, Casual games 33%, MMORPG 18% and others 7%
Revenue Breakdown by Region Revenue Breakdown by Genre
GAME PORTFOLIO 2Q25 EARNINGS REVENUE BREAKDOWNBY REGION / GENRE MAJOR COST STRUCTURE APPX) CONSOLIDATED FINANCIAL STATEMENTS NEW LINEUPS
Others
Japan
South
East Asia
Europe
Korea
% of
Overseas
Revenue
North
America
Others
MMORPG
RPG
Casual
Games

263
(33.6%) 225
(34.7%)
232
(35.7%) 219
(35.1%)
242
(33.8%) 2,426 2,426 33.8%
183
(23.4%) 179
(27.7%)
179
(27.5%) 172
(27.6%)
175
(24.4%) 1,750 24.4% 1,750
144
(18.4%) 105
(16.2%)
121
(18.6%) 114
(18.3%)
135
(18.9%) 18.9% 1,354 1,354
82
(10.4%)
73
(11.3%)
83
(12.8%) 69
(11.0%)
64
(8.8%) 636 636 636
671
582
614
574
617
2Q24 3Q24 4Q24 1Q25 2Q25 마케팅비 인건비 지급수수료
지급수수료 인건비 마케팅비 기타 (상각비 포함 )
6
• Marketing Costs KRW 135.4bn ( QoQ 18.6% ▲ / YoY 5.8% ▼)
-Marketing -to-revenue ratio remained stable QoQ despite new game launches
• Labor Costs KRW 174.9bn (QoQ 1.6% ▲ / YoY 4.3% ▼)
-Labor costs increased slightly QoQ as a result of a salary increase
• Commission KRW 242.4bn (QoQ 10.6% ▲ / YoY 7.8% ▼)
-Commission -to-revenue ratio decreased QoQ
due to increased sales of In -house IP games
[Operating Cost] KRW 616.5bn (QoQ 7.4% ▲ / YoY 8.1% ▼ )

MAJOR COST
STRUCTURE
GAME PORTFOLIO 2Q25 EARNINGS REVENUE BREAKDOWNBY REGION / GENRE MAJOR COST STRUCTURE APPX) CONSOLIDATED FINANCIAL STATEMENTS NEW LINEUPS
(Unit: KRW bn)
Labor Marketing Commission
* Proportion to the revenue (%)
※ 2Q25 Other Cost: D&A KRW 30.0bn, Other fees KRW 33.8bn
Commission Labor Marketing Other (Inc. D&A)

PC Mobile Console
NEW
LINEUPS
• In 2H25, 7 new games (The King of Fighters AFK, VAMPIR, StoneAge : Pet World, etc.) are set to launch
and regional expansion of existing titles (RF ONLINE NEXT, Seven Knights Re:BIRTH , etc.) is planned.
7
GAME PORTFOLIO 2Q25 EARNINGS REVENUE BREAKDOWNBY REGION / GENRE MAJOR COST STRUCTURE APPX) CONSOLIDATED FINANCIAL STATEMENTS NEW LINEUPS
2H25
Global
Collectible
AFK RPG
The King of Fighters AFK
Korea
MMORPG
VAMPIR (8/26)
Global
Collectible
RPG
StoneAge : Pet World
Global / Action RPG
MONGIL: STAR DIVE
Global / Open World RPG
The Seven Deadly Sins:
Origin
Korea / MMORPG
Project SOL Solo Leveling:ARISE
OVERDRIVE
Global / Action RPG

8
Consolidated Income Statement Consolidated Statement of Financial Position
GAME PORTFOLIO 2Q25 EARNINGS REVENUE BREAKDOWNBY REGION / GENRE MAJOR COST STRUCTURE APPX ) CONSOLIDATED FINANCIAL STATEMENTS NEW LINEUPS(KRW bn) 2 Q2 4 3 Q2 4 4 Q2 4 1 Q2 5 2 Q2 5
Cu r r e n t A s s e t s 999 1, 009 1, 115 1, 091 1, 110
Cash and Cash Equivalents 473 529 578 593 513
Accounts Receivable 337 241 277 241 271
Other Current Financial Assets 76 134 138 164 238
Other Current Assets 113 105 122 93 88
N o n – Cu r r e n t A s s e t s 7, 031 6, 977 7, 062 6, 880 6, 715
Investment Assets 2, 844 2, 906 2, 918 2, 889 2, 963
Intangible Assets 3, 375 3, 202 3, 245 3, 085 2, 863
Tangible Assets 422 402 410 403 440
Other Non-Current Assets 390 467 489 503 450
To t a l A s s e t s 8, 029 7, 986 8, 177 7, 971 7, 825
Cu r r e n t Li a b i l i t i e s 972 993 1, 348 1, 527 1, 617
Accounts Payable 28 26 28 21 25
Short-term Debt 407 405 617 607 750
Other Current Financial Liabilities 215 234 318 589 534
Other Current Liabilities 322 327 385 310 308
N o n – Cu r r e n t Li a b i l i t i e s 1, 681 1, 725 1, 355 983 748
Other Non-Current Financial Liabilities 1, 402 1, 450 1, 075 709 475
Other Non-Current Liabilities 279 275 280 275 273
To t a l Li a b i l i t i e s 2, 653 2, 718 2, 703 2, 510 2, 365
To t a l E q u i t y 5, 377 5, 268 5, 474 5, 461 5, 460 (KRW bn) 2 Q2 4 3 Q2 4 4 Q2 4 1 Q2 5 2 Q2 5
R e v e n u e 782 647 649 624 718
Commission 263 225 232 219 242
Labor Cost 183 179 179 172 175
Marketing Cost 144 105 121 114 135
Other Costs (exc. D&A) 42 36 45 37 34
E B I TDA 151 103 73 82 131
Margin (%) 19.3% 15.9% 11.3% 13.1% 18.3%
D&A 40 37 38 32 30
O p e r a t i n g I n co m e 111 66 35 50 101
Margin (%) 14.2% 10.1% 5.4% 8.0% 14.1%
Non-Operating Income&Cost 106 (23) (219) 48 89
P r e – t a x P r o fi t 217 42 ( 1 8 4 ) 98 190
Tax 55 22 (14) 17 30
N e t P r o fi t 162 21 ( 1 7 0 ) 80 160
N e t P r o fi t ( co n t r o l l i n g ) 170 22 ( 1 6 6 ) 76 160
Margin (%) 21.7% 3.5% -25.6% 12.1% 22.3%

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