Date: Thursday, November 12, 2026
Subject: Pearl Abyss Q3 2026 Monetary Outcomes and Future Technique
■ Abstract of Pearl Abyss Q3 2026 Outcomes & Present Standing
▣ Q3 2026 Monetary Abstract
– Q3 2026 income of 101.5 billion received (+18.0% YoY, -47.3% QoQ)
└ Black Desert person metrics rebounded and income elevated following main content material updates
└ Added 5 new voiceovers and subtitles, held first low cost sale, and launched Enhanced model for Crimson Desert
– Working revenue of 20.7 billion received (-8.8% YoY, -69.4% QoQ)
– Internet revenue of 10.8 billion received (-71.0% YoY, -84.8% QoQ)
└ Decreased QoQ because of trade charge influence from a stronger Korean received
– Income by IP: Black Desert IP 61.0 billion received, Crimson Desert IP 40.6 billion received
└ Black Desert up 10.9% QoQ, Crimson Desert down 70.2% QoQ
└ Black Desert confirmed QoQ energy
└ Crimson Desert offered roughly 680,000 copies throughout Q3
– Income breakdown by area: North America/Europe 68%, Asia 18%, Korea 14%
– Income breakdown by platform: PC 74%, Console 19%, Cell 7%
└ PC share rose 13percentp QoQ because of elevated Black Desert PC income
└ Console share fell 15percentp QoQ impacted by Crimson Desert income
▣ Q3 2026 Working Bills Abstract
– Q3 2026 working bills of 80.8 billion received (+27.6% YoY, -35.4% QoQ)
– Labor prices of 36.7 billion received (+24.0% YoY, -50.9% QoQ)
└ Decreased as one-off bonus bills paid final quarter had been eradicated
– Fee charges of 18.3 billion received (+14.4% YoY, -40.2% QoQ)
└ Decreased, impacted by decrease Crimson Desert gross sales
– Advertising and marketing bills of 11.1 billion received (+8.8% YoY, +22.0% QoQ)
└ Elevated because of advertising for Heidel Ball and the Crimson Desert Enhanced launch
– Different bills of 12.4 billion received (+148.0% YoY, +49.4% QoQ)
└ Elevated because of increased outsourcing charges, together with voiceovers for Crimson Desert
▣ 2026 Steerage
– Q3 efficiency met inside expectations; This fall steering could also be barely missed because of the sturdy received
└ Trade charge diverged by roughly 10% in comparison with when the marketing strategy was drafted
└ Striving to realize steering by way of Crimson Desert DLC launch, advertising for base sport gross sales development, and secure Black Desert reside service
– Full-year 2026 income anticipated to achieve 709.8 billion to 743.8 billion received
└ Black Desert projected at 239.0 billion to 244.6 billion received, down ~4-7% YoY
└ Crimson Desert anticipated at 468.9 billion to 497.3 billion received
– Full-year 2026 working revenue anticipated to achieve 315.5 billion to 345.2 billion received
└ Projected to extend by ~1,259-1,387% YoY
└ Working revenue margin anticipated at 44.4-46.4%
– This fall income anticipated to achieve 87.2 billion to 121.2 billion received
└ Black Desert 61.4 billion to 67.0 billion received, Crimson Desert 25.7 billion to 54.1 billion received
└ Working bills projected at 72.1 billion to 76.4 billion received
└ Working revenue anticipated at 15.1 billion to 44.8 billion received, working margin at 17.3-37.0%
▣ Enterprise Overview
– Black Desert
└ Added new PC content material together with Agent class, Edania story, and Black Shrine
└ Console income elevated pushed by system revamps corresponding to new boss conquests and sophistication balancing
└ Cell barely weaker because of continued intensifying competitors
└ Internet hosting Calpheon Ball in December; planning to disclose 2027 new content material and reside service plans
– Crimson Desert
└ Launched first DLC “Unknown Journey” on October 30; reached eighth on Steam on launch day
└ Making ready pricing methods and platform growth
└ Concentrating on Nintendo Change 2 model launch within the first half of 2027
– DokeV
└ Concentrating on launch in H2 2028; improvement replace to be shared inside 2026
└ Accelerating improvement velocity by way of steady growth of dev headcount, accrued experience, and the engine refined throughout Crimson Desert’s improvement
└ Leveraging AI to quickly take a look at concepts earlier than coming into full improvement, boosting improvement velocity
└ AI serves as a software for thought validation and productiveness enhancement; core enjoyable and gameplay implementation are dealt with straight by the dev crew
└ Concentrating on H2 2027 for full-fledged advertising, together with hands-on demos
– PLAN 8
└ Concentrating on a 2–3 yr launch interval whereas specializing in DokeV improvement
■ Q&A
Did Q3 efficiency meet steering?
= Regardless of the influence of the declining KRW/USD trade charge, Q3 outcomes usually aligned throughout the firm’s anticipated vary. We’re repeatedly monitoring key metrics and gross sales developments, and we are going to try to realize our annual steering in This fall based mostly on Black Desert content material updates and Crimson Desert gross sales methods.
Why was Different Income detrimental?
= Our whole working income is calculated by combining IP income from Black Desert and Crimson Desert with Different Income. In Q3, IP income recorded 101.6 billion received and Different Income recorded -100 million received, bringing whole working income to 101.5 billion received. Different Income was detrimental because of decreased funding asset valuation positive aspects at our subsidiary, Pearl Abyss Capital, primarily reflecting shrinking valuation positive aspects on foreign-currency belongings because the Korean received strengthened.
May you elaborate on working bills?
= Q3 labor prices fell 50.9% quarter-over-quarter because of headcount reductions and the elimination of one-off bonus bills incurred in Q2. Q3 headcount stood at 996, down 3.8% QoQ because of a lower in short-term personnel associated to Crimson Desert and the completion of internship applications.
Advertising and marketing bills elevated 22% QoQ because of advertising for Black Desert’s Heidel Ball and pre-orders for Crimson Desert Enhanced and its DLC. In This fall, we are going to proceed to maximise advertising effectiveness by way of environment friendly spending whereas contemplating market circumstances.
Fee charges decreased 40.2% QoQ, impacted by Crimson Desert gross sales. Within the first half, platform fee charges paid to platforms like Steam elevated because of the launch of Crimson Desert, however in Q3, income stabilized at decrease ranges, affecting fee charges accordingly.
Moreover, variations in income recognition strategies by platform have an effect on fee charges. Console income is acknowledged on a web foundation excluding platform charges, whereas PC income is acknowledged on a gross foundation, with platform charges subsequently recorded underneath fee charges. Briefly, fee charges rely not solely on gross sales quantity but in addition on the gross sales combine throughout platforms.
Different bills elevated 49.4% QoQ because of increased outsourcing prices related to including 5 new voiceovers and Arabic subtitles forward of the Crimson Desert Enhanced launch.
What’s the steering on monetary revenue/loss, and what brought about the company tax revenue?
= Monetary revenue/loss fell by 33.1 billion received QoQ to -45.3 billion received, as international trade losses and losses on valuation of foreign-currency belongings widened because of the fall within the KRW/USD trade charge attributable to a stronger Korean received.
Revenue tax expense is calculated on a cumulative foundation by making use of the estimated annual efficient tax charge in accordance with accounting requirements. Because the revenue tax expense acknowledged by way of the primary half exceeded cumulative earnings thresholds, a partial reversal occurred this quarter, leading to company tax revenue. Moreover, as subsidiary PAI is presently present process liquidation, we decided that the related valuation losses may be utilized for future tax financial savings, recognizing 28.6 billion received in deferred tax belongings. This contributed to the rise in company tax revenue for the quarter.
Is it potential to realize the full-year steering?
= We’re specializing in sustaining secure reside service for Black Desert and increasing gross sales for Crimson Desert to realize our annual steering. For Black Desert, we plan to disclose future replace plans on the This fall ball and proceed rolling out content material updates and repair enhancements. Crimson Desert launched its first DLC on October 30, and we’re driving gross sales development by way of pricing methods and extra advertising actions. Nonetheless, given latest trade charge volatility, we are going to carefully monitor associated impacts and repeatedly overview key metrics and gross sales developments to do our utmost to realize our annual steering.
What are the gross sales projections for Crimson Desert’s base sport and DLC?
= We don’t individually disclose gross sales projections for Crimson Desert. Please seek advice from our annual steering.
Is there any potential for one-off bills?
= As of now, there aren’t any one-off bills anticipated to have a significant influence on monetary efficiency. We handle bills throughout the scope of our marketing strategy and can talk with the market if any adjustments happen.
What had been Black Desert’s Q3 outcomes and expectations for This fall?
= In Q3, Black Desert confirmed quarter-over-quarter energy pushed by numerous content material updates and system enhancements, together with the brand new Edania Half 2 area and the brand new Agent class. Particularly, following the introduction of the HYPERBOOST system—which accelerates development for brand spanking new and returning gamers—key person metrics improved, together with increased Steam rankings, elevated DAU, and an increase in streaming viewership.
In This fall, we held the 2026 Grasp Class Event PvP content material and plan to share Black Desert’s future replace plans on the Calpheon Ball in December. In This fall as properly, we are going to proceed secure reside operations to ship contemporary, satisfying content material that drives sturdy efficiency.
May you share the gross sales standing of the Crimson Desert DLC?
= Gross sales of the DLC are presently progressing easily. Particularly, following the DLC launch, base sport gross sales have additionally elevated, driving general gross sales development.
Are there plans to launch Crimson Desert on Nintendo Change 2?
= We’re making ready the Nintendo Change 2 model of Crimson Desert concentrating on a H1 2027 launch, and particular schedules shall be introduced by way of official channels at a later date.
Are there plans for multiplayer in Crimson Desert?
= Provided that Crimson Desert is a sport that includes motion mechanics and an open-world construction, there may be potential for growth into multiplayer in the long run. Nonetheless, including multiplayer is just not merely a matter of introducing a brand new sport mode; it requires complete consideration of server infrastructure, sport stability, platform stability, and reside operations. We’re presently conducting analysis on each technical feasibility and gameplay high quality, reviewing methods for gamers to benefit from the Crimson Desert IP in additional numerous varieties. As soon as concrete plans are finalized, we are going to share particulars by way of official channels.
May you present particulars on extra DLC or franchise plans for Crimson Desert?
= We’re presently specializing in the event of our subsequent titles. Going ahead, we plan to judge the growth route of the Crimson Desert IP and selections on follow-up initiatives by comprehensively contemplating participant suggestions and market circumstances.
Does Crimson Desert have prospects for awards just like the Korea Sport Awards?
= Crimson Desert has been nominated for awards by main prestigious shops in recognition of each its improvement high quality and mainstream enchantment. Slightly than aiming for awards as a major purpose, we concentrate on delivering the most effective gaming expertise to gamers, and we are going to do our utmost in order that these efforts translate into constructive recognition and outcomes.
What’s the long-term development technique for Crimson Desert?
= Crimson Desert is a core IP that we intend to develop long-term moderately than protecting as a standalone title. We plan to broaden our person base and repeatedly improve IP worth by way of platform growth and numerous follow-up methods. Moreover, as Crimson Desert possesses excessive scalability throughout its worldview, characters, and areas, we are going to repeatedly safe long-term development drivers.
What are the plans relating to a Chinese language sport license (ISBN) or a cell model?
= China is a crucial market by way of business scale, so we’re repeatedly monitoring and evaluating it; nonetheless, we presently don’t have any concrete plans to use for a publishing license (ISBN). We’re analyzing world market growth alternatives from a number of angles, together with China, and can announce any main selections by way of official channels.
Presently, there aren’t any plans to develop a cell model of Crimson Desert. As Crimson Desert emphasizes high-quality graphics, motion, and an open-world expertise as its core values, thorough analysis is required to find out whether or not an equal gaming expertise may be delivered on cell platforms. Whereas we repeatedly analysis the cell scalability and optimization potential of the BlackSpace Engine, our present sources are targeted on next-title improvement. We plan to judge cell platform growth sooner or later by contemplating technological environments, market circumstances, and improvement priorities.
What sort of sport is DokeV?
= DokeV is an open-world action-adventure sport that includes a brand new world and storyline, the place gamers journey alongside Dokebi to freely discover the world and develop. It’s being developed round shiny, distinctive visuals, motion mechanics, exploration enjoyable, and numerous interactive components as core options. Detailed gameplay programs and content material shall be revealed sequentially in line with future advertising schedules.
May you share DokeV’s improvement standing and advertising plans?
= DokeV is being developed stably by using improvement belongings and manufacturing expertise accrued by way of earlier initiatives. We’re presently increasing content material round the principle storyline to flesh out the general gameplay expertise.
We’re concentrating on a launch in H2 2028 and plan to share a improvement replace inside this yr. Moreover, beginning in H2 subsequent yr, we count on to start full-scale advertising actions, together with hands-on demos. We are going to talk with gamers by releasing data once we can successfully convey the sport’s route and strengths.
What’s the present headcount assigned to DokeV improvement?
= Growth headcount is managed flexibly in line with venture phases, making it tough to state a particular quantity. Nonetheless, following the latest launch of the Crimson Desert DLC and with Change 2 improvement presently within the optimization stage, extra improvement personnel have transitioned to DokeV in comparison with the earlier quarter. By way of applicable useful resource allocation, we are going to do our greatest to fulfill the goal launch window of H2 2028.
What’s the standing of treasury inventory acquisitions, and are there plans for extra buybacks or cancellations?
= On June 9, 2026, our Board of Administrators accredited a 100 billion received share buyback, coming into right into a belief settlement to buy treasury shares from June 9, 2026, to December 9, 2026. As of November 12, the total contract quantity has been repurchased, buying 3,006,938 shares by way of this belief settlement and bringing our whole treasury shares held to 4,406,938 shares (7.7% of whole issued shares).
No resolution has been finalized relating to extra share repurchases, and we plan to judge choices contemplating our general monetary situation, funding plans, and shareholder worth enhancement measures. We are going to announce any selections to the market as soon as finalized.
We additionally contemplate share cancellations an essential software for shareholder returns. On June 9, 2026, the Board accredited the cancellation of 1,403,945 shares—representing 50% of our current treasury inventory—and accomplished the share cancellation on June 12. The size and timing of any extra share cancellations shall be decided by the Board after evaluating monetary circumstances and funding plans, and shall be introduced as soon as confirmed.
What are the dividend plans?
= We plan to provoke our first dividend based mostly on 2026 monetary outcomes, with the payout dimension deliberate to be the higher of 10 billion received yearly or 10% of web revenue. The dividend file date shall be December 31, 2026, and the precise dividend quantity shall be finalized by way of Board and shareholder assembly procedures.
May you clarify the utilization plans for BlackSpace Engine and AI?
= The BlackSpace Engine is one among Pearl Abyss’s core technological aggressive benefits, and we presently put it to use to strengthen our proprietary IP moderately than commercializing it externally. In the long run, we plan to determine a user-generated content material ecosystem based mostly on the BlackSpace Engine, constructing a platform the place gamers and creators take part and develop collectively.
We’re additionally using AI know-how to enhance improvement productiveness and high quality. AI is utilized throughout numerous improvement areas—together with repetitive process automation, content material creation help, and testing effectivity—and we’re increasing its scope throughout the whole improvement pipeline. We view AI not as a alternative for builders, however as a software to raise improvement effectivity and high quality. Shifting ahead, we are going to broaden AI software to ship higher-quality video games quicker.
Are there future funding plans?
= We’re exploring numerous potentialities as development methods, however we method M&A cautiously, absolutely contemplating long-term route and influence on shareholder worth. Presently, our focus is on creating subsequent titles—together with DokeV—and strengthening core IP competitiveness, whereas prioritizing our imaginative and prescient of constructing a inventive ecosystem. Nonetheless, if a possibility arises that considerably aids firm development and company worth enhancement, we are going to consider new companies and M&A with an open mindset.
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