KRAFTON at G-STAR 2026: 4 new games and Q3 results — Studio Analysis #1
KRAFTON at G-STAR 2026, new games and Q3 results: revenue of KRW 971.4B, Subnautica 2 past 5 million copies, TARAE: The Unbound and three more new titles, plus the 2027 lineup.
This year's G-STAR consumer hall layout is missing Nexon, Netmarble and NCSOFT. Among Korea's big game companies, only KRAFTON has set up a large booth. On November 19, its 'KRAFTON NOW' booth opens at A03 on the first floor of BEXCO Hall 1 in Busan, its 10th straight year at the show.
KRAFTON now has new games spread across several genres. Subnautica 2, out in Early Access in May, has passed 5 million copies, and four unreleased titles are heading to G-STAR. Q3 revenue rose 11.6% to KRW 971.4 billion, but operating profit fell 35.5% to KRW 225 billion. We follow where that money is going. This is the first entry in our series on studios making new games.
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Revenue up, operating profit down 35%: what happened in Q3
On November 10, KRAFTON reported Q3 consolidated revenue of KRW 971.4 billion and operating profit of KRW 225 billion. Revenue rose 11.6% year over year, but operating profit fell 35.5%. The company said costs such as its August gamescom presence were reflected.
Breaking revenue down shows the structure. Mobile was the largest at KRW 504.3 billion, while PC fell 32.5% to KRW 238.9 billion from KRW 353.9 billion a year earlier. Of the KRW 219.6 billion in other revenue, KRW 198.4 billion came from the ad and content business of Japan's newly consolidated ADK Group. Without ADK, Q3 revenue would be about KRW 773 billion, below the KRW 870.6 billion of Q3 a year earlier. ADK filled the space that makes revenue look like it grew.
Open full-size visual ↗What 5 million copies of Subnautica 2 tell us
The first result beyond PUBG is Subnautica 2, a deep-sea survival game from KRAFTON subsidiary Unknown Worlds, released in Early Access in May on Steam, the Epic Games Store and Xbox. As of November it has passed 5 million copies sold, with 91% positive reviews on Steam.
Another 4.45 million people have it on their wishlists without buying. How many will buy at full release is unknown, but that is an interested audience on the scale of the 5 million Early Access sales. KRAFTON plans a major Early Access 2.0 update at year-end and is preparing the full launch.
The four new games at KRAFTON's G-STAR booth
The standout is TARAE: The Unbound, an Eastern dark fantasy action RPG inspired by the Buddhist cycle of the six realms of rebirth. You pick one of six classes reimagining jobs from Asian history and stop Agasa, a being trying to break the order of rebirth. Developed by Boundary and published by KRAFTON, it has a Steam page but no release date yet. KRAFTON says it will show 'Tugwi' at G-STAR for the first time anywhere.
The other three are entirely different. Age Twisters is a two-player co-op adventure in which a grandfather and granddaughter use a bracelet to move between childhood and old age and combine the abilities of each age. Waltz & Jam is an action platformer in which a lost soul, Waltz, and a soul puppy, Jam, explore the afterlife city of Downtown. 템빨용사 is a roguelike strategy RPG in which the placement and combination of items in your bag decide each battle. The four fill the booth alongside a PUBG experience zone.
Life after PUBG: where KRAFTON is placing its bets
It has the stamina. Jan–Sep operating profit reached KRW 1.1975 trillion, already above last year's full-year KRW 1.0544 trillion. PUBG IP revenue is up 11% year over year, and monthly users of PUBG on PC and console are growing at double-digit rates.
That money is heading toward the next PUBG. PUBG: DED. NET, first shown at gamescom in August, combines gunfights with roguelike progression; after an October closed beta it targets a 2027 release. BGMI Air, a lightweight game aimed at India, launches on December 10 with more than 14 million pre-registrations.
Open full-size visual ↗If you are going to G-STAR, and if you are not
G-STAR runs November 19–22 at BEXCO in Busan. KRAFTON's booth is A03 on the first floor of Hall 1, with demo stations for the four new games and a PUBG experience zone.
If you cannot go, the next dates to watch are the Subnautica 2 Early Access 2.0 update at year-end and BGMI Air's December 10 launch. Next in the series is Japanese publisher Koei Tecmo.
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Sources and verification notes
- 한국경제 — 크래프톤, 3분기 영업익 2250억…전년비 35.5% 감소 (2026-11-10) ↗Checked 2026-11-12
What this source supports
- Revenue up, operating profit down 35%: what happened in Q3
- What 5 million copies of Subnautica 2 tell us
- Life after PUBG: where KRAFTON is placing its bets
- If you are going to G-STAR, and if you are not
- 바이라인네트워크 — 배그부터 타래까지…크래프톤, 지스타 출품작 5종 공개 (2026-10-20) ↗Checked 2026-11-12
What this source supports
- The four new games at KRAFTON's G-STAR booth
- If you are going to G-STAR, and if you are not
- 시대 — 크래프톤, 지난해 영업익 1조544억원… 전년 대비 10.8%↓ (2026-02-09) ↗Checked 2026-11-12
What this source supports
- Life after PUBG: where KRAFTON is placing its bets
- 스팀 상점 — TARAE: The Unbound (개발 Boundary, 배급 KRAFTON) ↗Checked 2026-11-12
What this source supports
- The four new games at KRAFTON's G-STAR booth
- Unknown Worlds — Subnautica 2 Early Access Gameplay Trailer ↗Checked 2026-11-12
What this source supports
- What 5 million copies of Subnautica 2 tell us
- CEO스코어데일리 — 지스타 한 달 앞으로…N3 불참 속 크래프톤 신작에 시선 집중 (2026-10-19) ↗Checked 2026-11-12
What this source supports
- If you are going to G-STAR, and if you are not
- Wikipedia — Unknown Worlds Entertainment (parent: Krafton, 2021–present) ↗Checked 2026-11-12
What this source supports
- What 5 million copies of Subnautica 2 tell us
- 바이라인네트워크 — 크래프톤, 3분기도 신바람…매출 8706억원 누적 영업익 1조원 (2025-11-04) ↗Checked 2026-11-12
What this source supports
- Revenue up, operating profit down 35%: what happened in Q3