NC (036570.KS): AION2 global launch timing effectively locked in; Entering new-game momentum cycle

Research evidence excerpt

NC (036570.KS): AION2 global launch timing effectively locked in; Entering new-game momentum cycle

Goldman Sachs NC (036570.KS)

We estimate the title could contribute c.W260bn to 2027E revenue. We also believe

Guild Wars 3 (GSe 1Q28E) remains underappreciated in current valuations despite its

potential to become a meaningful earnings contributor, and estimate c.W450bn of

revenue contribution in 2028E. As visibility on launch timing and monetization

improves over the near-to-medium term, we expect the market to increasingly price

in NC’s multi-year AAA-driven earnings growth cycle, supporting a structural

re-rating of the shares.

Exhibit 1: AION2 KR’s PC cafe market share data is Exhibit 2: With stable base from existing titles and AAA

trending gradually higher post the Jul. 1 Chapter 1 update line-up, we expect NC to sustain 10% level top line growth

in 2027E/28E

6% (W bn)

3,500

5%

3,000

4%

2,500

3%

2,000

2% 1,500

1% 1,000

0% 500

2025 2026E 2027E 2028E

AION2 PC café game time spent m/s Misc. Existing games Mobile casual AAA games

Source: Gametrics, Data compiled by Goldman Sachs Global Investment Source: Company data, Goldman Sachs Global Investment Research

Research

Exhibit 3: NC upcoming games pipeline

2026E 2027E and beyond

NCSOFT

2 legacy IP spin-off titles (GSe 3Q26E/4Q26E)

Horizon Steel Frontiers (Global, PC/Mobile, GSe

PC/Mobile AION2 (Global, PC/Mobile, Oct. 5, 2026)

2Q27E)

AION (China, Mobile, 2H26E)

Limit Zero: Breakers (Global, PC)

PC/Console Time Takers (Global, PC) Guild Wars 3 (Global, PC/Console, GSe 1Q28E)

Cinder City (Global, GSe 4Q26E)

Some dates are not officially fixed but are been only indicated of the general timeline as announced by the company.

Source: Company data, Data compiled by Goldman Sachs Global Investment Research