Date: Wednesday, May 13, 2026, 10:30 AM
Attendees: Nam Jae-kwan (CEO), Lee Joo-hwan (Head of SB Division), Kim Dong-hee (Head of IR), and others
Agenda: Com2uS Q1 2026 Earnings and Future Strategy

■ Summary of Q1 2026 Earnings and Status

▣ Q1 2026 Revenue Summary

- Q1 Consolidated Revenue: ₩144.7 billion (-13.9% YoY, -20.7% QoQ)

ㄴCom2uS revenue decreased by 5.9% YoY and 14.7% QoQ due to a decline in RPG sales

ㄴSubsidiary revenue decreased by 41.6% YoY and 43.1% QoQ due to fluctuations in content production progress in Q1

- Q1 Separate Revenue: ₩122.9 billion (-5.9% YoY, -14.7% QoQ)

ㄴRPG revenue was impacted by the off-season for 'Summoners War: Sky Arena' and lower sales from new titles released in 2025

ㄴSports revenue increased by 23.9% YoY, driven by WBC content updates starting in early March

- Q1 Operating Profit: ₩5.1 billion (+206.9% YoY, -73.2% QoQ)

- Q1 Net Loss: ₩8.3 billion (Turned to loss YoY and QoQ)

▣ Q1 2026 Expense Summary

- Operating Expenses: ₩115.1 billion (-8.1% YoY, -6.8% QoQ)

ㄴLabor Costs: ₩33 billion (+8% YoY, -1% QoQ)

ㄴCommission Fees: ₩47.4 billion (-6.6% YoY, -12% QoQ)

ㄴMarketing Expenses: ₩6.9 billion (-61.5% YoY, -30.5% QoQ)

ㄴRoyalties: ₩12.6 billion (+15.1% YoY, +12.9% QoQ)

▣ New Title Lineup

- Zeus: God of Pride: AAA MMORPG scheduled for release in Q3 2026

- Tougen Anki Crimson Inferno: Dark fantasy turn-based RPG based on the Japanese anime IP 'Tougen Anki', scheduled for 2026

- Gachiakuta: The Game: Survival action RPG in development for PC/console. Plans to strengthen IP collaboration with Kodansha, starting with the Gachiakuta IP. Scheduled for 2027

- Destiny Child IP: A new idle RPG reinterpretation of the Destiny Child IP, scheduled for 2027

- A-Rank Party: Game based on the Japanese anime 'I Quit Being the Hero' (A-Rank Party), in development, scheduled for 2027

-Omniscient Reader's Viewpoint: An action RPG based on the popular web novel IP, currently in development by Offbeat. Scheduled for release in 2027

■ Q&A

Baseball game revenue continues to show strong growth. What is your detailed guidance for each title? Also, please explain including your flagship title, Summoners War.

Lee Joo-hwan (Head of SB Division) = I believe we have already provided specific performance figures in the materials. Com2uS Pro Baseball V is a major driver of our baseball game growth, and it seems to be pulling up the technical and revenue performance of our other baseball titles as well. By introducing various real-world baseball elements, including video review, we are providing users with a more immersive experience. We believe the continued popularity of professional baseball in real life is creating synergy, and we also believe we are benefiting from the success of the WBC prior to the pro baseball season.

Regarding MLB, 9 Innings has reached its 10th anniversary, and we are preparing extensively for events and efforts to solidify user traffic. MLB Rivals is also nearing its 3rd anniversary; after a slight downward trend over the past two years, it has shown a turnaround this year, proving that our improvements and long-term live service capabilities are effective. We have just entered the NPB market and aim to achieve a similar turnaround based on this know-how.

Summoners War may have ups and downs due to the nature of the RPG category, but we are currently running a 12th-anniversary event. While previous anniversary events focused mainly on that specific period, this time we are laying the foundation for solid traffic by improving the game across the board, including a mileage system and rune presets. As for marketing, Summoners War has consistently performed well in Western markets, and we are preparing to maintain that momentum, building on 12 years of success there.

You scheduled 'Zeus: God of Pride' for a Q3 release. What do you see as its differentiating factor in the competitive domestic MMORPG market in the second half of the year?

Nam Jae-kwan (CEO) = It is a competitive MMORPG genre loved in Korea and Taiwan, and many such titles have been released domestically. We are preparing to be recognized as one of the most polished MMORPGs among them. Our differentiation lies in our well-tuned balance and a level of completeness that will not fall behind any other game.

The world of Zeus is based on Greek mythology. While Greek mythology has been implemented in various content before, it has not been featured in a competitive MMORPG. As the first to attempt this, we expect to provide a fresh experience. Of course, we are creating high-quality, cinematic graphics that feel like a movie, so we believe users will be satisfied.

Regarding the 'balance' I mentioned, this genre typically tends to be dominated by users who pay to get ahead early. Users who join later or spend less are often pushed out of the competition. We are building a structure where all users can participate as protagonists of the competition from their respective positions. Our slogan is 'A Great Myth Allowed to Everyone,' and we hope you interpret it as 'Competition Allowed to Everyone.' We aim to present a higher level of completeness in competition as well.

When in 2026 will Tougen Anki be released, and what kind of performance are you expecting?

Nam Jae-kwan (CEO) = Tougen Anki is scheduled for the second half of 2026. It is not yet clear whether it will be Q3 or Q4, so I will put it that way. As we are developing the game based on a very famous IP, we are working with the expectation that it will reach the highest rankings in its genre.

Please provide guidance on revenue growth for 2026. Also, there are ongoing attempts to reduce commission costs through Google's fee cuts and the introduction of in-house payment solutions; how is this reflected?

Nam Jae-kwan (CEO) = While we do not provide numerical guidance for annual revenue and profit, I would like to summarize our trend analysis. We are preparing several games, and we expect Zeus and Tougen Anki to generate significant revenue. Therefore, the YoY growth in the second half should be the highest we have seen in recent years.

Since there are no new releases in the first half, you can gauge revenue trends based on existing baseball games and Summoners War. Summoners War has its 12th-anniversary event in Q2, and baseball games are currently in season, with baseball titles generally showing YoY growth.

The reduction in Google and App Store fees and the introduction of third-party payments are showing effects in regions like the U.S., but they have not yet been significantly reflected in Korea. However, depending on the game, our web shop payment adoption accounts for anywhere from 10% to the mid-20% range of total payments. As a result, we are seeing the effects of reduced payment commissions. Looking at the year as a whole, we expect this to steadily impact profits rather than a dramatic reduction.

What are your plans for the main business model (BM) and marketing schedule/intensity for 'Zeus: God of Pride'?

Nam Jae-kwan (CEO) = It is difficult to go into detail as this is something we need to monitor until the very end. We believe the monetization structure of existing competitive MMORPGs needs some reconsideration, and we aim to create a structure that embraces even those users who might otherwise be alienated. While I cannot confirm details yet, we plan to release game introduction materials on a weekly and monthly basis after the teaser site opens on May 6.

For this genre, it is important to gather a large number of users early on. We believe it is crucial to maintain that user pool after launch, so marketing expenses will be focused on the Q3 launch period. We are thinking about spending not just a lot, but spending it properly in the right places.

The merger between your major subsidiaries, Wysiwyg Studios and NP, is underway. I would like to ask about the consolidated basis.

Nam Jae-kwan (CEO) = Our stake will drop to 28% upon the merger. The criteria for consolidation involve judging not only the stake but also the extent of control. We need to look at the shareholder meeting results regarding the merger and determine the percentage of voting rights exercised.

We have absolutely no other motives regarding the consolidation of this merger; we see it as the result of considering how this company's business can achieve results more efficiently. Whether it will be consolidated subsequently or not is still a matter of judgment. Looking only at the stake, it seems it should be consolidated, but it is difficult to say for sure. We will provide updates after the post-merger shareholder meeting and consultation with our auditors.

Could you provide more details on the release dates for IP-based new titles like Omniscient Reader's Viewpoint, Gachiakuta, and A-Rank Party.

Nam Jae-kwan (CEO) = I mentioned 2027, but it is not yet clear whether it will be the first or second half of 2027. A-Rank Party, being relatively light in genre, might have a more visible release date sooner, but it is difficult to say right now because we have to consider various strategic factors, such as how much testing each title will undergo to ensure quality.

A lesson learned from looking at various games, including Tougen Anki and Zeus, which are preparing for release in the second half of this year, is that it is best to launch only when the game is well-polished and we are confident it can be serviced for a long time without errors. Therefore, we ask for your understanding that we are providing approximate release years as we aim to launch each title in a highly complete state.