Nexon Korea declares 1.85 trillion won in 2025 cash dividends, all going to listed Nexon Japan, its 100% owner.
Domestically listed affiliate Nexon Games keeps its no-dividend policy, highlighting uneven shareholder returns.
Nexon Korea implemented dividends totaling about 1.8 trillion won. The dividends will be paid to Nexon Japan, a listed Japanese company that holds a 100% equity stake. By contrast, Nexon Games, a domestically listed affiliate, is maintaining a no-dividend stance, drawing attention to the group’s shareholder-return structure.
According to the Financial Supervisory Service’s electronic disclosure system on the past 416 days, Nexon Korea paid a total of 1.8525 trillion won in cash dividends in 2025. This represents a 94.3% increase from the previous year and is the largest annual amount on record. It paid dividends twice—682.5 billion won and 1.17 trillion won—in March and September of last year, respectively.
Nexon Korea has paid dividends every year since 2019. The total dividend amount increased to 343.7 billion won in 2019, 768.0 billion won in 2022, and 953.6 billion won in 2024. In 2025, it exceeded 1 trillion won for the first time. Nexon Korea’s dividends are also linked to the funding source for shareholder returns by Nexon Japan, which is listed on the Tokyo Stock Exchange.
Meanwhile, Nexon Games, the only domestically listed company within the Nexon Group, continues its no-dividend policy. Nexon Games has never paid a cash dividend since its establishment, and it has not presented direct shareholder-return policies such as treasury-share cancellations.
This contrasts with a recent trend in which major game industry companies are pursuing shareholder returns by expanding dividends or buying back their own shares. Unlike companies such as Krafton and Netmarble, which are pursuing policies to enhance shareholder value even amid earnings volatility, Nexon Games is maintaining an investment-focused stance.
The company’s position is that it prioritizes investment in new businesses and securing growth capital over dividends.
Through a disclosure, Nexon Korea explained, “Dividends are determined by comprehensively considering performance, cash flow, and other factors after securing investment capital.” Nexon Games has also previously stated that it is reviewing measures to enhance shareholder value, such as cancellation, in relation to treasury shares it holds.
However, the market has also offered the view that there is a difference in “temperature” between expanding shareholder returns at the group level and the return policy of the domestically listed company. The fact that Nexon Korea is an unlisted company is also cited as a factor that increases flexibility in allocating funds within the group.
As dividend expansion continues, how a return mechanism for domestic investors will be concretized is being cited as a key point to watch going forward.
Jung Suk-yee
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