Good afternoon, everyone. We appreciate you joining our call.

Earlier today, Nexon posted a letter, slide deck, and press release detailing our Q4 and full-year 2025 performance, plus our Q1 2026 outlook. We are pleased to report that 2025 marked significant progress in Nexon’s IP growth initiative.

We renewed momentum in our core games, MapleStory and Dungeon Fighter PC, and delivered extremely popular all-new titles, including Mabinogi Mobile, MapleStory Idle RPG, and of course, Arcreaders. As a result, we achieved a record-high full-year revenue of 475.

1 billion yen, representing year-over-year growth of 6%. Our first quarter was highlighted by the new launches of two significant titles, MapleStory Idle RPG and Arcreaders.

Harnessing a distinct and increasingly popular game genre, MapleStory Idle RPG reimagines the core MapleStory experience in a highly accessible idle RPG format. Our game released on November 6 and quickly reached number one in Taiwan and Singapore, started well in North America, and held the number one position in Korea for more than ten weeks.

However, we later discovered that a coding error, which misapplied the stated value for a specific pay item, had been corrected without notifying players or management. Recognizing the error, on January 25, Nexon management acted quickly, announced process reforms and disciplinary action, and to reaffirm trust with players, made an offer of compensation or full refunds upon request for all in-game purchases made prior to January 28.

The refund application process is open from February 5 to February 15, which will be processed through app stores, with completion expected by March 15, 2026. Uemura-san will walk you through the details of how this affects our results and outlook.

Nexon has a history of success in sustaining and growing games for many years. Building and maintaining the trust of our player communities is a fundamental principle of how we operate.

When we discover a flaw, we quickly and openly admit our mistakes, adopting reforms and making things right for our players. This refund offer is a big commitment, but one we believe is critical to maintaining the trust in our games and our company.

Now turning to Arcreaders, the largest and most successful new product launch in Nexon’s history. Surging and sustaining engagement, 15 weeks after the October 30th launch, Arcreaders has outperformed our most optimistic projections.

The game reached unit sales of 10 million in December, and as of today, an incredible 14 million. The true measure of a hit game is sustainability, and for Arcreaders, two metrics demonstrate robust and sustained engagement.

First, in January, we reached the peak concurrent user milestone of 960,000 players, two months after the launch. Second, we have increased and sustained approximately 6 million weekly active users to date, which means that millions of players around the world have integrated Arcreaders into their weekly routine, driven by a steady cadence of content updates from Embark Studios and supported by Nexon’s live operations.

Arcreaders defies the traditional quick-up, quick-down trajectory of most games and, driven by the ongoing full-year content plan currently in development at Embark, we strongly believe Arcreaders will continue to engage the core and attract new players into the portfolio in the future, making the game a sustainable pillar in Nexon’s portfolio of global game franchises. The enduring success of Arcreaders stands as a clear pivot point in our strategy, and one that shows where we plan to take our company in the months and years ahead.

Nexon has developed a creative and operating model that can deliver renewal and resilience in core franchises while introducing new games and experiences that attract players across all regions, platforms, and business models from being at scale. Today, we are a more diversified, durable, and globally competitive company.

To hear more about our progress and plans for the future, investors are invited to Nexon's capital market briefing in Tokyo on March 31st. The event will feature presentations from our executives and creative leaders with detail on our strategy for achieving our midterm financial targets, including a preview of our content pipeline.

With that, operator, we are ready to take questions from our guests. 質問を希望される方は画面内にある手ボタンを押してください。手のマークが表示されていると挙手している状態となります。順番が回ってきますと、ご自身の画面にミュート解除の通知がありますので、操作してお話ください。なお本決算説明会は日本語、英語、韓国語での逐次通訳で進行しております。選択した言語の通訳者の発言が終了している場合でも、もう一方の言語の通訳者の発言が終了していない可能性がございます。ご質問の際は画面内に発言者が表示されている場合のみお発言をお願いいたします。それではお質問を受け付けますので少々お待ちください。最初のご質問者はモルガン・スタンレー証券のセヨン・パク様です。それではご質問者様、ご質問をお願いします。

The first question is from Seon Park, of Morgan Stanley. Hi, good afternoon.

Can you hear me? Yes, we can.

Thank you for the opportunity. I have three questions, and I'll ask them one by one.

The first question is relating to the Maple Story Idol RPG refunds. I think we have three days remaining for players to apply for the refund if they request so.

The provisioning that you have booked already for the fourth quarter and the upcoming guidance, should we assume that it is conservative? Maybe can you provide some color, given that we have three days remaining on the refund, whether you are expecting a meaningful exit of players, or whether we can assume that most of the players will continue to play this game?

Thank you. こんにちは。質問する機会を与えてくださりありがとうございます。合計で3点質問させていただきますので、1点1点よろしくお願いいたします。まず最初はメープルストーリーRPGの返金に関してです。あと返金申請する期間として3日残っておりますけれども、第4四半期においてこの返金額というのを引き当てているということなのですけれども、それというのは実際に保守的な数字としてこれだけ押し下げ要因として効果が出てくるというふうにお考えなんでしょうか。あと3日残っておりますけれども、どうなんでしょうか。その申請が終わった段階では、とてもたくさんの数の既存の 見当ててるということなのですけれども、それというのは実際に保守的な数字として、これだけ押し下げ要因として効果が出てくるというふうにお考えなんでしょうか。あと3日残っておりますけれども、どうなんでしょうか。その申請が終わった段階では、とてもたくさんの数の既存のプレイヤーがゲームから離脱するということを想定なさっていらっしゃいますか。それともほとんどのプレイヤーの方々がプレイし続けるという想定でしょうか。

はい、ご質問ありがとうございます。返金に関しましては、詳細に関しては差し控えさせていただきたいと思いますけれども、Q4において90億円の売り上げへの影響、40億円の営業利益への影響、Q1においては50億円の売り上げへの影響、30億円の営業利益への影響ということで、具体的な金額で示させていただいていると思います。 Thank you very much for your question.

Regarding the refund, I would like to refrain from giving you the details, but please be aware of the fact that we have already given you tangible figures regarding what kind of impact we are foreseeing in Q4 as well as Q1. For Q4, we have mentioned the revenue impact of 9 billion yen and the operating income impact of 4 billion yen, whereas in Q1, we have factored in the impact of 5 billion yen for the revenue and 3 billion yen for the operating income.

で、この見積り額に関しましては、我々が考える合理的な範囲での見積りの中で出しておりますので、決して保守的でもなければアグレッシブでもないと、適切な見積りであるというふうに考えています。 Regarding the estimate figures that I have mentioned to you now, I believe that this is within the rational range that we have estimated.

Therefore, I can say that the numbers are neither conservative nor aggressive, and I believe that these numbers are quite appropriate. で、今後のアイドルRPGに関してなんですけれども、こういった問題は非常に残念なことなんですけれども、会社としては適切な対応を適宜、即時にやったというふうに考えております。

Regarding the issues related to Idle RPG, it was quite regrettable, but after the discovery, we believe that as a company, we had immediately taken appropriate measures. その結果、ユーザーの反応としてはニュートラルから若干ポジティブというふうにも見受けられますので、引き続きこのタイトル、非常に人気が高いと思いますので、しっかりと再度立て直していくということになると思います。

In terms of the user sentiment, it is neutral and some are slightly positive. We believe that this is a very popular title and we will put our effort in rebuilding the game.

안녕하세요, 이정환입니다. 제가 조금 더 추가 설명 드릴 수 있도록 하겠습니다.

Hello, this is Jonghyun Lee here. I would like to add a little bit onto that from my end as well.

우선 무엇보다도 대표이사로서 이번 사건을 통해서 심려를 끼쳐드려서 여러 주주님들과 그리고 메이플 키우기를 사랑해 주셨던 유저분들에게 고개 숙여서 진심으로 감사의 말씀 먼저 전합니다. I would like to offer my deepest apologies to all of our shareholders and our fans of MapleStory Idle RPG for the concern that we have caused as a CEO of the company.

이 기회를 통해서 넥슨의 라이브 운영의 근본 원칙이 유저와의 신뢰 구축이라는 점을 다시 한번 강조를 드리고 싶고요. 이런 원칙에 따라서 적극적인 환불 정책이 이루어졌음을 다시 한번 말씀을 드리고 싶습니다.

I would like to reiterate that building confidence from our user base is definitely the basic and fundamental principle of how we operate, and that has been on the background of our making this decision to offer full refunds to our users. 정말 죄송스럽고 그리고 또 감사하게도 해당 이슈 이후에도 이용자의 참여도는 안정적인 흐름을 유지를 하고 있습니다.

For this, I definitely feel both apologetic and grateful, but the player engagement has shown resilience following this incident. 구글이나 애플 차트를 통해서도 확인하실 수 있겠지만 환불 정책 발표 이후에 매출은 안정화가 되었으며 DAU 역시 이슈 이전 대비 소폭 감소에 그치면서 대체로 이전과 유사한 수준을 유지를 하고 있습니다.

I believe we will be able to infer this from the current rank or chart from the Google Play Store and Apple App Store, but after this incident, revenue has stabilized at this moment and DAU is also remaining largely consistent from what we have seen before, showing only a modest decline. 가장 최근의 유저 여론은 게임의 업데이트 이벤트 등 게임 본연의 콘텐츠에 대한 관심이 확대되고 있는 상황이고요.

환불 신청 이후 신규 계정을 플레이하는 후기가 매우 활발히 공유되고 있습니다. When it comes to the user sentiment, lately we are seeing some increasing interest once again on the actual content of the game, including game updates and events, game updates on the MapleStory Idle RPG, and we are now seeing active posting of experiences playing on their newly created accounts.

덧붙여 마지막으로 메이플 스토리 키우기의 이용자의 대부분은 신규 유입 이용자입니다. 그래서 기존 메이플 스토리에서 유입된 비중은 혹은 카니발라이제이션이라고 보실 수도 있을 것 같은데 기존 메이플 스토리에서 유입된 비중은 한 자리수에 불과하고요.

이는 메이플 IP 프랜차이즈의 중적 확장 개념에서 매우 중요한 포인트임을 말씀드리고 싶습니다. 앞으로 저희는 남은 환불 신청 프로세스를 매우 적극적으로 마무리를 하고요.

이후에 보다 나은 콘텐츠 업데이트를 통해서 이용자 여러분들께 다시 한번 사랑받을 수 있도록 최선을 다하도록 하겠습니다. Lastly, I would like to mention that for MapleStory Idle RPG, most of the users are newly acquired users.

When it comes to, for some, I would believe you might be concerned about cannibalization, but that kind of overlap between MapleStory Idle RPG and the core game is only a single-digit percentage, which is pretty small. We believe this is a very important point when it comes to vertical expansion of MapleStory franchise.

Going forward, we will do our best to fully and diligently wrap up the remaining refund procedure, and we will make our best effort so that we can earn back the hearts of our fans and players with great content updates that we provide going forward. Thank you for the answer.

If I can switch the subject to matters that are much more constructive, Arkriders has been a phenomenal success so far. It seems like even coming into 2026, you've sold now 4 million copies in a month and a half.

Can you maybe provide us a little bit more color as to whether this sales through is still continuing and whether we should expect ongoing sales of additional copies in the coming months? Thank you.

ご回答ありがとうございます。では次にもう少し建設的な内容にトピックを切り替えたいと思います。アークレイダーズは驚異的な成功を収めております。2026年にかけてもほんの1.5ヶ月で400万ユニット本数を販売になさっていらっしゃいます。これについてもう少しご説明いただきたいと思うんですけれども、このような販売というのは今後も続いていくのでしょうか。我々といたしましてもこの傾向が続くというふうに期待してよろしいんでしょうか. 네, 좋은입니다.

답변 드리도록 하겠습니다. Hi, this is John again.

Let me answer your question. 우선 아크레이더스의 성공은 매우 고무적이고 의미있다고 생각합니다.

게임 회사로서 복수의 IP 기둥을 확보하는 것보다 의미있는 일은 없다고 생각하기 때문입니다. When it comes to the success of ArcRaiders, it is definitely highly encouraging and meaningful for us, since as a games company, there's nothing more important than equipping ourselves with multiple and solid IP pillars.

아크레이더스는 이미 잘 알고 계시겠지만 이미 브랜드 인지도가 확보된 IP가 아닌 신규 IP 기반에도 불구하고 출시 후 두 달이 안 돼서 천만장 이상 판매를 했습니다. As you may understand already, ArcRaiders is a completely new IP, which means that it did not have any precedented level of brand awareness in the market.

Nonetheless, it was able to sell over 10 million units in less than two months. 실적 발표 오늘 직전에 가장 최근의 지표도 매우 강력합니다.

Even when we look at the latest number right before this earnings call, the numbers are pretty solid right now. 먼저 출시 2개월 후인 1월에도 최고 동시 접속자 수 96만 명이라는 수치를 달성했습니다.

The first metrics I would like to note is the peak concurrent user milestone of 960,000 players, which we recorded in January, two months after the launch. 또한 현재까지 주간 활성 이용자 수죠, WAU는 약 600만 명 수준을 지속적으로 유지를 하고 있습니다.

When it comes to weekly active user count, or WAU, it is sustaining approximately six million right now. 이는 이미 전 세계 수백만 명의 이용자들이 아크레이더스를 주간 루틴의 일부로 정착시키고 있음을 의미합니다.

그리고 구체적인 수치를 공개할 수는 없지만 리테인션 수치 역시 매우 매우 강력한 수준을 유지하고 있습니다. We believe this really implies how millions of players around the world are now integrating ArcRaiders as part of their weekly routine, and even though we are unable to disclose specific numbers here, the retention is also very strong.

이에 더해 얼마 전 공개된 아크레이더스의 연간 콘텐츠 로드맵은 유저들에게 굉장히 큰 환영과 관심을 받았습니다. In addition to that, the recently announced monthly content roadmap of ArcRaiders was well received and welcomed by our users.

엠바크의 2026년 핵심 목표는 월단위의 지속적인 콘텐츠 업데이트와 라이브 운영을 통해서 게임의 장기적인 몰입도를 유지함으로써 패키지 판매를 지속적으로 확대하는 것입니다. When it comes to the objective of the Embark team for this year 2026, it is to provide monthly content updates and live operations, so that they can continue to drive unit sales by keeping the game engaging for a long period of time.

저희는 매우 흥미롭고 안정적인 업데이트 주기를 이어갈 수 있을 것이라고 기대를 하고 있습니다. We believe we will be able to deliver a steady cadence of updates that are both engaging and steady.

마지막으로 좀 더 하이레벨 차원에서 아크레이더스에 대한 관점을 공유를 드리자면 저희가 판단하기로는 아크레이더스는 아직 IP 성장이 초기 단계에 있습니다. 그래서 저희는 이 훌륭한 IP를 조금 더 저변 확장을 하기 위한 다양한 가능성을 검토 중에 있습니다.

Lastly, to comment a little bit about ArcRaiders' IP as a higher level concept, we still believe it is still in its early stage as an IP, and we are now exploring many possibilities to expand the reach of ArcRaiders. 현재로서 공개할 수 있는 이 IP 확장의 개념 중 하나로는 텐센트와 협력해서 중국 이용자들을 대상으로 한 하이퍼 로컬라이제이션 버전의 출시이고요.

What we can disclose at this moment in regards to this IP expansion would be the launch of hyper-localized version of ArcRaiders for Chinese players under the cooperation partnership with Tencent. 장기적으로 아크레이더스라는 IP와 엠바크라는 개발팀이 넥슨의 하나의 또 거대한 IP 필라가 될 수 있게끔 현재 경영진은 거시적인 관점에서 총력을 다하고 있음을 말씀드리고 싶습니다.

I would like to say that the management team is putting our best effort in a macro level perspective, so that in the longer term, this ArcRaiders IP as well as Embark development team can become an enduring pillar of Nexon's entire portfolio. 네, 이상입니다.

That concludes my answer. Thank you.

Thank you once again. My last question is also a separate subject on the shareholder return policy.

I noticed that there is no buyback policy program, which was announced this time around. I know you have a shareholder return policy of one-third of the previous year net income, but can we get maybe just a little bit of an update as to how you're thinking about share buybacks for this year and going forward?

Thank you. はい、では最後の質問をさせていただきます。テーマは株主還元方針です。今回新たに自己株取得のプログラムの発表はありませんでした。ただ前に申し上がっていたように基本的な株主還元の方針としては前年の営業利益の3分の1を還元するというふうに伺っております。これに関しましてもう少し2026年における株主還元の考え方をお示しください。

はい。株主還元に関しましては、3分の1、33%以上還元するということですが、これが必ずし도33%というわけではなくて過去においても33%以上の還元をしっかりとやってきたと思います。 We, regarding the shareholders return policy, we abide by one third, or rather more than 33% of the previous year's operating income, and even in the past, we did actually provide the return of more than 33%.

引き続き今後もしっかりと成長投資をしながら株主還元に関しても積極的かつ柔軟性を持って検討していきたいというふうに考えております. Going forward, we will pursue two ends, one being investment in growth, and secondly, we would try to provide the shareholders return and be flexible at the same time.

Thank you very much. ありがとうございました。

次のご質問者はUBS証券のEsha Jai様です。それではご質問者様、ご質問をお願いします。 UBS証券のJaiでございます。ご指名。

This is Jai of UBS Securities. 私からも質問3点ありまして、まず1つ目はArc Raidersのところについてですけれども、繰り延べ収益についてですが、確か前回の説明会の中ではほとんど前受金ですので、ちょっと繰り延べ収益そんなにないというような話し方だったと思いますが、今回結構金額が繰り延べされているというような状況ですけれども、ちょっと確認ですけれども、その中は一部ゲーム内課金の部分が繰り延べされているんですか、それともアップフロントのお支払いのところも繰り延べされているというような状況ですか。で、あと計上ルールは例えばどういうふうになっていまして、次の四半期下半期ぐらい計上されるんですけれども、さらにその先はどうなりますか。あとはそれと関連してパフォーマンス連動商用についてですけれども、ちょっとQoQで人件費の増やし方と次の四半期の増やし方を見てみますと、ちょっと次の四半期も割と乗っているようなイメージがあるんですが、ただし売り上げベースでは次の四半期割と減りますが、もう少しそこの詳細についても教えていただけますでしょうか。1点目です。

I have three questions. My first question is related to Arc Raiders.

You have mentioned the deferral of the revenue, and in the previous briefing session you have commented that this is upfront charging. There is no deferral.

However, this time round you have explained that there will be revenue deferral, and the amount seems to be quite large. I would like to reconfirm the content of the revenue that will be deferred.

Is it in-game charge, or is it upfront payment? What is the content of the revenue?

That is my first point. Also please explain the rules of these deferrals to be recognized.

You mentioned that more than half of the deferral will be recognized in the following quarter, but what about the quarters beyond that? Also I would like to ask about the bonus linked to performance.

On QoQ basis, the personnel cost has been rising and in the following quarter as well, do you expect another increase in the personnel cost? Also when you look at the percentage on the revenue, it seems to have gone down.

Could you elaborate in more details on these points? That was my first question.

はい。えっと、アークレイダースに関してなんですけれども、おっしゃる通りガイダンスの作成時点においては子会社の監査法人とも協議をした上、当社売上に関して繰り延べがほぼ発生しないというふうに確認をしておりました。しかし連結決算手続きにおいて当社の監査法人から繰り延べが必要であるというような見解が出ておりました。 With regards to the Arc Raiders, as you have pointed out, when we explained our guidance, at that time we have consulted with the audit firm of the subsidiary, and at that point it was deemed that the deferral was necessary.

However, through the process of the consolidation, we consulted with the audit firm of our company, and as a result we received the view from the audit firm that the deferral will be necessary. Let me correct.

At the audit firm of the subsidiary, we mentioned that the deferral was not necessary. Let me correct.

そのような状況で協議を重ねた結果、このゲームの特性を踏まえて連結調整として繰り延べを行うということに同意したという次第です。 具体的な繰り延べとしましては、Steamの売上に関してはある一定期間を繰り延べるという形になっております。

Specifically, the revenue from the sales through Steam, we will defer for a certain period. Steamの売上具体的には約6割という形になります。

And Steam sales make up roughly 60%. したがってこの第4四半期でキャッシュベースで売り上げた売上に対して60%分を2026年以降に繰り延べたという形になります。

その結果、2026年Q1で277億円の下半は認識するという形になります。 60% of the cash-based revenue in the fourth quarter will be deferred to FY26, and as a result, the majority of the 27.7 billion will be recognized in the first quarter of 2026.

次にインセンティブボーナスに関してのお話なんですけれども通常の我々の他の新規タイトルと同じようにゲームからの利益に関してリクープした後に関してはインセンティブを与えるという形になっております。 Next is on your question on incentive bonus.

As we do with other new titles regarding the profit generated from the game will be distributed, a portion of it will be distributed to the development team. Jさん、これで全て答えましたでしょうか。またありましたでしょうか.

Jason, did I answer all your questions, or do you have any other points? すいません、ありがとうございます。ちょっとフォローアップとなるんですけれども、ちょっとその第一四半期、1月から3月の間の売り上げのまた60%が次の四半期に繰り延べされるっていうようなイメージになるんですか。

I have a follow-up question. The 60% of the sales in the first quarter, from January to March period, will that be further deferred to the following quarter?

はい、ご理解の通りです。メカニズムは全て一緒です. You are right, the mechanism is all the same.

よくわかりました。ありがとうございます。 I understood fully.

Thank you very much. えっと続きまして2問目の質問ですけれども。こちらは中国のアラド戦記のモバイル版ですけれども、普通であれば1月から3月、旧正月もありますので、なんかPC版だったら割と季節性があって第一四半期強くなるんですけれども。もしかしたら今回のガイダンスの中ではあんまりQonQで売り上げ伸びないというような予想となっているんですが。それはモバイルの季節性がちょっとPC版と違うからなのか、それとも例えば前回共同開発コンテンツの効果が良すぎて逆に足元ではちょっと薄まれていっていますか。あとはテンセントとの共同開発のコンテンツの今後どのような頻度、スケジュール感でリリースされていて、あとPC版とモバイル版それぞれどのような計画があるのかも合わせて教えてください。あとはもうすぐPC版の契約更新もありますので、その共同開発によってテイクレートの交渉に影響出そうかどうかについてももしコメントできればお願いいたします.

My second question is on Dungeon and Fighter Mobile in China. Usually in January to March period, there is a New Year and there is usually seasonality in the first quarter for PC, but for the Dungeon Fighter Mobile, the guidance shows that the revenue will be more or less flat.

Is seasonality of mobile different from PC? Also you are developing content jointly, and the benefit of that, will that decline as the impact of the previous co-developed content starting to decline?

I'm referring to the co-development with Tencent, and could you also talk about the frequency of the release of content co-developed with Tencent for PC and mobile as well? What is your plan?

Also the contract update timing will come up soon for the PC, and for the co-developed content, will that be an opportunity to negotiate the take rate? 네, DNF 모바일은 현재 가장 최근 직전까지의 DAU 추이는 최근 얼마 동안의 기간 동안 안정적으로 유지되고 있지만 그 이전에 최고레벨 상향 업데이트 이후에 시간이 지나면서 유료화 지표만 하락을 했습니다.

はい、ありがとうございます。アラド戦記モバイルにつきましては足元のDAUレベルは安定的に維持しているんですが、以前のレベル上記的なコンテンツが供給されたりでしたが。現在、私たちが判断하기로는シーズナリティのイシューよりは、コンテンツのクオリティや頻度に基づいてユーザー指標が動く状況で、長期的にこのモバイルのファンダメンタルを改善するために長期的な視角で動いているということを数四期の実績発表を通して伝えたと思います. From this, we believe that it is not just about seasonality, but it is more about the quality and the cadence of the content that we provide for our users that really affects how the user metrics move as a whole.

In regards to that, as we have mentioned in previous quarter calls, we are now taking a long-term approach so that we can improve the fundamentals of Dungeon & Fighter Mobile in the longer term. 아직 공동 개발 콘텐츠에 따른 콘텐츠의 전반적인 공급량 증대는 아직 본격적으로 확보되지 않은 시점이라고 보시는 게 맞습니다.

I would say that we haven't yet fully leveraging the increase in the productivity, of the increase in the production volume of the content from these co-development initiative just yet. 저희는 2026년 올 연내로 공동 개발에 대한 프로세스가 본격적으로 가동될 것이고 이에 따라서 공급되는 콘텐츠를 통해서 이용자 엔게이지먼트와 그리고 새로운 이용자들의 확보가 훨씬 더 용이해질 것으로 판단을 하고 있습니다.

What we are assessing internally is that through the full execution and exploitation of this co-development process with Tencent within the 2026 year, we believe we will be able to provide the Dungeon & Fighter service to our Chinese players stably. 네, 이상입니다.ありがとうございます。そして3点目ですけれども、メープルストーリーフランチャイズ全体に対する質問ですが、今回のRPGの方は若干イベントが発生したというような状況で、オフさんは対応としてすごく速やかで、ちょっと売り上げも今そんなに落ちていないような状況ですけれども。ただし以前もメープルストーリー、ちょっと状況が違うかもしれないですけれども、またハプニングが確率のところについてあったというような状況ですけれども。同じフランチャイズに2度も確率に関してハプニングがありますと、ちょっと今後ブランドイメージに対して影響は出るかどうかについて、あと全体的にコーポレートガバナンス的にそういうハプニングを防げる方法はあるかどうかについてコメントをお願いできますでしょうか。以上です。

Thank you for your thorough explanation. My third question is related to the overall Maple Story franchise.

This time on RPG, there was an issue or event that happened, but the company reacted speedily, and I understand that there was no major impact to the sales. When we look at the past, there was a similar incident related to Maple Story.

At that time also on the probability, and in the same franchise, under the probability-related area, the happening occurred twice. Will that impact the brand image going forward?

I also would like to ask about your corporate governance. Do you have a measure to prevent the recurrence of such happening?

네, 물론 확률과 관련된 동일 카테고리의 문제가 두 번이나 발생한 것들에 대해서는 정말 면목이 없고 잘못된 일이라고 생각을 하고 있습니다. I would first like to start off my response in acknowledging that going through the similar probability issue twice is definitely something we should feel very apologetic about.

다만 그 이후의 대응에 있어서 발생한 실수와는 별개로 대응에 있어서 저희가 이번에 결정한 보상 혹은 전액 환불 두 가지 옵션 중에서 선택할 수 있게끔 한 조치는 당사가 앞서 말씀드렸던 것처럼 넥슨이 서비스하는 모든 게임에 있어서 이용자의 신뢰는 최우선이라는 원칙에 입각한 결정이었습니다. However, when it comes to how we have responded to this incident apart from the safeguards, this choice or the decision to offer full refund or providing compensation to our users and giving that kind of option to our users was based off of the fact that we are putting the confidence of all users for all our Nexon games before anything when it comes to operating our company.

이런 원칙에 입각한 진정성 있는 결정과 그리고 향후 있을 재발 방지에 대한 저희의 노력들을 지켜봐 주신다 그러면은 장기적으로 브랜드 이미지에 있어서도 네, 유저들이 저희의 좀 진정성을 인정해 주지 않을까라고 생각을 하고 있고요. If you could take a longer perspective and see how our decision that was made out of our earnest and sincerity really plays out, as well as how all the measures that we take in order to prevent any recurrence from taking place, we believe such hard effort will be acknowledged by our users as well in terms of the brand reputation or image.

거버넌스 측면에서 마지막으로 한 말씀 드리자면 넥슨은 지난 확률 관련된 이슈 이후에 전사적으로 확률 시스템에 대한 검증 자동화 인프라를 이미 구축했습니다. 그리고 해당 결과값들을 이용자들에게도 실시간으로 공개를 하고 있었습니다.

Lastly, to add a little bit in terms of the governance, ever since our last probability-related incident, we have executed and implemented an automated infrastructure to validate probabilities of the products and all the outcomes of such validation is being disclosed to our users in real time. 다만 메이플 케우기는 외부 개발사와의 협업을 하는 과정에서 이 시스템 도입에 있어서 작은 hole이 있었고요.

그리고 오류를 수정하는 과정에서 수정 후에 유저들에게 안내되어야 되는 상황임에도 불구하고 이를 개인의 판단으로 하지 않은 것이 문제가 되는 사건입니다. However, when it comes to this incident on Maple Story RPG, as it was a product that was born from a partnership and co-work with an outside entity, and there has been some small hole in terms of executing such infrastructure to this title.

At the same time, it also had to do with the judgment of an individual who did not disclose or notify to users regarding the correction of the error even though it had to be. 현재 저희는 사고 발생 직시 TF를 구성해서 앞으로 이런 일이 전사적으로 발생하지 않도록 재발 방지에 최선의 노력을 다하고 있습니다.

저는 이번 사안이 컴플라이언스와 이용자 신뢰를 중시하는 저희 회사의 조직 문화 자체의 구조적인 문제가 있음을 의미한다고 보지는 않습니다. 다만 본 사안을 통해서 운영 통제 및 책임 체계를 추가로 강화할 필요성이 확인이 되어서 이 부분에 대해서 즉각적인 조치를 취하고 있습니다.

Right now, immediately after this incident, we have established a task force to address so that no similar issues happen throughout the entire company. We do not believe that this truly reflects any fundamental issue with our company culture, which emphasizes compliance and user trust and putting them before anything.

However, the incident did highlight some areas where our operational control and accountability frameworks have to be improved, and that is why we are taking such immediate actions. 앞으로 이런 일이 다시는 발생하지 않도록 최선의 노력을 다하겠습니다.

이상입니다. We will put our best efforts so that we can prevent any mistakes from happening.

That is my answer. よくわかりました。ありがとうございます。

I understood quite well, thank you very much. 次のご質問者はゴールドマンサックス証券株式会社の宗方さんです。それではご質問者様、ご質問をお願いします。

The next question is from Munakata-san from Goldman Sachs Japan, please. ゴールドマンサックス証券の宗方です。質問の機会ありがとうございます。1問ずつ2つお願いいたします。

Thank you for giving me the opportunity to ask you a question. My name is Munakata of Goldman Sachs.

I have two questions, let's go one at a time. まず1点目がArk Raidersについてですけれども、年間のコンテンツの計画を考慮しますと、定期的に新しいユーザーを取り込めるというお話をいただきましたが、すでにWAUが600万人というかなり強い水準であることもご紹介をいただきましたので、これから流入してくる層というのはどんな層をご想定されているのか、地域的な軸でもユーザーの属性でも構いませんので、今描いてらっしゃるイメージを教えてください。これが1点目です。

The first question is on Arc Raiders. I understand that you have a plan to regularly provide new content update, which will ensure the inflow of new users.

I know that you have a very dramatic figure of weekly users being 6 million, and I think this is a very strong figure. I want to know, going forward, what kind of user profile do you have on your mind regarding the new inflow?

You can talk by region, or maybe you can tell me the attributes of the new inflow users. はい。Ark Raidersに関してなんですけれども、発売して約4ヶ月経過しているというような状況で、引き続き非常に好調を保っているというような状況だと思います。で、そのような中でエンバックススタジオは毎月コンテンツを入れて、ユーザーを非常に楽しく活性化させるような動きを行っております。

And so four months have passed since the launch of Arc Raiders, and it is trending very well, and Embark Studios have the plan to provide new monthly content update, and this energizes the players. で、ユーザーがしっかりとゲームの中で遊んでいただいている限り、新たなユニットセールスがさらに生み込めるというふうに考えております。

As long as the users enjoy the in-game play, I believe that we will be able to secure robust new unit sales. ですので当面の目標としましてはさらにユニットセールスの増加というところを促進させまして、ユーザーベースをしっかり作って、また今後の展開に持っていくというようなイメージを持っております。

So we believe that short-term-wise, we want to provide further unit sales, which will lead to more user base, and we will be in the position to promote the next stage of this title. 네, 제가 좀 더 부연 설명 드리자면 현재 아크레이더스는 웨스턴과 유럽 지역에서의 이용자 접속 비중이 가장 높습니다.

This is John, and I would like to add a little bit on to that by first stating that for Arc Raiders, the share from the user share from Western and European region is a little bit higher. 몇 번의 발표를 통해서 저희가 이미 연간 콘텐츠 업데이트 로드맵을 제공을 했고 굉장히 밀도 있는 콘텐츠 업데이트를 통해서 기존에 이용하던 유저들이 더 게임을 재밌게 즐길 수 있는 방법에 대해서는 굉장히 잘 대응을 하고 있다고 생각을 하고요.

Already, the team has announced regarding its annual content roadmap, and through that kind of very sensibly built update plan, we believe we are putting some plans in place so that the existing users can be better engaged with our games. 최근의 지표에서 감지된 부분은 전체 접속의 플랫폼별 유저 비중에 있어서 콘솔의 비중이 조금씩 늘어나고 있다는 점은 저희 내부적으로도 매우 고무적으로 생각하고 있습니다.

What we have sensed and acknowledged from recent data is that the percentage or the share from console is gradually growing, and we believe this trend is definitely encouraging. 이렇게 국보와 지역에서의 트래픽에 더해서 향후 조금 더 업사이드가 있을 수 있는 지역에 대해서는 아시아라고 생각을 합니다.

Now, adding on to this kind of solid traffic level that we are seeing in the Western and European region, we believe the Asian region also has more upside for us. 아시아 지역에서는 일본에서의 트래픽 비중이 가장 높은데요.

일본을 포함해서 한국 그리고 중국까지도 아시아 지역에서 아크레이더스가 조금 더 사랑받을 수 있게끔 다양한 서비스나 마케팅 그리고 이벤트 측면에서의 플랜들을 26년에 실행을 할 예정입니다. When it comes to such more upside remaining in the Asian region, right now we are seeing the most share, the highest share of traffic from Japan, and even aside from Japan, for Korea and China as well.

In the broader Asian region, we have many different plans in place for 2026 so that we can earn more hearts of users through various service, marketing, and events plans for Arc Raiders. 네 이상입니다.

That would be all from my end. ありがとうございました。

よくわかりました。ありがとうございます。2つ目の質問がこの2026年12月期、12ヶ月の方向感についてというところなんですけれども、御社は四半期のガイダンスだという点は重々承知をしているんですけれども、アラド戦記、メープルストーリーFCといった主要なフランチャイズに加えて、昨年の新作、あと今期に予定されている新作というのは3つの切り口で見たときに、今期増収されるという方向でお考えであれば、どういうものがより強く業績をドライブするイメージなのか、可能な範囲で教えていただければと思います。よろしくお願いします。 Thank you very much for your very thorough explanation.

I understood it very well. Let's move on to the second question, which pertains to FY 2026.

I want to know the overall direction in which you will be proceeding in the next 12 months. I know that as a company policy, you only provide quarterly guidance.

Having said that, I would like you to talk about which of the three segments that I'm going to mention now will be the driver to further increase the revenue in FY 2026. The three categories being: one, the major titles that are Dungeon Fighter, FC, and Maple Story, and the second category is the new titles that you have launched last year, and the third category being the titles in the pipeline that you plan to launch in 2026.

네, 저희는 2026년 1분기를 기존 프랜차이즈와 신규 IP 모두에서 탄탄한 성장 모멘텀을 바탕으로 2026년을 시작하고 있다는 점을 말씀을 드립니다. First, I would like to start off by saying that we are entering this year of 2026 with a very solid and prosperous growth momentum for both existing franchises and new experiences for this first quarter.

2026년 1분기 전망은 매출과 영업이익이 전년 동기 대비 약 30에서 40% 성장하는 강력한 모멘텀을 반영을 하고 있습니다. Our first quarter outlook represents a solid momentum here, with both operating income and revenue growing roughly 30 to 40%.

2026년을 이끌 성장 동력을 다섯 가지 정도로 정리를 해서 말씀을 드리도록 하겠습니다. Regarding the potential growth driver for 2026, I believe there could be a couple items, roughly five of them.

일단 첫 번째로 메이플 스토리 프랜차이즈는 1분기에 전년 동기 대비 약 30% 성장할 것으로 예상이 되고요. 26년 한 해도 메이플 스토리 PC 서비스의 한국 및 그리고 해외 지역에서의 매출은 굉장히 견조하게 유지될 것으로 예상을 하고 있습니다.

First off for the Maple Story franchise, we do expect around 30% year-over-year growth for the first quarter, and 2026 from both Korea service and global service of Maple Story PC, we believe we will be able to maintain some solid momentum. 두 번째로 던전앤파이터 PC는 2025년부터 지속된 성장 모멘텀의 힘 입어서 1분기에 성장이 예상이 됩니다.

For Dungeon Fighter PC service, which is expected to grow in the first quarter, and that would be based on the sustained momentum from 2025. 2026년에는 연단위로 던전앤파이터 모바일의 성장세 회복을 최우선 과제로 삼았고요.

이에 대한 성과들이 연내로는 반영이 되기를 희망하고 있습니다. When it comes to 2026, the annual growth of Dungeon Fighter Mobile recovering that remains one of our top priorities, and we do hope to see some tangible outcomes from such efforts.

그리고 세 번째로는 6월에 시작되는 월드컵으로 FC 프랜차이즈가 성장 동력을 갖출 것으로 보고 있습니다. Next for the FC franchise, with the World Cup season, which begins in June, will provide enough momentum for the franchise.

네 번째로는 한국에서 굉장히 좋은 성과를 거뒀던 마비노기 모바일의 일본 지역으로의 확장 계획이 있습니다. Fourth, we have Mabinogi Mobile expanding to Japan, and this definitely is a title that has seen quite a great performance in Korea.

마지막으로 다섯 번째는 아크레이더스도 월간 콘텐츠 업데이트와 탄탄한 라이브 이벤트로 강력한 모멘텀을 2026년 내내 유지해 나갈 것입니다. Lastly, number five, Arc Raiders, of course, we do expect the title to sustain the strong momentum throughout the year based on monthly content drops as well as strong live events.

마지막으로 신작에 대해서 말씀을 드리도록 하겠습니다. 당사는 지난 2년 전 CMB를 통해서 2027년까지 선보일 다수의 신작들을 공개를 했었습니다.

Before wrapping up, I would also like to comment a little bit on the pipeline. Two years ago in our capital markets briefing, we have disclosed and introduced several new games in the pipeline that will be launched by 2027.

이 신작들을 시장에 선보이기 위해서 저희는 최선을 다하고 있고요. 큰 차질 없이 개발이 진행이 되고 있습니다.

We are hard at work to introduce the games to our users, and right now the development is smooth sailing overall. 26년에는 다양한 파트너십에 따른 흥미로운 신작들을 소소 선보일 수 있을 것 같습니다.

We believe for 2026 we will be able to introduce a few new titles based on strong partnership. 해당 내용에 대한 정보는 3월에 진행될 CMB를 통해서 좀 더 구체적인 내용을 공유드릴 수 있도록 하겠습니다.

감사합니다. For more details, we would be disclosing more at the capital markets briefing, which will be taking place in March.

Thank you very much. どうもありがとうございました。3月のCMB楽しみにしております。

Thank you very much for the details. I look forward to participating in the CMB schedule in March.