NEXON (3659) Q3 2026 earnings summary

Executive summary

• Q3 revenue and operating income exceeded outlook; operating income was nearly 30% above the high end of the range, and 2026 was on track for a record year.

• Growth broadened across franchises and markets, led by record MapleStory revenue and FC ONLINE; the transformation initiative was beginning to show results, with further effects expected into 2027.

• Nine-month revenue rose 17.1% to ¥411,693 million; profit attributable to owners increased 53.9% to ¥124,997 million.

Financial highlights

• Q3 revenue was ¥138.383bn, up 17% reported and 9% at constant currency; operating income was ¥41.788bn, up 11% reported and flat at constant currency.

• Net income attributable to owners was ¥38.133bn, essentially flat YoY and above outlook, including a ¥7.5bn fund valuation gain; Q3 also included a ¥1.9bn FX loss.

• Finance income was ¥12.4bn versus ¥25.7bn YoY; prior-year comparisons included a one-time ¥3.9bn trust liquidation gain and a ¥6.1bn equity-method impairment loss in net income.

• Costs were below plan despite higher royalties; lower marketing, HR, cloud service and payment-gateway costs offset increases, while headcount was essentially flat YoY.

• Q1–Q3 operating profit was ¥131,235 million, up 12.3%; profit attributable to owners was ¥124,997 million, up 53.9%, including favorable FX comparisons.

Outlook and guidance

• Q4 revenue guidance is ¥107.725bn–¥118.889bn, down 13%–4% reported or 20%–12% at constant currency; operating income is ¥4.010bn–¥11.709bn and net income ¥4.656bn–¥10.624bn.

• FY2026 revenue forecast is ¥519.417bn–¥530.582bn; operating profit ¥135.245bn–¥142.944bn and profit attributable to owners ¥129.653bn–¥135.621bn.

• Q4 MapleStory revenue is expected to grow ~70% YoY, with Global MapleStory ~2x and MapleStory Worlds ~3x; FC franchise revenue is expected to grow by double digits.

• Dungeon & Fighter and ARC Raiders revenue are expected to decline YoY; ARC Raiders is expected to be broadly flat sequentially.

• 2027 earnings are expected to be more evenly distributed across quarters as lower first-half deferred revenue and a larger second-half release slate reduce reliance on Q1.