FY2026 3Q Financial Results Briefing: GREE Holdings

GREE Holdings’ third-quarter financial results for fiscal year 2026 demonstrate a period of growth, with consolidated net sales reaching ¥12.7 billion and operating profit totaling ¥1.6 billion. This performance exceeded internal expectations, largely driven by the strong results of the Game Business, where anniversary events for major titles significantly outperformed projections. While the company recorded valuation losses in its Investment Business, the overall portfolio remains high-potential. Consequently, the company has revised its full-year operating profit forecast upward to ¥4.4 billion, surpassing the initial estimate of ¥3.6 billion.

The company operates across four primary segments: Game, VTuber, IP, and DX. The Game Business remains a long-term investment focus, with ongoing development of console titles and new live service games. The VTuber segment achieved record-high sales despite a challenging market, bolstered by a strategic capital alliance with Brave group, which positions GREE as its largest shareholder. The IP and DX segments are currently focused on structural strengthening and the accumulation of recurring revenue, though the DX segment noted that planned M&A activities have been delayed, impacting its original fiscal year outlook.

Reflecting a commitment to shareholder returns, GREE Holdings has updated its dividend policy. The company is increasing its target Dividend on Equity (DOE) ratio from approximately 3% to 4% while maintaining a minimum payout ratio of 30% and removing the previous 70% cap. This policy shift aims to improve capital efficiency and provide stable returns during a transition period characterized by profit volatility as the company invests in long-term growth. Management identifies fiscal year 2026 as an earnings bottom, with a strategic focus on driving consistent growth across its continuous business segments in the coming periods.