Q2 2026 DoubleUGames Co Ltd Earnings Call

Speaker #1: 안녕하십니까. 더블유게임즈 실적 발표 컨퍼런스 콜에 참여해 주셔서 감사합니다. 오늘 진행 순서는 더블유게임즈의 발표 후 참석해 주신 여러분과 질의응답 시간을 가질 예정입니다. 질문을 하실 분은 전화기 버튼에 별표(*)와 1번을 누르시기 바랍니다.

Operator: 안녕하십니까? DoubleUGames 실적 발표 컨퍼런스 콜에 참여해 주셔서 감사합니다. 오늘 진행 순서는 DoubleUGames의 발표 후 참석해 주신 여러분과 질의응답 시간을 가질 예정입니다. 질문을 하실 분은 전화기 버튼에 별표와 1번을 누르시기 바랍니다. 그럼 지금부터 DoubleUGames 2026년 2분기 실적 발표를 시작하겠습니다.

Speaker #1: 그럼 지금부터 더블유게임즈 2026년 2분기 실적 발표를 시작하겠습니다.

Operator: [Foreign language]

Speaker #2: Good morning and good evening. Thank you all for joining the conference call for the DoubleU Games earnings results. This conference will start with a presentation, followed by a Q&A session.

Operator: Good morning, and good evening. Thank you all for joining the conference call for the DoubleUGames earnings results. This conference will start with a presentation followed by a Q&A session. If you have a question, please press star and 1 on your phone during the Q&A. Now we will begin the presentation on DoubleUGames' Q2 of fiscal year 2026 earnings results.

[Translator]: Good morning, and good evening. Thank you all for joining the conference call for the DoubleUGames earnings results. This conference will start with a presentation followed by a Q&A session. If you have a question, please press star and 1 on your phone during the Q&A. Now we will begin the presentation on DoubleUGames' Q2 of fiscal year 2026 earnings results.

Speaker #2: If you have a question, please press star and 1 on your phone during the Q&A. Now, we will begin the presentation on DoubleU Games' second quarter of fiscal year 2026 earnings results.

Speaker #3: 안녕하십니까, 더블유게임즈 IR실 심양수입니다. 더블유게임즈 2026년 2분기 실적 발표 컨퍼런스 콜에 참석해 주신 애널리스트 및 국내외 투자자분들께 감사드립니다. 본 실적 발표 자료는 2026년 2분기 실적에 대한 가결산 재무제표 기준으로, 투자자 여러분의 편의를 위하여 작성된 자료입니다.

Youngju Shim: 안녕하십니까? DoubleUGames IR실 심영수입니다. DoubleUGames 2025년 2분기 실적 발표 컨퍼런스 콜에 참석해 주신 애널리스트 및 국내외 투자자분들께 감사드립니다. 본 실적 발표 자료는 2025년 2분기 실적에 대한 가결산 재무제표 기준으로 투자자 여러분의 편의를 위하여 작성된 자료입니다. 본 자료는 객관적 기준 등을 참고하여 작성되었으나, 일부 예상, 전망 또는 주관적 판단의 표현이 포함되어 있을 수 있습니다. 또한 향후 환경의 변화, 향후 데이터 집계 기준 등에 의하여 본 자료와 일치하지 않은 숫자와 해석이 도출될 수도 있음을 인지하여 주시기 바랍니다.

Youngju Shim: [Foreign language]

Speaker #3: 본 자료는 객관적 기준 등을 참고하여 작성되었으나, 일부 예상·전망 또는 주관적 판단에 의한 표현이 포함되어 있을 수 있습니다. 또한, 향후 환경의 변화, 상이한 데이터 집계 기준 등에 의하여 본 자료와 일치하지 않는 숫자와 해석이 도출될 수도 있음을 인지하여 주시기 바랍니다.

Speaker #3: 금일 실적 발표는 2분기 실적과 주요 산업 현황을 자료 순서에 따라 설명드린 후, 질의응답 시간을 갖도록 하겠습니다.

Jaeyoung Choi: 그리고 실적 발표는 예비 연결 실적과 주요 사항 현황을 자료 순서에 따라 설명드린 후 질의응답 시간을 갖도록 하겠습니다.

Youngju Shim: [Foreign language]

Speaker #4: We thank everyone. I am Yongju Shim, the head of the IR team at DoubleU Games. I would like to thank all analysts and investors from home and abroad for attending the DoubleU Games 2026 Q2 earnings conference call.

Youngju Shim: Greetings everyone. I am Youngju Shim, the head of the IR team at DoubleUGames. I would like to thank all analysts and investors from home and abroad for attending the DoubleUGames 2026 Q2 Earnings Conference Call. This earnings presentation has been prepared for the convenience of investors based on the provisional financial statements for Q2 of 2026. Although this material has been prepared with reference to objective standards and other relevant criteria, it may contain certain statements based on estimates, forecasts, or subjective judgment. Please note that due to future changes in the business environment or differences in data aggregation standards, figures and interpretations may be derived that differ from those presented in this material. Today's earnings presentation will proceed as follows: We will first walk you through our Q2 financial results and key business overview in the order presented in the material, followed by a Q&A session.

[Translator]: Greetings everyone. I am Youngju Shim, the head of the IR team at DoubleUGames. I would like to thank all analysts and investors from home and abroad for attending the DoubleUGames 2026 Q2 Earnings Conference Call. This earnings presentation has been prepared for the convenience of investors based on the provisional financial statements for Q2 of 2026. Although this material has been prepared with reference to objective standards and other relevant criteria, it may contain certain statements based on estimates, forecasts, or subjective judgment. Please note that due to future changes in the business environment or differences in data aggregation standards, figures and interpretations may be derived that differ from those presented in this material. Today's earnings presentation will proceed as follows: We will first walk you through our Q2 financial results and key business overview in the order presented in the material, followed by a Q&A session.

Speaker #4: This earnings presentation has been prepared for the convenience of investors based on the provisional financial statements for Q2 of 2026. Although this material has been prepared with reference to objective standards and other relevant criteria, it may contain certain statements based on estimates, forecasts, or subjective judgment.

Speaker #4: Please note that, due to future changes in the business environment or differences in data aggregation standards, figures and interpretations may be derived that differ from those presented in this material.

Speaker #4: Today's earnings presentation will proceed as follows: We will first walk you through our Q2 financial results and key business overview in the order presented in the materials, followed by a Q&A session.

Speaker #3: 네, 안녕하십니까. 더블유게임즈 최재형입니다. 바쁘신 가운데 시간 내어 참석해 주신 점 다시 한 번 감사드립니다. 오늘의 발표는 배포해 드린 순자료의 순서에 따라 2분기 하이라이트, 연결 실적, 사업 부문별 매출 추이, 영업비용, 소셜 카지노 현황, 캐주얼 현황 순으로 진행하겠습니다.

Jaeyoung Choi: 안녕하십니까. DoubleUGames의 재영입니다. 바쁘신 가운데 시간 내어 참석해 주신 점 다시 한번 감사드립니다. 오늘의 발표는 배포해 드린 자료의 순서에 따라 2분기 하이라이트, 연결 실적, 사업 부문별 매출 추이, 영업 비용, 소셜카지노 현황, 캐주얼 현황 순으로 진행하겠습니다.

Jaeyoung Choi: [Foreign language]

Speaker #4: Greetings. This is Jaeheong Choi from DoubleU Games. Thank you once again for taking time out of your busy schedule to be here today. Today's presentation will proceed in accordance with the order of the materials provided to you, and it will cover Q2 highlights, our consolidated performance, revenues for different businesses, consolidated costs, social casino overview, and then casual overview.

Youngju Shim: Greetings. This is Jaeyoung Choi from DoubleUGames. Thank you once again for taking time out of your busy schedule to be here today. Today's presentation will proceed in accordance with the order of the materials provided to you, and it will cover Q2 highlights, our consolidated performance, revenues for different businesses, consolidated COGS, Social Casino overview, and then Casual overview. Please go to page 3.

[Translator]: Greetings. This is Jaeyoung Choi from DoubleUGames. Thank you once again for taking time out of your busy schedule to be here today. Today's presentation will proceed in accordance with the order of the materials provided to you, and it will cover Q2 highlights, our consolidated performance, revenues for different businesses, consolidated COGS, Social Casino overview, and then Casual overview. Please go to page three.

Speaker #4: Please go to page 3.

Speaker #3: 네, 3페이지 2분기 하이라이트 설명드리겠습니다. 이번 분기 성과는 7분기 연속 영업수익 성장, 사상 최대 분기 실적 기록, DTC 비중 47.5%의 상승세 지속, 캐주얼 부문 이익 안정화 이상 4가지입니다.

Jaeyoung Choi: 3페이지. 2분기 하이라이트 설명드리겠습니다. 이번 분기 성과는 7분기 연속 영업 수익 성장, 사상 최대 분기 실적 기록, DTC 비중 47.5%의 상승세 지속, 캐주얼 부문 이익 안정화 네 가지입니다. 2025년 2분기 연결 영업 수익은 2,101억원, 영업이익은 702억원으로 직전 분기에 이어 분기 기준 사상 최대치를 재갱신하였습니다. 영업 수익과 영업이익은 각각 전년 동기 대비 22.5%, 29% 증가하였습니다. 상반기 누적으로는 영업 수익 4,156억원, EBITDA 1,519억원으로 전년 동기 대비 각각 24.5%, 30.5% 성장하였습니다. 세부적으로는 세 가지를 말씀드리고 싶습니다. 첫째, 소셜카지노가 최대 실적 흐름을 계속 이어가고 있는 점입니다. 소셜카지노 매출은 1,580억원으로 전년 동기 대비 14.3% 성장하였습니다. Wow 인수 이후 북미와 유럽으로 이원화된 포트폴리오가 안정적으로 운영되고 있습니다. 여기에 DTC 매출 비중이 사상 최고치를 갱신하면서 매출 성장과 수익성 개선이 동시에 진행되는 구조가 더욱 공고해졌습니다. 둘째, 캐주얼이 소셜카지노에 이어 두 번째로 큰 매출을 기여를 하고 있는 점입니다. 캐주얼 매출은 271억원으로 전년 동기 대비 126.3% 성장하며, 이번 분기 처음으로 iGaming 매출을 상회하여 전사 매출 2위 사업 부문이 되었습니다.

Jaeyoung Choi: [Foreign language]

Speaker #3: 2026년 2분기 연결 영업수익은 2,106억 원, 영업이익은 701억 원으로, 직전 분기에 이어 분기 기준 사상 최대치를 재갱신하였습니다. 영업수익과 영업이익은 각각 전년 동기 대비 22.5%, 29% 증가하였습니다.

Speaker #3: 상반기 누적으로는 영업수익 4,156억 원, EBITDA 1,519억 원으로 전년 동기 대비 각각 24.5%, 30.5% 성장하였습니다. 세부적으로는 세 가지를 말씀드리고 싶습니다. 첫째, 소셜 카지노가 최대 실적 흐름을 계속 이어가고 있는 점입니다.

Speaker #3: 소셜 카지노 매출은 1,580억 원으로 전년 동기 대비 14.3% 성장하였습니다. 와우 인수 이후 북미와 유럽으로 이원화된 포트폴리오가 안정적으로 운영되고 있습니다. 여기에 DTC 매출 비중이 사상 최고치를 갱신하면서 매출 성장과 수익성 개선이 동시에 진행되는 구조가 더욱 공고해졌습니다.

Speaker #3: 둘째, 캐주얼이 소셜 카지노에 이어 두 번째로 큰 매출 기여를 하고 있는 점입니다. 캐주얼 매출은 271억 원으로, 전년 동기 대비 120.6%, 126.3% 성장하며 이번 분기 처음으로 iGaming 매출을 상회하여 전사 매출 2위 사업 부문이 되었습니다.

Speaker #3: 전년 동기 120억 원에서 4개 분기 만에 2배 이상 확대된 것으로, AI 게임의 매출 비중도 81%까지 높아졌습니다. 마지막으로는 수익성 개선이 지속되고 있는 점입니다. DTC와 인앱 광고 매출 확대로 플랫폼비 비용이 구조적으로 줄었고, 마케팅비는 총액과 매출 대비 비중이 함께 낮아졌습니다.

Jaeyoung Choi: 전년 동기 120억원에서 4개 분기 만에 2배 이상 확대된 것으로 AI 게임의 매출 비중도 81%까지 높아졌습니다. 마지막으로는 수익성 개선이 지속되고 있는 점입니다. DTC와 in-app 광고 매출 확대로 플랫폼별 비용이 구조적으로 줄었고, 마케팅비는 총액과 매출 대비 비중이 함께 낮아졌습니다. 매출 성장률을 밑도는 수준으로 영업 비용 증가가 관리되면서 매출 성장이 이익 성장으로 더 크게 연결되는 규모의 경제 효과가 지속되고 있습니다. 이상으로 2분기 주요 하이라이트를 설명드렸고, 이어서 상세 실적을 설명드리겠습니다.

Jaeyoung Choi: [Foreign language]

Speaker #3: 매출 성장률을 밑도는 수준으로 영업비용 증가가 관리되면서, 외형 성장이 이익 성장으로 더 크게 연결되는 규모의 경제 효과가 지속되고 있습니다. 이상으로 2분기 주요 하이라이트를 설명드렸고, 이어서 상세 실적을 설명드리겠습니다.

Speaker #4: Let's go to page 3. I will cover Q2 highlights. The major achievements in this quarter were: seven straight quarters of operating revenue growth, record-high quarterly results, DTC contribution at 47.5% and continuing upward, and casual segment profit stabilization.

Youngju Shim: Let's go to page 3. I will cover Q2 highlights. The major achievements in this quarter were seven straight quarters of operating revenue growth, record high quarterly results, DTC contribution 47.5% continuing upward, and Casual segment profit stabilization. 2026 Q2 consolidated operating revenue posted KRW 210.6 billion, and operating profit reported KRW 70.1 billion, making another record quarterly high following the previous quarter. Operating revenue and operating profit increased by 22.5% and 29% YOY, respectively. On a cumulative basis for the H1 of the year, operating revenue amounted to KRW 415.6 billion, and EBITDA posted KRW 151.9 billion, and it grew 24.5% and 30.5% YOY, respectively. Let me highlight three points in more detail. First, Social Casino continues to maintain its record high performance momentum. Social Casino revenue reached KRW 158 billion, up 14.3% YOY.

[Translator]: Let's go to page three. I will cover Q2 highlights. The major achievements in this quarter were seven straight quarters of operating revenue growth, record high quarterly results, DTC contribution 47.5% continuing upward, and Casual segment profit stabilization. 2026 Q2 consolidated operating revenue posted KRW 210.6 billion, and operating profit reported KRW 70.1 billion, making another record quarterly high following the previous quarter. Operating revenue and operating profit increased by 22.5% and 29% YOY, respectively. On a cumulative basis for the H1 of the year, operating revenue amounted to KRW 415.6 billion, and EBITDA posted KRW 151.9 billion, and it grew 24.5% and 30.5% YOY, respectively. Let me highlight three points in more detail. First, Social Casino continues to maintain its record high performance momentum. Social Casino revenue reached KRW 158 billion, up 14.3% YOY.

Speaker #4: 2026 Q2 consolidated operating revenue posted 210.6 billion won, and operating profit reported 70.1 billion won, making another record quarterly high following the previous quarter.

Speaker #4: Operating revenue and operating profit increased by 22.5% and 29% year over year, respectively. On a cumulative basis for the first half of the year, operating revenue amounted to 415.6 billion won, and EBITDA posted 151.9 billion won, growing 24.5% and 30.5% year over year, respectively.

Speaker #4: Let me highlight three points in more detail. First, social casino continues to maintain its record-high performance momentum. Social casino revenue reached 158 billion won, up 14.3% year over year.

Speaker #4: The geographically diversified portfolio across North America and Europe, following the WOW acquisition, is performing stably. In addition, with the DTC share of revenue reaching an all-time high, the structure supporting both revenue growth and improved profitability has become even more firmly established.

Youngju Shim: The geographically diversified portfolio across 북미와 유럽 following the Wow acquisition is stably performing. In addition, with DTC share of revenue reaching an all-time high, the structure supporting both revenue growth and improved profitability has become even more firmly established. Casual has become our second largest revenue contributor after Social Casino. Casual revenue reached KRW 27.1 billion, up 126.3% YoY, and for the first time this quarter surpassed revenue from iGaming, making it the company's second largest business segment by revenue. This represents more than a twofold increase from KRW 12 billion in the same period last year in just four quarters, and iGaming share of revenue also increased to 81%. We are continuing profitability improvement.

[Translator]: The geographically diversified portfolio across [Foreign language]following the Wow acquisition is stably performing. In addition, with DTC share of revenue reaching an all-time high, the structure supporting both revenue growth and improved profitability has become even more firmly established. Casual has become our second largest revenue contributor after Social Casino. Casual revenue reached KRW 27.1 billion, up 126.3% YoY, and for the first time this quarter surpassed revenue from iGaming, making it the company's second largest business segment by revenue. This represents more than a twofold increase from KRW 12 billion in the same period last year in just four quarters, and iGaming share of revenue also increased to 81%. We are continuing profitability improvement.

Speaker #4: Second, casual has become our second-largest revenue contributor after social casino. Casual revenue reached 27.1 billion won, up 126.3% year over year, and for the first time this quarter, surpassed revenue from iGaming, making it the company's second-largest business segment by revenue.

Speaker #4: This represents more than a twofold increase from 12 billion won in the same period last year, in just four quarters, and iGame's share of revenue also increased to 81%.

Speaker #4: Third, we're continuing profitability improvement. The expansion of DTC and IAA, or in-app ads, has structurally reduced our platform fee burden, while both the absolute amount of marketing expenses and marketing expenses as a percentage of revenue have declined.

Youngju Shim: The expansion of DTC and IAA or in-app ads have structurally reduced our platform fee burden, while both the absolute amount of marketing expenses and marketing expenses as a percentage of revenue have declined. With operating expense growth being kept below the pace of revenue growth, we are seeing a continuation of economy of scale effects in which top line growth is continuing to translate into stronger profit growth. That concludes the key highlights for Q2, and let me now walk you through our financial results in greater detail.

[Translator]: The expansion of DTC and IAA or in-app ads have structurally reduced our platform fee burden, while both the absolute amount of marketing expenses and marketing expenses as a percentage of revenue have declined. With operating expense growth being kept below the pace of revenue growth, we are seeing a continuation of economy of scale effects in which top line growth is continuing to translate into stronger profit growth. That concludes the key highlights for Q2, and let me now walk you through our financial results in greater detail.

Speaker #4: With operating expense growth being kept below the pace of revenue growth, we are seeing a continuation of the economy of scale effect in which top-line growth is continuing to translate into stronger profit growth.

Speaker #4: That concludes the key highlights for Q2, and let me now walk you through our financial results in greater detail.

Speaker #3: 4페이지 2분기 연결 실적 설명드리겠습니다. 먼저 영업 수익 설명드리겠습니다. 2분기 연결 영업 수익은 2,106억 원으로 전 분기 대비 2.8%, 전년 동기 대비 22.5% 증가하며 7분기 연속 성장과 함께 분기 최대 매출을 재갱신하였습니다.

Jaeyoung Choi: 4페이지. 2분기 연결 실적 설명드리겠습니다. 먼저 영업 수익 설명드리겠습니다. 2분기 연결 영업 수익은 2,102억원으로 전분기 대비 2.8%, 전년 동기 대비 22.5% 증가하며 7분기 연속 성장과 함께 분기 최대 매출을 재갱신하였습니다. 소셜카지노의 안정적인 매출 기반 위에 캐주얼 사업의 성장 가속화가 더해진 결과입니다. 다음으로 수익성입니다. 2분기 연결 영업이익은 701억원으로 전년 동기 대비 29% 증가하며 분기 최대 영업이익을 재갱신하였습니다. 영업이익률은 33%를 유지하고 있습니다. 플랫폼 및 마케팅 비용 효율화가 지속된 결과입니다.

Jaeyoung Choi: [Foreign language]

Speaker #3: 소셜 카지노의 안정적인 매출 기반 위에 캐주얼 사업의 성장 가속화가 더해진 결과입니다. 다음으로 수익성입니다. 2분기 연결 영업이익은 701억 원으로, 전년 동기 대비 29% 증가하며 분기 최대 영업이익을 재갱신하였습니다.

Speaker #3: 영업이익률은 33%를 유지하고 있습니다. 플랫폼 및 마케팅 비용 효율화가 지속된 결과입니다.

Speaker #4: Let's go to page 4, consolidated results for Q2. First, I will cover operating revenue. Q2 consolidated operating revenue posted 210.6 billion won, up 2.8% quarter-over-quarter and 22.5% year-over-year, marking our seventh consecutive quarter of growth and another record high in quarterly revenue.

Youngju Shim: Let's go to page 4, consolidated results for Q2. First, I will cover operating revenue. Q2 consolidated operating revenue posted KRW 210.6 billion, up 2.8% QOQ and 22.5% YoY, and this marked our seventh consecutive quarter of growth and another record high in quarterly revenue. This was a result driven by accelerating growth in the Casual business on top of the stable revenue base provided by Social Casino. Next, on profitability. Q2 operating profit posted KRW 70.1 billion, a 29% increase YoY, marking another record high operating profit. Operating margin is maintaining the 33% range. This was a result of continued platform and marketing expense efficiency.

[Translator]: Let's go to page 4, consolidated results for Q2. First, I will cover operating revenue. Q2 consolidated operating revenue posted KRW 210.6 billion, up 2.8% QOQ and 22.5% YoY, and this marked our seventh consecutive quarter of growth and another record high in quarterly revenue. This was a result driven by accelerating growth in the Casual business on top of the stable revenue base provided by Social Casino. Next, on profitability. Q2 operating profit posted KRW 70.1 billion, a 29% increase YoY, marking another record high operating profit. Operating margin is maintaining the 33% range. This was a result of continued platform and marketing expense efficiency.

Speaker #4: This was a result driven by accelerating growth in the casual business, on top of the stable revenue base provided by social casino. Next, on profitability.

Speaker #4: Q2 operating profit was 70.1 billion won, a 29% increase year over year, marking another record high in operating profit. The operating margin remains in the 33% range.

Speaker #4: This was a result of continued platform and marketing expense efficiency.

Speaker #3: 5페이지, 사업 부문별 영업 수익 추이에 대해 설명드리겠습니다. 이번 분기는 세 가지 사업 부문 모두 전 분기 및 전년 동기 대비 동반 성장하였습니다. 소셜 카지노 매출은 1,580억 원으로, 전 분기 대비 1.9%, 전년 동기 대비 14.3% 증가하였습니다.

Jaeyoung Choi: 5페이지. 사업 부문별 영업 수익 추이 설명드리겠습니다. 이번 분기는 세 가지 사업 부문 모두 전분기 대비, 전년 동기 대비 동반 성장하였습니다. 소셜카지노 매출은 1,580억원으로 전분기 대비 1.9%, 전년 동기 대비 14.3% 증가하였습니다. 동아 유럽을 중심으로 한 안정적인 운영이 지속되며 매출 기반이 한 단계 높아졌습니다. iGaming 매출은 255억원으로 전분기 대비 1.5%, 전년 동기 대비 17.3% 증가하였습니다. SuprNation은 네 가지 멀티 브랜드 체계를 안정적으로 운영되고 있습니다. 캐주얼 매출은 271억원으로 전분기 대비 9.4%, 전년 동기 대비 126.3% 증가하며 인수 후 다섯 개 분기 연속 성장하였습니다. 세 개 사업 부문 중 가장 높은 성장률이며, 이번 분기 처음으로 iGaming 매출을 상회하면서 소셜카지노에 이은 전사 2위 사업 부문으로 올라섰습니다. 이에 따라 2분기 매출 비중은 소셜카지노 75%, 캐주얼 13%, iGaming 12%를 기록하였으며, 캐주얼과 iGaming 합산 비중은 25%까지 확대되었습니다. 소셜카지노의 안정적인 매출 기반 위에 두 사업부의 성장이 더해지면서 특정 사업부에 대한 매출 의존도가 완화된 포트폴리오 구조가 자리 잡아 가고 있습니다.

Jaeyoung Choi: [Foreign language]

Speaker #3: V와 유럽을 중심으로 한 안정적인 운영이 지속되며, 매출 기반이 한 단계 높아졌습니다. iGaming 매출은 255억 원으로, 전 분기 대비 1.5%, 전년 동기 대비 17.3% 증가하였습니다.

Speaker #3: 슈퍼네이션은 4가지 멀티 브랜드 체계를 안정적으로 운영하고 있습니다. 캐주얼 매출은 271억 원으로 전 분기 대비 9.4%, 전년 동기 대비 126.3% 증가하며, 인수 후 5개 분기 연속 성장하였습니다.

Speaker #3: 세계 사업 부문 중 가장 높은 성장률을 보였으며, 이번 분기 처음으로 iGaming 매출을 상회하면서 소셜 카지노에 이어 전사 2위 사업 부문으로 올라섰습니다. 이에 따라 2분기 매출 비중은 소셜 카지노 75%, 캐주얼 13%, iGaming 12%를 기록하였으며, 캐주얼과 iGaming의 합산 비중은 25%까지 확대되었습니다.

Speaker #3: 소셜 카지노의 안정적인 매출 기반 위에 두 사업부의 성장이 더해지면서 특정 사업부에 대한 매출 의존도가 완화된 포트폴리오 구조가 자리 잡아가고 있습니다.

Speaker #4: Let me now go to page 5. I will cover the operating revenue trends by business segment. All three business segments posted both quarter-over-quarter and year-over-year growth in this quarter.

Youngju Shim: Let me now go to page 5. I will cover the operating revenue trends by business segment. All three business segments hosted both QOQ and YoY growth in this quarter. Social Casino revenue posted KRW 158 billion, up 1.9% QOQ and 14.3% YoY. Stable operations centered on 북미와 유럽 continued to support the business, lifting its revenue base to a higher level. iGaming revenue posted KRW 25.5 billion, a 1.5% QOQ and 17.3% YoY increase. SuprNation continues to operate its four multi-brand portfolio stably. Casual revenue posted KRW 27.1 billion, up 9.4% QOQ and 126.3% YoY, marking the growth of five consecutive quarters after acquisition. It recorded the highest growth rate among the three business segments, and for the first time this quarter surpassed iGaming revenue to become the company's second largest business segment after Social Casino.

[Translator]: Let me now go to page 5. I will cover the operating revenue trends by business segment. All three business segments hosted both QOQ and YoY growth in this quarter. Social Casino revenue posted KRW 158 billion, up 1.9% QOQ and 14.3% YoY. Stable operations centered on 북미와 유럽 continued to support the business, lifting its revenue base to a higher level. iGaming revenue posted KRW 25.5 billion, a 1.5% QOQ and 17.3% YoY increase. SuprNation continues to operate its four multi-brand portfolio stably. Casual revenue posted KRW 27.1 billion, up 9.4% QOQ and 126.3% YoY, marking the growth of five consecutive quarters after acquisition. It recorded the highest growth rate among the three business segments, and for the first time this quarter surpassed iGaming revenue to become the company's second largest business segment after Social Casino.

Speaker #4: Social casino revenue posted 158 billion won, up 1.9% quarter-over-quarter and 14.3% year-over-year. Stable operations centered on North America and Europe continued to support the business, lifting its revenue base to a higher level.

Speaker #4: iGaming revenue posted 25.5 billion won, a 1.5% QoQ and 17.3% year-over-year increase. SuperNation continues to operate its four multi-brands. Revenue posted 27.1 billion won, up 9.4% QoQ and 126.3% year-over-year, marking the growth of five consecutive quarters after the acquisition.

Speaker #4: It recorded the highest growth rate among the three business segments and, for the first time this quarter, surpassed iGaming revenue to become the company's second-largest business segment after Social Casino.

Speaker #4: As a result, Q2 revenue contribution was 75% from social casino, 13% from casual, and 12% from iGaming, respectively, while the combined contribution from casual and iGaming expanded to 25%.

Youngju Shim: As a result, Q2 revenue contribution was 75% Social Casino, 13% Casual, and 12% iGaming respectively, while the combined contribution from Casual and iGaming expanded to 25%. With growth in these two businesses complementing the stable revenue base of Social Casino, we are establishing a more balanced portfolio with reduced reliance on any single business segment.

[Translator]: As a result, Q2 revenue contribution was 75% Social Casino, 13% Casual, and 12% iGaming respectively, while the combined contribution from Casual and iGaming expanded to 25%. With growth in these two businesses complementing the stable revenue base of Social Casino, we are establishing a more balanced portfolio with reduced reliance on any single business segment.

Speaker #4: With growth in these two businesses complementing the stable revenue base of social casino, we are establishing a more balanced portfolio with reduced reliance on any single business segment.

Speaker #3: 6페이지 2분기 연결 영업 비용 설명드리겠습니다. 2분기 연결 영업 비용은 1,406억 원으로 전 분기 대비 3%, 전년 동기 대비 19.5% 증가하였습니다. 같은 기간 매출이 22.5% 증가한 점을 감안하면 비용 증가율이 매출 증가율을 하회하며 영업 레버리지가 작동하고 있습니다.

Jaeyoung Choi: 6페이지. 2분기 연결 영업 비용 설명드리겠습니다. 2분기 연결 영업 비용은 1,406억원으로 전분기 대비 3%, 전년 동기 대비 19.5% 증가하였습니다. 같은 기간 매출이 22.5% 증가한 점을 감안하면 비용 증가율이 매출 증가율을 하회하며 영업 레버리지가 작동하고 있습니다. 먼저 변동비입니다. 변동비는 555억원으로 매출 대비 비중은 26%이며 전년 동기 30% 대비 4% 개선되었습니다. 이중 플랫폼비는 348억원으로 전분기 대비 4.7%, 전년 동기 대비 15.2% 감소하였고, 매출 대비 비중은 16.5%까지 하락하였습니다. 전년 동기 플랫폼비 비중이 24% 수준이었음을 감안하면 DTC와 이익 광고 매출 확대에 따라 플랫폼 수수료 부담이 구조적으로 축소되고 있음을 확인할 수 있습니다. 다음으로 고정비입니다. 고정비는 851억원으로 전분기 대비 0.4% 증가에 그쳤으며, 매출 대비 비중은 40%입니다. 이중 마케팅비는 453억원으로 전분기 대비 2% 감소하였고, 매출 대비 비중은 전분기 대비 2% 하락한 21%를 기록하였습니다. 캐주얼 부문의 UA 투자가 확대되고 매출이 성장하는 가운데도 마케팅비 총액과 비중이 함께 낮아진 것은 데이터에 기반한 UA 지출의 정교화가 실제 효율 개선으로 이어지고 있음을 보여주는 지표라고 판단하고 있습니다.

Jaeyoung Choi: [Foreign language]

Speaker #3: 먼저 변동비입니다. 변동비는 555억 원으로, 매출 대비 비중은 26%이며, 전년 동기 30% 대비 4%p 감소하였습니다. 이 중 플랫폼비는 348억 원으로, 전 분기 대비 4.7%, 전년 동기 대비 15.2% 감소하였고, 매출 대비 비중은 16.5%까지 하락하였습니다.

Speaker #3: 전년 동기 플랫폼비 비중이 24% 수준이었던 점을 감안하면, DTC와 일일 광고 매출 확대에 따라 플랫폼 수수료 부담이 구조적으로 축소되고 있음을 확인할 수 있습니다. 다음으로 고정비입니다.

Speaker #3: 고정비는 851억 원으로 전 분기 대비 0.4% 증가에 그쳤으며, 매출 대비 비중은 40%입니다. 이 중 마케팅비는 453억 원으로 전 분기 대비 2% 감소하였고, 매출 대비 비중은 전 분기 대비 2% 하락한 21%를 기록하였습니다.

Speaker #3: 캐주얼 부분의 UA 투자가 확대되고, 매출이 성장하는 가운데도 마케팅비 총액과 비중이 함께 낮아진 것은 데이터에 기반한 UA 집행의 정교화가 실제 효율 개선으로 이어지고 있음을 보여주는 지표라고 판단하고 있습니다.

Speaker #3: 인건비는 200억, 300억, 234억 원으로 전 분기 대비 3.3% 감소하며 안정적으로 관리되고 있습니다. 기타 운영비는 97억 원, 유무형 상각비는 68억 원으로 전 분기와 유사한 수준이며, 상각비는 임차, 리스 자산 상각과 관련한, 그리고 인수 회사 PPA 상각이 포함된 비현금성 비용입니다.

Jaeyoung Choi: 인건비는 234억원으로 전분기 대비 3.3% 감소하며 안정적으로 관리되고 있습니다. 기타 운영비는 97억원, 유무형상각비는 68억원으로 전분기와 유사한 수준이며, 상각비는 임차, 리스 자산 상각과 관련한, 그리고 인수회사 PPA 상각이 포함된 비현금성 비용입니다.

Jaeyoung Choi: [Foreign language]

Speaker #4: Let's go to page 6, Q2 consolidated operating expenses. Q2 operating expenses posted ₩140.6 billion, a 3% quarter-over-quarter and 19.5% year-over-year increase.

Youngju Shim: Let's go to page 6, Q2 consolidated operating expenses. Q2 operating expenses posted KRW 140.6 billion, a 3% QOQ and 19.5% YOY increase. Given that revenue increased by 22.5% over the same period, expense growth remained below revenue growth, demonstrating operating leverage. First, on variable costs. Variable costs or expenses recorded KRW 55.5 billion, representing 26% of revenue, an improvement of 4% from 30% in the same period last year. Of this, platform fees came in at KRW 34.8 billion, down 4.7% QOQ and 15.2% YOY, with platform fees as a share of revenue declining to 16.5%. Considering that platform fees accounted for about 24% of revenue in the same period last year, we could confirm that according to DTC and IAA revenue expansion, platform fee burden is being structurally reduced. Next, on fixed costs.

[Translator]: Let's go to page 6, Q2 consolidated operating expenses. Q2 operating expenses posted KRW 140.6 billion, a 3% QOQ and 19.5% YOY increase. Given that revenue increased by 22.5% over the same period, expense growth remained below revenue growth, demonstrating operating leverage. First, on variable costs. Variable costs or expenses recorded KRW 55.5 billion, representing 26% of revenue, an improvement of 4% from 30% in the same period last year. Of this, platform fees came in at KRW 34.8 billion, down 4.7% QOQ and 15.2% YOY, with platform fees as a share of revenue declining to 16.5%. Considering that platform fees accounted for about 24% of revenue in the same period last year, we could confirm that according to DTC and IAA revenue expansion, platform fee burden is being structurally reduced. Next, on fixed costs.

Speaker #4: Given that revenue increased by 22.5% over the same period, expense growth remained below revenue growth, demonstrating operating leverage. First, on variable costs. Variable costs or expenses recorded 55.5 billion won, representing 26% of revenue, an improvement of 4% from 30% in the same period last year.

Speaker #4: Of this, platform fees came in at 34.8 billion won, down 4.7% quarter-over-quarter and 15.2% year-over-year, with platform fees as a share of revenue declining to 16.5%.

Speaker #4: Considering that platform fees accounted for about 24% of revenue in the same period last year, we can confirm that, according to DTC and IAA revenue expansion, the platform fee burden is structurally being reduced.

Speaker #4: Next, on fixed costs: Fixed costs came in at 85.1 billion won, increasing by only 0.4% quarter-on-quarter, and that accounted for 40% of revenue. Of this, marketing expenses amounted to 45.3 billion won, down 4% quarter-on-quarter, while as a percentage of revenue, this declined by 2 percentage points from the previous quarter to 21%.

Youngju Shim: Fixed costs came in at KRW 85.1 billion, increasing by only 0.4% QOQ, and that accounted for 40% of revenue. Of this, marketing expenses amounted to KRW 45.3 billion, down 4% QOQ, while as a percentage of revenue declined by 2 percentage points from the previous quarter to 21%. We believe the fact that both the absolute amount of marketing spend and its share of revenue declining despite increased UA investment in the Casual segment and continued revenue growth is an indicator that our more sophisticated data-driven approach to UA spending is leading to tangible efficiency gains. Labor expenses recorded KRW 23.4 billion, down 3.3% QOQ, and is being managed stably. Other operating expenses amounted to KRW 9.7 billion, while depreciation and amortization expenses were KRW 6.8 billion, both similar to the previous quarter.

[Translator]: Fixed costs came in at KRW 85.1 billion, increasing by only 0.4% QOQ, and that accounted for 40% of revenue. Of this, marketing expenses amounted to KRW 45.3 billion, down 4% QOQ, while as a percentage of revenue declined by 2 percentage points from the previous quarter to 21%. We believe the fact that both the absolute amount of marketing spend and its share of revenue declining despite increased UA investment in the Casual segment and continued revenue growth is an indicator that our more sophisticated data-driven approach to UA spending is leading to tangible efficiency gains. Labor expenses recorded KRW 23.4 billion, down 3.3% QOQ, and is being managed stably. Other operating expenses amounted to KRW 9.7 billion, while depreciation and amortization expenses were KRW 6.8 billion, both similar to the previous quarter.

Speaker #4: We believe the fact that both the absolute amount of marketing spend and its share of revenue are declining, despite increased UA investment in the casual segment and continued revenue growth, is an indicator that our more sophisticated, data-driven approach to UA spending is leading to tangible efficiency gains.

Speaker #4: Labor expenses recorded ₩23.4 billion, down 3.3% QoQ, and are being managed stably. Other operating expenses amounted to ₩9.7 billion, while depreciation and amortization expenses were ₩6.8 billion, both similar to the previous quarter.

Speaker #4: Depreciation and amortization are non-cash expenses and include depreciation of lease and right-of-use assets, as well as PPA amortization related to acquired companies.

Youngju Shim: Depreciation and amortization are non-cash expenses and include depreciation of lease and right-of-use assets, as well as PPA amortization related to acquired companies.

[Translator]: Depreciation and amortization are non-cash expenses and include depreciation of lease and right-of-use assets, as well as PPA amortization related to acquired companies.

Speaker #3: 7페이지 소셜 카지노 현황 말씀드리겠습니다. 2분기 소셜 카지노 매출은 1,580억 원으로, 북미와 유럽 중심의 안정적인 운영을 통해 1,500억 대의 매출을 유지하며 최대 실적 흐름을 이어가고 있습니다.

Jaeyoung Choi: 7페이지, 소셜카지노 현황 말씀드리겠습니다. 2분기 소셜카지노 매출은 1,580억원으로 북미와 유럽 중심의 안정적인 운영을 통해 1,500억대의 매출을 유지하며 최대 실적 흐름을 이어가고 있습니다. 마케팅비 또한 매출 대비 11% 수준으로 효율적으로 관리되고 있습니다. 특히 Wow 인수 이후 시너지가 본격적으로 나타나고 있습니다. 북미 중심이었던 유저 기반이 유럽으로 확장되면서 지역, 통화, 유저 구성이 분산되었고, 양사가 축적한 라이브 운영 노하우가 상호 이식되며 게임별 운영 효율이 개선되고 있습니다. 이번 분기 가장 주목할 성과는 DTC 매출 비중입니다. 2분기 소셜카지노 DTC 매출 비중은 47.5%로 전분기 대비 8.8%, 전년 동기 대비 34.7% 확대되며 사상 최고치를 갱신하였습니다. 전년 동기 대비 12.8% 수준에서 1년 만에 약 3.7배로 확대된 것으로, 글로벌 상위 소셜카지노 업체들의 약 30% 수준을 이미 상회하고 있습니다. DTC 확대의 배경은 단순한 결제 수단의 추가가 아니라 유저 세그먼트별 데이터에 기반한 정교한 전환 설계에 있습니다. 당사는 결제 빈도, 결제 규모, 잔존 기간, 이탈 위험도 등을 기준으로 유저를 세분화하고 세그먼트별로 서로 다른 전환 오퍼와 프로모션을 적용하고 있습니다.

Jaeyoung Choi: [Foreign language]

Speaker #3: 마케팅비 또한 매출 대비 11% 수준으로 효율적으로 관리되고 있습니다. 특히 와우 인수 이후 시너지가 본격적으로 나타나고 있습니다. 북미 중심이었던 유저 기반이 유럽으로 확장되면서, 지역, 통화, 유저 구성이 분산되었고, 양사가 축적한 라이브 운영 노하우가 상호 이식되며 게임별 운영 효율이 개선되고 있습니다.

Speaker #3: 이번 분기 가장 주목할 성과는 DTC 매출 비중입니다. 2분기 소셜 카지노 DTC 매출 비중은 47.5%로 전 분기 대비 8.8%, 전년 동기 대비 34.7% 확대되며 사상 최고치를 갱신하였습니다.

Speaker #3: 전년 동기 대비 12.8% 수준에서 1년 만에 약 3.7배로 확대된 것으로, 글로벌 상위 소셜 카지노 업체들의 약 30% 수준을 이미 상회하고 있습니다. DTC 확대의 배경은 단순한 결제 수단의 추가가 아니라 유저 세그먼트별 데이터에 기반한 정교한 전환 설계에 있습니다.

Speaker #3: 당사는 결제 빈도, 결제 규모, 잔존 기간, 이탈 위험도 등을 기준으로 유저를 세분화하고, 세그먼트별로 서로 다른 전환 오퍼와 프로모션을 적용하고 있습니다. 이를 통해 세그먼트별 전환율과 잔존율 데이터가 축적됨에 따라 타겟팅 정확도가 높아지고, 이것이 다시 전환율 상승과 비중 확대로 이어지는 선순환이 작동하고 있습니다.

Jaeyoung Choi: 이를 통해 세그먼트별 전환율과 잔존율 데이터가 축적됨에 따라서 타겟팅 정확도가 높아지고, 이것이 다시 전환율 상승과 비중 확대로 이어지는 선순환이 작동하고 있습니다. 또한 한 번 유저가 DTC 결제 방식을 선택하면 이후에도 이를 유지하는 비율이 높아 확보된 비중은 안정적으로 누적되는 특성을 보이고 있습니다. 이러한 구조를 감안할 때 DTC 비중의 추가 확대 여력은 여전히 충분하다고 판단하고 있습니다.

Jaeyoung Choi: [Foreign language]

Speaker #3: 또한 한 번 유저가 DTC 결제 방식을 선택하면, 이후에도 이를 유지하는 비율이 높아 확보된 비중은 안정적으로 누적되는 특성을 보이고 있습니다. 이러한 구조를 감안할 때, DTC 비중의 추가 확대 여력은 여전히 충분하다고 판단하고 있습니다.

Speaker #4: Let's go to page 7, Social Casino Overview. Q2 Social Casino revenue posted 158 billion won, supported by stable operations across North America and Europe.

Youngju Shim: Let's go to page 7. Social Casino Overview. Q2 Social Casino Revenue posted KRW 158 billion, and supported by stable operations across 북미와 유럽, the business maintained revenue at the KRW 150 billion level and continued its record performance trajectory. Marketing expenses are also being efficiently managed at around 11% of revenue. In particular, synergies following the acquisition of Wow are now being more tangible. As the user base previously concentrated in 북미와 유럽 has expanded into Europe, our exposure has become more diversified across geographies, currencies, and user profiles. At the same time, the two companies are sharing their live operations know-how, leading to improved operating efficiency across individual games. The most notable achievement this quarter was the increase in the share of DTC revenue. In Q2, Social Casino DTC revenue share accounted for 47.5%, up 8.8% QOQ and 34.7% YOY, reaching an all-time high.

[Translator]: Let's go to page 7. Social Casino Overview. Q2 Social Casino Revenue posted KRW 158 billion, and supported by stable operations across 북미와 유럽, the business maintained revenue at the KRW 150 billion level and continued its record performance trajectory. Marketing expenses are also being efficiently managed at around 11% of revenue. In particular, synergies following the acquisition of Wow are now being more tangible. As the user base previously concentrated in 북미와 유럽 has expanded into Europe, our exposure has become more diversified across geographies, currencies, and user profiles. At the same time, the two companies are sharing their live operations know-how, leading to improved operating efficiency across individual games. The most notable achievement this quarter was the increase in the share of DTC revenue. In Q2, Social Casino DTC revenue share accounted for 47.5%, up 8.8% QOQ and 34.7% YOY, reaching an all-time high.

Speaker #4: The business maintained revenue at the 150 billion won level and continued its record performance trajectory. Marketing expenses are also being efficiently managed at around 11% of revenue.

Speaker #4: In particular, synergies following the acquisition of 와우 are now becoming more tangible. As the user base, which was previously concentrated in North America, has expanded into Europe, our exposure has become more diversified across geographies, currencies, and user profiles.

Speaker #4: At the same time, the two companies are sharing their live operations know-how, leading to improved operating efficiency across individual gains. The most notable achievement this quarter was the increase in the share of DTC revenue.

Speaker #4: In Q2, social casino DTC revenue share accounted for 47.5%, up 8.8% quarter-over-quarter and 34.7% year-over-year, reaching an all-time high. This represents an approximately 3.7-fold increase from 12.8% in the same period last year and already exceeds the roughly 30% levels seen among leading global top social casino companies.

Youngju Shim: This represents an approximately 3.7 fold increase from 12.8% in the same period last year, and already exceeds the around 30% level seen among leading global top social casino companies. The expansion of DTC is not simply the result of adding another payment option. Rather, it is driven by a sophisticated data-driven conversion strategy tailored to individual user segments. We segment users based on factors such as payment frequency, spending level, retention period, and churn risk, and apply differentiated conversion offers and promotions to each segment. As we accumulate more data on conversion and retention rates by user segments, our targeting becomes increasingly precise, and this in turn drives higher conversion rates and a greater revenue contribution, creating a virtuous cycle. In addition, once users adopt the DTC payment method, they tend to continue using it, demonstrating the characteristic that the share we have already secured tends to stably accumulate.

[Translator]: This represents an approximately 3.7 fold increase from 12.8% in the same period last year, and already exceeds the around 30% level seen among leading global top social casino companies. The expansion of DTC is not simply the result of adding another payment option. Rather, it is driven by a sophisticated data-driven conversion strategy tailored to individual user segments. We segment users based on factors such as payment frequency, spending level, retention period, and churn risk, and apply differentiated conversion offers and promotions to each segment. As we accumulate more data on conversion and retention rates by user segments, our targeting becomes increasingly precise, and this in turn drives higher conversion rates and a greater revenue contribution, creating a virtuous cycle. In addition, once users adopt the DTC payment method, they tend to continue using it, demonstrating the characteristic that the share we have already secured tends to stably accumulate.

Speaker #4: The expansion of DTC is not simply the result of adding another payment option. Rather, it is driven by a sophisticated, data-driven conversion strategy tailored to individual user segments.

Speaker #4: We segment users based on factors such as payment frequency, spending level, retention period, and churn risk, and apply differentiated conversion offers and promotions to each segment.

Speaker #4: As we accumulate more data on conversion and retention rates by user segment, our targeting becomes increasingly precise. This, in turn, drives higher conversion rates and a greater revenue contribution, creating a virtuous cycle.

Speaker #4: In addition, once users adopt the DTC payment method, they tend to continue using it, demonstrating the characteristic that the share we have already secured tends to accumulate stably.

Speaker #4: Given this structure, we believe there remains significant room for further expansion in the share of DTC.

Youngju Shim: Given the structure, we believe there remains significant room for further expansion in the share of DTC.

[Translator]: Given the structure, we believe there remains significant room for further expansion in the share of DTC.

Speaker #3: 8페이지 캐주얼 부문 현황 설명드리겠습니다. 2분기 캐주얼 매출은 271억 원으로 아이게이밍 매출 255억 원을 소폭 상회하면서 캐주얼은 소셜 카지노에 이어 당사에서 두 번째로 큰 매출 사업 부문이 되었습니다.

Jaeyoung Choi: 8페이지, 캐주얼 부문 현황 설명드리겠습니다. 2분기 캐주얼 매출은 271억원으로 iGaming 매출 255억원을 소폭 상회하면서 캐주얼은 소셜카지노에 이어 당사에서 두 번째로 큰 매출 사업 부문이 되었습니다. AI Lab 기반의 신규 게임 매출 비중은 81%로 전분기 70%에서 한 단계 더 확대되며, 캐주얼 부문의 성장을 사실상 전담하는 축으로 자리 잡았습니다. 유저 기반도 견조하게 확대되고 있습니다. 캐주얼 부문 누적 다운로드는 상반기 말 기준 6,000만 건을 돌파하여 7월 말 기준으로는 6,149만 건을 기록하였습니다. 올해 1월 5,060만 건 대비 7개월 만에 약 21.5%가 증가한 수치입니다. 포트폴리오의 장르 구성도 함께 넓어지고 있습니다. Merge, Puzzle, Sort 등 다양한 캐주얼 게임 장르 확장으로 이어지고 있습니다. 이러한 다양한 장르 확장 전략의 핵심 가치는 단순한 라인업 확대가 아니라 그 과정에서 축적된 데이터에 있습니다. 장르별로, 그리고 국가별, 소재별로 설치당 획득 비용, 초기 잔존율, 유저당 매출, 투자 회수 기간 등의 지표 등을 표준화된 형태로 수집하고 있으며, 이 데이터가 두 가지 방식으로 활용되고 있습니다. 첫째, 신작의 흥행 가능성을 사전에 판별하는 데 활용됩니다.

Jaeyoung Choi: [Foreign language]

Speaker #3: AI랩 기반의 신규 게임 매출 비중은 81%로, 전 분기 70%에서 한 단계 더 확대되며 캐주얼 부문의 성장을 사실상 전담하는 축으로 자리 잡았습니다. 유저 기반도 견조하게 확대되고 있습니다.

Speaker #3: 캐주얼 부문 누적 다운로드는 상반기 말 기준 6,000만 건을 돌파하여, 7월 말 기준으로는 6,149만 건을 기록하였습니다. 올해 1월 5,060만 건 대비 7개월 만에 약 21.5%가 증가한 수치입니다.

Speaker #3: 포트폴리오의 장르 구성도 함께 넓어지고 있습니다. 머지, 퍼즐, 소트 등 다양한 캐주얼 게임 장르 확장으로 이어지고 있습니다. 이러한 다양한 장르 확장 전략의 핵심 가치는 단순한 라인업 확대가 아니라, 그 과정에서 축적된 데이터에 있습니다.

Speaker #3: 장르별로, 그리고 국가별, 소재별로 설치당 획득 비용, 초기 잔존율, 유저당 매출, 투자 회수 기간 등의 지표를 표준화된 형태로 수집하고 있으며, 이 데이터가 두 가지 방식으로 활용되고 있습니다.

Speaker #3: 첫째, 신작의 흥행 가능성을 사전에 판별하는 데 활용됩니다. 과거 출시작들의 초기 지표와 최종 성과 간의 관계가 데이터로 축적되면서, 출시 초기 단계의 지표만으로도 해당 게임의 성공 가능성을 상당 수준 예측할 수 있게 되었습니다.

Jaeyoung Choi: 과거 출시작들의 초기 지표와 최종 성과 간의 관계가 데이터로 축적되면서 출시 초기 단계의 지표만으로도 해당 게임의 성공 가능성을 상당 수준 예측할 수 있게 되었습니다. 둘째, UA 투자 의사 결정에 활용됩니다. 신작은 소규모 테스트 마케팅으로 시작하고 사전에 설정된 지표 임계치를 통과한 다음 게임에 대해서 UA 투자를 집중 확대하고 있으며, 미달하는 게임은 조기에 투자를 중단하는 방식입니다. 출시 게임 개수가 늘어나고 장르 커버리지가 넓어질수록 측정 모델의 정확도가 높아지는 구조이며, AI 기반 개발 체계를 통해 다작이 가능해진 점은 이 모델의 학습 속도를 높이고 있습니다. 이러한 모델의 효과는 앞서 말씀드린 비용 구조에서도 확인됩니다. 마케팅비가 총액과 비중 모두 감소한 가운데 캐주얼 매출은 전분기 대비 9.4% 성장하였으며, 이는 투자 대비 회수 효율이 개선되었음을 의미합니다. 캐주얼 부문은 2025년 상반기 초기 투자, 4분기 AI Lab 기반의 스케일 업, 2026년 1분기 흑자 전환을 거쳐 이번 2분기에는 이익 기여가 안정화되는 단계에 진입하였다고 판단하고 있습니다.

Jaeyoung Choi: [Foreign language]

Speaker #3: 둘째, UA 투자 의사결정에 활용됩니다. 신작은 소규모 테스트 마케팅으로 시작하고, 사전에 설정된 지표 인계치를 통과한 게임에 대해서 UA 투자를 집중 확대하고 있으며, 미달하는 게임은 조기에 투자를 중단하는 방식입니다.

Speaker #3: 출시 게임 개수가 늘어나고 장르 커버리지가 넓어질수록 측정 모델의 정확도가 높아지는 구조이며, AI 기반 개발 체계를 통해 다작이 가능해진 점은 이 모델의 학습 속도를 높이고 있습니다.

Speaker #3: 이러한 모델의 효과는 앞서 말씀드린 비용 구조에서도 확인됩니다. 마케팅비가 총액과 비중 모두 감소한 가운데, 캐주얼 매출은 전 분기 대비 9.4% 성장하였으며, 이는 투자 대비 회수 효율이 개선되었음을 의미합니다.

Speaker #3: 캐주얼 부문은 2025년 상반기 초기 투자, 4분기 AI 랩 기반의 스케일업, 2026년 1분기 흑자 전환을 거쳐 이번 2분기에는 이익 기여가 안정화되는 단계에 진입하였다고 판단하고 있습니다.

Speaker #4: Let's go to page 8, and I will touch upon the casual overview. Q2 casual revenue posted 27.1 billion won, slightly surpassing iGaming’s 25.5 billion won of revenue, making casual our second largest business segment by revenue after social casino.

Youngju Shim: Let's go to page 8, and I will touch upon Casual Overview. Q2 Casual Revenue posted KRW 27.1 billion, slightly surpassing iGaming KRW 25.5 billion of revenue, making Casual our second-largest business segment by revenue after Social Casino. New games developed through AI Lab accounted for 81% of segment revenue, up one notch from 70% in the previous quarter, and has now established itself as the key growth driver for the Casual segment. The user base also continues to expand at a solid pace. Casual segment cumulative downloads surpassed 60 million as of the end of the H1 and reached 61.49 million as of the end of July. This represents an increase of approximately 21.5% in just seven months from 50.6 million in January this year. The genre mix of the portfolio continues to broaden. We are continuing diverse casual game genre expansion, including Merge, Puzzle and Sort.

[Translator]: Let's go to page 8, and I will touch upon Casual Overview. Q2 Casual Revenue posted KRW 27.1 billion, slightly surpassing iGaming KRW 25.5 billion of revenue, making Casual our second-largest business segment by revenue after Social Casino. New games developed through AI Lab accounted for 81% of segment revenue, up one notch from 70% in the previous quarter, and has now established itself as the key growth driver for the Casual segment. The user base also continues to expand at a solid pace. Casual segment cumulative downloads surpassed 60 million as of the end of the H1 and reached 61.49 million as of the end of July. This represents an increase of approximately 21.5% in just seven months from 50.6 million in January this year. The genre mix of the portfolio continues to broaden. We are continuing diverse casual game genre expansion, including Merge, Puzzle and Sort.

Speaker #4: New games developed through AI labs accounted for 81% of segment revenue, up one notch from 70% in the previous quarter, and have now established themselves as the key growth driver for the casual segment.

Speaker #4: The user base also continues to expand at a solid pace. Cumulative downloads in the casual segment surpassed 60 million as of the end of the first half, and reached 61.49 million as of the end of July.

Speaker #4: This represents an increase of approximately 21.5% in just seven months, from 50.6 million in January this year. The genre mix of the portfolio continues to broaden with ongoing diverse casual game genre expansion, including merge, puzzle, and sort.

Speaker #4: The key value of this multi-genre strategy lies not simply in expanding our lineup, but in the data accumulated throughout the process. We collect standardized performance metrics across genres, countries, and individual creatives, including cost per install, early-stage retention, revenue per user, and investment payback periods.

Youngju Shim: The key value of this multi-genre strategy lies not simply in expanding our lineup, but in the data accumulated throughout the process. We collect standardized performance metrics across genres, countries, and individual creatives, including cost per install, early stage retention, revenue per user, and investment payback period. This data is then utilized in two key ways. First, it enables us to assess the potential success of new titles at an early stage. As we accumulate data on the relationship between early performance indicators and the eventual outcomes of previously launched titles, we are increasingly able to predict the game's likelihood of success based on metrics observed shortly after the launch. Second, the data supports our UA investment decisions. New titles initially go through small scale test marketing, and then we scale up UA investment only for titles that exceed predetermined performance thresholds.

[Translator]: The key value of this multi-genre strategy lies not simply in expanding our lineup, but in the data accumulated throughout the process. We collect standardized performance metrics across genres, countries, and individual creatives, including cost per install, early stage retention, revenue per user, and investment payback period. This data is then utilized in two key ways. First, it enables us to assess the potential success of new titles at an early stage. As we accumulate data on the relationship between early performance indicators and the eventual outcomes of previously launched titles, we are increasingly able to predict the game's likelihood of success based on metrics observed shortly after the launch. Second, the data supports our UA investment decisions. New titles initially go through small scale test marketing, and then we scale up UA investment only for titles that exceed predetermined performance thresholds.

Speaker #4: This data is then utilized in two key ways. First, it enables us to assess the potential success of new titles at an early stage.

Speaker #4: As we accumulate data on the relationship between early performance indicators and the eventual outcomes of previously launched titles, we are increasingly able to predict the game's likelihood of success based on metrics observed shortly after launch.

Speaker #4: Second, the data supports our UA investment decisions. New titles initially go through small-scale test marketing, and then we scale up UA investment only for titles that exceed predetermined performance thresholds, while investments in titles that fall short are discontinued at an early stage.

Youngju Shim: While investments in titles that fall short are discontinued at an early stage. As the number of launches increases and our genre coverage broadens, the accuracy of the screening model continues to improve. In addition, our AI driven development framework enables us to launch and test a greater number of titles, further accelerating the learning cycle of the model. The effectiveness of this model is also reflected in the cost structure I discussed earlier. Despite declines in both the absolute amount of marketing expenses and marketing expenses as a share of revenue, casual segment revenue grew 9.4% QOQ, indicating an improvement in the return efficiency of our investments.

[Translator]: While investments in titles that fall short are discontinued at an early stage. As the number of launches increases and our genre coverage broadens, the accuracy of the screening model continues to improve. In addition, our AI driven development framework enables us to launch and test a greater number of titles, further accelerating the learning cycle of the model. The effectiveness of this model is also reflected in the cost structure I discussed earlier. Despite declines in both the absolute amount of marketing expenses and marketing expenses as a share of revenue, casual segment revenue grew 9.4% QOQ, indicating an improvement in the return efficiency of our investments.

Speaker #4: As the number of launches increases and our genre coverage broadens, the accuracy of the screening model continues to improve. In addition, our AI-driven development framework enables us to launch and test a greater number of titles.

Speaker #4: Further accelerating the learning cycle of the model. The effectiveness of this model is also reflected in the cost structure I discussed earlier. Despite declines in both the absolute amount of marketing expenses and marketing expenses as a share of revenue, casual segment revenue grew 9.4% quarter-over-quarter, indicating an improvement in the return efficiency of our investments.

Speaker #4: We believe the casual segment in Q2 has now entered a phase of stable profit contribution, following the initial investment phase in the first half of 2025, the AI lab-based scale-up in Q4, and the achievement of profitability in Q1 2026.

Youngju Shim: We believe the casual segment in Q2 has now entered a phase of stable profit contribution following the initial investment phase in H1 2025, the AI Lab they scaled up in Q4, and the achievement of profitability in Q1 2026.

[Translator]: We believe the casual segment in Q2 has now entered a phase of stable profit contribution following the initial investment phase in H1 2025, the AI Lab they scaled up in Q4, and the achievement of profitability in Q1 2026.

Jaeyoung Choi: 이상 8페이지까지 당사의 2026년 2분기 실적 발표에 대한 설명을 마치겠습니다. 이어서 질의응답의 시간을 갖도록 하겠습니다.

Jaeyoung Choi: [Foreign language]

Speaker #2: 이상 8페이지까지의 당사의 2026년 2분기 실적 발표에 대한 설명을 마치겠습니다. 이어서 질의응답 시간을 갖도록 하겠습니다.

Speaker #4: This concludes our presentation of our company's second quarter 2026 results through page 8. We will now move on to a Q&A session.

Youngju Shim: This concludes our presentation of our company's Q2 2026 results through page 8. We will now move on to a Q&A session.

[Translator]: This concludes our presentation of our company's Q2 2026 results through page 8. We will now move on to a Q&A session.

Speaker #1: 지금부터 질의응답을 시작하겠습니다. 질문을 하실 분은 전화기 버튼에 별표와 1번을 누르시기 바랍니다. 질문을 취소하시려면 별표와 2번을 누르시면 됩니다. Now the Q&A session will begin. Please press star 1, that is, star and 1, if you have any questions.

Operator: 지금부터 질의응답을 시작하겠습니다. 질문을 하실 분은 전화기 버튼의 별표와 1번을 누르시기 바랍니다. 질문을 취소하시려면 별표와 2번을 누르시면 됩니다.

Operator: [Foreign language]

Operator: Now Q&A session will begin. Please press star 1, that is star and 1, if you have any questions. Questions will be taken according to the order you have pressed the number star 1. For cancellation, please press star 2, that is star and 2 on your phone.

[Translator]: Now Q&A session will begin. Please press star 1, that is star and 1, if you have any questions. Questions will be taken according to the order you have pressed the number star 1. For cancellation, please press star 2, that is star and 2 on your phone.

Speaker #1: Questions will be taken according to the order you have pressed the number, star 1. For cancellation, please press star 2—that is, star and 2 on your phone.

Speaker #1: 다음으로 질문해 주실 분은 교보증권의 김동훈님입니다. The first question will be provided by Dong-woo Kim from Kyobo Securities. Please go ahead with your question.

Operator: 처음으로 질문해 주실 분은 교보증권의 김동우 님입니다.

Operator: [Foreign language]

Operator: The first question will be provided by Dongwoo Kim from Kyobo Securities. Please go ahead with your question.

[Translator]: The first question will be provided by Dongwoo Kim from Kyobo Securities. Please go ahead with your question.

Speaker #3: 질문 기회 주셔서 감사합니다. 1분기에 이어서 2분기도 매출 성장세가 이어졌는데, 하반기에도 캐주얼 게임이나 iGaming 사업에서 분기별 성장 흐름을 지속적으로 이어나갈 수 있을지 알려주시면 감사하겠습니다. 이상입니다.

Dongwoo Kim: 질문 기회 주셔서 감사합니다. 1분기에 이어서 2분기도 매출 성장세 이어졌는데 하반기에도 캐주얼 게임이나 iGaming 사업에서 분기별 성장 흐름을 지속적으로 이어나갈 수 있을지 알려주시면 감사하겠습니다. 이상입니다.

Dongwoo Kim: [Foreign language]

Speaker #4: Thank you for the opportunity. I see that following Q1, you also saw growth in your revenue for Q2 as well. So I'm curious about your prospects for the second half of this year, for casual and iGaming.

Youngju Shim: For the opportunity. I see that following Q1, you also saw growth in your revenue for Q2 as well. I am curious about your prospects for the H2 of this year for casual iGaming. Do you think there will also be quarterly growth? Thank you very much.

[Translator]: For the opportunity. I see that following Q1, you also saw growth in your revenue for Q2 as well. I am curious about your prospects for the H2 of this year for casual iGaming. Do you think there will also be quarterly growth? Thank you very much.

Speaker #4: Do you think there will also be quarterly growth? Thank you very much.

Speaker #2: 네, 질문 감사드립니다. 간단하게 말씀을 드리면, 우선 하반기 성장에 대한 부분들은 캐주얼 부분에 대해서 좀 더 기대를 가지고 있습니다. 우선 소셜 카지노와 iGaming은 현재 상반기 매출 수준을 좀 더 안정적으로 유지하는 데 초점을 맞출 예정이고요.

Jaeyoung Choi: 네, 질문 감사드립니다. 간단하게 말씀을 드리면 우선 하반기 성장에 대한 부분들은 캐주얼 부분에 대해서 좀 더 기대를 가지고 있습니다. 우선 소셜카지노와 iGaming은 현재 상반기 매출 수준을 좀 더 안정적으로 유지하는 데 초점을 맞출 예정이고요. 특히 소셜카지노는 할로윈, 추수감사절, 크리스마스로 이어지는 사공기 성수기 효과도 있고, 저희가 최근에 DoubleDown Casino, DoubleU Casino, Wow에 Jackpot.de 등의 안정적인 운영에 힘입어서 계속 안정적인 매출을 발생하고 있습니다. 그리고 iGaming은 현재 네 개의 멀티 브랜드 포트폴리오 기반으로 상반기 수준 이상인 매출을 달성하는 것을 목표하고 있고요. 캐주얼은 Merge, Wiggle Escape 장기 흥행이 계속 이어지고 있고, 최근에는 Knock Fever라는 게임이 새로 나오면서 미국의 다운로드 순위라든지 여러 가지 수익성에 대한 부분들도 좋은 흐름을 보여주고 있어 추가 성장이 기대되는 선순환 구조를 이어가고 있습니다.

Jaeyoung Choi: [Foreign language]

Speaker #2: 특히 소셜 카지노는 할로윈, 추수감사절, 크리스마스로 이어지는 4분기 성수기 효과도 있고, 그리고 저희가 최근에 더블다운 카지노, 더블유 카지노, 와우의 잭팟 D 등의 안정적인 운영에 힘입어서 계속 안정적인 매출을 발생하고 있습니다.

Speaker #2: 그리고 iGaming은 현재 4개의 멀티 브랜드 포트폴리오를 기반으로 상반기 수준 이상의 매출을 달성하는 것을 목표로 하고 있고요. 캐주얼은 머지, 위그리스케이프 등 장기 흥행이 계속 이어지고 있습니다. 최근에는 락베버 등 신규 게임이 출시되면서, 미국 다운로드 순위와 여러 수익성 지표에서 좋은 흐름을 보이고 있어 추가 성장이 기대되는 선순환 구조를 이어가고 있습니다.

Speaker #4: Thank you very much for your question. To answer your question, I believe that, to put it simply, we are expecting great things from casual games, especially in the second half of this year.

Youngju Shim: Thank you very much for your question. To answer your question, I believe that, to put it simply, I think we are expecting great things from casual games more for the H2 of this year. I believe that we are going to look for more stabilization for our social casino and iGaming for the H2 of this year. For our social casino, we are going to see the high season that is coming with Halloween, Thanksgiving, Christmas, and we are going to see the high season. We are going to expect, I think, more stable revenues from DDC, DUC, Wow, and Jackpot.de as well. We are also going to see, like we have seen in the H1 for iGaming, the 4 in the portfolio that is going to be stabilized as well.

[Translator]: Thank you very much for your question. To answer your question, I believe that, to put it simply, I think we are expecting great things from casual games more for the H2 of this year. I believe that we are going to look for more stabilization for our social casino and iGaming for the H2 of this year. For our social casino, we are going to see the high season that is coming with Halloween, Thanksgiving, Christmas, and we are going to see the high season. We are going to expect, I think, more stable revenues from DDC, DUC, Wow, and Jackpot.de as well. We are also going to see, like we have seen in the H1 for iGaming, the 4 in the portfolio that is going to be stabilized as well.

Speaker #4: And I believe that we are going to look for more stabilization for our social casino and iGaming for the second half of this year.

Speaker #4: And for social casino, we're going to see the high season that is coming with Halloween, Thanksgiving, and Christmas, so we're going to see the high season.

Speaker #4: And we are going to expect, I think, more stable revenues from BDC, BDU, Y, WOW, and Jackpot.de as well. And we are also going to see, like we had seen in the first half for iGaming, the four games—four in the portfolio—that is going to be stabilized as well.

Speaker #4: And we're going to also see the long success of Merch and Wiggle Escape that is going to continue as well. And in the US, we are seeing a great result with Knock Fever as well.

Youngju Shim: We are going to also see the long success of Merge and Wiggle Escape that is going to continue. In the US, we are seeing a great result with Knock Fever. So we are expecting additional profitability for this sector.

[Translator]: We are going to also see the long success of Merge and Wiggle Escape that is going to continue. In the US, we are seeing a great result with Knock Fever. So we are expecting additional profitability for this sector.

Speaker #4: So, we are expecting additional profitability for this sector as well.

Speaker #2: 다음 질문 받겠습니다.

Jaeyoung Choi: 다음 질문 받겠습니다.

Jaeyoung Choi: [Foreign language]

Speaker #4: We will take the next question.

Youngju Shim: We will take the next question.

Operator: We will take the next question.

Speaker #1: 다음으로 질문해 주실 분은 삼성증권의 오동환님입니다. The following question will be presented by Dong-hwan Oh from Samsung Securities. Please go ahead with your question.

Operator: 다음으로 질문해 주실 분은 삼성증권의 오동환 님입니다.

Operator: [Foreign language]

Youngju Shim: The following question will be presented by Donghwan Oh from Samsung Securities. Please go ahead with your question.

Operator: The following question will be presented by Donghwan Oh from Samsung Securities. Please go ahead with your question.

Speaker #3: 아, 잘 들리십니까? 두 가지 질문이 있는데요. 첫 번째는 팍스게임즈가 개발 중인 캐주얼 게임들 중 최근에 집중하는 장르가 있으신지 업데이트 부탁드리고요. 두 번째는 저희가 원-달러 환율 상승으로 전사 거래액 성장 대비해서 원화 매출이 한 3% 정도 더 성장한 것 같은데, 팍스게임즈 팩트셋을 보면 결제액이 4% 증가할 동안에 분기별(QoQ)로 매출은 9% 이상 증가했던데, 여기에 별다른 이유가 있는지 좀 궁금합니다.

Donghwan Oh: 잘 들리십니까? 두 가지 질문이 있는데요. 첫 번째는 Paxie Games가 개발 중인 캐주얼 게임들에 최근에 집중하는 장르가 있으신지 업데이트 부탁드리고요. 두 번째는 저희가 원 달러 환율 상승으로 전사 거래액 성장 대비해서 원화 매출이 한 3% 정도 더 성장한 것 같은데, Paxie Games 팩트시트를 보면 결제액이 4% 증가할 동안에 Q2 매출은 9% 이상 증가를 했던데, 여기에 별다른 이유가 있는지 좀 궁금합니다.

Donghwan Oh: [Foreign language]

Speaker #4: Thank you for the opportunity. I would like to have some updates on PAX games, and I think that with the $1 change in FX rate, when actually looking at the average balance for the value, I think there was about a 3% change.

Youngju Shim: Thank you for the opportunity. I would like to have some updates on Paxie Games. I think that with a USD 1 of FX rate that have actually changed of looking at the average balance for the value, I think there was about a 3% change. I believe that looking at the Paxie Games fact sheet on a QOQ basis, I think there was 9% increase for revenues, I believe. But I think there was another effect that actually came into being. So can you tell us about any reason why we had seen that discrepancy in their fact sheets?

[Translator]: Thank you for the opportunity. I would like to have some updates on Paxie Games. I think that with a USD 1 of FX rate that have actually changed of looking at the average balance for the value, I think there was about a 3% change. I believe that looking at the Paxie Games fact sheet on a QOQ basis, I think there was 9% increase for revenues, I believe. But I think there was another effect that actually came into being. So can you tell us about any reason why we had seen that discrepancy in their fact sheets?

Speaker #4: And I believe that, looking at the PAX Games fact sheet on a QoQ basis, there was a 9% increase in revenues, I believe. But I think there was another effect that actually came into play.

Speaker #4: So can you tell us about any reason why we have seen that discrepancy in their fact sheet?

Speaker #2: 네, 질문 감사드립니다. 첫 번째 질문하신 부분 말씀드리겠습니다. 현재 팍스게임즈가 집중하고 있는 장르는 크게 봐서 두 가지로 나눠볼 수 있습니다. 첫 번째는 기존에 저희가 가지고 있던 노하우를 기반으로 한 머지 장르에서 추가 게임들을 계속 출시해 나가면서 이 머지 장르에 대한 MS를 계속 늘려가는 데도 집중하고 있습니다.

Jaeyoung Choi: 네, 질문 감사드립니다. 첫 번째 질문하신 부분 말씀드리겠습니다. 현재 Paxie Games가 집중하고 있는 장르는 크게 봐서는 두 가지로 나눠 볼 수 있습니다. 첫 번째는 기존에 저희가 가지고 있던 노하우를 기반으로 한 Merge 장르에서 추가 게임들을 계속 출시해 나가면서 이 Merge 장르에 대한 MS를 계속 늘려가는 데도 집중하고 있습니다. 두 번째는, 저희가 어떻게 보면 단순하게 어떤 특정 장르, 이 Merge 외에 대해서는 특정 장르에 집중한다기보다는 시장 내에서 라이징하고 있는 초기에 발견하고 이거를 제작을 빠르게 하고 그거를 시장을 테스트하는 거에 집중하고 있습니다. 그래서 앞서 말씀드린 것처럼 Knock Fever 같은 경우에도 최근에 어떻게 보면 약간의 Angry Birds 같은 게임, 캐논 슈터의 하나의 장르가 지난달부터 시장 내에 많은 다운로드와 순위를 일으키고 있는데 이런 부분들을 조기에 빨리 캐치하고 이거에 대한 부분들을 조기에 CPI가 낮을 때 빠르게 저희가 마케팅을 하고 저희 광고비를 회수하는 데 집중하고 있습니다.

Jaeyoung Choi: [Foreign language]

Speaker #2: 그리고 두 번째는 저희가 어떻게 보면 단순하게 어떤 특정 장르의 머지 외에 대해서는 특정 장르에 집중한다기보다는 시장 내에서 라이징하고 있는 장르를 초기에 발견하고, 이것을 제작을 빠르게 하며, 그걸 시장에 테스트하는 것에 집중하고 있습니다.

Speaker #2: 그래서 앞서 말씀드린 것처럼, 락피버 같은 경우에도 최근에 어떻게 보면 약간의 앵그리버드 같은 게임, 약간 캐논 슈터의 하나의 장르가 지난달부터 시장 내에 많은 다운로드와 순위를 일으키고 있는데, 이런 부분들을 조기에 빨리 캐치하고, 이거에 대한 부분들을 조기에, CPI가 낮을 때 빠르게 저희가 마케팅을 하고, 저희 광고비를 해소하는 데 집중하고 있습니다.

Speaker #2: 그래서 현재로는 머지 장르, 그리고 퍼즐 내의 라이징 스타가 될 수 있는 다양한 장르들을 2주마다, 한 달마다 빠르게 저희가 캐치하고 개발하는 데 집중하고 있습니다.

Jaeyoung Choi: 그래서 현재로는 Merge 장르, 그리고 Puzzle 내 라이징 스타가 될 수 있는 다양한 장르들을 2주마다, 한 달마다 빠르게 저희가 캐치하고 개발하는 데 집중하고 있습니다.

Jaeyoung Choi: [Foreign language]

Speaker #4: Yes, thank you for your question. So let me first answer your question about the PAX game development overview. Well, it is true that, based on its existing know-how for merch, we are seeing additional games that are being launched.

Youngju Shim: Yes, thank you for your question. Well, it is true that based on its existing know-how for Merge, we are seeing additional games that are being launched. We are of course going to see more market share in the Merge, and we are going to also concentrate our efforts on increasing market share for that genre as well. However, apart from a specific genre like Merge, we are focusing on seeing what is rising in the market, trying to discover it early on to develop the game as quickly as possible and to test it. Knock Fever was a game that I mentioned previously, and it is similar a little bit to Angry Birds because it is a cannon shooter game. From last month, we are seeing more and more downloads and the ranking going up.

[Translator]: Yes, thank you for your question. Well, it is true that based on its existing know-how for Merge, we are seeing additional games that are being launched. We are of course going to see more market share in the Merge, and we are going to also concentrate our efforts on increasing market share for that genre as well. However, apart from a specific genre like Merge, we are focusing on seeing what is rising in the market, trying to discover it early on to develop the game as quickly as possible and to test it. Knock Fever was a game that I mentioned previously, and it is similar a little bit to Angry Birds because it is a cannon shooter game. From last month, we are seeing more and more downloads and the ranking going up.

Speaker #4: And we are, of course, going to see more market share in the Merch. We're also going to concentrate our efforts on increasing market share for that genre as well.

Speaker #4: However, apart from specific genres like Merch, we are focusing on identifying what is rising in the market, trying to discover it early on so we can develop the game as quickly as possible and test it.

Speaker #4: Knock Fever was a game that I mentioned previously, and it's a little bit similar to Angry Birds because it's a cannon shooter game.

Speaker #4: And from last month, we are seeing more and more downloads and the ranking going up. So likewise, we are trying to capture what is rising in the market, and when the CPI is low, we are trying to do more marketing and ensure that advertisement costs are recovered at this stage.

Youngju Shim: Likewise, we are trying to catch what is rising in the market and when the CPI is low, we are trying to have more marketing done and have advertisement costs that are recovered at this stage. We are also going to focus on Merge, but also we are going to see what is actually buzzing in the market, like the Puzzle. We are seeing it very frequently on a monthly basis, even on a 2-week basis, so that we are going to see what will actually be successful in the long run.

[Translator]: Likewise, we are trying to catch what is rising in the market and when the CPI is low, we are trying to have more marketing done and have advertisement costs that are recovered at this stage. We are also going to focus on Merge, but also we are going to see what is actually buzzing in the market, like the Puzzle. We are seeing it very frequently on a monthly basis, even on a 2-week basis, so that we are going to see what will actually be successful in the long run.

Speaker #4: So we're also going to focus on Merch, but we're also going to see what is actually buzzing in the market. For example, in the puzzle, we're seeing it very frequently on a monthly basis, even on a two-week basis.

Speaker #4: So that we're going to see what will actually be successful in the long run.

Speaker #2: 그리고 두 번째로 말씀드린 것처럼, 달러 기준으로 봤을 때는 원화가 약 3% 정도 저희가 수혜 효과를 보도록 되어 있습니다. 팍스게임즈는 소셜 카지노 부문보다는 미국 외에도 다양한 지역에서 매출을 발생시키고 있으며, 2분기에 원화가 다른 데에 비해서 저희가 약세가 지속되었기 때문에 이 부분들이 추가 반영된 효과로 이해해 주시면 감사드리겠습니다.

Jaeyoung Choi: 그리고 두 번째 말씀 주신 것처럼 달러 기준으로 봤을 때는 원화가 약 한 3% 정도 저희가 수혜 효과를 보도록 되어 있습니다. Paxie Games는 소셜카지노 부분보다는 미국 외에도 다양한 지역에서 매출을 발생시키고 있으면서 2분기에 원화가 다른 데에 비해서 저희가 약세가 지속되었기 때문에 이 부분들이 추가 반영된 효과로 이해해 주시면 감사드리겠습니다.

Jaeyoung Choi: [Foreign language]

Speaker #4: And it is true that, as you had mentioned, with the dollar and seeing the appreciation and depreciation changes with the FX fluctuations, we had seen about a 3% benefit from the one effect.

Youngju Shim: It is true that as you had mentioned with the dollar and seeing the appreciation, depreciation changes with the FX fluctuation, we have seen about a 3% benefit from the won effect. For Paxie Games, it seems that just not even looking at compared to the social games, we are seeing more revenues in non-US areas as well. We have seen more benefits because we are seeing the continuation of the weakening of the won for Q2.

[Translator]: It is true that as you had mentioned with the dollar and seeing the appreciation, depreciation changes with the FX fluctuation, we have seen about a 3% benefit from the won effect. For Paxie Games, it seems that just not even looking at compared to the social games, we are seeing more revenues in non-US areas as well. We have seen more benefits because we are seeing the continuation of the weakening of the won for Q2.

Speaker #4: So for PAX games, it seems that just not even looking at compared to the social games, we are seeing more revenues in US and non-US areas as well.

Speaker #4: So we have seen more benefits because we are seeing the continuation of the weakening of the won for Q2.

Speaker #2: 다음 질문 받겠습니다.

Jaeyoung Choi: 다음 질문 받겠습니다.

Jaeyoung Choi: [Foreign language]

Speaker #4: We will take the next question.

Youngju Shim: We will take the next question.

[Translator]: We will take the next question.

Speaker #1: 다음으로 질문해 주실 분은 CGSI의 김진우 님입니다. The following question will be presented by Jinwoo Kim from CGSI. Please go ahead with your question.

Operator: 다음으로 질문해 주실 분은 CGSI의 김진우 님입니다.

Operator: [Foreign language]

Youngju Shim: The following question will be presented by Jinwoo Kim from CGSI. Please go ahead with your question.

[Translator]: The following question will be presented by Jinwoo Kim from CGSI. Please go ahead with your question.

Speaker #2: 네, 질문 기회 주셔서 감사합니다. 크게 세 가지 질문이 있는데요. 첫 번째는 분기별로 봤을 때 저희 연결 마케팅비가 내려왔는데, 별도 마케팅은 올랐어서 이게 캐주얼이 조금 더 가파르게 내려오고 있지 않나라는 생각이 듭니다. 캐주얼 자회사들이랑 다른 신규 자회사들의 마진이 지금 어떻고, 향후에 어느 정도까지 기대해 볼 수 있을지 가이드 주시면 감사할 것 같고요.

Jinwoo Kim: 네, 질문 기회 주셔서 감사합니다. 크게 세 가지 질문이 있는데요. 첫 번째는 분기별로 봤을 때 저희 연결 마케팅비가 내려왔는데 별도 마케팅은 올랐어서 이게 캐주얼이 조금 더 가파르게 내려오고 있지 않나라는 생각이 드는데

Jinwoo Kim: [Foreign language]

Jinwoo Kim: 캐주얼 자회사들이나 다른 신규 자회사들의 마진이 지금 어떻고, 향후에 어느 정도까지 기대해 볼 수 있을지 가이드 주시면 감사할 것 같고요. 두 번째는 그와 연관해서 별도 마케팅비를 늘렸는데 W의 결제액이 늘어나는 모습이 안 보여서 기존 비즈니스의 트래픽이나 관련된 지표 업데이트할 만한 내용, 하반기 가이드 주시면 감사하겠고, 마지막으로는 저희 DoubleDown 자녀 지분 인수하는 딜 혹시 업데이트할 만한 내용 있을지랑, 딜이 완료된 이후에 저희 주주 환원 정책에 어떤 영향 미칠지 다시 한번 알려주시면 감사하겠습니다. 이상입니다.

Jinwoo Kim: [Foreign language]

Speaker #2: 두 번째는 그와 연관해서 별도 마케팅비를 늘렸는데 W의 결제액이 늘어나는 모습이 안 보여서, 기존 비즈니스의 트래픽이나 관련된 지표 업데이트할 만한 내용, 하반기에 가이드 주시면 감사하겠고, 마지막으로는 저희 더블다운 잔여 지분 인수하는 딜 혹시 업데이트할 만한 내용 있을지랑 딜이 완료된 이후에 저희 주주환원 정책에 어떤 영향 미칠지 다시 한 번 알려주시면 감사하겠습니다.

Speaker #2: 이상입니다.

Speaker #4: Thank you for the opportunity. I have three questions. First, I think for the quarterly consolidated market expenses, they have gone down overall, but I think individually, the market expenses have gone up.

Youngju Shim: Thank you for the opportunity. I have three questions. First, I think for the quarterly consolidated marketing expenses, it has gone down on the whole, but I think individually for the marketing expenses, it has gone up. I think for casual, there has been a steep impact. Can you tell us about the subsidiaries margins for casual and what can we expect from this genre going forward? Second related question is that because the individual marketing expenses have gone up. Can you tell us about any changes to your company's settlement amount, the business traffic, the different indicators updates for the H2 of this year? Can you give us some more information? Third question is about the acquisition of remaining shares of DoubleDown. Can you tell us about any updates that have been made so far for this deal?

[Translator]: Thank you for the opportunity. I have three questions. First, I think for the quarterly consolidated marketing expenses, it has gone down on the whole, but I think individually for the marketing expenses, it has gone up. I think for casual, there has been a steep impact. Can you tell us about the subsidiaries margins for casual and what can we expect from this genre going forward? Second related question is that because the individual marketing expenses have gone up. Can you tell us about any changes to your company's settlement amount, the business traffic, the different indicators updates for the H2 of this year? Can you give us some more information? Third question is about the acquisition of remaining shares of DoubleDown. Can you tell us about any updates that have been made so far for this deal?

Speaker #4: So, I think for casual, there has been a steep impact. Can you tell us about the subsidiary's margins for casual, and what can we expect from this genre going forward?

Speaker #4: Second related question is that because of individual marketing, I think expenses have gone up. Can you tell us about any changes to your company's settlement amount, the business traffic, and the updates for different indicators in the second half of this year?

Speaker #4: Can you give us some more information? The third question is about the acquisition of the remaining shares of ED. Can you tell us about any updates that have been made so far on this deal?

Speaker #4: And can you tell us about what you believe the shareholder return policy will be after the deal is completed? Thank you.

Youngju Shim: Can you tell us about what will be the shareholder return policy you believe after the deal is completed? Thank you.

[Translator]: Can you tell us about what will be the shareholder return policy you believe after the deal is completed? Thank you.

Speaker #2: 네, 질문 감사드립니다. 말씀 주신 부분 세 가지로 나누어서 말씀드리겠습니다. 첫 번째는 별도 기준에 대한 부분을 말씀 주셔서, 더블유 카지노에 대한 부분부터 먼저 설명드리겠습니다. 더블유 카지노는 말씀 주신 것처럼 2분기에 소폭 마케팅비를 늘린 부분이 있습니다.

Jaeyoung Choi: 네, 질문 감사드립니다. 말씀 주신 부분 세 가지 나눠서 말씀드리겠습니다. 첫 번째는 별도 기준에 대한 부분들 말씀 주셔서 DoubleU Casino에 대한 부분들 먼저 설명드리겠습니다. DoubleU Casino는 말씀 주신 것처럼 2분기에 소폭 마케팅비를 늘린 부분이 있습니다. 그 이유는 지난 4분기 동안 가장 보수적으로, 어떻게 보면 신규 마케팅보다는 리타게팅 위주로 마케팅을 많이 해왔었고요. 이 부분들을 하반기에 추가적인 매출 성장을 위한 선행 투자 성격으로 저희가 2분기에 소폭 매출 대비 마케팅 비용을 증가한 영향이 있습니다. 하반기에는 DoubleU Casino도 앞서 말씀드린 Wow에서의 여러 가지 노하우라든지, 저희가 가지고 있는 노하우에 대한 부분들을 좀 더 최적화하고 있으며, DTC에 대한 매출 비중도 DDC만큼 더 성장하기 위한 다양한 콘텐츠 투자를 하고 있는 상황입니다. 이를 위해서 DUC에 대한 마케팅 투자가 소폭 증가한 사항이고, 이 부분들은 하반기 매출 성장으로 이어질 것으로 기대하고 있습니다.

Jaeyoung Choi: [Foreign language]

Speaker #2: 그 이유는 지난 4분기 동안, 가장 보수적으로, 어떻게 보면 신규 마케팅보다는 리타게팅 위주로 마케팅을 많이 해왔었고요. 이 부분들을 하반기에 추가적인 매출 성장을 위한 선행 투자 성격으로 저희가 2분기에 소폭 매출 대비 마케팅 비용을 증가한 영향이 있습니다.

Speaker #2: 하반기에는 더블유카지노도 앞서 말씀드린 와우에서의 여러 가지 노하우라든지, 저희가 가지고 있는 노하우에 대한 부분들을 좀 더 최적화하고 있으며, DTC에 대한 매출 비중도 DDC만큼 더 성장하기 위한 다양한 콘텐츠 투자를 하고 있는 상황입니다.

Speaker #2: 이를 위해서 DUC에 대한 마케팅 투자가 소폭 증가한 상황이고, 이 부분들은 하반기 매출 성장으로 이어질 것으로 기대하고 있습니다.

Speaker #4: Thank you for your questions. And yes, it is true that, on an individual level for W Casino, we have seen a slight increase in marketing expenses for Q2.

Youngju Shim: Thank you for your questions. Yes, it is true that on an individual level for DoubleU Casino, we have seen a slight increase in marketing expenses for Q2. It is because during the past four quarters, we have seen more focus on retargeting rather than on new marketing for this game. We believe that if we have these marketing costs that are a little bit higher than our revenues, then we are going to have a positive effect for our H2. That is why we made that investment beforehand. In the H2, we also believe that we are going to gain more experience and know-how from Wow and from our know-how as well. So we are going to see more optimization and we are going to have a good portion of DUC like in DDC, and we are going to invest more in content.

[Translator]: Thank you for your questions. Yes, it is true that on an individual level for DoubleU Casino, we have seen a slight increase in marketing expenses for Q2. It is because during the past four quarters, we have seen more focus on retargeting rather than on new marketing for this game. We believe that if we have these marketing costs that are a little bit higher than our revenues, then we are going to have a positive effect for our H2. That is why we made that investment beforehand. In the H2, we also believe that we are going to gain more experience and know-how from Wow and from our know-how as well. So we are going to see more optimization and we are going to have a good portion of DUC like in DDC, and we are going to invest more in content.

Speaker #4: It's because during the past four quarters, we had seen more focus on retargeting rather than on new marketing for this game. And we believe that if we have these marketing costs that are a little bit higher than our revenues, then we're going to have a positive effect for our second half.

Speaker #4: So that is why we made that investment beforehand. And in the second half, we also believe that we're going to gain more experience and know-how from WOW and from our own know-how as well.

Speaker #4: So we're going to see more optimization, and we're going to have a good portion of DTC, like in DDC, and we're going to invest more in content.

Speaker #4: So that is why, going forward, we are going to have better results, and that is why we have made the investments into a little bit more marketing for DUC.

Youngju Shim: That is why going forward, we are going to have better results. That is why we have made the investment into a little bit of more marketing for DUC, and we expect it to translate to growth in our revenue.

[Translator]: That is why going forward, we are going to have better results. That is why we have made the investment into a little bit of more marketing for DUC, and we expect it to translate to growth in our revenue.

Speaker #4: And we're going to expect it to translate to growth in our revenue.

Speaker #2: 네, 다음으로는 캐주얼 사업 부분에 대한 저희의 OP 마진 현황을 설명드리겠습니다. 이번 2분기는 약 10% 정도의 OP 마진이 팍시와 저희 캐주얼 사업을 통해서 발생했습니다.

Jaeyoung Choi: 다음으로는 캐주얼 사업 부분에 대한 저희의 OP 마진 현황을 설명드리겠습니다. 이번 2분기는 약 10% 정도의 OP 마진이 Paxie와 저희 캐주얼 사업을 통해서 발생을 했습니다. 장기적으로는 저희가 가지고 있는 여러 가지 게임들이 안정적으로 운영이 된다고 하면 15%에서 20% 정도를 타겟으로 운영하는 것을 목표하고 있습니다.

Jaeyoung Choi: [Foreign language]

Speaker #2: 장기적으로는 저희가 가지고 있는 여러 가지 게임들이 안정적으로 운영이 된다고 하면 15에서 20% 정도를 타겟으로 운영하는 것을 목표하고 있습니다.

Speaker #4: And I would also like to answer your second question. I would like to give you some more color about our casual game OP margin.

Youngju Shim: I would also like to answer your second question. I would like to give you some more color about our casual game OP margin. For Q2, for Paxie and Casual, it has been about 10% operating profit margin or operating margin. We believe that with more long-term game stabilized operations, our target is going to be about 10% to 15%.

Youngju Shim: I would also like to answer your second question. I would like to give you some more color about our casual game OP margin. For Q2, for Paxie and Casual, it has been about 10% operating profit margin or operating margin. We believe that with more long-term game stabilized operations, our target is going to be about 10% to 15%.

Speaker #4: For Q2, for Paxi and Casual, we have seen about a 10% operating profit margin, or operating margin. And we believe that with more long-term, stable game operations, our target is going to be about 10% to 15%.

Speaker #2: 마지막으로 DDI 상장폐지와 관련한 부분들 말씀드리겠습니다. 저희가 미국 시장에서 상장폐지를 하는 경우에는 DDI에서도 사외이사로만 구성된 스페셜 커미티, 독립위원회가 구성이 되어 있는 상황이고요. 그 독립위원회가 외부의 평가기관을 선임해서, 어떻게 보면 공정가치에 대한 평가를 진행하고 있습니다.

Jaeyoung Choi: 마지막으로 DDI 상장폐지와 관련한 부분들 말씀드리겠습니다. 저희가 미국 시장에서 상장폐지를 하는 경우에는 DDI에서도 사외이사로만 구성된 Special Committee, 독립위원회가 구성이 되어 있는 상황이고요. 독립위원회가 외부의 평가기관을 선임해서 어떻게 보면 공정가치에 대한 평가를 진행하고 있습니다. 그 공정가치에 대한 평가를 기반으로 해서 DoubleUGames와 독립위원회가 협상을 통해서 가격을 저희가 정하는 프로세스로 진행하고 있습니다. 그래서 이 부분이 현재 진행 중이라는 것을 말씀드리고 싶고, 저희도 이 부분들을 3분기 내에는 SEC에 새로운 파일링을 통해서 Take Private에 대한 부분들을 진행하는 것을 목표하고 있습니다. 그리고 이 부분이 완료가 되면 주주 환원 정책에 대한 부분들도 현재 가지고 있는 정책에서 저희가 좀 더 변화를 주려고 생각을 하고 있으며, 이 부분들은 DDI Take Private이 어느 정도 진행이 된 상황에서 한번 시장과 소통하도록 하겠습니다.

Jaeyoung Choi: [Foreign language]

Speaker #2: 그 공정가치에 대한 평가를 기반으로 해서 더블유게임즈와 독립위원회가 협상을 통해서 가격을, 저희가 정할 가격, 정하는 프로세스로 진행하고 있습니다. 그래서 이 부분이 현재 진행 중이라는 것을 말씀드리고 싶고, 저희도 이 부분들을 3분기 내에는 SEC에 새로운 파일링을 통해서 테이크 프라이빗에 대한 부분들을 진행하는 것을 목표로 하고 있습니다.

Speaker #2: 그리고 이 부분이 완료가 되면 주주 환원 정책에 대한 부분들도 현재 가지고 있는 정책에서 저희가 좀 더 변화를 주려고 생각하고 있으며, 이 부분들은 DDI 테이크 프라이빗이 어느 정도 진행된 상황에서 한 번 시장과 소통하도록 하겠습니다.

Speaker #4: Thank you very much for the third question as well. It's about the DDI delisting that you asked about. In the U.S. market, regarding the delisting, currently what is going on is that there is an external valuation organization that is currently assessing the fair value of DDI.

Youngju Shim: Thank you very much for the third question as well. It is about the DDI delisting that you asked about. In the US market for delisting currently, what is going on is there is an external valuation organization that is currently seeing the fair value of DDI. We also see the DDI Special Committee, which is an independent committee made of outside directors that have actually asked the external organization to engage in the valuation of the company. Currently that is ongoing, and after we see the fair value results that is assessed, we are going to have a process in which our company and DDI will have a consultation about what will be the best way going forward.

[Translator]: Thank you very much for the third question as well. It is about the DDI delisting that you asked about. In the US market for delisting currently, what is going on is there is an external valuation organization that is currently seeing the fair value of DDI. We also see the DDI Special Committee, which is an independent committee made of outside directors that have actually asked the external organization to engage in the valuation of the company. Currently that is ongoing, and after we see the fair value results that is assessed, we are going to have a process in which our company and DDI will have a consultation about what will be the best way going forward.

Speaker #4: And we are also seeing the DDI special committee, which is an independent committee made up of outside directors, that have actually asked an external organization to engage in the valuation of the company.

Speaker #4: So currently, that is ongoing. And after we see the fair value results that are assessed, we're going to have a process in which our company and DDI will have a consultation about what will be the best way going forward.

Speaker #4: And after Q3, our goal is to have a new filing at the SEC, and so we're going to have a goal to have the DDI taken private after this period of time.

Youngju Shim: After Q3, our goal is to have a new filing at SEC, so that we are going to have a goal to have the DDI Take Private after this period of time. After that happens, we believe that regarding our shareholder return policy, it is going to be a bit different from now. We will communicate more with the market about what our thoughts are after the process for DDI taking private is completed.

[Translator]: After Q3, our goal is to have a new filing at SEC, so that we are going to have a goal to have the DDI Take Private after this period of time. After that happens, we believe that regarding our shareholder return policy, it is going to be a bit different from now. We will communicate more with the market about what our thoughts are after the process for DDI taking private is completed.

Speaker #4: And after that happens, we believe that regarding our shareholder return policy, it's going to be a bit different from now on. We will communicate more with the market about what our thoughts are after the process for DDI going private is completed.

Jaeyoung Choi: 다음 질문 받겠습니다.

Jaeyoung Choi: [Foreign language]

Speaker #4: We will take the next question.

Youngju Shim: We will take the next question.

[Translator]: We will take the next question.

Speaker #1: 다음으로 질문해 주실 분은 다올투자증권의 김혜영 님입니다.

Operator: 다음으로 질문해 주실 분은 다올투자증권의 김혜영 님입니다.

Operator: [Foreign language]

Speaker #3: The following question will be presented by Hye-young Kim from Daol Investment & Securities. Please go ahead with your question.

Youngju Shim: The following question will be presented by Hye Kim from Daol Investment & Securities. Please go ahead with your question.

[Translator]: The following question will be presented by Hye Kim from Daol Investment & Securities. Please go ahead with your question.

Speaker #5: 안녕하세요. 질문 기회 주셔서 감사합니다. 연초 목표로 설정하셨던 DTC 매출 1.40%를 2분기 내에 달성하셨는데, DTC의 주요 성장 배경과 추가 확대 여력을 어떻게 보고 계신지 설명 부탁드립니다.

Hye Young Kim: 안녕하세요. 질문 기회 주셔서 감사합니다. 연초 목표로 제시하셨던 DTC 매출 비중 40%를 두 개 분기 내에 달성하셨는데, DTC의 주요 성장 배경과 추가 확대 여력을 어떻게 보고 계신지 설명 부탁드립니다.

Hye-young Kim: [Foreign language]

Speaker #4: Thank you very much for the opportunity. We see that your social casino DTC percentage, which you made clear earlier this year as 40%, has been surpassed earlier than you had mentioned.

Youngju Shim: Thank you very much for the opportunity. We see that your social casino DTC percentage that you have actually made early this year of 40% has been surpassed earlier than you had mentioned. Can you tell us about the major background behind this fast growth? Do you think that this can grow even more? What are your plans to actually manage this going forward?

[Translator]: Thank you very much for the opportunity. We see that your social casino DTC percentage that you have actually made early this year of 40% has been surpassed earlier than you had mentioned. Can you tell us about the major background behind this fast growth? Do you think that this can grow even more? What are your plans to actually manage this going forward?

Speaker #4: So, can you tell us about the major background behind this fast growth? And do you think that this can grow even more? What are your plans to actually manage this, going forward?

Jaeyoung Choi: 네, 질문 감사드립니다. 우선 DTC에 대한 저희의 목표가 40%에서 조기 달성된 이유는 가장 큰 부분들은 저희가 유저에 대해서 결제 유저에 대한 세그먼트를 10단계, 15단계 이상 나누어서 그 각각의 유저들의 결제 패턴에 맞는 가장 최적화된 오퍼들을 저희가 타겟팅하고 있습니다. 이런 부분에 대한 데이터가 계속 누적이 되면서 어떤 유저에게는 어떤 오퍼를 했을 때 가장 워킹할 수 있는지에 대한 부분들의 답을 지금 찾고 있는 과정에 있고, 이런 부분들이 지난 4분기에 26.6%에서 빠르게 47.5%까지 성장하게 된 배경입니다. 저희가 이 부분에 대해서는 올해 중에는 50% 중반까지 성장하는 것을 목표하고 있으며, 이 부분들은 한 번에 어떤 결제 행동 자체가 크게 변화가 없기 때문에 계속 누적해서 쌓여갈 것으로 기대하고 있습니다.

Jaeyoung Choi: [Foreign language]

Speaker #2: 네, 질문 감사드립니다. 우선 DTC에 대한 저희의 목표가 40%에서 조기 달성된 이유는, 가장 큰 부분들은 저희가 유저에 대해서, 어떻게 보면 결제 유저에 대한 세그먼트를 10단계, 15단계 이상 나누어서, 그 각각의 유저들의 결제 패턴에 맞는 가장 최적화된 오퍼들을 저희가 타겟팅하고 있습니다.

Speaker #2: 이런 부분에 대한 데이터가 계속 누적이 되면서, 어떤 오퍼, 어떤 유저에게는 어떤 오퍼를 했을 때 가장 워킹할 수 있는지에 대한 부분들에 답을 지금 찾고 있는 과정에 있고, 이런 부분들이 어떻게 보면 지난 4분기에 26.6%에서 빠르게 47.5%까지 성장하게 된 배경입니다.

Speaker #2: 저희가 이 부분에 대해서는 올해 중에는 50% 중반까지 성장하는 것을 목표하고 있으며, 이 부분들은 한 번에 어떤 결제 행동 자체가 크게 변화가 없기 때문에 계속 누적해서 쌓여갈 것으로 기대하고 있습니다.

Speaker #4: Thank you for your question. And it is true that we have achieved, earlier than scheduled, our DTC share of 40%. I believe the reason we had that early success was because we had thinly sliced our settlement user segments into 10, even 15, different levels.

Youngju Shim: Thank you for your question. It is true that we have achieved earlier than schedule our DTC share of 40%. I believe the reason we had that early success was because we had thinly sliced our settlement user segments into 10, even 15 different levels. We have been offering different optimized offers to them according to the different characteristics of the target. We have been accumulating data, and we have been working hard to see which offers would work the best for different segments of users. We believe that is the reason why we had the fast success from 26.6% in Q4 to 47.5%, a very fast pace growth. Our goal this year is to have a mid 50% level by the end of this year.

[Translator]: Thank you for your question. It is true that we have achieved earlier than schedule our DTC share of 40%. I believe the reason we had that early success was because we had thinly sliced our settlement user segments into 10, even 15 different levels. We have been offering different optimized offers to them according to the different characteristics of the target. We have been accumulating data, and we have been working hard to see which offers would work the best for different segments of users. We believe that is the reason why we had the fast success from 26.6% in Q4 to 47.5%, a very fast pace growth. Our goal this year is to have a mid 50% level by the end of this year.

Speaker #4: And we have been offering different optimizations to them according to the different characteristics of the target. So we have been accumulating data and we have been working hard to see which offers would work the best for different segments of users.

Speaker #4: We believe that is the reason why we had such rapid success, increasing from 26.6% in Q4 to 47.5%—a very fast-paced growth. Our goal this year is to reach a mid-50% level by the end of the year.

Speaker #4: And because these settlement or buying patterns are not quickly changing, we are going to see the different data that is aggregated, and we're going to have better results with this going forward.

Youngju Shim: Well, because these settlement or buying patterns, they are not quickly changing, we are going to see the different data that is aggregated, and we are going to have better results with this going forward.

[Translator]: Well, because these settlement or buying patterns, they are not quickly changing, we are going to see the different data that is aggregated, and we are going to have better results with this going forward.

Speaker #2: 네, 다시 한 번 당사의 2분기 실적 발표에 참석해 주셔서 대단히 감사드립니다. 추가적인 질문에 대해서는 저희 IR팀을 통해 답변드릴 수 있도록 하겠습니다. 이상으로 2026년 2분기 실적 발표를 마치겠습니다.

Jaeyoung Choi: 네, 다시 한번 당사의 2분기 실적 발표에 참석해 주셔서 대단히 감사드립니다. 추가적인 질문에 대해서는 저희 IR 팀을 통해서 답변드릴 수 있도록 하겠습니다. 이상으로 2026년 2분기 실적 발표를 마무리하겠습니다.

Jaeyoung Choi: [Foreign language]

Speaker #4: Once again, thank you very much for taking part in our Q2 earnings conference call. Please feel free to contact our IR team if you have any additional questions or comments.

Youngju Shim: Once again, thank you very much for taking part in our Q2 earnings conference call. Please feel free to contact our IR team if you have any additional questions or even comments. With this, we will conclude our 2026 Q2 earnings presentation. Thank you for your participation.

[Translator]: Once again, thank you very much for taking part in our Q2 earnings conference call. Please feel free to contact our IR team if you have any additional questions or even comments. With this, we will conclude our 2026 Q2 earnings presentation. Thank you for your participation.

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