KRAFTON披露2026年二季度业绩：上半年收入和经营利润创新高，但季度净亏损且股价未获正向确认

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Introduction & Market Context
KRAFTON presented its second quarter and first-half 2026 earnings results on July 29, delivering record half-year revenue and operating profit while posting a quarterly net loss tied to acquisition-related expenses. The South Korean game publisher’s shares remained flat at $244,000 following the presentation, trading 29% below their 52-week high of $344,000 despite the company’s strongest first-half performance on record.
The presentation highlighted the company’s dual-pillar franchise strategy, with its flagship PUBG franchise demonstrating what management called "content platformization" effects and newly acquired Subnautica 2 validating its ability to scale new intellectual properties into lasting franchises.
Financial Performance Highlights
As shown in the following summary of first-half 2026 performance, KRAFTON achieved significant milestones across key financial metrics:
First-half revenue reached KRW 2.7 trillion, up 73.3% year-over-year, marking the highest half-year revenue in company history. Operating profit climbed 38.3% to KRW 972.5 billion, representing 92% of the company’s full-year 2025 operating profit achieved in just six months. The performance was driven primarily by PUBG Franchise growth and the successful Early Access launch of Subnautica 2 on May 15, 2026, which sold over 5 million units within 22 days.
Second quarter revenue totaled KRW 1,290.2 billion, up 94.9% year-over-year but down 5.9% sequentially. Operating profit for the quarter was KRW 410.9 billion, up 67.0% year-over-year but declining 26.8% from the prior quarter, reflecting typical seasonal patterns in the gaming industry.
The detailed revenue breakdown illustrates the company’s platform diversification and growth trajectory:
PC revenue surged 155.1% year-over-year to KRW 560.4 billion in the second quarter, benefiting from new PUBG content modes and the Subnautica 2 launch. Mobile revenue grew 5.5% year-over-year to KRW 451.0 billion but declined 35.8% sequentially due to seasonal weakness. Console revenue jumped 143.3% to KRW 23.8 billion, while the "Others" category, which includes the ADK advertising business acquired in 2025, contributed KRW 255.0 billion.
For the first half, PUBG Franchise revenue increased 25% year-over-year, with PC/Console up 37% and Mobile up 18%, demonstrating balanced growth across platforms.
Profitability Analysis and Non-Operating Challenges
While operating performance remained strong, the company’s profitability picture was complicated by non-operating factors in the second quarter. The following breakdown details the path from operating profit to net income:
Second quarter net profit turned to a deficit of KRW 29.9 billion, compared to a profit in the prior year, despite robust operating earnings. Non-operating losses totaled KRW 316.7 billion in the quarter, primarily reflecting expenses related to the Unknown Worlds acquisition, the studio behind Subnautica. Non-operating expenses surged 841.4% quarter-over-quarter to KRW 418.7 billion.
For the full first half, net profit reached KRW 484.2 billion, up 25.1% year-over-year, with a margin of 18.2%, down 7.0 percentage points from the prior year. The margin compression reflected both the acquisition-related costs and higher platform fees associated with revenue growth.
The operating expense structure showed disciplined cost management relative to revenue growth:
First-half operating expenses totaled KRW 1.7 trillion, up 102.8% year-over-year, growing more slowly than revenue. The increase was primarily driven by the inclusion of ADK and higher platform fees and cost of revenue tied to the company’s PC and mobile revenue growth. Second quarter operating expenses rose 111.4% year-over-year to KRW 879.3 billion, with platform fees and paid commissions accounting for the largest share of the increase.
Strategic Growth Initiatives
KRAFTON’s presentation emphasized its strategic framework for sustainable growth, centered on two key pillars. The company’s performance overview outlined its approach:
For the PUBG Franchise, management highlighted "content platformization" as a structural growth driver, with well-made game modes reactivating core fandom engagement and user-generated content (UGC) expanding the game’s traffic base. The strategy aims to transform PUBG from a single-title franchise into a content platform with continuous engagement opportunities.
For new franchise IP, the company positioned Subnautica 2’s Early Access success as validation of a "repeatable franchise IP growth model" that combines IP with franchise potential, creative scale-up capabilities, and KRAFTON’s publishing infrastructure.
The PUBG Franchise strategy detailed specific growth levers and upcoming initiatives:
The presentation showed five-year growth trends in both PC/Console monthly active users and revenue, with consistent upward trajectories. Management attributed the growth to well-made modes that reactivated core fandom, improved content and strategic monetization that enhanced revenue efficiency, and plans for new modes and UGC enhancements to further strengthen traffic.
For the third quarter, KRAFTON plans to drive mobile expansion through World of Wonder (WOW) content to boost core fandom engagement, global IP collaboration maps including a Naruto partnership to expand the user base, and a growth ecosystem where user creation fuels content supply.
The company’s new franchise IP strategy extends beyond Subnautica 2, with plans to showcase five new titles at Gamescom:
Subnautica 2 achieved "Very Positive" Steam reviews as of July 29, 2026, with cumulative sales exceeding 5 million units within 22 days of its Early Access launch. The company’s next step focuses on "quality and community trust until full launch, while pursuing long-term franchise expansion" and systematizing the IP discovery and scale-up process to create additional franchise properties.
The five Gamescom titles span multiple genres and target audiences, including a new PUBG Studios first-person title with a new setting built on the PUBG Franchise, NOTLAW from Neon Giant as an immersive first-person open-world shooter RPG, and three additional projects targeting different market segments. All titles are aimed at 2027 launches.
Content Pipeline and Third Quarter Plans
KRAFTON outlined an aggressive content roadmap for the third quarter, emphasizing IP collaborations and UGC ecosystem expansion:
The PUBG Mobile and BGMI platforms will feature global anime collaborations, including the Naruto: Ninjas Assemble partnership, and a Ferrari collaboration introducing four flagship Ferrari models with exclusive customization options. These collaborations aim to attract new user segments while engaging existing players.
The World of Wonder UGC ecosystem, which launched in March 2023, has achieved 5.4 million cumulative created maps through enhanced creation tools. For the third quarter and beyond, KRAFTON plans to expand UGC content through IP collaborations, including Naruto and Spider-Man, creating a virtuous cycle where user-generated content drives engagement and reduces the company’s content creation burden.
Shareholder Returns Program
Despite ongoing investments in new franchises and AI research, KRAFTON maintained an aggressive shareholder returns program:
The company completed KRW 300 billion in share buybacks and paid KRW 99.6 billion in capital reduction dividends during the first half of 2026, representing 122.6% of its full-year 2025 shareholder returns in just six months. KRAFTON cancelled KRW 431.5 billion worth of shares, including newly acquired and existing treasury shares, representing 3.5% of total shares outstanding.
For the third quarter, the board approved an additional KRW 100 billion share buyback with full cancellation planned, bringing total 2026 shareholder returns to KRW 499.6 billion through the first three quarters. Management indicated that the timing and scale of future buybacks would be managed flexibly based on market conditions and share price, with CFO Dongkeun Bae stating the board views the current share price as undervalued.
Forward-Looking Statements and Outlook
According to the earnings call transcript, management expects continued growth from PUBG content updates, with two new modes scheduled for the second half of 2026 and additional modes in development for 2027 and 2028. The company anticipates Subnautica 2 to receive approximately two years of continuous updates before full launch, while also extending the franchise beyond games.
KRAFTON is continuing investments in AI research, including multimodal large language models, World Models, and Physical AI applications. Management noted that PUBG Ally, an on-device AI feature, received positive feedback during testing, though the company acknowledged that AI investments require substantial capital and may take time to monetize.
The comprehensive financial statements provide a complete view of the company’s financial position:
Total assets stood at KRW 9,714.2 billion as of the second quarter 2026, up from KRW 9,433.6 billion at year-end 2025. Cash and cash equivalents totaled KRW 2,662.1 billion, providing substantial liquidity for ongoing investments and shareholder returns. Total equity reached KRW 7,350.1 billion, reflecting the company’s strong balance sheet position despite the share cancellations and acquisition activity.
The company’s adjusted EBITDA for the first half totaled KRW 1,101.5 billion, providing KRW 622.9 billion in the first quarter and KRW 478.5 billion in the second quarter, demonstrating strong cash generation capability to fund both growth initiatives and capital returns.
Market Reception and Analyst Perspectives
KRAFTON shares remained unchanged at $244,000 following the presentation, suggesting investors took a balanced view of the record operating performance against acquisition-related losses and sequential declines. The stock’s position in the middle of its 52-week range, approximately 22.4% above its low of $199,300 and 29.1% below its high of $344,000, reflects ongoing uncertainty about the sustainability of the first-half growth pace.
According to the earnings call transcript, analysts focused questions on the company’s "well-made modes" strategy for PUBG, the launch timeline for Subnautica 2’s full release, AI monetization plans, and the outlook for the ADK advertising business. Management indicated that about half of Subnautica 2 players are new to the series, supporting the view that the game can expand beyond the original fan base, while acknowledging that the ADK business faced weaker demand due to geopolitical issues affecting advertiser behavior.
The company’s execution risk centers on its ability to successfully launch five new titles at Gamescom while maintaining momentum in its core PUBG franchise and bringing Subnautica 2 to full launch. The seasonal weakness in mobile revenue, down 36% sequentially, demonstrates that portions of the business remain subject to cyclical patterns despite the content platformization strategy.
Full presentation:
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