Financials Netmarble Corporation

Stocks

A251270

KR7251270005

Internet Services

End-of-day quote Korea S.E. 11/08/2026			5-day change	1st Jan Change
40,550.00 ^KRW	+0.75%		+3.18%	-15.96%

08-04	G-Square AMC Co., Ltd announced that it expects to receive KRW 18 billion in funding from Netmarble Corporation	CI
07-23	Netmarble Announces Opening of New Global Unified Service for Ni No Kuni: Cross Worlds	CI

Projected Income Statement: Netmarble Corporation

Fiscal Period: December	2021	2022	2023	2024	2025	2026	2027	2028
Net sales ¹	2,506	2,673	2,501	2,664	2,835	2,968	3,042	3,026
Change	-	6.69%	-6.43%	6.49%	6.43%	4.67%	2.5%	-0.52%
EBITDA ¹	301.6	123.7	117	370	484	452.1	529.5	512.7
Change	-	-58.98%	-5.45%	216.37%	30.81%	-6.59%	17.11%	-3.17%
EBIT ¹	154.5	-104.5	-69.6	215.6	352.5	324.8	401	373.3
Change	-	-167.62%	33.37%	409.77%	63.5%	-7.87%	23.48%	-6.92%
Interest Paid ²	-73,884	-470,574	-261,959	-192,308	-159,079	-223,000	-146,333	-205,000
Earnings before Tax (EBT) ¹	351.2	-944.9	-172.5	79.7	363.3	689.9	451.4	436.6
Change	-	-369.08%	81.74%	146.2%	355.83%	89.91%	-34.57%	-3.27%
Net income ¹	240.2	-906.4	-266.6	28.8	239.3	490.3	336.1	355.5
Change	-	-477.27%	70.59%	110.8%	730.9%	104.89%	-31.45%	5.76%
Announcement Date	09/02/22	09/02/23	07/02/24	13/02/25	05/02/26	-	-	-

¹KRW in Billions²KRW in Million

Estimates

Fiscal Period: December	2021 Q2	2021 Q3	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1	2025 Q2	2025 Q3	2025 Q4	2026 Q1	2026 Q2	2026 Q3	2026 Q4	2027 Q1	2027 Q2	2027 Q3	2027 Q4
Net sales ¹	577.2	607	751.3	631.5	660.6	694.4	686.9	602.6	603.3	630.6	664.9	585.4	782.1	647.3	649	623.9	717.6	696	797.6	651.7	749.2	771.9	794.5	759.5	760.2	722.5	787.8
Change	-	5.16%	23.77%	-15.95%	4.61%	5.12%	-1.08%	-12.27%	0.12%	4.53%	5.44%	-11.96%	33.6%	-17.24%	0.26%	-3.87%	15.02%	-3.01%	14.6%	-18.29%	14.96%	3.02%	2.94%	-4.41%	0.09%	-4.96%	9.04%
EBITDA ¹	41.75	58.53	-	-	21.53	20.82	35.69	20.08	10.85	24.43	61.59	42.73	151	102.8	73.45	81.6	-	122.4	149	83.91	113.2	122.2	142.8	-	-	-	-
Change	-	40.19%	-	-	-	-3.27%	71.4%	-43.73%	-45.96%	125.07%	152.1%	-30.62%	253.51%	-31.95%	-28.54%	11.09%	-	-	21.73%	-43.68%	0%	7.92%	16.85%	-	-	-	-
EBIT ¹	16.2	26.6	57.5	-11.95	-34.7	-38	-24.07	-28.2	-37.2	-21.9	17.7	3.693	111.2	65.5	35.2	49.7	101.1	90.9	110.8	53.1	80.1	98.9	94.99	107.9	104.2	76	98.3
Change	-	64.2%	116.17%	-120.78%	-190.41%	-9.51%	36.66%	-17.17%	-31.91%	41.13%	180.82%	-79.14%	2,911.07%	-41.1%	-46.26%	41.19%	103.42%	-10.09%	21.89%	-52.08%	50.85%	23.47%	-3.96%	13.6%	-3.38%	-27.1%	29.34%
Charge d'intérêts	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Earnings before Tax (EBT) ¹	62.6	56	138	-58.31	-167.1	-288.7	-429.8	-53.6	-64.7	-33	-21.2	0.8682	217.3	42.2	-180.7	97.6	189.9	55.9	19.9	277.2	265.5	94.77	53.5	75.7	83.4	83.8	33
Change	-	-10.54%	146.43%	-142.26%	-186.55%	-72.77%	-48.89%	87.53%	-20.71%	49%	35.76%	104.1%	24,929.08%	-80.58%	-528.2%	154.01%	94.57%	-70.56%	-64.4%	1,292.96%	-4.22%	-64.31%	-43.55%	41.5%	10.17%	0.48%	-60.62%
Net income ¹	45.7	30.2	108	-43.04	-118.3	-245.3	-414.7	-37.7	-27.1	-19	-182.8	-0.4242	169.5	22.4	-162.7	75.6	160.3	37.5	-34.1	209.7	197.6	78.41	54.37	55.8	61.4	61.7	24.3
Change	-	-33.92%	257.52%	-139.86%	-174.85%	-107.35%	-69.06%	90.91%	28.12%	29.89%	-862.11%	99.77%	40,056.63%	-86.78%	-826.34%	146.47%	112.04%	-76.61%	-190.93%	714.96%	-5.77%	-60.32%	-30.66%	2.64%	10.04%	0.49%	-60.62%
Announcement Date	11/08/21	10/11/21	09/02/22	13/05/22	11/08/22	11/11/22	09/02/23	10/05/23	08/08/23	08/11/23	07/02/24	16/05/24	08/08/24	07/11/24	13/02/25	08/05/25	07/08/25	06/11/25	05/02/26	07/05/26	05/08/26	-	-	-	-	-	-

¹KRW in Billions

Estimates

Forecast Balance Sheet: Netmarble Corporation

Fiscal Period: December	2021	2022	2023	2024	2025	2026	2027	2028
Net Debt ¹	-959	1,511	1,261	538	660	286	209	17.3
Change	-	257.56%	-16.55%	-57.34%	22.68%	-56.67%	-26.92%	-91.72%
Announcement Date	09/02/22	09/02/23	07/02/24	13/02/25	05/02/26	-	-	-

¹KRW in Billions

Estimates

Cash Flow Forecast: Netmarble Corporation

Fiscal Period: December	2021	2022	2023	2024	2025	2026	2027	2028
CAPEX ¹	86.36	38.66	36.16	17.27	47.29	47.88	33.17	38
Change	-	-55.24%	-6.45%	-52.26%	173.93%	1.23%	-30.72%	14.57%
Free Cash Flow (FCF) ¹	51,107	-447,050	-134,277	270,443	290,499	635,420	368,217	355,680
Change	-	-974.74%	69.96%	301.41%	7.42%	118.73%	-42.05%	-3.4%
Announcement Date	09/02/22	09/02/23	07/02/24	13/02/25	05/02/26	-	-	-

¹KRW in Million

Estimates

Forecast Financial Ratios: Netmarble Corporation

Fiscal Period: December	2021	2022	2023	2024	2025	2026	2027	2028
Profitability
EBITDA Margin (%)	12.03%	4.63%	4.68%	13.89%	17.07%	15.23%	17.41%	16.94%
EBIT Margin (%)	6.16%	-3.91%	-2.78%	8.09%	12.43%	10.94%	13.18%	12.34%
EBT Margin (%)	14.01%	-35.35%	-6.9%	2.99%	12.81%	23.25%	14.84%	14.43%
Net margin (%)	9.59%	-33.9%	-10.66%	1.08%	8.44%	16.52%	11.05%	11.75%
FCF margin (%)	2,039.47%	-16,722.11%	-5,368.07%	10,152.54%	10,246.52%	21,412.31%	12,105.51%	11,754.16%
FCF / Net Income (%)	21,272.81%	49,323.49%	50,366.46%	939,039.68%	121,395.36%	129,594.93%	109,544.89%	100,055.57%
Profitability
ROA	2.54%	-8.38%	-3.03%	0.32%	2.94%	5.19%	3.97%	3.94%
ROE	4.34%	-15.58%	-4.9%	0.12%	4.36%	7.37%	5.4%	5.39%
Financial Health
Leverage (Debt/EBITDA)	-	12.22x	10.78x	1.45x	1.36x	0.63x	0.4x	0.03x
Debt / Free cash flow	-	-0x	-0.01x	0x	0x	0x	0x	0x
Capital Intensity
CAPEX / Current Assets (%)	3.45%	1.45%	1.45%	0.65%	1.67%	1.61%	1.09%	1.26%
CAPEX / EBITDA (%)	28.64%	31.25%	30.92%	4.67%	9.77%	10.59%	6.26%	7.41%
CAPEX / FCF (%)	0.17%	-0.01%	-0.03%	0.01%	0.02%	0.01%	0.01%	0.01%
Items per share
Cash flow per share ¹	1,678	-4,984	-1,197	3,511	4,123	9,871	7,096	6,571
Change	-	-397.09%	75.98%	393.24%	17.41%	139.43%	-28.11%	-7.41%
Dividend per Share ¹	528	-	-	417	876	916.5	973.2	1,083
Change	-	-	-	-	110.07%	4.63%	6.18%	11.25%
Book Value Per Share ¹	73,336	68,613	60,774	66,102	66,269	73,442	77,682	79,032
Change	-	-6.44%	-11.43%	8.77%	0.25%	10.82%	5.77%	1.74%
EPS ¹	2,932	-10,023	-3,120	308	2,665	5,959	3,987	3,948
Change	-	-441.85%	68.87%	109.87%	765.26%	123.62%	-33.09%	-0.98%
Nbr of stocks (in thousands)	81,935	81,935	81,935	81,935	81,935	81,854	81,854	81,854
Announcement Date	09/02/22	09/02/23	07/02/24	13/02/25	05/02/26	-	-	-