Nexon’s Q2 2025 Results: MapleStory Drives Growth While ARC Raiders Locks in October Launch

August 13, 2025 John Silver Comments

Nexon’s latest earnings reveal a solid second quarter, with its long-running franchises doing most of the heavy lifting. The Tokyo-listed South Korean developer & publisher reported revenue of ¥118.9 billion ($810 million) for the three months ending June 30, 2025. That figure is down 3 percent year over year in yen terms but up 6 percent once currency swings are stripped out. Operating income reached ¥37.7 billion, comfortably ahead of internal forecasts, though net income fell on foreign-exchange losses.

Behind the headline numbers, MapleStory’s 20-year-old PC version continues to surprise, posting record engagement in Korea and helping the broader franchise jump 60 percent year over year. Dungeon & Fighter’s PC client also bounced back thanks to beefy holiday updates, though the overall series declined because last year’s mobile launch is naturally cooling off. Nexon’s fledgling shooter slate is pacing itself for the global debut of Embark Studios’ co-op extraction game ARC Raiders on October 30, currently one of Steam’s most-wish-listed titles.

Revenue mix: MapleStory, FC Online, and Dungeon & Fighter (PC) led the quarter, offsetting a predictable drop from Dungeon & Fighter Mobile.
MapleStory momentum: Korea’s summer update pushed the game to a 25 percent PC-café market share—an all-time high for the veteran MMO.
Dungeon & Fighter (PC): Korean revenue more than doubled year over year, while China saw double-digit growth after its Labor Day and Anniversary patches.
Mobile follow-ups: Mabinogi Mobile kept post-launch engagement high, and MapleStory: Idle RPG is slated for release later in 2025.
Shooter pipeline: Embark’s THE FINALS secured a Chinese ISBN and entered closed alpha on Tencent’s servers, while The First Descendant kicked off its third season in early August.
New projects: Nexon teased Woochi the Wayfarer, a console-and-PC action-adventure that joins Nexon’s attempt to broaden beyond live-service MMOs.
Web3 experiment: MapleStory N launched in select markets to test a player-driven economy on blockchain infrastructure, though Nexon describes it as an exploratory project rather than a core revenue driver.

For Q3, Nexon expects MapleStory to maintain its torrid pace, forecasts another strong quarter for Dungeon & Fighter’s PC version, and is leaning on marketing tie-ins around FC Online’s “Team of the Season” to keep the football series active during a traditionally soft period. While EA runs the FC soccer games in the U.S. and Europe, Nexon runs a mobile version in their core asian markets. The bigger spotlight, however, will be on how well ARC Raiders performs when it finally lands on PC and consoles at the end of October.

For additional interesting financial data about the company's performance check out the full Q2 investor deck.