Korea Ratings (KR) announced on the 8th that it has maintained Netmarble's unsecured bond credit rating at 'A+' while upgrading the outlook from 'Negative' to 'Stable'.

The agency cited several reasons for this shift: ▲ the ongoing improvement in operating performance and financial health driven by hit releases and cost-cutting, ▲ the expectation that this momentum in earnings will persist, and ▲ the belief that the company will maintain its current financial stability despite mid-term capital requirements.

First, Netmarble's recent lineup, including RF Online Next, Seven Knights Re:BIRTH, and Vampir, has successfully reached the top spot on both Google and Apple store charts. Combined with the steady performance of their legacy titles, the company has recorded a cumulative revenue of 2.0375 trillion won up to the third quarter of this year.

During the same period, cumulative operating profit reached 241.7 billion won, surpassing last year’s annual total of 215.6 billion won. Analysts attributed this profitability boost to fixed cost savings and a strategic shift toward proprietary IP, which effectively reduced commission fees.

Furthermore, KR expects Netmarble to sustain this improved earnings capacity through constant releases and lean cost structures. They are particularly focused on next year’s pipeline, which includes The Seven Deadly Sins: Origin, Mongil: Star Dive, and Sol: Enchant, with at least one title slated for release each quarter.

KR noted, "By offsetting the rapid obsolescence and performance drops inherent in the mobile gaming genre, this strategy should help maintain a level of profitability significantly improved from the 2022-2023 period."

The agency added, "Even with rising marketing costs from back-to-back launches, the efficiency gains—such as reduced commission fees from proprietary IP and PC platform expansion, combined with a conservative hiring policy—will further bolster their bottom line."