Nexon FY2025 Q4 Earnings Release
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INVESTOR PRESENTATION Q4 2025
Junghun Lee President and CEO | Shiro Uemura CFO
2 © 2026 NEXON Co., Ltd. All Rights Reserved.
Table of Contents
• Management Summary
• Franchise Summary
• Q4 2025 Results
• FY 2025 Results
• Q1 2026 Outlook
• Shareholder Return
• Pipeline
• Appendix
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109.2
139.4 140.2
130.8
FY22 FY23 FY24 FY25
353.7
423.4 446.2 475.1
FY22 FY23 FY24 FY25
Vertical (Three Franchises Total) Horizontal
1The game is offered through upfront payment, providing multiplayer experience with online servers and no single player mode. To better reflect these characteristics, and in consultation with our auditors, we deferred a portion of the revenue from a certain sales channel. More than half of the ¥27.7 billion deferred out of Q4 will be recognized in Q1 of 2026.
2Operating Income excluding Other Expense such as impairment losses
Revenue
Management Summary
Record -High Q4 and Full -year Revenue, Demonstrating the Power and Success of IP Growth Initiative
Entering 2026 With Solid Momentum
• Start with a major update for China Dungeon&Fighter
• Continued sales contribution from ARC Raiders, MapleStory : Idle RPG , and MABINOGI MOBILE
• Entering 2026 as a more diversified, durable and globally competitive company
Growing Global Portfolio
• Significant progress in expanding global portfolio across multiple platforms
• Expanding presence in the West with ARC Raiders
• Record -high quarterly revenue achieved with MapleStory in the West in its 20th year of service
• MapleStory : Idle RPG reached #1 in multiple markets in Asia; charting well in North America
• Creating and sustaining new revenue streams is central to our global growth strategy
Adjusted Operating Income 2
IP Growth Initiative Driving Solid Growth
• ARC Raiders *validates our ability to create and sustain a global blockbuster new IP
• Sold 14 million units to date
• Maintaining strong retention and momentum, powered by a steady cadence of content updates
* Recognized ¥27.7 billion of deferred revenue 1in Q4.
• MapleStory : Idle RPG demonstrates our ability to expand established franchises
• Expands fanbase and re -engages existing fans through its reimagined core MapleStory experience
in a more accessible gameplay format
(Unit: ¥ billions)
(Unit: ¥ billions)
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Trailing 12 – Month Franchise Revenue History
REVENUE
TIME
Vertical – MapleStory Franchise Achieved 43% Y/Y Growth in 2025
Horizonta l – Significant Growth Driven by ARC Raiders and MABINOGI MOBILE
Horizontal
Growth
Vertical
Growth
2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Dungeon&Fighter Franchise MapleStory Franchise FC Franchise Others
2026
¥331.5
Flat Y/Y
¥143.6
+25% Y/Y
(Unit: ¥ billions)
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2023 2024 2025 2026
Dungeon&Fighter Franchise
Dungeon&Fighter Franchise Revenue
Q1
Q2
Q1
Q4
Q3
Dungeon&Fighter (PC)
• China
• Q4 and full -year revenue both grew double -digit Y/Y, delivering
solid recovery and maintaining player engagement throughout
the year
• Korea
• Q4 revenue grew 56% Y/Y through new raid content
• Annual revenue increased by 108% Y/Y and achieved
record -high revenue in its 20th year of service
• In Q1, anticipate Y/Y growth driven by the New Year update which
includes sales of packaged items
Dungeon&Fighter Mobile
• Q4 and full -year revenue down Y/Y
• Expect Q1 revenue to be roughly flat Q/Q while decreasing Y/Y
• Plan to provide more hyperlocalized content for players in China
through our partnership with Tencent
PC Delivered Solid Recovery and Double -digit Y/Y Growth While
Franchise Revenue was Down 21% Due to Mobile Decline in 2025;
Expect Franchise Revenue to Decline Y/Y in Q1
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2023 2024 2025 2026
MapleStory Franchise Revenue
Q1
Q2
Q1
Q4
Q3
MapleStory Franchise
1MapleStory Worlds is a content creation platform in which users can use MapleStory assets to create their own game and share it with other players
Achieved 43% Growth Y/Y and Highest Full -year Revenue in 2025
Expect Approx. 30% Y/Y Growth in Q1
Global MapleStory
• Q4 revenue grew 24% Y/Y
• Achieved record -high quarterly revenue in the West driven by a
major winter update
• Solid results in 2025 rival the record -breaking performance of 2024
• Expect Q1 revenue to be flat Y/Y
MapleStory Worlds 1
• Revenue roughly doubled Y/Y in Q4
• Full year revenue more than tripled Y/Y driven by regional expansion
• Expect continued Y/Y growth in Q1
MapleStory : Idle RPG
• Delivered an exceptional launch and was well received in global markets
• Achieved #1 spot in app stores in multiple markets
• Expect solid contribution to continue in Q1
• Q4 revenue grew 14% Y/Y with the winter update; achieved a record -breaking
45% share in PC Cafes
• Full -year revenue grew 78% Y/Y
• In Q1, expect player engagement to remain solid supported by the winter update
continued from Q4
Korea MapleStory
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2023 2024 2025 2026
FC Franchise Revenue
FC Franchise
Q1
Q2
Q1
Q4
Q3
• Q4 revenue grew Y/Y due to holiday updates and sales promotions
• Annual franchise revenue was nearly flat Y/Y despite lack of major
soccer events in 2025
• Expect Q1 revenues to be roughly flat Y/Y
• Our priority is to build enthusiasm ahead of the World Cup beginning in
June
Full -year Revenue Was Nearly Flat Y/Y
In Q1, Expect Franchise Revenue to Be Roughly Flat Y/Y
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• Since its October 30 launch, the game sustained
top -ranking spots on Steam’s Top Sellers list as well
as PlayStation and Xbox
• Showed exceptional retention and strong player
metrics, including a peak of 960,000 concurrent
users in January and approximately six million
weekly active users sustained to date
• Expect to sustain strong player engagement and
sales momentum with monthly content drops and
live events
ARC Raiders
• Revenue grew Y/Y driven by the Season 9 update
introduced in December
• Launched an Open Beta in China on November 18
which is now in service
• Expect another Y/Y revenue growth in Q1
THE FINALS
Shooters
ARC Raiders Achieved Sensational Launch with 14 Million Units Sold to Date
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Q4 2025 Results
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1The game is offered through upfront payment, providing multiplayer experience with online servers and no single player mode. To better reflect these characteristics, and in consultation with our auditors, we deferred a portion of the revenue from a certain sales channel. More than half of the ¥27.7 billion deferred out of Q4 will be recognized in Q1 of 2026.
79.7
123.6
7.2
32.0
10.9
Q4 2024 Q4 2025 Q4 2024 Q4 2025 Q4 2024 Q4 2025
3Constant currency is a non -GAAP measure used to show performance unaffected by fluctuations in foreign currency exchange rates. Constant -currency basis amounts are calculated using the average foreign currency exchange rates for the comparable period in the prior year and applied to the current period. As an example, we calculate royalty revenues from China Dungeon&Fighter by applying the same CNY/USD, USD/KRW and KRW/JPY exchange rates from last year’s same fiscal quarter.
Q4 2025 Financial Highlights
Successful Launches of ARC Raiders and MapleStory : Idle RPG Drove Significant Y/Y Revenue Growth
Revenues Operating Income Net Income 2 (Unit: ¥ millions, except per share data) (Unit: ¥ billions)
Revenues
• In-line with expectations. ARC Raiders , MapleStory :
Idle RPG , and Global MapleStory outperformed
• Y/Y growth driven by MapleStory franchise,
Dungeon&Fighter (PC), and new launches
• Included the deferral 1of ¥27.7 billion of ARC Raiders ’
revenue and estimated impact of refunds for
MapleStory : Idle RPG , which reduced revenue by
¥9 billion
Operating Income
• Below outlook due to higher -than -planned costs
• Strong sales including ARC Raiders resulted in a level
of performance -based bonuses not in our guidance
• Platform fees exceeded plan due to strong performances
of new titles
• ¥3.0 billion impairment loss related to service termination
of a published game
• Included estimated impact of ¥4 billion from
MapleStory : Idle RPG refunds
Net Income 2
• Below outlook due to operating income
underperformance
• Down Y/Y. We recorded a ¥9.7 billion FX gain in
Q4 2025 while recognizing a ¥31.7 billion FX gain
in Q4 2024
2Net income refers to net income attributable to the owners of the parent.
(1.7)As- Constant
Q4 2024 Q4 2025 Reported Currency 3
Revenues ¥79,726 ¥115,800 ~ ¥129,336 ¥123,599 55% 51%
PC/Console 49,553 83,232 ~ 92,067 91,588 85% 77%
Mobile 30,173 32,568 ~ 37,269 32,011 6% 7%
Operating income(loss) (1,729) 21,744 ~ 31,874 7,175 na na
Net income 2 32,029 22,231 ~ 30,606 10,857 (66%) (72%)
Earnings per share 38.71 27.97 ~ 38.51 13.67
Exchange rates
100 KRW/JPY 10.93 10.66 10.66 10.65 (3%)
CNY/JPY 21.24 21.40 21.40 21.78 3%
USD/JPY 152.44 151.30 151.30 154.15 1%
YoY % Change
Q4 2025 Outlook
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74%
26%
45%
14% 3%
31%
7%
Region 1 Platform
3Constant currency is a non -GAAP measure used to show performance unaffected by fluctuations in foreign currency exchange rates. Constant -currency basis amounts are calculated using the average foreign currency exchange rates for the comparable period in the prior year and applied to the current period. As an example, we calculate royalty revenues from China Dungeon&Fighter by applying the same CNY/USD, USD/KRW and KRW/JPY exchange rates from last year’s same fiscal quarter.
Q4 2025 Revenue Breakdown
1Based on regions where the revenue originates; not a representation of revenues according to Nexon entities.
2“Rest of World” includes other Asian countries as well as Central and South American countries.
(Unit: ¥ millions)
Region 1 Platform
Korea 45%
China 14%
Japan 3%
North America & Europe 31%
Rest of World 27%
PC/Console 74%
Mobile 26%As- Constant As- Constant
Reported Currency 3 Reported Currency 3
Revenue by Region 1
Korea ¥41,504 ¥55,643 ¥57,005 34% 37%
China 21,438 16,685 16,346 (22%) (24%)
Japan 3,594 3,636 3,526 1% (2%)
North America and Europe 8,371 38,817 34,843 364% 316%
Rest of World 2 4,819 8,818 8,564 83% 78%
Nexon Total 79,726 123,599 120,284 55% 51%
Revenue by Platform
PC/Console 49,553 91,588 87,852 85% 77%
Mobile 30,173 32,011 32,432 6% 7%
Nexon Total 79,726 123,599 120,284 55% 51%
FX Rate
100 KRW/JPY 10.93 10.65 10.93 (3%)
CNY/JPY 21.24 21.78 21.24 3%
USD/JPY 152.44 154.15 152.44 1%
Q4 2025 YoY % Change
Q4 2024
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8,988 11,730 17,958 14,554 15,880
32,516
42,522
53,048 54,518
39,763
41,504
54,252
71,006 69,072
55,643
Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025
1Official title is EA SPORTS FC ONLINE (PC) and EA SPORTS FC ONLINE M (mobile) . 2Constant currency is a non -GAAP measure used to show performance unaffected by fluctuations in foreign currency exchange rates. Constant -currency basis amounts are calculated using the average foreign currency exchange rates for the comparable period in the prior year and applied to the current period. As an example, we calculate royalty revenues from China Dungeon&Fighter by applying the same CNY/USD, USD/KRW and KRW/JPY exchange rates from last year’s same fiscal quarter.
Q4 2025 Korea – Highlights
(Unit: ¥ millions)
PC/Console
Mobile
Y/Y% change:
As Reported: +34%
Constant Currency 2: +37%
3Based on regions where the revenue originates; not a representation of revenues according to Nexon entities.4The letters, graphics, symbols, logos and other marks, and illustrations, characters and other works, which are shown in this material are trademarks, registered trademarks, copyrighted works or other legally protected materials owned by respective right holders.
Y/Y Growth Driven by New Launches and Three Major Franchises. Slightly Below Outlook
Due to FC Franchise and Dungeon&Fighter
• MapleStory :
• PC revenue grew Y/Y 14% driven by the successful winter update
• MapleStory : Idle RPG : maintained #1 position in app stores for over 10 weeks
• FC : FC ONLINE 1grew Y/Y driven by holiday updates and sales promotions
• Dungeon&Fighter : PC version a chieved 56% Y/Y revenue growth driven by new raid content
• Mabinogi: MABINOGI MOBILE made a good contribution from the Sanrio collaboration released
in late December
• PC/Console revenues up 22% Y/Y
• Mobile revenues up 77% Y/Y and 9% Q/Q
Revenue Ranking by Region 3
Sudden Attack
EA SPORTS FC TMONLINE M
EA SPORTS FC TMMOBILE
No .1 Mobile No.3
No.4
Blue Archive
No.5
No.3
MapleStory : Idle RPG
EA SPORTS FC TMONLINE
No.4 No.5
Dungeon&Fighter
PC/ConsoleNo .1
No.2
MABINOGI MOBILE
MapleStory
No.2
MABINOGI MOBILE
No.3
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15,749 18,066
10,039 12,084 10,020
5,689
19,514
16,832 16,293
6,665
21,438
37,580
26,871 28,377
16,685
Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025
Q4 2025 China – Highlights
PC/Console
Mobile
(Unit: ¥ millions)
Y/Y% change:
As Reported: -22%
Constant Currency 1: -24%
Slightly Below Outlook. Dungeon&Fighter (PC) Grew Y/Y While Dungeon&Fighter
Mobile Declined Y/Y
• Dungeon&Fighter (PC):
‐ Up double digit Y/Y , maintaining player engagement throughout Q4
‐ Y/Y paying users and ARPPU increased while MAU decreased
‐ Q/Q MAUs, p aying users, and ARPPU decreased due to seasonality
• Dungeon&Fighter Mobile :
‐ Down Q/Q due to lower seasonality
3Official title of MapleStory Min China .
1Constant currency is a non -GAAP measure used to show performance unaffected by fluctuations in foreign currency exchange rates. Constant -currency basis amounts are calculated using the average foreign currency exchange rates for the comparable period in the prior year and applied to the current period. As an example, we calculate royalty revenues from China Dungeon&Fighter by applying the same CNY/USD, USD/KRW and KRW/JPY exchange rates from last year’s same fiscal quarter.
2Based on regions where the revenue originates; not a representation of revenues according to Nexon entities.
4The letters, graphics, symbols, logos and other marks, and illustrations, characters and other works, which are shown in this material are trademarks, registered trademarks, copyrighted works or other legally protected materials owned by respective right holders.
Revenue Ranking by Region 2
THE FINALS
No .2 No .3
Dungeon&Fighter
Dungeon&Fighter Mobile MapleStory : The Legends of Maple 3
No .1 Mobile
PC/ConsoleNo .1
No .2 No .3
Blue Archive
MapleStory
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1,595 1,940 1,380 1,507 906
1,999 2,029
1,603 1,919 2,730
3,594 3,969
2,983
3,426 3,636
Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025
1Constant currency is a non -GAAP measure used to show performance unaffected by fluctuations in foreign currency exchange rates. Constant -currency basis amounts are calculated using the average foreign currency exchange rates for the comparable period in the prior year and applied to the current period. As an example, we calculate royalty revenues from China Dungeon&Fighter by applying the same CNY/USD, USD/KRW and KRW/JPY exchange rates from last year’s same fiscal quarter.
Q4 2025 Japan – Highlights
Mobile
(Unit: ¥ millions)
Y/Y% change:
As Reported: +1%
Constant Currency 1: -2%
2Based on regions where the revenue originates; not a representation of revenues according to Nexon entities.
4The letters, graphics, symbols, logos and other marks, and illustrations, characters and other works, which are shown in this material are trademarks, registered trademarks, copyrighted works or other legally protected materials owned by respective right holders.
Exceeded Outlook Driven by ARC Raiders
• Flat Y/Y; A contribution from ARC Raiders was offset by a revenue decline
in mobile business
• MapleStory : Up Y/Y; the winter update was well -received by players
• ARC Raiders : Significantly exceeded expectations
3Official title for HIT2 serviced in Japan.
PC /Console
Revenue Ranking by Region 2
No .2 No .3
No .2 No .3
Blue Archive MapleStory M
ARC Raiders
HIT : The World 3
Mabinogi
No .1 Mobile
PC/ConsoleNo .1
MapleStory
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1,793 2,022 1,227 1,716
2,253
6,578 8,834 8,230 7,736
36,564
8,371
10,856 9,457 9,452
38,817
Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025
Q4 2025 North America and Europe – Highlights
Mobile
(Unit: ¥ millions)
Y/Y% change:
As Reported: +364%
Constant Currency 1: +316%
1Constant currency is a non -GAAP measure used to show performance unaffected by fluctuations in foreign currency exchange rates. Constant -currency basis amounts are calculated using the average foreign currency exchange rates for the comparable period in the prior year and applied to the current period. As an example, we calculate royalty revenues from China Dungeon&Fighter by applying the same CNY/USD, USD/KRW and KRW/JPY exchange rates from last year’s same fiscal quarter.
2Based on regions where the revenue originates; not a representation of revenues according to Nexon entities.3The letters, graphics, symbols, logos and other marks, and illustrations, characters and other works, which are shown in this material are trademarks, registered trademarks, copyrighted works or other legally protected materials owned by respective right holders.
Exceeded Outlook Driven by ARC Raiders , MapleStory and MapleStoy : Idle RPG .
Success in ARC Raiders and MapleStory : Idle RPG Strengthened Global Portfolio
• Revenue increased Y/Y driven by contributions from ARC Raiders and MapleStory : Idle RPG
as well as Y/Y growth in MapleStory
• MapleStory franchise :
• MapleStory (PC) achieved record -high quarterly revenue driven by successful winter update
• MapleStory : Idle RPG trended well in North America and exceeded expectations
• ARC Raiders : Significantly exceeded expectations and maintained user retention and
metrics including WAU and PCCU throughout the quarter
• THE FINALS : Revenue grew Y/Y driven by Season 9 update introduced in December
PC /Console
Revenue Ranking by Region 2
MapleStory : Idle RPG
No .2 No .3
ARC Raiders
MapleStory M
No .1 Mobile
PC/ConsoleNo .1
No .2 No .3
The First Descendant
Blue Archive
MapleStory
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2,048 2,580 3,764 3,667 2,952
2,771
4,697
4,769 4,725 5,866 4,819
7,277
8,533 8,392 8,818
Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025
1“Rest of World” includes other Asian countries as well as Central and South American countries.2Constant currency is a non -GAAP measure used to show performance unaffected by fluctuations in foreign currency exchange rates. Constant -currency basis amounts are calculated using the average foreign currency exchange rates for the comparable period in the prior year and applied to the current period. As an example, we calculate royalty revenues from China Dungeon&Fighter by applying the same CNY/USD, USD/KRW and KRW/JPY exchange rates from last year’s same fiscal quarter.
Q4 2025 Rest of World 1 – Highlights
PC /Console
Mobile
(Unit: ¥ millions)
Y/Y% change:
As Reported: +83%
Constant Currency 2: +78%
3Based on regions where the revenue originates; not a representation of revenues according to Nexon entities.
4The letters, graphics, symbols, logos and other marks, and illustrations, characters and other works, which are shown in this material are trademarks, registered trademarks, copyrighted works or other legally protected materials owned by respective right holders.
Exceeded Outlook Driven by ARC Raiders and MapleStory Franchise
• Up Y/Y. ARC Raiders and MapleStory : Idle RPG contributed to Y/Y revenue growth
• MapleStory franchise:
• MapleStory (PC) grew Y/Y and exceeded outlook driven by successful winter update
• MapleStory : Idle RPG : Achieved #1 spot in Taiwan and Singapore app stores
• MapleStory Worlds : Contributed to franchise revenue
• ARC Raiders : Significantly exceeded expectations
Revenue Ranking by Region 3
ARC Raiders MapleStory Worlds
No .2 No .3
MapleStory : Idle RPG
No .1 Mobile
PC/ConsoleNo .1
No .2 No .3
MapleStory M Blue Archive
MapleStory
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35,185 31,996
40,212 41,552 36,437 35,139 34,702 35,779
48,879
8,768 11,862
10,304 10,617
7,989 10,850 15,650 13,892
14,558
9,084 9,476
7,762 9,799
6,108 7,925
10,243 9,234
18,790
11,380 5,430
4,816
7,722
10,745 5,174
5,596 8,709
16,702
1,696
1,012
1,338
1,094
1,094 1,059
1,148 1,135
1,175
11,734
13,504
12,177
11,724
12,244 12,262
15,059 15,097
16,259
77,847
73,280 76,609
82,508
74,617 72,409
82,398 83,846
116,363
Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025
Total
Other
D&A
Marketing
PG fee
Royalty
HR Costs
Cost Breakdown
1HR costs includes HR cost (COGS), HR cost (SG&A) and R&D (SG&A). 3In MapleStory Worlds , if a player spends in the content, Nexon receives the payment and pays a specific ratio of that payment to the content prov ider as a creator fee. 4MapleStory Worlds is a content creation platform in which users can use MapleStory assets to create their own game and share it with other players
(Unit: ¥ millions)
Q4 Results
Y/Y and Q/Q Analysis
• HR Costs 1: Increased primarily due to
performance -based bonuses related to
strong sales from game titles including
ARC Raiders as well as a headcount
increase
• Royalty: Increased due to higher sales from
publishing titles including MapleStory : Idle
RPG and MABINOGI MOBILE
• PG Fee: Increased due to ARC Raiders and
MapleStory : Idle RPG
• Marketing Costs: Increased primarily due to
MapleStory : Idle RPG ,ARC Raiders , and
MABINOGI MOBILE
• Other 2: Increased due to outsourcing
expenses and fees to creators 3in relation
to MapleStory Worlds 4
1
2
2Aggregation of Others (COGS) and Others (SG&A) which includes cloud service costs, outsourcing expenses, and fees to creators in MapleStory Worlds
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FY 2025 Results
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446.2 475.1
2024 2025
124.2 124.0
2024 2025
134.8
92.1
2024 2025
Record Revenues Driven by Strong New Launches and Solid Recovery in Flagship Titles
FY 2025 Financial Results
3Constant currency is a non -GAAP measure used to show performance unaffected by fluctuations in foreign currency exchange rates . Constant currency basis amounts are calculated using the average foreign currency exchange rates for the comparable period in the prio r year and applied to the current period. As an example, we calculate royalty revenues from China Dungeon&Fighter by applying the same CNY/USD, USD/KRW and KRW/JPY exchange rates from last year’s same fiscal quarter.
Operating Income
• Flat Y/Y. Revenue increase was offset by cost
increases
• Variable costs (Royalty and PG Fees) and
marketing costs increased Y/Y primarily due
to new launches –ARC Raiders , MABINOGI
MOBILE and MapleStory : Idle RPG
• HR costs 1increased Y/Y due to investments in
new talent for both new and live games
• Recognized an impairment loss of ¥4.6 billion
in 2025 while it was ¥13.4 billion in 2024
Net Income 2
• Decreased Y/Y primarily due to
‐ Recognition of FX loss of ¥2.7 billion in 2025
while recording a gain of ¥30.9 billion in 2024
‐ Recognition of an impairment loss of ¥8.6
billion on investments accounted for using
equity method in 2025
Revenues
• Dungeon&Fighter franchise fell 21% Y/Y
‐ A recovery in Dungeon&Fighter (PC) was offset by a revenue
decline in Dungeon&Fighter Mobile in China
• MapleStory franchise grew 43% Y/Y
‐ Growth in Korea MapleStory and MapleStory Worlds
plus a contribution from MapleStory : Idle RPG
• FC franchise revenues were nearly flat Y/Y
• Horizontal revenues grew 25% Y/Y driven by new launches –
MABINOGI MOBILE and ARC Raiders
(Unit: ¥ billions)
2Net income refers to net income attributable to owners of the parent.
As reported: +6%
Constant currency 3: +10%
As reported: -0%
Constant currency 3: +2%
As reported: -32%
Constant currency 3: -31%
1HR costs includes HR cost (COGS), HR cost (SG&A) and R&D (SG&A).
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53%
23%
3%
14%
7%
71%
29%
FY2025 Revenue Breakdown
Region 1 Platform
4Constant currency is a non -GAAP measure used to show performance unaffected by fluctuations in foreign currency exchange rates. Constant -currency basis amounts are calculated using the average foreign currency exchange rates for the comparable period in the prior year and applied to the current period. As an example, we calculate royalty revenues from China Dungeon&Fighter by applying the same CNY/USD, USD/KRW and KRW/JPY exchange rates from last year’s same fiscal quarter.
FY 2025 Financial Results
1Based on regions where the revenue originates; not a representation of revenues according to Nexon entities.
2“Rest of World” includes other Asian countries as well as Central and South American countries.
(Unit: ¥ mllions )
Korea 53%
China 23%
Japan 3%
North America & Europe 14%
Rest of World 27%
Region 1 Platform
PC / Console 71%
Mobile 29%
3Net income refers to net income attributable to owners of the parent.Constant Constant
Currency 4 Currency 4
Revenue by Region 1
Korea ¥195,022 ¥249,973 ¥264,111 28% 35%
China 164,116 109,513 111,757 (33%) (32%)
Japan 17,768 14,014 14,308 (21%) (19%)
North America and Europe 42,522 68,582 65,789 61% 55%
Rest of World 2 26,783 33,020 34,101 23% 27%
Nexon Total 446,211 475,102 490,066 6% 10%
Revenue by Platform
PC/Console 256,524 338,857 348,591 32% 36%
Mobile 189,687 136,245 141,475 (28%) (25%)
Nexon Total 446,211 475,102 490,066 6% 10%
Operating income 124,176 124,012 126,973 (0%) 2%
Net income 3 134,848 92,052 93,035 (32%) (31%)
Earnings per share 161.79 114.48
2025 YoY % Change
2024 As-Reported As-Reported
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Q1 2026 Outlook
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113.9
164.0
41.6
61.1
26.3
48.4
2025 2026 2025 2026 2025 2026
2Constant currency is a non -GAAP measure used to show performance unaffected by fluctuations in foreign currency exchange rates. Constant -currency basis amounts are calculated using the average foreign currency exchange rates for the comparable period in the prior year and applied to the current period. As an example, we calculate royalty revenues from China Dungeon&Fighter by applying the same CNY/USD, USD/KRW and KRW/JPY exchange rates from last year’s same fiscal quarter.
Revenues Operating Income Net Income 1
Q1 2026 (High -end) (Unit: ¥ billions)
Forex sensitivity 3: Every one Japanese yen move against the U.S. dollar would have the following impact on our financials for Q1 202 6
Revenues 1.00 billion yen Operating Income 0.36 billion yen
Expect Record -Breaking Revenue With Strong Momentum Across Our Portfolio
Revenues
• Expect Y/Y growth in Dungeon &Fighter (PC) and
MapleStory franchise, along with solid contributions
from ARC Raiders and MABINOGI MOBILE
• Expect a Y/Y decline in Dungeon&Fighter Mobile
• Includes estimated impact of ¥5 billion from
MapleStory : Idle RPG refunds
Operating Income
• Expect a Y/Y increase driven by revenue increase
• Expect increased PG fees, royalty expenses, HR costs
and marketing expenses
• Includes estimated impact of ¥3 billion from
MapleStory : Idle RPG refunds
Net Income 1
• Expect a Y/Y increase driven by operating income
increase
• We recognized a ¥4.2 billion FX loss and an
impairment loss of ¥1.6 billion on the investment
accounted for using the equity method in Q1 2025
(Unit: ¥ millions, except per share data)
3In most situations, the exchange rates of both the South Korean Won and the Chinese Yuan are linked to the U.S. Dollar. For simplicity, forex sensitivity is calculated based on the assumption that Korean Won and Chinese Yuan move similarly against Japanese Yen when there is an exchange rate movement in U.S. Dollar and Japanese Yen.
Q1 2026 Financial Outlook
1Net income refers to net income attributable to owners of the parent.Q1 2025
Revenues ¥113,934 ¥150,492 ~ ¥164,015 32% ~ 44% 23% ~ 34%
PC/Console 77,596 117,765 ~ 125,622 52% ~ 62% 39% ~ 49%
Mobile 36,338 32,727 ~ 38,393 (10%) ~ 6% (13%) ~ 2%
Operating income 41,611 51,182 ~ 61,122 23% ~ 47% 7% ~ 30%
Net income 1 26,272 40,912 ~ 48,442 56% ~ 84% 31% ~ 58%
Earnings per share 32.12 51.72 ~ 61.25
FX Rate Assumptions
100 KRW/JPY 10.53 10.77 10.77 2%
CNY/JPY 21.08 22.45 22.45 6%
USD/JPY 152.60 156.78 156.78 3%
YoY % Change
As-Reported Constant Currency 2 Q1 2026 Outlook
23 © 2026 NEXON Co., Ltd. All Rights Reserved.
1Constant currency is a non -GAAP measure used to show performance unaffected by fluctuations in foreign currency exchange rates. Constant -currency basis amounts are calculated using the average foreign currency exchange rates for the comparable period in the prior year and applied to t he current period. As an example, we calculate royalty revenues from China Dungeon&Fighter by applying the same CNY/USD, USD/KRW and KRW/JPY exchange rates from last year’s same fiscal quarter.
37,580 38,801
2025 2026
54,252 63,627
2025 2026 (High -end)
China
Expect Revenues to Decrease Y/Y Due to Dungeon&Fighter Mobile
• Dungeon&Fighter (PC)
‐ Expect Y/Y growth driven by the New Year update, which includes packaged -item
sales
• Dungeon&Fighter Mobile
‐ Expect revenue to be roughly flat Q/Q while decreasing Y/Y
‐ The next release of co -developed content with Tencent is scheduled for this year
Q1 2026 Korea / China Outlook
(High -end)
(Unit: ¥ millions)
Korea
Expect Revenues to In crease Y/Y Driven by MapleStory : Idle RPG,
MABINOGI MOBILE and Dungeon&Fighter
• PC/Console: Expect to increase Y/Y
‐ Expect FC franchise to remain flat Y/Y while focusing on enhancing
long -term engagement leading up to the World Cup in June
‐ Expect MapleStory to decline Y/Y
‐ Expect a contribution on PC platform from MABINOGI MOBILE
• Mobile: Expect to increase Y/Y
‐ Expect continued contributions from MapleStory : Idle RPG and
MABINOGI MOBILE
Q1
Q1Q1 2025
54,252 58,663 ~ 63,627 8% ~ 17% 6% ~ 15%
Q1 2026 Outlook YoY % Change
Constant
Currency 1 Actual Low-end High-end As-Reported Q1 2025
37,580 33,438 ~ 38,801 (11%) ~ 3% (17%) ~ (4%)
Actual
Q1 2026 Outlook YoY % Change
Constant
Currency 1 As-Reported Low-end High-end
24 © 2026 NEXON Co., Ltd. All Rights Reserved.
7,277 14,328
2025 2026
10,856
43,212
2025 2026
3,969 4,047
2025 2026
1Rest of World includes other Asian countries as well as Central and South American countries.
(Unit: ¥ millions)
Q1 2026 Japan / North America and Europe /
Rest of World 1 Outlook
Japan
Expect Revenues to Decrease Slightly Y/Y
• Expect a contribution from ARC Raiders
• Expect Y/Y increases in Dungeon&Fighter
and MapleStory M
• Expect Y/Y decreases in HIT : The World 2
and FC MOBILE 3
North America and Europe
Expect Revenues to Significantly Increase Y/Y
• Expect continued contributions from ARC Raiders
and MapleStory : Idle RPG
• Expect Y/Y increases in THE FINALS and Blue Archive
• Expect Y/Y decreases in The First Berserker: Khazan ,
The First Descendant ,and MapleStory
Rest of World 1
Expect Revenues to Increase Y/Y
• Expect continued contributions from ARC Raiders ,
MapleStory : Idle RPG , and MapleStory Worlds
• Expect Y/Y decreases in The First Berserker: Khazan
and The First Descendant
4Constant currency is a non -GAAP measure used to show performance unaffected by fluctuations in foreign currency exchange rates. Constant -currency basis amounts are calculated using the average foreign currency exchange rates for the comparable period in the prior year and applied to the current period. As an example, we calculate royalty revenues from China Dungeon&Fighter by applying the same CNY/USD, USD/KRW and KRW/JPY exchange rates from last year’s same fiscal quarter.
(High -end) (High -end) (High -end)
2Official title for HIT2 serviced in Japan.
Q1
Q1
Q1
3Official title is EA SPORTS FC TMMOBILE .Q1 2025
7,277 13,520 ~ 14,328 86% ~ 97% 72% ~ 83%
Q1 2026 Outlook YoY % Change
Actual Low-end High-end As-Reported Currency 4 Constant Q1 2025
10,856 41,243 ~ 43,212 280% ~ 298% 226% ~ 242%
Q1 2026 Outlook YoY % Change
Actual Low-end High-end As-Reported Currency 4 Constant Q1 2025
3,969 3,628 ~ 4,047 (9%) ~ 2% (14%) ~ (3%)
Q1 2026 Outlook YoY % Change
Currency 4 Actual Low-end High-end As-Reported Constant
25 © 2026 NEXON Co., Ltd. All Rights Reserved.
41.6
67.2 61.1 61.1
50.1
10.5
9.1
4.9
6.1
Operating Income
2025 Q1
Revenue increase Variable Costs HR Costs Marketing Costs Other Operating Income
2026 Q1 (High-end)
Q1 2026 Operating Income & Cost Outlook
1HR costs includes HR cost (COGS), HR cost (SG&A) and R&D (SG&A) .
2In MapleStory Worlds , if a player spends in the content, Nexon receives the payment and pays a specific ratio of that payment to the content provider as a creator fee.) .
3MapleStory Worlds is a content creation platform in which users can use MapleStory assets to create their own game and share it with other players
(Unit: ¥ billions )
Y/Y Analysis
Q1 Outlook
• Variable costs includes:
o Royalty Fees: Expect to increase due to
MapleStory : Idle RPG and MABINOGI MOBILE
o PG Fees: Expect to increase due to ARC
Raiders ,MapleStory : Idle RPG , and
MABINOGI MOBILE
• HR Costs 1: Expect to increase due to
performance -based bonuses linked to ARC
Raiders and increased headcount
• Marketing Costs: Expect to increase due to
promotions for MapleStory : Idle RPG , ARC
Raiders, and MABINOGI MOBILE
• Other includes:
o Increased cloud service fees
o Increased fees to creators 2in MapleStory
Worlds 3
1
Y/Y Operating Income Comparison (High -end)
26 © 2026 NEXON Co., Ltd. All Rights Reserved.
2.8
16.0
98.8
77.4
51.4
96.9
2020 2021 2022 2023 2024 2025
Shareholder Return
Strong Balance Sheet Allowed Nexon to Double Dividend Payout While Materially Buying Back Shares in 2025
Buy -Back
▪ Completed ¥25 billion share repurchase by January 28
under the one -year, ¥100 billion share buyback policy
outlined in February 2025
▪ On February 12, the Board of Directors resolved to cancel
all shares previously purchased under the share buyback
program
▪ Committed to proactive shareholder returns as outlined
by our policy of returning more than 33% of the previous
year’s operating income to shareholders
Dividend
▪ Doubled per -share dividend payout from ¥22.5 in 2024
to ¥45 in 2025
▪ Our per -share annual dividend forecast is ¥60 in 2026
Buy -Back History
(Unit: ¥ billions )
27 © 2026 NEXON Co., Ltd. All Rights Reserved.
Pipeline
28 © 2026 NEXON Co., Ltd. All Rights Reserved.
1Tentative title.
Azur Promilia
TBA
Korea
New
Fantasy World RPG
Mobile PC
Publisher
· Region
· IP
· Genre
· Business Model
2Includes all the regions other than Korea, China and Japan
PC Console
Project DX 1
· Region
· IP
TBA
Korea, Japan, Global 2
Durango
· Genre
· Business Model
MMORPG
Developer/Publisher
Project RX 1
· Launch Schedule
· Region
· IP
TBA
TBA
New
· Genre
· Business Model
Anime -style Game
Developer/Publisher
TBA
3The letters, graphics, symbols, logos and other marks, and illustrations, characters and other works, which are shown in this material are trademarks, registered trademarks, copyrighted works or other legally protected materials owned by respective right holders4Chart is illustrative excerpt of pipeline.
· Launch Schedule · Launch Schedule
29 © 2026 NEXON Co., Ltd. All Rights Reserved.
1Includes all the regions other than Korea, China and Japan
Vindictus : Defying Fate
· Launch Schedule
· Region
· IP
Korea, Global 1
Vindictus (Mabinogi: Heroes)
· Genre
· Business Model
Action RPG
Developer/Publisher
PC Console
NAKWON: LAST PARADISE
TBA
Korea, Global 1
New
Extraction Survival
Developer/Publisher
PC
· Launch Schedule
· Region
· IP
· Genre
· Business Model
Woochi the Wayfarer
· Launch Schedule
· Region
· IP
TBA
Korea, Japan, Global 1
New
· Genre
· Business Model
Action Adventure
Developer/Publisher
PC Console
2The letters, graphics, symbols, logos and other marks, and illustrations, characters and other works, which are shown in this material are trademarks, registered trademarks, copyrighted works or other legally protected materials owned by respective right holders3Chart is illustrative excerpt of pipeline.
TBA
30 © 2026 NEXON Co., Ltd. All Rights Reserved.
1Includes all the regions other than Korea, China and Japan
2Tentative title.
3The letters, graphics, symbols, logos and other marks, and illustrations, characters and other works, which are shown in this material are trademarks, registered trademarks, copyrighted works or other legally protected materials owned by respective right holders4Chart is illustrative excerpt of pipeline.
Dungeon&Fighter : ARAD
· Launch Schedule
· Region
· IP
Korea, Global 1
Dungeon&Fighter
· Genre
· Business Model
Open -world, action RPG
Developer/Publisher
Mobile Console PC
Project OVERKILL 2
· Launch Schedule
· Region
· IP
TBA
TBA
Dungeon&Fighter
· Genre
· Business Model
3D Action RPG
Developer/Publisher
PC
TBA
31 © 2026 NEXON Co., Ltd. All Rights Reserved.
Appendix
32 © 2026 NEXON Co., Ltd. All Rights Reserved.
Summary of Results and Key Operational Metrics
(Unit: ¥ millions , except per share data )
1“Rest of World” includes other Asian countries as well as Central and South American countries.
2Net income refers to net income attributable to owners of the parent.
3KPI for only free -to-play titles.Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 YoY%
(By Region)
Korea ¥57,340 ¥48,870 ¥47,308 ¥41,504 ¥54,252 ¥71,006 ¥69,072 ¥55,643 34%
China 29,182 56,340 57,156 21,438 37,580 26,871 28,377 16,685 (22%)
Japan 3,630 4,556 5,988 3,594 3,969 2,983 3,426 3,636 1%
North America and Europe 9,919 7,044 17,188 8,371 10,856 9,457 9,452 38,817 364%
Rest of World 1 8,347 5,664 7,953 4,819 7,277 8,533 8,392 8,818 83%
(By Platform)
PC/Console 79,297 56,881 70,793 49,553 77,596 84,482 85,191 91,588 85%
Mobile 29,121 65,593 64,800 30,173 36,338 34,368 33,528 32,011 6%
Revenue 108,418 122,474 135,593 79,726 113,934 118,850 118,719 123,599 55%
Operating income (loss) 29,146 45,224 51,535 (1,729) 41,611 37,698 37,528 7,175 na
Net income 2 35,918 39,878 27,023 32,029 26,272 16,758 38,165 10,857 (66%)
Earnings per share 42.77 47.66 3 2.55 3 8.71 3 2.12 20.82 47.78 13 .67
FX rate
100 KRW/JPY 11.19 11.38 11.03 10.93 10.53 10.34 10.65 10.65 (3%)
CNY/JPY 20.79 21.78 20.89 21.24 21.08 20.04 20.63 21.78 3%
USD/JPY 148.61 155.88 149.38 152.44 152.60 144.59 147.48 154.15 1%
PC and Console KPI 3
MAU (millions) 18.3 14.1 17.6 13.3 12.9 13.4 13.3 11.1 (17%)
PU (millions) 3.1 2.6 2.9 1.9 2.4 2.6 2.6 1.9 3%
Pay Rate 17.0% 18.5% 16.2% 14.2% 18.6% 19.7% 19.9% 17.5%
ARPPU (as-reported) 12,545 9,279 11,939 9,942 16,137 12,472 13,705 10,732 8%
33 © 2026 NEXON Co., Ltd. All Rights Reserved.
COGS and SG&A 1
(Unit: ¥ millions)
1Breakdown of COGS and SG&A are unaudited.
2Royalty includes royalties paid to third -party developers in order for us to obtain the right to publish their games.
4Other (COGS) primarily consists of depreciation and amortization of assets related to existing games, connection fees (mainly comprised of co -location and datacenter fees, internet bandwidth and access fees), and the costs of purchasing and maintaining our servers and computer equipment. 3HR cost (COGS) includes salaries, bonuses and benefits for our live game developers, who support post launch servicing, updating and support for our games.
5PG fee in SG&A includes commissions made to external payment gateway companies when users purchase in – game items in PC Online games that we service. It also includes mobile carrier -related commissions we pay regarding our Japanese mobile browser games, commissions we pay to Apple/Google regarding our mobile native games globally, commissions we pay toSteam regarding our PC online games globally and platform commission fees related to mobile browser games.
6Other Income includes other non -operating income, reversal of deferred revenue and gain on sale of properties.
7Other Expense includes other non -operating expenses, loss on sale/disposal of properties, loss on impairment of tangible fixed assets, and loss on impairment of intangible assets and loss on other non -current assets. It also includes impairment loss of game IPs and goodwill. FY2024 FY2025
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
Total Cost of Revenue 1 ¥40,557 ¥44,187 ¥46,124 ¥33,970 ¥39,244 ¥47,225 ¥45,822 ¥60,797
Royalty 2 11,862 10,304 10,617 7,989 10,850 15,650 13,892 14,558
HR cost (COGS) 3 19,131 25,739 27,592 17,370 20,072 20,872 21,041 34,119
Other (COGS) 4 9,564 8,144 7,915 8,611 8,322 10,703 10,889 12,120
Total SG&A 1 32,723 32,422 36,384 40,647 33,165 35,173 38,024 55,566
HR cost 7,454 8,234 7,559 12,174 8,360 7,373 7,771 8,462
PG fee 5 9,476 7,762 9,799 6,108 7,925 10,243 9,234 18,790
R&D 5,411 6,239 6,401 6,893 6,707 6,457 6,967 6,298
Marketing/advertising expenses 5,430 4,816 7,722 10,745 5,174 5,596 8,709 16,702
Depreciation and amortization 1,012 1,338 1,094 1,094 1,059 1,148 1,135 1,175
Other 3,940 4,033 3,809 3,633 3,940 4,356 4,208 4,139
Other Income 6 199 295 148 397 250 1,452 4,107 4,864
Other Expense 7 6,191 936 1,698 7,235 164 206 1,452 4,925
Includes: impairment loss 6,161 214 68 6,989 41 198 1,299 3,021
34 © 2026 NEXON Co., Ltd. All Rights Reserved.
1Finance Income includes interest income primarily on cash deposits. 2024 Q1, Q2, Q4, and 2025 Q3, Q4 Finance Income includes FX conversion gains related to foreign currency deposits and accounts receivable.22024 Q3 and 2025 Q1, Q2 Finance Costs are primarily caused by FX conversion loss related to foreign currency deposits and accounts receivable.
4Net income refers to net income attributable to the owners of the parent.
(Unit: ¥ millions)
P&L Below Operating Income
3Reversal of loss on revaluation refers to the reversal of loss on revaluation of cryptocurrency.FY2024 FY2025
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
Operating Income (Loss) ¥29,146 ¥45,224 ¥51,535 (¥1,729) ¥41,611 ¥37,698 ¥37,528 ¥7,175
Finance Income 1 25,680 19,325 8,753 45,581 6,876 9,110 25,688 16,578
Finance Costs 2 518 608 20,323 1,592 6,642 18,257 2,718 3,898
Reversal of loss on revaluation 3 692 – – – – – – –
Equity profit / (loss) of affiliates, equity
method companies
(761) (2,507) (1,058) (853) (1,500) 1,128 42 (1,367)
Impairment loss of investments
accounted for using equity method – – – – (1,644) (835) (6,122) –
Income / before Income Tax 54,239 61,434 38,907 41,407 38,701 28,844 54,418 18,488
Tax expense 18,288 22,046 10,211 9,226 12,378 12,961 16,696 8,717
Non-controlling interests 33 (490) 1,673 152 51 (875) (443) (1,086)
Net income 4 35,918 39,878 27,023 32,029 26,272 16,758 38,165 10,857
35 © 2026 NEXON Co., Ltd. All Rights Reserved.
Cash Flow Statement
(Unit: ¥ millions)12 months ended 12 months ended
December 31, 2024 December 31, 2025
Cash flows from operating activities ¥100,968 ¥171,872
Cash flows from investing activities 7,445 102,247
Cash flows from financing activities (64,777) (118,688)
Net increase / (decrease) in cash and cash equivalents 43,636 155,431
Cash and cash equivalents at beginning of fiscal year 280,515 331,931
Effect of exchange rate change on cash and cash equivalents 7,780 11,506
Cash and cash equivalents at end of fiscal year 331,931 498,868
36 © 2026 NEXON Co., Ltd. All Rights Reserved.
Balance Sheet
(Unit: ¥ millions)December 31, December 31,
2024 2025
Liability
Current liabilities
Current tax liabilities 19,103 46,192
Current borrowings – –
Others 88,559 177,103
Total current liabilities 107,662 223,295
Noncurrent liabilities
Non-current borrowings – –
Others 118,584 120,975
Total noncurrent liabilities 118,584 120,975
Total liabilities 226,246 344,270
Shareholders’ equity
Capital stock 50,797 58,191
Capital surplus 30,079 36,645
Treasury shares (49,158) (93,820)
Other equity interest 207,098 191,317
Retained earnings 780,197 865,211
Non-controlling interests 11,512 8,374
Total equity 1,030,525 1,065,918
Total liabilities and total equity 1,256,771 1,410,188 December 31, December 31,
2024 2025
Asset
Current Assets
Cash and cash equivalents ¥331,931 ¥498,868
Other deposits 268,934 342,239
Other current assets 151,408 150,739
Total current assets 752,273 991,846
Noncurrent assets
Tangible assets 28,365 32,928
Goodwill 44,567 49,945
Intangible assets 34,815 36,705
Investments accounted for using equity method 63,669 63,740
Other non-current financial assets 268,310 145,883
Others 64,772 89,141
Total noncurrent assets 504,498 418,342
Total assets 1,256,771 1,410,188
37 © 2026 NEXON Co., Ltd. All Rights Reserved.
Number of Employees by Reporting Segment
1We have corrected errors in our previously disclosed figures for Employees in Korea, Total Employees, and Temporary Workers as of March 31, June 30, September 30, and December 31, 2024.March 31 June 30 September 30 December 31 March 31 June 30 September 30 December 31
2024 2024 2024 2024 2025 2025 2025 2025
Japan 258 251 243 238 239 237 233 233
Korea 1 7,526 7,524 7,762 7,962 8,083 8,111 8,338 8,342
China 190 192 192 186 189 187 184 184
North America 311 236 196 186 180 179 184 187
Others 683 679 737 757 810 842 847 888
Total 1 8,968 8,882 9,130 9,329 9,501 9,556 9,786 9,834
254 241 137