In This Article:
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Annual Revenue: KRW2,663.8 billion, up 6.5% year over year.
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Annual EBITDA: KRW370 billion, up KRW216.5 billion year over year.
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Annual EBITDA Margin: 13.9%, an increase of 9.2 percentage points year over year.
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Q4 Revenue: KRW649.0 billion, up 0.3% quarter over quarter, down 2.5% year over year.
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Q4 EBITDA: KRW73.4 billion, down 28.6% quarter over quarter, up 19.3% year over year.
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Q4 EBITDA Margin: 11.3%.
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Q4 Operating Income: KRW35.2 billion.
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Q4 Net Loss: KRW166.7 billion, due to impairments of intangible assets.
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Q4 Revenue by Region: 46% North America, 17% Korea, 15% Europe, 9% Southeast Asia, 6% Japan, 7% other regions.
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Q4 Revenue by Genre: 40% casual games, 39% RPG, 13% MMORPG, 8% others.
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Q4 Operating Expenses: KRW613.8 billion, up 5.5% quarter over quarter, down 5.1% year over year.
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Q4 Commissions: KRW231.6 billion, up 3% quarter over quarter, down 8.6% year over year.
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Q4 Personnel Expenses: KRW178.7 billion, down 0.2% quarter over quarter, down 2.2% year over year.
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Q4 Marketing Expenses: KRW120.5 billion, up 15.2% quarter over quarter, down 5.6% year over year.
Release Date: February 13, 2025
For the complete transcript of the earnings call, please refer to the full earnings call transcript.
Positive Points
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Annual revenue for 2024 increased by 6.5% year over year, reaching KRW2,663.8 billion.
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EBITDA for 2024 rose significantly by KRW216.5 billion year over year, with an EBITDA margin rate of 13.9%, up 9.2 percentage points.
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Netmarble plans to launch nine new titles in 2025, including high-profile games like Game of Thrones: Kingsroad and Seven Deadly Sins: Origin.
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The company has a diversified game portfolio, with multiple titles contributing to revenue, ensuring a balanced income stream.
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Overseas revenue share increased to 83%, indicating strong international market performance.
Negative Points
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Q4 revenue decreased by 2.5% year over year, despite a slight quarter-over-quarter increase.
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Q4 EBITDA dropped by 28.6% quarter over quarter due to higher marketing expenses.
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The company recorded a net loss of KRW166.7 billion in Q4, primarily due to impairments of intangible assets.
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Operating expenses in Q4 increased by 5.5% quarter over quarter, impacting profitability.
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There is no specific target for mergers and acquisitions, indicating potential missed opportunities for strategic growth.
Q & A Highlights
Q: What are the main focuses for Netmarble's game development strategies, and which of the nine new titles has the highest expectations? A: CEO Yeong Sik Gwon stated that Netmarble's main development strategy remains focused on genre and platform diversification, as well as global market expansion. All nine new titles are highly anticipated, and the company is committed to ensuring their success.