Financials Kakao Games Corp.

Equities

A293490

KR7293490009

Software

End-of-day quote Korea S.E. Other stock markets 2025-06-18			5-day change	1st Jan Change
17,520.00 ^KRW	+5.73%		+3.12%	+6.96%

May. 06	Kakao Games Q1 Operating Loss 12.4 Billion Won	RE
Apr. 28	KRAFTON, Inc. agreed to acquire an additional 39.37% stake in Neptune Company from Kakao Games Corp. for approximately KRW 170 billion.	CI

Projected Income Statement: Kakao Games Corp.

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
Net sales ¹	495.5	1,012	1,148	1,024	738.8	557.2	868.7	790.4
Change	-	104.33%	13.35%	-10.77%	-27.86%	-24.58%	55.93%	-9.02%
EBITDA ¹	80.22	140.5	247.1	144.7	91.4	31.43	94.63	90.71
Change	-	75.19%	75.82%	-41.43%	-36.84%	-65.61%	201.06%	-4.14%
EBIT ¹	66.55	114.3	177.7	74.46	6.485	-12.69	71.12	69.41
Change	-	71.78%	55.42%	-58.09%	-91.29%	-295.63%	660.65%	-2.41%
Interest Paid ²	-23,164	-65,236	-246,603	-43,099	-109,089	-50,400	-36,667	-26,000
Earnings before Tax (EBT) ¹	77.94	722.1	-187.5	-372.9	-120.3	-41.85	52.1	45
Change	-	826.5%	-125.96%	-98.88%	67.72%	65.23%	224.49%	-13.63%
Net income ¹	85.97	528.7	-209.8	-244.6	-94.69	-20.62	56.1	50.24
Change	-	514.93%	-139.69%	-16.6%	61.3%	78.22%	372%	-10.45%
Announcement Date	2/8/21	2/8/22	2/8/23	2/7/24	2/11/25	-	-	-

¹KRW in Billions²KRW in Million

Estimates

Fiscal Period: December	2020 Q3	2020 Q4	2021 Q1	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
Net sales ¹	150.5	142	130.1	129.5	466.2	286.7	266.3	338.8	306.9	235.7	249.2	271.1	264.7	239.2	246.3	235.6	193.9	160.1	122.9	119.2	137.9	187.3	178.9	169.6	155.4	154.8
Change	-	-5.65%	-8.38%	-0.5%	260.07%	-38.5%	-7.1%	27.2%	-9.42%	-23.21%	5.73%	8.8%	-2.36%	-9.65%	2.98%	-4.33%	-17.7%	-17.45%	-23.25%	-2.95%	15.63%	35.86%	-4.48%	-5.17%	-8.37%	-0.39%
EBITDA	-	-	-	-	-	-	-	-	-	-	34.86	50.4	46.44	32.27	30.54	21.22	-	-	-	-	-	-	-	-	-	-
Change	-	-	-	-	-	-	-	-	-	-	-	44.57%	-7.85%	-30.52%	-5.36%	-30.51%	-	-	-	-	-	-	-	-	-	-
EBIT ¹	21.23	16.58	15.61	8.102	42.75	47.86	42.09	81.04	43.73	8.957	11.34	26.48	22.55	14.08	12.26	2.8	5.715	-6.268	-12.44	-8.373	0.4727	18.57	4	1.8	1.2	-2.65
Change	-	-21.91%	-5.86%	-48.09%	427.6%	11.97%	-12.05%	92.52%	-46.04%	-79.52%	26.62%	133.45%	-14.83%	-37.58%	-12.87%	-77.17%	104.11%	-209.68%	-98.47%	32.7%	105.65%	3,828.82%	-78.46%	-55%	-33.33%	-320.83%
Charge d'intérêts	-3,479	-13,151	-2,429	-2,523	-15,581	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Earnings before Tax (EBT) ¹	25.52	16.3	20.09	3.017	61.76	637.2	34.2	116.9	26.47	-372.3	2.712	18.04	13.73	-407.4	8.056	-9.13	-3.51	-106.3	-32.45	-8.467	2.367	1.267	-4.5	-17.8	-21.1	-41.5
Change	-	-36.14%	23.28%	-84.98%	1,946.97%	931.8%	-94.63%	241.83%	-77.36%	-1,506.42%	100.73%	565.01%	-23.85%	-3,066.07%	101.98%	-213.33%	61.56%	-2,929.23%	69.48%	73.91%	127.95%	-46.48%	-455.26%	-295.56%	-18.54%	-96.68%
Net income ¹	27.94	25.24	20.76	0.992	49.6	457.3	13.55	45.09	3.153	-271.6	2.242	3.369	2.983	-253.2	0.951	-9.476	-4.002	-82.16	-23.03	-6.617	1.614	19.73	-	3.2	-4.95	-8.95
Change	-	-9.67%	-17.76%	-95.22%	4,899.5%	822.1%	-97.04%	232.85%	-93.01%	-8,714.17%	100.83%	50.27%	-11.46%	-8,589.78%	100.38%	-1,096.42%	57.77%	-1,952.97%	71.97%	71.27%	124.4%	1,122.42%	-	-	-254.69%	-80.81%
Announcement Date	11/4/20	2/8/21	5/4/21	8/3/21	11/3/21	2/8/22	5/3/22	8/3/22	11/2/22	2/8/23	5/3/23	8/1/23	11/8/23	2/7/24	5/8/24	8/7/24	11/6/24	2/11/25	5/7/25	-	-	-	-	-	-	-

¹KRW in Billions

Estimates

Forecast Balance Sheet: Kakao Games Corp.

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
Net Debt ¹	-419	-624	154	508	362	405	393	484
Change	-	-48.93%	124.68%	229.87%	-28.74%	11.74%	-2.96%	23.16%
Announcement Date	2/8/21	2/8/22	2/8/23	2/7/24	2/11/25	-	-	-

¹KRW in Billions

Estimates

Cash Flow Forecast: Kakao Games Corp.

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
CAPEX ¹	27.78	10.99	23.29	27.58	12.53	21.67	29.9	7.1
Change	-	-60.43%	111.85%	18.42%	-54.56%	72.89%	38%	-76.25%
Free Cash Flow (FCF) ¹	-	223,159	110,534	97,039	14,856	41,000	113,380	94,000
Change	-	-	-50.47%	-12.21%	-84.69%	175.98%	176.54%	-17.09%
Announcement Date	2/8/21	2/8/22	2/8/23	2/7/24	2/11/25	-	-	-

¹KRW in Million

Estimates

Forecast Financial Ratios: Kakao Games Corp.

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
Profitability
EBITDA Margin (%)	16.19%	13.88%	21.53%	14.13%	12.37%	5.64%	10.89%	11.48%
EBIT Margin (%)	13.43%	11.29%	15.48%	7.27%	0.88%	-2.28%	8.19%	8.78%
EBT Margin (%)	15.73%	71.32%	-16.34%	-36.41%	-16.29%	-7.51%	6%	5.69%
Net margin (%)	17.35%	52.21%	-18.28%	-23.89%	-12.82%	-3.7%	6.46%	6.36%
FCF margin (%)	-	22,040.78%	9,630.95%	9,475.51%	2,010.92%	7,358.88%	13,051.12%	11,893.37%
FCF / Net Income (%)	-	42,212.47%	-52,682.82%	-39,665.56%	-15,689.71%	-198,787.88%	202,103.39%	187,101.91%
Profitability
ROA	7.08%	18.83%	-5.13%	-6.23%	-2.96%	-0.4%	2.01%	1.66%
ROE	9.33%	30.2%	-9.43%	-14.85%	-8.25%	-1.08%	4.13%	3.78%
Financial Health
Leverage (Debt/EBITDA)	-	-	0.63x	3.51x	3.97x	12.9x	4.16x	5.34x
Debt / Free cash flow	-	-	0x	0.01x	0.02x	0.01x	0x	0.01x
Capital Intensity
CAPEX / Current Assets (%)	5.61%	1.09%	2.03%	2.69%	1.7%	3.89%	3.44%	0.9%
CAPEX / EBITDA (%)	34.63%	7.82%	9.43%	19.06%	13.71%	68.93%	31.6%	7.83%
CAPEX / FCF (%)	-	0%	0.02%	0.03%	0.08%	0.05%	0.03%	0.01%
Items per share
Cash flow per share ¹	1,328	3,133	1,506	1,527	334.8	1,965	2,120	2,062
Change	-	135.83%	-51.94%	1.45%	-78.08%	486.86%	7.9%	-2.75%
Dividend per Share ¹	-	-	-	-	-	-	-	-
Change	-	-	-	-	-	-	-	-
Book Value Per Share ¹	16,552	32,383	25,617	17,139	16,359	16,478	16,989	17,355
Change	-	95.64%	-20.89%	-33.1%	-4.55%	0.73%	3.1%	2.15%
EPS ¹	1,367	6,358	-2,650	-2,803	-1,332	-258	680	618.8
Change	-	365.11%	-141.68%	-5.77%	52.48%	80.63%	363.57%	-9%
Nbr of stocks (in thousands)	73,932	77,292	81,428	81,665	81,981	82,012	82,012	82,012
Announcement Date	2/8/21	2/8/22	2/8/23	2/7/24	2/11/25	-	-	-