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Investment

Consolidated Financial Results: Fiscal Year Ended March 31, 2026

France Bed Holdings Co., Ltd. released its consolidated financial results for the six-month period ending September 30, 2025, prepared in accordance with Japanese GAAP. The report details the company’s operating performance, financial position, and cash flow status, while maintaining its previously announced earnings forecasts for the full fiscal year ending March 31, 2026. During the first half of the fiscal year, the company reported net sales of 29,259 million yen, remaining essentially flat compared to the same period in the previous year. However, profitability metrics experienced a decline, with operating profit falling 16.0% to 1,782 million yen and ordinary profit decreasing 17.7% to 1,765 million yen. Profit attributable to owners of the parent reached 1,047 million yen, representing a 20.9% year-on-year decline. Basic earnings per share for the period were 31.20 yen, down from 38.36 yen in the prior year. The company’s financial position as of September 30, 2025, shows total assets of 67,084 million yen and net assets of 39,158 million yen, resulting in an equity-to-asset ratio of 58.3%. Cash flows from operating activities provided 2,541 million yen, while investing and financing activities reflected ongoing capital allocation, including the purchase of treasury shares and continued investment in property, plant, and equipment. Looking ahead to the full fiscal year ending March 31, 2026, the company maintains its forecast of 62,300 million yen in net sales and 4,750 million yen in operating profit. These projections reflect a modest growth expectation of 2.8% in sales and 1.1% in operating profit compared to the previous fiscal year. The company continues to operate under stable accounting policies with no significant changes in the scope of consolidation.

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FRANCE BED HOLDINGS CO.May 2026

Financial

Annual Report 2025: Environment, Social and Governance

Square Enix has formalized a comprehensive sustainability and governance framework aimed at aligning long-term corporate value with environmental responsibility and human capital development. Central to this strategy is a commitment to achieve net-zero CO2 emissions at Japanese offices and data centers by 2030. This transition is already evidenced by a significant reduction in electricity-related emissions, which fell from 34,320 tCO2 in 2017 to 20,635 tCO2 by 2025. By shifting toward digital sales and renewable energy, the Group seeks to mitigate climate-related risks while modernizing its operational footprint. The organizational focus on human capital emphasizes creativity and employee well-being through specialized training in emerging technologies like AI and blockchain, alongside "Game Dev Boot Camps." Support systems have been expanded to include flexible work-from-home options, daycare concierge services, and gamified wellness initiatives designed to incentivize healthy lifestyles. These efforts are intended to foster a high-performance culture capable of navigating the evolving digital entertainment landscape. Governance is characterized by a clear separation between management oversight and operational execution. The Board of Directors is predominantly composed of independent outside directors who maintained near-perfect attendance throughout the fiscal year ending March 31, 2025. Executive remuneration is strictly tied to performance metrics, including consolidated net sales and operating income, with a significant portion of compensation delivered via restricted stock to align leadership interests with those of shareholders. Furthermore, strategic shareholdings in partners like gumi Inc. underscore a commitment to expanding influence within blockchain, cloud gaming, and the metaverse.

investment market-analysis japan

Square EnixMar 2026

Financial

Marvelous Q3 FY2026 Financial Results (Fiscal Year Ending March 2026)

Marvelous Inc. provides a comprehensive financial overview of its performance through the third quarter of the fiscal year ending March 31, 2026. As a Tokyo-based entertainment company, its operations span three primary segments: Digital Contents, which develops games for various platforms; Amusement, focused on arcade game machines; and Audio & Visual, covering music, video, and live stage performances. The data reflects a multi-year trajectory of financial results, including consolidated balance sheets, income statements, and segment-specific sales and income. Financial results for the first nine months of the 2026 fiscal year show net sales of 29,121 million yen, surpassing the full-year totals of the previous two fiscal years. Despite this growth in top-line revenue, operating profit for the period stands at 1,776 million yen, reflecting a lower operating profit ratio of 6.1% compared to 17.9% in 2022. The Digital Contents segment remains the largest contributor to revenue, generating 16,896 million yen in the first three quarters, though it recorded a segment loss of 73 million yen. In contrast, the Amusement segment proved highly profitable, contributing 2,558 million yen in income on sales of 9,298 million yen. The company maintains a stable financial position with total assets of 35,669 million yen and an equity ratio of 76.4% as of December 2025. While net income per share has recovered to 25.56 yen from a loss in 2024, profitability metrics such as Return on Equity have fluctuated significantly over the reported periods. The shareholder structure is anchored by Image Frame Investment (HK) Limited, which holds a 20% stake, followed by founder-related holdings. These figures highlight a period of revenue expansion driven by diverse entertainment segments, tempered by rising costs of sales and shifting profitability within the core digital gaming business.

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MarvelousMar 2026

Financial

Quarterly Transition by Business Segment

CyberAgent’s financial performance for the first quarter of fiscal year 2024 demonstrates a significant recovery in profitability compared to the same period in the previous year. Total net sales reached 193.07 billion yen, representing a year-over-year increase from the 167.57 billion yen recorded in the first quarter of 2023. Most notably, the consolidated operating income swung from a loss of 1.25 billion yen in the prior year’s first quarter to a profit of 6.28 billion yen, signaling a stabilized financial trajectory across the company’s diverse business segments. The Internet Advertisement Business remains the primary revenue driver, contributing 105.32 billion yen in sales and 5.66 billion yen in operating profit during the first quarter. While the Media Business continues to operate at a loss, its performance has improved substantially; the segment reduced its operating loss from 9.35 billion yen in the first quarter of 2023 to just 991 million yen in the current period. This improvement is reflected in the operating profit margin for the Media segment, which narrowed from negative 27.9 percent to negative 2.3 percent. The Game Business experienced a moderate increase in revenue, posting 45.04 billion yen for the quarter compared to 40.91 billion yen a year earlier. However, the segment's operating profit of 3.49 billion yen and margin of 7.8 percent represent a decline from the 5.21 billion yen and 12.7 percent margin seen in the first quarter of 2023. Despite this contraction in game-related margins, the overall corporate performance was bolstered by the Investment Development and Other Business segments, both of which remained profitable. The data covers the Japanese market and reflects the transition from the full fiscal year 2023 through the initial quarter of 2024.

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CyberAgentFeb 2026

Other

Certificate of Amendment of Certificate of Incorporation of tinyBuild, Inc.

TinyBuild Inc., a Delaware-incorporated video game publisher, enacted significant structural changes to its corporate governance through a Certificate of Amendment filed on June 12, 2025. This legal filing formalizes a shift in the company’s internal leadership framework, specifically transitioning the Board of Directors toward a declassified structure. Under these new provisions, all directors will serve one-year terms expiring at the subsequent annual meeting of stockholders, effectively ending any previous multi-year staggered terms by the 2026 annual meeting. The amendments further centralize control over board composition within the board itself. The number of directors is now fixed exclusively by board resolution, and any vacancies or newly created positions must be filled by a majority of the remaining directors rather than by stockholders. While stockholders retain the power to remove directors with or without cause via a majority vote, the board maintains the sole authority to appoint replacements. Additionally, the company expanded its liability protections, stipulating that directors and officers are not personally liable for monetary damages resulting from breaches of fiduciary duty to the fullest extent permitted by the Delaware General Corporation Law. Geographically and legally, the scope of these changes establishes Delaware as the primary jurisdiction for corporate disputes. The amendment mandates that federal district courts serve as the exclusive forum for Securities Act of 1933 claims, while the Delaware Court of Chancery or the federal district court for the District of Delaware are designated as the sole venues for derivative claims under the Securities and Exchange Act of 1934. These updates, signed by CFO Gjasone Salati, align the company’s governing documents with modern Delaware corporate standards regarding executive indemnification and jurisdictional exclusivity.

investment mergers-acquisitions game-publishing+1

State of DelawareFeb 2026

Legal

Announcement Regarding the Allocation of Stock Options (Stock Acquisition Rights)

The announcement sets out the terms under which Nippon Ichi Software Co., Ltd. will issue new share subscription rights to its directors, executive officers, auditors, employees and the same categories at its subsidiaries. The primary aim is to boost motivation and morale and to align the interests of key personnel with the company’s performance, in accordance with the Companies Act and the approval obtained at the 32nd ordinary shareholders’ meeting. A total of 1,908 subscription rights will be granted, each covering 100 ordinary shares for a combined target of 190,800 shares. Allocation is divided among 560 rights for directors, 43 for executive officers, 70 for auditors, 1,123 for employees, 40 for subsidiary directors and 72 for subsidiary employees. Recipients comprise five directors, one executive officer, three auditors, 121 employees, three subsidiary directors and 23 subsidiary employees. No cash contribution is required at grant, and the exercise price will be calculated as the average closing price of the company’s ordinary shares for the month preceding the allocation date, multiplied by 1.05 and rounded up, with a floor at the allocation‑day closing price. The allocation date is set for 22 July 2025, and the exercise window runs from 1 August 2028 to 31 May 2035. Capital increases resulting from exercised rights are limited to half of the statutory increase ceiling, with the remainder allocated to capital reserves. Rights may be reclaimed free of charge if the holder ceases to meet the eligibility conditions or in the event of mergers, share exchanges or other reorganisations, and any transfer of rights requires board approval. The framework applies to the company’s listed shares on the Tokyo Stock Exchange and its subsidiaries, reflecting a corporate‑wide incentive program spanning the next decade.

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Nippon Ichi SoftwareFeb 2026

Financial

3rd Quarter Report: Fiscal Year Ending March 31, 2026

This financial report details Capcom’s consolidated performance for the third quarter of the fiscal year ending March 31, 2026. The findings indicate significant year-on-year growth in both revenue and profit across all business segments, driven primarily by the sustained performance of catalog titles and strong results in the amusement equipment division. Net sales reached 115.3 billion yen, a 30% increase over the previous year, while operating profit rose 75% to 54.3 billion yen. These results place the company on a favorable trajectory to meet its full-year targets of 190 billion yen in net sales and 730 billion yen in operating profit. The Digital Contents segment remains the primary driver of growth, with unit sales reaching a record 9-month high of 34.6 million units. Catalog titles accounted for 96.4% of these sales, underscoring the long-term value of core franchises such as Resident Evil, Monster Hunter, and Street Fighter. Notably, Monster Hunter Wilds surpassed 11 million cumulative units, while Resident Evil 4 and Street Fighter 6 continued to show steady growth. Digital sales now represent 94.1% of total units, with PC platforms alone accounting for over 55% of the volume. Geographically, overseas markets dominate the business, representing nearly 90% of total unit sales. Beyond software, the Arcade Operations and Amusement Equipments segments reported double-digit growth. Arcade sales rose 12% following the opening of new stores and the expansion of specialty formats, while Amusement Equipments saw a 74% surge in net sales due to the strong performance of smart slot titles like Shin Onimusha 3. The company’s strategic outlook remains focused on leveraging its leading brands through upcoming releases such as Resident Evil Requiem and Monster Hunter Stories 3, alongside cross-media expansions including a new Devil May Cry anime and a live-action Street Fighter film.

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CapcomFeb 2026

Financial

Annual Report 2025 Financial Section

The fiscal year ending March 31, 2025, marked a strategic pivot toward profitability and structural reform, characterized by a recovery in earnings despite a contraction in top-line revenue. Net sales decreased 8.9% to ¥324.5 billion, yet operating income rose 24.6% to ¥40.6 billion. This improvement in margins was driven primarily by a significant reduction in extraordinary losses and content disposal costs compared to the previous year. Profit attributable to owners rose to ¥24.4 billion, resulting in a substantial increase in earnings per share to ¥203.38. Central to this financial performance is a three-year "reboot" plan designed to optimize development footprints and diversify earnings across the Digital Entertainment, Amusement, Publication, and Merchandising segments. A rigorous strategic review led to the termination of several high-definition game projects deemed incompatible with a new focus on multiplatform development. While this resulted in specific losses on the disposal of content, it contributed to a leaner balance sheet, with the content production account decreasing to ¥46.9 billion and inventory valuation losses nearly halving to ¥7.5 billion. The Group maintains a robust liquidity position with ¥243.6 billion in cash and equivalents, supported by conservative risk management and a reduction in interest-bearing liabilities to ¥1.5 billion. This financial stability has enabled increased shareholder returns, including a significant dividend hike and a three-for-one stock split scheduled for late 2025 to enhance market liquidity. Despite navigating foreign exchange volatility and rising statutory tax rates, the transition toward a multiplatform internal development model aims to stabilize long-term growth and mitigate the risks associated with high-budget software production.

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Square EnixFeb 2026

Legal

Formularz Pozwalający na Wykonanie Prawa Głosu Przez Pełnomocnika: Nadzwyczajne Walne Zgromadzenie

This administrative instrument facilitates the exercise of voting rights by proxy during the Extraordinary General Meeting of PCF Group S.A., a prominent Polish video game developer and publisher. Scheduled for April 13, 2022, in Warsaw, the meeting serves as a critical governance event for the company. The framework is established in accordance with Article 402 of the Polish Commercial Companies Code, providing a standardized method for shareholders to convey specific voting instructions to their designated representatives. The scope of the document is limited to the corporate governance of PCF Group S.A. within the Polish legal jurisdiction. It functions as a technical guide rather than a legal power of attorney, requiring shareholders to provide identifying information for both themselves and their proxies. The methodology for casting votes involves a structured grid where shareholders can mark their preferences—for, against, or abstain—for each resolution on the agenda. It also allows for split voting, where a shareholder can allocate different numbers of shares to different voting outcomes, a common necessity for institutional investors managing multiple portfolios. A significant provision within the instructions addresses the potential for discrepancies between draft resolutions and the final versions presented during the meeting. Shareholders are encouraged to utilize a remarks section to provide contingency instructions, ensuring their intent is preserved even if the wording of a resolution is amended on the floor. This mechanism highlights the procedural rigor required in the management of a publicly traded entity in the gaming industry, ensuring transparency and legal compliance in shareholder communications and decision-making processes.

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PCF GroupFeb 2026

Legal

Current Report No. 22/2023: Development and Publishing Agreement with Microsoft Corporation

PCF Group S.A., operating under the People Can Fly brand, has entered into a significant development and publishing agreement with Microsoft Corporation to produce a new AAA video game currently titled Project Maverick. This partnership, formalized on June 13, 2023, establishes a work-for-hire framework where the studio develops the title using intellectual property owned by Microsoft. The agreement aligns with the studio’s updated corporate strategy to pursue high-value collaborative opportunities with major industry publishers alongside its own internal projects. The financial scope of the project is substantial, with Microsoft providing a total production budget ranging between $30 million and $50 million. Funding is structured around a milestone-based payment system, where the publisher provides capital as the studio completes specific stages of development outlined in a detailed product appendix. This arrangement ensures that the entirety of the production costs is covered by the publisher, mitigating financial risk for the developer while securing a high-budget project for its production pipeline. The scope of this agreement covers the full development cycle of the game, though specific release windows or geographic target markets are not disclosed. The terms of the contract are described as standard for the industry, containing no unusual conditions or deviations from typical AAA publishing agreements. By securing this contract, People Can Fly reinforces its position as a leading global developer capable of handling large-scale, high-budget productions for major platform holders, leveraging its technical expertise within a secure financial framework provided by one of the industry's largest entities.

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PCF GroupFeb 2026

Legal

Current Report No. 14/2024: Resignation of a Member of the Supervisory Board

The filing serves to formally announce the resignation of Ms. Dagmara Zawadzka from her roles as a member of the Audit Committee and the Supervisory Board of PCF Group S.A., a publicly listed company headquartered in Warsaw. The resignation was submitted on 24 July 2024 and will become effective on 31 August 2024, in accordance with the provisions of § 5 point 4 and § 9 of the Minister of Finance’s Regulation dated 29 March 2018 governing continuous and periodic disclosures by securities issuers. The announcement underscores the company’s compliance with Polish regulatory requirements for timely communication of material governance changes to shareholders and market participants. It also conveys the Board’s appreciation for Ms. Zawadzka’s contributions to the firm’s development and market positioning during her tenure. No further details regarding the reasons for her departure, the composition of the remaining supervisory body, or succession plans are provided. The scope of the disclosure is limited to the corporate governance structure of PCF Group S.A. within the Polish jurisdiction, covering a specific personnel change effective in the latter half of 2024. No statistical data, survey methodology, or broader industry analysis is presented, reflecting the narrow, procedural nature of the communication.

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PCF GroupFeb 2026

Financial

Q4 2025 Interim Report

The interim filing presents the fourth‑quarter 2025 financial results for a midcore‑casual gaming group, emphasizing a record‑setting revenue run and the successful execution of a transformation agenda that includes the integration of the Plarium acquisition and the rollout of a new district structure in early 2026. Revenue reached SEK 3,123 million, reflecting 108 % organic growth year‑on‑year and a 25 % increase on a constant‑currency basis, while adjusted EBITDA rose to SEK 717 million, delivering a 23 % margin that matches the full‑year figure. Unlevered free cash flow amounted to SEK 878 million, with a cash‑conversion rate of 66 % and a leverage ratio of five times EBITDA, underscoring robust liquidity and disciplined capital management. User‑acquisition spending accelerated, representing 38 % of quarterly revenue—up from 37 % in the prior quarter—and grew 76 % on a reported basis, driven by heightened investment in original studios, new casual titles, and the racing franchise. The direct‑to‑consumer channel expanded by 600 basis points to 32 % of total revenue, reflecting a strategic shift toward higher‑margin in‑app purchases. Across the fiscal year, the company posted a 9 % organic revenue increase, with word‑games, racing, and RAID franchises delivering the strongest quarter‑end performance. Operating cash flow for the quarter stood at SEK 840 million, while adjusted net income was SEK 1,390 million, translating to an adjusted EPS of SEK 11.33. The financial outcomes exceed guidance and position the firm to meet its medium‑term outlook, with a pre‑IPO study for PlaySimple concluded and the midcore transformation progressing as planned.

market-analysis monetization user-acquisition+5

Modern Times GroupFeb 2026

Financial

Q4 2025 Financial Report: Modern Times Group

Modern Times Group delivered a record‑setting performance for the fourth quarter of 2025, underscoring the company’s momentum in the digital entertainment sector. Organic revenue expanded by 8 percent, which translates to a 108 percent increase when measured in constant‑currency terms, and net sales reached SEK 3.1 billion. These figures reflect the strength of the group’s core portfolio and its ability to generate growth despite a volatile macro‑economic environment. A pivotal element of the results was the integration of Plarium, which was completed on 12 February 2025 and consolidated from 31 January. The acquisition contributed SEK 5,384 million in sales for the quarter and produced SEK 495 million of income before tax, after accounting for SEK 786 million of purchase‑price amortisation. When the acquisition is modelled as if it had been in place from the start of the year, total sales for 2025 would have risen to SEK 12,137 million, with pre‑tax income of SEK 398 million, albeit offset by SEK 1,269 million of amortisation. The combined impact of robust organic growth and the strategic addition of Plarium positions Modern Times Group as a leading player in the global gaming market. The financial outcomes demonstrate that the company’s acquisition strategy is delivering immediate scale and profitability, while its underlying business continues to expand at a pace that exceeds prior expectations. This performance suggests a durable growth trajectory for the remainder of the fiscal year and beyond.

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Modern Times GroupFeb 2026

Legal

Nacon Announces That It Has Today Filed for Insolvency and Is Requesting the Initiation of Judicial Reorganisation Proceedings

Nacon, a prominent French video game publisher and peripheral manufacturer, has officially filed for insolvency and requested the initiation of judicial reorganization proceedings before the Commercial Court of Lille Métropole. This decision, announced in February 2026, stems from a critical liquidity crisis exacerbated by the financial instability of its majority shareholder, Bigben Interactive. The parent company’s inability to repay a bond loan following a refusal from its banking pool created a domino effect, leaving Nacon unable to meet its current liabilities with available assets. The primary objective of the judicial reorganization is to facilitate a structured debt renegotiation while ensuring the continuity of business operations. Under French law, this procedure allows for an observation period of up to 18 months, during which existing liabilities are frozen to allow the company to develop a credible recovery plan. Nacon aims to use this period to protect its workforce of over 1,000 employees and preserve its global distribution network, which spans 25 subsidiaries and 100 countries. Despite reporting a revenue of €167.9 million and an operating profit of €1.1 million for the 2024/2025 fiscal year, the company faces significant pressure from the long investment cycles inherent in the AA video game sector. Trading of Nacon’s shares on the Euronext Paris remains suspended pending a court ruling expected in early March 2026. The outcome of these proceedings will determine the feasibility of a continuation plan intended to stabilize the company’s 16 development studios and its broader gaming peripheral business.

investment mergers-acquisitions france+1

NaconFeb 2026

Legal

Nacon Announces the Temporary Suspension of Trading in Its Shares on Euronext Paris

Nacon has initiated a temporary suspension of trading for its shares on the Euronext Paris regulated market effective February 20, 2026. This decision follows a critical financial development involving its majority shareholder, Bigben Interactive, which recently announced an inability to proceed with a partial repayment of 43 million euros to bondholders. This default by the parent company has created a significant impact on Nacon’s own liquidity position and operational stability, necessitating immediate intervention to protect the company's interests and stakeholders. The current financial situation requires the rapid implementation of a comprehensive debt restructuring plan with creditors to ensure the continuity of operations. Nacon is currently evaluating the use of formal legal procedures under the supervision of the commercial court to facilitate this restructuring process. In addition to the suspension of share trading, the company has also suspended its liquidity contract. These measures are intended to remain in place until a further update is provided, which is expected within the coming days. Despite these immediate financial challenges, Nacon remains a significant entity in the AA video game publishing and peripherals market, reporting 167.9 million euros in revenue and 1.1 million euros in operating profit for the 2024/2025 fiscal year. The company maintains a global workforce of over 1,000 employees across 16 development studios and 25 subsidiaries. This suspension marks a pivotal moment for the organization as it seeks to stabilize its balance sheet and navigate the contagion effects of its majority shareholder’s financial distress.

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NaconFeb 2026

Financial

Press Release: Nacon Acknowledges Bigben Interactive Financial Situation

Nacon has issued a formal response to the financial instability of its majority shareholder, Bigben Interactive, following a critical liquidity failure. Bigben Interactive, which controls 56.72% of Nacon’s share capital and 65.79% of its voting rights, was unable to meet a scheduled €43 million partial bond repayment due on February 19, 2026. This default was triggered by an unexpected refusal from Bigben Interactive’s banking pool to honor a drawdown notice intended to fund the debt obligation. Consequently, the parent company is now exploring court-supervised debt restructuring procedures to address its insolvency. The scope of this announcement focuses on the immediate financial risks facing Nacon as a subsidiary within the broader European gaming market. While Nacon reported an IFRS revenue of €167.9 million and an operating profit of €1.1 million for the 2024/2025 fiscal year, the parent company’s inability to secure financing creates significant uncertainty regarding Nacon’s own operational funding and strategic stability. The company currently manages 16 development studios and a workforce of over 1,000 employees, maintaining a distribution network that spans 100 countries. Management is currently conducting a comprehensive assessment of how this shareholder-level debt crisis will impact Nacon’s internal activities and existing financing arrangements. As a publicly traded entity on the Euronext Paris, Nacon has committed to providing further market updates as the situation evolves. The primary objective of this communication is to maintain transparency with investors and stakeholders while the company evaluates the potential contagion effects of Bigben Interactive’s restructuring efforts on its publishing and peripheral manufacturing divisions.

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NaconFeb 2026

Legal

Current Report ESPI No. 2/2026: Registration of Share Capital Increase and Statute Amendments

PlayWay S.A., a prominent Polish game developer and publisher, officially registered an increase in its share capital on February 17, 2026. This corporate action, finalized by the District Court for the Capital City of Warsaw, involved raising the share capital from 660,000.00 PLN to 666,600.00 PLN. The increase was achieved through the issuance of 66,000 Series J ordinary bearer shares, each carrying a nominal value of 0.10 PLN. This issuance effectively exhausts the company's remaining authorized capital, leaving the balance of target capital at zero. The capital expansion was executed under the framework of authorized capital previously established by the Management Board in August 2025. A critical component of this issuance was the total exclusion of pre-emptive rights for existing shareholders, a move intended to facilitate the dematerialization of the new shares and streamline the capital raising process. Following this registration, the total number of shares across all series—ranging from Series A through Series J—amounts to 6,666,000, with each share corresponding to one vote at the General Meeting. Beyond the financial adjustments, the registration necessitated formal amendments to the company’s Articles of Association, specifically regarding the wording of Paragraph 6 to reflect the new capital structure. This regulatory filing serves as a formal notification to the market and relevant financial authorities, ensuring transparency regarding the company’s equity structure and voting rights. The action concludes a process initiated in late 2025 and solidifies the company's current financial standing within the Polish capital market.

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PlayWayFeb 2026

Legal

PlayWay S.A. Articles of Association (Consolidated Text, 2026)

PlayWay S.A. is a Warsaw-based joint-stock company established for an indefinite duration to specialize in the development and publishing of computer games. Founded by Krzysztof Kostowski, the entity maintains a share capital of 666,600.00 PLN, represented by 6,666,000 ordinary bearer shares. Recent structural adjustments allow for a targeted capital increase of up to 66,000 new shares, specifically designated to facilitate incentive programs for the Management Board. This financial framework supports a business model focused on long-term growth within the global digital entertainment sector. Governance is defined by a multi-tiered leadership structure consisting of a General Meeting, a Supervisory Board, and a Management Board, with both boards serving five-year terms. Decision-making protocols require high thresholds for significant corporate actions, such as a two-thirds qualified majority for altering the core business or removing board members, and a three-quarters majority for issuing convertible bonds or managing subsidiaries. The Supervisory Board, comprising five to seven members, maintains oversight of financial audits and the Audit Committee, while the Management Board, consisting of one to five members, handles daily operations and legal representation. Financial stability is reinforced through mandatory profit allocation, requiring at least 8% of annual net profits to be directed into a supplementary capital fund until it equals one-third of the total share capital. The General Meeting retains ultimate authority over the distribution of dividends and the establishment of reserve funds. These internal regulations ensure a disciplined approach to capital management and corporate oversight, balancing the interests of shareholders with the operational flexibility needed for the company’s ongoing expansion in the gaming industry.

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PlayWayFeb 2026

Financial

Full-Year Financial Results for the Fiscal Year Ended December 2025 (Japanese GAAP)

Aiming Inc. reported its consolidated financial results for the fiscal year ended December 31, 2025, revealing a significant turnaround in profitability despite a decline in top-line revenue. The company operates within a single segment, the online game business, primarily targeting the Japanese smartphone market. While total revenue fell 7.4% year-over-year to 15,826 million yen, the company achieved an operating profit of 2,079 million yen and a net profit attributable to owners of the parent of 1,086 million yen, recovering from substantial losses in the previous fiscal year. The return to profitability was driven by the sustained performance of core titles and effective cost management. Key revenue contributors included Dragon Quest Tact, developed with Square Enix, and The Eminence in Shadow: Master of Garden, which saw high engagement through its third-anniversary events. Newer titles such as 2.5 Dimensional Seduction: Angels' Stage and Legend of the Galactic Heroes: Die Neue Saga also provided steady income. Conversely, the company faced a non-operating hit from an investment loss of 1,056 million yen under the equity method. Financially, the company strengthened its balance sheet, with total assets increasing to 9,205 million yen and the equity ratio rising to 74.7%. Cash and cash equivalents nearly doubled to 5,498 million yen, bolstered by 4,530 million yen in cash flow from operating activities, primarily due to the collection of accounts receivable. Investment activities included a 1,100 million yen capital contribution to affiliates, notably Betimo, which launched a bicycle race betting service in late 2025 to diversify revenue streams. Looking ahead to the first quarter of fiscal year 2026, Aiming forecasts a 34% decline in revenue to 3,409 million yen and a sharp drop in profits compared to the previous year's period. The company cites the high volatility of the mobile gaming market and intensifying competition from high-quality overseas titles and major IP-based games as primary challenges. Future growth strategies focus on upcoming releases, including a live-action romance simulation game co-produced with TV Asahi scheduled for March 2026.

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AimingFeb 2026

Financial

Nihon Falcom Q1 FY2026 Financial Results (Japanese GAAP, Non-Consolidated)

Nihon Falcom’s financial results for the first quarter of the fiscal year ending September 2026 reveal significant year-over-year growth driven by strong international licensing performance. For the three-month period ending December 31, 2025, net sales reached 937 million yen, a 150.7% increase over the previous year. Profitability saw even sharper gains, with operating income rising 670.4% to 685 million yen and net income increasing 498.8% to 486 million yen. The licensing division served as the primary growth engine, generating 888 million yen in sales, a 218.3% increase. This surge was fueled by the global rollout of The Legend of Heroes: Trails in the Sky the 1st across multiple platforms, alongside continued international sales of the Trails and Ys series. Conversely, the product division, which handles direct domestic sales, saw revenue decline by 47.6% to 49 million yen, reflecting a period focused on development and upcoming releases. Geographically, the results highlight a heavy reliance on global markets and multi-platform availability, including Nintendo Switch, PlayStation 5, and Steam. Looking ahead, the company has upwardly revised its mid-term forecasts due to the steady performance of its flagship titles. However, full-year forecasts remain unchanged at 2.6 billion yen in net sales, as management remains cautious regarding the timing and market reception of upcoming projects like Kyoto Xanadu and the worldwide simultaneous release of Trails in the Sky the 2nd. The financial position remains stable with a high equity ratio of 96.4%. Total assets decreased slightly to 10.9 billion yen, primarily due to a 608 million yen share buyback and dividend payments. The company continues to focus on its single segment of game development and licensing, leveraging its established intellectual properties to maintain high profit margins.

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Nihon Falcom CorporationFeb 2026