Article · February 12, 2026

Nexon Releases Earnings for Fourth Quarter and Full-Year 2025

Summary

Nexon reported record-breaking financial results for the fiscal year ended December 31, 2025, driven by a strategic IP growth initiative that balanced the expansion of legacy franchises with successful new global launches. Full-year revenue reached ¥475.1 billion, a 6% increase year-over-year, while operating income remained stable at ¥124.0 billion. The fourth quarter saw a significant revenue surge of 55% to ¥123.6 billion, although net income declined 66% to ¥10.9 billion, primarily due to fluctuations in foreign exchange gains compared to the previous year and higher-than-anticipated costs related to performance bonuses and platform fees. The growth was spearheaded by the launch of ARC Raiders, which sold over 14 million units within 15 weeks and achieved a peak of 960,000 concurrent users. Simultaneously, the 22-year-old MapleStory franchise delivered its highest annual revenue in history, growing 43% year-over-year. This performance offset a 21% decline in the Dungeon&Fighter franchise, despite a strong recovery in its PC segment in China and Korea. The period was also marked by a significant player trust initiative regarding MapleStory: Idle RPG; a coding error led Nexon to offer full refunds, resulting in a ¥9 billion reduction in Q4 revenue. Geographically, the results reflect Nexon’s successful diversification beyond its traditional Asian strongholds into Western markets via console and PC platforms. Looking ahead to the first quarter of 2026, the company expects revenue growth between 32% and 44%, supported by sustained momentum from new titles and major updates to core IPs. Nexon remains committed to aggressive shareholder returns, doubling its dividend and completing a ¥100 billion share buyback program during the fiscal year.

From the report

etter with details on our Q4 February 12, 2026 NEXON Co., Ltd. https://www.nexon.co.jp/en/ (Stock Code: 3659, TSE Prime Market) Nexon Releases Earnings for Fourth Quarter and Full-Year 2025 Record-Breaking Full-Year Revenue Driven by Company’s IP Growth Initiative ARC Raiders® Sustains Worldwide Momentum with Over 14 Million Units Sold to Date MapleStory Franchise Achieves 43% Year-Over-Year Annual Revenue Growth – Highest in 22-Year Franchise History Capital Markets Briefing Scheduled for March 31 TOKYO – February 12, 2026 – NEXON Co., Ltd. (Nexon) (3659.TO), a global leader in online games, today announced financial results for its fourth quarter and the fiscal year ended on December 31, 2025. “We are extremely pleased to report record-breaking revenue for full year 2025,” said Junghun Lee, President and CEO of Nexon. “ARC Raiders, the biggest new game launch in Nexon’s history, is still growing and sustaining engagement 15 weeks after the October launch. The game has exceeded our most optimistic projections, with a record 960,000 peak concurrent users in January, and more than 14 million units sold to date.

n. “ARC Raiders, the biggest new game launch in Nexon’s history, is still growing and sustaining engagement 15 weeks after the October launch. The game has exceeded our most optimistic projections, with a record 960,000 peak concurrent users in January, and more than 14 million units sold to date. “Beyond the metrics, ARC Raiders is a proof point in our global expansion strategy, demonstrating Nexon has the creative teams, operating model, and live operations capability to sustain global releases at scale. Together with our proven ability to renew and grow core franchises, we have entered the new year as a more diversified, durable, and globally competitive company.” Q4 Highlights: Q4 revenue was ¥123.6 billion, up 55% year over year on an as-reported basis and and up 51% on a constant-currency basis1 – in line with our expectations. The year-over-year growth was driven by MapleStory franchise and Dungeon&Fighter (PC) as well as new releases including ARC Raiders® and MapleStory: Idle RPG. Operating income turned positive at ¥7.2 billion, but fell below our outlook due to higher-than- planned costs, including HR cost primarily resulting from performance-based bonuses attributable to ARC Raiders®. Platform fees also exceeded our plan due to the strong performances of new titles. In addition, a one-off impairment loss of ¥3.0 billion was recorded primarily related to the service termination of a published title.

etter with details on our Q4 Q4 revenue and operating income include a ¥27.7 billion deferral from ARC Raiders® revenue, more than half of which will be recognized in Q1 2026, along with refunds related to MapleStory: Idle RPG, which reduced Q4 revenue by approximately ¥9 billion and operating income by approximately ¥4 billion. Net income2 fell below our outlook due to operating income underperformance and was down 66% year over year at ¥10.9 billion on an as-reported basis due to a ¥31.7 billion FX gain in Q4 2024 while gaining ¥9.7 billion in Q4 2025. Embark Studios’ ARC Raiders® launched on October 30, with over 10 million units sold in less than two months. The game topped Steam’s Top Sellers list for much of three months, ranked highly on PlayStation® and Xbox, and won multiple game awards for quality and innovation. ARC Raiders® has recorded a peak concurrent users of 960,000 and, to date, has sold more than 14 million units worldwide. MapleStory: Idle RPG Coding Error Issue Following a November 6 launch, MapleStory: Idle RPG held the #1 position in Korea for over 10 weeks, reached #1 in Taiwan and Singapore, and charted well in North America. However, a coding error which misapplied the stated value for a specific paid item was discovered and corrected without notifying players or management.

unch, MapleStory: Idle RPG held the #1 position in Korea for over 10 weeks, reached #1 in Taiwan and Singapore, and charted well in North America. However, a coding error which misapplied the stated value for a specific paid item was discovered and corrected without notifying players or management. Recognizing the error on January 25, Nexon management acted quickly, announcing process reforms, disciplinary action, and to reaffirm trust with players, an offer of compensation or full refunds upon request for all in-game purchases made prior to January 28. The estimated impact of the refund for sales that occurred in Q4 was recognized in our Q4 results and led to an approximate ¥9 billion reduction of revenue and an approximate ¥4 billion reduction of operating income. In addition, an estimated negative impact of an approximate ¥5 billion on revenue and an approximate ¥3 billion on operating income are reflected in our Q1 outlook. The large refund offer reflects a Nexon operating principle which prioritizes the preservation of player trust in our games and company.

addition, an estimated negative impact of an approximate ¥5 billion on revenue and an approximate ¥3 billion on operating income are reflected in our Q1 outlook. The large refund offer reflects a Nexon operating principle which prioritizes the preservation of player trust in our games and company. Full-Year 2025 Highlights: • In 2025, Nexon delivered record-high full-year revenue of ¥475.1 billion, up 6% year over year on an as-reported basis, and up 10% on a constant-currency basis1 . • Operating income was ¥124.0 billion, flat year over year on an as-reported basis, and up 2% on a constant-currency basis1 . • Net income2 was ¥92.1 billion, down 32% year over year on an as-reported basis or down 31% on a constant-currency basis1 . • Nexon’s three largest franchises – MapleStory, Dungeon&Fighter, and FC – collectively maintained flat year over year at ¥331.5 billion, while MapleStory franchise achieved a significant growth of 43%. Horizontal revenues grew to ¥143.6 billion, up 25% year over year, driven by successful launches of ARC Raiders® and MABINOGI MOBILE. Franchise Performance • Dungeon&Fighter Franchise: - Dungeon&Fighter (PC) delivered a solid recovery with double-digit year-over-year growth in both Q4 and full year 2025. Dungeon&Fighter Mobile was down year over year, resulting in

etter with details on our Q4 a 21% decline in franchise revenue for the year. In Q1, we expect franchise revenue to decline year over year. - Dungeon&Fighter (PC): In China, both Q4 and full-year revenue grew by double digits year over year, delivering a solid recovery and maintaining player engagement throughout the year. In Korea, Q4 revenue increased 56% year over year and full-year revenue increased by 108%, achieving a record-high revenue in its 20th year of service. In Q1, we anticipate year- over-year growth, driven by the New Year update. - Dungeon&Fighter Mobile: Q4 and 2025 revenue declined year over year. We expect Q1 revenue to be roughly flat quarter over quarter, while decreasing year over year. • MapleStory Franchise: - Franchise revenue grew a remarkable 54% year over year in Q4 and achieved 43% year- over-year growth in 2025 — the highest full-year revenue in its 22-year history, driven by recovery in Korea, regional expansion, and new titles. In Q1, we expect franchise revenue to grow approximately 30% year over year, including a contribution from MapleStory: Idle RPG. - Korea MapleStory: The winter update drove Q4 revenue up 14% year over year and boosted PC cafe share to a record-breaking 45%. Full-year revenue increased 78% year over year.

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