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Nexon Q1 2025 Earnings: Strong Growth Driven by Dungeon & Fighter and Mabinogi Mobile

Nexon Games has reported strong financial results for the first quarter of 2025, demonstrating resilience and strategic focus despite global economic challenges.


“Nexon is delivering on its promises to our players and our investors,” said Junghun Lee, President and CEO of Nexon. He credited the company’s momentum to revitalizing core franchises and successful new launches.


Financial Highlights (Q1 2025)


  • Revenue: ¥113.9 billion (~$760 million)→ ▲ 5% YoY | ▲ 9% in constant currency

  • Operating Income: ¥41.6 billion (~$278 million)→ ▲ 43% YoY

  • Net Income: ¥26.3 billion (~$176 million)

  • Cash Reserves: ¥600 billion ($4 billion)


Nexon maintained profitability across all business units, even while absorbing some currency exchange losses. Its cash-rich position provides flexibility for growth initiatives and shareholder value strategies.


🚀 Major Growth Drivers


The company’s top three franchises—Dungeon & Fighter, MapleStory, and FC—were responsible for a 21% year-over-year increase in revenue, a notable improvement from 8% in the previous quarter.


Dungeon&Fighter

  • ▲ 60% YoY growth

  • Massive surge driven by:

    • Strong performance of Dungeon & Fighter Mobile in China

    • Global release of a new franchise title

    • Record-breaking Korean PC revenue (+93% YoY)


MapleStory

  • ▲ 8% YoY growth

  • Korean revenue: ▲ 43%

  • Western markets: ▲ 35%

  • Boosted by successful winter updates and player engagement campaigns


🎮 Notable Game Launches



The First Berserker: Khazan

  • Launched: March 28 (Global)

  • Reception: Positive reviews from critics and players

  • Strategic Role: Expanding Dungeon & Fighter IP globally


MABINOGI MOBILE

  • Launched: March 27 (Korea)

  • Performance:

    • #1 most popular game on Android

    • #3 grossing game on Android

    • #1 grossing game on iOS

  • Player Feedback: Strongly positive


🌏 Strategic Partnership with Tencent


Nexon is expanding its presence in China through a new co-development deal with Tencent:

  • Jointly developing new Dungeon & Fighter Mobile content

  • Pre-registration now open in China for:

    • The First Berserker: Khazan

    • THE FINALS


Industry analysts view this partnership as key to Nexon’s global expansion strategy, unlocking access to one of the largest gaming markets in the world.


Looking Ahead: Roadmap & Forecast


Upcoming Highlights

  • ARC Raiders (Embark Studios)

    • Recently held technical test

    • Over 20 million YouTube views, top six most-watched game on Twitch

    • Surpassed Steam wishlist target by 50%

  • MapleStory N (PC MMORPG w/ blockchain integration)

    • Launch Date: May 15, 2025 (select global markets)

    • Tracks player achievements and content contributions via blockchain


Q2 2025 Forecast

  • Expected Revenue: ¥99.6B – ¥110.3B(↓ YoY due to high base from Dungeon & Fighter Mobile’s 2024 launch)


“Despite global economic turmoil, Nexon is deeply resilient and positioned for sustained growth,” CEO Lee added.

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