NEXON (3659) CMD 2026 summary

Strategic vision and transformation

• Leadership is accelerating global growth, transforming development processes, and instilling cost discipline to drive profitability and sustainable expansion.

• The company is shifting to fewer, high-conviction projects, with rigorous ROI-based reviews and margin scrutiny.

• 2026 is marked as the first year of dramatic transformation, with enhanced executive communication and faster decision-making.

• AI and data-driven development, especially through the Monolake initiative, are central to future creative and operational efficiency.

• M&A will be pursued selectively, focusing on acquiring game IP, player communities, and sustainable creative teams with strict margin requirements.

Franchise and product strategy

• MapleStory achieved 43% YoY growth in 2025, with expansion driven by PC recovery, new experiences, and regional diversification.

• The MapleStory blueprint is being applied to other franchises, emphasizing core expansion, nostalgia, casual experiences, and hyper-localization.

• Dungeon & Fighter is undergoing structural changes to improve mobile retention and expand globally, with new titles like Dungeon & Fighter: Idle RPG (2026) and Dungeon & Fighter Classic (2027).

• Mabinogi and FC franchises are leveraging mobile launches, cross-platform synergies, and major events for growth, with Mabinogi franchise growing 4x.

• ARC Raiders is positioned as a new global IP, targeting 85% of its 2025 revenue from North America and Europe.

Financial outlook and shareholder returns

• Record revenue of JPY 475.1 billion in 2025, with operating income of JPY 124 billion and cash flow generation exceeding JPY 100 billion.

• Eight consecutive years of operating cash above JPY 100 billion and a cash balance of JPY 800 billion provide a strong foundation.

• Shareholder returns remain a priority, with annual dividends of JPY 60 per share, continued buybacks, and total returns expected to reach 95% of last year's operating income in 2025.

• Cost discipline includes flat HR and marketing costs, resource reallocation, and strict ROI-based project reviews, though platform and royalty expenses are rising.

• Committed to meaningful capital returns and disciplined capital allocation.