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Announcement Regarding Determination of Stock Option Issuance Terms

The announcement informs shareholders and stakeholders that the board of directors of Japan One Software Co., Ltd. has approved the terms for issuing a new series of stock options, designated as the sixth issuance of new share reservation rights. The options will be allocated on July 22, 2025, with a total of 1,882 options granted. Each option represents the right to purchase 100 shares at an exercise price of ¥89,600 per option (¥896 per share). The allocation is distributed among company insiders and employees: 560 options to directors, 43 to executive officers, 70 to auditors, 1,097 to employees, and additional allocations of 40 options to subsidiary directors and 72 to subsidiary employees. The decision was made during the board meeting held on June 26, 2025, and is communicated to ensure transparency with investors listed on the Tokyo Stock Exchange’s Standard market. The notice outlines the specific terms, including the option name, allocation date, total number of options, exercise price per option and per share, and the recipients’ categories. No additional financial or performance data are provided beyond these allocation details. The communication serves to update shareholders on the company’s equity incentive plan, reinforcing governance practices and aligning executive and employee interests with shareholder value.

investment employment japan

Nippon Ichi Software

Report

Financial Highlights: 1st Quarter of the Fiscal Year Ending March 2012

The financial highlights present Tecmo Koei Holdings’ performance for the first quarter of fiscal year 2011, ending March 31, 2012. Net sales rose 26 % year‑over‑year to ¥34.5 billion, driven primarily by the Game Software segment, which generated ¥23.1 billion in sales and contributed a 54.8 % increase from the previous year’s first quarter. Online & Mobile sales also grew strongly, up 79.5 % to ¥4.6 billion, while Media & Rights and Pachislot & Pachinko segments declined sharply by 34.3 % and 76.6 %, respectively. Amusement Facilities sales fell 40.2 %. Corporate and elimination items offset gains, resulting in a net income of ¥2.6 billion, up 31.3 % from the prior year’s first quarter. Operating income improved markedly to ¥641 million, a 51.3 % increase from the prior year’s first quarter, largely due to gains in Game Software (¥1.16 billion) and Online & Mobile (¥1.20 billion). However, the Media & Rights segment posted a loss of ¥109 million, and Pachislot & Pachinko’s operating income fell 98.3 % to ¥497 million, reflecting a significant downturn in that business line. The report covers Japan‑based operations across five core segments—Game Software, Online & Mobile, Media & Rights, Pachislot & Pachinko, and Amusement Facilities—over the first quarter of FY2011. Data are presented in millions of yen, with year‑on‑year comparisons and forecasts for the full fiscal year. The methodology relies on consolidated financial statements, with no explicit survey or sampling details disclosed. Overall, the company experienced robust growth in its core gaming and online divisions, offset by declines in traditional gambling‑related businesses.

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Koei Tecmo

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

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

FY23 Financial Results

The FY23 financial results show a contraction in revenue to £104.6 million, an 8 % decline from the previous year, driven largely by lower sales of the F1® Manager series. Adjusted EBITDA swung from a £6.7 million profit in FY22 to a £4.6 million loss, while the IFRS operating loss widened to £26.6 million. Non‑cash intangible charges of £28.7 million—primarily the closure of Foundry (£13.7 m) and a £15 million impairment on the F1® Manager franchise—were key contributors to the loss. Cash reserves fell from £38.7 million to £28.3 million, reflecting higher operating expenses and capitalised development costs. The portfolio remains dominated by legacy titles, with 72 % of revenue generated from pre‑FY23 releases such as Jurassic World Evolution 2. New initiatives include the acquisition of Complex Games in November 2022 and the planned launch of Warhammer Age of Sigmar: Realms of Ruin, a real‑time strategy title slated for November 2023. The company has refocused on Creative Management Simulation games, closing Foundry and reallocating resources to two new CMS projects. Leadership reviews aim to improve return on investment. For FY24, market consensus expects revenue of £108 million and an adjusted EBITDA loss of £9 million. The company anticipates that the new RTS release, alongside continued support for existing titles and undisclosed revenue streams, will offset the F1® Manager shortfall. The strategy shift toward core CMS titles and tighter cost management underpins confidence in returning to profitable performance over the medium term.

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Frontier Developments

Report

Interim Results: H1 FY26

Frontier Developments plc reported unaudited interim results for the six months to 30 November 2025, showing a 26 % increase in revenue to £59.6 million and a 76 % rise in adjusted operating profit to £9.7 million compared with the same period in 2024. The growth was driven primarily by the launch of Jurassic World Evolution 3, which contributed 90 % of total revenue in H1 FY26 and earned nominations at the Game Awards 2025 and BAFTA Games Awards 2026. Other titles such as Planet Zoo, Planet Coaster 2 and Elite Dangerous also performed strongly, with Planet Zoo becoming the Group’s highest‑grossing individual game. Cash profitability improved markedly; adjusted operating profit, which excludes non‑cash development capitalisation and includes tax and R&D credits, grew to £9.7 million from £5.5 million year‑on‑year. IFRS operating profit rose 73 % to £7.8 million. Gross margin fell to 64 % from 70 %, reflecting higher royalty‑bearing IP revenue. The Group’s cash balance increased to £40.1 million, up 47 % from the prior year, after a £10 million share buy‑back that raised earnings per share to 21.4 p. The Board upgraded FY26 guidance, now targeting revenue of approximately £100 million and adjusted operating profit of around £11 million, citing strong seasonal sales momentum. CEO Jonny Watts stepped down on 1 January 2026, succeeded by Jo Cooke, with Watts remaining as Executive Director until 31 May 2026 to ensure a smooth transition. The Group remains debt‑free, with no significant liabilities beyond lease obligations, and maintains a robust pipeline of CMS titles slated for release in FY27–FY28.

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Frontier Developments

Report

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

Sales for First Half of FY 2020/21

Sales for the first half of fiscal year 2020/21 rose 35.9 % to €86.6 million, driven primarily by a 118 % increase in gaming accessories (€51.6 million) and a 242 % jump in back‑catalogue sales (€18.0 million). Game revenue grew modestly by 3.0 % to €18.3 million, supported by the launch of WRC® 9 and Tennis World Tour® 2; digital sales accounted for 72 % of total game revenue, with back‑catalogue contributions rising from €2.8 million to €7.0 million. Accessories sales surged 106.5 % in the second quarter, largely due to successful RIG headset marketing in the United States and continued demand for PlayStation® 4 controllers. Quarterly performance showed a 24.5 % rise in the first quarter and a 46.4 % increase in the second, with accessories accounting for the bulk of growth. Other categories (mobile and audio) declined slightly by 5.9 %. The company attributes the acceleration in Q2 to premium headset sales and increased digital gaming activity. Looking ahead, Nacon anticipates robust second‑half performance thanks to the overlap of current and next‑generation consoles, upcoming releases of WRC® 9, Tennis World Tour® 2, and Hunting Simulator® 2 on new platforms, plus five additional titles. The firm expects a sharp rise in current operating income and has raised its FY 2020/21 sales target to €150–160 million, maintaining an 18 % operating margin. The 2023 plan projects sales of €180–200 million with a current operating income rate above 20 %. The company operates globally, with 17 subsidiaries and distribution in 100 countries, employing over 550 staff.

market-analysis game-publishing investment+2

Nacon

Report

Aktualizacja strategii PCF Group S.A.

PCF Group S.A. announced on 27 September 2021 that its board adopted an updated development strategy for the company and its capital group. The update builds on a prospectus approved by the Polish Financial Supervision Authority in November 2020 and introduces three key expansion directions. First, the group plans to broaden its game portfolio by adding AA titles that can be produced more quickly and at lower budgets while maintaining quality comparable to Triple‑A releases. Second, it aims to develop AAA and AA games in new genres beyond its current focus on shooters and action titles, incorporating RPG elements. Third, the strategy includes acquiring or partnering with new production teams or companies that operate in these newly targeted segments. The overarching objective is to position the group as one of the world’s leading independent development studios, with a target of releasing at least one new title annually from 2024 onward under either publisher collaboration or self‑publishing models. The update does not alter the existing strategic goals; it confirms the continued dual model of producing multiple Triple‑A games in partnership with major global publishers while expanding self‑publishing efforts for AAA titles based on existing or newly created intellectual property. The strategy therefore seeks to diversify genre offerings, streamline production pipelines for AA titles, and strengthen the group’s global competitive standing through both external partnerships and internal publishing capabilities.

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PCF Group

Report

Financial Results for the First Half of the Fiscal Year Ending March 2023

Koei Tecmo’s first‑half fiscal year ending March 2023 saw a 6.6 % decline in sales to ¥34.76 billion, driven by a 6.3 % drop in domestic Japanese revenue and a 7.0 % fall overseas, with Europe experiencing the steepest loss at 29.7 %. Despite this contraction, operating profit increased by 11.6 % to ¥18.32 billion, largely due to higher margins in the entertainment and amusement segments that offset revenue erosion. Net profit fell 24.8 % to ¥13.65 billion, reflecting a 29.5 % decline in ordinary profit and elevated non‑operating expenses. Strategically, the company is targeting ¥100 billion in FY2024 sales and ¥40 billion in operating profit, underpinned by a pipeline that includes a 5‑million‑copy console title and annual releases of two million copies, alongside smartphone games projected to generate ¥2 billion per month. The first‑half results reinforced the company’s focus on high‑quality AAA titles such as *Fire Emblem Warriors: Three Hopes* and new intellectual properties like *Wild Hearts* and *Wo Long: Fallen Dynasty*, while maintaining the FY2022 operating profit record. Innovation, specialization and diversification are central to Koei Tecmo’s “Transcendent Human Power” initiative. A low employee turnover rate of 4.2 % in FY21, below industry averages, is attributed to enhanced welfare, talent development and a collaborative culture that spans brands such as “Nioh.” These human‑capital investments are positioned to sustain profit growth and high profitability over the next twelve fiscal years.

market-analysis investment global+1

Koei Tecmo Holdings Co.

Report

Resolutions Passed by 11 bit studios Annual General Meeting: June 12th 2025

The report announces the adoption of resolutions by 11 bit studios S.A.’s Annual General Meeting held on June 12, 2025. The meeting’s outcomes are recorded under the legal framework of Article 56.1.2 of the Public Offering Act, which governs current and periodic disclosures for listed companies. The document confirms that the Management Board, chaired by President Przemysław Marszał and including Member Michał Drozdowski, has formally adopted the resolutions. No further detail on the specific content of those resolutions is provided within this brief notice, and no additional data or statistical findings are included. The scope of the disclosure is limited to Warsaw‑based 11 bit studios S.A., covering its corporate governance decisions for the fiscal year ending in 2025. The methodology is implicit: resolutions are passed by a duly convened Annual General Meeting, following statutory procedures for shareholder approval. The report serves as an official record of the company’s governance actions, fulfilling regulatory requirements for transparency and shareholder communication.

investment europe

11 bit studios

Report

FY2025 First Quarter Financial Results Briefing

The briefing presents FY2025 first‑quarter results for GREE, Inc., highlighting a net sales figure of ¥12.9 billion and an operating loss of ¥0.1 billion, largely driven by valuation losses in the Investment Business and foreign‑exchange impacts from yen appreciation. While Game and Anime, Metaverse, and DX segments exceeded forecasts—thanks to strong performance of the Chinese version of *Heaven Burns Red*, continued growth in platform and VTuber services, and solid DX profitability—the Investment Business posted a ¥0.8 billion operating loss due to crypto‑asset valuation declines and write‑downs on maturing funds. Variable costs rose from advertising spend and investment losses, whereas fixed costs remained relatively stable. Geographically, the company operates globally with significant overseas assets; the report notes a ¥1.4 billion FX loss affecting ordinary and net profit. The management plan positions Metaverse and DX as continuous‑growth businesses targeting a 120–140 % CAGR in operating profit, while Game and Anime are treated as long‑term investment assets. Medium‑term targets emphasize aggressive investment in VTuber talent and DX product development, with expectations of profitability from the VTuber segment by FY2026 and accelerated growth in DX by FY2027. Methodologically, the briefing relies on quarterly financial statements, segment‑level performance data, and investment portfolio valuations. The Investment Business’s dual GP/LP structure is explained to contextualize volatility, with an emphasis on long‑term stability despite short‑term losses. Overall, the company projects FY2025 results in line with prior forecasts but anticipates slightly lower Game and Anime sales, offset by higher operating profit from continuous‑growth segments.

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GREE

Report

Current Report No. 12/2025: Supplementary Document for Annual General Meeting

The supplementary document, issued on May 22 2025, serves to provide additional material for the 11 bit studios Annual General Meeting scheduled for June 12 2025. It supplements an earlier notice (Current Report No. 10/2025) by attaching three key reports: the Supervisory Board Report for 2024, the Remuneration Report for 2024, and the Auditor’s Report on that remuneration report. These documents are appended in full to the current release, ensuring shareholders receive comprehensive governance and compensation information before the meeting. The notice also corrects a clerical error from the prior announcement regarding the AGM agenda, clarifying the items to be discussed. The correction is communicated through an updated Board of Directors announcement included in this release. The scope of the supplementary material covers the company’s 2024 financial and governance performance, with a focus on supervisory oversight and executive remuneration. No specific geographic or industry segmentation is addressed beyond the company’s operations in the video game sector. Methodologically, the reports rely on internal audit and external auditor verification for remuneration data, while supervisory board activities are documented through standard corporate governance practices. The document concludes with signatures from the President of the Management Board, Przemysław Marszał, and a board member, Grzegorz Miechowski, underscoring the authenticity of the information provided.

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11 bit studios

Report

Summary of Financial Results for First Half of Fiscal Year Ending December 2014

KLab Inc. reported a strong first‑half performance for fiscal year 2014, with consolidated revenue rising to ¥9.59 billion from ¥7.12 billion in the same period of FY2013, a 34.6 % increase driven by continued growth of the “Love Live! School Idol Festival” franchise and new titles such as “Celestial Craft Fleet.” Operating income improved to ¥696 million, up from a loss of ¥881 million in FY2013, and net income reached ¥542 million versus a loss of ¥598 million previously. Net assets expanded to ¥6.21 billion, reflecting a 66.5 % equity ratio and significant capital stock increases following a new subscription by Deutsche Bank London. Total assets grew to ¥9.26 billion, largely due to higher accounts receivable, while liabilities fell sharply as short‑term loans were reduced. The company’s cash and deposits declined modestly, but overall liquidity remained robust. No dividends were declared in FY2013 or FY2014, and the forecast for the first three quarters of FY2014 projects revenue of ¥15.59 billion and net income of ¥1.03 billion, assuming continued success of key mobile titles. The report notes a change in fiscal year end from August 31 to December 31, affecting comparative periods. A subsidiary, Mediaincruise Co., Ltd., was removed from consolidation following a merger. Accounting practices remained consistent, with no restatements or significant policy changes. The company’s focus on cost control—reducing personnel and office expenses—supported the turnaround in profitability.

market-analysis investment mobile+1

KLab

Report

Supervisory Board’s Recommendation on Allocation of Profit for 2024: Poland

The supervisory board of 11 bit studios S.A. has endorsed the management’s proposal to allocate the entire net profit of PLN 6,899,150 earned in 2024 to statutory reserve funds. This recommendation follows the legal requirement under Article 56.1.2 of the Public Offering Act, which mandates periodic disclosure of profit allocation plans. The final decision on how the 2024 profit will be distributed rests with the annual general meeting, which convened on June 12 2025. The report is issued from Warsaw on May 16 2025 and represents the current, official stance of the supervisory board. The recommendation reflects a conservative approach to capital preservation and compliance with statutory reserve obligations, ensuring that the company’s retained earnings are fully directed toward strengthening its financial base. No further distribution to shareholders or other stakeholders is proposed at this stage, pending the AGM’s resolution. The communication underscores the board’s commitment to prudent financial governance and adherence to regulatory frameworks governing public companies in Poland.

investment europe

11 bit studios

Announcement Regarding Determination of Stock Option Issuance Terms

Financial Highlights: 1st Quarter of the Fiscal Year Ending March 2012

Q1 2021/22 Sales: 33.7 M€

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

Half-Yearly Report: 2024–2025

FY23 Financial Results

Interim Results: H1 FY26

Financial Results for the First Half: Fiscal Year Ending March 2025

Nexon Releases Earnings for Fourth Quarter and Full-Year 2025

Sales for First Half of FY 2020/21

Annual Financial Report and CSR Report: 2022/2023

Aktualizacja strategii PCF Group S.A.

Financial Results for the First Half of the Fiscal Year Ending March 2023

Resolutions Passed by 11 bit studios Annual General Meeting: June 12th 2025

FY2025 First Quarter Financial Results Briefing

HPE Fiscal 2026 First Quarter Results

2024 Interim Report

Current Report No. 12/2025: Supplementary Document for Annual General Meeting

Summary of Financial Results for First Half of Fiscal Year Ending December 2014

Supervisory Board’s Recommendation on Allocation of Profit for 2024: Poland