Nexon FY2026 Q1 Earnings Release

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INVESTOR PRESENTATION Q1 2026
Junghun Lee President and CEO | Shiro Uemura CFO

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Table of Contents
• Management Summary
• Franchise Summary
• Q1 2026 Results
• Q2 2026 Outlook
• Shareholder Return
• Pipeline
• Appendix

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139.4 140.2
130.8
59.5
FY23 FY24 FY25 FY26Q1
423.4 446.2 475.1
152.2
FY23 FY24 FY25 FY26Q1
Vertical (Three Franchises Total) Horizontal
1Operating Income excluding Other Expense such as impairment losses
Revenue
Management Summary
Partnership
• PC Publishing Agreement for Overwatch in Korea with Blizzard Entertainment
• Long -term agreement with EA on the FC franchise secures the future of Korea’s most
popular football franchise
• Ten -year extension on our long -standing publishing agreement for PC
Dungeon&Fighter in China with Tencent
Tangible Progress on the Transformation Initiatives
• Portfolio review resulted in cancellation of three projects and additional funding to
NAKWON and Woochi the Wayfarer
• Renewed focus on cost management reflected in our full -year plan to maintain flat
headcount and HR costs
• China Dungeon&Fighter Mobile development transferred to Tencent for greater
hyperlocalization . Neople retains creative control over co -development
Adjusted Operating Income 1
Q1 Record – High Quarterly Revenue and Operating Income
• Ongoing success of ARC Raiders . Demonstrates our ability to build global IP at scale
• Surpassed 16 million units worldwide
• More than half of the active players spent 100+ hours in the game, totaling 1.5 billion hours
• MapleStory unlocked growth with franchise expansion and hyperlocalization
• Q1 marked 42% Y/Y growth led by MapleStory : Idle RPG and MapleStory Worlds
• Establishing scalable blueprint for company -wide IP growth
(Unit: ¥ billions)
(Unit: ¥ billions)

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Trailing 12 – Month Franchise Revenue History
REVENUE
TIME
Vertical: The MapleStory Franchise in Q1 Achieved 42% Y/Y Growth
Horizontal: Q1 Marked 188% Y/Y Growth Led by Strong Performance of ARC Raiders
Vertical
Growth
2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Dungeon&Fighter Franchise MapleStory Franchise FC Franchise Others
2026
Horizontal
Growth

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2023 2024 2025 2026
Dungeon&Fighter Franchise
Dungeon&Fighter Franchise Revenue
Q1
Q2
Q1
Q4
Q3
Dungeon&Fighter (PC)
• China
• Q1 revenue grew double digits Y/Y, driven by the New Year update
• Expect Q2 revenue to decline Y/Y. The April new season update
contributed to an uplift in DAUs, but monetization initiatives did not
meet our expectations
• Go -forward plan is to leverage the June anniversary to build
momentum ahead of the major National Day update and a new raid
• Korea
• Q1 revenue declined Y/Y; expect Y/Y decline in Q2
• In addition to the difficult comparison with 2025, recent updates
including the March new season did not resonate with players
• Improvements through a series of updates including a new raid in 2H
Dungeon&Fighter Mobile
• Q1 revenue declined Y/Y; expect Y/Y revenue decrease in Q2
• The March level cap update helped return lapsed players but did not
sustain
• A broader outlook for the year includes the May anniversary update,
followed by new co -developed content from Tencent this summer
Solid Q1 Growth on PC Offset by Decline in Mobile Resulting in
Franchise Revenue Decrease of 26% Y/Y ;Expect Franchise Revenue
Decline to Continue in Q2
Q2

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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
Q1 Franchise Revenue Grew 42% Y/Y Driven by MapleStory : Idle RPG and
Growth in MapleStory Worlds 1; Expect approximately 20% Y/Y Growth in Q2
Global MapleStory
• Q1 revenue exceeded outlook, growing 8% Y/Y driven by continued
growth in Western MapleStory
• Expect Q2 Y/Y performance to remain stable supported by dedicated
localized content
MapleStory Worlds 1
• Q1 revenue exceeded outlook driven by a successful New Year update
in Taiwan; grew 79% Y/Y
• Expect Q2 revenue to decline Y/Y due to a tough comparison with the
highly successful Taiwan launch last year
MapleStory : Idle RPG
• Q1 revenue exceeded outlook, driven by a major update and a strong
influx of new users particularly in Korea and the U.S .
• Refunds related to the coding issue were completed in March , resulting in
a ¥ 6.7 billion revenue reduction and a ¥3.5 billion operating income
reduction in Q1
• Expect the game to maintain engagement supported by a major event
tied to the April half -year anniversary
• Q1 revenue exceeded outlook, driven by successful New Year and
anniversary updates which began in March but declined 8% Y/Y owing to
a difficult comparison with 2025
• Anniversary update contributed to a Y/Y AU growth; e xpect continued
engagement leading into the summer update beginning in June, while
Y/Y comparison will remain high
Korea MapleStory
Q2

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FC Franchise Revenue
FC Franchise
Q1
Q2
Q1
Q4
Q3
• Q1 revenue grew modestly Y/Y driven by robust engagement in the TOTY
(Team of the Year) and New Year updates
• Q2 focus on large -scale user acquisition through the FC ONLINE 18th
Anniversary update and the World Cup beginning in June
• A collaboration with Korea’s #1 traffic portal, NAVER, provides contact
with a broad spectrum of football fans during the World Cup
• Our goal in leveraging World Cup enthusiasm is to deliver high -quality
service and drive long -term engagement beyond the World Cup
Q1 Revenue Exceeded Expectations and Gr ew Y/Y
Focus on Large -Scale User Acquisition Leveraging the World Cup
Q2
1Official title is EA SPORTS FC ONLINE (PC) and EA SPORTS FC ONLINE M (mobile).

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• Sold an additional 4.6 million units; reached cumulative unit
sales of 15.5 million in Q1
• Over half of the active players spent in excess of 100 hours in
the game, totaling more than 1.5 billion hours -an exceptionally
high engagement
• Recognized multiple awards, most recently including Best
Multiplayer Game at the 2026 BAFTA Games Awards
• October Frozen Trail update includes a large amount of free
content plus premium content, challenging players in new
ways, designed to engage lapsed players and attract new
ones
• Obtained ISBN license in China; scheduled for multiple closed
beta tests in 2026
ARC Raiders
• Q1 Revenue grew 47% Y/Y, driven by the Season 9 update
launched in December
• Expect to sustain good performance in Q2, following the
release of the Season 10 update in late March
THE FINALS
Shooters
Extraordinary Worldwide Sales Made ARC Raiders the Most Successful
Release in Company History with Over 16 Million Units Sold to Date;
Frozen Trail – the Largest Update Coming in October

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Q1 2026 Results

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113.9
152.2
41.6
58.2
26.3
57.2
Q1 2025 Q1 2026 Q1 2025 Q1 2026 Q1 2025 Q1 2026
Revenues Operating Income Net Income 2 (Unit: ¥ billions)
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.
Q1 2026 Financial Highlights
Record -High Quarterly Revenue and Operating Income Driven by ARC Raiders and the MapleStory Franchise
(Unit: ¥ millions, except per share data)
Revenues
• In-line with expectations. MapleStory : Idle RPG, Korea
MapleStory , and FC ONLINE 1outperformed
• Y/Y growth driven by the strong performance of ARC
Raiders and sustained growth of the MapleStory
franchise
• Includes a ¥6.7 billion revenue reduction related to
MapleStory : Idle RPG refunds
Operating Income
• Within the expected range
• HR and marketing costs were below the plan
• Includes a ¥3.5 billion reduction related to
MapleStory : Idle RPG refunds
Net Income 2
• Exceeded outlook and up Y/Y
• We recorded a ¥14.5 billion FX gain in Q1 2026
while recognizing a ¥4.2 billion FX loss in Q1
2025
2Net income refers to net income attributable to the owners of the parent.
1Official title is EA SPORTS FC ONLINE (PC) and EA SPORTS FC ONLINE M (mobile).As- Constant
Q1 2025 Q1 2026 Reported Currency 3
Revenues ¥113,934 ¥150,492 ~ ¥164,015 ¥152,234 34% 26%
PC/Console 77,596 117,765 ~ 125,622 117,566 52% 42%
Mobile 36,338 32,727 ~ 38,393 34,668 (5%) (7%)
Operating income 41,611 51,182 ~ 61,122 58,163 40% 28%
Net income 2 26,272 40,912 ~ 48,442 57,225 118% 101%
Earnings per share 32.12 51.73 ~ 61.25 72.33
Exchange rates
100 KRW/JPY 10.53 10.77 10.77 10.72 2%
CNY/JPY 21.08 22.45 22.45 22.61 7%
USD/JPY 152.60 156.78 156.78 156.86 3%
YoY % Change
Q1 2026 Outlook

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77%
23%
38%
21% 2%
29%
10%
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.
Q1 2026 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 38%
China 21%
Japan 2%
North America & Europe 29%
Rest of World 210%
PC/Console 77%
Mobile 23%As- Constant As- Constant
Reported Currency 3 Reported Currency 3
Revenue by Region 1
Korea ¥54,252 ¥57,481 ¥56,411 6% 4%
China 37,580 31,393 31,227 (16%) (17%)
Japan 3,969 3,538 3,446 (11%) (13%)
North America and Europe 10,856 44,465 38,461 310% 254%
Rest of World 2 7,277 15,357 14,266 111% 96%
Nexon Total 113,934 152,234 143,811 34% 26%
Revenue by Platform
PC/Console 77,596 117,566 109,969 52% 42%
Mobile 36,338 34,668 33,842 (5%) (7%)
Nexon Total 113,934 152,234 143,811 34% 26%
FX Rate
100 KRW/JPY 10.53 10.72 10.53 2%
CNY/JPY 21.08 22.61 21.08 7%
USD/JPY 152.60 156.86 152.60 3%
Q1 2026 YoY % Change
Q1 2025

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11,730 17,958 14,554 15,880 15,780
42,522
53,048 54,518
39,763 41,701
54,252
71,006 69,072
55,643 57,481
Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
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.
Q1 2026 Korea – Highlights
(Unit: ¥ millions)
PC/Console
Mobile
Y/Y% change:
As Reported: +6%
Constant Currency 1: +4%
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.
Results Broadly in Line with Outlook. Y/Y Growth Led by MapleStory : Idle RPG and
MABINOGI MOBILE
• MapleStory :
• PC revenue exceeded outlook driven by the successful New Year and anniversary updates
• MapleStory : Idle RPG made a solid contribution from a major update
• FC: Franchise revenue exceeded outlook with modest Y/Y growth driven by robust
engagement in the TOTY (Team of the Year) and New Year updates
• Dungeon&Fighter : PC version was down Y/Y owing to a difficult comparison with 2025
• Mabinogi: Major updates for MABINOGI MOBILE helped stabilize KPIs ; revenue grew Y/Y
reflecting the launch in late Q1 2025
• PC/Console revenues down 2% Y/Y
• Mobile revenues up 35 % Y/Y
Revenue Ranking by Region 2
Sudden Attack
EA SPORTS FC TMONLINE M
EA SPORTS FC TMMOBILE
No.3
No.4
Blue Archive
No.5
No.3
EA SPORTS FC TMONLINE
No.5
PC/ConsoleNo.1
No.4
MABINOGI MOBILE
Dungeon&Fighter
No.3
MapleStory
No.2
No.2
MapleStory : Idle RPG
No .1 Mobile
MABINOGI MOBILE

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18,066
10,039 12,084 10,020 8,360
19,514
16,832 16,293
6,665
23,033
37,580
26,871 28,377
16,685
31,393
Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Q1 2026 China – Highlights
PC/Console
Mobile
(Unit: ¥ millions)
Y/Y% change:
As Reported: -16%
Constant Currency 1: -17%
Below Outlook Due to the Dungeon&Fighter Franchise
Dungeon&Fighter (PC) Grew Y/Y While Dungeon&Fighter Mobile Declined Y/Y
• Dungeon&Fighter (PC):
‐ Up do uble digit Y/Y, driven by the New Year update
‐ Y/Y ARPPU increased while MAUs and paying users decreased
‐ Q/Q MAUs, paying users, and ARPPU increased driven by a strong seasonality
• Dungeon&Fighter Mobile :
‐ Down Y/Y. A March level cap update helped re -engage lapsed players but did not sustain
engagement
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.
Revenue Ranking by Region 2
Dungeon&Fighter
Dungeon&Fighter Mobile MapleStory : The Legends of Maple 3
No.1Mobile
PC/ConsoleNo.1
No.2 No.3
Dave The Diver Mobile
Counter Strike Online MapleStory
No.2 No.3
3Official title of MapleStory Min China .
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.

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1,940
1,380 1,507
906
1,482
2,029
1,603
1,919 2,730 2,056
3,969
2,983
3,426 3,636 3,538
Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
MapleStory
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.
Q1 2026 Japan – Highlights
Mobile
(Unit: ¥ millions)
Y/Y% change:
As Reported: -11%
Constant Currency 1: -13%
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.
Results Broadly in Line with Outlook
• Contributions from ARC Raiders were offset by a revenue decline in mobile
business
• MapleStory : Up Y/Y driven by good sales of progression items
• Blue Archive : Flat Y/Y
3Official title for HIT2 serviced in Japan.
PC/Console
Revenue Ranking by Region 2
No.2 No.3
No.2 No.3
Blue Archive HIT : The World 3 MapleStory M
Talesweaver
No.1Mobile
PC/ConsoleNo.1
ARC Raiders

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2,022 1,227 1,716 2,253
3,989
8,834 8,230 7,736
36,564
40,476
10,856 9,457 9,452
38,817
44,465
Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Q1 2026 North America and Europe – Highlights
Mobile
(Unit: ¥ millions) Y/Y% change:
As Reported: +310%
Constant Currency 1: +254%
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 MapleStory : Idle RPG and MapleStory
ARC Raiders and MapleStory : Idle RPG Continued to Drive Global Portfolio Growth
• A significant Y/Y revenue growth driven by strong contributions from ARC Raiders and
MapleStory : Idle RPG
• MapleStory :
• MapleStory (PC ) exceeded outlook driven by successful winter update
• MapleStory : Idle RPG s ignificantly exceeded outlook, driven by a major update and strong new
user influx
• ARC Raiders :Aseries of content updates engaged the core player base while attracting new
players
• THE FINALS : Revenue grew 45% Y/Y driven by the Season 9 update in December
PC/Console
Revenue Ranking by Region 2
MapleStory : Idle RPG
No.2 No.3
ARC Raiders
MapleStory M
No.1Mobile
PC/ConsoleNo.1
No.2 No.3
Blue Archive
MapleStory The First Descendant

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2MapleStory Worlds is a content creation platform in which users can use MapleStory assets to create their own game and share it with other players
2,580 3,764 3,667 2,952
5,057
4,697
4,769 4,725 5,866
10,300
7,277
8,533 8,392 8,818
15,357
Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
MapleStory
1“Rest of World” includes other Asian countries as well as Central and South American countries.
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 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.
Q1 2026 Rest of World 1 – Highlights
PC/Console
Mobile
(Unit: ¥ millions) Y/Y% change:
As Reported: +111%
Constant Currency 3: +96%
4Based on regions where the revenue originates; not a representation of revenues according to Nexon entities.
5The 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 holde rs.
Exceeded Outlook Driven by MapleStory : Idle RPG and MapleStory Worlds 2
• ARC Raiders and MapleStory : Idle RPG continued to contribute to strong Y/Y revenue growth
• MapleStory :
• MapleStory (PC) grew Y/Y but came in below outlook
• MapleStory : Idle RPG significantly exceeded outlook, driven by a major update and strong new
user influx
• MapleStory Worlds 2exceeded outlook driven by a successful New Year update in Taiwan
• ARC Raiders :Remained a solid contributor to revenue
Revenue Ranking by Region 4
MapleStory Worlds 2
No.2 No.3
MapleStory : Idle RPG
No.1Mobile
PC/ConsoleNo.1
No.2 No.3
MapleStory M Blue Archive
ARC Raiders

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31,996
40,212 41,552 36,437 35,139 34,702 35,779
48,879
38,327
11,862
10,304 10,617
7,989 10,850 15,650 13,892
14,558
14,903 9,476
7,762 9,799
6,108 7,925
10,243 9,234
18,790
13,449 5,430
4,816
7,722
10,745 5,174
5,596 8,709
16,702
8,724 1,012 1,338
1,094
1,094 1,059
1,148 1,135
1,175
1,380
13,504 12,177
11,724
12,244 12,262
15,059 15,097
16,259
16,338
73,280 76,609
82,508
74,617 72,409
82,398 83,846
116,363
93,121
Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
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).
(Unit: ¥ millions)
Q1 Results
Y/Y Analysis
• HR Costs 1: Increased primarily due to
headcount increase
• Royalty: Increased due to higher sales from
publishing titles including MapleStory: Idle
RPG and MABINOGI MOBILE
• PG Fee: Increased due to Steam platform
fee related to ARC Raiders
• Marketing Costs: Increased primarily due to
customer acquisition costs related to
performance -based marketing for
MapleStory: Idle RPG
• Other 2: Increased software service and
cloud service fees
Q/Q Analysis
• HR Costs 1: Decreased due to sequential
decline in performance -based bonuses
• PG Fee: Decreased due to decline in Steam
platform fee
• Marketing Costs: Decreased primarily due
to ARC Raiders , MABINOGI MOBILE, and the
FC franchise
1
2
2Aggregation of Others (COGS) and Others (SG&A) which includes cloud service fees, outsourcing expenses, and fees to creators in MapleStory Worlds

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Q2 2026 Outlook

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113.9 152.2
41.6 58.2 26.3 57.2
118.9
119.7
37.7 25.3
16.8
23.2
232.8
271.9
79.3 83.5
43.1
80.4
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
Q2 Accumulated (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 Q2 202 6
Revenues 0.71 billion yen Operating Income 0.14 billion yen
Q2 Tracking to be the Softest Quarter of the Year, Followed by 2H Improvements
Revenues
• Expect ongoing growth in the MapleStory
Franchise and contribution from ARC Raiders
• Y/Y revenue decline primarily due to a decline in
the Dungeon&Fighter franchise and MABINOGI
MOBILE owing to a difficult comparison following
the successful launch in 2025
Operating Income
• Expect a Y/Y decrease mainly due to
decreased revenue in high -margin China
business
• Expect increased customer acquisition costs
related to performance -based marketing for
MapleStory: Idle RPG and increased HR costs
Net Income 1
• Expect flattish to an increase Y/Y compared with Q2
2025 in which we recorded an FX loss of ¥17.5 billion
(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.
Q2 2026 Financial Outlook
1Net income refers to net income attributable to owners of the parent.
Q1
Q2Q2 2025
Revenues ¥118,850 ¥106,956 ~ ¥119,671 (10%) ~ 1% (16%) ~ (6%)
PC/Console 84,482 79,220 ~ 86,814 (6%) ~ 3% (13%) ~ (5%)
Mobile 34,368 27,736 ~ 32,857 (19%) ~ (4%) (24%) ~ (10%)
Operating income 37,698 16,059 ~ 25,343 (57%) ~ (33%) (66%) ~ (43%)
Net income 1 16,758 16,084 ~ 23,177 (4%) ~ 38% (22%) ~ 16%
Earnings per share 20.82 20.32 ~ 29.28
FX Rate Assumptions
100 KRW/JPY 10.34 10.74 10.74 4%
CNY/JPY 20.04 23.22 23.22 16%
USD/JPY 144.59 159.33 159.33 10%
YoY % Change
As-Reported Constant Currency 2 Q2 2026 Outlook

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37,580 31,393
26,871 20,816
2025 2026
54,252 57,481
71,006 61,501
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 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.
(High -end)
China
Expect Revenues to De crease Y/Y Due to the Dungeon&Fighte r Franchise
• Dungeon&Fighter (PC)
‐ Expect Y/Y decline. The monetization initiatives tied to the April update fell below
our expectations
‐ Leveraging the June anniversary event to build momentum ahead of the major
update aligned with the October National Day holiday and a new raid content
• Dungeon&Fighter Mobile
‐ Expect revenue to decline Y/Y.
‐ The May anniversary update aims to increase player base through major
promotions, the introduction of a new area and raid, followed by new co –
developed content from Tencent this summer
Q2 2026 Korea / China Outlook
(High -end)
(Unit: ¥ millions)
Korea
Expect Revenues to Decrease Y/Y Due to MABINOGI MOBILE and
Other Key PC Titles
• PC/Console: Expect to de crease Y/Y
‐ Expect Dungeon& Fighter (PC) to decline Y/Y due to weaker -than -expected
performance of recent updates as well as difficult comparison with 2025
‐ Expect FC ONLINE 1to decline Y/Y. Our strategy for ramping up player acquisition
during the World Cup
‐ Expect MapleStory to decline Y/Y against a high base in Q2 2025
• Mobile: Expect to decrease Y/Y
‐ Expect MapleStory : Idle RPG to maintain engagement
‐ Expect MABINOGI MOBILE to decline Y/Y against difficult comparison in the post –
launch quarter
Q1
Q1
Q2
Q2
1Official title is EA SPORTS FC ONLINE (PC) and EA SPORTS FC ONLINE M (mobile) .Q2 2025
26,871 16,777 ~ 20,816 (38%) ~ (23%) (45%) ~ (31%)
Actual
Q2 2026 Outlook YoY % Change
Constant
Currency 2 As-Reported Low-end High-end Q2 2025
71,006 55,933 ~ 61,501 (21%) ~ (13%) (24%) ~ (17%)
Q2 2026 Outlook YoY % Change
Constant
Currency 2 Actual Low-end High-end As-Reported

21 © 2026 NEXON Co., Ltd. All Rights Reserved.
7,277 15,357 8,533
10,468
2025 2026
10,856
44,465
9,457
24,347
2025 2026
3,969 3,538 2,983 2,539
2025 2026
1Rest of World includes other Asian countries as well as Central and South American countries.
(Unit: ¥ millions)
Q2 2026 Japan / North America and Europe /
Rest of World 1 Outlook
Japan
Expect Revenues to Decrease Y/Y
• Expect aY/Y increase in MapleStory
• Expect a contribution from ARC Raiders
• Expect Y/Y decreases in Blue Archive , HIT :
The World 2and The First Berserker: Khazan
North America and Europe
Expect Revenues to Significantly Increase Y/Y
• Expect ongoing contributions from ARC Raiders and
MapleStory : Idle RPG
• Expect a Y/Y decrease in The First Berserker: Khazan
Rest of World 1
Expect Revenues to Increase Y/Y
• Expect continued contributions from MapleStory : Idle
RPG and ARC Raiders
• Expect a Y/Y decrease in MapleStory Worlds due to
challenging comparison with the highly successful
Taiwan launch in Q2 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.
(High -end) (High -end) (High -end)
2Official title for HIT2 serviced in Japan.
Q1
Q1
Q1
Q2
Q2
Q2Q2 2025
2,983 2,089 ~ 2,539 (30%) ~ (15%) (32%) ~ (17%)
Actual Low-end High-end As-Reported Constant
Q2 2026 Outlook YoY % Change
Currency 3 Q2 2025
8,533 9,533 ~ 10,468 12% ~ 23% 3% ~ 13%
Actual Low-end High-end As-Reported Currency 3 Constant
Q2 2026 Outlook YoY % Change Q2 2025
9,457 22,624 ~ 24,347 139% ~ 157% 114% ~ 131%
Actual Low-end High-end As-Reported Currency 3 Constant
Q2 2026 Outlook YoY % Change

22 © 2026 NEXON Co., Ltd. All Rights Reserved.
37.7
29.5
25.3 25.3
0.8 1.1
5.6
4.5
4.2
Operating Income
2025 Q2
Revenue increase Variable Costs Marketing Costs HR Costs Other Operating Income
2026 Q2 (High-end)
Q2 2026 Operating Income & Cost Outlook
1HR costs includes HR cost (COGS), HR cost (SG&A) and R&D (SG&A) .
(Unit: ¥ billions )
Y/Y Analysis
Y/Y operating income decline driven by revenue
mix and significantly amplified by decreased
revenue in high -margin China business
• Marketing Costs: Expect to increase due to
increased customer acquisition costs tied to
the performance -based marketing for
MapleStory: Idle RPG ; promotions for the FC
franchise and Korea MapleStory
• HR Costs 1: Expect to increase due to
increased headcount
• Variable costs includes:
o Increased PG Fees tied to contributions
from MapleStory : Idle RPG and ARC Raiders
o Decreased royalties primarily due to
revenue decrease in MABINOGI MOBILE
• Other includes:
o Increased software service and cloud
service fees
1
Y/Y Operating Income Comparison (High -end)

23 © 2026 NEXON Co., Ltd. All Rights Reserved.
9.3
30.0
2.8
16.0
98.8
77.4
51.4
96.9
2020 2021 2022 2023 2024 2025 2026(E)
Shareholder Return
Dividend
▪ Forecast per -share annual dividend of ¥60 in 2026,
reflecting our expectation of continued strong cash
generation and improved efficiency
Buy -Back History
(Unit: ¥ billions )
Buy -Back
▪ On May 14, Nexon’s Board of Directors approved the
execution of the repurchase for ¥30 billion worth of
shares, scheduled from May 15 to July 31, 2026
Completed inJanuary
Execution fromMay 15 to July 31

24 © 2026 NEXON Co., Ltd. All Rights Reserved.
Pipeline

25 © 2026 NEXON Co., Ltd. All Rights Reserved.
1Tentative title.
Overwatch
2026
Korea
Overwatch
Hero Shooter
PC
Publisher
· Region
· IP
· Genre
· Business Model
2Includes Taiwan, Hong Kong and Macau
PC Mobile
Project T 1
· Region
· IP
2026
Korea, Global 2
Overgeared
· Genre
· Business Model
MMORPG
Publisher
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
PC Mobile
Higan : Eruthyll
· Launch Schedule
· Region
· IP
TBA
Korea
New
· Genre
· Business Model
Idle squad RPG
Publisher

26 © 2026 NEXON Co., Ltd. All Rights Reserved.
Mobile Console PC
2Tentative title.
Azur Promilia
2026
Korea
New
Fantasy World RPG
Publisher
· Region
· IP
· Genre
· Business Model
PC Console
Durango World
· Region
· IP
TBA
Korea, Japan, Global 1
Durango
· Genre
· Business Model
Multiplayer Open -World Survival Game
Developer/Publisher
Project RX 2
· Launch Schedule
· Region
· IP
TBA
TBA
New
· Genre
· Business Model
Anime -style Game
Developer/Publisher
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
PC Mobile
1Includes all the regions other than Korea, China and Japan

27 © 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
2027
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

28 © 2026 NEXON Co., Ltd. All Rights Reserved.
1Includes all the regions other than China and Japan 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.
Dungeon&Fighter : Idle RPG
· Launch Schedule
· Region
· IP
Global 1
Dungeon&Fighter
· Genre
· Business Model
Idle Game
Developer/Publisher
Dungeon&Fighter Classic
· Launch Schedule
· Region
· IP
2027
TBA
Dungeon&Fighter
· Genre
· Business Model
2D Action RPG
Developer/Publisher
PC
2026
Mobile

29 © 2026 NEXON Co., Ltd. All Rights Reserved.
PC Console
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
TBA

30 © 2026 NEXON Co., Ltd. All Rights Reserved.
Appendix

31 © 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 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 YoY%
(By Region)
Korea ¥54 ,252 ¥71,006 ¥69 ,072 ¥55 ,643 ¥57,481 6%
China 37,580 26,871 28,377 16,685 31,393 -16%
Japan 3,969 2,983 3,426 3,636 3,538 -11%
North America and Europe 10,856 9,457 9,452 38,817 44,465 310%
Rest of World 1 7,277 8,533 8,392 8,818 15,357 111%
(By Platform)
PC/Console 77,596 84,482 85,191 91,588 117,566 52%
Mobile 36,338 34,368 33,528 32,011 34,668 -5%
Revenue 113,934 118,850 118,719 123,599 152,234 34%
Operating income 41,611 37,698 37,528 7,175 58,163 40%
Net income 2 26,272 16,758 38,165 10,857 57,225 118%
Earnings per share 32.12 20.82 47.78 13.67 72.33
FX rate
100 KRW/JPY 10.53 10.34 10.65 10.65 10.72 2%
CNY/JPY 21.08 20.04 20.63 21.78 22.61 7%
USD/JPY 152.60 144.59 147.48 154.15 156.86 3%
PC and Console KPI 3
MAU (millions) 12.9 13.4 13.3 11.1 10.9 -16%
PU (millions) 2.4 2.6 2.6 1.9 2.0 -17%
Pay Rate 18.6% 19.7% 19.9% 17.5% 18.4%
ARPPU (as-reported) 16,137 12,472 13,705 10,732 18,692 16%

32 © 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. FY2025 FY2026
Q1 Q2 Q3 Q4 Q1
Total Cost of Revenue 1 ¥39,244 ¥47,225 ¥45,822 ¥60,797 ¥50,132
Royalty 2 10,850 15,650 13,892 14,558 14,903
HR cost (COGS) 3 20,072 20,872 21,041 34,119 23,367
Other (COGS) 4 8,322 10,703 10,889 12,120 11,862
Total SG&A 1 33,165 35,173 38,024 55,566 42,989
HR cost 8,360 7,373 7,771 8,462 7,808
PG fee 5 7,925 10,243 9,234 18,790 13,449
R&D 6,707 6,457 6,967 6,298 7,152
Marketing/advertising expenses 5,174 5,596 8,709 16,702 8,724
Depreciation and amortization 1,059 1,148 1,135 1,175 1,380
Other 3,940 4,356 4,208 4,139 4,476
Other Income 6 250 1,452 4,107 4,864 422
Other Expense 7 164 206 1,452 4,925 1,372
Includes: impairment loss 41 198 1,299 3,021 869

33 © 2026 NEXON Co., Ltd. All Rights Reserved.
1Finance Income includes interest income primarily on cash deposits. 2025 Q3, Q4 and 2026 Q1Finance Income includes FX conversion gains related to foreign currency deposits and accounts receivable.
22025 Q1, Q2 Finance Costs are primarily caused by FX conversion loss related to foreign currency deposits and accounts receivable.
3Net income refers to net income attributable to the owners of the parent.
(Unit: ¥ millions)
P&L Below Operating IncomeFY2025 FY2026
Q1 Q2 Q3 Q4 Q1
Operating Income ¥41 ,611 ¥37 ,698 ¥37 ,528 ¥7,175 ¥58 ,163
Finance Income 1 6,876 9,110 25,688 16,578 19,973
Finance Costs 2 6,642 18,257 2,718 3,898 1,218
Equity profit / (loss) of affiliates, equity
method companies (1,500) 1,128 42 (1,367) (1,688)
Impairment loss of investments
accounted for using equity method (1,644) (835) (6,122) – –
Income / before Income Tax 38,701 28,844 54,418 18,488 75,230
Tax expense 12,378 12,961 16,696 8,717 18,856
Non-controlling interests 51 (875) (443) (1,086) (851)
Net income 3 26,272 16,758 38,165 10,857 57,225

34 © 2026 NEXON Co., Ltd. All Rights Reserved.
Cash Flow Statement
(Unit: ¥ millions)3 months ended 3 months ended
March 31, 2025 March 31, 2026
Cash flows from operating activities ¥49,285 ¥53,015
Cash flows from investing activities 12,183 (64,145)
Cash flows from financing activities (38,297) (28,481)
Net increase / (decrease) in cash and cash equivalents 23,171 (39,611)
Cash and cash equivalents at beginning of fiscal year 331,931 498,868
Effect of exchange rate change on cash and cash equivalents (14,149) (5,001)
Cash and cash equivalents at end of fiscal year 340,953 454,256

35 © 2026 NEXON Co., Ltd. All Rights Reserved.
Balance Sheet
(Unit: ¥ millions)March 31, March 31,
2025 2026
Asset
Current Assets
Cash and cash equivalents ¥340 ,953 ¥454 ,256
Other deposits 244,893 420,350
Other current assets 128,178 122,248
Total current assets 714,024 996,854
Noncurrent assets
Tangible assets 27,151 31,705
Goodwill 44,841 47,911
Intangible assets 30,179 33,049
Investments accounted for using equity method 61,277 73,271
Other non-current financial assets 290,680 109,523
Others 53,674 92,737
Total noncurrent assets 507,802 388,196
Total assets 1,221,826 1,385,050 March 31, March 31,
2025 2026
Liability
Current liabilities
Current tax liabilities 23,878 62,584
Current borrowings – –
Others 84,037 131,749
Total current liabilities 107,915 194,333
Noncurrent liabilities
Non-current borrowings – –
Others 111,142 122,349
Total noncurrent liabilities 111,142 122,349
Total liabilities 219,057 316,682
Shareholders’ equity
Capital stock 51,513 61,782
Capital surplus 30,702 40,195
Treasury shares (23,953) (3,064)
Other equity interest 189,574 144,490
Retained earnings 744,099 817,767
Non-controlling interests 10,834 7,198
Total equity 1,002,769 1,068,368
Total liabilities and total equity 1,221,826 1,385,050

36 © 2026 NEXON Co., Ltd. All Rights Reserved.
Number of Employees by Reporting SegmentMarch 31 June 30 September 30 December 31 March 31
2025 2025 2025 2025 2026
Japan 239 237 233 233 244
Korea 8,083 8,111 8,338 8,342 8,473
China 189 187 184 184 169
North America 180 179 184 187 188
Others 810 842 847 888 949
Total 9,501 9,556 9,786 9,834 10,023
292 309 174 289 313
Full-time Employees
Temporary Workers

37 © 2026 NEXON Co., Ltd. All Rights Reserved.
28.7 43.0 65.4 77.0 74.2 80.5 73.8 89.8
165.0 154.7 212.9 255.3 195.0 250.0
48.4 63.9 67.0 75.4 74.2 115.4 133.0 112.2
81.2 73.6
86.4
100.5 164.1 109.5
19.2
36.4 29.9 21.0 16.9
17.1 14.1 13.9
10.4 10.5
10.5
11.9 17.8 14.0
7.8
8.0 7.9 12.5 11.4
12.1 21.5 19.5
19.9 18.7
20.1
27.7 42.5 68.6
4.4
4.1 2.7 4.4 6.4
9.8 11.4 13.2 16.5 17.0
23.8
27.9 26.8 33.0
108.4
155.3 172.9 190.3 183.1
234.9 253.7 248.5
293.0 274.5
353.7
423.4 446.2 475.1
FY12 FY13 FY14 FY15 FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25
100.2 127.0 138.7 148.3 139.8 183.5 198.9 188.0 195.9 196.4 243.9 304.2 256.5
338.9
8.2
28.4 34.2 42.0 43.3
51.4 54.9 60.6 97.1 78.1
109.8
119.2 189.7
136.2
108.4
155.3 172.9 190.3 183.1
234.9 253.7 248.5
293.0 274.5
353.7
423.4 446.2 475.1
FY12 FY13 FY14 FY15 FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25
PC/
Console
71%
Mobile
29%
Korea
53%
China
23%
Japan 3%
Rest of World 2
7%
Mobile
(Unit: ¥ billions)
Revenue by Region 1
Korea China Japan North America and Europe Rest of World 2
Revenue by Platform
PC/Console
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.
3FY16 and FY19 grew Y/Y on a constant currency basis.
FY2025
Revenue by
Region 1
FY2025
Revenue by
Platform
3 3
3 3
North America and Europe 14%
Historical Financials

38 © 2026 NEXON Co., Ltd. All Rights Reserved.
This presentation is prepared to offer reference information about NEXON group to the investors and is intended to generally pro vide investors and analysts with financial and operational
information about Nexon, but not to solicit or recommend any sale or purchase of stock or other securities of Nexon. NEXON Co ., Ltd. (“Nexon”) has not verified and would assume no responsibility for
the accuracy, appropriation, or completeness thereof. This presentation does not contain all relevant information relating to Ne xon or the sale of its shares, including, without limitation, the
information that would be stated under the captions “Risk Factors”, “Management’s Discussion and Analysis of Financial Condit ion and Results of Operations” and “Business” in an annual report. Any
investment decision with respect to any shares of Nexon should be made solely upon the basis of the information contained in the disclosure documents and is qualified in its entirety by reference
to the detailed information appearing in the disclosure documents.
This presentation includes non -GAAP and non -IFRS financial measures, including but not limited to key performance indicators, as well as ratios calculated on the basis thereof. These non -GAAP
and non -IFRS financial measures should not be considered in isolation or as a substitute for the most directly comparable financ ial measures included in our consolidated financial statements and
presented in accordance with IFRS.
This presentation includes forward -looking statements. In some cases, you can identify forward -looking statements by terms such as “anticipate”, “assume”, “believe”, “estimate”, “expect”, “forecast”,
“may”, “plan”, “potential”, “predict”, “seek”, “should”, or “will”, or by other similar terminology. These statements discuss expectations, identify strategies, contain projections of Nexon’s financial
condition or results of operations or state other forward -looking information. The forward -looking statements in this presentati on are subject to various risks, uncertainties and assumptions about
Nexon’s business and results of operations. The expectations expressed in these forward -looking statements may not be achieved, and actual results could differ materially from and be worse than
expectations. Potential risks and uncertainties that could cause actual results to differ materially from expectations includ e, without limitation:
• Continued growth and popularity of Nexon’s key titles;
• Nexon’s ability to maintain favorable relationships with key licensing partners;
• Nexon’s continued ability to offer games in China, through local partners or otherwise;
• N