NCSoft FY2026 Q2 Earnings Release

Q2 2026 Earnings Release
2026. 8. 11 NC Corporation

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The financial results for Q2 2026 have been prepared on an unaudited basis and may be subject to change
during an independent auditing process.
Please note that NC will not be responsible for individual investment decisions based on this material.
※ Key Consolidated Subsidiaries (based on K -IFRS):
NC Corporation(HQ, KOR), NC West Holdings, Inc.(100%, USA),
NC America, LLC(100%, USA), NC Europe, Ltd.(100%, GBR), NC Japan K.K.(100%, JPN),
NC Taiwan Co., Ltd.(100%, TWN), NC Service Co., Ltd.(100%, KOR), NC Dinos(100%, KOR),
NC ITS Co., Ltd.(100%, KOR), NCSOFT Asia Holdings PTE. LTD.(100%, SGP), NC IDS Co., Ltd.(100%, KOR),
NC QA Co., Ltd.(100%, KOR), FirstSpark Games Co., Ltd.(100%, KOR), BigFire Games Co., Ltd.(100%, KOR),
Ludius Games Co., Ltd.(100%, KOR), NC AI Co., Ltd.(100%, KOR), INDYGO GROUP PTE. LTD.(67%, SGP),
Springcomes Co., Ltd.(80%, KOR), Veroplay Limited(100%, CYP)
Disclaimer

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I. Consolidated Earnings
1. Financial Highlights
2. Revenue Breakdown
3. Mobile Casual
4. Cost Breakdown
II. Appendix
5. Consolidated Financial Statements
Table of Contents

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1. Financial Highlights
15,079
(7,467)
3,247
113,277
173,861
2Q 25 3Q 25 4Q 25 1Q 26 2Q 26
Operating Income
↑53 % QoQ
↑1,053 % YoY
↑38 % QoQ
↑101 % YoY
Quarterly Performance
(Unit : KRW MN)
382,393 360,036 404,218
557,383
770,501
2Q 25 3Q 25 4Q 25 1Q 26 2Q 26
Revenue
↓ 14% QoQ
TTP YoY
↓6% QoQ
TTP YoY
(33,287)
28,248
187,290 176,744
2Q 25 3Q 25 4Q 25 1Q 26 2Q 26
Pre -tax Income
435,145
Q2 revenue recorded KRW 770.5 billion, up 101% YoY and 38% QoQ, driven by the meaningful contribution of Mobile Casual and
robust performance of Lineage Classic
Operating income reached KRW 173.9 billion, up 1,053% YoY and 53% QoQ, lifting the operating margin to 23%
(35,953) (1,493)
152,428 131,181
2Q 25 3Q 25 4Q 25 1Q 26 2Q 26
Net Income
347,360

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2. Revenue Breakdown (by Segment, Region)
Revenue by Segment
(Unit : KRW MN)
Revenue Contribution by Region
65% 62% 60% 58% 48%
24% 27% 27% 27%
25%
11% 11% 13% 15%
27%
2Q 25 3Q 25 4Q 25 1Q 26 2Q 26
Korea Asia NA/EU & Others
PC revenue was KRW 343.8 billion, up 216% YoY and 8% QoQ, reaching all -time quarterly high
Mobile Casual revenue grew to KRW 169.7 billion (22% of total), driven by the consolidation of JustPlay
North America, Europe & Others rose to 27% of revenue on the JustPlay contribution, further diversifying the global revenue mix
108,691 109,040 188,369
318,350 343,759
223,535 209,374
188,785
182,787 185,311
35,509
169,707
50,167 41,621
27,064
20,737
71,724
2Q 25 3Q 25 4Q 25 1Q 26 2Q 26
PC Mobile Mobile Casual Others
382,393 360,036
404,218
557,383
770,501
* Royalty revenue integrated into respective IP * Royalty revenue integrated into respective IP

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2. Revenue Breakdown (by Game)
PC Games
(Unit : KRW MN)
22,296 27,436 26,674
99,826
204,745
29,297 28,461 31,008
28,791
25,809
16,193 12,461 7,798
8,706
7,860
24,553 21,594 15,144
11,651
9,735
16,353 19,088 30,384
32,625
23,689
77,361
136,751
71,922
108,691 109,040
188,369
2Q 25 3Q 25 4Q 25 1Q 26 2Q 26
Lineage Lineage 2 Aion Blade & Soul Guild Wars 2 Aion 2
318,350
Mobile Games
(Unit : KRW MN)
127,908 118,794 104,531 112,805 117,333
47,987 47,170
45,315 37,497 37,145
47,640 43,410
38,938 32,485 30,833
2Q 25 3Q 25 4Q 25 1Q 26 2Q 26
Lineage M Lineage 2M Lineage W
223,535
209,374
188,785 182,787
343,759
185,311
Lineage Classic delivered KRW 185.5 billion, with momentum sustained well beyond launch, lifting PC Lineage revenue 9x YoY
Aion 2 revenue stabilized at KRW 71.9 billion
The three mobile titles generated KRW 185.3 billion, up 1% QoQ, with Lineage M at KRW 117.3 billion, up 4% QoQ
* Excl. other PC Games, royalty revenue integrated into respective IP * Excl. other Mobile Games, royalty revenue integrated into respective IP

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3. NC Mobile Casual – Growth Intelligence Platform
Attract Engage Grow
Data & Optimization Platform [ OptiFlow ] Intelligence
User Identification Predictive Decision -making UA Automation & Optimization
Rewarded UA
First Party Data
Cross -promotion
Growth
Flywheel
Attention
Data
NC Mobile Casual Ecosystem
Lihuhu
Moving Eye More to come
Springcomes
JustPlay Traffic Hub Studios Contents
NC’s distinctive mobile casual ecosystem –compounding 1) Data & Optimization Platform, 2) Rewarded traffic hub, 3) Studios
Beyond genre diversification –an intelligent content platform that maximizes user LTV (Lifetime Value) and capital efficiency

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Rewarded Platform
Rewarded Gaming Platform
Outpacing peers through a proprietary game -ad-reward integrated system
Game Discovery
Studios
Casual Puzzle Merge Puzzle Idle RPG Action Arcade
Fast trend sensing
Rapid iteration
Immersive gameplay
IAP monetization capability
Well -recognized IP
Stable traffic
Swamp Attack Swamp Attack 2
Gameplay (Earn) Show Ads (Revenue) Challenges (Earn) Cashout
Mobile Casual delivered KRW 169.7 billion, driven by the consolidation of JustPlay and continued studio growth
Firmly established as one of NC’s three growth pillars, delivering meaningful financial contribution
Mobile Casual
(Unit : KRW MN)
3. NC Mobile Casual – Growth Intelligence Platform
35,509
169,707
1Q 26 2Q 26
* JustPlay and Moving Eye consolidated under Veroplay Hello Town Merge Peko RushKnights Hole Em All Tile Triple 3D MatchTriple 3D Tiles in Hole Sorting Queen

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4. Cost Breakdown
2Q 25 3Q 25 4Q 25 1Q 26 2Q 26
Operating Expenses 367,315 367,503 400,971 444,107 596,639
Labor 190,785 199,391 197,876 243,951 260,039
Marketing 23,378 15,992 52,877 37,767 163,100
-Existing Business Segment 23,378 15,992 52,877 16,549 31,140
-Mobile Casual Segment – – – 21,218 131,960
D&A 24,725 21,397 22,281 22,880 25,166
Commission & Others 128,427 130,724 127,937 139,509 148,334
Operating Income 15,079 (7,467) 3,247 113,277 173,861
(Unit : KRW MN)
QoQ YoY
34% 62%
7% 36%
332% 598%
88% 33%
522% N/A
10% 2%
6% 16%
53% 1,053%
Q2 Operating expenses totaled KRW 596.6 billion, up 34% QoQ
Labor costs increased 7% QoQ to KRW 260.0 billion, reflecting the accrued incentives and the consolidation of JustPlay
Marketing spend for existing business was KRW 31.1 billion, up 88% QoQ, due to expanded marketing activity across the portfol io
Marketing spend for Mobile Casual amounted to KRW 132.0 billion, reflecting the consolidation of JustPlay

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FY 2025 2Q 26
Liabilities
I. Current liabilities 641,190 720,255
Borrowings 129,966 129,999
Account payables 105,862 179,537
Lease liabilities 49,240 57,857
Current tax liabilities 53,138 68,112
Other current liabilities 302,770 284,537
Other provisions 213 213
II. Non -current liabilities 321,520 362,465
Debentures and borrowings 39,946 39,953
Defined benefit obligations 3,326 2,814
Long -term employee benefits 21,862 23,239
Lease liabilities 137,867 138,488
Others 118,519 157,971
Total liabilities 962,710 1,082,720
Shareholders equity
Capital stock 10,977 10,977
Other paid -in capital (239,534) (290,550)
Other components of equity (75,623) (103,510)
Retained earnings 3,669,049 3,923,426
Non -controlling interest 5,562 41,652
Total shareholders equity 3,370,431 3,581,995
Total liabilities and shareholders equity 4,333,140 4,664,715
Statement of Financial Position
5. Consolidated Financial Statements
(Unit : KRW MN)
FY 2025 2Q 26
Assets
I. Current assets 2,266,590 2,236,390
Cash and Cash equivalents 503,522 671,071
Short -term financial instruments 491,465 582,067
Account receivables 187,483 238,353
Other receivables 21,532 70,490
Short -term investment assets 1,008,380 622,614
Others 54,207 51,795
II. Non -current assets 2,066,551 2,428,325
Long -term loans 500 685
Other receivables 21,904 25,615
Long -term investment assets 678,720 473,489
Investment stocks in
associated companies 71,654 62,521
Tangible assets 1,034,694 1,133,481
Intangible assets 110,596 528,714
Others 148,484 203,821
Total assets 4,333,140 4,664,715

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Income Statement
2Q 25 3Q 25 4Q 25 1Q 26 2Q 26
Revenue 382,393 360,036 404,218 557,383 770,501
Operating Expenses 367,315 367,503 400,971 444,107 596,639
Operating Income 15,079 (7,467) 3,247 113,277 173,861
Non -operating Income (48,366) 442,612 25,001 74,014 2,883
Pre -tax Income (33,287) 435,145 28,248 187,290 176,744
Income Tax 2,666 87,785 29,741 34,862 45,563
Net Income (35,953) 347,360 (1,493) 152,428 131,181
Equity Attribution to the
Owners of the Parent Company (35,412) 346,699 (2,377) 148,781 124,640
Non -controlling interest (541) 661 885 3,648 6,541
(Unit : KRW MN)
5. Consolidated Financial Statements