Bushiroad FY2025 1Q Financial Results Briefing Material

Key insights

7 takeaways

01
Bushiroad reported FY2025 1Q net sales of 10,719 million yen, with the TCG unit remaining the primary revenue driver despite a challenging mobile gaming sector.See it on page 4
02
The mobile game division reported 1,452 million yen in net sales, with one title service termination and continued losses in the console segment due to ongoing development costs.See it on page 8
03
The MD (Merchandising) unit achieved its highest quarterly sales ever, driven by strong performance in capsule toys and the expansion of the PalVerse figure brand.See it on page 29
04
The company is aggressively expanding its global footprint, with 12 Bushiroad EXPO locations planned for 2024 and a full-scale entry into the North American figure and capsule toy market.See it on page 47
05
The 'BanG Dream!' project remains a core pillar, with global advance screenings for the 'Ave Mujica' anime scheduled ahead of its January 2, 2025, global broadcast.See it on page 27
06
Bushiroad Music will absorb its subsidiary, Bushiroad Music Publishing, effective January 1, 2025, to consolidate music content production and copyright management.See it on page 43
07
New Japan Pro-Wrestling and STARDOM continue their collaborative strategy, highlighted by the 'Historic X-over II' event on November 17, 2024, and Hiroshi Tanahashi’s announced retirement for January 2026.See it on page 35

Summary

Bushiroad’s fiscal year 2025 first-quarter performance reflects a period of strategic transition characterized by robust top-line growth and significant operational investment. Net sales reached ¥12,273 million, marking a year-over-year increase driven by record-breaking results in the merchandise and capsule toy divisions. However, operating profit contracted to ¥510 million, impacted by rising costs and foreign exchange volatility. The company continues to execute its core IP Developer Strategy, utilizing a one-stop media mix approach to integrate trading card games, digital content, and live entertainment to maximize the long-term value of its intellectual properties.

The trading card game and merchandise segments serve as primary growth engines, bolstered by strong international demand and the expansion of the PalVerse figure line. New product launches, including upcoming titles based on the Love Live! series and Godzilla, are positioned to sustain this momentum throughout the fiscal year. Conversely, the sports unit, encompassing New Japan Pro-Wrestling and STARDOM, faced headwinds due to soft spectator attendance, prompting a focus on organizational restructuring and brand revitalization. Digital gaming remains in a research and development phase, with a strategic emphasis on future console title development.

Global expansion remains a central pillar of the company’s outlook, supported by the establishment of Bushiroad Asia and the deployment of the Bushi Navi event management tool. By hosting a series of worldwide Bushiroad EXPO events and leveraging global anime screenings for properties like BanG Dream!, the company is actively deepening international fan engagement. Management anticipates a second-half-weighted recovery, relying on a diversified portfolio of new releases and strategic internal mergers to stabilize profitability and capitalize on the global scalability of its media mix model.