Netmarble (251270.KQ), one of South Korea's largest mobile game publishers, is expected to achieve record annual revenue this year, driven by successful new game launches and improved cost structure. Analysts say the company has returned to a mid-to-long-term growth trajectory as it accelerates its push into global markets beyond Korea.
According to data from financial information provider FnGuide on December 21, Netmarble is forecast to post consolidated revenue of 2.79 trillion won ($2.1 billion) this year, up 4.8% from the previous year and a new all-time high. Operating profit for the same period is projected to surge more than 50% year-on-year to 347.1 billion won.
Quarterly earnings improvement is also evident. Based on FnGuide consensus, Netmarble's fourth-quarter results are estimated at 739.1 billion won in revenue and 103.8 billion won in operating profit, up 13.9% and 194.5% respectively from a year earlier, while maintaining growth from the previous quarter. Securities analysts note that Netmarble has already surpassed its full-year 2023 operating profit within the first three quarters of this year, with strong fourth-quarter results confirming the company has moved beyond recovery into a growth phase.
The earnings turnaround stems from consecutive hits among new titles released this year and improved profitability. Netmarble launched proprietary intellectual property titles including "RF Online Next," "Seven Knights Reverse," and "Vempir" across quarters, achieving back-to-back successes. All three games topped revenue charts on both Google Play and Apple App Store, attracting users domestically and internationally.
Vempir in particular surpassed $40 million in revenue within one month of release, demonstrating the market potential of new IPs. Seven Knights Reverse reached the No. 1 iOS revenue ranking in Thailand and Hong Kong following its global launch and entered the top 100 revenue rankings in 23 countries.
Netmarble plans to maintain an aggressive new game release strategy next year. A total of eight new titles are currently in the pipeline, with "The Seven Deadly Sins: Origin" highlighted as a flagship release. Based on the popular manga IP with over 55 million copies sold globally, the game is being developed for simultaneous console, PC, and mobile launch. It was featured as a major PlayStation 5 title at Sony's "State of Play" online showcase, drawing attention from global console gamers.
Securities analysts expect Netmarble to sustain its earnings improvement next year. Aggressive new title releases and global market expansion could push annual revenue past 3 trillion won. FnGuide projects 2026 revenue of 3.02 trillion won and operating profit of 416.7 billion won. A potential reduction in in-app payment fees in 2026 could further boost profitability. With mobile revenue accounting for 80-90% of total sales, any fee reduction would have an immediate positive impact on operating margins.
Following participation in major global gaming events including Gamescom and Tokyo Game Show this year, Netmarble plans to continue its global outreach next year. "This year marked not just a recovery in new game performance but a year when improvements across development and operations were fully reflected in our results," a company official said. "We will continue to expand our growth potential based on IP scalability and global strategy."
