SHIFT UP (462870) Q2 2026 earnings summary

Executive summary

• H1 2026 revenue was ₩103.0bn and operating income ₩49.6bn, both below H1 2025; net income rose to ₩79.5bn from ₩78.2bn, supported by higher finance income.

• Revenue remained concentrated in Goddess of Victory: NIKKE and Stellar Blade, while the portfolio expanded through the Unbound acquisition and development of new IP.

Financial highlights

• H1 revenue was ₩103.0bn vs ₩154.6bn YoY; operating income was ₩49.6bn vs ₩94.5bn.

• H1 net income was ₩79.5bn vs ₩78.2bn YoY; pretax income was ₩100.1bn vs ₩94.2bn.

• Finance income reached ₩51.4bn vs ₩17.0bn YoY, including ₩22.8bn gains on disposals and ₩13.4bn valuation gains on fair-value financial assets.

• Cash and equivalents were ₩226.6bn at June 30, 2026, vs ₩110.1bn at Dec. 31, 2025; total assets were ₩1,110.4bn.

• Operating cash flow was ₩46.0bn vs ₩64.7bn in H1 2025; investing cash flow was positive ₩90.6bn vs negative ₩176.5bn.

Outlook and guidance

• NIKKE continues 2–3-week content updates and live-service events, with a stated focus on sustaining its lifecycle and user engagement.

• Stellar Blade: Blood Rain was unveiled with an in-game trailer in June 2026; development aims to expand the world and build the franchise.

• Project Spirit is in development as a cross-platform mobile, PC and console title intended to strengthen the IP portfolio and support long-term growth.

• Unbound is developing multiple new PC/console IPs, including high-end titles, with plans for direct publishing.

• R&D plans include exploring AI-assisted development workflows, including image and voice-generation technologies, with proof-of-concept work planned.