Krafton (259960.KS) 2Q26 review; PUBG’s platformization gains traction while Subnautica 2 validates IP scale-up; Buy

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Equity Research

29 July 2026 | 10:45PM KST

Krafton (259960.KS)

2Q26 review; PUBG’s platformization gains traction while Subnautica 2 validates IP

scale-up; Buy

259960.KS

12m Price Target: W300,000

Price: W244,000

Upside: 23.0%

Krafton reported 2Q26 revenue of W1.29trn (+95% YoY, -6% QoQ) and

OP of W411bn (+67% YoY, -27% QoQ), +7%/+9% above GSe.

Meanwhile, NP came in at a net loss of -W30bn due to the one-off

recognition of Unknown Worlds-related costs (which we view positively as

it removes a material earnings and legal overhang going forward). We

highlight three key takeaways from the earnings call: 1) PUBG’s

transition from a single battle-royale title into a broader content

platform is becoming increasingly tangible, with PC/console MAU and

revenue growing over 20%/70% YoY and multiple well-made modes now

scheduled through 2H26-2028; 2) Subnautica 2’s Early Access

performance, with c.50% of users new to the franchise, validates

both the IP’s addressable-market expansion and Krafton’s ability to

scale a second franchise; and 3) mobile UGC is emerging as a credible

longer-term engagement and monetization lever, with World of

Wonder (WOW) already accounting for mid-teens of user time spent

versus c.20% for the core battle-royale mode. Together with the newly

announced W100bn share buyback and full cancellation, we believe the

quarter strengthens the company’s earnings durability and multi-IP

narrative. We reiterate our Buy-rating on Krafton with a 12m TP of

W300k (unchanged) and 23% implied upside.

BUY

Eric Cha

Goldman Sachs (Asia) L.L.C., Seoul Branch

Vona Lee

Goldman Sachs (Asia) L.L.C., Seoul Branch

Key Data _____________________________________

Market cap: W11.4tr / $7.8bn

Enterprise value: W10.3tr / $7.0bn

3m ADTV: W38.9bn / $25.9mn

South Korea

Korea TMT & Consumer

M&A Rank: 3

Leases incl. in net debt & EV?: Yes

GS Forecast __________________________________

12/25

12/26E

12/27E

Revenue (W bn) New

3,326.6

4,910.0

5,093.2

5,734.1

Revenue (W bn) Old

3,326.6

4,871.7

4,996.2

5,568.3

EBITDA (W bn)

1,224.0

1,602.1

1,667.9

2,014.9

EPS (W) New

16,461

19,448

24,599

30,605

EPS (W) Old

16,461

22,545

29,526

33,031

P/E (X)

19.9

12.5

9.9

8.0

P/B (X)

2.0

1.3

1.2

1.0

…