Korea Mobile Gaming: Q226 Earnings Preview: strong

研报英文原文证据摘录

Korea Mobile Gaming: Q226 Earnings Preview: strong

Global Research

15 July 2026ab

Korea Mobile Gaming Equities

KoreaQ226 Earnings Preview: strong

Internet Services

Jennifer Han

NC Q226 Preview: Strong growth continues Analyst

We expect another quarter of strong growth, broadly in line with consensus revenue of jennifer.han@ubs.com

Won673bn (+76% YoY) and op. profit of Won129bn (+754% YoY), supported by the +82-2-3702 8802

continued strength of Lineage Classic and the first full-quarter consolidation of JustPlay. Navin Killa

Following average daily revenue of Won2.1-2.2bn during its first 90 days, Lineage Analyst

Classic appears to have maintained a similar run-rate through Q2, with user traffic navin.killa@ubs.com

remaining stable despite the typical post-launch normalisation seen in MMORPGs. +852-2971 7594

Mobile trends are likely to remain broadly flat QoQ, with modest strength in Lineage M

offset by weaker performance in Lineage 2M and Lineage W. JustPlay should also

contribute incremental revenue growth, having generated Won98bn revenue in Q126

(~15% of NC revenue) and continued to grow QoQ according to management.

NC: What to focus on?

While revenue growth remains strong, investor focus is likely to shift toward both

margins and NC's ability to build a second growth engine beyond its core MMORPG

business. Operating expenses are expected to increase due to incentives related to

Lineage Classic and Aion 2, as well as the consolidation of JustPlay. We think investors

will also be watching execution in the mobile casual gaming business, including whether

JustPlay can sustain its growth trajectory and generate meaningful synergies with NC's

existing casual gaming assets such as Lihuhu. Looking beyond Q2, we think investors