26 February 2026 – Asphere Innovations Public Company Limited [SET : AS] reported its operating results for the year 2025, posting total revenue of THB 1,220.2 million, representing a growth of 8.9% year-on-year. The increase was primarily supported by the continued contribution from its classic game portfolio, supplemented by revenue from newly launched titles in the latter part of the year, as well as the expansion of its new business model, PlayPark Services, which has gained trust from global game developer partners for marketing services.
However, due to higher licensing costs, net profit for 2025 amounted to THB 143.0 million, decreasing by 21.5% compared to the previous year.
From a regional perspective, Thailand, along with Singapore (including Malaysia and Indonesia), continued to deliver solid performance with growth of 17%. While the Philippines market experienced an overall decline following the discontinuation of a key title in late 2024, early signs of recovery were seen following the launch of MU New Dawn in late Q3/2025. In Vietnam, no new titles were launched in 2025 as the Company prioritized product-market alignment. Nonetheless, Vietnam remains a strategic market, and the Company plans to introduce a well-recognized IP title in 2026 to strengthen its presence.
For the fourth quarter of 2025, the Company recorded revenue of THB 353.4 million and net profit of THB 28.2 million, decreasing by 1.9% and 47.6% quarter-on-quarter, respectively.
On a revenue mix basis, the online game segment continued to show positive momentum, supported by the launch of MU New Dawn and the relaunch of Real Yulgang Classic. Nevertheless, overall revenue declined as revenue from PlayPark Services — seasonal impact of game launching by game developers. The decline in net profit was mainly attributable to marketing expenses for newly launched games, reflecting the typical investment cycle during the initial launch phase to build user base and support future growth.
Beyond its core gaming business, the Company also expanded into technology investments by acquiring a 16.9% stake in Greenmoons Co., Ltd., an Education Technology platform developer, to diversify growth opportunities in related digital sectors.
Based on the full-year performance, the Company maintains a strong financial position and solid cash flow generation. The Board of Directors has approved a total annual dividend payment for the 2025 operating results of THB 0.20 per share, representing a dividend payout ratio of 80% of net profit for 2025. This includes an interim dividend of THB 0.10 per share paid in September 2025 and an additional THB 0.10 per share. The Record Date is set for 13 March 2026, with the dividend payment scheduled for 13 May 2026.
Looking ahead 2026, the Company plans to launch two regional mobile titles. One of these will be an idle mobile game under the “Yulgang” IP, which benefits from strong brand recognition and an established player base in Thailand and Vietnam. This reflects the Company’s disciplined approach in selecting titles that align with the potential of each market.
In parallel, the Company will continue expanding PlayPark Services, not only serving game developers but also broadening its strategic partnerships with overseas marketing agencies to enhance business opportunities and build a more diversified and sustainable revenue structure.
Through these strategic initiatives, the Company aims to strengthen its core business and deliver stable long-term growth while adapting to evolving market conditions.
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