Q3 2026 Earnings Letter

November 10, 2026

MANAGEMENT SUMMARY 2

Q3 RESULTS AND Q4 OUTLOOK 6

FRANCHISE OVERVIEW 8

PIPELINE OF NEW GAMES 11

CAPITAL ALLOCATION AND SHAREHOLDER RETURNS 13

SUMMARY 14

DISCLAIMER 15

Nexon's third quarter came in well above our outlook, with operating income close to 30% above the high end of our range, putting us on track for record full-year revenue and operating income. Q3 revenue was ¥138.4 billion and operating income was ¥41.8 billion, led by the MapleStory and FC franchises and costs below plan. Year over year, revenue grew 17% and operating income 11%, against a prior-year quarter that included a one-time ¥3.9 billion gain. These results belong to the teams behind the MapleStory and FC franchises, plus our other live games.

The quarter also reflects measurable results of the transformation initiative Nexon adopted in spring. Focused deployment of our creative teams, the adoption of performance targets, and an improved process for greenlighting new projects are showing solid early results. Diversified revenue from new and existing games - particularly from our MapleStory and FC franchises - demonstrates a marked improvement in our business fundamentals, making Nexon less dependent on the performance of a single franchise.

Now in its 24th year, the MapleStory franchise once again set a quarterly revenue record, growing 72% year over year, on results that include a strong showing for MapleStory Classic in China; the core PC game in Korea; and sustained momentum for new experiences, MapleStory: Idle RPG and MapleStory Worlds.

MapleStory Classic, a new experience within our existing PC service that inspires nostalgia for the earlier MapleStory experience, is another proof point of our franchise expansion strategy, delivering more revenue, more fun for players, and expanding the global player community. The ongoing success of this initiative gives us confidence that the MapleStory Playbook can be applied to spur growth in other Nexon franchises.

On that playbook, the Dungeon&Fighter franchise pipeline includes new experiences like Dungeon&Fighter Classic, brand extensions like Arad: Idle RPG, and Dungeon&Fighter: ARAD, as well as Project OVERKILL. We expect the expanded portfolio of new offerings to reshape and grow the franchise's long-term financial contribution while we stabilize the core PC and mobile offerings.

Within that pipeline, we have moved the launch of Arad: Idle RPG to 1H 2027. The recent soft launch helped us identify areas where we can further improve the player experience and enhance the overall quality of the game. The game remains the first step in applying the MapleStory expansion model to Dungeon&Fighter.

Recently, Nexon management met with Tencent to align on a long-term plan for the Dungeon&Fighter franchise. The discussion started from a clear premise: Dungeon&Fighter continues to hold a unique position in its genre in China, with no comparable game. Turning around the live services for the PC and mobile games comes down to execution: increasing content production, optimizing game operations, and communicating better with players. Together, we are working on solutions to each, and both are committed to long-term improvement of these games.

In addition to these efforts, Project OVERKILL, announced today, is part of our broader initiative to expand the Dungeon&Fighter franchise into new experiences. Following Dungeon&Fighter Classic, which is targeted for release next year, Project OVERKILL, developed by Neople, presents a new vision for the franchise with a focus on the Chinese market.

Next is our FC franchise. Thanks to a great effort by the team, the franchise returned to strong year-over-year growth, led by FC ONLINE, which delivered its highest quarterly revenue. Improvements to the player experience have restored momentum, positioning us to finish the year on strong footing.

Looking ahead to our fourth quarter, we have a series of releases that expand Nexon's global profile.

On October 8, Embark Studios released Frozen Trail, the largest update to ARC Raiders since the launch one year ago. Having sold more than 17 million units to date, we are pleased with the launch, but the true measure of success is the ability to sustain the game.

Packed with new enemies, weapons, outfits and a large new map, the players' response to Frozen Trail tells us a lot about the value of the ARC Raiders IP. Many who had moved on came back, the core community grew, and new players bought the game a full year after the release. This is a performance we expect to see from a franchise, and why we built ARC Raiders for the long term. Additionally, our partnership with Chernin Entertainment to develop film and television projects based on ARC Raiders and THE FINALS is a sign of how far the IP already reaches beyond the game.

Following its July release in Taiwan, Hong Kong, and Macau, MABINOGI MOBILE

launched in Japan this October.

Also in October, MapleStory Classic World was released in Western markets. Developed and hyperlocalized by our Los Angeles studio as a companion to the Western PC MapleStory service, it offers the classic MapleStory experience for the enjoyment of both new and long-time players.

And two new games are scheduled for release on November 26. TEMPPAL: OVERGEARED, a full-3D MMORPG based on the popular web novel/webtoon IP Overgeared, developed by GRAYGAMES, will be released in Korea, Taiwan, Hong Kong,

and Macau. And Azur Promilia, a fantasy world RPG for PC and mobile developed by Manjuu Games, the studio behind the globally popular Azur Lane, will launch in Korea.

At our Capital Markets Briefing, we explained how Nexon is changing how we manage our business, including how we build and where we spend. Our third quarter offers an early look at what our change agenda can deliver. Costs came in below our plan, despite royalties that were pushed up by higher revenue. Year over year, headcount at the end of the quarter was essentially flat and below plan.

Holding headcount flat in what we expect to be a record-setting year is a choice. We are investing in the people and projects that can carry the company.

Every Nexon project is assigned a performance target, benchmarked against competing titles and as part of our portfolio, and a series of gates to measure progress toward launch. Our greenlight process is an important filter that speeds good ideas to market and hits the brakes on less promising ones. From concept to launch approval, every new game goes through a three-tiered evaluation process that tests player appeal and commercial viability.

• Concept and prototype: Each idea is reviewed for concept, target market, differentiation, initial budget, and team strength to validate the core gameplay appeal, market fit, and technical needs.

• Production: Before approving full production, we validate the budget, schedule, production processes, and business plan. As development advances, we assess actual progress, player feedback, and adherence to schedule and budget.

• Launch: Before approving the launch, we conduct a final review of quality, monetization plan, service stability, marketing strategy, profit projections, and overall readiness.

In the recent months, we have discontinued six projects and deployed the budget and