NC is accelerating its structural transformation by extending the lifespan of its existing intellectual property (IP) while expanding its business into new IP and casual genres. As the company continues shifting its strategy to reduce dependence on a specific genre and a single IP, second-half new releases and global expansion are expected to serve as key variables in its earnings trajectory.

Proving the Potential of Legacy IP Revival… Continued Tactical Shifts

BNK Investment Securities assessed that NC is demonstrating the ability to extend and revive the lifespan of its legacy IPs, and that tactical changes to move away from a business structure concentrated on a specific genre and single IP are continuing. In particular, it analyzed that in the second half of 2026, existing IP expansions and new IP launches will proceed simultaneously, potentially creating earnings momentum.

The Biggest Variable: Aion 2's Global Expansion

Aion 2's global expansion is cited as a major variable. As the service region expands to global territories following its launches in Korea and Taiwan, the degree of user inflow and revenue growth is expected to serve as a gauge of future performance.

Lineage IP Spin-offs and Regional Expansion Strategies in Parallel

Spin-offs leveraging the Lineage IP and regional expansion are also key strategies. This is interpreted as an attempt to extend the revenue-generating period by broadening the use of existing core IPs while securing new user bases.

Diversifying Revenue Streams Through New IP and Casual Expansion

In addition, new IP releases and an expanded casual game portfolio are expected. This is a move to widen revenue streams by pursuing genre diversification, breaking away from the business structure that has centered on MMORPGs. BNK Investment Securities projected that if these changes continue, NC will gradually escape its existing business structure concentrated on a specific genre and single IP.

Second-Half Earnings Hinge on Three Tasks

Ultimately, second-half earnings are likely to depend on whether ▲the global expansion of Aion 2 ▲Lineage-based spin-offs and regional expansion, and ▲new IP launches and a strengthened casual portfolio actually translate into revenue growth. However, since gaming stocks can see increased volatility in earnings and share prices depending on new release schedules, initial commercial performance, and user metrics, it will be necessary to confirm results after actual launches.

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