Slide 1: NC IR Presentation
NC IR PRESENTATION August 2026
Slide 2: Agenda
IL. EinancialSs 3: Bnsneia 4. Revenue Breakdown’ 5. CostiBreakdown Ill. Investment Points 6. Strength ’ 7. Strategy Appendix ;
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 June 2026) NC Management Composition Gender Tenure Retail 16% 12% Investors >
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 powered by Legacy IP, New IP, and Mobile Casual Growth with PC MMO Conver
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 • Seamlessly integrated Mobile Casual network across Europe, Southeast Asia and Korea Europe APAC North America
Slide 7: Financial Highlights (Quarterly)
3. Financial Highlights (Quarterly) • Q2 revenue recorded KRW 770.5 billion, up 101% YoY and 38% QoQ, driven by the meaningful contribution of Mobile Casual and robust performance of Lineage Classic • Operating income reached KRW 173.9 billion, up 1,053% YoY and 53% QoQ, lifting the operating margin
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 343.8 billion, up 216% YoY and 8% QoQ, reaching all-time quarterly high • Mobile Casual revenue grew to KRW 169.7 billion (22% of total), driven by the consolidation of JustPlay • North America, Europe & Others rose to 27% of
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 delivered KRW 185.5 billion, with momentum sustained well beyond launch, lifting PC Lineage revenue 9x YoY • Aion 2 revenue stabilized at KRW 71.9 billion • The three mobile titles generated KRW 185.3 billion, up 1% QoQ, with Lineage M at KR
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) • Mobile Casual delivered KRW 169.7 billion, driven by the consolidation of JustPlay and continued studio growth • Firmly established as one of NC’s three growth pillars, delivering meaningful financial contribution Mobile Casual Rewarded Platform (Unit : KRW MN)
Slide 14: Cost Breakdown (Quarterly)
5. Cost Breakdown (Quarterly) • Q2 Operating expenses totaled KRW 596.6 billion, up 34% QoQ • Labor costs increased 7% QoQ to KRW 260.0 billion, reflecting the accrued incentives and the consolidation of JustPlay • Marketing spend for existing business was KRW 31.1 billion, up 88% QoQ, due to expand
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: Strength: Multiple Successful IPs
6. 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 17: Strength: Multiple Successful IPs
6. Strength : Multiple Successful IPs Guild Wars Blade & Soul AION2 Massively Multi-player Experience on Mobile Launched in 2005 (Guild Wars) & Launched in 2012 Launched in 4Q 2025 in Korea/Taiwan 2012 (Guild Wars 2) An action MMORPG featuring oriental martial Preserved the core gameplay o
Slide 18: Strength: Operational Excellence in Live Services
6. 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 19: Strength: Our Technology
6. 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 20: Strategy to Achieve Growth
7. 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 20
Slide 21: Strategy: Unlocking Legacy IP Value
7. 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 21
Slide 22: Strategy: Building a Global IP Portfolio
7. 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 In-house R&D and Securing Publishing titles for Portfolio Diversification < Portf
Slide 23: Strategy: Diversifying the Genre Portfolio
7. 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 24: Strategy: NC Mobile Casual – Growth Intelligence Platform
7. Strategy : NC Mobile Casual – Growth Intelligence Platform • NC’s distinctive mobile casual ecosystem – compounding 1) Data & Optimization Platform, 2) Rewarded traffic hub, 3) Studios • Beyond genre diversification – an intelligent content platform that maximizes user LTV (Lifetime Value) and ca
Slide 25: Strategy: Strategic Partnerships & Investments
7. 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
8. Game Pipeline • Robust pipeline secured for mid-to-long term growth : Regional expansion & Spin-off · In-house Development · External Publishing < Regional expansion & Spin-off> < In-house Development> < External Publishing> 26 ~27 ~27 26 ~27 Regional expansions [Sep.] AION 2 (Global) New MMORPG
Slide 27: Consolidated Financial Statements
9. Consolidated Financial Statements Statement of Financial Position (Unit : KRW MN) 27
Slide 28: Consolidated Financial Statements
9. Consolidated Financial Statements Income Statement (Unit : KRW MN) 28
Slide 29: NC ESG Performances
10. 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