Com2uS is expected to rebound in third-quarter results on the success of its new title 'Zeus: The God of Arrogance'. Com2uS aims to sustain the improvement with follow-up title 'Crimson Inferno'.

F&Guide said on Oct. 23 that Com2uS' third-quarter consolidated sales consensus, an average of brokerage forecasts, is 203.7 billion won, expected to rise 26.4 percent from a year earlier. Operating profit is seen at 12.1 billion won, swinging to a profit from an operating loss of 19.6 billion won in the same period last year.

Com2uS has been improving profitability despite falling sales in the first half of this year. Second-quarter sales came to 157.0 billion won, down 15 percent from a year earlier, but operating profit rose sharply to 7.2 billion won. It was supported by revenue from existing games and cost-efficiency efforts. New revenue from Zeus from the third quarter is also expected to drive topline growth.

In September, sales hit 38.6 billion won to top the rankings... 'Zeus' success lifts results

'Zeus: The God of Arrogance', a massively multiplayer online role-playing game (MMORPG) developed by Aiberton and published by Com2uS, was released in South Korea on Aug. 26. It rose to No. 1 in sales on Google Play and Apple's App Store within 18 hours of launch and stayed in the upper ranks even as new rival titles appeared.

Market research revenue estimates also confirm the performance. MobileIndex said Zeus generated 38.6 billion won in mobile sales in South Korea in September, ranking No. 1 among all games on a combined basis across Google Play, Apple's App Store and One Store. The gap with second-place 'Lineage M' at 29.1 billion won was 9.5 billion won.

Sensor Tower estimated Zeus' mobile sales in the first 30 days after launch at about $35 million. It was the highest level over the same period among newly launched MMORPG titles this year.

Brokerages see the box-office performance leading to improved third-quarter results for Com2uS.

Ahn Jae-min (안재민), an analyst at NH Investment & Securities, forecast that among major game companies, only Com2uS will post results that beat market expectations on the back of performance from 'Zeus: The God of Arrogance', which launched on Aug. 26.

Stable sales from existing games are also supporting the recovery. Com2uS' second-quarter sports game sales were 68.9 billion won, up 11.4 percent from a year earlier. 'Com2uS Pro Baseball V26' set quarterly records for sales and daily active users (DAU), and 'MLB 9 Innings Rivals' continued to grow. 'Summoners War: Sky Arena' has also maintained its global service through updates such as its 12th anniversary release.

BNK Investment & Securities analysed that the effect of cost restructuring carried out over the past two years, along with new revenue from Zeus, will improve the operating profit margin in the second half.

Will it sustain long-term success... Follow-up titles such as 'Crimson Inferno' in preparation

Attention is focused on whether Zeus' success will continue into the fourth quarter. About one month of sales after launch was reflected in the third quarter, but the fourth quarter will reflect a full three months of sales for the first time. Early sales can decline over time, making user retention important.

Com2uS is continuing content updates aimed at sustaining Zeus over the long term. It added 'Siege Battle', a large-scale battle mode between guilds, on Oct. 14 and introduced the seasonal solo dungeon 'Hall of Trials' on Oct. 21. From Oct. 22, it has supported server transfers at the account and guild levels, encouraging user competition and participation in content.

Preparations for follow-up new titles are also under way. Com2uS began pre-registrations in Japan on Oct. 15 for its in-house title 'Crimson Inferno'. It is a turn-based RPG based on a popular Japanese animation and supports mobile and PC. It plans to launch first in Japan to check local user reactions and then expand service to global markets such as South Korea.

If Zeus targeted domestic MMORPG users, Crimson Inferno is aimed at overseas markets based on a Japanese animation fandom. Com2uS is expanding its revenue sources through new titles that differ in genre and target users.

In 2027, it is aiming to release an idle RPG based on the intellectual property (IP) of 'Destiny Child' and a game based on Japanese animation 'A-Rank Party'. Another animation IP game, 'Gachiakuta: Breakout', is also being prepared for a PC and console release in 2027. It is a strategy to broaden genres and platforms beyond its mobile-focused business.

The key is to turn Zeus' initial success into sustained revenue and deliver results with follow-up new titles as well. Whether it can steadily secure new revenue sources while reducing dependence on existing games is seen as a core variable for medium- to long-term earnings growth.

Lee Jong-won (이종원), an analyst at BNK Investment & Securities, analysed that the point to watch in 2026 to 2027 will be whether it can create a structure that sustains expectations for new titles each quarter even after Zeus, rather than how big a success Zeus has been.