Neowiz FY2026 Q2 Earnings Release

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© NEOWIZ All rights reserved.
Disclaimer
All financial information contained in this document is based on consolidated K -IFRS.
The matters discussed in this presentation contain forward -looking statements that involve risks
and uncertainties concerning NEOWIZ expected financial information performance as well as
strategic and operational plans.
Actual results may differ from the results predicted, and reported results should not be considered
as an indication of future performance. Therefore NEOWIZ will not be responsible for individual
investment decisions based only on this material.
All information in this presentation is as of August 2026 and NEOWIZ undertakes no duty to
update this information.
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© NEOWIZ All rights reserved. 2
1H 2026 Highlights
1H Revenue KRW 203.5bn, Operating Profit KRW 14.9bn, Net Profit KRW 33.9bn
-1H26 revenue grew YoY on stable live IP operations
-Operating profit declined due to higher variable costs from mobile revenue growth
-Net profit improved on valuation gains on financial assets and FX translation gains
Revenue
203.5 KRW bn
YoY +2.2% (1H25 KRW 199.0bn)
Top -line growth led by live IPs
Operating Profit
14.9 KRW bn
YoY -48.3% (1H25 KRW 28.8bn)
Higher variable costs on mix shift
Net Profit
33.9 KRW bn
YoY +79.4% (1H25 KRW 18.9bn)
FX translation and financial income
Key Developments
Business & Pipeline
· Pipeline +2 (1 in -house, 1 Publishing )
· Cats & Soup: Magic Recipe (Apr) , Kingdom 2 (Aug)
Shareholder Return
· FY2025 return KRW 12.0bn completed (Apr)
· KRW 5.0bn buyback resolved (Aug)
Management & Governance
· New Co -CEO with a development background appointed (Aug)
· First Sustainability Report (Jul)
※ Results are on a consolidated first -half basis. Key developments include events through the earnings release date.

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Q2 2026 Financial Summary
Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026
16.9%
20.8%
4.4% 6.9% 7.8%
Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026
Op. profit Op. margin
Revenue
11.6%
19.7%
1.1%
15.3%
18.0%
Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026
Net profit Net margin
Operating Profit Net Profit
(KRW mn) (KRW mn) (KRW mn)
Q2 Revenue KRW 102.1bn, Operating Profit KRW 7.9bn, Net Profit KRW 18.4bn
– Revenue and operating profit up on ‘Brown Dust2 ’3rd anniversary , ‘Cats & Soup ’collaboration and new title launch
– Net profit increased on higher financial income
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© NEOWIZ All rights reserved.
44,032
58,468 47,708 51,360 53,151
57,470
58,712
45,902 39,548 37,277
58,712
Q2 2026 Revenue Breakdown
[Q2 2026 Revenue by Platform] [Q2 2026 Revenue by Region]
45%
55%
Overseas Domestic
Revenue Revenue Breakdown
37%
52%
11%
PC/Console Mobile Others
(KRW mn)
Q2 2026 Revenue KRW 102.1bn, -7.2% YoY, 0.6% QoQ
– PC/Console KRW 37.3bn ( -35.1% YoY, -5.7% QoQ) : ‘Lies of P ’, ‘Shape of Dreams ’stabilized
– Mobile KRW 53.2bn (+20.7% YoY, +3.5% QoQ) : ‘BrownDust2’ 3rd anniversary, ‘Cats & Soup’ IP collaboration and ‘Cats & Soup : Magic Recipe ’launch
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* Overseas revenue share of key titles : Lies of P 96%, BrownDust2 87%, Cats & Soup 91%, DJMAX RESPECT V 51% ■PC/Console ■Mobile ■Others(Rental, Advertising)

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(KRW mn) Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 YoY QoQ
Operating Expenses 91,424 100,947 101,572 94,464 94,131 3.0% -0.4%
Labor Cost 41,843 36,612 44,529 39,582 36,400 -13.0% -8.0%
Variable Cost 30,744 45,298 37,304 35,044 34,535 12.3% -1.5%
Marketing 8,316 8,438 8,483 7,325 10,691 28.6% 46.0%
D&A 3,499 3,408 3,360 3,421 3,407 -2.6% -0.4%
Others 7,022 7,192 7,897 9,092 9,098 29.6% 0.1%
Q2 2026 Expense Breakdown
Q2 2026 Operating Expenses KRW 94.1bn, 3.0% YoY, -0.4% QoQ
– Marketing : Increased on new title launches and live IP events
– Labor Cost : Base effect from share -based compensation in the previous quarter
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© NEOWIZ All rights reserved.
Game Genre Platform Market In-house/Publishing Timeline
Kingdom 2 MMORPG Mobile Korea /Taiwan,
Hong Kong, Macau In-house August 5th, FY2026 /
2nd Half
Goodbye Seoul: Itaewon Puzzle Platformer PC(Steam) Global Publishing 2nd Half, FY2026
▪ Phase 1: Discover titles with high growth potential, capable of serialization
▪ Phase 2: Preparation for full -scale global IP expansion
Game Genre Platform Market In-house/Publishing Development Phase
Wolfeye Studios New Project Retro SF First -person RPG PC/Console Global Publishing Production
Wind up Deadman Narrative CRPG PC(Steam) Global Publishing Prototype
Zakazane Studio New Project Noir West CRPG PC/Console Global Publishing Production
Project CF Life Simulation PC/Console Global In-house Production
Project Rubicon Narrative -based RPG PC/Console Global In-house Vertical -slice
Lies of P Sequel Souls -like RPG PC/Console Global In-house Vertical -slice
Project Windi Souls -like RPG PC/Console Global In-house Prototype
Project FN Subculture -based RPG PC/Console Global In-house Vertical -slice
※ Upcoming titles are being developed with a focus on global publishing and franchise expansion. Title names and release schedules will be announced at a later date.
Pipeline Line -up
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© NEOWIZ All rights reserved. 9
Shareholder Return
KRW 5.0bn treasury share buyback approved for the FY2026 shareholder return
01. FY2025 Return (Completed)
· KRW 12.0bn executed, 20% of FY2025 operating profit (KRW 60.0bn)
· KRW 6.0bn treasury shares acquired and cancelled (April 2026)
· KRW 6.0bn tax -exempt dividend paid (April 2026)
02. FY2026 Return (In Progress)
· KRW 5.0bn treasury share buyback approved for FY2026
· Trust agreement : August 2026 –February 2027
· Tax -exempt dividend and cancellation after the 2027 AGM
03. Three -Year Shareholder Return Policy (2025 –2027) Corporate Value Enhancement Plan (Jan 23, 2026)
Return Resources
Max [Consolidated operating profit ×20%,
KRW 10.0bn annual floor ]
At the KRW 10.0bn
minimum return pool
Cash dividend KRW 5.0bn
Share cancellation KRW 5.0bn
Above the KRW 10.0bn
return pool
Board decides the dividend and
cancellation mix, reflecting market
conditions
Special cancellation
50% of shares forfeited for unmet
vesting conditions (awards granted
from 2026 onward) are cancelled

© NEOWIZ All rights reserved. 10
Governance
Development Leadership and Reorganization to Focus on Delivering Results and Build Sustainable Management
01. New Co -CEO Appointed
· Sung Joon Park, Head of the New Game Development
Group, our first CEO with a development background
· Co-CEO structure with Tae Geun Bae, formally taking
office upon the August Board resolution
· Astrategic decision to focus on delivering results
from new titles
02. Development & Live Operations
· New Game Development Group : greater
independence for new IP development studios
· Global Business Group : new IP sourcing and
investment, global publishing
· Live Game Business Group : stable operation and
enhancement of live IP
· Reorganized around ‘sourcing and investment’ and
‘operational enhancement’
03. Sustainability Management
· First -ever ‘2025 Sustainability Report’ published
· Sustinvest 1H 2026 overall governance rating
upgraded
· Governance strengthened through planned Board
committees, including compensation

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Consolidated Financial Statements
Consolidated Financial Statement Consolidated Income Statement
(KRW mn) Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026
Current assets 336,127 357,054 381,024 363,896 354,550
Cash & cash equivalents 95,937 89,587 71,507 153,525 76,469
Trade & other receivables 67,147 47,197 59,122 39,199 51,717
Financial assets 159,782 209,113 235,503 159,707 214,381
Other current assets 13,261 11,157 14,892 11,464 11,983
Non -current assets 306,070 307,524 298,319 298,908 319,443
Trade & other receivables 1,253 1,281 1,282 1,286 1,634
Investments in JV & assoc. 22,218 22,346 22,430 30,774 33,223
Investment property 26,385 26,249 26,498 26,360 26,222
Tangible assets 86,163 85,690 84,982 84,782 84,551
Intangible assets 91,856 92,991 78,689 70,750 67,300
Financial assets 41,679 43,544 47,524 48,293 71,846
Other non -current assets 36,516 35,423 36,914 36,662 34,667
Total assets 642,197 664,577 679,343 662,804 673,993
Current liabilities 87,315 79,744 107,807 87,895 80,763
Non -current liabilities 22,404 23,921 15,722 14,488 13,972
Total liabilities 109,719 103,665 123,530 102,383 94,735
Controlling interests 503,910 533,217 531,167 536,430 555,351
Capital stock 11,017 11,017 11,017 11,017 11,017
Capital surplus 129,989 129,989 79,989 79,989 79,989
Retained earnings 440,620 466,600 520,957 532,837 546,821
Other components of equity (77,717) (74,389) (80,796) (87,413) (82,477)
Non -controlling interests 28,568 27,695 24,647 23,990 23,908
Total equity 532,478 560,912 555,814 560,420 579,259
Total liabilities and equity 642,197 664,577 679,343 662,804 673,993
(KRW mn) Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026
Revenue 110,010 127,418 106,267 101,415 102,073
Operating expenses 91,424 100,947 101,572 94,464 94,131
Operating profit (loss) 18,586 26,470 4,695 6,951 7,942
Financial income 4,184 4,807 10,458 15,775 14,347
Financial expenses 5,008 (870) 2,949 5,681 2,400
Other income 90 691 655 326 946
Other expenses 418 (151) 8,675 970 891
Equity method income (loss) (208) 8 (84) 3,777 2,374
Profit (loss) before tax 17,225 32,997 4,101 20,179 22,318
Income tax 4,454 7,951 2,960 4,706 3,912
Net profit (loss) 12,771 25,047 1,142 15,473 18,406
Controlling interests 14,009 25,950 2,741 16,217 18,578
Non -controlling interests (1,238) (903) (1,599) (744) (172)
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NEOWIZ is a company where real gamers make games .
To create games that deliver the ultimate gaming experience to players worldwide,
we are preparing for the next step forward even at this very moment .
Closing
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