Nexon Co., Ltd. (TSE: 3659) reported Q1 results for the three months ended March 31, 2026 (Q1 FY12/2026) under IFRS. Revenue rose 33.6% year-on-year to a record ¥152,234 million, operating profit jumped 39.8% to ¥58,163 million — also a Q1 record. Pre-tax profit nearly doubled to ¥75,230 million (+94.4%), quarter profit climbed 114.2% to ¥56,374 million, and net profit attributable to owners more than doubled to ¥57,225 million (+117.8%). Comprehensive income surged to ¥29,886 million (+273.3%). Basic EPS came in at ¥72.33 versus ¥32.12 prior year, and diluted EPS at ¥72.02.
ARC Raiders: 4.6 million units in Q1, 15.5 million cumulative
ARC Raiders — the global PvPvE shooter released worldwide in October 2025 — sold an additional 4.6 million units in Q1, taking cumulative shipments since launch to 15.5 million units. Nexon noted cumulative sales had passed 16 million units by the report date (mid-May). The title is the principal source of the "Other" segment's revenue surge (+2,706% YoY to ¥40.9 billion).
MapleStory franchise +42%; Dungeon&Fighter mixed
The MapleStory franchise grew 42% year-on-year, lifted by November 2025's launch of "MapleStory: Idle RPG" and continued growth of "MapleStory Worlds" (the latter now serving non-China, non-Japan Asia following April 2025 expansion). Notably, MapleStory: Idle RPG absorbed a ¥6.7 billion revenue and ¥3.5 billion operating profit reduction in Q1 from a programming-defect-related player refund issue tied to prior-year operations (now fully completed); excluding that, MapleStory growth would have been even higher.
The Dungeon&Fighter franchise was mixed: China PC "Dungeon&Fighter" grew on the Lunar New Year update, but the Korean PC version declined against a strong prior-year base (which had grown 93% YoY), and mobile "Dungeon&Fighter Mobile" softened. Franchise revenue fell modestly. The FC (FIFA) franchise grew on Lunar New Year content and the "Team of the Year" event.
Segments: Korea steady; Other up 27× on ARC Raiders
By segment: Japan ¥1.4 billion (-11.4%), narrowing the segment loss to ¥0.2 billion (vs -¥0.7 billion). Korea ¥101.8 billion (-3.2%), segment profit ¥38.6 billion (-13.1%) — the YoY decline is purely a base effect from FY25's exceptional Dungeon&Fighter Mobile Korean launch quarter. China ¥0.7 billion (+59.9%, segment profit ¥0.3 billion vs ¥0.01 billion). North America ¥7.5 billion (+39.5%), segment profit ¥1.2 billion (vs -¥0.1 billion loss). Other ¥40.9 billion (+2,706.3%), segment profit ¥19.1 billion (vs -¥2.1 billion loss) — driven principally by ARC Raiders.
Balance sheet steady; treasury cancellation of 34 million shares
Total assets reached ¥1,385,050 million (vs ¥1,410,188 million at FY25 year-end), and equity attributable to owners rose marginally to ¥1,061,170 million (vs ¥1,057,544 million). The equity ratio strengthened to 76.6% (vs 75.0%). Nexon cancelled approximately 34.3 million treasury shares during the period (issued shares dropped from 827,160,972 to 792,711,875). Operating cash flow was ¥53.0 billion (vs ¥49.3 billion), investing cash flow was -¥64.1 billion (vs +¥12.2 billion) reflecting heavy time-deposit placement of ¥89.4 billion, and financing cash flow consumed ¥28.5 billion on dividends. Period-end cash and equivalents was ¥454.3 billion.
H1 guidance: revenue ¥259–272bn (range disclosure)
Nexon discloses only H1 guidance (not full-year) given the inherent unpredictability of game-hit-driven revenue. For H1 FY12/2026, the company guides: revenue of ¥259,190–271,905 million (+11.3% to +16.8%), operating profit of ¥74,222–83,507 million (-6.4% to +5.3%), pre-tax profit of ¥94,403–103,688 million (+39.8% to +53.5%), half-year profit of ¥71,558–78,652 million, and net profit attributable to owners of ¥73,309–80,402 million (+70.4% to +86.8%) with basic EPS of ¥92.64–101.60. FX assumptions: ¥159.33/USD, ¥10.74/100KRW, ¥23.22/CNY. The FY26 annual dividend guidance is ¥60 (¥30 interim + ¥30 year-end), up from ¥45 in FY25.
| Metric | Q1 FY12/26 | Q1 FY12/25 | YoY |
|---|---|---|---|
| Revenue (¥ billion) | 152.2 | 113.9 | +33.6% |
| Operating profit (¥ billion) | 58.2 | 41.6 | +39.8% |
| Pre-tax profit (¥ billion) | 75.2 | 38.7 | +94.4% |
| Net profit attrib. to owners (¥ billion) | 57.2 | 26.3 | +117.8% |
| Basic EPS (¥) | 72.33 | 32.12 | +125.2% |
| ARC Raiders cumulative shipments (million) | 15.5 | — | +4.6M in Q1 |
| MapleStory franchise growth | +42% | — | — |
| Other segment revenue (¥ billion) | 40.9 | 1.5 | +2,706% |
| Equity ratio | 76.6% | 75.0% | +1.6pp |
| FY26 annual dividend guidance (¥) | 60 | 45 | +33.3% |
| H1 FY26 net profit attrib. range (¥ billion) | 73.3–80.4 | 43.0 | +70.4%–86.8% |
JapanStockPulse provides informational content only and does not constitute investment advice. Figures are taken from the company's published earnings short report and may be subject to subsequent revision.