Shift Up FY2025 Q3 Earnings Release

3Q25 Results
2025.11.11

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Disclaimer
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.

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Contents
01. 3Q ‘25 Highlight
02. Financial Results Overview
03. Operating Revenue
04. Operating Expense
05. Operating Profit & Net Profit
06. Q&A
Appendix
· Financial Statements

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01. 3Q ‘25 Highlight

Stable live service driven by strong
content competitiveness
1
established
as a “steady – seller IP”
2
Stable sales maintained post -PC launch
Sustained IP buzz across all platforms
Solid sales momentum sustained four months
post -PC launch
Maintained “Very Positive” rating with 93% user
recommendations on Steam
PS5 sales rebounded; total cumulative sales
across PS5 and PC met internal expectations
Expanding user base through ongoing promotions
Enhanced IP value with original content
Successful summer and “Bunny Girl” events,
strong performance of original content
Peak iOS revenue rankings: No.1 in Japan /
No.2 in Korea
Pursuing growth with stable user traffic
MAU recovered to year -two levels
global revenue exceeded both YoY
and QoQ results

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02. Financial Results
3Q25 Results
3Q ‘25 revenue 76bn KRW, operating profit 50bn KRW, net profit 55bn KRW
Category 3Q24 4Q24 1Q25 2Q25 3Q25
Diff.
YoY QoQ
Operating Revenue 58,018 63,490 42,235 112,383 75,499 30.1% -32.8%
GoV:NIKKE 34,231 42,356 32,311 45,112 44,463 29.9% -1.4%
Stellar Blade 22,584 19,615 7,012 65,719 27,693 22.6% -57.9%
Others 1,202 1,519 2,912 1,552 3,343 178.1% 115.4%
Operating Expense 22,441 17,332 15,983 44,167 25,952 15.6% -41.2%
Operating Profit 35,577 46,157 26,251 68,215 49,548 39.3% -27.4%
OPM 61.3% 72.7% 62.2% 60.7% 65.6% 4.3%(p) 4.9%(p)
Non -operating P&L (3,754) 24,466 5,395 (5,629) 18,512 593.2% 428.9%
Net profit bef. Corp. Tax 31,824 70,623 31,646 62,586 68,059 113.9% 8.7%
Net Profit 23,484 59,530 26,846 51,306 54,628 132.6% 6.5%
NPM 40.5% 93.8% 63.6% 45.7% 72.4% 31.9%(p) 26.7%(p)
(Unit: M KRW,%)
Note : 2025 result is based on preliminary financial information

63.5% 74.8% 65.4% 61.9% 67.4%
03. Operating Revenue
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EBITDA
36,852
47,504
27,603
69,529
50,882
3Q24 4Q24 1Q25 2Q25 3Q25
(Unit: M KRW, %)
3Q ’25 operating revenue 76bn KRW (QoQ -32.8%, YoY +30.1%)
Revenue by IP
• : Stable live service maintained, supported by solid user metrics
➢ [Global] Positive user response reconfirmed for compelling original content 1, with global user traffic remaining stable
➢ [China] User metrics/traffic entering a stabilization phase
• : Steady sales driven by ongoing promotions, establishing itself as a steady -selling IP
➢ [PC] Sales remained steady with continued positive user feedback (rated “Very Positive” on the Steam platform)
➢ [PS5] Sales rebounded through summer discount promotions, with steady sales expected to continue through future promotions
34,231 42,356 32,311 45,112 44,463
22,584 19,615
7,012
65,719
27,693
3Q24 4Q24 1Q25 2Q25 3Q25
GoV: NIKKE Stellar Blade Others
(Unit: M KRW)
58,018 63,490
42,235
112,383
75,499
3Q25 Results
Note : 2025 result is based on preliminary financial informationFootnote: 1Summer event (BOOM! THE GHOST!), Bunny girl event (CHANGING BUNNY GIRL), etc.

Note : 2025 result is based on preliminary financial informationFootnote : 1Includes wage, incentives, retirement pay, compensation related to stock option; 2Includes transaction fee, etc ; 3Includes amortization, rent, other costs; 4Including four external and other non -executive directors; interns excluded
04. Operating Expense
Category 3Q24 4Q24 1Q25 2Q25 3Q25 Diff. (YoY) Diff. (QoQ)
Total 314 322 326 335 329 4.8% -1.8%
Development 278 286 290 297 291 4.7% -2.0%
Directors / Admin. 36 36 36 38 38 5.6% –
※ # of Employees (quarterly) 4 (Unit: headcount, %)
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Category 3Q24 4Q24 1Q25 2Q25 3Q25 Diff. (YoY) Diff. (QoQ)
Operating Expense 22,441 17,332 15,983 44,167 25,952 15.6% -41.2%
Labor 1 19,083 9,790 9,845 16,441 13,977 -26.8% -15.0%
Variable 2 833 4,993 2,307 25,408 9,637 1057.5% -62.1%
Fixed 3 2,525 2,549 3,831 2,318 2,338 -7.4% 0.9%
(Unit: M KRW,%)
3Q ’25 operating expense 26bn KRW (QoQ -41.2%, YoY +15.6%)
3Q25 Results
• Labor costs decreased 15% QoQ to KRW 14 billion, reflecting the exclusion of prior -quarter incentive payments and allocation –
based recognition
• Variable costs decreased 62% QoQ to KRW 9.6 billion, mainly due to lower commission fees related to
• Fixed costs remained stable QoQ at KRW 2.3 billion, with no notable changes in headcount or other factors

05. Operating Profit / Net Profit
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3Q ’25 operating profit 50bn KRW (QoQ -27.4%, YoY +39.3%) / net profit 55bn KRW (QoQ 6.5%, YoY 132.6%)
• Non -operating profit totaled KRW 18.5 billion, driven by FX gains and higher financial income
3Q25 Results
Note : 2025 result is based on preliminary financial information
Category 3Q24 4Q24 1Q25 2Q25 3Q25
Diff.
YoY QoQ
Operating Profit 35,577 46,157 26,251 68,215 49,548 39.3% -27.4%
OPM 61.3% 72.7% 62.2% 60.7% 65.6% 4.3%(p) 4.9%(p)
Non -operating P&L (3,754) 24,466 5,395 (5,629) 18,512 593.2% 428.9%
Net Profit before
corporate tax 31,824 70,623 31,646 62,586 68,059 113.9% 8.7%
Corporate tax 8,340 11,094 4,800 11,280 13,431 61.0% 19.1%
Net Profit 23,484 59,530 26,846 51,306 54,628 132.6% 6.5%
NPM 40.5% 93.8% 63.6% 45.7% 72.4% 31.9%(p) 26.7%(p)
(Unit: M KRW,%)

06. Q&A
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Q.1 : What is the 3Q 2025 performance review of ?
A.1 : In the third quarter of 2025, (Global) delivered a positive quarterly performance, supporte d b y stable user metrics and a mid -to -long –
term live service strategy aimed at extending its PLC. The enhanced competitiveness of original content during the quarter fu rth er solidified ’s distinct IP
branding. As a result, achieved quarterly revenue of KRW 44.5 billion, up 29.9% year -over -year.
Seasonal events, including the summer and “Bunny Girl” campaigns held mainly in July and September, helped maintain solid user indicators (MAU). The title also reached
top rankings on iOS revenue charts — No. 1 in Japan and No. 2 in Korea — reaffirming strong user engagement with ’s original content.
Meanwhile, (China) entered a phase of traffic stabilization during the quarter and is showing gra dual recovery. Major updates such as the
collaboration, summer event, and “Bunny Girl” event contributed to traffic stabilization trends.
Q.2 : What are the expected outcomes for in 4Q25 as well as 2026?
A.2 : We expect continued growth in performance through the fourth quarter of 2025 and into next year.
The upcoming 3rd anniversary event will feature attractive new pickup characters and, for the first time, the Ground BETA upd ate , offering a variety of fresh content to
deliver new excitement to our global players. In addition to the anniversary event, large -scale seasonal events, such as winter event, are planned for the fourth quarter.
As enters its third to fourth year since launch, the bond with its player community continues to str engthen. In addition to stable live service
operations, we plan to deliver high -quality content through IP universe expansion, increased MD sales, and offline events such a s orchestra concerts — all in gratitude for
players’ continued support. For 2026, we aim to achieve performance levels comparable to or exceeding those of 2025.

06. Q&A
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Q.1 : What is the performance review of for 3 rdquarter?
A.1 : Recognized in the previous quarter as one of the most successful platform expansions in global AAA IP history, continued to demonstrate stable
sales performance in Q3, solidifying its position as a true steady -seller across both the PC and console gaming markets.
The PC version of maintained strong sales momentum even in its fourth month after launch, earning overwhelmin g g lobal support with a 93% “Very
Positive” rating on Steam.
The PS5 version also successfully reached new players through various promotional events, including the PlayStation Summer Sa le in July. As a result, combined sales
across PC and PS5 platforms met internal expectations, reaffirming the strong global enthusiasm for the IP.
Q.2: What are the expected achievements for in 4Q25 as well as 2026?
A.2 : We expect the sustained popularity of the IP to continue.
To further enhance brand recognition and boost sales, we plan to carry out various promotional activities and are considering ad ditional platform expansions to make
accessible to more players. Through upcoming seasonal and holiday promotions across both PC and PS5 platforms , w e look forward to engaging an
even broader global audience.

06. Q&A
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Q.1 : What is the current preparation status of ?
A.1 : , Shift Up’s next flagship title, is progressing smoothly under an efficient cost structure and development p roc ess. The game is
currently in development with a targeted launch after 2027, and we plan to share additional information with players in stage s a s development advances.
We appreciate the attention and excitement from users and fans toward Shift Up’s new project, .
Q.2 : What is the future direction of your shareholder return policy?
A.2 : We plan to develop shareholder return strategies that genuinely increase shareholder value, following a thorough review of government policy
shifts and market outlooks.
With sustainable shareholder return policies as our foundation, we strive to live up to the trust our shareholders have given us .

Appendix: Financial Statements (Condensed)
12 Note : 2025 result is based on preliminary financial information
3Q25 Results
Balance Sheet
Category 3Q24 4Q24 1Q25 2Q25 3Q25
Revenue 58,018 63,490 42,235 112,383 75,499
Operating Exp. 22,441 17,332 15,983 44,167 25,952
Operating Profit 35,577 46,157 26,251 68,215 49,548
Non -operating
Revenue 3,640 23,927 9,458 8,165 17,094
Non -operating
Expense 7,394 (539) 4,063 13,794 (1,417)
Net Profit bef.
Corporate Tax 31,824 70,623 31,646 62,586 68,059
Corporate Tax 8,340 11,094 4,800 11,280 13,431
Net Profit 23,484 59,530 26,846 51,306 54,628
(Unit: M KRW) (Unit: M KRW )
Category 2024 3Q25
Assets 803,832 960,206
Current Assets 768,172 858,033
Non -current Assets 35,660 102,173
Liabilities 39,428 111,907
Current Liabilities 28,586 100,498
Non -current Liabilities 10,842 11,409
Stockholders’ Equity 764,404 848,299
Capital Stock 11,667 11,792
Capital Surplus 527,437 532,239
Retained Earnings 219,071 351,852
Other Comprehensive
Income (51) (51)
Capital Adjustment 6,281 (47,532)
Total Equity & Liabilities 803,832 960,206
Income Statement