GRVY · Gravity Co., Ltd.

Gravity Co., Ltd. reported consolidated revenues of W560.5 billion for 2025, up from W500.8 billion in 2024, driven primarily by growth in mobile games (W455.2 billion vs W405.7 billion) which now represent the largest revenue segment, while online games declined to W90.3 billion from W77.0 billion and other revenue fell to W15.0 billion from W18.2 billion. Despite revenue growth, gross profit increased modestly to W196.3 billion from W193.9 billion due to higher cost of revenues (W364.3 billion vs W306.9 billion), and operating profit declined to W79.0 billion from W86.2 billion amid elevated selling, general, and administrative expenses (W117.3 billion vs W107.8 billion). Profit before tax dropped to W90.9 billion from W106.3 billion, with finance income decreasing to W25.0 billion from W30.9 billion partially offset by lower finance costs. After income tax expense of W23.6 billion, net profit attributable to owners fell to W67.5 billion from W84.9 billion, yielding basic EPS of W9,709 versus W12,221. Total comprehensive income was W69.2 billion versus W104.7 billion, impacted by lower foreign currency translation gains. Balance sheet strengthened with total assets at W742.7 billion (up 8.2%), equity at W637.4 billion, and cash at W203.6 billion despite investing cash outflows of W96.7 billion mainly from short-term financial instruments and intangible asset purchases. Operating cash flow remained robust at W76.1 billion. Separate company results showed profit of W82.8 billion versus W87.9 billion, with significant other non-operating income from subsidiaries. Samil PricewaterhouseCoopers issued unqualified opinions under Korean IFRS, noting no material uncertainties on going concern basis.