Shift Up FY 2025 Annual Report
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Filed: March 18, 2026· period ending December 31, 2025DART

Shift Up annual report for FY 2025, filed with DART (Korea Financial Supervisory Service) on March 18, 2026. This page provides AI-powered English analysis including business overview, management discussion & analysis (MD&A), risk factors, and KIFRS consolidated financial data such as revenue, net income, gross margin, operating margin, and return on equity (ROE).

Shift Up FY 2025 Annual Report Analysis

Business Overview

• Game development revenue KRW 29.45B FY2025; NiKE contributes KRW 16.53B (56.1%) and Stella Blade KRW 11.76B (39.9%)
• Stella Blade launched global console Apr 2024, PC version Jun 2025; scored Metacritic user rating 9.2 and US/UK console market sales #1

Management Discussion & Analysis

• Revenue KRW 294.5B (+31.4% YoY), OP KRW 181.4B (+18.8%), net income KRW 191.4B (+29.4%), record high for Shiftup in FY2025
• Game development segment revenue driven by "Victory Goddess: Nikke" KRW 165.3B and "Stella Blade" KRW 117.6B; success due to differentiated content competitiveness and platform expansion

Risk Factors

• USD 10% move → ±KRW 31.03B pre-tax impact on net foreign currency monetary assets and liabilities at FY2025 end, up from ±KRW 15.33B prior year
• Largest credit risk exposure KRW 907.6B at FY2025 end, up from KRW 776.9B prior year, mainly from cash, receivables, and financial assets

Shift Up FY 2025 Key Financial Metrics
DART

Total Assets

KRW 1.08T

▲ +34.8% YoY

Operating Cash Flow

KRW 157.2B

▲ +37.7% YoY

CapEx

KRW 2.6B

▼ -3.7% YoY

Source: KIFRS consolidated financial data from Shift Up annual report on DART. All figures in KRW.

Source: DART (Korea Financial Supervisory Service) · AI summaries generated from the original Korean filing (English output) · Beta: coverage is expanding