Gravity Q2 2026 Report — RO3 Heads to China Beta, RO Zero Global Goes Worldwide

Summary of the IR report, not my opinion.

Gravity just dropped its 2Q 2026 investor presentation, and behind the numbers there’s a lot for us Ragnarok folks. Two headlines: Ragnarok Online 3 cleared its first beta and is walking straight into a China test at the end of the month, and Ragnarok Zero: Global is about to go live across dozens of countries. Plus, Gravity is paying its first dividend ever. Here’s everything worth knowing.

Two dates to circle: August 18, 2026 — Ragnarok Zero: Global launches in Southeast Asia, Europe and Oceania August 27, 2026 — Ragnarok Online 3 starts its first Beta Test in China

Ragnarok Online 3: from first beta to China test

Gravity confirmed that RO3 ran a Technical Beta Test (TBT) in Taiwan, Hong Kong and Macau from June 25 to July 2, 2026. The feedback? According to the report positive — players praised the nostalgic maps that channel the original RO, the feel and impact of combat, the visual effects, and the freshness of the new content. Gravity now calls the game’s “completeness verified.”

Next up was a big stage: RO3 showed at 2026 ChinaJoy in Shanghai (July 31 – August 3), where bilibili is confirmed as the China publisher. China pre-registration opened July 21, and the first Beta Test in China is scheduled to begin August 27, 2026.

The bigger picture from the roadmap: RO3 is Gravity’s “new growth engine,” with a target launch in 2027 aiming for a simultaneous China and global release. So the full release is still a 2027 story — but after a successful beta and a China test now underway, RO3 is clearly moving from concept to concrete.

Ragnarok Zero: Global launches August 18

Ragnarok Zero: Global launches on August 18, 2026 across Southeast Asia, Europe and Oceania — one unified global build spanning 60 countries. It ships with multi-language support out of the box, including English, Chinese, German, French, Spanish, Bahasa, Thai and Turkish (yes, German is in there), and it brings Ragnarok’s first-ever UGC (user-generated content). Pre-registration is open now.

The Americas aren’t left out — GRAVITY Interactive is set to bring RO Zero: Global to North and South America in Q4 2026.

The rest of the Ragnarok universe

Q2 was busy well beyond RO3 and RO Zero:

• Ragnarok M: Classic officially launched in Korea on July 16, 2026.
• Ragnarok Origin Classic launched in North, Central and South America on July 23, 2026.
• Ragnarok: The New World went live in Southeast Asia (July 16) and is underway for a wider global launch.
• Ragnarok M: Eternal Love 2 received its ISBN code from the Chinese government on July 23 — the key regulatory step before a China release, teeing up a sequel to one of the IP’s biggest hits.
• Ragnarok: Midgard Senki — a 2D MMORPG — is set for Taiwan, Hong Kong and Macau in 2H 2026, dropping the classic six-class system for a weapon-based build system with the IP’s first field PvP lane.
• Ragnarok Abyss is slated for China in 1H 2027.
• New titles this quarter also included Ragnarok: Twilight (idle MMORPG), Requiem M (Korea), and Ragnarok: Rebirth (Brazil, Vietnam).

And outside of games: the ‘Ragnarok Monsters Magic Rush!’ animation premiered on Cartoon Network Korea and cracked the channel’s Top 10 programs. All 50 episodes roll out across ~20 Asian countries via overseas Cartoon Network channels starting August 2026.

The bigger plan: Gravity’s mid-to-long-term roadmap

The report also spells out Gravity’s strategy roadmap — and RO3 sits right at the heart of it as the future growth driver. Quick numbers first: 2Q 2026 revenue was KRW 161.9 billion with operating profit of KRW 27.6 billion. Now the five pillars the company is building on:

1. Profitable Growth (1H 2026) — Operating profit up 31.6% year-on-year, driven largely by Ragnarok: The New World’s success in Taiwan, Hong Kong and Macau.
2. Global Expansion (1H 2026) — Over 90% of total revenue now comes from global markets, reinforcing the Ragnarok IP through a localization-first strategy.
3. Shareholder Return (2H 2026) — The first-ever dividend in company history: KRW 30 billion total (KRW 4,400 per share), from a capital-allocation strategy.
4. Strategic Investment (2026–2028) — USD 200 million in capex (USD 100m for growth + USD 100m for strategic investment) to build out the Ragnarok IP ecosystem and evolve Gravity into a platform-holding company. This includes new overseas joint ventures — a Ragnarok-based UGC platform in Thailand and outsourcing operations in Indonesia.
5. New Growth Engine → Ragnarok 3 (2027) — A simultaneous China and global launch planned for 2027, meant to fuel top-line growth on the back of the expanding IP.

That last pillar is the big one for us: Gravity is openly betting on RO3 as its next growth engine — which lines up neatly with the beta success and China test above.

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TL;DR: it’s an exciting stretch for Ragnarok fans. RO Zero Global lands worldwide Aug 18, RO3’s China beta kicks off Aug 27, and the full RO3 launch is lining up for 2027 — with more of the IP hitting more platforms every quarter.

Source: Gravity Co., Ltd. — 2Q 2026 IR Presentation (August 2026).

See you at the fountain.