Nexon FY2026 Q2 Earnings Release
Download PDF1 © 2026 NEXON Co., Ltd. All Rights Reserved.
INVESTOR PRESENTATION Q2 2026
Junghun Lee President and CEO | Shiro Uemura CFO
2 © 2026 NEXON Co., Ltd. All Rights Reserved.
Table of Contents
• Management Summary
• Capital Allocation and Shareholder Returns
• Franchise Summary
• Q2 2026 Results
• Q3 2026 Outlook
• Pipeline
• Appendix
3 © 2026 NEXON Co., Ltd. All Rights Reserved. 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 2The game title is tentative and subject to change.
139.4 140.2 130.8
93.1
FY23 FY24 FY25 FY26Q1-Q2
423.4 446.2 475.1
273.3
FY23 FY24 FY25 FY26Q1-Q2
Vertical (Three Franchises Total) Horizontal
3Operating Income excluding Other Expense such as impairment losses
Revenue
Management Summary
Transformation Initiative – Positioned to Capture Growth
• Making material progress – managing full -year HR cost flat Y/Y; assigning profit targets
for all products and projects; reallocating resources to proven franchises, and investing
in new technology to improve studio productivity
• Moving decisively to unlock greater creative output, efficiency, and profitability
Replicable Growth Models – The MapleStory Playbook and ARC
Raiders ’ Breakthrough Strategy for Western Markets
• MapleStory playbook extends to the Dungeon&Fighter franchise -Arad: Idle RPG 2,
Dungeon&Fighter Classic , Project OVERKILL, and Dungeon&Fighter : ARAD
• Embark’s strategy of pioneering new technology for leaner, faster development –
a strategic unlock and a portal for Nexon’s global expansion
Adjusted Operating Income 3
MapleStory Franchise Leads Q2 Outperformance; ARC Raiders a
Significant Contributor
• MapleStory franchise grew 63% Y/Y, driven by two franchise extensions –
MapleStory Worlds 1and MapleStory : Idle RPG
• ARC Raiders contributed ¥18.3 billion, or approximately 15% of Q2 revenue, with
cumulative revenue surpassing ¥88 billion and unit sales exceeding 16.3 million since
launch. Frozen Trail on track for October release
(Unit: ¥ billions)
(Unit: ¥ billions)
▪ The ¥415 special dividend adds substantially to our ongoing
dividend and buyback program
▪ 2026 regular annual dividend of ¥60 per share (¥30 semi -annual)
▪ Completed a ¥30 billion share repurchase in July, as approved by
the Board in May
¥900+ Billion Total Capital Returned Since
IPO in 2011 by 2026 End / Est.
Capital Allocation and Shareholder Returns
A Direct and Equitable Distribution to All Shareholders
▪ We will continue to return more than 33% of the prior year’s
operating income to shareholders through semi -annual
dividends and buybacks
▪ A minimum ROE target of 10%, with an aim to grow to 15% in the
mid -long term
▪ Steady cash flow from established franchises, plus contributions
from new games, fund both growth investment and shareholder
returns
▪ Further strengthened by the recent divestitures of investments:
¥106 billion in principal , plus ¥142 billion in gains
▪ Ample capacity to pursue growth while returning capital to
shareholders
Standing Return Policy 33%+ Prior – Year
Operating Income; ROE Target 10%+
¥842 Billion in Cash at Quarter – End
▪ To be paid to shareholders registered as of September 30, 2026,
subject to formal Board resolution expected in September
▪ In the Board’s view, an effective way to return cash directly and
equitably to all shareholders
¥415 Per Share Special Dividend –
Approximately ¥324 Billion 1or $2 Billion 2
1The aggregate amount reflects ¥415 per share applied to the number of shares outstanding, net of treasury shares, as of July 31,2026, and is subject to change based on the number of shares outstanding as of the record date of September 30, 2026. 2Calculated at an exchange rate of US$1 = ¥160.7
5 © 2026 NEXON Co., Ltd. All Rights Reserved.
Trailing 12 – Month Franchise Revenue History
REVENUE
TIME
Vertical: The MapleStory Franchise Achieved Exceptional 63% Y/Y Growth in Q2
Horizontal: Up 20% Y/Y, Led by ARC Raiders , Contributing ¥ 18.3 Billion, or Approximately 15% of Q2 Revenue
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
6 © 2026 NEXON Co., Ltd. All Rights Reserved.
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 .
Q2
Q2 Franchise Revenue Achieved 63% Y/Y Growth for a Record Quarterly High,
Driven by MapleStory Worlds 1and MapleStory : Idle RPG ; Expect Approx. 40% Y/Y
Growth in Q3
Global MapleStory
• Q2 revenue declined 7% Y/Y against a strong prior -year base
• Expect revenue to grow double digits Y/Y in Q3, supported by a
hyperlocalized summer update in Western MapleStory
MapleStory Worlds 1
• Q2 revenue exceeded outlook and grew 123% Y/Y, driven by Maple
Planet in Korea and Maple Star in Taiwan – two new user -generated
worlds launched in late April
• Expect continued strength and revenue to approximately double Y/Y in
Q3
MapleStory : Idle RPG
• Q2 revenue exceeded outlook, driven by the April half -anniversary
update
• Expect continued contribution to franchise growth in Q3, with revenue
moderating sequentially
• Q2 revenue exceeded expectations, growing 7% Y/Y on top of last
year’s 91% Y/Y growth, marking a Q2 record, driven by strong sales tied
to the June summer update
• Expect Q3 revenue to be broadly in line with Q3 2025, which grew
approx. 3x Y/Y, with continued contributions from the summer updates
Korea MapleStory
Q3
7 © 2026 NEXON Co., Ltd. All Rights Reserved.
2023 2024 2025 2026
Dungeon&Fighter Franchise
Dungeon&Fighter Franchise Revenue
Q1
Q2
Q1
Q4
Q3
Dungeon&Fighter (PC)
• China
• Q2 revenue was within guidance range but declined Y/Y, due
to the soft start to the April new -season update. The June
anniversary update created solid retention among core users
• Sales tied to the July summer update started strong, followed by
slowdown. Combined with the September National Day update
and new raid content, expect Q3 revenue to increase Q/Q
• As -reported Q3 revenue expected to increase Y/Y, mainly due to
favorable FX, with underlying local -currency performance
remaining approx. flat
• Korea
• Q2 revenue declined Y/Y, reflecting a high prior -year comparison
and soft reception to the March new -season update
• Expect the Y/Y decline to continue in Q3; August anniversary
update and new raid content will focus on retention and
re -engaging lapsed players
Dungeon&Fighter Mobile
• Q2 revenue exceeded our outlook, driven by the May anniversary update
and monetization from a new feature, while declining Y/Y
• Expect Q3 revenue to decline Y/Y; a series of updates is planned –
including a new farming dungeon, multi -character legion content, and a
new raid timed for National Day holiday
Q2 Performed as Expected with Franchise Revenue Down 44% Y/Y;
Y/Y Decline to Continue in Q3, but Expect a Sequential Increase
Q2
Q3
8 © 2026 NEXON Co., Ltd. All Rights Reserved.
2023 2024 2025 2026
FC Franchise Revenue
FC Franchise
Q1
Q2
Q1
Q4
Q3
Q2 Revenue Fell Below Outlook and Declined Y/Y Owing to Softness in
Both FC ONLINE 1and FC MOBILE 2; Expect Q3 Franchise Revenue to
Slightly Decline Y/Y
Q2
FC ONLINE 1
• Q2 revenue declined Y/Y. The World Cup did not translate into traffic lift
as anticipated, and user -acquisition efforts also fell short of plan
• Following the June TOTS (Team of the Season) update, expect revenue
to recover sequentially in Q3 and return close to prior -year levels
FC MOBILE 2
• Q2 revenue was down Y/Y and fell below plan. An April update led to some
technical quality issues, which affected traffic and monetization
• Service quality stabilized, with traffic recovering since June. Following July
launch of TOTS (Team of the Season) class content, expect traffic and
revenue to improve sequentially in Q3
1Official title is EA SPORTS FC TMONLINE (PC) and EA SPORTS FC TMONLINE M (mobile).
2Official title is EA SPORTS FC TMMOBILE .
Q3
9 © 2026 NEXON Co., Ltd. All Rights Reserved.
ARC Raiders
THE FINALS
Shooters
ARC Raiders ‘ Success Represents a Replicable Strategy for
Developing and Publishing Games that Break Through in
Western Markets
• With additional 800K units sold, cumulative unit sales
reached a remarkable 16.3 million in Q2, collectively
generated more than ¥88 billion since launch
• Frozen Trail -the largest content drop since launch – is on
track for an October release, expected to re -energize the
core and attract new players
• In July, our partners at Tencent conducted a Closed Alpha
Test in China, which exceeded our registration targets and
received positive feedback on localization quality
• Q2 revenue grew Y/Y. More than 30 months after launch, the
game demonstrates stable engagement metrics among a
passionate player base, supported by periodical season
updates
• Expect Q3 revenue to remain stable Y/Y with the July launch
of Season 11
10 © 2026 NEXON Co., Ltd. All Rights Reserved.
Q2 2026 Results
11 © 2026 NEXON Co., Ltd. All Rights Reserved.
118.9 121.1
37.7 31.3
16.8
29.6
Q2 2025 Q2 2026 Q2 2025 Q2 2026 Q2 2025 Q2 2026
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 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.
Q2 2026 Financial Highlights
Results Above Outlook, Led by Sustained Strength of the MapleStory Franchise. ARC Raiders Maintains Solid
Revenue Contribution
Revenue Operating Income Net Income 3 (Unit: ¥ millions, except per share data) (Unit: ¥ billions)
Revenue
• Outperformance driven by strong results across the
MapleStory franchise -MapleStory Worlds 1, PC
MapleStory , and MapleStory : Idle RPG
• 63% Y/Y growth in the MapleStory franchise, plus a
solid ARC Raiders contribution, while the
Dungeon&Fighter and FC franchises declined Y/Y and
MABINOGI MOBILE was down against a high launch –
quarter base
Operating Income
• Above outlook, driven by revenue outperformance and
lower -than -planned costs
• Higher MapleStory Worlds 1creator fees 2more than offset
by a non -recurring reversal of share -based
compensation and lower royalty and marketing costs
• Down Y/Y reflecting a shift in product mix toward higher
revenue -linked costs — creator fees, performance -based
user acquisition costs, as well as cloud service and
software service fees
Net Income 3
• Exceeded outlook, due to operating income
outperformance and a ¥ 5.5 billion valuation
gain on funds
• Up Y/Y; primarily due to a ¥1.7 billion FX loss
recognized in Q2 2026 compared to a ¥17.5
billion FX loss recognized in Q2 2025
3Net income refers to net income attributable to the owners of the parent. 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.
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.As- Constant
Q2 2025 Q2 2026 Reported Currency 4
Revenues ¥118,850 ¥106,956 ~ ¥119,671 ¥121,076 2% (6%)
PC/Console 84,482 79,220 ~ 86,814 87,498 4% (5%)
Mobile 34,368 27,736 ~ 32,857 33,578 (2%) (8%)
Operating income 37,698 16,059 ~ 25,343 31,284 (17%) (31%)
Net income 3 16,758 16,084 ~ 23,177 29,639 77% 45%
Earnings per share 20.82 20.32 ~ 29.28 37.56
Exchange rates
100 KRW/JPY 10.34 10.74 10.74 10.63 3%
CNY/JPY 20.04 23.22 23.22 23.34 16%
USD/JPY 144.59 159.33 159.33 159.49 10%
YoY % Change
Q2 2026 Outlook
12 © 2026 NEXON Co., Ltd. All Rights Reserved.
72%
28%
51%
16%
2%
21%
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.
Q2 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 5 1%
China 16%
Japan 2%
North America & Europe 21%
Rest of World 210%
PC/Console 72%
Mobile 28%As- Constant As- Constant
Reported Currency 3 Reported Currency 3
Revenue by Region 1
Korea ¥71,006 ¥61,089 ¥58,877 (14%) (17%)
China 26,871 19,355 16,019 (28%) (40%)
Japan 2,983 2,575 2,514 (14%) (16%)
North America and Europe 9,457 25,536 23,097 170% 144%
Rest of World 2 8,533 12,521 11,632 47% 36%
Nexon Total 118,850 121,076 112,139 2% (6%)
Revenue by Platform
PC/Console 84,482 87,498 80,496 4% (5%)
Mobile 34,368 33,578 31,643 (2%) (8%)
Nexon Total 118,850 121,076 112,139 2% (6%)
FX Rate
100 KRW/JPY 10.34 10.63 10.34 3%
CNY/JPY 20.04 23.34 20.04 16%
USD/JPY 144.59 159.49 144.59 10%
Q2 2026 YoY % Change
Q2 2025
13 © 2026 NEXON Co., Ltd. All Rights Reserved.
113.9
152.2
41.6 58.2
26.3
57.2
118.9
121.1
37.7 31.3
16.8
29.6
232.8
273.3
79.3 89.4
43.0
86.9
2025 2026 2025 2026 2025 2026
Q2 2026 Accumulated Results
Revenues Operating Income Net Income 3
Q2 Accumulated (Unit: ¥ billions)
(Unit: ¥ millions, except per share data)
Q2
Q1
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.
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.
3Net income refers to net income attributable to owners of the parent.Constant Constant
Currency 4 Currency 4
Revenue by Region 1
Korea ¥125,258 ¥118,570 ¥115,288 (5%) (8%)
China 64,451 50,748 47,246 (21%) (27%)
Japan 6,952 6,113 5,960 (12%) (14%)
North America and Europe 20,313 70,001 61,558 245% 203%
Rest of World 2 15,810 27,878 25,898 76% 64%
Nexon Total 232,784 273,310 255,950 17% 10%
Revenue by Platform
PC/Console 162,078 205,064 190,465 27% 18%
Mobile 70,706 68,246 65,485 (3%) (7%)
Nexon Total 232,784 273,310 255,950 17% 10%
Operating income 79,309 89,447 79,269 13% (0%)
Net income 3 43,030 86,864 77,012 102% 79%
Earnings per share 53.04 109.96
Q1-Q2 2026 YoY % Change
Q1-Q2 2025 As-Reported As-Reported
14 © 2026 NEXON Co., Ltd. All Rights Reserved.
17,958 14,554 15,880 15,780 15,887
53,048 54,518
39,763 41,701 45,202
71,006 69,072
55,643 57,481 61,089
Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026
Results in Line With Outlook. Strength Across the MapleStory Franchise, While the FC and
Dungeon&Fighter Franchises Fell Below Expectations
• MapleStory Franchise:
• MapleStory : Outperformed, up 7% Y/Y on top of 91% growth achieved in Q2 2025, driven by sales
from the June summer update –marking a Q2 record
• MapleStory Worlds 1: Significantly exceeded outlook, grew >4x Y/Y, driven by strong reception for
Maple Planet , a new user -generated world launched in late April
• MapleStory : Idle RPG : In line with expectations; a strong contributor to franchise growth
• FC Franchise: Below outlook and down Y/Y on softer -than -expected traffic and monetization
across FC ONLINE 2and FC MOBILE 3
• Dungeon&Fighter Franchise: PC below outlook and down Y/Y, reflecting a high prior -year
comparison and weak reception to the March new season update
• MABINOGI MOBILE : Down Y/Y against a strong launch -quarter base; moderated sequentially
• By platform, PC/console and mobile revenue declined 15% and 12%, respectively
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.
Q2 2026 Korea – Highlights
(Unit: ¥ millions)
PC/Console
Mobile
Y/Y% change:
As Reported: -14%
Constant Currency 4: -17%
5Based on regions where the revenue originates; not a representation of revenues according to Nexon entities.6The 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 5
Dungeon&Fighter
EA SPORTS FC TMONLINE M 2
MapleStory Worlds 1
No.3
No.4
EA SPORTS FC TMMOBILE 3
No.5
No.3
MapleStory
No.5
PC/ConsoleNo.1
No.4
Sudden Attack
MapleStory Worlds 1
No.3
EA SPORTS FC TMONLINE 2
No.2
No.2
MABINOGI MOBILE
No .1
MapleStory : Idle RPG
1MapleStory Worlds is a content creation platform in which players use MapleStory assets to create their own game and share it with other players.
2Official title is EA SPORTS FC TMONLINE (PC) and EA SPORTS FC TMONLINE M (mobile).
3Official title is EA SPORTS FC TMMOBILE .
Mobile
15 © 2026 NEXON Co., Ltd. All Rights Reserved.
10,039 12,084 10,020 8,360 7,531
16,832 16,293
6,665
23,033
11,824
26,871 28,377
16,685
31,393
19,355
Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026
Q2 2026 China – Highlights
PC/Console
Mobile
Y/Y% change:
As Reported: -28%
Constant Currency 1: -40%
Results in Line with Outlook . Dungeon&Fighter Franchise Performing as Expected
• Dungeon&Fighter (PC):
‐ Result swithin outlook range but down Y/Y, owing to a soft start to the April new -season update; the June
anniversary update helped drive solid retention among the core players
‐ MAUs, paying users, and AR PPU declined Y/Y
‐ Q/Q, MAUs and paying users both increased ,supported by the anniversary update, while ARPP U
decreased against Q1, which included New Year sales
• Dungeon&Fighter Mobile :
‐ Exceeded outlook though down Y/Y, driven by the May anniversary update and monetization from a new
feature
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
Blue Archive
Counter Strike Online
No.2 No.3
3Official title of MapleStory M in 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.
MapleStory (Unit: ¥ millions)
16 © 2026 NEXON Co., Ltd. All Rights Reserved.
1,380 1,507
906
1,482 1,107
1,603
1,919 2,730 2,056
1,468
2,983
3,426 3,636 3,538
2,575
Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026
MapleStory
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.
Q2 2026 Japan – Highlights
Mobile
(Unit: ¥ millions)
Y/Y% change:
As Reported: -14%
Constant Currency 2: -16%
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.
Results Above Outlook Led by Blue Archive
• MapleStory (PC): Revenue fell below outlook and declined Y/Y, owing to softer
traffic
• Y/Y revenue decline also reflects moderation in HIT: The World 1, The First Berserker:
Khazan , and Blue Archive , despite a contribution from ARC Raiders
1Official title for HIT2 serviced in Japan.
PC/Console
Revenue Ranking by Region 3
No.2 No.3
No.2 No.3
Blue Archive HIT : The World 1 MapleStory M
Dungeon&Fighter
No.1Mobile
PC/ConsoleNo.1
Tales Weaver
17 © 2026 NEXON Co., Ltd. All Rights Reserved.
Q2 2026 North America and Europe – Highlights
Mobile
(Unit: ¥ millions) Y/Y% change:
As Reported: +170%
Constant Currency 1: +144%
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.
Results Above Outlook Driven by MapleStory : Idle RPG . Strong Y/Y Growth Led by Ongoing
Contributions from ARC Raiders
• ARC Raiders : A strong contributor to the quarter and year over year growth, continue sto benefit
from a vibrant player community
• MapleStory Franchise:
• MapleStory : Exceeded outlook and grew 7% Y/Y, driven by the June summer update
• MapleStory : Idle RPG : Outperformed outlook and contributed to Y/Y growth, driven by the April half –
year anniversary
• THE FINALS : Performed as expected, with stable engagement metrics among a passionate
playerbase , supported by periodical season updates
PC/Console
Revenue Ranking by Region 2
MapleStory : Idle RPG
No.2 No.3
ARC Raiders
Blue Archive
No.1Mobile
PC/ConsoleNo.1
No.2 No.3
MapleStory M
THE FINALS MapleStory
1,227 1,716 2,253
3,989 4,032
8,230 7,736
36,564
40,476
21,504 9,457 9,452
38,817
44,465
25,536
Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026
18 © 2026 NEXON Co., Ltd. All Rights Reserved.
3,764 3,667 2,952
5,057 5,021
4,769 4,725 5,866
10,300
7,500 8,533 8,392 8,818
15,357
12,521
Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026
MapleStory Worlds 2
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 the c urrent 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.
Q2 2026 Rest of World 1 – Highlights
PC/Console
Mobile
(Unit: ¥ millions)
Y/Y% change:
As Reported: +47%
Constant Currency 3: +36%
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 holders.
Results Above Outlook on MapleStory Worlds 2and MapleStory : Idle RPG . Y/Y Growth
Led by ARC Raiders and MapleStory : Idle RPG
• MapleStory Franchise:
• MapleStory Worlds 2: Outperformance on strong reception to Maple Star , a new user –
generated world launched in Taiwan late April .Revenue was down slightly against a difficult
comparison with the platform’s successful Q2 2025 Taiwan launch
• MapleStory : Idle RPG : Outperformed and contributed to Y/Y growth, driven by the April
half -year anniversary
• ARC Raiders :Strong contributor to the quarter and Y/Y growth
Revenue Ranking by Region 4
ARC Raiders
No.2 No.3
MapleStory : Idle RPG
No.1Mobile
PC/ConsoleNo.1
No.2 No.3
MapleStory M Blue Archive
MapleStory
2MapleStory Worlds is a content creation platform in which users can use MapleStory assets to create their own game and share it with other play ers.
19 © 2026 NEXON Co., Ltd. All Rights Reserved.
3Aggregation of Others (COGS) and Others (SG&A) which includes cloud service costs, outsourcing expenses, and fees to creators in MapleStory Worlds .
40,212 41,552 36,437 35,139 34,702 35,779
48,879
38,327 34,747
10,304 10,617
7,989 10,850 15,650 13,892
14,558
14,903
11,604
7,762 9,799
6,108 7,925
10,243 9,234
18,790
13,449
11,201
4,816
7,722
10,745 5,174
5,596 8,709
16,702
8,724
10,158
1,338
1,094
1,094 1,059
1,148 1,135
1,175
1,380
1,390
12,177
11,724
12,244 12,262
15,059 15,097
16,259
16,338
19,510 76,609
82,508
74,617 72,409
82,398 83,846
116,363
93,121
88,610
Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 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). 4In 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.
(Unit: ¥ millions)
Q2 Results
Y/Y Analysis
• HR Costs 1: Flat, as higher headcount was offset by a
non -recurring reversal of share -based
compensation
• Royalty: Decreased, reflecting sales decline in
MABINOGI MOBILE and the FC franchise, partially offset
by a contribution from MapleStory : Idle RPG
• PG Fee: Increased, with higher MapleStory Worlds 2
and ARC Raiders sales
• Marketing Costs: Increased, due to performance –
based user acquisition costs for MapleStory : Idle RPG ,
along with promotions of the FC franchise and Korea
MapleStory
• Other 3: Increased on higher cloud service fees from
growing global live services and data usage, plus
higher creator fees 4tied to the strong growth of
MapleStory Worlds 2along with increased software
service fees
Q/Q Analysis
• HR Costs 1: Decreased due to a non -recurring reversal
of share -based compensation and lower bonuses
• Royalty: Decreased due primarily to sequential sales
decrease from the FC franchise
• PG Fee: Decreased due to sales moderation in ARC
Raiders and a decrease from the FC franchise
• Marketing Costs: Increased due to FC franchise and
Korea MapleStory
• Other 3: Increased due to higher creator fees 4 tied to
the growth of MapleStory Worlds 2
1
3
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.
20 © 2026 NEXON Co., Ltd. All Rights Reserved.
Q3 2026 Outlook
21 © 2026 NEXON Co., Ltd. All Rights Reserved.
113.9 152.2
41.6 58.2 26.3 57.2
118.9
121.1
37.7 31.3
16.8
29.6
118.7
133.4
37.5 32.3
38.2
25.6
351.5
406.7
116.8 121.8
81.3
112.4
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.
Revenue Operating Income Net Income 1
Q3 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 Q3 202 6
Revenues 0.78 billion yen Operating Income 0.19 billion yen
Reflects Ongoing Product Diversification and Investment in 2H Releases
Revenue
• Expect continued momentum in the MapleStory
franchise, contributions from ARC Raiders and
MABINOGI MOBILE ’s regional expansion
• Revenue mix continues to shift, with growing
global services across new experiences and
diverse platforms
Operating Income
• Reflects higher revenue -linked costs — PG fees and
royalties — as well as cloud and software service fees,
and marketing costs for UA and new -title promotions
• ¥1.5 billion one -time stock option adjustment tied to
special dividend ( sub j.to Board approval)
• Q3 2025 included a ¥ 3.9 billion non -recurring gain
from the liquidation of trusts, affecting the Y/Y
comparison
Net Income 1
• Expect Y/Y decrease, reflecting the decline in
operating income and a Q3 2025 FX gain of ¥9.2
billion which will not repeat in Q3 2026
(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.
Q 3 2026 Financial Outlook
1Net income refers to net income attributable to owners of the parent.
Q1
Q2
Q3Q3 2025
Revenues ¥118,719 ¥120,732 ~ ¥133,436 2% ~ 12% (3%) ~ 7%
PC/Console 85,191 88,390 ~ 95,902 4% ~ 13% (1%) ~ 7%
Mobile 33,528 32,342 ~ 37,534 (4%) ~ 12% (8%) ~ 6%
Operating income 37,528 22,605 ~ 32,269 (40%) ~ (14%) (48%) ~ (24%)
Net income 1 38,165 18,223 ~ 25,640 (52%) ~ (33%) (60%) ~ (43%)
Earnings per share 47.78 23.35 ~ 32.86
FX Rate Assumptions
100 KRW/JPY 10.65 10.89 10.89 2%
CNY/JPY 20.63 23.94 23.94 16%
USD/JPY 147.48 162.60 162.60 10%
YoY % Change
As-Reported Constant Currency 2 Q3 2026 Outlook
22 © 2026 NEXON Co., Ltd. All Rights Reserved.
1MapleStory Worlds is a content creation platform in which players use MapleStory assets to create their own game and share it with other players.
37,580 31,393
26,871 19,355
28,377 29,547
2025 2026
54,252 57,481
71,006 61,089
69,072 70,879
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 an d 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)
China
Performance Affected by Anticipated Revenue Decline in Dungeon&Fighter
Mobile
• Dungeon&Fighter (PC)
‐ Sales tied to the July update started strong, followed by a slowdown. Combined
with the September National Day update and new raid content, expect revenue to
increase Q/Q
‐ As -reported revenue expected to increase Y/Y, mainly driven by favorable FX
translation with underlying local -currency performance remaining approximately
flat
• Dungeon&Fighter Mobile
‐ Expect revenue to decline Y/Y
‐ Planning a series of updates including a new farming dungeon and multi –
character legion content, alongside a new raid timed for the National Day holiday
Q3 2026 Korea / China Outlook
(High -end)
(Unit: ¥ millions)
Korea
Expect Strong Contributions from the MapleStory Franchise, Alongside
Declines in Dungeon&Fighter (PC) and MABINOGI MOBILE
• PC/Console: Expect a slight decrease Y/Y
‐ MapleStory Worlds 1to grow significantly Y/Y and MapleStory to track close to
high Q3 2025 levels
‐ Dungeon&Fighter (PC): Decline Y/Y while prioritizing retention and re –
engagement via the August anniversary update and new raid content
• Mobile: Expect to track similar to prior -year levels
‐ MapleStory : Idle RPG: Remain a solid contributor to performance, while
moderating Q/Q
‐ MABINOGI MOBILE: Decline Y/Y against a high prior -year base
Q1 Q1
Q2
Q2
Q3
Q3Q3 2025
69,072 66,082 ~ 70,879 (4%) ~ 3% (7%) ~ (0%)
Q3 2026 Outlook YoY % Change
Constant
Currency 2 Actual Low-end High-end As-Reported Q3 2025
28,377 25,072 ~ 29,547 (12%) ~ 4% (22%) ~ (8%)
Actual
Q3 2026 Outlook YoY % Change
Constant
Currency 2 As-Reported Low-end High-end
23 © 2026 NEXON Co., Ltd. All Rights Reserved. 2MapleStory Worlds is a content creation platform in which players use MapleStory assets to create their own game and share it with other players.
7,277 15,357 8,533
12,521 8,392
15,903
2025 2026
10,856
44,465
9,457
25,536
9,452
13,651
2025 2026
3,969 3,538 2,983 2,575 3,426 3,456
2025 2026
1Rest of World includes other Asian countries as well as Central and South American countries.
(Unit: ¥ millions)
Q3 2026 Japan / North America and Europe /
Rest of World 1 Outlook
Japan
Revenue to be Slightly Down Y/Y , but to
Increase Q/Q Driven by MapleStory
• MapleStory to increase both Y/Y and Q/Q
• MABINOGI MOBILE service in preparation for a Q4
launch
North America and Europe
Growth Led by ARC Raiders and MapleStory : Idle
RPG
• ARC Raiders and MapleStory : Idle RPG remain solid
contributors to performance, alongside Y/Y growth
in MapleStory
• Expect revenue from The First Descendant, Blue
Archive ,and The First Berserker: Khazan to decrease
Y/Y
Rest of World 1
Strong Growth Driven by MABINOGI MOBILE and
MapleStory : Idle RPG
• Solid contributions from the July 22 launch of
MABINOGI MOBILE in Taiwan, Hong Kong, and Macau
• Strength across the MapleStory franchise –
MapleStory : Idle RPG remains a strong contributor,
plus Y/Y growth from MapleStory Worlds 2and
MapleStory
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)
Q1
Q1
Q1
Q2
Q2
Q2
Q3
Q3
Q3Q3 2025
8,392 14,201 ~ 15,903 69% ~ 90% 62% ~ 81%
Actual Low-end High-end As-Reported Currency 3 Constant
Q3 2026 Outlook YoY % Change Q3 2025
9,452 12,372 ~ 13,651 31% ~ 44% 23% ~ 36%
Actual Low-end High-end As-Reported Currency 3 Constant
Q3 2026 Outlook YoY % Change Q3 2025
3,426 3,005 ~ 3,456 (12%) ~ 1% (13%) ~ (0%)
Actual Low-end High-end As-Reported Constant
Q3 2026 Outlook YoY % Change
Currency 3
24 © 2026 NEXON Co., Ltd. All Rights Reserved.
37.5 40.2
32.4 32.3
14.7
5.8
4.0
2.3
7.8
Operating Income
2025 Q3
Revenue Increase Variable Costs Marketing Costs HR Costs Other Operating Income
2026 Q3 (High-end)
1MapleStory Worlds is a content creation platform in which players use MapleStory assets to create their own game and share it with other player s.
Q3 2026 Operating Income & Cost Outlook
2HR costs includes HR cost (COGS), HR cost (SG&A) and R&D (SG&A) .
(Unit: ¥ billions ) Y/Y operating income reflects ongoing product
diversification resulting in higher revenue -linked
costs and investment for 2H releases, as well as a
non -recurring gain in the prior year affecting the Y/Y
comparison
• Variable costs includes:
o Increased royalties primarily tied to
MapleStory : Idle RPG and newly launched
publishing titles in Q3
o Increased PG Fees linked to contributions
from MapleStory : Idle RPG and growth in
MapleStory Worlds 1
• Marketing Costs expected to increase due to
user acquisition costs for MapleStory : Idle RPG,
along with promotions for new launches and
updates in 2H
• HR Costs 2expected to increase due to higher
headcount
• ¥1.5 billion one -time stock option adjustment
tied to special dividend subj. to Board approval
• Other includes:
o Decreased “Other income”. Q3 2025 included
a ¥3.9 billion non -recurring gain from
liquidation of subsidiary trusts
o Increased cloud service and software service
fees
2
Y/Y Operating Income Comparison (High -end)
25 © 2026 NEXON Co., Ltd. All Rights Reserved.
Pipeline
26 © 2026 NEXON Co., Ltd. All Rights Reserved.
2026 Q4
Global 2
Dungeon&Fighter
Idle Game
Mobile
Nexon Games
·Region
·IP
·Genre
·Developer
PC Mobile
TEMPPAL: OVERGEARED
·Region
·IP
2026
Korea, Global 3
Overgeared
·Genre
·Developer
MMORPG
GRAYGAMES
·Launch Schedule ·Launch Schedule
PC Mobile
Azur Promilia
·Launch Schedule
·Region
·IP
2026
Korea
New
·Genre
·Developer
Fantasy World RPG
Manjuu Games
Arad: Idle RPG 1
1Tentative title.
3Includes Taiwan, Hong Kong and Macau
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 holders5Chart is illustrative excerpt of pipeline. 2Specific service regions will be disclosed at a later date.
27 © 2026 NEXON Co., Ltd. All Rights Reserved.
Mobile Console PC
2Tentative title.
Project RX 2
·Launch Schedule
·Region
·IP
TBA
TBA
New
·Genre
·Developer
Anime -style Game
Nexon Games
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.
Durango World
TBA
Korea, Japan, Global 1
Durango
Multiplayer Open -World Survival Game
Nexon Games
·Region
·IP
·Genre
·Developer
·Launch Schedule
PC Console
1Includes all the regions other than Korea, China and Japan
28 © 2026 NEXON Co., Ltd. All Rights Reserved.
Vindictus : Defying Fate
· Launch Schedule
· Region
· IP
Global
Vindictus (Mabinogi: Heroes)
· Genre
· Developer
Action RPG
Nexon Korea
PC Console
NAKWON: LAST PARADISE
2027
Korea, Global 1
New
Extraction Survival
Nexon Korea
PC
· Launch Schedule
· Region
· IP
· Genre
· Developer
Woochi the Wayfarer
· Launch Schedule
· Region
· IP
TBA
Korea, Japan, Global 1
New
· Genre
· Developer
Action Adventure
Nexon Games
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 holders
3Chart is illustrative excerpt of pipeline.
2027
1Includes all the regions other than Korea, China and Japan
29 © 2026 NEXON Co., Ltd. All Rights Reserved.
DAVE THE DIVER
September 17, 2026
Global
DAVE THE DIVER
Hybrid Marine Adventure
Mobile
MINTROCKET
· Region
· IP
· Genre
· Developer
PC Console
Bancho the Chef
· Region
· IP
TBA
Global
DAVE THE DIVER
· Genre
· Developer
Simulation RPG
MINTROCKET
· Launch Schedule · Launch Schedule
Mobile
Godzilla Defense Force: X
· Launch Schedule
· Region
· IP
2027 Q1
Global
Godzilla
· Genre
· Developer
Simulation, Casual
MINTROCKET
1The 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 2Chart is illustrative excerpt of pipeline.
30 © 2026 NEXON Co., Ltd. All Rights Reserved.
1Includes all regions excluding China
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 Classic
2027
TBA
Dungeon&Fighter
2D Action RPG
PC
Neople
· Region
· IP
· Genre
· Developer
· Launch Schedule
Dungeon&Fighter : ARAD
· Region
· IP
TBA
Korea, Japan, Global 1
Dungeon&Fighter
· Genre
· Developer
Open -world, action RPG
Nexon Games
· Launch Schedule
Mobile Console PC Console
Project OVERKILL 2
· Launch Schedule
· Region
· IP
TBA
TBA
Dungeon&Fighter
· Genre
· Developer
3D Action RPG
Neople
PC
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 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 YoY%
(By Region)
Korea ¥54,252 ¥71,006 ¥69,072 ¥55,643 ¥57,481 ¥61,089 -14%
China 37,580 26,871 28,377 16,685 31,393 19,355 -28%
Japan 3,969 2,983 3,426 3,636 3,538 2,575 -14%
North America and Europe 10,856 9,457 9,452 38,817 44,465 25,536 170%
Rest of World 1 7,277 8,533 8,392 8,818 15,357 12,521 47%
(By Platform)
PC/Console 77,596 84,482 85,191 91,588 117,566 87,498 4%
Mobile 36,338 34,368 33,528 32,011 34,668 33,578 -2%
Revenue 113,934 118,850 118,719 123,599 152,234 121,076 2%
Operating income 41,611 37,698 37,528 7,175 58,163 31,284 -17%
Net income 2 26,272 16,758 38,165 10,857 57,225 29,639 77%
Earnings per share 32. 12 20. 82 47 . 7 8 13. 67 7 2. 33 37 . 56
FX rate
100 KRW/JPY 10.53 10.34 10.65 10.65 10.72 10.63 3%
CNY/JPY 21.08 20.04 20.63 21.78 22.61 23.34 16%
USD/JPY 152.60 144.59 147.48 154.15 156.86 159.49 10%
PC and Console KPI 3
MAU (millions) 12.9 13.4 13.3 11.1 10.9 10.7 -20%
PU (millions) 2.4 2.6 2.6 1.9 2.0 2.2 -15%
Pay Rate 18.6% 19.7% 19.9% 17.5% 18.4% 20.1%
ARPPU (as-reported) 16,137 12,472 13,705 10,732 18,692 12,486 0%
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. FY2025 FY2026
Q1 Q2 Q3 Q4 Q1 Q2
Total Cost of Revenue 1 ¥39,244 ¥47,225 ¥45,822 ¥60,797 ¥50,132 ¥48,986
Royalty 2 10,850 15,650 13,892 14,558 14,903 11,604
HR cost (COGS) 3 20,072 20,872 21,041 34,119 23,367 22,432
Other (COGS) 4 8,322 10,703 10,889 12,120 11,862 14,950
Total SG&A 1 33,165 35,173 38,024 55,566 42,989 39,624
HR cost 8,360 7,373 7,771 8,462 7,808 5,559
PG fee 5 7,925 10,243 9,234 18,790 13,449 11,201
R&D 6,707 6,457 6,967 6,298 7,152 6,756
Marketing/advertising expenses 5,174 5,596 8,709 16,702 8,724 10,158
Depreciation and amortization 1,059 1,148 1,135 1,175 1,380 1,390
Other 3,940 4,356 4,208 4,139 4,476 4,560
Other Income 6 250 1,452 4,107 4,864 422 1,099
Other Expense 7 164 206 1,452 4,925 1,372 2,281
Includes: impairment loss 41 198 1,299 3,021 869 1,409
34 © 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, and 2026 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 Q2
Operating Income ¥41,611 ¥37,698 ¥37,528 ¥7,175 ¥58,163 ¥31,284
Finance Income 1 6,876 9,110 25,688 16,578 19,973 11,511
Finance Costs 2 6,642 18,257 2,718 3,898 1,218 2,345
Equity profit / (loss) of affiliates, equity
method companies
(1,500) 1,128 42 (1,367) (1,688) 118
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 40,568
Tax expense 12,378 12,961 16,696 8,717 18,856 10,636
Non-controlling interests 51 (875) (443) (1,086) (851) 293
Net income 3 26,272 16,758 38,165 10,857 57,225 29,639
35 © 2026 NEXON Co., Ltd. All Rights Reserved.
Cash Flow Statement
(Unit: ¥ millions)
1″Cash and cash equivalents at end of fiscal year” used in prior Q1 –Q3 materials should have been labeled “Cash and cash equivale nts at end of period.” This correction has been reflected in the current material.6 months ended 6 months ended
June 30, 2025 June 30, 2026
Cash flows from operating activities ¥49,285 ¥37,512
Cash flows from investing activities 12,183 59,348
Cash flows from financing activities (38,297) (45,993)
Net increase / (decrease) in cash and cash equivalents 23,171 50,867
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) (3,948)
Increase / (decrease) in cash and cash equivalents resulting from
change in scope of consolidation
– 315
Cash and cash equivalents at end of period 1 340,953 546,102
36 © 2026 NEXON Co., Ltd. All Rights Reserved.
Balance Sheet
(Unit: ¥ millions)December 31, June 30,
2025 2026
Liability
Current liabilities
Current tax liabilities 23,878 34,862
Current borrowings – –
Others 8
