NEXON (3659) Investor Day 2026 summary

Strategic vision and transformation

• Leadership is focused on instilling cost discipline, evolving creative processes, and accelerating global growth, with a clear division between strategic direction and operational execution.

• The company is shifting from a broad, unfocused portfolio to fewer, high-conviction projects, applying strict ROI-based reviews and cost management across all functions.

• Previous 2027 revenue and operating income targets are being reset due to missed assumptions and structural underperformance in key titles; new guidance will be provided when certainty improves.

• AI and proprietary data (Monolake initiative) are being leveraged to enhance development efficiency and creative output, with context-driven insights from decades of player data.

• No layoffs are planned; workforce value is emphasized, with efficiency gains expected from smarter processes and technology rather than headcount reduction.

Franchise and product development

• MapleStory achieved 43% YoY growth in 2025, driven by PC recovery, regional expansion, and new experiences like Idle RPG; 40% of revenue now comes from outside Korea.

• The MapleStory blueprint is being applied to other franchises, focusing on core expansion, nostalgia, casual experiences, and hyper-localization to attract diverse player cohorts.

• Dungeon & Fighter is prioritizing mobile performance recovery and franchise expansion with new titles (Idle RPG, Classic, ARAD, OVERKILL) and global market entry.

• Mabinogi and FC franchises are expanding with new mobile launches and cross-platform synergies, leveraging events like the World Cup for user engagement.

• Embark Studios’ ARC Raiders proved global appeal, and new IPs like NAKWON are in development, with cross-team collaboration to drive innovation and global reach.

Financial guidance and shareholder returns

• Record 2025 revenue of JPY 475.1 billion, but flat operating income due to rising costs; 2026 is positioned as the first year of structural transformation for margin expansion.

• 2026 guidance expects YoY growth in both revenue and operating income, with improved margins from deferred ARC Raiders revenue and cost discipline.

• MapleStory is projected for double-digit growth in 2026; Dungeon & Fighter faces a rebuilding year, with new growth expected from late 2026 onward.

• Shareholder returns have exceeded policy, with 95% of 2025 operating income returned via dividends and buybacks; 2026 dividend set at JPY 60 per share, with further capital returns under review.

• ROE target remains at 10%+, aiming for 15% medium-to-long term, supported by disciplined investment and capital efficiency.