Krafton (259960.KS): 2026 Record Quarterly Revs & OP Thanks to PUBG & Subnautica 2

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Krafton (259960.KS): 2026 Record Quarterly Revs & OP Thanks to PUBG & Subnautica 2

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29 Jul 2026 15:40:23 ET │ 15 pages

Krafton (259960.KS)

2Q26 Record Quarterly Revs & OP Thanks to PUBG & Subnautica 2

CITI'S TAKE

Krafton delivered a record-breaking 2Q26, with revs of KRW1.29trn (+95%

yoy) and OP of KRW410.9bn (+67% yoy), driven by successful user

engagement through content platformization on PUBG franchise and Buy

successful early-access launch of Subnautica 2, which sold 5mn copies. Price (29 Jul 26 15:45) W244,000

Into 3Q/2H26, mgmt plans to continue to strengthen user engagement

through UGC content expansion and IP collaborations. It hopes to develop Target price W402,700↓

Subnautica into a second flagship IP with a long-term franchise plan, and from W415,000

there are five new titles slated for 2027 release that could help diversify revs Expected share price return 65.0%contribution and games genre that could appeal to broader gamer

audience. Post estimates revision, we adjust our TP to KRW402,700, based Expected dividend yield 0.0%

on 20x 2027E earnings. Maintain Buy on strengthening PUBG franchise and Expected total return 65.0%

game portfolio diversification. Market Cap W11,257,631M

US$7,747M2Q26 & 1H26 results — 2Q26 revs +94.9% yoy to KRW1.29trn and OP +67% yoy to

KRW410.9bn, representing a record quarterly revs and OP driven by steady growth

of PUBG IP franchise and successful early-access traction from Subnautica 2. 1H26

revs reached KRW2.66trn (+73.3% yoy) and OP reached KRW972.5bn (+38.3% yoy),

1H Op represent 92% of 2025 level. PUBG franchise +25% yoy in 1H26 and Price Performance

Subnautica IP (including Subnautica 2 early access, which was released in May that (RIC: 259960.KS, BB: 259960 KS)

sold 5mn copies) contributed to KRW232.5bn in revs.