Netmarble FY2025 Q3 Earnings Release

3Q 2025 Earnings Results
Nov. 6th, 2025

DISCLAIMER
1
The financial information included in this document are consolidated earnings results based on K -IFRS.
The “financial results for 3Q 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.

103
73 82
131 122
15.9%
11.3% 13.1%
18.3% 17.6%
3Q24 4Q24 1Q25 2Q25 3Q25
647 649 624
718 696
3Q24 4Q24 1Q25 2Q25 3Q25
2
[Revenue] KRW 696.0bn (QoQ 3.0% ▼ / YoY 7.5% ▲ )
[EBITDA] KRW 122.4bn (QoQ 6.6% ▼ / YoY 19.1% ▲ )
– Revenue and EBITDA increased YoY, driven by the successful launch of new title (VAMPIR) and the regional
expansion of existing title (Seven Knights Re:BIRTH )
– EBITDA Margin 17.6% (D&A KRW 31.5bn)
Revenue EBITDA (Unit: KRW bn) (Unit: KRW bn)
QoQ 3.0% ▼ YoY 7.5% ▲ QoQ 6.6% ▼ YoY 19.1% ▲
3Q25
EARNINGS
GAME PORTFOLIO 3Q25 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 90.9bn, Net Profit KRW 40.6bn ,
Net Profit (Controlling) KRW 37.5bn
– Operating profit margin recorded at 13.1 % due to stable revenue and declining commission -to -revenue ratio
– Net profit decreased due to fair value adjustments on held assets
3
(Unit: KRW bn) (Unit: KRW bn) (Unit: KRW bn)
3Q25
EARNINGS
66
35
50
101 91
10.1%
5.4%
8.0%
14.1% 13.1%
3Q24 4Q24 1Q25 2Q25 3Q25
21
(170)
80
160
41
3.2% -26.2%
12.9% 22.3% 5.8%
3Q24 4Q24 1Q25 2Q25 3Q25
22
(166)
76
160
38
3.5%
-25.6%
12.1% 22.3% 5.4%
3Q24 4Q24 1Q25 2Q25 3Q25
GAME PORTFOLIO 3Q25 EARNINGS REVENUE BREAKDOWNBY REGION / GENRE MAJOR COST STRUCTURE APPX) CONSOLIDATED FINANCIAL STATEMENTS NEW LINEUPS

12%
9%
7% 7% 7% 7%
5%
4% 4%
3%
35%
세븐나이츠 리버스 뱀피르 마블 콘테스트
오브 챔피언스
잭팟월드 랏차슬롯 캐시프렌지 RF 온라인 넥스트 일곱 개의 대죄 :
GRAND CROSS
나 혼자만 레벨업 :
ARISE
레이븐 2 기타
4
GAME
PORTFOLIO
• Top revenue generators were evenly distributed: Seven Knights Re:BIRTH 12%,
VAMPIR 9%, MARVEL Contest of Champions 7%, Jackpot World 7%, Lotsa Slots 7%,
Cash Frenzy 7%, RF ONLINE NEXT 5%, 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
GAME PORTFOLIO 3Q25 EARNINGS REVENUE BREAKDOWNBY REGION / GENRE MAJOR COST STRUCTURE APPX) CONSOLIDATED FINANCIAL STATEMENTS NEW LINEUPS

39% 40% 42% 33% 34%
38% 39% 36%
42% 34%
15% 13% 14% 18%
22%
8% 8% 8% 7% 10%
3Q24 4Q24 1Q25 2Q25 3Q25
캐주얼 게임 RPG MMORPG 기타
43% 46% 46%
35% 34%
23% 17% 18% 34% 32%
13% 15% 14% 12% 11%
8% 9% 10% 7% 8%
7% 6% 6% 6% 8%
6% 7% 6% 6% 7%
77% 83% 82%
66% 68%
3Q24 4Q24 1Q25 2Q25 3Q25 5
REVENUE
BREAKDOWN
BY REGION / GENRE
• The proportion of overseas revenue was 68% ( QoQ +2%P) diversified across
N.A. 34%, Korea 32%, Europe 11%, SEA 8%, Japan 8% and others 7%
• Genre portfolio showed diversification across casual games 34%, RPG 34%,
MMORPG 22% and others 10%
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
GAME PORTFOLIO 3Q25 EARNINGS REVENUE BREAKDOWNBY REGION / GENRE MAJOR COST STRUCTURE APPX) CONSOLIDATED FINANCIAL STATEMENTS NEW LINEUPS

225
(34.7%)
232
(35.7%) 219
(35.1%)
242
(33.8%) 225
(32.3%) 2,249 2,249 32.3%
179
(27.7%)
179
(27.5%) 172
(27.6%)
175
(24.4%) 170
(24.5%) 1,704 24.5% 1,704
105
(16.2%)
121
(18.6%) 114
(18.3%)
135
(18.9%) 145
(20.9%) 20.9% 1,453 1,453
73
(11.3%)
83
(12.8%) 69
(11.0%)
64
(8.8%) 65
(9.2%) 645 645 645
582 614 574
617 605
3Q24 4Q24 1Q25 2Q25 3Q25 마케팅비 인건비 지급수수료
지급수수료 인건비 마케팅비 기타 (상각비 포함 )
6
• Marketing Costs KRW 145.3bn ( QoQ 7.3% ▲ / YoY 38.9% ▲)
-Marketing -to-revenue ratio increased QoQ due to anew game launch and
the global release of an existing title.
• Labor Costs KRW 170.4bn (QoQ 2.6% ▼/ YoY 4.9% ▼)
-Labor costs decreased QoQ
• Commission KRW 224.9bn (QoQ 7.2% ▼ / YoY 0.0%)
-Commission -to-revenue ratio decreased QoQ
reflecting increased sales of In -house IP games
[Operating Cost] KRW 605.1bn (QoQ 1.8% ▼ / YoY 4.0% ▲ )

MAJOR COST
STRUCTURE
(Unit: KRW bn)
Labor Marketing Commission
* Proportion to the revenue (%)
※ 3Q25 Other Cost: D&A KRW 31.5bn, Other fees KRW 33.0bn
Commission Labor Marketing Other (Inc. D&A)
GAME PORTFOLIO 3Q25 EARNINGS REVENUE BREAKDOWNBY REGION / GENRE MAJOR COST STRUCTURE APPX) CONSOLIDATED FINANCIAL STATEMENTS NEW LINEUPS

NEW
LINEUPS
• In 4Q25, Solo Leveling:ARISE OVERDRIVE (11/25) is set to launch, and
6 new titles (The Seven Deadly Sins: Origin, SOL : enchant, MONGIL : STAR DIVE, etc.) will be released in 1H26
• At G -Star 2025, 5 games (Solo Leveling: KARMA, EVILBANE , etc.) will be presented
7
New Lineups (4Q25 ~ 2026)
G-Star Lineup PC Mobile Console
The Seven Deadly Sins: Origin
Global
Open World RPG
Global
Collectible RPG
Shangri -La Frontier: The Seven Colossi
Global
Action RPG
MONGIL: STAR DIVE
Korea
MMORPG
SOL: enchant
Global
Roguelite Action RPG
Solo Leveling: KARMA
Global
Incremental RPG
StoneAge :Idle Adventure
Global
Action RPG
Solo Leveling:ARISE OVERDRIVE
Global
Casual Action Roguelike RP G
PROJECT OCTOPU S
(Nov.25) (2026)
GAME PORTFOLIO 3Q25 EARNINGS REVENUE BREAKDOWNBY REGION / GENRE MAJOR COST STRUCTURE APPX) CONSOLIDATED FINANCIAL STATEMENTS NEW LINEUPS
Global
Co -op Action
EVILBANE

8
Consolidated Income Statement Consolidated Statement of Financial Position
GAME PORTFOLIO 3Q25 EARNINGS REVENUE BREAKDOWNBY REGION / GENRE MAJOR COST STRUCTURE APPX ) CONSOLIDATED FINANCIAL STATEMENTS NEW LINEUPS(KRW bn) 3 Q2 4 4 Q2 4 1 Q2 5 2 Q2 5 3 Q2 5
R e v e n u e 647 649 624 718 696
Commission 225 232 219 242 225
Labor Cost 179 179 172 175 170
Marketing Cost 105 121 114 135 145
Other Costs (exc. D&A) 36 45 37 34 33
E B I TDA 103 73 82 131 122
Margin (%) 15.9% 11.3% 13.1% 18.3% 17.6%
D&A 37 38 32 30 32
O p e r a t i n g I n co m e 66 35 50 101 91
Margin (%) 10.1% 5.4% 8.0% 14.1% 13.1%
Non-Operating Income&Cost (23) (219) 48 89 (35)
P r e – t a x P r o fi t 42 ( 1 8 4 ) 98 190 56
Tax 21 (14) 17 30 15
N e t P r o fi t 21 ( 1 7 0 ) 80 160 41
N e t P r o fi t ( co n t r o l l i n g ) 22 ( 1 6 6 ) 76 160 38
Margin (%) 3.5% -25.6% 12.1% 22.3% 5.4% (KRW bn) 3 Q2 4 4 Q2 4 1 Q2 5 2 Q2 5 3 Q2 5
Cu r r e n t A s s e t s 1, 009 1, 115 1, 091 1, 110 1, 119
Cash and Cash Equivalents 529 578 593 513 591
Accounts Receivable 241 277 241 271 258
Other Current Financial Assets 134 138 164 238 191
Other Current Assets 105 122 93 88 79
N o n – Cu r r e n t A s s e t s 6, 977 7, 062 6, 880 6, 715 6, 861
Investment Assets 2, 906 2, 918 2, 889 2, 963 3, 028
Intangible Assets 3, 202 3, 245 3, 085 2, 863 2, 937
Tangible Assets 402 410 403 440 453
Other Non-Current Assets 467 489 503 450 443
To t a l A s s e t s 7, 986 8, 177 7, 971 7, 825 7, 980
Cu r r e n t Li a b i l i t i e s 993 1, 348 1, 527 1, 617 1, 770
Accounts Payable 26 28 21 25 22
Short-term Debt 405 617 607 750 736
Other Current Financial Liabilities 234 318 589 534 675
Other Current Liabilities 327 385 310 308 338
N o n – Cu r r e n t Li a b i l i t i e s 1, 725 1, 355 983 748 751
Other Non-Current Financial Liabilities 1, 450 1, 075 709 475 487
Other Non-Current Liabilities 275 280 275 273 264
To t a l Li a b i l i t i e s 2, 718 2, 703 2, 510 2, 365 2, 521
To t a l E q u i t y 5, 268 5, 474 5, 461 5, 460 5, 459

Thank You