PER, EPS, PBR and BPS are calculated in-house from the last 4 quarters (2025Q3–2026Q2) · Dividend yield is based on ₩0 per share · Prices as of the 2026-10-02 close
WeMade Play posted a consolidated operating margin of 8.6% in 2025, marking a clear profitability turnaround, with subsidiary Playlings' overseas growth and three new titles slated for the second half serving as the next watch points.
2025 consolidated operating profit reached KRW 10.7 billion (8.6% margin), moving past the low-margin stretch of 2022-2024.
Subsidiary Playlings surpassed KRW 40 billion in half-year revenue for the first time since its founding, driving expansion in overseas social casino and iGaming.
The debt ratio fell sharply from 81.8% in 2022 to 14.3% in 2025, notably stabilizing the balance sheet.
The company is preparing to launch three new titles toward year-end: in-house developed Project R and Project G, plus a casual-style social casino title from Playlings.
Quarterly net income remains volatile, including a net loss in the fourth quarter of 2025, so earnings stability still requires further confirmation.
WeMade Play is a game company whose core business is casual mobile games centered on the Anipang series, along with in-game advertising and publishing. Domestic revenue has remained stable, supported by seasonal updates to the Anipang series, external IP tie-ups, and expanded advertising channels.
Overseas business is centered on subsidiary Playlings, which operates five social casino titles and roughly 500 slot content pieces through Facebook and open markets, and has grown into a core pillar accounting for a substantial portion of total revenue.
Under the recently installed co-CEO leadership of Oh Seon-ho and An Byeong-hwan, Playlings has laid out new growth drivers including B2C new title launches and B2B slot content exports targeting the legal iGaming market centered on Europe and North America.
In terms of competitive landscape, the company competes domestically with casual and puzzle game makers such as Kakao Games, Com2uS, and Devsisters, while competing with specialized overseas developers in the social casino segment.
The largest shareholder is WeMade, and since the company's name was changed from Sundaytoz to WeMade Play, group-level collaboration possibilities have been mentioned consistently.
The subsidiary structure has been reorganized around Playlings, and cost efficiencies through mergers among affiliates have also been pursued recently. Overall, the business combines a stable cash-cow role from domestic casual games with a growth axis from overseas social casino and iGaming.
| Quarter | Revenue | Operating profit | Op. margin |
|---|---|---|---|
| 2025Q2 | ₩29.6B | ₩2.5B | 8.3% |
| 2025Q3 | ₩31.1B | ₩3.4B | 10.9% |
| 2025Q4 | ₩32.2B | ₩3.1B | 9.8% |
| 2026Q1 | ₩32.4B | ₩3.4B | 10.5% |
| 2026Q2 | ₩32.2B | ₩2.6B | 8.1% |
| Year | Revenue | Operating profit | Net income (parent) | Op. margin | ROE | Debt-to-equity |
|---|---|---|---|---|---|---|
| 2022 | ₩134B | ₩900M | -₩400M | 0.7% | −0.2% | 81.8% |
| 2023 | ₩121.7B | -₩400M | ₩4.3B | −0.4% | 2.0% | 71.6% |
| 2024 | ₩120.4B | ₩1.1B | ₩23.6B | 0.9% | 9.6% | 58.3% |
| 2025 | ₩125.3B | ₩10.7B | ₩18.8B | 8.6% | 7.1% | 14.3% |
Consolidated basis (financial statements including subsidiaries) · Final figures from DART filings · Net income attributable to owners of the parent · Data as of 2026-08-21
In 2025, consolidated revenue reached KRW 125.26 billion with operating profit of KRW 10.74 billion (8.6% margin), a clear improvement from an operating profit of KRW 1.05 billion (0.9% margin) in 2024 and an operating loss of KRW 0.44 billion (-0.4% margin) in 2023.
However, net income attributable to controlling shareholders actually declined from KRW 23.55 billion in 2024 to KRW 18.85 billion in 2025; in both years net income was well above operating profit, suggesting non-operating factors had a meaningful impact and warrant continued monitoring of earnings quality.
Looking at the trailing four-quarter window (Q3 2025 through Q2 2026), revenue held steadily in the low-KRW-30-billion range, moving from KRW 31.08 billion to KRW 32.16 billion, KRW 32.38 billion, and KRW 32.19 billion, while operating profit stayed in positive territory despite quarterly fluctuation, moving from KRW 3.38 billion to KRW 3.15 billion, KRW 3.39 billion, and KRW 2.60 billion.
Net income attributable to controlling shareholders, by contrast, was volatile, moving from KRW 3.78 billion to a net loss of KRW 1.33 billion, then KRW 5.63 billion and KRW 3.21 billion, including a net loss in the fourth quarter of 2025.
In the first quarter of 2026 revenue was KRW 32.38 billion with operating profit of KRW 3.39 billion, a large year-over-year increase, and the second quarter of 2026 continued the improving trend with revenue of KRW 32.19 billion and operating profit of KRW 2.60 billion.
Management attributes the improvement to stable profitability across game, advertising, and publishing businesses, cost efficiency, and overseas revenue growth.
On the balance sheet, the debt ratio fell from 81.8% in 2022 to 14.3% in 2025, and operating cash flow rose sharply from KRW 4.91 billion in 2024 to KRW 19.55 billion in 2025, indicating improved cash generation.
The global mobile game market shifted to growth in 2024, with in-app purchase revenue increasing year over year and additional growth expected in 2025, suggesting the broader market including casual and puzzle genres is in a recovery phase.
In the domestic casual puzzle game market, companies with long-running IP such as Anipang and Cookie Run tend to defend revenue through seasonal updates and IP collaborations, and WeMade Play maintains a stable position in this market through the Anipang series.
The overseas social casino and iGaming market operates legally, centered on Europe and North America, and is estimated at roughly USD 100 billion as of 2025, representing a market viewed as having considerable growth potential.
Playlings is attempting to expand its position in this market through a combination of B2C new title launches and B2B content exports.
On the competitive front, the company competes in the domestic casual game market against titles based on Devsisters' Cookie Run IP and Kakao Games, while competing with specialized overseas developers in the social casino and iGaming market.
In terms of the industry cycle, WeMade Play sits at a juncture where stable cash flow from existing domestic IP intersects with expansion into new overseas businesses, with the performance of upcoming new titles seen as the key watch point for the next growth phase.
The company plans to launch in-house developed titles Project R (a match-3 puzzle) and Project G (a merge genre) toward the end of the second half of 2026, while subsidiary Playlings is also preparing a new social casino title incorporating casual game elements.
Playlings has stated it will launch its new title Slotopolis globally during the third quarter, alongside efforts to export slot content on a B2B basis targeting the European and North American iGaming market.
Management has explained that these new titles are primarily targeted at overseas markets and are expected to serve as a turning point in expanding growth areas from a domestic-centered business to a global one.
CEO Woo Sang-jun has stated that these new titles are expected to be a starting point for realizing new growth drivers in overseas markets.
However, the specific launch dates and initial performance of the three new titles have not yet been confirmed, requiring continued monitoring through future disclosures and IR materials.
The existing Anipang series and advertising and publishing businesses are expected to remain a stable revenue base, and whether Playlings' overseas revenue growth continues will likely be the key variable for upcoming results.
WeMade Play's share price is trading through a phase of earnings recovery, moving past several years of losses and low margins.
The stock trades at a level below book value per share, which can be viewed as a discount relative to net assets, and compared to the prior period of weak results, the earnings improvement appears to be reflected in trading multiples.
On dividends, no separate per-share cash dividend has been confirmed for this entity at present, so the contribution from dividend yield is limited.
However, given large quarter-to-quarter net income volatility and a meaningful influence of non-operating factors on the gap between operating profit and net income, the quality and sustainability of future earnings remain an important variable in interpreting trading multiples.
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 2026-08-21
Unlike 2022-2023 when operating results were at low margins or in loss, the 2025 operating margin rose sharply to 8.6%. Operating profit has stayed positive for four consecutive quarters, with stable profitability across game, advertising, and publishing businesses.
The debt ratio also fell sharply from 81.8% in 2022 to 14.3% in 2025, improving financial stability alongside profitability.
Subsidiary Playlings surpassed KRW 40 billion in half-year revenue for the first time since founding, demonstrating overseas business growth. Playlings is diversifying by pursuing both B2C new titles and B2B slot content exports targeting the European and North American iGaming market. The iGaming market is estimated at roughly USD 100 billion as of 2025, seen as a market with room for growth.
Operating cash flow rose sharply from KRW 4.91 billion in 2024 to KRW 19.55 billion in 2025, showing that substantive cash generation is underpinning results. This change accompanied the improvement in operating profit and could support future investment in new titles or shareholder returns.
Net income attributable to controlling shareholders posted a net loss in the fourth quarter of 2025, and in both 2024 and 2025 net income significantly exceeded operating profit, indicating a substantial influence from non-operating factors.
This shows that operating profit improvement does not necessarily translate directly into a stable net income trend, and further confirmation of earnings quality and sustainability is needed.
Consolidated revenue in 2025 was KRW 125.26 billion, still below the KRW 134.05 billion recorded in 2022, and revenue over the trailing four quarters has stayed in the low KRW 30 billion range per quarter without significant change.
Domestic revenue remains heavily reliant on the Anipang series, leaving the task of securing new revenue sources still outstanding.
The three new titles the company is preparing—Project R, Project G, and a new Playlings title—are slated for launch toward the end of the second half at the earliest, but specific schedules and commercial performance have not yet been confirmed.
If launches are delayed or fall short of expectations in the market, the timing of securing new growth drivers could be pushed back.
Delays or commercial failure of the three new titles planned for the second half could postpone securing new growth drivers. Since domestic revenue relies substantially on the Anipang series, the possibility of revenue slowdown due to IP aging cannot be ruled out.
The social casino and iGaming business can be affected by changes in gaming and payment regulations across different jurisdictions. In addition, blockchain and virtual asset-related issues at largest shareholder WeMade's group level could potentially affect broader investor sentiment toward the group.
The company is classified as a relatively small-cap stock, which can limit trading liquidity. Ongoing organizational restructuring, including mergers among affiliates, means related one-off costs or changes in ownership structure could affect the financial statements.
Check whether Playlings' new title Slotopolis launches globally and gauge its initial reception.
Assess the actual launch timing and early performance of in-house titles Project R and Project G, as well as whether iGaming B2B content exports begin contributing to revenue.
Confirm through the Q3 2026 earnings release whether new title launches are contributing and whether quarterly net income volatility has eased. Since this quarter's results are not yet finalized in disclosures, the release timing and figures should be re-verified against the original filing.
Verify through subsequent quarterly and annual disclosures whether the decline in the debt ratio and the improvement in operating cash flow continue, and whether balance sheet stabilization persists.
WeMade Play recorded an 8.6% operating margin in 2025, demonstrating a profitability turnaround from the low-margin stretch of 2022-2024, while a declining debt ratio and expanding operating cash flow also stabilized its balance sheet.
Subsidiary Playlings surpassed KRW 40 billion in half-year revenue, establishing itself as a growth pillar in overseas social casino and iGaming.
However, net income attributable to controlling shareholders showed large quarterly volatility, including a net loss in the fourth quarter of 2025, and the gap between operating profit and net income suggests a meaningful influence from non-operating factors, warranting continued scrutiny of earnings quality.
Revenue scale remains below 2022 levels, leaving the task of securing new revenue sources to reduce reliance on the domestic Anipang series still outstanding.
The company is preparing to launch a total of three new titles toward the end of the second half, including two in-house developed titles and a new Playlings title, with their actual launch timing and initial performance likely to be the key variable for the next phase.
Ahead of any investment decision, it is necessary to sequentially confirm the new title launch schedule, the Q3 earnings disclosure, and whether balance sheet stabilization continues.
Report written 2026-09-05 · Data as of 2026-09-04
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