Slide 1: NC IR Presentation May 2026
NC IR PRESENTATION May 2026
Slide 2: Overview
|. Overview 1. Industry Overview 2. Company Overview ll. Financials . @ 3. Financial Highlights ete: 4. Revenue Breakdown 5. Cost Breakdown 6. FY2026 Revenue Guidance Ill. Investment Points 7. Strength ey 8. Strategy Appendix ; Cars Ls 9. Game Pipeline 2. 10. Consolidated Financial State! 11.NCESG P
Slide 3: Industry Overview: Global Games Market Snapshot
1. Industry Overview : Global Games Market Snapshot Estimated size of ~$167 BN Gaming is global gaming market in 2027 is in-app purchase across #1 $ 201BN iOS and Google Play in 2025 among entertainment industry +3% +3% +2% CAGR expected CAGR expected CAGR expected from 2025 ~ 2028 from 2025 ~ 2028
Slide 4: Company Overview: Corporate Governance
2. Company Overview : Corporate Governance • NC’s board of directors comprises 7 members, each contributing to the board’s independence, diversity, and expertise Board Composition & Skills Matrix Ownership Structure (As of Mar 2026) NC Management Composition Gender Tenure Retail 12% Investors 19% >
Slide 5: Company Overview: Yearly Revenues Trend (1998~2025)
2. Company Overview : Yearly Revenues Trend (1998 ~ 2025) • Since 1998, NC has built a strong asset base through the launch of high-quality MMORPGs that provide long-lifecycle live services • Expecting the next phase of growth with the successful launch of new titles and overseas expansion Growth wi
Slide 6: Company Overview: Development & Publishing Network
2. Company Overview : Development & Publishing Network • Development studios in Korea, North America • Well-organized publishing arms in major markets such as US, Taiwan, Japan and Europe Globalized Development & Publishing Network Europe APAC North America NC Europe (100%) Korea Japan NC West Holdi
Slide 7: Financial Highlights (Quarterly)
3. Financial Highlights (Quarterly) • Q1 revenue reached KRW 557.4 billion, up 38% QoQ and 55% YoY, driven by the full-quarter contribution of Aion 2, the successful launch of Lineage Classic, and the revenue contribution from newly consolidated Mobile Casual business • Operating income came in at K
Slide 8: Financial Highlights (Yearly)
3. Financial Highlights (Yearly) • FY25 revenue posted KRW 1,506.9 billion (YoY -5%) and operating income was KRW 16.1 billion (TTP YoY) • Pre-tax income totaled KRW 461.4 billion (YoY + 282%) and net income closed at KRW 347.4 billion (YoY +269%), driven by the one-time real estate sale reflected i
Slide 9: Revenue Breakdown (Quarterly by Segment & Region)
4. Revenue Breakdown (Quarterly by Segment & Region) • PC revenue was KRW 318.4 billion, up 69% QoQ and 210% YoY, reaching all-time quarterly high • Mobile revenue was KRW 182.8 billion, down 3% QoQ and 14% YoY • Mobile Casual revenue contributed KRW 35.5 billion, reflecting the consolidation of Lih
Slide 10: Revenue Breakdown (Yearly by Segment & Region)
4. Revenue Breakdown (Yearly by Segment & Region) • Full-year 2025 PC revenue totaled KRW 508.8 billion, up 16% YoY, accounting for 34% of total revenue • Mobile revenue was KRW 835.2 billion, down 13% YoY, accounting for 55% of total revenue Revenue by Segment Revenue Contribution by Region (Unit :
Slide 11: Revenue Breakdown (Quarterly by Game)
4. Revenue Breakdown (Quarterly by Game) • Lineage Classic, launched on Feb. 11th, generated KRW 108.8 billion in gross billings and KRW 83.5 billion in revenue, propelling a 4x YoY surge in PC Lineage performance • Aion 2 recorded KRW 136.8 billion, up 77% QoQ, driven by sustained performance and f
Slide 12: Revenue Breakdown (Yearly by Game)
4. Revenue Breakdown (Yearly by Game) • PC games revenue increase by 34% YoY, driven by the successful launch of Aion 2(2025.11) and stable performance from Legacy IPs • Three mobile games generated KRW 835.2 billion, down 13% YoY PC Games Mobile Games (Unit : KRW MN) (Unit : KRW MN) Lineage Lineage
Slide 13: Revenue Breakdown (Mobile Casual)
4. Revenue Breakdown (Mobile Casual) • Building NC’s distinctive Mobile Casual ecosystem – combining 1) Data & Optimization Platform, 2) Reward App traffic hub, 3) Studio Portfolio • Lihuhu and Springcomes boast rapid and proven execution capabilities in Match 3D, Hole and Merge genres, respectively
Slide 14: Cost Breakdown (Quarterly)
5. Cost Breakdown (Quarterly) • Q1 Operating expenses totaled KRW 444.1 billion, up 11% QoQ • Labor costs increased 23% QoQ to KRW 244.0 billion, due to the accrued incentives and treasury share-based compensation • Marketing spend for existing business was KRW 16.5 billion, down 69% QoQ. Mobile Cas
Slide 15: Cost Breakdown (Yearly)
5. Cost Breakdown (Yearly) • Full-year 2025 operating costs totaled KRW 1,490.8 billion, down 12% YoY • Labor costs decreased 14% YoY to KRW 775.2 billion, driven by the lower one-time severance payments • Despite new title release and game show participation, marketing costs decreased by 18% YoY to
Slide 16: FY2026 Revenue Guidance
6. FY2026 Revenue Guidance • Through continued expansion of Legacy IPs and new title launches, revenue in FY2026 is expected to reach KRW 2.0 trillion, aiming for the upper bound of KRW 2.5 trillion FY 2026 Revenue Guidance FY 2026 Revenue Guidance Breakdown (Unit : KRW TN) (Unit : KRW TN) 2.0 ~ 2.5
Slide 17: Strength: Multiple Successful IPs
7. Strength : Multiple Successful IPs Lineage Lineage 2 AION Launched in 1998 (remastered in 2019) Launched in 2003 Launched in 2008 Set the standard for Korean MMORPGs Full 3D graphics MMORPG with The first Korean game to introduce aerial PvP by pioneering RvR content, specifically ‘sea
Slide 18: Strength: Multiple Successful IPs
7. Strength : Multiple Successful IPs Guild Wars 2 Blade & Soul AION 2 Massively Multi-player Experience on Mobile Launched in 2012 Launched in 2012 Launched in 4Q 2025 in Korea/Taiwan Released 5 expansion packs An action MMORPG featuring oriental martial Preserved the core gameplay of t
Slide 19: Strength: Operational Excellence in Live Services
7. Strength : Operational Excellence in Live Services • Robust library of long-standing legacy IPs : Industry-leading service longevity • Maximizing IP’s value and lifecycle through strategic content updates, regional expansion and spin-off game releases Extending Product Lifecycle of IP (# of years
Slide 20: Strength: Our Technology
7. Strength : Our Technology Massive scale live service AI-powered development Data-driven approach Massively Multi-player Experience on Mobile NC strives to ensure top-notch stability and NC established an AI research department in 2011 A data-driven approach, encompassing data connectivity a
Slide 21: Strategy to Achieve Growth
8. Strategy to Achieve Growth • NC aims for continuous sales growth driven by four key pillars: 1) Legacy IP, 2) In-house development of new IP, 3) Strategic investments in external IP, and 4) Inorganic growth through M&A 4 strategic pillars to achieve sales growth Revenue Year 21
Slide 22: Strategy: Unlocking Legacy IP Value
8. Strategy : Unlocking Legacy IP Value • Strengthening legacy IPs is key to building a solid foundation • Dedicated to extending the lifecycle of our legacy IPs, expanding their global reach, and diversifying their genres How to unlock and expand legacy IP value 22
Slide 23: Strategy: Building a Global IP Portfolio
8. Strategy : Building a Global IP Portfolio • Striving to continuously diversify our portfolio across IPs, genres, platforms, and regions through: 1) Innovative in-house development, and 2) Promising publishing titles Inhouse R&D and Securing Publishing titles for Portfolio Diversification < Portfo
Slide 24: Strategy: Diversifying the Genre Portfolio
8. Strategy : Diversifying the Genre Portfolio • Build genre-specific clusters to create a synergy for each core genre • Accelerate global publishing through genre-specific clusters Building genre-specific clusters < Main Genre Directions > NC’s traditional core genre Launch new titles across 4+ dif
Slide 25: Strategy: Strategic Partnerships & Investments
8. Strategy : Strategic Partnerships & Investments • Cultivating a robust network of global partners to maximize market penetration and deliver high-quality experiences to a worldwide audience • Accelerating global reach and portfolio diversification through investments in external developers (equit
Slide 26: Game Pipeline
9. Game Pipeline 2026 2027 ~ 26 26 27 TBD 1H 26 1H 2H 3 spin-off games - Aion Mobile (China) - 2 more spin-offs 26 TBD 26 2H …. Regional expansions Lineage M (China) Lineage 2M (China) [1H] Lineage W (SEA) and more [2H] AION 2 (Global) 26 TBD 2H Bonfire 26
Slide 27: Consolidated Financial Statements
10. Consolidated Financial Statements Statement of Financial Position (Unit : KRW MN) 27
Slide 28: Consolidated Financial Statements
10. Consolidated Financial Statements Income Statement (Unit : KRW MN) 28
Slide 29: NC ESG Performances
11. NC ESG Performances • Sustaining industry-leading ESG excellence, recognized by global standards • Key highlights : MSCI AAA / Sustainalytics Low Risk / KCGS A / Dow Jones Best-in-Class Asia Pacific Index KCGS ESG Rating (Latest: 2025) S&P Global CSA (Latest: 2026) Maintaining an Integrated A
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