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Bandai Namco Group Fact Book 2020

01 Consolidated Business Performance / 03 Sales by IPs / Toys and Hobby Unit 05 Network Entertainment Unit 06 Real Entertainment Unit / Visual and Music Production Unit / IP Creation Unit 08 Plastic Model Market / Figure Market / Capsule Toy Market / Card Product Market 09 Candy Toy Market / Children’s Lifestyle (Sundries) Market / Babies’ / Children’s Clothing Market Top Publishers in the Global App Market BANDAI NAMCO Group 10 Home Video Game Market 10 Amusement Machine Market /...

market-analysis game-publishing console+3

Bandai Namco

Report

3Q FY2021 Presentation Material: Japan

3Q FY2021 Presentation Material The future information, such as earnings forecast, written in this document is based on our expectations and assumptions as of the date the forecast was made. Our actual results could differ materially from those described in this forecast because of various 1. Quarterly Results (April - June 2021) 3. Internet Advertisement Business FY2021 The growth of games and ads exceeded our expectation. The forecast is revised upward again.

market-analysis advertising streaming+2

CyberAgent

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Nexon Releases Earnings for Fourth Quarter and Full-Year 2025

Nexon Co., Ltd. reported record‑breaking full‑year revenue of ¥475.1 billion for fiscal 2025, a 6 % increase on an as‑reported basis and 10 % on a constant‑currency basis, driven largely by the MapleStory franchise’s 43 % year‑over‑year growth and new titles such as ARC Raiders® and MABINOGI MOBILE. Operating income reached ¥124.0 billion, flat YoY on an as‑reported basis and up 2 % constant currency, while net income fell 32 % YoY to ¥92.1 billion due to a ¥31.7 billion foreign‑exchange gain in Q4 2024 and a ¥9.7 billion gain in Q4 2025, offset by higher operating costs and a one‑off ¥3.0 billion impairment. Quarterly highlights show Q4 revenue of ¥123.6 billion, up 55 % YoY and 51 % constant currency, with operating income of ¥7.2 billion that missed guidance because of higher performance‑based bonuses for ARC Raiders® and platform fee overruns. A ¥27.7 billion deferral from ARC Raiders® revenue and a ¥9 billion refund related to MapleStory: Idle RPG reduced Q4 results, with an additional ¥5 billion revenue impact expected in Q1 2026. Geographically, the company operates over 190 countries across PC, console and mobile platforms. Franchise performance varied: Dungeon&Fighter (PC) saw double‑digit growth in China and Korea, while its mobile arm declined 21 % YoY; MapleStory franchise revenue grew 54 % in Q4 and 43 % for the year, with Korea and global segments contributing strongly. ARC Raiders® achieved over 14 million units sold worldwide, sustaining high concurrent user peaks of 960,000. Operating cash flow exceeded ¥100 billion in 2025, and shareholder returns included a dividend increase to ¥45 per share and ¥96.9 billion in share buybacks, maintaining a policy of returning more than 33 % of operating income to shareholders. The first‑quarter 2026 outlook projects revenue of ¥150.5–164.0 billion, operating income of ¥51.2–61.1 billion and net income of ¥40.9–48.4 billion, with significant upside from ARC Raiders® and MABINOGI MOBILE and continued growth in key franchises.

market-analysis investment global+2

NEXON Co.

Report

Summary of main supplementary explanations questions and answers at the FY2026 Second Quarter GREE Holdings, Inc. results briefing held on February 5, 2026 PDF

The briefing clarified GREE Holdings’ strategic priorities across its core business segments for FY2026. In the Anime Business, earnings from the newly announced “Mushoku Tensei: Jobless Reincarnation – Chronicle of Echoes” are recorded under the IP Business segment, reflecting the company’s focus on monetizing anime titles it has invested in. The Platform Business within the VTuber segment is expanding beyond traditional gifting revenue by piloting merchandise sales and event features on its REALITY platform; early feedback indicates positive reception, and the company plans to extend these monetization tools to a broader streamer base while offering corporate marketing solutions. In the DX Consulting Business, GREE emphasizes its niche in end‑user entertainment services and acknowledges that generative AI may automate routine maintenance but is unlikely to erode its creative‑driven value proposition in the short term. Regarding financial outlook, a downward revision of FY26 earnings was justified by recent softness in existing game titles; however, the company maintains confidence in its three‑year medium‑term targets (FY28) by shifting emphasis toward continuous growth businesses and reducing reliance on volatile game revenues. Finally, the Anime Business will pursue acquisition of production capabilities—through both in‑house development and M&A—within 2–3 years to secure control over high‑quality, timely anime output. These initiatives collectively aim to diversify revenue streams, strengthen creative control, and sustain long‑term growth across GREE’s entertainment ecosystem.

monetization investment mobile+1

GREE

Report

Summary of Main Supplementary Explanations Questions and Answers: FY2025 Second Quarter GREE Results Briefing

The briefing outlines GREE’s performance and strategic outlook for FY2025 Q2, focusing on game releases, existing title dynamics, and the VTuber business. Pre‑registration for “Puella Magi Madoka Magica Magia Exedra” surpassed 500,000 by January 31, exceeding expectations and reinforcing confidence in the IP’s strong fan base. The company maintains an annual release cadence for new titles, but schedules are determined independently per project; delays in one title do not cascade to others. Existing flagship games such as *Heaven Burns Red* and *That Time I Got Reincarnated as a Slime: ISEKAI Memories* have experienced a deceleration in decline rates after three years, indicating sustained player engagement. In the VTuber segment, sales growth is driven by talent merchandise, live music events, and seasonal participation in Winter Comiket. Revenue has turned profitable as variable costs align with sales, while one‑time expenses—primarily 3D model production for new and returning talents—have increased quarterly, contributing to larger losses. Management anticipates that expanding the talent roster will stabilize one‑time costs and enhance profitability. Looking ahead, GREE projects monthly profitability in FY2026 with annual VTuber sales near ¥3.0 billion, followed by accelerated growth targets. The briefing underscores a balanced approach to new title development, sustained performance of legacy games, and a focused strategy for scaling the VTuber business while managing cost structures.

market-analysis game-publishing user-acquisition+2

GREE

Report

Q1 2021/22 Sales: 33.7 M€

Nacon reported first‑quarter sales of €33.7 million for the period 1 April to 30 June 2021, a decline of 11.3 % versus the same quarter in 2020‑21. The drop reflects an unfavorable comparison basis, yet back‑catalogue performance remained resilient with €9.2 million in sales compared to €10.8 million during the initial lockdown, and a substantial 340 % lift in back‑catalogue revenue that quarter. Game sales fell 16 % to €12.2 million, while accessories declined 8.8 % to €20.6 million; the accessories segment benefited from a 19 % rise in non‑RIG helmet ranges, notably PlayStation 4 and Xbox® controllers. Mobile and audio sales remained flat at €0.9 million. The company confirmed its 2021‑22 and 2022‑23 targets, projecting total annual sales of €180–200 million with a current operating income (COI) margin of 20 %. For FY 2022‑23, Nacon aims for €230–260 million in sales and a COI margin above 20 %, supported by four major game launches (Test Drive Unlimited Solar Crown, Steelrising™, The Lord of the Rings™: Gollum™, and Session™). Second‑half growth is expected from additional titles such as Blood Bowl 3®, Rugby22®, Train Life, Hotel Life, Rogue Lords, and Vampire: The Masquerade®‑Swansong. Nacon’s integrated structure—comprising 11 development studios, publishing of AA titles, and premium hardware design—underpins its strategy to leverage synergies across a global distribution network covering 100 countries. The company, listed on Euronext Paris, employs over 600 staff and operates through 16 subsidiaries.

market-analysis game-publishing investment+3

Nacon

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Summary of Financial Results for First Quarter of Fiscal Year Ended December 31, 2025: KLab Inc.

KLab Inc. reports a modest revenue increase of 3.4 % in the first quarter of fiscal year 2025, driven by a 10th‑anniversary campaign for BLEACH Brave Souls and steady performance of Captain Tsubasa: Dream Team. Operating income improved from a loss of ¥658 million in the same period last year to a loss of ¥288 million, largely due to a 15.6 % reduction in cost of sales and a 9.6 % cut in selling, general and administrative expenses. Net loss attributable to owners of parent narrowed from ¥1 096 million to ¥479 million, while comprehensive loss fell from ¥937 million to ¥202 million. Total assets rose to ¥16.125 billion, with net assets increasing to ¥10.661 billion and an equity ratio of 65.9 %. The company maintained a dividend policy of zero for FY2025 and declined to provide a full‑year earnings forecast, citing market volatility. The financial statements reflect Japanese GAAP consolidation and include a 20th‑series Stock Acquisition Rights issuance and a 2nd‑series unsecured bond placement, resulting in a ¥650 million balance of bonds at quarter end. A voluntary retirement program targeting approximately 100 full‑time employees was announced to streamline costs amid ongoing operating losses and a breach of financial covenants. Management emphasizes continued investment in mobile online games, particularly the EA SPORTS FC™ TACTICAL title and new IP collaborations, while pursuing cost reductions and liquidity management through asset sales and joint development schemes. The company asserts no material uncertainty regarding its ongoing‑concern status, despite recent negative cash flows and covenant breaches.

market-analysis investment japan+1

KLab

Report

FY2020 Third Quarter Financial Results

The FY2020 third‑quarter results demonstrate a stronger operating performance than forecasted, with net sales of ¥15.4 billion and operating income rising to ¥1.2 billion, a 3‑percentage‑point improvement in the operating margin to 8.0 %. EBITDA reached ¥1.4 billion, up from ¥1.09 billion in the prior quarter and ¥1.80 billion year‑on‑year, reflecting a 27 % QoQ increase and a 44 % YoY decline driven by lower variable costs. Total operating expenses fell ¥1.4 billion QoQ, largely due to reductions in advertising spend (¥0.40 bn) and commission costs (¥4.87 bn), while labor and rental expenses remained stable. Key drivers of the improved profitability include robust overseas sales of first‑party IP titles such as *Another Eden*, which expanded distribution to 29 countries and achieved a 1.4‑fold sales lift, and the planned global launch of *SINoALICE* on July 1, targeting 139 territories. The company also accelerated its live‑entertainment platform *REALITY*, adding original content and virtual events that broadened user engagement. A strategic stock‑repurchase program of up to 5 million shares (≈2.2 % of issued equity) and a ¥10 per‑share dividend were announced, reinforcing shareholder returns. The report covers Japan and international markets for the fiscal year 2020, focusing on game development, live entertainment, and advertising segments. Methodology relies on consolidated financial statements, cost‑structure analysis, and operational metrics such as coin consumption in mobile titles. The outlook anticipates a solid earnings base from FY2021 onward, following restructuring costs aimed at long‑term profitability.

market-analysis mobile global+2

GREE

Report

FY2017 4Q Result Presentation

GREE, Inc. reported FY2017 fourth‑quarter results with net sales of ¥19.2 billion and operating income of ¥2.4 billion, both up quarter‑on‑quarter. The company’s strategy of a “release blitz” for native games paid off, with four new titles—Another Eden, SINoALICE, SYMPHOGEAR, and DAN‑MEMO—each ranking in the top 20. Coin consumption reached a milestone of 10 billion coins, and transaction volume grew sharply to nearly 10 billion coins across 13 operating titles. The FY2017 full‑year figures were ¥65.4 billion in sales, ¥8 billion operating income, and ¥10.1 billion EBITDA, with a double‑digit operating margin restored. Key financial adjustments included a ¥6 billion write‑down of North American titles and an extraordinary loss from overseas subsidiary closures, which reduced net income below the ¥11 billion forecast. Advertising costs rose with successful titles but remained under 10% of sales (9.2%). Commission fees to platformers and IP holders increased in line with sales growth, while labor costs edged up due to year‑end bonuses. Geographically, GREE pivoted its overseas model to develop titles in Japanese studios for global distribution, a strategy reinforced by FY18 plans that emphasize game engine consolidation, IP development (first‑party, co‑developed, and third‑party), and global partnerships. The advertising and media arm will focus on apps, video content, and strategic investments to enhance media capabilities. The company targets a 20%+ payout ratio, forecasting a ¥11 per‑share dividend for FY2017.

market-analysis game-publishing monetization+3

GREE

Report

Financial Results for the Third Quarter: Fiscal Year Ending March 2024

The quarterly financial release outlines KOEI TECMO HOLDINGS CO., LTD.’s performance for the first nine months of fiscal 2023, ending March 2024. Total sales rose 23.7 % YoY to ¥61,136 million, driven primarily by new mobile titles that boosted online and mobile game revenue. Operating profit fell 11.7 % to ¥20,316 million due to higher platform, royalty and advertising costs associated with the expanded title portfolio. Ordinary profit increased 100.4 % to ¥33,825 million and net profit grew 80.2 % to ¥24,283 million, largely supported by gains from marketable securities and other non‑operating items. Geographically, Japan contributed 61.1 % of sales while overseas sales accounted for 38.9 %, with the United States and Europe showing modest declines in unit volumes but maintaining strong digital sales. The entertainment segment recorded a 24 % YoY sales increase, with mobile and online channels contributing 47.1 % of segment revenue; console package sales declined by 10.3 %. Digital sales ratio for the entertainment sector rose to 84.2 %, reflecting a shift toward downloadable content and mobile downloads. Cost analysis revealed a 12.9 % rise in employment costs, a 78.8 % jump in subcontracting expenses, and a 92.8 % increase in advertising spend, all linked to new title launches. The company maintains its FY2024 operating profit target of ¥37,500 million, citing anticipated revenue from the March release of “Rise of the Ronin” and continued expansion in mobile markets.

market-analysis game-publishing mobile+3

Koei Tecmo

Report

Financial Results for the First Quarter: Fiscal Year Ending March 2022

The financial overview for the first quarter of fiscal 2022 highlights a robust performance driven by new console releases and strong back‑catalogue sales. Total revenue rose 80.6 % from ¥11,363 million to ¥20,520 million, with operating profit more than doubling from ¥4,387 million to ¥9,718 million (121.5 % increase). Ordinary and net profits also surged by 105.5 % and 101.9 %, respectively, reflecting higher margins across the entertainment segment. Revenue composition shifted toward console titles, which accounted for 48.7 % of sales in the overseas market and 38.3 % domestically, supported by launches such as *Samurai Warriors 5* and remastered collections like *Ninja Gaiden: Master Collection*. Online/mobile sales grew 55.8 % in download volume, with the Romance of the Three Kingdoms series expanding into licensing‑out agreements. Non‑operating income benefited from gains on investment securities, prompting an upward revision of the half‑year earnings estimate. Geographically, Japan contributed 38.3 % of sales while overseas markets grew by 51.3 %, with North America and Europe showing mixed results—North America doubled its unit sales, whereas European units fell 26.3 %. Headcount increased by 2.5 % to 2,088 employees, and cost of goods sold rose 22.6 %, largely due to higher production for new titles. Methodologically, the report aggregates quarterly financial statements, sales data by platform and region, and download metrics from the company’s global service portfolio. The analysis underscores a strategic focus on IP licensing, back‑catalogue monetization, and digital distribution to sustain growth in the second half of fiscal 2022.

market-analysis game-publishing investment+5

Koei Tecmo

Report

Consolidated Financial Results for the Nine Months Ended December 31, 2022

MIXI, Inc. reports consolidated financial results for the nine months ended December 31 2022 under Japanese GAAP, covering April 1 2022 to December 31 2022. Net sales rose 24.6 % to ¥104,802 million, driven by the Digital Entertainment segment (Monster Strike). Operating income increased 67.7 % to ¥19,073 million, while ordinary income attributable to the parent fell 72.8 % to ¥2,020 million due to a significant loss on withdrawal from business and share‑sale losses. EBITDA reached ¥22,476 million, up 55.9 %. Comprehensive income for the period was ¥2,954 million, a decline from ¥7,066 million in 2021. Basic earnings per share dropped sharply to ¥27.76 from ¥100.86, reflecting the large operating loss and extraordinary items. Total assets grew to ¥220,153 million, with net assets at ¥180,392 million and an equity ratio of 80.8 %. Cash and cash equivalents increased to ¥1113 million, offset by higher operating cash outflows of ¥1,726 million. The company maintained a stable dividend policy, continuing the ¥55 million quarterly payment announced for fiscal year 2023. The report notes a shift in presentation: investment activities are now classified as a separate reportable segment, with gains and losses on securities moved to net sales or cost of sales. No changes in accounting policies materially affected the results, though fair‑value measurement guidance was adopted. The nine‑month period reflects a transition toward diversified revenue streams while managing significant investment‑related losses.

market-analysis investment mobile+1

mixi

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Summary of Main Supplementary Explanations Questions and Answers: FY2020 Fourth Quarter Results Briefing

The briefing clarified the reasons behind the quarter‑over‑quarter decline in sales and operating income for the fourth quarter of fiscal 2020. Core revenue streams from Game and Live Entertainment remained robust, while the Advertising and Media segment suffered sales drops linked to COVID‑19 disruptions. Operating income fell further due to lower sales and increased fixed costs, notably one‑time expenses such as divestitures of unprofitable units, office consolidation and relocation costs, and remote‑office support to curb virus spread. The Game business itself experienced only limited impact despite delays in anime broadcasts featuring third‑party intellectual property. Looking ahead, the company projects full‑year fiscal 2021 operating income to stay within a range of approximately ¥0.5 billion to just under ¥1.0 billion per quarter, with a stronger first‑quarter outlook of over ¥1 billion driven by the successful global launch of SINoALICE. For the Advertising and Media division, profitability is expected to improve through restructuring initiatives and a revised business plan tailored to the pandemic context, with an aim to achieve profitability within fiscal 2021. The analysis covers Japan‑based operations across gaming, live entertainment, and advertising/media segments during the 2020–2021 fiscal period.

market-analysis monetization mobile+1

GREE

Report

Q1 2025 Financial Results: Aiming Inc.

Aiming Inc., a Japanese online‑game operator, reported its first‑quarter 2025 results for the fiscal year ending December 2025. Revenue rose 12.2 % YoY to ¥5,168 million, driven by sustained performance of flagship titles such as “Dragon Quest Tact” and new releases like “WIND BREAKER.” Operating profit swung from a ¥149 million loss in the same period last year to a ¥1,352 million profit, while ordinary profit improved from a ¥42 million loss to ¥503 million. Net income attributable to parent shareholders reached ¥362 million, compared with a ¥346 million loss previously. Total assets increased to ¥8,194 million, largely due to a ¥1,689 million rise in cash and deposits; liabilities fell by ¥213 million, resulting in a 75.5 % equity ratio. The company’s balance sheet shows solid liquidity, with current assets of ¥6,787 million against current liabilities of ¥1,662 million. Equity rose to ¥6,317 million, supported by a ¥362 million increase in retained earnings. Research and development expenditure for the quarter was ¥181 million, unchanged from prior periods. Aiming’s strategic focus remains on expanding its online‑game portfolio and securing intellectual property to counter intensifying competition in Japan’s ¥1.27 trillion mobile‑game market (projected to grow modestly). The company also announced a new investment in KPJ Planning, a competitive‑cycling ticketing platform, to diversify revenue streams and leverage its app development expertise. No material accounting policy changes or significant post‑event disclosures were reported for the quarter.

market-analysis investment japan+1

Aiming

Bandai Namco Group Fact Book 2020

3Q FY2021 Presentation Material: Japan

Nexon Releases Earnings for Fourth Quarter and Full-Year 2025

Summary of main supplementary explanations questions and answers at the FY2026 Second Quarter GREE Holdings, Inc. results briefing held on February 5, 2026 PDF

Summary of Main Supplementary Explanations Questions and Answers: FY2025 Second Quarter GREE Results Briefing

Q1 2021/22 Sales: 33.7 M€

Annual Report 2016

2023 Integrated Report: Value Creation Story

Consolidated Financial Results for the Fiscal Year Ended March 31, 2020: Japan

Summary of Financial Results for First Quarter of Fiscal Year Ended December 31, 2025: KLab Inc.

Summary of Financial Results for Fiscal Year Ended December 31, 2024

FY2020 Third Quarter Financial Results

FY2017 4Q Result Presentation

Financial Results for the Third Quarter: Fiscal Year Ending March 2024

Financial Results for the First Quarter: Fiscal Year Ending March 2022

FY2025 Full-Year Financial Results

2025 Integrated Report: Value Creation Story

Consolidated Financial Results for the Nine Months Ended December 31, 2022

Summary of Main Supplementary Explanations Questions and Answers: FY2020 Fourth Quarter Results Briefing

Q1 2025 Financial Results: Aiming Inc.