Nexon FY2024 Q4 Earnings Release

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INVESTOR PRESENTATION Q4 2024
Junghun Lee President and CEO | Shiro Uemura CFO

2 © 2025 NEXON Co., Ltd. All Rights Reserved.
Table of Contents
• Summary
• Q4 2024 Results
• FY 2024 Results
• Q1 2025 Outlook
• Pipeline
• Shareholder Return
• Appendix

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Summary
• FY24 Highlights
o Delivered record -breaking revenue of ¥446.2 billion, up 5% Y/Y driven by the strong launch of Dungeon&Fighter Mobile
in China and the global launch of The First Descendant
o Operating income was ¥124.2 billion, down 8% Y/Y reflecting our ongoing investments in our IP portfolio to drive growth
over the next few years
• FY25 will be focused on investing in and strengthening our top franchises
o Dungeon&Fighter : reached a co -development agreement with Tencent, which along with Nexon’s Neople Studio, will
increase production capability with greater hyperlocalization and new experiences to attract a broad spectrum of
players in China for PC and mobile
o MapleStory : December Winter update delivered solid improvements in Korea; hope to maintain a favorable trend in 2025
o FC : anticipating stable operations in 2025 despite a lack of major professional soccer events ahead of the World Cup
in 2026
o Investment in talent for IP expansion towards our growth target is expected to weigh on our near -term profitability
• Shareholder Return
o FY24 : Increased dividend payout to ¥22.5 yen per share from ¥10; executed a share buyback of ¥51.4 billion
o FY25 : BoD approved a share buyback policy of ¥100 billion over one year with the immediate execution of a ¥50 billion
buyback from February 14 to June 30; committed to maintaining a semi -annual dividend of ¥15 per share or ¥30 on an
annual basis

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Continued Vertical Growth
2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
Trailing 12 -Month Revenue History
Dungeon&Fighter Franchise MapleStory Franchise FC Franchise
REVENUE
TIME
Three Largest Franchises Grew 10% from ¥300.7 Billion in 2023 to ¥330.7 Billion in 2024

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Dungeon&Fighter Franchise
Dungeon&Fighter Mobile
• Two opportunities for growth:
1) Adding more diversified and hyperlocalized content
2) Offering new experiences to fulfill evolving trends to
attract a broader range of players in China
• Co -development agreement with Tencent will
increase our production capability with greater
hyperlocalization and new experiences to attract a
broad spectrum of players in China
Dungeon&Fighter (PC)
• Following the New Year update in Q1, daily active
users returning close to the levels seen last year
• Further recovery expected to follow with the steady
supply of new content planned for the year
• Like the mobile version, co -development agreement
with Tencent will help increase production
capability which enables us to introduce more
content, more frequently
The First Berserker: Khazan
• Scheduled for release for PC and console on
March 28
• Strategic first step in a series of vertical
extensions of Dungeon&Fighter IP to introduce it
to a global audiences
• To be followed by two additional DNF games by
2027: Project OVERKILL and Dungeon&Fighter :
ARAD
Focus on Investing in and Strengthening Franchise in 2025; Signed a Co -development Agreement with Tencent to Promote
Hyperlocalization

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Korea MapleStory
• The large Winter update in December delivered a
strong improvement in player numbers and
satisfaction (NPS up six points Q/Q), which drove
Q4 sales above expectations
• Expect Q1 sales to increase by more than 30% Y/Y
• Recognizing this is an early stage of a turnaround,
we hope to maintain a favorable trend
Global MapleStory
• The continued growth in global markets offers a
positive reflection on our hyperlocalization
strategy
• Grew 24% Y/Y in 2024 driven by hyperlocalization ,
now representing 35% of the franchise revenue in
2024
MapleStory Worlds
• Delivering better -than -expected results driven by
well -received content.
• This bodes well for a regional expansion into
Europe which began in January, and Southeast
Asia, which is scheduled for this year.
MapleStory Franchise
Recent Success on PC Is Gaining Momentum for Rebound in Korea

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FC Franchise
• Recorded its second -highest full year revenue in
2024
• Overall, the franchise is in good shape, and we
anticipate stable operations throughout 2025
despite a lack of major professional soccer
events ahead of the next World Cup in 2026
Mabinogi Franchise
• Mabinogi grew Y/Y steadily for seven years
• MABINOGI MOBILE , scheduled on March 27, will
fuel franchise growth in 2025
• Making progress in Vindictus : Defying Fate , a
Mabinogi franchise extension in development for
the PC and consoles
• Mabinogi Eternity, an upgrade to the original PC
experience on the Unreal Engine 5, will offer
greater graphic fidelity and a larger -scale
content with more freedom
Shooters
• The First Descendant : Season 2 update in
December has made progress in improving
retention; plan to introduce the second episode
of Season 2 in March to further enhance user
retention
• THE FINALS : Expecting a revenue decline in Q1 due
to a tough Y/Y comparison to Q1 2024, which
followed a late -December launch
Other Major Franchises

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Powerful Pipeline of New Games in Development
Seven New Games, Each with Potential to Generate an Additional ¥10 Billion in Annual Revenue

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Q4 2024 Results

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84.6 79.7
4.5
(1.7)
(41.9)
32.0
Q4 2023 Q4 2024 Q4 2023 Q4 2024 Q4 2024
Q4 2023
Q4 2024 Highlights
Lower -Than -Expected Revenues Due to FC Franchise And The First Descendant While Outperformance in Korea MapleStory
Revenues Operating Income (loss) Net Income (loss) 2 (Unit: ¥ millions, except per share data) (Unit: ¥ billions)
2Net income (loss) refers to net income (loss) attributable to owners of the parent.
Revenues
• Below the outlook. Outperformance in Korea
MapleStory and MapleStory Worlds were offset by
shortfalls primarily in FC franchise and The First
Descendant
• Y/Y, contributions from Dungeon&Fighter Mobile
and The First Descendant were offset by decreases
in Dungeon&Fighter (PC), MapleStory ,THE FINALS ,
and Wars of Prasia
Operating Income
• Slightly below the outlook mostly due to revenue miss
• Royalty expenses, Platform fees, HR costs 1were lower
than expected
• Recorded an impairment loss of ¥7.0 billion primarily
related to the termination of one of our publishing
projects; excluding this one -off loss, Q4 operating
income was ¥5.3 billion
Net Income 2
• Exceeded outlook due to ¥31.7 billion FX gain on
U.S. dollar -denominated cash deposits
• In Q4 2023, we recorded an impairment loss of
¥44.4 billion on the AGBO investment
1HR costs includes HR cost (COGS), HR cost (SG&A) and R&D (SG&A).Q4 2023 Q4 2024 YoY %
Revenues ¥84,577 ¥83,811 ~ ¥94,719 ¥79,726 (6%)
PC/Console 59,804 51,825 ~ 57,236 49,553 (17%)
Mobile 24,773 31,986 ~ 37,483 30,173 22%
Operating income (loss) 4,546 (1,343) ~ 7,167 (1,729) na
Net income (loss) 2 (41,887) 469 ~ 6,145 32,029 na
Earnings (loss) per share (49.47) 0.57 ~ 7.41 38.71
Exchange rates
100 KRW/JPY 11.22 11.02 11.02 10.93 (3%)
CNY/JPY 20.59 21.19 21.19 21.24 3%
USD/JPY 147.89 149.69 149.69 152.44 3%
Q4 2024 Outlook

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62%
38%
52%
27%
5%
10%
6%
Q4 2024 Revenue Breakdown
Region 1 Platform
3Constant currency is a non -GAAP measure used to show performance unaffected by fluctuations in foreign currency exchange rates. Constant -currency basis amounts are calculated using the average foreign currency exchange rates for the comparable period in the prior year and applied to the current period. As an example, we calculate royalty revenues from China Dungeon&Fighter by applying the same CNY/USD, USD/KRW and KRW/JPY exchange rates from last year’s same fiscal quarter.
Q4 2024 Revenue Breakdown
Q4 2024 Financial Results
1Based on regions where the revenue originates; not a representation of revenues according to Nexon entities.
2“Rest of World” includes other Asian countries as well as Central and South American countries.
(Unit: ¥ millions)
Region 1 Platform
Korea 52%
China 27%
Japan 5%
North America & Europe 10%
Rest of World 26%
PC/Console 62%
Mobile 38%As- Constant As- Constant
Reported Currency 3 Reported Currency 3
Revenue by Region 1
Korea ¥52,462 ¥41,504 ¥42,545 (21%) (19%)
China 15,133 21,438 21,862 42% 44%
Japan 2,879 3,594 3,649 25% 27%
North America and Europe 8,162 8,371 8,401 3% 3%
Rest of World 2 5,941 4,819 4,911 (19%) (17%)
Nexon Total 84,577 79,726 81,368 (6%) (4%)
Revenue by Platform
PC/Console 59,804 49,553 50,425 (17%) (16%)
Mobile 24,773 30,173 30,943 22% 25%
Nexon Total 84,577 79,726 81,368 (6%) (4%)
FX Rate
100 KRW/JPY 11.22 10.93 11.22 (3%)
CNY/JPY 20.59 21.24 20.59 3%
USD/JPY 147.89 152.44 147.89 3%
Q4 2024 YoY % Change
Q4 2023

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Blue Archive
13,630 16,381 12,762 11,264 8,988
38,832 40,959
36,108 36,044 32,516
52,462 57,340
48,870 47,308
41,504
Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024
PC/Console
Dungeon&Fighter
Mabinogi
Sudden Attack
MapleStory M
1Official title is EA SPORTS FC ONLINE (PC). 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.
Q4 2024 Korea – Highlights
(Unit: ¥ millions)
PC/Console
Mobile
MapleStory
EA SPORTS FCTMONLINE EA SPORTS FCTMONLINE M
EA SPORTS FCTMMOBILE
1
2
3
4
5
YoY% change:
As Reported: -21%
Constant Currency 4: -19%
3Official title is EA SPORTS FC ONLINE M (mobile).
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.
Below Outlook Primarily Due to FC Franchise
• PC/Console revenues down 16% Y/Y
‐ Y/Y decrease primarily due to MapleStory and Wars of Prasia
‐ MapleStory : Exceeded the outlook driven by the large Winter update in December which delivered a strong
improvement in player numbers and satisfaction. Net Promoter Score 2increased by 6 points Q/Q
‐ FC ONLINE 1: Revenue increased Y/Y, but October branding campaign did not deliver the expected level of sales .
‐ Wars of Prasia : Down Y/Y due to a challenging comparison with Q4 2023 when the momentum following the
launch remained strong .
• Mobile revenues down 34% Y/Y and 20% Q/Q
‐ Y/Y, revenue decrease primarily in Wars of Prasia , The Kingdom of the Wind: Yeon, FC ONLINE M 3,HIT2
‐ Q/Q, revenue de crease primarily due to Blue Archive , FC ONLINE M 3,and The Kingdom of the Wind: Yeon
2Net Promoter Score assesses player satisfaction.
Revenue Ranking by Region 5
MOBILE
Dungeon&Fighter Mobile

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2,737 2,466
44,186 44,961
15,749 12,396
26,716
12,154 12,195
5,689 15,133
29,182
56,340 57,156
21,438
Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024
Q4 2024 China – Highlights
PC/Console
Mobile
(Unit: ¥ millions)
Dungeon&Fighter
MapleStory
Counter Strike Online
MapleStory : The Legends of Maple 3
Blue Archive
1
2
3
YoY% change:
As Reported: +42%
Constant Currency 1: +44%
Dungeon&Fighter Mobile
Below Outlook Primarily Due to Dungeon&Fighter (PC) and Dungeon&Fighter Mobile
• Dungeon&Fighter Mobile :
‐ Slightly below outlook
‐ Active players stabilized following the Level Cap increase in late November
• Dungeon&Fighter (PC):
‐ Below outlook as an IP collaboration and packaged -item sales in December did not meet our
expectations
‐ Y/Y MAUs, paying users, and ARPPU decreased
‐ Q/Q MAUs, paying users, and ARPPU decreased due to typical seasonality
3Official title of MapleStory Min China .
1Constant currency is a non -GAAP measure used to show performance unaffected by fluctuations in foreign currency exchange rates. Constant -currency basis amounts are calculated using the average foreign currency exchange rates for the comparable period in the prior year and applied to the current period. As an example, we calculate royalty revenues from China Dungeon&Fighter by applying the same CNY/USD, USD/KRW and KRW/JPY exchange rates from last year’s same fiscal quarter.
2Based on regions where the revenue originates; not a representation of revenues according to Nexon entities.
4The letters, graphics, symbols, logos and other marks, and illustrations, characters and other works, which are shown in this material are trademarks, registered trademarks, copyrighted works or other legally protected materials owned by respective right holders.
Revenue Ranking by Region 2
MOBILE PC/Console

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1,512 2,217 2,763 2,595 1,595
1,367
1,413
1,793
3,393
1,999
2,879
3,630
4,556
5,988
3,594
Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024
Mabinogi
2Constant currency is a non -GAAP measure used to show performance unaffected by fluctuations in foreign currency exchange rates. Constant -currency basis amounts are calculated using the average foreign currency exchange rates for the comparable period in the prior year and applied to the current period. As an example, we calculate royalty revenues from China Dungeon&Fighter by applying the same CNY/USD, USD/KRW and KRW/JPY exchange rates from last year’s same fiscal quarter.
Q4 2024 Japan – Highlights
Mobile
(Unit: ¥ millions)
MapleStory Blue Archive
EA SPORTS FC TMMOBILE
1
2
3
YoY% change:
As Reported: +25%
Constant Currency 2: +27%
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.
HIT : The World 1
Slightly Below Outlook Due to The First Descendant
• Revenues increased Y/Y driven by contributions from HIT: The World 1and
The First Descendent
• MapleStory :
‐ Grew 9% Y/Y; delivered record -breaking Q4 revenue
‐ Hyperlocalization contributed to a strong Y/Y increase in MAU
1Official title for HIT2 serviced in Japan.
The First Descendant
Revenue Ranking by Region 3
MOBILE PC/Console
PC /Console

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3,561 4,623 3,347 2,881 1,793
4,601 5,296
3,697
14,307
6,578
8,162
9,919
7,044
17,188
8,371
Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024
Q4 2024 North America and Europe – Highlights
Mobile
(Unit: ¥ millions)
THE FINALS
MapleStory MapleStory M
Blue Archive
1
2
3
YoY% change:
As Reported: +3%
Constant Currency 1: +3%
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.
Below Outlook Due to The First Descendant
• Increased Y/Y. The contribution from The First Descendant was partially offset by a
decrease in THE FINALS due to a tough comparison with Q4 2023 when the game was
launched
• The First Descendant :Below outlook due to a greater -than -expected decline in traffic
attributable to lack of content
• THE FINALS : Within the expected range. Retention and player engagement remained
stable
• MapleStory :
‐ Players responded enthusiastically to two updates released in 2H
‐ Grew 10% Y/Y and delivered record -breaking Q4 revenue
The First Descendant
HIT2
Revenue Ranking by Region 2
MOBILE PC/Console
PC /Console

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3,333 3,434 2,535 3,099 2,048
2,608
4,913
3,129
4,854
2,771
5,941
8,347
5,664
7,953
4,819
Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024
Wars of Prasia
1“Rest of World” includes other Asian countries as well as Central and South American countries.2Constant currency is a non -GAAP measure used to show performance unaffected by fluctuations in foreign currency exchange rates. Constant -currency basis amounts are calculated using the average foreign currency exchange rates for the comparable period in the prior year and applied to the current period. As an example, we calculate royalty revenues from China Dungeon&Fighter by applying the same CNY/USD, USD/KRW and KRW/JPY exchange rates from last year’s same fiscal quarter.
Q4 2024 Rest of World 1 – Highlights
PC /Console
Mobile
(Unit: ¥ millions)
MapleStory MapleStory M
Blue Archive
HIT2
1
2
3
YoY% change:
As Reported: -19%
Constant Currency 2: -17%
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 as Planned
• Down Y/Y. The contributions from The First Descendant and Wars of Prasia were
more than offset by the revenue decrease in HIT2 and THE FINALS
• MapleStory : Grew 5% Y/Y
• MapleStory M: Exceeded outlook and grew Y/Y
The First Descendant
Revenue Ranking by Region 3
MOBILE PC/Console

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FY 2024 Results

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70.6
134.8
2023 2024
423.4 446.2
2023 2024
134.7 124.2
2023 2024
FY 2024 Financial Results
3Constant currency is a non -GAAP measure used to show performance unaffected by fluctuations in foreign currency exchange rates . Constant currency basis amounts are calculated using the average foreign currency exchange rates for the comparable period in the prio r year and applied to the current period. As an example, we calculate royalty revenues from China Dungeon&Fighter by applying the same CNY/USD, USD/KRW and KRW/JPY exchange rates from last year’s same fiscal quarter.
Record Revenues Driven by Strong Launch of Dungeon&Fighter Mobile in China and Global Launch of The First Descendant
Operating Income
• Decreased Y/Y. Revenue increase was more
than offset by HR Costs 1increase
• HR costs 1increased Y/Y due to investments in
new talent for both new and live games, as
well as performance -based bonuses for the
successful new launches in 2024
• Recognized an impairment loss of ¥13.4 billion
in 2024 while it was ¥3.0 billion in 2023
Net Income 2
• Increased Y/Y primarily due to
‐ Increased FX gain; recording a gain of ¥30.9
billion in 2024 vs. ¥10.4 billion in 2023
‐ Recorded an impairment loss of ¥44.4 billion
on the AGBO investment in 2023, which was
not repeated in 2024
Revenues
• Dungeon&Fighter franchise grew 53% Y/Y
‐ Strong launch of Dungeon&Fighter Mobile in China was offset
by a revenue decline in Dungeon&Fighter (PC)
• MapleStory franchise declined 17% Y/Y
‐ Growth in Global MapleStory , MapleStory M, and MapleStory
Worlds was offset by a decline in Korea MapleStory
• FC franchise revenues down Y/Y due to a tough
comparison with record -high revenue achieved in 2023
• Benefitting from the global launch of The First Descendant
(Unit: ¥ billions)
2Net income refers to net income attributable to owners of the parent.
As reported: +5%
Constant currency 3: +1%
As reported: -8%
Constant currency 3: -12%
As reported: +91%
Constant currency 3: +84%
1HR costs includes HR cost (COGS), HR cost (SG&A) and R&D (SG&A).

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57%
43% 44%
37%
4%
9% 6%
FY2024 Revenue Breakdown
Region 1 Platform
4Constant currency is a non -GAAP measure used to show performance unaffected by fluctuations in foreign currency exchange rates. Constant -currency basis amounts are calculated using the average foreign currency exchange rates for the comparable period in the prior year and applied to the current period. As an example, we calculate royalty revenues from China Dungeon&Fighter by applying the same CNY/USD, USD/KRW and KRW/JPY exchange rates from last year’s same fiscal quarter.
FY 2024 Financial Results
1Based on regions where the revenue originates; not a representation of revenues according to Nexon entities.
2“Rest of World” includes other Asian countries as well as Central and South American countries.
(Unit: ¥ mllions)
Korea 44%
China 37%
Japan 4%
North America & Europe 9%
Rest of World 26%
Region 1 Platform
PC / Console 57%
Mobile 43%
3Net income refers to net income attributable to owners of the parent.Constant Constant
Currency 4 Currency 4
Revenue by Region 1
Korea ¥255,330 ¥195,022 ¥187,959 (24%) (26%)
China 100,488 164,116 157,411 63% 57%
Japan 11,933 17,768 17,412 49% 46%
North America and Europe 27,704 42,522 40,768 53% 47%
Rest of World 2 27,901 26,783 25,754 (4%) (8%)
Nexon Total 423,356 446,211 429,304 5% 1%
Revenue by Platform
PC/Console 304,178 256,524 246,316 (16%) (19%)
Mobile 119,178 189,687 182,988 59% 54%
Nexon Total 423,356 446,211 429,304 5% 1%
Operating income 134,745 124,176 118,454 (8%) (12%)
Net income 3 70,609 134,848 129,714 91% 84%
Earnings per share 82.89 161.79
2024 YoY % Change
2023 As-Reported As-Reported

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Q1 2025 Outlook

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108.4 122.1
29.1 35.4 35.9 26.6
2024 2025 2024 2025 2024 2025
Revenues Operating Income Net Income 2
Q1 2025 (High -end) (Unit: ¥ billions)
Forex sensitivity 3: Every one Japanese yen move against the U.S. dollar would have the following impact on our financials for Q1 2025
Revenues 0.74 billion yen Operating Income 0.23 billion yen
Expect a Y/Y Revenue Increase Primarily Driven by China Dungeon&Fighter Mobile and Growth in Korea MapleStory
Revenues
• Constant currency 1up 2% to 14%
• Three largest franchises in aggregate are
expected to grow 13% to 25% Y/Y, driven by
Dungeon&Fighter Mobile ,The First Berserker:
Khazan and growth in Korea MapleStory
Operating Income
• Expect a Y/Y increase driven by revenue increase
• Expect increased HR costs and marketing expenses
Net Income 2
• Expect a Y/Y decrease
• In Q1 2024, we recorded a ¥10.7 billion FX gain
primarily on U.S. dollar -denominated cash deposits
(Unit: ¥ millions, except per share data)
3In most situations, the exchange rates of both the South Korean Won and the Chinese Yuan are linked to the U.S. Dollar. For simplicity, forex sensitivity is calculated based on the assumption that Korean Won and Chinese Yuan move similarly against Japanese Yen when there is an exchange rate movement in U.S. Dollar and Japanese Yen.
Q1 2025 Financial Outlook
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.
2Net income refers to net income attributable to owners of the parent.Q1 2024
Revenues ¥108,418 ¥109,883 ~ ¥122,107 1% ~ 13%
PC/Console 79,297 73,345 ~ 80,706 (8%) ~ 2%
Mobile 29,121 36,538 ~ 41,401 25% ~ 42%
Operating income 29,146 29,634 ~ 35,400 2% ~ 21%
Net income 2 35,918 21,978 ~ 26,577 (39%) ~ (26%)
Earnings per share 42.77 26.78 ~ 32.38
FX Rate Assumptions
100 KRW/JPY 11.19 10.81 10.81 (3%)
CNY/JPY 20.79 21.64 21.64 4%
USD/JPY 148.61 156.54 156.54 5%
Q1 2025 Outlook YoY %

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29,182
41,960
2024 2025
57,340 54,713
2024 2025
1Official title is EA SPORTS FC ONLINE (PC).
(High -end)
China
Expect revenues to grow by a double -digit percentage driven by
Dungeon&Fighter Mobile despite a decline in Dungeon&Fighter (PC)
• Dungeon&Fighter Mobile
‐ Expect sequential revenue increase driven by typical seasonality
‐ The New Year update (1/13) has been slow to attract users; as a result, we expect a
lower -than -anticipated Q1 revenue
• Dungeon&Fighter (PC)
‐ Expect a revenue decline Y/Y
‐ The New Year update (1/16) started slow but more recently showed improvement
including greater balance to the in -game economy and DAUs returning close to
the levels seen last year
‐ Further recovery will follow with the steady supply of new content planned in 2025
Q1 2025 Korea / China Outlook
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)
(Unit: ¥ millions)
Q1
Korea
Expect revenues to decrease Y/Y due to FC ONLINE 1, Wars of Prasia and
other mobile games despite a growth in MapleStory
• PC/Console: Expect to increase Y/Y
‐ Expect FC ONLINE 1to decrease Y/Y while the game overall is in good shape
‐ Expect MapleStory to increase Y/Y driven by strong momentum following
the large Winter update in December
• Mobile: Expect to decrease Y/Y
‐ Expect Wars of Prasia and other mobile games to decline while MapleStory
M to grow Y/Y
‐ Scheduled to launch MABINOGI MOBILE on March 27
Q1Q1 2024
57,340 51,050 ~ 54,713 (11%) ~ (5%) (8%) ~ (1%)
Q1 2025 Outlook YoY % Change
ConstantCurrency 2 Actual Low-end High-end As-Reported Q1 2024
29,182 36,659 ~ 41,960 26% ~ 44% 22% ~ 39%
Actual
Q1 2025 Outlook YoY % Change
ConstantCurrency 2 As-Reported Low-end High-end

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8,347 7,207
2024 2025
9,919
13,355
2024 2025
3,630 4,872
2024 2025
1Rest of World” includes other Asian countries as well as Central and South American countries.
(Unit: ¥ millions)
Q1 2025 Japan / North America and Europe /
Rest of World 1 Outlook
Japan
Expect revenues to in crease Y/Y
• Expect to benefit from HIT: The World 2, The
First Berserker:Khazan , and The First
Descendant
North America and Europe
Expect revenues to increase Y/Y
• Expect to benefit from The First Berserker: Khazan
and The First Descendant
• Expect a Y/Y decrease in THE FINALS which was
strong following the launch in December 2023
Rest of World 1
Expect revenues to decrease Y/Y
• Expect to benefit from The First Descendant and
The First Berserker: Khazan
• Expect a Y/Y increase in MapleStory M
• Expect Y/Y decreases in MapleStory ,Blue Archive,
HIT2, and THE FINALS
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
Q1Q1 2024
8,347 6,526 ~ 7,207 (22%) ~ (14%) (20%) ~ (11%)
Actual Low-end High-end As-Reported Currency 3 Constant
Q1 2025 Outlook YoY % Change Q1 2024
9,919 11,410 ~ 13,355 15% ~ 35% 16% ~ 36%
Actual Low-end High-end As-Reported Currency 3 Constant
Q1 2025 Outlook YoY % Change Q1 2024
3,630 4,238 ~ 4,872 17% ~ 34% 19% ~ 37%
Actual Low-end High-end As-Reported Constant
Q1 2025 Outlook YoY % Change
Currency 3

24 © 2025 NEXON Co., Ltd. All Rights Reserved.
29.1 30.5 30.8 35.4
13.7
1.4
8.5
5.2 4.9
Operating Income
2024 Q1
Revenue increase Variable Cost HR Costs Marketing Costs Others Operating Income
2025 Q1
(High-end)
Y/Y Operating Income Comparison (High -end)
(Unit: ¥ billions)
Q1 2025 Operating Income & Cost Outlook
1HR costs includes HR cost (COGS), HR cost (SG&A) and R&D (SG&A) .
Increased revenues
Decreased variable costs
• Decreased royalty costs due to
decreased revenues in FC franchise
• De creased PG fees due to decreased
mobile revenues exc luding royalty
business of Dungeon&Fighter Mobile in China
Increased HR costs 1primarily due to
increased performance -based bonuses
and higher headcount
Increased marketing costs associated
primarily with promotions for new titles
such as The First Berserker: Khazan and
MABINOGI MOBILE
Others include:
• Increased cloud service costs
• Increased fees to creators 2in MapleStory Worlds 3
• Decreased impairment loss of ¥6.2 billion
recorded in Q1 2024 1
2In MapleStory Worlds , if a player spends in the content, Nexon receives the payment and pays a specific ratio of that payment to the content provider as a creator fee.) .
3MapleStory Worlds is a content creation platform in which users can use MapleStory assets to create their own game and share it with other players

25 © 2025 NEXON Co., Ltd. All Rights Reserved.
Pipeline

26 © 2025 NEXON Co., Ltd. All Rights Reserved.
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
PC Console
The First Berserker: Khazan
· Launch Schedule
· Region
· IP
March 28, 2025
Korea, Japan, Global 1
Dungeon&Fighter
· Genre
· Business Model
Hardcore Action RPG
Developer/Publisher
Mobile
MABINOGI MOBILE
· Launch Schedule
· Region
· IP
March 27, 2025
Korea
Mabinogi
· Genre
· Business Model
MMORPG
Developer/Publisher
1Include all the regions other than Korea, China and Japan 3Chart is illustrative excerpt of pipeline.

27 © 2025 NEXON Co., Ltd. All Rights Reserved.
ARC Raiders
· Launch Schedule
· Region
· IP
2025
Korea, Japan, Global 1
New
· Genre
· Business Model
PvPvE Extraction Shooter
Developer/Publisher
PC Console
MapleStory N1
· Launch Schedule
· Region
· IP
TBD
TBD
MapleStory
· Genre
· Business Model
MMORPG
Developer/Publisher
PC
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 3Include all the regions other than Korea, China and Japan
Project OVERKILL 2
· Launch Schedule
· Region
· IP
TBD
TBD
Dungeon&Fighter
· Genre
· Business Model
3D Action RPG
Developer/Publisher
PC Mobile
2Tentative title.1MapleStory N is a PC based MMORPG that combines blockchain technology with MapleStory IP.
5Chart is illustrative excerpt of pipeline.

28 © 2025 NEXON Co., Ltd. All Rights Reserved.
NAKWON: LAST PARADISE
· Launch Schedule
· Region
· IP
TBD
Korea, Global 1
New
· Genre
· Business Model
Extraction Survival
Developer/Publisher
PC
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 1Include all the regions other than Korea, China and Japan
Dungeon&Fighter : ARAD
· Launch Schedule
· Region
· IP
TBD
Korea, Global 1
Dungeon&Fighter
· Genre
· Business Model
Open world action RPG
Developer/Publisher
Mobile Console PC
Vindictus : Defying Fate
· Launch Schedule
· Region
· IP
TBD
Korea, Global 1
Vindictus (Mabinogi: Heroes)
· Genre
· Business Model
Action RPG
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 holders 3Chart is illustrative excerpt of pipeline.

29 © 2025 NEXON Co., Ltd. All Rights Reserved.
The Kingdom of the Winds 2
· Launch Schedule
· Region
· IP
TBD
TBD
The Kingdom of the Winds
· Genre
· Business Model
MMORPG
Developer/Publisher
PC Mobile
Project DX
· Launch Schedule
· Region
· IP
TBD
Korea, Global 1
Durango
· Genre
· Business Model
MMORPG
Developer/Publisher
PC Console
1Inlucde all the regions other than Korea, 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 holders
Project RX
· Launch Schedule
· Region
· IP
TBD
TBD
New
· Genre
· Business Model
TBD
Developer/Publisher
TBD
3Chart is illustrative excerpt of pipeline.

30 © 2025 NEXON Co., Ltd. All Rights Reserved.
Shareholder Return

31 © 2025 NEXON Co., Ltd. All Rights Reserved.
132.5 125.5
182.3
218.0
291.3
325.9
387.3
481.8
511.0 525.7 534.9
571.9 596.8 600.9
2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
39.8 42.5
60.2 58.1 60.2
73.3
80.7
118.0
105.1
137.6
105.9
130.1 128.7
101.0
2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
Cash Flow
(Unit: ¥ billion )
Operating Cash Flow Cash Balance 1
(Unit: ¥ billion )
1Aggregation of “Cash and cash equivalents” and “Other deposits”.
Generated Over ¥100 Billion Operating Cash for Seventh Consecutive Year; Exceeding ¥600 Billion Cash Balance 1in 2024

32 © 2025 NEXON Co., Ltd. All Rights Reserved.
Shareholder Return
Dividend
▪ Maintain the semi -annual dividend forecast of ¥15 per share
▪ This represents a per -share dividend forecast of ¥30 annually
in 2025
2.5
5
7.5
10 10
22.5
30
2019 2020 2021 2022 2023 2024 2025(E)
(Unit: ¥ per share )
Buy -Back
▪ Executed ¥50 billion share repurchase to date under the three -year
¥100 billion share buyback policy that we announced a year ago
▪ The Board of Directors approved a revision on the original policy and
renewed it to conduct ¥100 billion over one year 1including the
immediate execution of ¥5 0 billion share repurchase in the market
from February 14, 2025 to June 30, 2025
Approved a Share Buyback Policy of ¥100 Billion Over One Year While Maintaining Same Amount of Dividend
27.2
2.8
16.0
98.8
77.4
51.4
100.0
2019 2020 2021 2022 2023 2024 2025(E)
(Unit: ¥ billion )
1A new policy is to conduct share buybcks of up to ¥100 billion from February 14, 2025 to February 12, 2026

33 © 2025 NEXON Co., Ltd. All Rights Reserved.
Appendix

34 © 2025 NEXON Co., Ltd. All Rights Reserved.
Financials

35 © 2025 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 (loss) refers to net income (loss) attributable to owners of the parent.Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 YoY%
(By Region)
Korea ¥64,942 ¥62,071 ¥75,855 ¥52,462 ¥57,340 ¥48,870 ¥47,308 ¥41,504 (21%)
China 43,080 18,231 24,044 15,133 29,182 56,340 57,156 21,438 42%
Japan 3,609 2,313 3,132 2,879 3,630 4,556 5,988 3,594 25%
North America and Europe 5,156 5,461 8,925 8,162 9,919 7,044 17,188 8,371 3%
Rest of World 1 7,300 6,360 8,300 5,941 8,347 5,664 7,953 4,819 (19%)
(By Platform)
PC/Console 93,070 65,340 85,964 59,804 79,297 56,881 70,793 49,553 (17%)
Mobile 31,017 29,096 34,292 24,773 29,121 65,593 64,800 30,173 22%
Revenue 124,087 94,436 120,256 84,577 108,418 122,474 135,593 79,726 (6%)
Operating income (loss) 56,275 27,614 46,310 4,546 29,146 45,224 51,535 (1,729) na
Net income (loss) 2 52,791 24,538 35,167 (41,887) 35,918 39,878 27,023 32,029 na
Earnings (loss) per share 61.63 28.80 41.28 (49.47) 42.77 47.66 32.55 38.71 na
FX rate
100 KRW/JPY 10.41 10.46 11.02 11.22 11.19 11.38 11.03 10.93 (3%)
CNY/JPY 19.34 19.56 19.97 20.59 20.79 21.78 20.89 21.24 3%
USD/JPY 132.34 137.37 144.62 147.89 148.61 155.88 149.38 152.44 3%
PC and Console KPI
MAU (millions) 15.5 14.3 14.1 17.4 18.3 14.1 17.6 13.3 (24%)
PU (millions) 3.5 3.2 3.3 3.2 3.1 2.6 2.9 1.9 (41%)
Pay Rate 22.5% 22.5% 23.7% 18.2% 17.0% 18.5% 16.2% 14.2%
ARPPU (as-reported) 15,074 9,553 11,230 8,104 12,545 9,279 11,939 9,942 23%

36 © 2025 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. FY2023 FY2024
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
Total Cost of Revenue 1 ¥34,233 ¥32,804 ¥35,908 ¥34,993 ¥40,557 ¥44,187 ¥46,124 ¥33,970
Royalty 2 14,529 11,206 11,378 8,768 11,862 10,304 10,617 7,989
HR cost (COGS) 3 13,861 14,857 17,681 19,504 19,131 25,739 27,592 17,370
Other (COGS) 4 5,843 6,741 6,849 6,721 9,564 8,144 7,915 8,611
Total SG&A 1 32,883 34,283 37,720 42,854 32,723 32,422 36,384 40,647
HR cost 5,690 7,274 7,690 8,765 7,454 8,234 7,559 12,174
PG fee 5 10,448 9,828 11,625 9,084 9,476 7,762 9,799 6,108
R&D 5,944 5,666 6,093 6,916 5,411 6,239 6,401 6,893
Marketing/advertising expenses 6,709 7,219 7,669 11,380 5,430 4,816 7,722 10,745
Depreciation and amortization 795 907 910 1,696 1,012 1,338 1,094 1,094
Other 3,297 3,389 3,733 5,013 3,940 4,033 3,809 3,633
Other Income 6 344 583 293 513 199 295 148 397
Other Expense 7 1,040 318 611 2,697 6,191 936 1,698 7,235
Includes: impairment loss 1,026 287 353 1,374 6,161 214 68 6,989

37 © 2025 NEXON Co., Ltd. All Rights Reserved.
1Finance Income includes interest income primarily on cash deposits. 2023 Q1, Q2, Q3, and 2024 Q1, Q2, Q4 Finance Income includes FX conversion gains related to foreign currency deposits and accounts receivable.22023 Q4 and 2024 Q3 Finance Costs are primarily caused by FX conversion loss related to foreign currency deposits and accounts receivable.
4Net income / (loss) refers to net income / (loss) attributable to owners of the parent.
(Unit: ¥ millions)
P&L Below Operating Income
3(Loss) / reversal of loss on revaluation refers to (loss) / reversal of loss on revaluation of cryptocurrency.FY2023 FY2024
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
Operating Income (Loss) ¥56,275 ¥27,614 ¥46,310 ¥4,546 ¥29,146 ¥45,224 ¥51,535 (¥1,729)
Finance Income 1 14,075 16,763 13,204 7,108 25,680 19,325 8,753 45,581
Finance Costs 2 422 322 6,294 11,246 518 608 20,323 1,592
(Loss) / reversal of loss on revaluation 3 2,719 463 (822) 3,893 692 – – –
Equity profit / (loss) of affiliates, equity
method companies (744) (1,691) 461 (1,536) (761) (2,507) (1,058) (853)
Impairment loss of investments
accounted for using equity method – – – (44,425) – – – –
Income / (loss) before Income Tax 71,903 42,827 52,859 (41,660) 54,239 61,434 38,907 41,407
Tax expense 18,637 18,372 17,374 462 18,288 22,046 10,211 9,226
Non-controlling interests 475 (83) 318 (235) 33 (490) 1,673 152
Net income / (loss) 4 52,791 24,538 35,167 (41,887) 35,918 39,878 27,023 32,029

38 © 2025 NEXON Co., Ltd. All Rights Reserved.
Cash Flow Statement
(Unit: ¥ millions)12 months ended 12 months ended
December 31, 2023 December 31, 2024
Cash flows from operating activities ¥128,712 ¥100,968
Cash flows from investing activities (188,367) 7,445
Cash flows from financing activities (78,554) (64,777)
Net increase / (decrease) in cash and cash equivalents (138,209) 43,636
Cash and cash equivalents at beginning of fiscal year 409,368 280,515
Effect of exchange rate change on cash and cash equivalents 9,356 7,780
Cash and cash equivalents at end of fiscal year 280,515 331,931

39 © 2025 NEXON Co., Ltd. All Rights Reserved.
Balance Sheet
(Unit: ¥ millions)December 31, December 31,
2023 2024
Liability
Current liabilities
Current tax liabilities 17,932 19,103
Current borrowings – –
Others 71,442 88,559
Total current liabilities 89,374 107,662
Noncurrent liabilities
Non-current borrowings – –
Others 102,154 118,584
Total noncurrent liabilities 102,154 118,584
Total liabilities 191,528 226,246
Shareholders’ equity
Capital stock 47,510 50,797
Capital surplus 26,719 30,079
Treasury shares (45,046) (49,158)
Other equity interest 159,857 207,098
Retained earnings 707,227 780,197
Non-controlling interests 10,308 11,512
Total equity 906,575 1,030,525
Total liabilities and total equity 1,098,103 1,256,771 December 31, December 31,
2023 2024
Asset
Current Assets
Cash and cash equivalents ¥280,515 ¥331,931
Other deposits 316,243 268,934
Other current assets 92,748 151,408
Total current assets 689,506 752,273
Noncurrent assets
Tangible assets 28,854 28,365
Goodwill 43,924 44,567
Intangible assets 17,847 34,815
Investments accounted for using equity method 58,120 63,669
Other non-current financial assets 179,199 268,310
Others 80,653 64,772
Total noncurrent assets 408,597 504,498
Total assets 1,098,103 1,256,771

40 © 2025 NEXON Co., Ltd. All Rights Reserved.
Number of Employees by Reporting SegmentMarch 31 June 30 September 30 December 31 March 31 June 30 September 30 December 31
2023 2023 2023 2023 2024 2024 2024 2024
Japan 270 268 264 266 258 251 243 238
Korea 6,216 6,397 6,570 6,675 7,124 7,117 7,296 7,965
China 191 192 190 190 190 192 192 186
North America 435 441 446 440 311 236 196 186
Others 576 624 646 660 683 679 737 757
Total 7,688 7,922 8,116 8,231 8,566 8,475 8,664 9,332
556 523 535 497 644 639 594 78 Number of Temporary
Workers

41 © 2025 NEXON Co., Ltd. All Rights Reserved.
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 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
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
FY12 FY13 FY14 FY15 FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24
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
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
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
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
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
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
FY12 FY13 FY14 FY15 FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24
PC/
Console
57%
Mobile
43%
Korea
44%
China
37%
Japan4%
Rest of World 2
6%
Mobile
Historical Financials
(Unit: ¥ billions)
Revenue by Region 1
Korea China Japan North America and Europe Rest of World 2
Revenue by Platform
PC3
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.
FY2024
Revenue by
Region 1
FY2024
Revenue by
Platform
4 4
3 3
North America and Europe 9%

42 © 2025 NEXON Co., Ltd. All Rights Reserved.
NEXON IP

43 © 2025 NEXON Co., Ltd. All Rights Reserved.
• Launched 2005
• Over 850 million registered users worldwide across all platforms
• Combined life -to -date gross revenue of all platforms over $22
billion USD
• Gross revenue is more than double the life -to -date box office of
Star Wars, the Harry Potter series and the entire Avengers series 1
• Constantly evolving for 19 years with new characters, levels and
maps, skills and communities
• Sustained top ranking on iOS in China following the mobile
launch on May 21, 2024. Mobile version was awarded Game of
the Year by the Korean Association of Game Industry in 2022
• Easy -to -learn, hard -to -master accessibility, action -packed
gameplay and iconic, pixelated art make Dungeon&Fighter one
of the world’s most popular and enduring game franchises
1Life-to-date global box office revenues as of February 12th, 2025 sourced from BoxOfficeMojo.com
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
Mobile Console PC
© 2025 NEXON Co., Ltd. All Rights Reserved. 43
Dungeon&Fighter Franchise
LTD Overview

44 © 2025 NEXON Co., Ltd. All Rights Reserved.
• Launched 2003
• Over 250 million registered users worldwide across PC and mobile.
In Korea, player registration equates to 45% of the population
• Combined PC and mobile life -to -date gross revenue over $5 billion
USD
• Combined PC and mobile revenue exceeds global box office of the
movie franchise Frozen – one of Disney’s biggest1
• An easy -to -learn, hard -to -master MMORPG with cross -cultural
appeal that has been growing players and revenue over 21 years.
Players love personalizing their characters
1Life-to-date global box office revenues as of February 12th, 2025sourced from BoxOfficeMojo.com
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
Mobile PC
© 2025 NEXON Co., Ltd. All Rights Reserved. 44
MapleStory Franchise
LTD Overview

45 © 2025 NEXON Co., Ltd. All Rights Reserved.
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
© 2025 NEXON Co., Ltd. All Rights Reserved. 45
• Launched 2004
• Registered users over 380 million worldwide across all platforms
• Over half of all Korean population; over 45% of Taiwanese
population has played the game
• Combined life -to -date gross revenue of all platforms over $1.0
billion
• A fast -paced online casual racing game with easy -to -learn,
hard -to -master UI, and a universe of compelling characters
which can be stylized to the player’s taste
• KartRider : Drift started its service in Q1 2023
KartRider Franchise
LTD Overview
Mobile Console PC

46 © 2025 NEXON Co., Ltd. All Rights Reserved.
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
© 2025 NEXON Co., Ltd. All Rights Reserved. 46
• Launched 2005
• Registered users over 23 million
• Life -to -date gross revenue over $0.8 billion
• Highly accessible online first -person shooter with fast, visceral
action
PC
Sudden Attack
LTD Overview

47 © 2025 NEXON Co., Ltd. All Rights Reserved.
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
© 2025 NEXON Co., Ltd. All Rights Reserved. 47
• Launched 1996
• Registered users over 26 million across PC and mobile
• Combined PC and mobile life -to -date gross revenue over $0.6
billion
• World’s longest -running graphic MMORPG. Over 28 -year service
period
• Mobile version launched on July 15, 2020.
• A popular and enduring MMORPG based on historical comic
about the Goguryeo Dynasty
Mobile PC
The Kingdom of the Winds Franchise
LTD Overview

48 © 2025 NEXON Co., Ltd. All Rights Reserved.
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
© 2025 NEXON Co., Ltd. All Rights Reserved. 48
• Launched 2004
• Registered users over 33 million worldwide
• Life -to -date gross revenue over $0.7 billion
• MMORPG with life -oriented content and contemporary music,
fashion, and cooking. Highly differentiated from existing battle –
focused games that saturate the market
• Scheduled to launch MABINOGI MOBILE in Korea on March 27
PC
Mabinogi Franchise
LTD Overview

49 © 2025 NEXON Co., Ltd. All Rights Reserved.© 2025 NEXON Co., Ltd. All Rights Reserved. 49
• Launched in 2023
• Number of downloads over 20 million worldwide
• First -Person Shooter features team -based, shooting action that
pushes environmental dynamism, destruction, and player
freedom to their limits
• In 2024, Nexon and Embark Studios announced agreements
with our China publishing partner, Tencent, to develop new
experiences specifically customized to appeal to millions of
players in China
Console PC
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
THE FINALS
LTD Overview

50 © 2025 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;
• Nexon’s ability to compete effectively in the online games industry;
• Nexon’s ability to address hacking, viruses, security breaches and other technical challenges;
• Fluctuations in currency exchange rates;
• Nexon’s ability to maintain and further develop its brand name;
• Effective acquisition of new companies, businesses, technologies and games from third parties and the possibility of recogniz ing impairment losses;
• Continued growth of the online games market, including the underlying infrastructure, and free -to-play/item -based revenue genera tion model;
• Nexon’s ability to adapt to new technologies;
• Nexon’s ability to enter into licensing arrangements for third -party titles on terms favorable to it;
• Effective defense of Nexon’s intellectual property; and
• Legislative, regulatory, accounting and taxation changes in the countries in which Nexon operates.
Nexon does not intend, and disclaims any duty, to update or revise any forward -looking statements contained in this presentation to reflect new information, future events or otherwise.
We caution you not to place undue reliance on the forward -looking statements contained in this presentation.
Disclaimer

51 © 2025 NEXON Co., Ltd. All Rights Reserved.
Q1 2025 financial results are scheduled for release on
Tuesday, May 13th, 2025.
Nexon management is scheduled to host an online earnings presentation for investors, analysts and the media on the same day.
Details of the online earnings presentation will be available on our IR website about a month prior to the release.
Q1 2025 Earnings Release Schedule