PER, EPS, PBR and BPS are calculated in-house from the last 4 quarters (2025Q3–2026Q2) · Dividend yield is based on ₩486 per share · Prices as of the 2026-10-02 close
Neowiz Holdings is a holding company whose earnings track subsidiary Neowiz's console and mobile game results, and the key question after the 2025 swing to profit is whether that profitability can be sustained.
2025 consolidated revenue reached KRW 436.8bn and operating profit KRW 55.2bn, a sharp improvement from the prior year, with net income swinging back to profit.
Quarterly profit peaked in Q3 2025, sharply decelerated in Q4 2025 and Q1 2026, then recovered again in Q2 2026.
Subsidiary Neowiz began a three-year policy of returning 20% of consolidated operating profit (minimum KRW 10bn annually) via dividends and share buyback/cancellation starting 2025, with the first payout made in 2026.
Six new titles including a follow-up to 'Lies of P' are being developed simultaneously at Round8 Studio, but brokerages note limited near-term stock momentum during this new-title gap.
Developer-background executive Sung-jun Park, who led the success of 'Lies of P', was named co-CEO, marking a shift toward a console-development-centered management structure.
Neowiz Holdings was founded in 1997, listed on KOSDAQ in 2000, and converted into a holding company in 2007 by spinning off its game business.
Key subsidiaries include the listed game operator Neowiz Corp, technology investment arm Neowiz Partners, Japan game publisher Neowiz GameOn, and mobile ad platform operator T&K Factory.
On a standalone basis, the holding company's revenue mix is roughly 88% dividend income and 11% brand royalty, meaning dividends and trademark fees from subsidiaries are its core income sources. The consolidated financial statements, however, are dominated by subsidiary Neowiz's game business.
The game segment splits into PC/console—led by action RPG 'Lies of P', its DLC 'Overture', and 'Shape of Dreams'—and mobile, anchored by collection RPG 'Brown Dust 2' and webboard game 'Pmang'.
The company has also expanded its indie IP 'Cats & Soup' with a new title, 'Recipe of Magic', launched globally in six languages.
Competition overlaps with Nexon, Krafton, and Shift Up in the domestic console and global expansion space, and the success of 'Lies of P' is widely seen as the catalyst that shifted the company from a mobile/webboard focus toward console development.
| Quarter | Revenue | Operating profit | Op. margin |
|---|---|---|---|
| 2025Q2 | ₩110.4B | ₩17.2B | 15.6% |
| 2025Q3 | ₩129.2B | ₩26.9B | 20.8% |
| 2025Q4 | ₩107.9B | ₩2.7B | 2.5% |
| 2026Q1 | ₩101.6B | ₩5.6B | 5.5% |
| 2026Q2 | ₩103.8B | ₩8.2B | 7.9% |
| Year | Revenue | Operating profit | Net income (parent) | Op. margin | ROE | Debt-to-equity |
|---|---|---|---|---|---|---|
| 2022 | ₩298B | ₩7B | -₩70.4B | 2.4% | −20.3% | 22.3% |
| 2023 | ₩366.6B | ₩17.4B | ₩7.3B | 4.7% | 2.2% | 26.8% |
| 2024 | ₩368.1B | ₩20.4B | -₩12B | 5.5% | −3.7% | 21.7% |
| 2025 | ₩436.8B | ₩55.2B | ₩33.8B | 12.6% | 9.7% | 23.6% |
Consolidated basis (financial statements including subsidiaries) · Final figures from DART filings · Net income attributable to owners of the parent · Data as of 2026-08-22
2025 consolidated revenue reached KRW 436.8bn with operating profit of KRW 55.2bn (12.6% operating margin), a marked improvement from 2024's KRW 368.1bn revenue and KRW 20.4bn operating profit (5.5% margin), while net income attributable to owners swung to a KRW 33.8bn profit from a KRW 12.0bn loss the prior year.
Margins had been thin at 2.4% in 2022 and 4.7% in 2023, before expanding step by step through 2024–2025.
On a quarterly basis, revenue and operating profit peaked in Q3 2025 at KRW 129.2bn and KRW 26.9bn respectively, up from Q2 2025's KRW 110.4bn and KRW 17.2bn, a result attributed to combined sales of 'Lies of P' and its DLC alongside 'Brown Dust 2's second-anniversary event.
Q4 2025, however, saw revenue fall to KRW 107.9bn with operating profit collapsing to KRW 2.7bn, and owner-attributable net income shrinking to KRW 1.4bn.
In Q1 2026, despite revenue of KRW 101.6bn and operating profit of KRW 5.6bn, owner-attributable net income posted a KRW 1.0bn loss, likely reflecting non-controlling interest allocations and other consolidation adjustments.
Q2 2026 showed renewed recovery with revenue of KRW 103.8bn, operating profit of KRW 8.2bn, and owner-attributable net income of KRW 6.8bn.
The trailing four-quarter sum (Q3 2025–Q2 2026) of owner-attributable net income was about KRW 21.7bn, suggesting profitability has entered a more stable range on an annual basis even as quarter-to-quarter volatility remains significant.
As mobile-centric growth in Korea's game industry plateaus, expansion into console and premium PC titles has become an industry-wide theme, with 'Lies of P' held up as a leading example of proven domestic console development capability.
Subsidiary Neowiz has continued its platform expansion by launching a 'Complete Edition' bundling the 'Lies of P' base game and its 'Overture' DLC on Nintendo Switch 2. In the mobile segment, easing of webboard-game regulation is cited as a positive factor for results.
However, unlike mobile live-service games, PC/console premium titles do not generate recurring monthly revenue, so delayed sequel launch schedules or limited information disclosure can create gaps in earnings estimation—a view widely shared across the industry.
Competitor Shift Up's 'Stellar Blade' was also launched concurrently on Nintendo Switch 2, illustrating a broader push by Korean game companies into the global console market at the same time.
Amid this, market observers note that the industry now judges the company less on the fact that 'Lies of P' succeeded and more on whether it can repeatedly produce hits of similar caliber.
Subsidiary Neowiz's Round8 Studio is simultaneously developing six new title projects including a 'Lies of P' sequel, which has reportedly passed prototype validation and entered full-scale development.
The company has designated 2026 as a 'pre-launch preparation and refinement stage,' focusing on expanding development headcount and strengthening production capability. MMORPG 'Kingdom 2' has already launched, though analysis suggests its early daily revenue run-rate is modest.
In the second half, the indie-IP title 'Hello Seoul: Itaewon' is scheduled for release, while publishing titles from overseas developers Wolfeye Studios and Zajaczne are slated for sequential unveiling around 2027.
Eugene Investment & Securities noted that five of the six new-title pipeline projects have entered the development stage, pointing to the fourth quarter as when development visibility should improve.
On the shareholder-return front, a three-year (2025–2027) policy returning 20% of consolidated operating profit (minimum KRW 10bn annually) via dividends and buyback/cancellation is in effect, with the first dividend paid following the March 2026 annual general meeting.
Management structure has also shifted toward a development-centric approach, with developer-background executive Sung-jun Park—who led the success of 'Lies of P'—named co-CEO following board approval in August.
Neowiz Holdings tends to trade at a discount to its net asset value, a pattern some attribute to the typical holding-company discount where market value lags the sum of subsidiary equity stakes.
Looking at the multi-year earnings trajectory, the company moved through a loss-making, low-margin stretch from 2022 to 2024 before shifting toward earnings recovery from 2025 onward, and the durability of that recovery is frequently cited as the key variable in valuation discussions going forward.
On dividends, after being unable to pay a dividend following the weak 2024 results, the company resumed payouts based on 2025 earnings, and its dividend yield is still viewed as below the industry average at this early stage.
For subsidiary Neowiz itself, a brokerage that recently initiated coverage expressed a cautious valuation view citing the new-title gap and limits to live-service performance.
That assessment, however, pertains to the subsidiary specifically; the holding company's own market value reflects its subsidiary equity stake alongside standalone dividend and royalty income and treasury shares, making a direct one-to-one comparison difficult.
PER, EPS, PBR and BPS are all calculated in-house (the same method as Naver and Toss) · Dividend yield = cash dividend per share from DART filings (supplemented by KRX) ÷ current price · As of 2026-08-22
Consolidated operating margin reached 12.6% in 2025, breaking out of the low-margin range seen in 2022–2024, with net income also swinging back to profit. Q2 2026 owner-attributable net income recovered to KRW 6.8bn, showing that the annual earnings improvement trend continues despite quarterly volatility. Sustained sales of the 'Lies of P' IP and stable live operation of 'Brown Dust 2' underpin this recovery.
Subsidiary Neowiz announced a three-year (2025–2027) policy returning 20% of consolidated operating profit, with a minimum of KRW 10bn annually, via dividends and share buyback/cancellation, and executed its first payout in 2026.
The guaranteed minimum return regardless of earnings fluctuation is seen as improving policy predictability. Since the holding company relies on subsidiary dividends as a core income source, stable execution of this policy could positively feed through to the holding company's own results.
Round8 Studio is simultaneously developing six new titles including a 'Lies of P' sequel, diversifying across genres and timelines. Eugene Investment & Securities noted that five of the six pipeline projects have entered the development stage.
With 'Hello Seoul: Itaewon' scheduled for release in the second half and overseas developer publishing titles set to be unveiled, the company continues efforts to reduce reliance on a single IP.
With significant time needed before a major new title follows 'Lies of P', brokerages have widely pointed to a lack of new-title momentum. Analysis of the recently launched 'Kingdom 2' suggests its early daily revenue run-rate is modest.
Since PC/console premium games do not generate recurring revenue like live-service titles, delays in sequel timelines could widen gaps in earnings visibility.
Owner-attributable net income plunged from KRW 14.5bn in Q3 2025 to KRW 1.4bn in Q4 2025, and in Q1 2026 it posted a KRW 1.0bn loss despite positive operating profit.
A structure reliant on event- and season-driven sales combined with non-controlling interest allocation effects has made quarterly earnings harder to forecast.
A holding company's value derives from the sum of subsidiary equity stakes plus standalone dividend and royalty income, and the market view is that this structure itself can weigh on valuation recognition.
A brokerage that recently initiated coverage on subsidiary Neowiz expressed a cautious view, and weakness in the subsidiary's own valuation could similarly weigh on how the holding company's value is reflected.
The 'Lies of P' sequel and the remaining five new titles are all still in development, meaning substantial time remains before actual launch. Development delays or quality shortfalls could push back the new-title cycle itself, affecting the timing of earnings recovery for both the subsidiary and the holding company.
Current results depend heavily on existing 'Lies of P' sales and event-driven revenue from 'Brown Dust 2'. This type of live-service revenue tends to naturally decline after events end, creating a possibility of a revenue gap before new titles launch.
The holding company's consolidated results are affected by consolidation adjustments including non-controlling interest allocation from subsidiary Neowiz, which can cause a significant gap between operating profit and owner-attributable net income on a quarterly basis.
A recurrence of cases like Q1 2026, where operating profit was positive but owner-attributable net income posted a loss, remains possible.
Watch for early sales response to new-platform launches related to 'Lies of P' (e.g., Nintendo Switch 2) and the revenue trajectory of 'Kingdom 2'.
This is the point to check whether the indie-IP title 'Hello Seoul: Itaewon' launches as planned and to assess its initial commercial performance.
At the Q3 2026 consolidated earnings release, check whether the operating margin recovery continues and whether the gap between owner-attributable net income and operating profit narrows.
The size of the fiscal-2026 year-end dividend and share buyback/cancellation execution will indicate whether the multi-year shareholder return policy is being implemented as promised.
Brokerages have flagged this as the point when new-title pipeline visibility should improve; watch for concrete disclosure timelines on major projects such as the 'Lies of P' sequel.
Neowiz Holdings is a holding company whose results track subsidiary Neowiz's game business, with 2025 consolidated operating margin improving to 12.6%, breaking out of the low-margin, loss-making stretch of 2022–2024.
Quarterly results, however, remain volatile: profit peaked in Q3 2025 before swinging sharply in Q4 2025 and Q1 2026, with the latter showing an owner-attributable net loss despite positive operating profit due to consolidation structure effects.
The subsidiary is simultaneously developing six new titles including a 'Lies of P' sequel, and is executing a 2025–2027 shareholder return policy guaranteeing at least KRW 10bn annually, or 20% of operating profit.
Brokerage views coexist between seeing limited near-term momentum during the new-title gap and pointing to the fourth quarter as when pipeline visibility should improve.
The holding-company structure itself, where market value reflects subsidiary equity stakes plus dividend and royalty income, is another factor worth considering. The durability of the earnings recovery and progress on new-title development are likely to remain the key variables to track going forward.
Report written 2026-09-05 · Data as of 2026-09-04
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