Pearl Abyss, the owner of CCP (main revenue for CCP is Eve Online), had its Q4 trading update today (October - December 2025).
For the 2025 year, for Pearl Abyss: Revenues were 366 billion Won against expectations of 356 billion Won. So a positive surprise on Revenues, mostly driven i suspect by CCP. I believe 8 of the 10 billion beat was down to CCP. Operating Losses 14.8 billion Won which was more than the expected 13.5 billion Won. So clearly costs were higher than expected, more than offsetting the better revenues. That then turned into a Pre Tax Loss of 8.2 billion Won which was higher than the 4.3 billion Won expected. Then after tax that the Net Losses for 2025 were 7.6 billion Won.
As i write this post, in the early hour of trade, the shares are down 2% though closed the day up 1%. But they have risen 42% ytd already. So not surprising today is a bit dull.
Background - why we talk about Pearl Abyss
As a reminder, Pearl Abyss, a South Korean gaming companies, bought CCP (Eve Online) in 2018. It has two main income generating games - Black Desert and Eve Online. Black Desert was launched in 2015 and is now in decline vs Eve Online was launched in 2003, peaked in 2013 but is now back to growth. And good growth as we shall see below.
At the bottom of this post is the full English language translation of the earnings call including questions and answers from the analysts.
The key points for the Q4 numbers were:
First point to make - we compare Q4 2025 to Q4 2024 and so that eliminates most seasonal issues.
Eve Online in Q4 2025
This is why we are here.
The revenue split between Black Dessert Online and Eve Online continues to be disclosed.
The cynic in my says this is being disclosed again because the revenues of CCP are looking good and so making any sale process easier. But we have not heard anything more of a Sale since July 2025.
The chart below shows the quarterly revenues from the Eve ecosystem.
Therefore the chart below shows the year-on-year change in quarterly revenues.
This shows the ninth quarter of consecutive year-on-year growth. That is a standout point today.
Furthermore, the Q4 2025 vs Q4 2024 growth was the highest since he pandemic when we were all locked down at home.
For a mature game, that is very impressive.
It looked like in Q3 2025 that it was becoming harder to grow after 8 consecutive quarters of growth. Not a bit of it. Growth accelerated in Q4 2025!
The actual Won and % rise each Quarter since it turned positive in Q4 2023 is shown in the table below. So in Q4 2025 CCP Revenues rose 24.1% or 27.3 billion Won on Q4 2024. And that was on top of Q4 2024 growing 10.6% in Q4 2023 which itself was on top of Q4 2023 growing 15% on Q4 2022.
In other words, Q4 2025 is up 58% on Q4 2022.
I suspect what we have been seeing is CCP monetising the player base better and perhaps this is all coming to an end with the end of the major Plex / Omega / MCT real money sales. I suspect in Q4 2025 we also saw a rise in player numbers to drive this strong growth.
The data we get does not show the revenue spilt each quarter between subscriptions vs other ingame real money sales.
Eve online - rolling 12 months
The chart below shows the rolling 12 month Revenues (each bar is the sum of the prior 4 quarters):
CCP has gone from 57 billion Won in its first full 12 months under Pearl Abyss ownership in Q3 2019 to 93 billion won today (12 months to Q4 2025).
CCP is hitting new record high rolling 12 month revenues under Pearl Abyss ownership.
I am very sure CCP did not expect Eve Online to show this growth but i am also sure that many projects to generate addition revenue streams have failed along the way.
Record Revenues for CCP itself where $77 million in 2013 vs the $64 million today.
But only 2013 and 2014 were better years than today. Technically 2016 was the record year but there was $20 million of Valkyrie sales in there, so ex this revenues were $61 million.
In other words, 2025 was the third best year for Revenues in CCPs life of over 20 years, if we exclude Valkyrie sales in 2016!
Annual CCP Revenues
Just putting the annual revenues chart up:
This more clearly shows how CCP resumed growth after a bit (not much really) of a pandemic fade.
What perhaps we can say now is the growth needs to be driven by rising player numbers, not monetisation of existing player wallets.
Currencies
There is a currency tailwind. The Won has been weakening over time. I will let someone else work out the currency benefit. Could have added 3 to 5% to the Q4 2025 vs 2024.
The chart below shows the main currencies vs the Won (British Pound, USD and the Euro) over 2024 and 2025.
What was said about Eve Online in the Earnings Call?
Literally almost nothing:
“EVE Online, also based on the two expansion paths in 2025 and consistent communication with users, demonstrated growth even in its 22nd year of service and continued a stable trend.”
“For EVE, we plan to continuously expand our game with two new expansion packs in 2026. In addition, we will hold our EVE FanFest to strengthen our communication with users. We are also smoothly preparing for new titles to secure new growth engines. First, EVE Frontier, this year as well, will continue to test and focus on attracting new users.”
“For EVE, we plan to continuously expand our game with two new expansion packs in 2026. In addition, we will hold our EVE FanFest to strengthen our communication with users. We are also smoothly preparing for new titles to secure new growth engines. First, EVE Frontier, this year as well, will continue to test and focus on attracting new users.”
In addition to the test, we are also proceeding with the procedure to move on to the next step as a blockchain platform. EVE Frontier continued the Founder Access test. In particular, we believe that the fourth test we did in December was a new phase of testing, which was based on our user feedback so far, and we believe that it will be the cornerstone in defining the game. In addition to the test, procedures for transitioning to the next stage as a blockchain platform are progressing smoothly"
There is one new line that i am not sure what it is - some sort of debt "Financial Liabilities measured at fair value".
Sale of CCP
Operator
Good morning and good evening. Thank you all for joining the conference call for the Pearl Abyss Earnings Results. This conference will start with a presentation followed by a Q&A session. (Operator Instructions). Now we will begin the presentation on Pearl Abyss' Fiscal Year 2025 Annual Earnings Results.
Kim Yoon
Greetings. I am Kim Yoon from Pearl Abyss's IR team. First of all, I express my deepest gratitude to the analysts and investors in and out of Korea for taking part in the 2025 Q4 and full year Pearl Abyss earnings presentation despite your busy schedule. Before elaborating on today's business results, I would like to ask for your understanding regarding the following.
The financial and business results contained in today's earnings release have been prepared for the convenience of investors and is subject to change depending on the final closing of our books. In addition, the accuracy and completeness of the financial and business results in the earnings results material are not guaranteed and the company is not obligated to give updates of the accounts given after this date. So please take these factors into consideration. We have here with us at the earnings presentation today Pearl Abyss's CEO, Heo Jin-young CBO, Kim Kyung-man and CFO, Jo Mi-yeong.
We will first hear the business performance presentation highlights from CFO, Jo Mi-yeong and then engage in a Q&A session.
Jo Mi-yeong
Greetings, everyone. I am Jo Mi-yeong. Thank you once again for taking part in our company's earnings conference call despite your busy schedules.
I would like to cover 2025 major business activities and performance. Black Desert and and EVE in 2025 through consistent updates provided more exciting content and continuously expanded the game. In particular, Black Desert Online showcased new region Edania, added new stories, and received positive response from users. Console-launched PS5 and Xbox SS versions provided swift updates and saw significant increase in results.
Mobile, in addition, with content expansion, introduced and reorganized new systems and showed consistent performance. In addition, Black Desert revenue, with continuing consistent communication with users including Heidel Ball and Adventurers Festival, showed a slight increase even after 11 years since launching and solidified its presence as a long-running title. EVE Online, also based on the two expansion paths in 2025 and consistent communication with users, demonstrated growth even in its 22nd year of service and continued a stable trend. In Q4, Black Desert opened a new season of 3-to-3 PVP content, Arena of Solare, and continued to expand content with the launching of new class, Calpheon.
Due to the weakening of the large-scale update which took place in the previous quarter, revenues were weakened. For Console, we swiftly updated Atoraxxion and Edania, which were first featured online, and worked to continue to make the game fun and exciting. For Mobile, we improved the new season with strengthened growth and compensation structure, expanded Land of Morning Light series, and along with improved user satisfaction improvement, saw a significant increase in revenues. For EVE Online, we showcased the Expansion Packed Catalyst, which introduced sweeping changes across mining and exploration, and dramatically improved user participation, including increase in account reactivation.
Revenues also exceeded monthly forecasts, achieving the highest quarterly revenue since the pandemic. Crimson Desert last year, in order to target the global market, started with the Benelux media demo in March, and emerged as a standout in major game shows, including Gamescom, Summer Games Fest, and Tokyo Game Show, leading to successful Crimson Desert promotion. In addition, starting with the announcement of the launch date at Sony's State of Play, in Q4, we continued diverse marketing activities with more partners. In particular, Crimson Desert was chosen as October's IGN first, and there were a total of six reveals, including the Crimson Desert combat system, open world, quest, and new boss fights.
And with the countless influencers' voluntary videos which were uploaded, we were able to enjoy substantial marketing effects. In addition, we opened a Crimson Desert pop-up store in Korea with AMD, and provided an optimized gaming experience to local users. EVE Frontier continued the Founder Access test. In particular, the fourth test, which was conducted in December, will be a new test based on user feedback, and will be the basis for deciding the game in the future.
In addition to the test, we are also proceeding with the procedure to move on to the next step as a blockchain platform. EVE Frontier continued the Founder Access test. In particular, we believe that the fourth test we did in December was a new phase of testing, which was based on our user feedback so far, and we believe that it will be the cornerstone in defining the game. In addition to the test, procedures for transitioning to the next stage as a blockchain platform are progressing smoothly.
Next, I will cover 2025 Q4 results. Q4 Operating revenue posted KRW95.5 billion, a 10.6% decrease Q-o-Q, and Operating Loss and Net Profit Loss each posted KRW8.4 billion and KRW14.4 billion respectively and Turn The Lock. I will explain in more detail related to the operating revenue. First is operating revenue for major IPs.
This quarter's blacklisted IP operating revenue posted KRW63 billion, a 20.8% drop Q-o-Q EVE IP operating revenue posted KRW27.3 billion, a 30.8% increase Q-o-Q For the regional operating revenue breakdown, it recorded 16% for Korea, 18% for Asia, and 66% for North America and Europe. In the case of operating revenue for platforms, it was 82% for PC, 13% for mobile, and 5% for console. Next, is operating expenses. Q4 operating expense KRW103.9 billion a 8% increase Q-o-Q For labor expense we had the temporary expense increase due to subsidiary restructuring.
Restructuring on a one-time basis, and we also had the increase in Crimson Desert QA test personnel, so it recorded KRW50.7 billion, an 8.4% increase QOQ For your reference, Q4 and head count is 1,363, and there are 793 developers among the total count, which is 58% of the total. Commission's expenses recorded an 8.3% decrease QOQ, posting KRW19.2 billion. Advertisement expenses posted KRW12.3 billion, a 9.6% decline QOQ, with cost-efficient implementation of Crimson Desert marketing expenses. Last but not least, I will walk you through 2026 major highlights.
Regarding Black Desert, celebrating our 12th anniversary this year, also in 2026, we will do our best to sustain our long-term popularity by delivering diverse content that inspires a continuous sense of challenge. First in Q1, for Black Desert, we will first improve content, including reorganization of Alchemy Stone and hold large-scale events with our 10th year anniversary in North America and Europe. In case of Black Desert Console, we will first update the new class Seraphim, which was first featured in online and mobile, and will hold a master class PVP contest commemorating commemorating the sixth year of console cross-play. In the case of mobile, with our eighth year of service, we will have a large-scale remastering, including upgrading of graphics system and the overall playing environment.
In addition, we will also support PC client and not be limited to a mobile environment and allow users to selectively enjoy according to the environment that they want. And we will have sustained gameplay by improving ease of control and mitigating the fatigue associated with extended gameplay. Apart from this, in 2026, we will expand offline events where we can directly meet our users in more diverse locations. In particular, to commemorate our 10 years of service of Black Desert in North America and Europe, we plan to hold a Heidel Ball in North America and hold Voice of Adventurers in Europe and Korea.
For EVE, we plan to continuously expand our game with two new expansion packs in 2026. In addition, we will hold our EVE FanFest to strengthen our communication with users. We are also smoothly preparing for new titles to secure new growth engines. First, EVE Frontier, this year as well, will continue to test and focus on attracting new users.
And in this process, we will more thoroughly prepare for a blockchain platform. For Crimson Desert, with our upcoming launching next month, we plan to ramp up marketing efforts. Starting with the Gone Gold announcement in January that signaled an imminent release, we announced collaboration with Fortnite and pre-order with Epic Game Store epic Game Store and interest in the game is reaching new heights following the release of new recent preview videos. In addition, we plan to hold preview events for influencers and media in various global locations to showcase new content that has not yet been unveiled, thereby building anticipation.
Dokkaebi is also quickly accumulating assets based on Black Space Engine. After launching Crimson Desert, we will allocate more development resources to the Dokkaebi team and accelerate the progress. In addition, we will make every effort to share our development progress at a suitable time this year. We are confident that we will achieve good results in the global market for the sake of quality and fun.
In fact, many global media and partner companies, such as Sony and Epic Store, are looking forward to Crimson Desert as the most anticipated game of the year, and the expectations are also constantly rising. As many people have been waiting for, we will do our best to show the best open-world game so that all employees of Pearl Abyss can pay back for this. We look forward to your continued interest and support. Thank you.
Epic Game Store and many other global media partners have actually chosen Crimson Desert as the most anticipated game of the year, and expectations are continuing to rise steadily. As many of you have been waiting, all the employees at Pearl Abyss will do our best until the end to deliver the best open-world game so that we can deliver results worthy of your continued support. We kindly ask for your continued interest and encouragement. Thank you very much.
Questions And Answers
Operator
Question And Answer
With this, we will conclude Pearl Abyss 2025 Q4 and Annual Business Results Presentation and start our Q&A session. (Foreign Language) Now Q&A session will begin (Operator Instructions) Currently, there are no participants with questions. (Operator Instructions) The first question will be provided by Seung-Ho Choi from DS Investment and Securities. Please go ahead with your question.
Q - Seung-Ho Choi
Thank you very much for this opportunity. I am Seung-Ho Choi from DS Securities. I have several questions and my first question is about Crimson Desert. I know that you will soon have its launching in a month or so.
So, first question is about your marketing activities. Can you tell us about what they will be and can you give us some guidance about Crimson Desert marketing expenses? Other than that, I am also curious about whether you have other demos in plan or any other ways that you are going to use to strengthen your marketing activities. Also, I know that in the market, some are worried that after the launching, we are not going to see a lot of the solid results that can be soon predicted for 2027, for 2028. So, can you tell us about your financial plans to have very robust and solid financials? in 2027 and 2028 with maybe new titles in plan or preparations for DLC Thank you very much.
A - Unidentified Speaker
I think that your questions were a result of your keen interest and I also think some concerns. So thank you very much for your questions and first I would like to answer your questions about marketing plans. Currently for Crimson Desert, with our upcoming launching, we are in the final stages of policing and quality upgrade level. In the case of marketing, after we had announced that we had gone gold, along with the collaboration with our partners and through media interviews, we have been enhancing anticipation about our gain.
Also, from the end of February, we are going to have preview events for the global media and influencers and we are going to unveil diverse contents that haven't been shown before. However, regarding your question about further demos before the launching, because we want to focus on the characteristics of the open world and to focus on our final touches before our completion, we are going to, rather than have those types of demos, types of widespread tests through platform, have offline preview events for major media around the world and for influencers in the end of February. In addition, through stage review code distribution, we are going to support more media so that they can review our game more thoroughly more thoroughly and do our best so these results can lead to maximization of our marketing effects. (Foreign Language) We will engage in more timely and meaningful marketing until the launching of next month so that we can have good performance.
I would like to cover the marketing expenses that you asked about. In Q1, since we have the imminent launching of Crimson Desert, we are going to have a diverse marketing activities such as collaborating with the media to promote Crimson Desert that can lead to real sales. We believe that compared to our average expenses, the related expenses will go up. However, after the launching of Crimson Desert, we are going to have our marketing expenses that will go down to the level below our quarterly average.
So on an annual level, we believe that it will not be a level that is a burden. (Foreign Language) And you also asked about our roadmap after our launching of our new title. And because we have the imminent launching of Crimson Desert soon, we are focusing all of our efforts on the successful launching. After the launching of Crimson Desert, we are going to consecutively also have the showcasing of Dokkaebi and Plan 8.
And also, according to the market needs, have expansion to DLC and Multiplay as well. (Foreign Language) for Crimson Desert, because we had to develop the Black Space engine in parallel, it took more time than we had expected. However, since we have reached the stabilization stage of the Black Space engine, we now have an environment where from the next title, Dokkaebi, we can concentrate our efforts on just developing the game alone. Accordingly, we believe that we will have a great reduction in the development time of different projects.
In addition, through the development process of Crimson Desert, we have now accumulated great experience and know-how internally regarding consoles. So, we believe that by efficiently managing development and other preparation work, we are going to have less of a launching gap between new titles. We know that many of you have been waiting to hear news about Dokkaebi from last year, and we were actually trying to share with you the development updates at an appropriate time last year, but we are sorry to say that because we needed to focus on the marketing for Crimson Desert, we were not able to share with you those news. And recording these scheduling taking into account our preparation phases for the Crimson Desert case, because we needed at least one year or so of preparation for the launching, even after we had completed the game, we believe that after the launching of Crimson Desert, we will need about two years of time to prepare.
Having the details about Dokkaebi, after the launching of Crimson Desert, we will make sure to communicate in more detail to you within this year. We also will concentrate all of our efforts here so that we can have the future title that will be launched periodically with stable intervals. (Foreign Language) We had the answers given by our CEO, Heo Jin-young, and CFO, Jo Mi-yeong. If you have any questions, please press star and 1.
It seems that we do not have further questions in the queue. And with this, we will conclude Pearl Abyss 2025 Q4 and fiscal year, full year 2025 earnings call. Thank you for your participation. The Event has Ended
