PER, EPS, PBR and BPS are calculated in-house from the last 4 quarters (2025Q3–2026Q2) · Dividend yield is based on ₩1,300 per share · Prices as of the 2026-10-02 close
Com2uS returned to net profit in 2025 and improved cost efficiency in the first half of 2026, and the early performance of its MMORPG 'Zeus: God of Arrogance,' launched on August 26, has become the key variable for second-half earnings.
2025 consolidated revenue was KRW 696.4 billion (+0.4% year-on-year), roughly flat, while net income turned positive.
Operating profit stayed positive for two consecutive quarters in the first half of 2026, reflecting continued cost efficiency effects.
The MMORPG 'Zeus: God of Arrogance,' launched on August 26, showed early sales above market expectations, prompting several brokerages to raise their target prices.
'Summoners War: Sky Arena' continues to generate steady revenue in its twelfth year of service, while the baseball game lineup set a new quarterly revenue record.
Follow-up titles such as 'Doen Amgui Crimson Inferno' and 'Akutagawa: The Game' are in preparation but have not yet launched.
Com2uS is a KOSDAQ-listed mobile game company whose revenue base rests on 'Summoners War: Sky Arena,' an IP with over 140 million cumulative global downloads, and its baseball game lineup including 'Com2uS Pro Baseball V' and 'MLB 9 Innings.' The company has stated that its baseball game lineup surpassed KRW 1 trillion in cumulative revenue as of January 2026, growing at an average annual rate of 30% over the past three years.
Summoners War, despite reaching its twelfth year of service, continues its long-running success through collaborations with popular anime such as 'Frieren' and its own esports tournament, 'SWC.' A key growth driver for the second half is the Greek-mythology-themed MMORPG 'Zeus: God of Arrogance,' launched on August 26, developed by Aeverton and serviced by Com2uS.
Beyond that, the company is expanding its pipeline of titles based on globally popular IP, including the dark-fantasy turn-based RPG 'Doen Amgui Crimson Inferno' based on a Japanese anime IP, the action RPG 'Akutagawa: The Game,' and a title based on 'Omniscient Reader's Viewpoint,' to strengthen its medium- to long-term growth foundation.
Beyond game services, the company operates a game backend service business through its self-developed global platform 'Hive.' Amid intense competition as both domestic and overseas major game companies concentrate new releases in the MMORPG and subculture genres, Com2uS is pursuing a strategy that combines stable cash flow from long-running IP with expansion into new IP. In terms of governance, parent company Com2uS Holdings owns a 31.4% stake.
| Quarter | Revenue | Operating profit | Op. margin |
|---|---|---|---|
| 2025Q2 | ₩184.8B | ₩1.4B | 0.7% |
| 2025Q3 | ₩161.2B | -₩19.6B | −12.2% |
| 2025Q4 | ₩182.4B | ₩19.2B | 10.5% |
| 2026Q1 | ₩144.7B | ₩5.1B | 3.5% |
| 2026Q2 | ₩157B | ₩7.2B | 4.6% |
| Year | Revenue | Operating profit | Net income (parent) | Op. margin | ROE | Debt-to-equity |
|---|---|---|---|---|---|---|
| 2022 | ₩717.1B | -₩16.7B | ₩33.4B | −2.3% | 2.9% | 43.2% |
| 2023 | ₩739.6B | -₩33.2B | ₩39.8B | −4.5% | 3.6% | 38.7% |
| 2024 | ₩693.9B | ₩6.1B | -₩107.8B | 0.9% | −11.2% | 56.8% |
| 2025 | ₩696.4B | ₩2.6B | ₩36.5B | 0.4% | 3.7% | 51.1% |
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
In 2025, consolidated revenue was KRW 696.4 billion, almost unchanged from KRW 693.9 billion in 2024, while operating profit shrank sharply to KRW 2.6 billion (0.4% margin) from KRW 6.1 billion (0.9%) in 2024.
Net income attributable to owners, however, turned positive at KRW 36.5 billion, a reversal from a massive net loss of KRW -107.8 billion in 2024, a swing interpreted as resulting from the resolution of one-off loss factors from the prior year.
By quarter, the third quarter of 2025 posted a loss with revenue of KRW 161.2 billion, an operating loss of KRW 19.6 billion, and an owners' net loss of KRW 11.3 billion, before rebounding sharply in the fourth quarter to revenue of KRW 182.4 billion, operating profit of KRW 19.2 billion, and owners' net income of KRW 31.7 billion.
This fourth-quarter rebound is understood to have been supported by the success of the 'SWC 2025 World Finals' and a recovery in Summoners War traffic.
Moving into 2026, the first quarter posted revenue of KRW 144.7 billion and operating profit of KRW 5.1 billion, but owners' net income fell back into loss at KRW -10.5 billion, while the second quarter saw revenue of KRW 157.0 billion, operating profit of KRW 7.2 billion (up 420.7% year-on-year), and owners' net income of KRW 2.4 billion, continuing the operating profit improvement.
The second-quarter operating profit improvement was attributed mainly to solid performance from Summoners War and the baseball game lineup, along with reductions in variable costs such as marketing expenses and payment fees.
Nevertheless, consolidated operating cash flow for 2025 was KRW -39.2 billion, indicating that cash generation remained weak despite the return to net profit.
Summing the most recent four quarters (Q3 2025 through Q2 2026), owners' net income totals about KRW 12.3 billion, showing a gradual recovery trend amid significant quarter-to-quarter volatility.
The domestic mobile game market is entering a phase of intensifying competition, with new releases concentrated in the subculture and MMORPG genres.
Over the most recent twelve months (June 2025 to May 2026), as many as 16 subculture titles launched domestically, though many have already scaled back or ended service, indicating a sorting-out process in the market.
In the MMORPG genre as well, major domestic game companies including Com2uS, Smilegate, and Kakao Games are set to launch large-scale new titles in succession in the second half of 2026, signaling direct competition.
In this environment, Com2uS is pursuing a strategy where long-running IP such as Summoners War and baseball games serve as stable cash cows, while new IP-based titles add growth drivers.
The baseball game segment has a characteristic where performance is tied to sports event schedules such as the WBC and the KBO/MLB season openers.
Industry-wide, reduced app market commission policies from platforms like Google and expanded adoption of in-house payment systems have been cited as factors that could improve game companies' profitability.
Com2uS has presented 2026 as a 'year of proving results,' targeting revenue growth and profitability improvement through new title performance and management efficiency.
The key second-half title, 'Zeus: God of Arrogance,' launched domestically on August 26, featuring a Greek mythology setting, Unreal Engine 5-based graphics, and systems designed to reduce competitive fatigue.
Following that, the turn-based RPG 'Doen Amgui Crimson Inferno,' based on the manga 'Doen Amgui,' is being prepared for a launch within the year; the source manga ranked fifth in Netflix's non-English TV series category and has sold over 5 million printed copies.
In addition, 'Akutagawa: The Game' (an action RPG centered on PC and console) and a title based on the 'Omniscient Reader's Viewpoint' IP are being prepared as follow-up releases.
The company stated it expects the baseball game lineup to continue growing year-on-year through leveraging international events such as the WBC and content expansion, while aiming for Summoners War to maintain stable performance through 2026.
On shareholder returns, the company announced a cash dividend plan of KRW 1,300 per share, totaling KRW 14.8 billion, alongside its fourth-quarter 2025 earnings release, and retired 50% of its treasury shares in January 2026.
However, the company has not provided specific numerical guidance for full-year revenue and profit this year, leaving the sustainability of new title performance as the key point to watch going forward.
The current share price trades at a substantial discount to book value per share, suggesting the market is placing a relatively low valuation on the company's net assets. This can be interpreted as reflecting the large net loss in 2024 and the thin operating margins through 2025 and the first half of 2026.
On the other hand, the price-to-earnings ratio tends to appear elevated given the still-small absolute size of net income, so caution is warranted in interpretation until the sustainability of the earnings recovery is confirmed.
On the dividend side, a notable feature is that the company has sustained cash dividends for several consecutive years, building market confidence in the scale and timing of payouts.
Several brokerages have recently raised their target prices reflecting expectations around the new title's performance, but whether the early launch metrics translate into sustained long-term success remains an unverified variable.
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
'Zeus: God of Arrogance,' launched on August 26, showed early revenue performance above market expectations, prompting several brokerages to raise their target prices. Kiwoom Securities and Hyundai Motor Securities each set a target price of KRW 50,000 in early September, citing early launch metrics as the basis.
Analysts have noted that if the title's success proves durable, it could meaningfully contribute to second-half earnings improvement.
Summoners War maintains a global fan base even in its twelfth year of service, defending traffic through collaborations and esports tournaments. The baseball game lineup has surpassed KRW 1 trillion in cumulative revenue and continues to set new quarterly revenue records. These long-running IP provide a foundation of stable cash flow independent of the new title release cycle.
Operating profit was positive for two consecutive quarters in the first and second quarters of 2026, with second-quarter operating profit up 420.7% year-on-year.
Reductions in variable costs such as marketing expenses and payment fees, along with subsidiary management efficiency, have been cited as the background for the profitability improvement.
The fact that profit improved even during a period of flat or declining revenue suggests the effectiveness of cost structure management.
Although Zeus's early launch performance has been confirmed, brokerages have maintained a conservative view on medium- to long-term revenue sustainability. Kiwoom Securities projected the title's daily average revenue would decline sharply from KRW 1.5 billion in the third quarter of 2026 to KRW 470 million in 2027.
Future monetization structure and user management are cited as the key variables that will determine revenue sustainability.
Consolidated revenue in 2025 remained nearly flat compared with 2024, and the operating margin was only 0.4%. The third quarter of 2025 recorded both an operating loss and a net loss simultaneously, and even in the first quarter of 2026, owners' net income posted a loss despite positive operating profit. Without new title support, the existing IP portfolio alone may struggle to drive revenue growth.
Competition is intensifying in the second half of 2026 as both domestic and overseas major game companies concentrate new releases in the MMORPG and subculture genres.
Of the 16 subculture titles launched over the past year, many have already ended service within a short period, reflecting a low new-title success rate in the current environment.
The large net loss in 2024 is interpreted as reflecting subsidiary-related loss factors, and subsidiary earnings volatility remains a lingering risk.
There is uncertainty over whether 'Zeus: God of Arrogance' and 'Doen Amgui Crimson Inferno,' the key variables for second-half performance, will sustain their success.
In the mobile game market, revenue frequently declines sharply after an initial launch surge, and Com2uS has previously experienced underwhelming performance from several new titles. Repeated underperformance from new titles could again highlight the company's dependence on existing IP.
Consolidated operating cash flow in 2025 was KRW -39.2 billion, indicating that actual cash generation remained weak separate from the return to net profit. Operating cash flow was also negative in 2023 (KRW -9.2 billion) and 2022 (KRW -5.0 billion), so a clear improvement in cash flow has not yet been confirmed.
There is a possibility that cash outflows could continue amid ongoing new title investment and marketing spending.
Over the most recent five quarters (Q2 2025 through Q2 2026), owners' net income has swung sharply between KRW 8.7 billion, KRW -11.3 billion, KRW 31.7 billion, KRW -10.5 billion, and KRW 2.4 billion.
This reflects a combination of factors including new title launch timing, event schedules, and non-operating gains and losses, which reduces the predictability of results. Investors should be careful not to mistake a temporarily strong quarter for structural improvement.
Check whether 'Zeus: God of Arrogance' sustains its early launch revenue over time, particularly its sales rank and traffic metrics beyond three months post-launch.
Watch for the official launch date and initial performance results of 'Doen Amgui Crimson Inferno.'
The third-quarter 2026 earnings release will be the key point to check whether Zeus's revenue contribution and the existing operating profit improvement trend are maintained.
It is worth checking the impact of the 'SWC2026' World Finals on Summoners War revenue in comparison with the prior year.
Com2uS emerged from a large net loss in 2024 to return to net profit in 2025, and continued to post positive operating profit for two consecutive quarters in the first half of 2026.
However, given that revenue itself remains flat and owners' net income swings widely from quarter to quarter, it is difficult to conclude that earnings improvement has yet become structurally stable.
The early performance of 'Zeus: God of Arrogance,' launched on August 26, has emerged as the biggest variable for second-half results, prompting several brokerages to raise their target prices, though revenue sustainability has not yet been verified.
Summoners War and the baseball game lineup continue to serve as stable cash cows, and the company has outlined plans to diversify growth drivers through follow-up titles such as Doen Amgui and Akutagawa.
Operating cash flow has been negative for several years, so it remains to be seen whether genuine cash generation improvement follows the return to net profit.
Overall, the sustainability of new title performance, the durability of cost efficiency gains, and whether cash flow improves stand as the key points to watch for gauging the company's future earnings trajectory.
Report written 2026-09-05 · Data as of 2026-09-04
This content is AI analysis of market data and web search results, provided for information only. It is not a solicitation or recommendation to invest. Investment decisions and their consequences are the investor's own responsibility. Data may be delayed or contain errors.