Major South Korean game companies known as 3N, comprising Nexon, Netmarble and NCSoft, and 2K, comprising Krafton and Kakao Games, posted mixed 2025 results. Nexon, Krafton and Netmarble drove top-line growth, setting record revenue on expansion in core intellectual property and successful new releases. NCSoft and Kakao Games focused on internal restructuring and improving profitability, laying groundwork for a rebound in results.

Nexon, Krafton and Netmarble set record revenue.

Nexon achieved its highest annual revenue since its founding, helped by global success for new title 'Arc Raiders' and growth in flagship IP 'MapleStory'. It posted annual revenue of 4.51 trillion won and operating profit of 1.18 trillion won last year. Fourth-quarter revenue was 1.16 trillion won, up 55 percent from a year earlier. Arc Raiders topped cumulative sales of 14 million copies, lifting fourth-quarter revenue in North America and Europe to nearly five times the year-earlier level. The MapleStory franchise saw revenue rise 43 percent from a year earlier, while Dungeon & Fighter (PC) posted a 108 percent jump in annual revenue on the impact of its 20th anniversary update in South Korea.

Krafton posted revenue of 3.33 trillion won last year, up 22.8 percent from a year earlier, joining the so-called 3 trillion won club. 'PUBG: Battlegrounds' IP topped 1.0 trillion won in annual revenue for the first time. The PC platform grew 16 percent from a year earlier, and a Porsche collaboration in November delivered the best results among its supercar tie-ups. In mobile, the number of paying users rose 5 percent for Battlegrounds Mobile and 27 percent for Battlegrounds Mobile India (BGMI) from a year earlier. Operating profit fell 10.8 percent to 1.05 trillion won, reflecting one-off costs including 81.6 billion won for a joint employee welfare fund to support a move to a new headquarters in Seongsu-dong.

Netmarble delivered its highest results since its founding, achieving both top-line growth and improved profitability. It posted revenue of 2.84 trillion won and operating profit of 352.5 billion won last year, up 6.4 percent and 63.5 percent, respectively, from a year earlier. Fourth-quarter results also set a quarterly record. The key to improved profitability was an expansion of PC payments and changes in app market policies. Netmarble Chief Financial Officer Gi-uk Do (도기욱) said, "As the share of PC payments rises, commission rates continue to fall." Netmarble plans to raise funds for shareholder returns to 40 percent from 30 percent and to cancel all 4.7 percent of its treasury shares held this year.

NCSoft and Kakao Games prepare for a rebound after restructuring.

NCSoft posted revenue of 1.51 trillion won and operating profit of 16.1 billion won last year. It returned to operating profit in the fourth quarter, posting 3.2 billion won. NCSoft co-CEO Byung-moo Park (박병무) said, "If 2025 was a turning point year, this year will be the year we begin full-scale high growth," adding, "We will achieve the upper end of our revenue guidance through three pillars: expanding revenue from existing IP, global launches of new IP, and a full rollout of the mobile casual business." Its 2026 revenue target is 2.0 trillion to 2.5 trillion won.

'Aion2', released in November last year, generated about 70.0 billion won in revenue from Jan. 1 to Feb. 9 this year and will secure additional growth momentum through a global launch in the third quarter. This year, three new IP titles, including 'Time Takers', 'Limit Zero Breakers' and 'Cinder City', are set to be launched sequentially in global markets from the latter half of the second quarter. Vietnam's Lihuhu and South Korea's SpringComs, acquired late last year, will be reflected in results from the first quarter.

Kakao Games posted revenue of 465.0 billion won and an operating loss of 39.6 billion won last year, swinging to a loss. The impact of a gap in new releases and expanded global investment was reflected in results. Kakao Games CFO Hyuk-min Cho (조혁민) said, "2025 was a year in which we reorganised our portfolio and strengthened our financial fundamentals," adding, "This year, we will accelerate profitability improvement in the second half by reflecting results from major new titles starting in the third quarter."

Its core strategy this year is "expansion into global-targeted PC and console platforms". 'OdinQ', which carries on the flagship IP 'Odin', will be released in the third quarter as a global one-build title. 'ArcheAge Chronicle' will be released on PC and console platforms in the fourth quarter. Kakao Games CEO Sang-woo Han (한상우) said, "We will deliver a turnaround in results not only by expanding our own IP, but also through well-made new titles diversified by platform, genre and region."

An industry official said, "The 2025 results clearly split between companies that hold stable IP and succeeded in improving profitability and those that focused on preparing new titles and restructuring," adding, "As each company’s lineup of major new titles ramps up this year, the market performance of new releases will be the watershed for future results."