Updated Mar 23, 2026 by GREE
GREE Holdings reported a Q3 operating profit of ¥1.7 billion, with growth across its Game, Metaverse, IP, and DX segments despite a net income decline caused by foreign-exchange and impairment losses.
The company established a new IP Business segment on April 1, 2025, to consolidate anime and manga activities, aiming to transition these operations into recurring-earnings models.
The Metaverse Platform segment achieved record-high operating margins due to optimized commission structures, while the VTuber arm reached record sales driven by high-margin merchandising.
The Game Business is positioned for Q4 earnings growth following the launch of 'Puella Magi Madoka Magica Magia Exedra,' despite an overall FY 2025 sales shortfall caused by delayed game releases.
Financial stability remains strong with an equity ratio exceeding 60% and a debt-to-EBITDA ratio near 3×, aligning with the firm’s established financial discipline targets.
The DX Business is shifting toward recurring revenue through new SaaS products and consulting projects, showing QoQ growth despite a slight YoY decline.
Management projects FY 2025 operating profit to reach approximately ¥700 million, exceeding the initial ¥500 million target, with a goal to achieve VTuber business profitability by FY 2026.
GREE Holdings reported a Q3 operating profit of ¥1.7 billion, with growth across its Game, Metaverse, IP, and DX segments despite a net income decline caused by foreign-exchange and impairment losses.
The company established a new IP Business segment on April 1, 2025, to consolidate anime and manga activities, aiming to transition these operations into recurring-earnings models.
The Metaverse Platform segment achieved record-high operating margins due to optimized commission structures, while the VTuber arm reached record sales driven by high-margin merchandising.
The Game Business is positioned for Q4 earnings growth following the launch of 'Puella Magi Madoka Magica Magia Exedra,' despite an overall FY 2025 sales shortfall caused by delayed game releases.
Financial stability remains strong with an equity ratio exceeding 60% and a debt-to-EBITDA ratio near 3×, aligning with the firm’s established financial discipline targets.
The DX Business is shifting toward recurring revenue through new SaaS products and consulting projects, showing QoQ growth despite a slight YoY decline.
Management projects FY 2025 operating profit to reach approximately ¥700 million, exceeding the initial ¥500 million target, with a goal to achieve VTuber business profitability by FY 2026.