The Q3 2025 financial reports for Korea's major gaming firms have been released. Looking at the so-called '3N'—NEXON, Netmarble, and NCSoft—the landscape is stark. While NEXON and Netmarble are finding their footing through fresh titles, NCSoft is stuck in a dismal Q3 slump, facing a genuine existential crisis if Aion 2 fails to make a splash.

NEXON’s Q3 performance might look a bit sluggish compared to the same period last year, but the annual outlook remains bright. Although Q3 revenue and operating profit dipped by 12% and 27% respectively, the company forecasts a strong full-year finish, with maximum annual revenue potentially hitting 480.8 billion JPY—a 7.8% year-on-year increase—and operating profit projected to rise by 19.7% to 148.7 billion JPY. NEXON credits this optimism to the performance of ARC Raiders, which launched on October 30.

ARC Raiders has already surpassed 4 million units sold globally. Based on domestic standard pricing, that is an estimated 240 billion KRW in revenue from package sales alone. It seems their strategy to push beyond Asia and plant a flag in the North American and European markets is yielding real, tangible fruit. Opening new horizons is clearly paying off.

Then we have Netmarble, which is enjoying a solid Q3 and, more importantly, has addressed the structural weaknesses that previously held them back. Their Q3 revenue rose by 7.5% year-on-year to 696 billion KRW, with operating profit surging 38.8% to 90.9 billion KRW. Year-to-date, they have raked in 2.0375 trillion KRW in revenue and 241.7 billion KRW in operating profit, marking a 33.4% climb.

While the top-line growth is modest, that jump in operating profit is the real headline. Netmarble historically suffered from thin margins due to a reliance on mobile games and third-party IPs, which meant giving away hefty chunks to app stores and licensors. This year, however, they’ve leaned into their own IPs—like RF Online Next, Seven Knights Re:BIRTH, and Vampir—while pushing their own PC payment systems to bypass platform fees.

NCSoft, on the other hand, is in a bit of a hole. Both their Q3 and year-to-date figures are down. Q3 revenue fell 10% to 360 billion KRW, resulting in an operating loss of 7.5 billion KRW. Year-to-date, revenue sits at 1.1027 trillion KRW—a 5.65% decline—with operating profit plummeting 36.8% to a mere 12.9 billion KRW. The most painful sting? Lineage M, the company’s long-standing cash cow, saw its revenue drop by 33.7% compared to the same period last year.

Even with that sharp decline, Lineage M remains their biggest earner. While Lineage 2M and Lineage W are holding steady in the 40 billion KRW range, newer titles like Throne and Liberty and Hoyeon have failed to provide the necessary support to keep the ship afloat.

With Aion 2 launching on November 19, the company claims it will 'break away from the Lineage-style monetization'. By focusing on memberships and battle passes rather than aggressive gacha, they aren't expecting the same explosive launch revenue Lineage M once enjoyed. If they really want to turn things around, they face the daunting challenge of retaining the initial wave of players for the long haul.