NC (036570) Q2 2026 earnings summary

Executive summary

• Q2 revenue reached KRW 770.5B, up 101% YoY and 38% QoQ, led by record PC revenue and Mobile Casual growth.

• H1 2026 revenue was KRW 1,327.9B; operating income was KRW 287.1B and net income KRW 283.6B.

• Strategy spans legacy and new IP, mobile casual expansion, global launches and more diversified growth.

Financial highlights

• Q2 operating income was KRW 173.9B, up 1,053% YoY and 53% QoQ; pre-tax income was KRW 176.7B and net income KRW 131.2B, down 14% QoQ.

• Q2 operating expenses were KRW 596.6B, including personnel expenses of KRW 260B, marketing of KRW 163.1B and commissions and other expenses of KRW 148.3B.

• Other revenue of KRW 71.7B included accelerated recognition of remaining Blade & Soul 2 contract value in China.

• H1 revenue declined from KRW 1,506.9B in 2025 to KRW 1,327.9B in 2026; H1 basic EPS was KRW 14,077.

• At June 2026, total assets were KRW 4,664.7B, equity KRW 3,582.0B and cash and cash equivalents KRW 671.1B.

Outlook and guidance

• FY2026 revenue is expected at the upper end of the KRW 2.5T range; Q3 may moderate on seasonality, marketing and development incentives, with rapid YoY growth expected, especially in Q4.

• Mobile Casual growth is expected to continue in H2 and 2027; JustPlay MAU is growing ~70% YoY, with LTV gains, iOS scaling and studio synergies.

• Ten titles are in preparation for H2 2026 and 2027, including Aion 2 global, Horizon Steel Frontiers, Cinder City and potential Guild Wars 3 pre-sales.

• The 2030 revenue goal remains in the KRW 5T range, with a goal to reach it earlier.

• Priorities include global diversification, new IP, mobile casual, data-driven platforms and R&D infrastructure, including a new RDI center.