Nc Corporation · KRX:036570
Nc — Ncsoft — Investor Presentation (February 2026)
28 slides from Nc's investor presentation, February 2026
Slide 1: NCSOFT IR Presentation Feb 2026
NCSOFT IR PRESENTATION Feb 2026
Slide 2: Overview
|. Overview 1. Industry Overview 2. Company Overview IL Financials > aa 3. Financial Highlights 2 4, Revenue Breakdown 5. Cost Breakdown 6. FY2026 Revenue Guidance Ill. Investment Points 7. Strength 8. Strategy Appendix 9. Game Pipeline 11. NCSOFT ESG Performances ,—
Slide 3: Industry Overview: Global Games Market Snapshot
1. Industry Overview : Global Games Market Snapshot Estimated size of ~$150 BN Gaming market is global gaming market in 2026 is in-app purchase across #1 $ 196BN iOS and Google Play in 2024 among other contents industries +3% +2% +5% CAGR expected CAGR expected CAGR expected from 2025 ~ 2028 from 20
Slide 4: Company Overview: Corporate Governance
2. Company Overview : Corporate Governance • NCSOFT’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 Dec 2025) NCSOFT Composition Gender Tenure Retail 12% Management Investor
Slide 5: Company Overview: Yearly Revenues Trend (1998~2025)
2. Company Overview : Yearly Revenues Trend (1998 ~ 2025) • Since 1998, NCSOFT 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 Growt
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) • Q4 revenue was KRW 404.2 billion, up 12% QoQ and down 1 % YoY • Operating income was KRW 3.2 billion, turning profitable • Pre-tax income came in at KRW 28.2 billion with a net loss of KRW 1.5 billion, reflecting the absence of prior-quarter one-time gain from t
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 Game)
4. Revenue Breakdown (Quarterly by Game) • Q4 mobile games revenue recorded KRW 178.1 billion, down 9% QoQ, following the initial surge from new server launches and regional expansions, representing 44% of total revenue • PC online games revenue recorded KRW 168.2 billion, up 92% QoQ and 80% YoY, dr
Slide 10: Revenue Breakdown (Yearly by Game)
4. Revenue Breakdown (Yearly by Game) • FY25 mobile games revenue totaled KRW 794.4 billion, down 14% YoY, accounting for 53% of total revenue • PC online games revenue increased 23% YoY to KRW 430.9 billion, accounting for 29% of total revenue Mobile Games PC Online Games (Unit : KRW MN) (Unit : KR
Slide 11: Revenue Breakdown (by Region)
4. Revenue Breakdown (by Region) • Q4 Korea revenue increased 9% QoQ to KRW 237.4 billion, supported by the Aion 2 launch • Asia revenue grew 25% QoQ, recording KRW 84.7 billion • NA/EU revenue increased 42% QoQ to KRW 39.7 billion, mainly driven by the robust sales of Guild Wars 2 expansion Quarter
Slide 12: Cost Breakdown (Quarterly)
5. Cost Breakdown (Quarterly) • Total operating expenses for Q4 totaled KRW 401.0 billion, a 9% QoQ increase • Labor costs decreased 1% QoQ to KRW 197.9 billion • Marketing spend increased 231% to KRW 52.9 billion, impacted by new title release and game show participation • D&A rose 4% QoQ to KRW 22
Slide 13: 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 14: 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 15: 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 16: 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 17: 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 18: Strength: Our Technology
7. Strength : Our Technology Massive scale live service AI-powered development Data-driven approach Massively Multi-player Experience on Mobile NCSOFT strives to ensure top-notch stability NCSOFT established an AI research department A data-driven approach, encompassing data and connectivity a
Slide 19: Strategy to Achieve Growth
8. Strategy to Achieve Growth • NCSOFT 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 19
Slide 20: 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 20
Slide 21: 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 22: 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 23: 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 24: Game Pipeline
9. Game Pipeline 2026 2027 ~ 26 26 27 1H 2H 26 1H 3 spin-off games - Aion Mobile (China) - 2 more spin-offs 26 26 TBD 26 1H 2H …. Regional expansions - Lineage M (China) - Lineage 2M (China) - Lineage W (SEA) and more - AION2 (Global) TBD A shooter game with innovative concept 24
Slide 25: Consolidated Financial Statements
10. Consolidated Financial Statements Statement of Financial Position (Unit : KRW MN) 25
Slide 26: Consolidated Financial Statements: Income Statement
10. Consolidated Financial Statements Income Statement (Unit : KRW MN) 26
Slide 27: NCSOFT ESG Performances
11. NCSOFT 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: 2025) Maintaining inclusion in
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