❝ We expect 1Q26 earnings to slightly exceed consensus, with revenue of ₩541.3 billion and operating profit of ₩105.7 billion. Lineage (including Classic) revenue is projected at ₩72.1 billion. While actual billings are expected to be significantly higher at ₩113.3 billion, accounting revenue will fall well below billings due to the sale of 3-month subscription passes. Aion 2 revenue is expected to reach ₩132.5 billion; despite month-over-month declines in February and March, it is expected to exceed expectations due to the reflection of deferred billings from the previous quarter. Expenses will increase due to the consolidation of casual game companies Rihuhu and Spring in Q1, as well as the distribution of 210,000 treasury shares. We project marketing expenses of ₩40.1 billion (YoY +200%) and labor costs of ₩222.5 billion (YoY +20%)