Good afternoon, everyone. We appreciate you joining our call. Earlier today, Nexon posted a letter, slide deck, and press release detailing our Q4 and full year 2025 performance, plus our Q1 2026 outlook. We are pleased to report that 2025 marked significant progress in Nexon's IP growth initiative. We renewed momentum in our core games, MapleStory and Dungeon and Fighter PC, and delivered extremely popular all-new titles, including MapleStory M, MapleStory Idle RPG, and of course, ARC Raiders. As a result, we achieved a record high full year revenue of JPY 475.1 billion, representing year-over-year growth of 6%. Our first quarter was highlighted by the new launches of two significant titles, MapleStory Idle RPG, and ARC Raiders. Harnessing a distinct and increasingly popular game genre, MapleStory Idle RPG reimagines the core MapleStory experience in a highly accessible idle RPG format. Our game released on November 6, and quickly reached number 1 in Taiwan and Singapore, charted well in North America, and held a number 1 position in Korea for more than 10 weeks. However, we later discovered that a coding error, which misapplied the stated value for a specific paid item, had been corrected without notifying players or management. Recognizing the error on January 25, Nexon management acted quickly, announced process reforms and disciplinary action, and to reaffirm trust with players, made an offer of compensation or full refunds upon request for all in-game purchases made prior to January 28. The refund application process is open from February 5 to February 15, which will be processed through app stores, with completion expected by March 15, 2026. Umeno-san will walk you through the details of how this affects our results and outlook. Nexon has decades of history in sustaining and growing games for many years. Building and maintaining the trust of our player communities is a fundamental principle of how we operate. When we discover a flaw, we quickly and openly admit our mistakes, adapting reforms and making things right for our players. This refund offer is a big commitment, but one we believe is critical to maintaining the trust in our games and our company. Now, turning to ARC Raiders, the largest and most successful new product launch in Nexon's history. Still growing and sustaining engagement 15 weeks after the October thirtieth launch, ARC Raiders has outperformed our most optimistic projections. The game reached unit sales of 10 million in December, and as of today, an incredible 14 million. The true measure of a hit game is its sustainability, and for ARC Raiders, two metrics demonstrate robust and sustained engagement. First, in January, we reached a peak concurrent user milestone of 960,000 players, two months after the launch. Second, we have increased and sustained approximately 6 million weekly active user to date, which means that millions of players around the world have integrated ARC Raiders into their weekly routine. Driven by a steady cadence of content updates from Embark Studios and supported by Nexon's live operations, ARC Raiders defies the traditional pick-up, pick-down trajectory of most games, and driven by the ongoing full-year content plan currently in development at Embark. We strongly believe that ARC Raiders will continue to engage the core and attract new players into the foreseeable future, making the game a sustainable pillar in Nexon's portfolio of global game franchises. The enduring success of ARC Raiders stands as a clear proof point in our strategy for global expansion and the foundation for future new IP development. It's a success that demonstrates we have creative teams, the operating model, and live operations capability to break through and sustain games in the world's largest markets. In summary, 2025 was a year that Nexon demonstrated the constant renewal and resilience of core franchises, a breakthrough in Western markets, and our ability to add an all-new IP to appeal to global players and execute across regions, platforms, and business models. On this foundation, we have entered a new year as a more diversified, durable, and globally competitive company. With that, I will hand the call over to Umeno-san. ... Fourth quarter revenue increased 55% year-over-year to JPY 123.6 billion, and operating income turned positive, landing at JPY 7.2 billion. In addition, of the revenue related to ARC Raiders in the fourth quarter results, JPY 27.7 billion has been deferred to 2026 and beyond. ARC to 2026 and beyond. ARC Raiders is basically a one-time purchase model, but it is a multiplayer game rather than a single-player game. Taking into single-player game. Taking into account the characteristics of such a game, after discussions with our audit firm, we decided to defer revenue recognition for sales through certain channels. Of the deferred revenue of JPY 27.7 billion that occurred in the fourth quarter, about half is scheduled to be recognized in the first quarter of 2026. The fourth quarter results also include the impact of the transition of MapleStory Idle RPG, with the impact amount being a decrease of JPY 9.0 billion in revenue and JPY 4.0 billion in operating income, respectively. On the cost side, backed by strong performance, including ARC Raiders, we recorded bonuses based on results that were not included in the earnings forecast. Also, due to the strong launch of new titles, platform fees exceeded the plan. In addition, we recorded a one-time impairment loss of JPY 3.0 billion due to the termination of publishing titles. Quarterly net income landed at JPY 10.9 billion. In the same period of the previous year, we recognized a foreign exchange gain of JPY 31.7 billion, due to the strong launch of new titles, platform fees exceeded the plan. In addition, we recorded a one-time impairment loss of JPY 3.0 billion due to the termination of publishing titles. Quarterly net income landed at JPY 10.9 billion. In the same period of the previous year, we recognized a foreign exchange gain of JPY 31.7 billion, due to the strong launch of new titles, platform fees exceeded the plan. In addition, we recorded a one-time impairment loss of JPY 3.0 billion due to the termination of publishing titles. Quarterly net income landed at JPY 10.9 billion. In the same period of the previous year, we recognized a foreign exchange gain of JPY 31.7 billion, due to the strong launch of new titles, platform fees exceeded the plan. In addition, we recorded a one-time impairment loss of JPY 3.0 billion due to the termination of publishing titles. Quarterly net income landed at JPY 10.9 billion. In the same period of the previous year, we recognized a foreign exchange gain of JPY 31.7 billion, while in this period, the foreign exchange gain on cash and gold, etc., was JPY 9.7 billion, resulting in a 66% decrease year-over-year. Next, I will talk about the results by franchise. In the fourth quarter, steady progress was made in our IP growth strategy. Total revenue for the three major franchises grew 13% year-over-year, and there was also a contribution from new titles such as Mabinogi Mobile and ARC Raiders. The PC version of Dungeon&Fighter maintained strong player engagement in both China and Korea, achieving solid growth. On the other hand, due to the extension of the mobile version, total franchise revenue decreased 16% year-over-year. Total revenue for the MapleStory franchise grew 54% year-over-year, even including the transition, due to the great success of MapleStory Idle RPG. In Korea, MapleStory revenue grew 10% year-over-year due to a major update, and the PC Café share reached a record high of 45%. Global MapleStory revenue grew 24% year-over-year. Especially grew 24% year-over-year. Especially in Europe and North America, thanks to the contribution of the large-scale winter update, we achieved record-high quarterly revenue. In addition, MapleStory Worlds revenue grew about 2x year-over-year. MapleStory Idle RPG was highly rated by a wide range of users for its casual gameplay and the fun of leveling up, and it ranked number one on the App Store in multiple markets. In the fourth quarter, there was a negative impact of about JPY 9.0 billion on revenue due to the transition, but it contributed to our results. The FC Franchise saw increased revenue year-over-year due to holiday updates and sales promotions. Mabinogi Mobile's Sanrio collaboration update in December was well received by users and contributed solidly to results. ARC Raiders, since its release on October 30, surpassed cumulative sales of 10 million units by the end of December, recording results that exceeded our expectations. The title maintained high levels of WAU, peak concurrent users, and retention across multiple platforms. Next, I will move on to the full-year 2025 results. In 2025, our main titles, Dungeon&Fighter and MapleStory, accelerated their growth, and new titles such as Mabinogi Mobile and ARC Raiders achieved remarkable success. As a result, full-year revenue reached a record As a result, full-year revenue reached a record high of JPY 475.5 billion, up 6% year-over-year, demonstrating the effectiveness of our IP growth strategy. Revenue from the three major franchises was flat year-over-year at JPY 331.5 billion, while revenue from other franchises increased 25% year-over-year to JPY 113.3 billion. Operating income was flat year-over-year at JPY 124.0 growth strategy. Revenue from the three major franchises was flat year-over-year at JPY 331.5 billion, while revenue from other franchises increased 25% year-over-year to JPY 113.3 billion. Operating income was flat year-over-year at JPY 124.0 growth strategy. Revenue from the three major franchises was flat year-over-year at JPY 331.5 billion, while revenue from other franchises increased 25% year-over-year to JPY 113.3 billion. Operating income was flat year-over-year at JPY 124.0 billion. Year-over-year. 費用については、中長期的な成長に向けた積極的な人材採用により、人件費が前年比で増加しました。また、マーケティング費やマビノギモバイル、メイプルストーリーアイドルRPG等の新作タイトルの広告宣伝費およびプラットフォーム手数料、ロイヤリティ等の年度費も増加しました。当期利益は2024年にはJPY 30 billionのファーストタイム利益を計上した一方で、2025年度はJPY 2.7 billionのファーストサス損を認識した結果、全体利益32%減少、JPY 92.1 billionで収支しました。2026年第1四半期の見通しについてです。ポートフォリオ全体で強い勢いが続く 것으로見込んでいます。新作による増収基調とPC版アラド戦記およびメイプルストーリーフランチャイズの成長により、過去最高の四半期売上収益を達成する見込みです。Q1グループ収入は期待基準ベースで34%-44%の増加、為替換算レートベースでは23%-34%の増加となる、JPY 115 billion-JPY 164 billionのレンジになる見込みです。PC版アラド戦記はパッケージの販売を含む旧正月アップデートにより、前年同期比での増収を見込んでおります。中国のアラド戦記モバイルの売上収益は全四半期で横横となる一方で、前年同期比で減少する見込みです。その結果、アラド戦記フランチャイズの合計売上収益は前年同期比で減少することを見込んでいます。2026年はアラド戦記モバイルを再び成長軌道に戻すように注力してまいります。今後はTencentとの共同開発により、中国市場において、現地ニーズに即したよりローカライズされたコンテンツを提供していく予定です。メイプルストーリーフランチャイズの合計売上収益は、メイプルストーリーアイドルRPGの増収基調により、前年同期比で約30%増加することを見込んでいます。PC版メイプルストーリーは、韓国、グローバルともに第4四半期から実施している冬季アップデートにより、プレイヤーエンゲージメントが持続すると見込んでいます。メイプルストーリーワールズにおいては、前年同期比で増収を見込んでおります。メイプルストーリーアイドルRPGについては、コーディング上の問題を発表してから2週間が経過しましたが、プレイヤーベースは依然として堅調かつ活発であり、本作に対するプレイヤーの需要と関心の高さを物語っています。第1四半期の業績見通しには、円安により約JPY 5 billionの売上収益の減少と約JPY 3 billionの営業利益の減少を見込む一方で、引き続き堅調な収益貢献を見込んでいます。2026年はハイパーローカライゼーションと継続的なコンテンツアップデートにより、良い流れを継続させていきたいと考えています。FCフランチャイズの合計売上収益は前年同期比でほぼ横ばいとなる見込みです。6月に開催されるワールドカップに向けて、ユーザーの盛り上がりを高めることに注力する予定です。マビノギモバイルは新規バトルコンテンツ、旧正月プロモーション、周年アップデートによる増収を見込んでいます。ARC Raidersは、現在までに累計販売本数が14 million本を突破しました。今後も毎月のコンテンツアップデートとイベントを通じて、高水準なプレイヤーエンゲージメントと販売の勢いを維持できると期待しています。営業利益は前年同期比で会計基準ベース23%-47%の増加、為替換算レートベースで7%-34%の増加となる、JPY 51.2 billion-JPY 61.7 billionのレンジとなる見込みです。費用面では、ARC Raiders、メイプルストーリーアイドルRPG、マビノギモバイルのリリースに伴い、プラットフォーム手数料およびロイヤリティが増加する見込みです。また、ARC Raidersに関する業績連動賞与や人員増加による人件費の増加も見込んでいます。さらに、新作タイトルのプロモーションを伴う広告宣伝費の増加も予想しています。四半期利益は前年同期比で会計基準ベース56%-84%の増加、為替換算レートベースで31%-58%の増加となる、JPY 40.9 billion-JPY 41.4 billionのレンジを予想しています。最後に、株主還元についてご説明します。当社は多額のキャッシュフローを継続的に生み出し、強固なバランスシートを構築しています。2025年には8年連続でJPY 100 billion以上の営業キャッシュフローを生み出しており、年末のキャッシュ残高はJPY 800 billionを超えました。この潤沢なキャッシュフローにより、配当額を大幅に増加するとともに、自己株式の取得も実施することができました。 ... 2025年には株当たり配当額を2024年の22.5円から40円に倍増させる とともに、969億円の自己株式取得を実施しました。加えて、2025年2月に発表した1年間で取得総額1,000億円を上限とする自己株式取得の方針に基づき、残額250億円相当の取得を1月28日に終了しました。当方針により取得した自己株式をすべて消却することを本日、2月12日の取締役会にて決議しました。当社は、前年度営業利益の33%以上を株主の皆様に還元するという基本方針のもと、積極的な株主還元を続けてまいります。2026年においては、一株当たり30円の半期配当金、年間で一株当たり60円の配当金を実施する予定であり、自己株式取得についても引き続き積極的に検討してまいります。今後も上場企業として戦略的な資本配分で対応できる強固なバランスシートを維持し、資本効率の一層の向上に取り組んでまいります。それでは、これより以上による説明に戻ります。 Thank you, Shiro Uemura. To close our prepared remarks today, I would like to offer some context on our recent success and what it means for the longer-term future of our company. Think beyond the financial metrics and many success of the most recent quarter, we recognize that for the past two years, Nexon has been progressing through a complex and highly promising transformation to become one of a small number of true global game companies. At the center of this transformation is the IP Growth Initiative, outlined at our Capital Market Briefing in 2024, calling for growth in established franchises and a highly disciplined approach to launching new games and nurturing emerging IP. We have strengthened our established blockbusters and launched several new games. Not all, but most of which achieve a degree of success in establishing foundations for additional growth with content updates and regional expansion. Most notably, the enduring success of ARC Raiders stands as a clear proof point in our strategy, and one that shows where we plan to take our company in the months and years ahead. Nexon has developed a creative and operating model that can deliver renewal and resilience in core franchises, while introducing new games and experience that attract players across all regions, platforms, and business models for being at scale. Today, we are a more diversified, durable, and globally competitive company. To hear more about our progress and plans for the future, investors are invited to Nexon's Capital Market Briefing in Tokyo on March thirty-first. The event will feature presentations from our executives and creative leaders, with details on our strategy for achieving our midterm financial targets, including a preview of our content pipeline. With that, operator, we are ready to take questions from our guests. 質問を希望される方は、画面内にある押しボタンを押してください。手のマークが表示されていると挙手をしている状態となります。順番が回ってきますと、ご自身の画面にミュート解除の通知がありますので、操作してお話しください。なお、本決算説明会は、日本語、英語、韓国語での同時通訳で進行しております。選択した言語の通訳者の発言が終了している場合でも、もう一方の言語の通訳者の発言が終了していない可能性がございます。ご質問の際は、画面内に発言のボタンが表示されている場合のみ発言をお願いいたします。それでは、ご質問を受け付けますので、少々お待ちください。 The first question is from Seyon Park of Morgan Stanley. Hi, good afternoon. Can you hear me? Yes, we can. Thank you for the opportunity. I have three questions, and I'll ask them one by one. The first question is relating to the MapleStory Idle RPG refunds. I think we have three days remaining for players to apply for the refund if they request so. The provisionings that you have booked already for the fourth quarter and the upcoming guidance should we assume that it is conservative? And maybe can you provide some color, given that we have three days remaining on the refund, whether you are expecting a meaningful exit of players or whether we can assume that most of the players will continue to play this game? Thank you. こんにちは。質問する機会を与えてくれてありがとうございます。合計で3点質問させていただきますので、一点一点よろしくお願いいたします。まず最初はメープルストーリーRPGの返金に関してです。あと、返金申請する期間として3日残っておりますけれども、第四半期において、この返金額というのを引当計上しているということなのですけれども、それというのは実際に保守的な数字として、これだけ押し下げ要因として効果が出てくるというふうに考えましょうか。あと3日残っておりますけれども、どうなんでしょうか。その申請が終わった段階では、まあ、とてもたくさんの数の既存のプレイヤーがもうゲームから離脱するということを想定なさっていらっしゃいますか？それともほとんどのプレイヤーの方々がプレイし続けるという想定でしょうか。 はい、ご質問ありがとうございます。まあ返金に関しましては、詳細に関しましては差し控えさせていただきたいと思いますけれども、まあQ4において90億円の売上への影響、4億円の営業利益への影響、Q1においては50億円の売上への影響、30億円の営業利益への影響ということで、具体的な金額で示させていただいていると思います。 Thank you very much for your question. Regarding the refund, I would like to refrain from giving you the details, but please be aware of the fact that we have already given you tangible figures regarding what kind of impact we are foreseeing in Q4 as well as Q1. For Q4, we have mentioned the revenue impact of JPY 9 billion and the operating income impact of JPY 4 billion, whereas in Q1 we have factored in the impact of JPY 5 billion for the revenue and JPY 3 billion for the operating income. で、この見積もり分けに関しては、我々が考える上で合理的な範囲での見積もりの中で出しておおりますので、決して保守的でもなければ、まあアグレッシブでもないと。適切な見積もりであるというふうに考えております。 Regarding the estimate figures that I have mentioned to you now, I believe that this is within the rational range that we have estimated. Therefore, I can say that the numbers are neither conservative nor aggressive, and I believe that these numbers are quite appropriate. で、今後のアイドルRPGに関してなんですけども、まあこういう問題は非常に残念なことなんですけども、まあ会社としては適切な対応を適宜、まあ即時にやったというふうに考えております。 Regarding the issues related to Idle RPG, it was quite regrettable, but after the discovery, we believe that as a company, we had immediately taken appropriate measures. まあ、その結果、ユーザーの反応としては、まあニュートラルから若干ポジティブというふうにも見受けられますので、引き続きこのタイトル、非常に人気が高いと思いますので、しっかりと再度立て直していくということになると思います。 In terms of the user sentiment, it is neutral and some are slightly positive. So we believe that this is a very popular title and we will put our effort in rebuilding the game. 안녕하세요. 이정원입니다. 제가 조금 더 추가 설명드릴 수 있도록 하겠습니다. Hello, this is Junghwan Lee here. I would like to add a little bit onto that from my end as well. 우선 무엇보다 대표이사로서 이번 사건을 통해서 심려를 끼쳐드려서 여러 주주님들과 그리고 메이플 키우기를 사랑해 주셨던 유저분들에게 고개 숙여서 진심으로 감사의 말씀 먼저 전합니다. First of all, I would like to offer my deepest apologies to all our, all of our shareholders and our fans of MapleStory Idle RPG for the concern that we have caused as a CEO of the company. 이 기회를 통해서 넥슨의 라이브 운영의 근본 원칙이 유저와의 신뢰 구축이라는 점을 다시 한번 강조를 드리고 싶고요. 이런 원칙에 따라서 적극적인 환불 정책이 이루어졌음을 다시 한번 말씀을 드리고 싶습니다. So I would like to reiterate that building confidence and confidence from our user base is definitely the basic and fundamental principle of how we operate, and that has been on the background of our making this decision to offer full refunds to our users. ... 정말 죄송스럽고 그리고 또 감사하게도, 해당 이슈 이후에도 이용자의 참여도는 안정적인 흐름을 유지를 하고 있습니다. For this, I definitely feel both apologetic and grateful, but the player engagement has shown resilience following the incident. 구글이나 애플 차트를 통해서도 확인하실 수 있겠지만, 환불 정책 발표 이후에, 매출은 안정화가 되었으며, DAU 역시 이슈 이전 대비 소폭 감소에 그치면서 대체로 이전과 유사한 수준을 유지를 하고 있습니다. I believe we will be able to infer this from the current rank or chart from the Google Play Store and Apple App Store. But with this, after this incident, the revenue has stabilized at this moment, and DAU is also remaining largely consistent from what we have seen before, showing only a modest decline. 가장 최근의 유저 여론은 게임의 업데이트, 이벤트 등 게임 본연의 콘텐츠에 대한 관심이 확대되고 있는 상황이고요. 환불 신청 이후 신규 계정을 플레이하는 후기가 매우 활발히 공유되고 있습니다. So when it comes to the user sentiments, lately, we are seeing some increasing interest once again on the actual content of the game, including game updates and events or game updates on the MapleStory Idle RPG. We are now seeing active posting of experiences playing on their newly created accounts. 덧붙여, 덧붙여 마지막으로, 메이플스토리 키우기의 이용자의 대부분은 신규 유입 이용자입니다. 그래서 기존 메이플스토리에서 유입된 비중은 혹은 카니발라이제이션이라고 보실 수도 있을 것 같은데, 기존 메이플스토리에서 유입된 비중은 한 자릿수에 불과하고요. 이는 메이플라이프 프랜차이즈의 중장기 확장 개념에서 매우 중요한 포인트임을 말씀드리고 싶습니다. 그리고 앞으로 저희는 남은 환불 신청 프로세스를 매우 적극적으로 마무리를 하고요. 이후에 보다 나은 콘텐츠 업데이트를 통해서 이용자 여러분들께 다시 한 번 사랑받을 수 있도록 최선을 다하도록 하겠습니다. Lastly, I would like to mention that, for MapleStory Idle RPG, most of the users are newly acquired users. When it comes to, for some, I would believe you might be concerned about cannibalization, but that kind of overlap between MapleStory RPG and the core game is only on a single-digit%, which is pretty small. So we believe this is a very important point when it comes to vertical expansion of MapleStory franchise. Going forward, we will do our best to fully and diligently wrap up the remaining refund procedure, and we will make our best efforts so that we can earn back the hearts of our fans and players with great content updates that we provide going forward. Thank you for the answer. If I can switch the subject to matters that are much more constructive. ARC Raiders has been a phenomenal success so far. It seems like even coming into 2026, you've sold now 4 million copies in a month and a half. Can you maybe provide us a little bit more color as to, you know, whether this sales through is still continuing, and whether we should expect ongoing sales of additional copies in the coming months? Thank you. ご回答ありがとうございます。では、次にもう少し建設的な内容にトピックを切り替えたいと思います。ARC Raidersは驚異的な成功を収めております。 2026年にかけて、ほんの1.5ヶ月で400万ユニット本数を販売なさっているようです。え、これについても少しご説明いただきたいと思うんですけども、このような販売というものは今後も続いていくのでしょうか。私どもとしても、この傾向が続くというふうに期待してよろしいのでしょうか。 네, 정원입니다. 답변드리도록 하겠습니다. Hi, this is Junghwan Lee again. Let me answer your question. and meaningful, I think. Because as a game company, I think there is nothing more meaningful than securing multiple IP pillars. When it comes to the success of ARC Raiders, it is definitely highly encouraging and meaningful for us, since as a games company, there's nothing more important than equipping ourselves with multiple IP, and solid IP pillars. 아크레이더스는 이미 잘 알고 계시겠지만, 이미 브랜드 인지도가 확보되지 않는, 확보된 IP가 아닌 신규 IP 기반에도 불구하고 출시 후 2달이 안 돼서 1,000만 장 이상 판매를 했습니다. As you may understand already, ARC Raiders is a completely new IP, which means that it did not have any precedented level of brand awareness in the market. Nonetheless, it was able to sold over 10 million units in less than 2 months. 실적 발표 오늘 직전에 가장 최근의 지표도 매우 강력합니다. Even when we look at the latest number right before this earnings call, the numbers are pretty solid right now. 먼저, 출시 2개월 후인 1월에도 최고 동시 접속자 수 960,000명이라는 수치를 달성했습니다. ... The first metrics I would like to note is the peak concurrent user milestone of 960,000 players, which we recorded in January, two months after the launch. 또한 현재까지 주간 활성 이용자 수죠. WAU는 약 600만 명 수준을 지속적으로 유지하고 있습니다. When it comes to weekly active user count or WAU, it is sustaining approximately 6 million, right, right now. 이는 이미 전 세계 수백만 명의 이용자들이 아크레이더스를 주간 루틴의 일부로 정착시키고 있음을 의미합니다. 그리고 구체적인 수치를 공개할 수는 없지만, 리텐션 수치 역시 매우 매우 강력한 수준을 유지하고 있습니다. We believe this really implies how millions of players around the world are now integrating ARC Raiders as part of their weekly routine. Even though we are unable to disclose specific numbers here, the retention is also very strong. 이에 더해 얼마 전 공개된 ARC Raiders의 연간 콘텐츠 로드맵은 유저들에게 굉장히 큰 환영과 관심을 받았습니다. In addition to that, the recently announced monthly content roadmap of ARC Raiders was well-received and welcomed by our users. Embark의 2026년 핵심 목표는 월 단위의 지속적인 콘텐츠 업데이트와 라이브 운영을 통해서 게임의 장기적인 몰입도를 유지함으로써 패키지 판매를 지속적으로 확대하는 것입니다. When it comes to the objective of the Embark team for this year, 2026, it is to provide monthly content updates and live operations so that they can continue to drive unit sales by keeping the game engaging for a long period of time. 저희는 매우 흥미롭고 안정적인 업데이트 주기를 이어갈 수 있을 것이라고 기대를 하고 있습니다. So we believe we will be able to deliver a steady cadence of updates that are both engaging and steady. 마지막으로 좀 더 하이 레벨 차원에서 아크레이더스에 대한 관점을 공유를 드리자면, 저희가 판단하기로는 아크레이더스는 아직 IP 성장이 초기 단계에 있습니다. 그래서 저희는 이 훌륭한 IP를 조금 더 저변 확장을 하기 위한 다양한 가능성을 검토 중에 있습니다. And lastly, to comment a little bit about ARC Raiders IP as a higher level concept, we still believe it is still in its early stage as an IP, and we are now exploring many possibilities to expand the reach of ARC Raiders. 현재로서 공개할 수 있는 이 IP 확장의 개념 중 하나로는, 텐센트와 협력해서 중국 이용자들을 대상으로 한 하이퍼 로컬라이제이션 버전의 출시이고요. So what we can disclose at this moment in regards to this IP expansion would be the launch of hyper-localized version of ARC Raiders for Chinese players under the cooperation partnership with Tencent. 장기적으로 아크레이더스라는 IP와 Embark라는 개발팀이 넥슨의 하나의 또 거대한 IP 필러가 될 수 있게끔, 현재 경영진은, 거시적인 관점에서 총력을 다하고 있음을 말씀드리고 싶습니다. I would like to say that the management team is putting our best effort in a macro-level perspective, so that in the longer term, this ARC Raiders IP, as well as Embark development team, can become an enduring pillar of Nexon's entire portfolio. 네, 이상입니다. That concludes my answer. Thank you. Thank you once again. Just my last question is also a separate subject on the shareholder return policy. I noticed that there is no buyback policy program which was announced this time around. I know you have, you know, a shareholder return policy of one-third of the previous year net income. But can we get maybe just a little bit of an update as to how you're thinking about share buybacks for this year and going forward? Thank you. はい、では最後の質問をさせていただきます。テーマは、株主還元方針です。で、今回、新たに、自己株式取得のプログラムの発表はありませんでした。ただ、以前にもおっしゃっていたように、基本的株主還元の政策としては、前年の営業利益の三分の一を還元するというふうに伺っております。これに関しまして、もう少し、2026年における株主還元の考え方をお示しください。 はい。株主還元に関しましては、まあ、三分の1、33%以上の還元をするということです が、まあ、まあ、これが必ずしも33%というわけではなくて、まあ、過去においても33%以上の還元をしっかりとしてきました。 Regarding the shareholders' return policy, we abide by one-third, or rather more than 33% of the previous year's operating income. Even in the past, we did actually provide the return of more than 33%. まあ、引き続き今後も、しっかり成長投資をしながら、株主還元に関しても、積極的かつ柔軟性を持って、検討していきたいというふうに考えております。 ... Going forward, we will pursue two ends, one being investment in growth, and secondly, we would try to provide the shareholders return and be flexible at the same time. Okay, thank you very much. This is Jay of UBS Securities. With regards to the ARC Raiders, as you have pointed out, when we explained our guidance, at that time, we have consulted with the audit firm of the subsidiary, and at that point, it was deemed that the deferral was necessary. However, through the process of the consolidation, we consulted with the audit firm of our company, and as a result, we received the view from the audit firm that the deferral will be necessary. So, let me correct. The audit firm of the subsidiary mentioned that the deferral was not necessary. Let me correct. Given such situation, after the repeated deliberation, given the characteristics of this game, we agreed to conduct a deferral as part of the adjustment of consolidation. で、具体的繰延としては、Steamの売り上げ、に関しては、ある一定期間を繰り延べるという形になっております。 To be specific, the revenue from the sales through Steam, we will defer to for a certain period. で、Steamの売上は具体的には約60%という形になります。 Steam sales make up roughly 60%. まあ、従って、この第四半期でキャッシュベースで売上計上した売上に対して60%分を2026年以降に繰り延べたという形になります。で、その結果、2026年Q1でそのJPY 2,277億円の過半は認識するという形になります。 The 60% of the cash based revenue in the fourth quarter will be deferred to FY 2026. As a result, the majority of the JPY 27.7 billion will be recognized in the first quarter of 2026. 次にインセンティブボーナスに関するお話なんですけども、通常の我々の他の新規タイトルと同じように、ゲームからの利益に関して、リクープした部以降に関してはインセンティブを与えるという形になっております。 Next, on your question on incentive bonus as we do with other new titles regarding the profit generated from the game. After we recoup, the bonus will be provided with a certain ratio. ご周知の通り、Q4において非常に大きなアークレイダスと成功を収め、我々の想定をだいぶ上回る結果を出しました。その結果、我々が想定していた以上に売れたということで、インセンティブが発生しております。その部分がQ4、Q4に乗っかっているという状況です。 As you know, our creators made a major hit in the fourth quarter, and the level of revenue was higher than our expectation. Related to that incentive bonus was paid and that is booked in the fourth quarter. で、引き続きARC Raiders好調でありますので、ゲームから得た利益の一部というのは、一定期間開発チームに分配されるというような形になります。 Our creators' performance continued to be strong, and part of the profit generated from the game will be distributed. A portion of it will be distributed to the development team. ジャイさん、これで全て答えましたでしょうか？ またありましたでしょうか。 Jay-san, did I, did I answer all your questions or do you have any other points? すいません。ありがとうございます。あの、ちょっとフォローアップとなるんですけども、あの、ちょっとその第一四半期、あの一月から三月の間の売上のまた60%が次の四半期に繰り延べされるっていうようなイメージになるんですか？ I have a follow-up question. The 60% of the sales in the first quarter from January to March period, will that be further defined deferred to the following quarter? はい、ご理解の通りです。メカニズムはすべて一緒です。 You are right. The mechanism is all the same. よくわかりました。ありがとうございます。 I understood fully. Thank you very much. 続いて、2問目の質問ですけども、あの、こちらは中国のアラド戦記のモバイル版ですけども、あの、普通であれば1月から3月、旧正月もありますので、なんかPC版だったら割と季節性があって、第1四半期強くなるんですけども、御社今回のガイダンスの中ではあんまりベースで売り上げ伸びないというような予想となっておりますが、それはモバイルの季節性がちょっとPC版と違うからかなのか、それとも例えば前回共同開発コンテンツの効果が良すぎて、逆に足元ではちょっと薄まっていましてか？ それとテンセントとの共同開発のコンテンツの今後、どのような頻度、スケジュール感でリリースされてて。 それとPC版とモバイル版それぞれどのような計画があるかも合わせて教えてください。 あと、もうすぐPC版の契約更新もありますので、あの、まあその共同開発によってテイクレートの交渉に影響出そうかどうかについても、もしコメントいただければお願いいたします。 ... My second question is on Dungeon&Fighter Mobile in China. Usually in January to March period, there is a new year, and there is usually seasonality in the first quarter for PC, but for the Dungeon&Fighter Mobile, the guidance shows that the revenue will be more or less flat. So is seasonality of mobile different from PC? And also, you are developing joint contents jointly and the benefit of that, will that decline as the impact of the previous co-developed content starting to decline? I'm referring to the co-development with Tencent. Could you also talk about the frequency of the release of content co-developed with Tencent for PC and mobile as well? What is your plan? And also, the contract update timing will come up soon for the PC and for the co-developed content, will that be an opportunity to negotiate the take rate? The DNF Mobile in French, 가장 최근 직전까지의 DAU 추이는 최근, 얼마 동안의 기간 동안 안정적으로 유지되고 있지만, 그 이전에 최고 레벨 상향 업데이트 이후에 시간이 지나면서 유료화 지표만 하락을 했습니다. Sure, I'll be able to answer to the question of the Dungeon Mobile, which is now maintaining quite a stable DAU level up to the most recent period. But, as time has passed by, since the previous level cap increase, we have seen some decline in the monetization metrics. 현재 저희가 판단하기로는 시즈널리티 이슈보다는, 저희가 공급하는 콘텐츠의 퀄리티와 빈도에 따라서 유저 지표가 움직이는 상황이고요. 저희는 이에 따라서 장기적으로 이 Dungeon and Fighter Mobile의 fundamental을 개선하기 위해 장기적인 시각으로 움직이고 있다고, 몇 분기 실적 발표를 통해서 전달을 드렸던 것 같습니다. So, from this, we believe it is less about the seasonality, but it is more about the quality and the cadence of the contents that we provide for our users that really affects how the user metrics move in as a whole. So, in regards to that, as we have mentioned in previous quarter calls, we are now taking a long-term approach so that we can improve the fundamentals of Dungeon & Fighter Mobile in the longer term. 아직 공동 개발 콘텐츠에 따른 콘텐츠의 전반적인 공급량 증대는 아직 본격적으로 확보되지 않은 시점이라고 보시는 게 맞습니다. So I would say that we haven't yet fully leveraging the increase in the productivity of the increase in the production volume of the content from this co-development initiative just yet. 저희는 2026년 내로 공동 개발에 대한 프로세스가 본격적으로 가동될 것이고, 이에 따라서 공급되는 콘텐츠를 통해서, 이용자의 engagement와 그리고 새로운 이용자들의 확보가 훨씬 더 용이해질 것으로 판단을 하고 있습니다. What we are assessing internally is that, through the full execution and the exploitation of this co-dev process, with Tencent within the 2026 year, we believe we will be able to produce content to engage more and acquire more. 덧붙여, 공동 개발 프로세스에 대한 PC와 모바일의 우선순위를 여쭤봐 주셨던 것 같은데요. 저희는 일단 PC 버전보다는 모바일 버전에 대한 공동 개발 프로세스를 우선 도입을 하려고 집중을 하고 있는 상황입니다. I believe a piece of your question was whether we have any priorities or orders when it comes to applying this co-development procedure to PC or mobile. For us, we are now focusing more on the mobile side to actively adopt this co-development procedure. 이유는 PC 버전에 대해서는 전반적으로, 전년 대비 안정적으로 리바운드를 했다라는 판단이고, 현재 콘텐츠 업데이트의 공급 속도나 뭐, 질 같은 것들이 만족스러운 수준인데, 2026년에 저희 그룹의 가장 좀 큰 중점 과제 중 하나가 던전 앤 파이터 모바일의 회복이므로 일단 공동 개발 프로세스에 대해서도 모바일의 우선적으로 모든 리소스를 집중해서 들여다보고 있습니다. To explain a little bit about the background of this, for the PC service, we believe it is now maintaining pretty stable rebounds year-over-year basis. We believe the content update speed as well as the quality is pretty decent right now. For 2026, one of our key focal points of the entire Nexon group is to achieve a recovery in Dungeon and Fighter Mobile. In that sense, we are putting, we're concentrating more of our resource on adopting, we're fully applying the co-development effort in mobile version. 마지막으로 PC 재계약에 대해서 답변을 드리자면, 계약에 대한 상세한 내용은 확인 드릴 수 없지만, 지난 20년 동안 구축해 온 강력한 협업 관계에 있어서 넥슨과 텐센트는 모두 만족해하고 있습니다. 그래서 특이사항 없이 전반적으로 저희는 안정적으로 중국의 던전 앤 파이터 프랜차이즈에 대한 서비스를 제공할 것입니다. Lastly, in order to talk a little bit about the PC contract renewal, even though we are unable to disclose too much details regarding the contracts, I would like to take a note how for the past 20 years, this partnership has been remaining very strong and solid, and both companies, Nexon and Tencent, are very satisfied about it. So without without any peculiar issue, we believe we will be able to provide the Dungeon and Fighter service to our Chinese players stably. 네, 이상입니다. That concludes my answer. Thank you. ご丁寧にありがとうございます。で、そして三点目ですけども、あのMapleStoryフランチャイズ全体に対する質問ですけど、今回のそのRPGの方は、ちょっとあの、若干あのイベントが発生したというような状況で、御社はあの対応としてすごく迅速で、あの、まあちょっと売り上げも今あんなに落ちてないような状況ですけども。ただし、以前もあのMapleStoryなんか、あの、ちょっと状況が違うかもしれませんけども、まああの、またハプニングがあの確率のところについて、あのあったというような状況ですけども、同じフランチャイズにあの二度もの確率に関してあのハプニングがありますと、まあちょっと今後あのブランドイメージに対してあの影響は出るかどうかについて、あとまあ全体的にちょっとコーポレートガバナンス的に、あの、そういうあの、まあハプニングを防げる方法はあるかどうかについてコメントをお願いできますでしょうか。以上です。Thank you for your thorough explanation. My third question is related to the overall MapleStory franchise. This time on RPG, there was issue or event that happened, but the company reacted speedily, and I understand that there was no major impact to the sales. But when we look at the past, there were similar. There was a similar incident related to MapleStory. At that time, also on the probability and in the same franchise, under the probability, a related area, the happening occurred twice. So will that impact the brand image going forward? And I also would like to ask about your corporate governance. Do you have a measure to prevent the recurrence of such happening? 네, 물론 확률과 관련된 동일 카테고리의 문제가 두 번이나 발생한 것들에 대해서는 정말 면목이 없고 잘못된 일이라고 생각을 하고 있습니다. I would first like to start off my response in acknowledging that going through the similar probability issue twice is definitely something we should feel very apologetic about. 다만 그 이후의 대응에 있어서 발생한 실수와는 별개로 대응에 있어서 저희는 저희가 이번에 결정한 보상 혹은 전액 환불 두 가지 옵션 중에서 선택할 수 있게끔 한 조치는 당사가 앞서 말씀드렸던 것처럼 넥슨이 서비스하는 모든 게임에 있어서 이용자의 신뢰는 최우선이라는 원칙에 입각한 결정이었습니다. However, when it comes to how we have responded to this incident, apart from this mistake and this wrongdoing that we have done, this choice or this decision to offer full refunds or providing compensation to our users and giving that kind of option to our users, was based off of the fact that we are putting the confidence of all users for all our Nexon games before anything, when it comes to operating our company. 이런 원칙에 입각한 진정성 있는 결정과 그리고 향후 있을 재발 방지에 대한 저희의 노력들을 지켜봐 주신다, 그러면은 장기적으로 브랜드 이미지에 있어서도, 어, 네, 유저들이 저희의 좀 진정성을 인정해 주지 않을까라고 생각을 하고 있고요. So if you could take a long-term perspective and see how our decision that was made out of our earnest and sincerity really plays out, as well as how we all the measures that we take in order to prevent any recurrence from taking place, we believe such hard effort will be acknowledged by our users as well in terms of the brand reputation or image. 거버넌스 측면에서 마지막으로 한 말씀 드리자면, 넥슨은 지난 확률 관련된 이슈 이후에 전사적으로 확률 시스템에 대한 검증, 자동화 인프라를 이미 구축했습니다. 그리고 이 해당 결과값들을 이용자들에게도 실시간으로 공개를 하고 있었습니다. Lastly, to add a little bit in terms of the governance, ever since our last probability related incidents, we have executed and implemented an automated infrastructure to validate probabilities of the products and all the outcomes of such validation is being disclosed to our users in real time. 다만, 메이플 키우기는 외부 개발사와의 협업을 하는 과정에서 이 시스템 도입에 있어서 작은 홀이 있었고요. 그리고 오류를 수정하는 과정에서 수정 후에 유저들에게 안내되어야 되는 상황임에도 불구하고 이를 개인의 판단으로 하지 않은 것이 문제가 된 사건입니다. ... However, when it comes to this incident on MapleStory Idle RPG, as you know, it was a product that was born from a partnership and co-works with an outside entity, and there has been some small hole in terms of executing such infrastructure to this title. At the same time, it also had to do with misjudgments of an individual who did not disclose or notify this to users regarding the correction of the error, even though it had to be. 현재 저희는 사고 발생 즉시 TF를 구성해서 앞으로 이런 일이 전사적으로 발생하지 않도록 재발방지에 최선의 노력을 다하고 있습니다. 저는 이번 사안이 컴플라이언스와 이용자 신뢰를 중시하는 저희 회사의 조직 문화 자체에 구조적인 문제가 있음을 의미한다고 보지는 않습니다. 다만, 본 사안을 통해서 운영 통제 및 책임 체계를 추가로 강화할 필요성이 확인이 되어서 이 부분에 대해서 즉각적인 조치를 취하고 있습니다. Right now, immediately after this incident, we have established a task force to address this so that no similar issue happens throughout the entire company. So, we do not believe that even this truly reflects any fundamental issue with our company culture, which emphasizes compliance and user trust and putting them before anything. However, the incident did highlight some areas where operational control and accountability frameworks has to be improved, and that is why we are taking such immediate actions. 앞으로 이런 일이 다시는 발생하지 않도록 최선의 노력을 다하겠습니다. 이상입니다. We will put our best efforts so that we can prevent any recurrence from happening. That concludes my answer. よくわかりました。ありがとうございます。 I understood quite well. Thank you very much. 次のご質問者は、ゴールドマン・サックス証券株式会社の宗像様です。それでは、ご質問者様、ご質問をお願いします。 The next question is from Munakata-san from Goldman Sachs, Japan. Please. ゴールドマンサックス証券の宗像です。質問の機会ありがとうございます。一問ずつ二つお願いいたします。 Thank you for giving me the opportunity to ask you a question. My name is Munakata of Goldman Sachs. I have two questions, so let's go one at a time. まず一点目がアークレイダーズについてですけども、年間のコンテンツの計画を考慮しますと、定期的に新しいユーザーを取り込めるというお話をいただきましたが、すでにWAUが600万人というかなり強い水準であることもご紹介をいただきましたので、これから流入してくる層というのはどんな層をご想定されてるのか？地域的な軸でも、ユーザーの属性でも構いませんので、今描いていらっしゃるイメージを教えてください。これが一点目です。 The first question is on ARC Raiders. I understand that you have a plan to regularly provide new content update, which will ensure the inflow of new users. And I know that you have a very dramatic figure of weekly users being 6 million, and I think this is a very strong figure. And I want to know, going forward, what kind of user profile do you have on your mind regarding the new inflow? So you can talk by region, or maybe you can tell me the attributes of the new inflow users. はい。まあ、ARC Raidersに関してなんですけれども、まあ発売して、約4ヶ月経過しているというような状況で、引き続き、まあ非常に好調を保っているというような状況だと思っています。で、そのような中で、Embark Studiosは毎月コンテンツを入れて、ユーザーを非常に楽しく活性化させるような動きを行っております。 Four months have passed since the launch of ARC Raiders, and it is trending very well. Embark Studios have the plan to provide new monthly content update, and this energizes the players. で、まあ、あの、ユーザーがしっかりと、おー、ゲームの中で遊んでいただいている限り、まあ、新たにユニットセールスがさらに見込めるというふうに考えております。 As long as the users enjoy the in-game play, I believe that we will be able to secure robust new unit sales. ですので、当面の目標としては、さらなるユニットセールスの増加というところを、加速促進させて、ユーザーベースをしっかり作って、また今後の展開に持っていくというようなイメージを持っております。 So, we believe that, short-term wise, we want to provide further unit sales, which will lead to more user base, and we will be in the position to promote the next stage of this title. explanation. Currently, ARC Raiders has the highest proportion of user connections in the Western and European regions. ... This is Jeong-An. I would like to add a little bit onto that, by first stating that for our creators, the user share from Western and European region is a little bit higher. Uh, Already, the team has announced regarding its annual content roadmap. Through that kind of very densely built update plan, we believe we are putting some plans in place so that the existing users can be better engaged with our games. What we have sensed and acknowledged from recent data is that the percentage or the share from console is gradually growing, and we believe this trend is definitely encouraging. Now, adding on to this kind of solid traffic level that we are seeing in the western and European region, we believe that the Asian region also has more upside for us. So when it comes to such more upsides remaining in the Asian region, right now, we are seeing the highest share of traffic from Japan, and even aside from Japan, for Korea and China as well, and in broader Asian region, we have many different plans in place for 2026, so that we can earn more hearts of users through various service, marketing, and events plans for our creators. That will be all from my end. Thank you. Thank you very much for your very thorough explanation. I understood it very well. Let's move on to the second question, which pertains to FY 2026. 2026. I want to know the overall direction in which you will be proceeding in the next 12 months. I know that as a company policy, you only provide quarterly guidance. Having said that, I would like you to talk about which of the three segments that I'm going to mention now will be the driver to further increase the revenue in FY 2026. The three categories being the major titles that are Dungeon Fighter, FC, and MapleStory. The second category is the new titles that you have launched last year, and the third category being the titles in the pipeline that you plan to launch in 2026. First, I would like to start off by saying that we are entering this year of 2026 with a very solid and prosperous growth momentum from both existing franchises and new experiences for this first quarter. Our first quarter outlook represents quite solid momentum here with both operating common revenue growing roughly 30%-40%. And regarding the growth driver, potential growth driver for 2026, I believe there could be a couple items, including five of them. First off, for the MapleStory franchise, we believe we do expect around 30% year-over-year growth for the first quarter. And in 2026 from both Korea service and global service of MapleStory PC, we believe we will be able to maintain some solid momentum. ... 두 번째로 던전 앤 파이터 PC는 2020년부터 지속된 성장 모멘텀에 힘입어서 1분기에 성장이 예상됩니다. Next is our Dungeon & Fighter PC service, which is expected to grow in the first quarter, and that would be based on the sustained momentum from 2025. 2026년에는 연 단위로 던전 앤 파이터 모바일의 성장세 회복을 최우선 과제로 삼았고요. 이에 대한 성과들이 연내로는 반영이 되기를 희망하고 있습니다. When it comes to 2026, and the growth of Dungeon & Fighter Mobile, the annual growth of Dungeon & Fighter Mobile, recovering that, remains one of our top priorities. And we do, we do hope to see some tangible outcomes from such efforts. World Cup starting in June, the FC Franchise is expected to gain growth momentum. Next, for the FC Franchise, we believe the World Cup season, which begins in June, will provide and offer some momentum for the franchise. 네 번째로는 한국에서 굉장히 좋은 성과를 거뒀던 마비노기 모바일의 일본 지역으로의 확장 계획이 있습니다. Fourth, we have Mabinogi Mobile expanding to Japan, and this definitely is a title that has seen quite a great performance in Korea. is ARC Raiders also with monthly content updates and solid live events strong momentum throughout 2026 will maintain. And lastly, number five, ARC Raiders, of course, we do expect the title to sustain the strong momentum throughout the year, based on monthly content drops, as well as strong live events. 마지막으로 신작에 대해서 말씀을 드리도록 하겠습니다. 당사는 지난 2년 전 CMB를 통해서 2027년까지 선보일 다수의 신작들을 공개를 했었습니다. And, before wrapping up, I would also like to comment a little bit on the pipeline. So, two years ago, in our Capital Market Briefing, we have disclosed and introduced several new games in the pipeline that will be launched by 2027. 이 신작들을 시장에 선보이기 위해서 저희는 최선을 다하고 있고요. 큰 차질 없이 개발이 진행이 되고 있습니다. We are hard at work to introduce the games to our users. And right now, the development is smooth sailing overall. 2026년에는 다양한 파트너십에 따른 흥미로운 신작들을 소수 선보일 수 있을 것 같습니다. We believe for 2026, we will be able to introduce a few new titles and few new titles based on strong partnership. 해당 내용에 대한 정보는 삼월에 진행될 CMB를 통해서 좀 더 구체적인 내용을 공유드릴 수 있도록 하겠습니다. 감사합니다. For more details, we would be disclosing more at the capital markets briefing, which will be taking place in March. Thank you very much. 詳細にありがとうございました。三月のCMBを楽しみにしております。 Thank you very much for the details. I look forward to participating in the CMB schedule in March.