'New works' existed, but 'presence' was lacking. Over the past two years, NCSOFT released 'Battle Crush,' 'Hoyeon,' 'Journey of Monarch,' and 'Throne and Liberty (TL),' but these did not meet market expectations. Performance showed a downward trend, the organization became bloated, and the stock price halved. However, after a large-scale restructuring last year, NCSOFT is seeking a rebound, led by the new work 'Aion 2' this second half of the year. While the outcome remains uncertain, the market is paying attention to NCSOFT's movements as it begins to act again with a 'slimmer body.'
According to the Korea Exchange and others on the 18th, NCSOFT's stock price is showing a notable recovery ahead of the release of 'Aion 2,' its most anticipated work of the second half of the year. As of the close on the 17th, NCSOFT's stock price was 212,000 won, having risen by about 60% over the past three months. Just earlier in March, it had plunged to 136,400 won, recording a 52-week low, but has maintained a steep upward trend since April.
Expectations for a turnaround in performance can also be confirmed by figures in the securities industry. According to financial information provider FnGuide, NCSOFT recorded revenues of 1.5781 trillion won and an operating loss of 109.2 billion won last year. However, this year, revenues of 1.5522 trillion won and an operating profit of 56.3 billion won are expected for a return to profitability. For 2026, revenues of 1.9735 trillion won, an operating profit of 266.3 billion won, and a net profit of 271.1 billion won are projected.
The background for these expectations includes organizational improvements, including restructuring. Last year, NCSOFT embarked on a company-wide reorganization, implementing voluntary retirement for about 900 employees and spun off four subsidiaries, reducing headquarters personnel to about 3,100. The development approval structure was also simplified to ensure creative ideas could be reflected more quickly, and efficiency was enhanced by transitioning to an independent studio-centered game development system. As a result, NCSOFT succeeded in returning to profitability with operating profit of 4.2 billion won in the first quarter. Major securities firms such as SK Securities and KB Securities have reflected this cost efficiency effect, raising their operating profit estimates for 2026 and 2027 by 5-10%, respectively.
The first work to showcase the results of these improvements will be 'Aion 2,' scheduled for release in November. As the authentic sequel to the original 'Aion,' which was released in 2008 and recorded 160 consecutive weeks of No. 1 PC room market share, it has garnered attention for its high level of completion and innovative combat system since its first reveal during a live broadcast in May and focus group test (FGT) in June. Featuring a map 36 times larger, full region flight capabilities, non-targeting based manual controls, and skill usage while moving, it aims to provide a play experience differentiated from the existing 'Lineage series.' SK Securities estimates that 'Aion 2' will have daily sales of 1.5 billion won in the fourth quarter and approximately 328.5 billion won in its first-year sales.
In particular, the business model (BM) is the key to the changes. Unlike previous games that had a significant financial burden, 'Aion 2' adopts a battle pass-based BM and does not introduce probability-based gacha items. Feedback from users and YouTubers who participated in the FGT indicated that it is "user-friendly and has a low monetization intensity," suggesting that NCSOFT's restructuring is being applied to its game philosophy as well.
NCSOFT plans to accelerate its global marketing efforts as it centers around 'Aion 2.' It will participate in major game shows such as Gamescom in Germany in August and the Tokyo Game Show in September to showcase the new work, while also rolling out a publishing strategy targeting global users, including those in North America and Europe. In addition to 'Aion 2,' over five new works, including ▲subculture genre 'Breakers: Unlock the World,' ▲TPS shooting 'LLL,' ▲time race-based 'Time Takers,' and spin-off works from existing IPs, are scheduled to be released sequentially within this year or by the first half of next year.
An NCSOFT official noted, 'Aion 2 is the largest project we have introduced in recent years, with over 300 developers involved,' and added that 'since we have adjusted the development direction several times and reorganized teams to enhance completeness, expectations are high within the company for its release in the fourth quarter.'
The Chinese market is also drawing renewed attention. Recently, 'Lineage 2M' and 'Lineage M' received Chinese approval in October last year and last month, respectively, and are set to launch. With the potential for entry into the long-closed Chinese market now open, there is also optimism about the possibility of subsequent approval for 'Aion 2.'
Meanwhile, NCSOFT plans to actively pursue shareholder returns alongside improved performance. From this year until 2027, it will return 30% of consolidated net income attributable to controlling shareholders as dividends and intends to buy back and retire some of its own shares to enhance shareholder value. Nam Hyo-ji, a researcher at SK Securities, noted, 'If NCSOFT's user base has been concentrated in Korea and Asia until now, the new works set to be released from the end of this year will target a global user base, which could serve as a catalyst for valuation expansion.' She added that if 'Aion 2,' which is facing its first trial after business restructuring, successfully settles, it may once again recover its presence as a global game company.