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Market Forecast

FY2024 Full Year Earnings Release Q&A

CyberAgent is prioritizing a transition toward global expansion and diversified revenue streams as it enters the 2025 fiscal year. While domestic operations currently account for over 90% of total business, the strategic focus is shifting toward internationalizing core intellectual properties. This expansion is led by the game business, specifically through the multi-language release of Jujutsu Kaisen Phantom Parade and the upcoming English version of Umamusume: Pretty Derby. By leveraging original programming from ABEMA and BABEL LABEL, the company intends to distribute content via global platforms to cultivate a worldwide audience and establish new, internationally recognized IPs. The media segment is evolving beyond its current reliance on advertising and the WINTICKET platform. Future growth is expected to stem from a broader ecosystem including distribution fees, merchandising, and live entertainment events. There is also significant long-term potential in the synergy between video streaming and sports betting, with the company positioning itself to capitalize on any future legalization of sports betting in Japan. This diversification strategy aims to stabilize the media business and ensure it contributes consistently to consolidated operating profit. For the 2025 fiscal year, the financial outlook remains focused on steady growth across three primary segments. The advertising business is projected to outperform general market growth while maintaining profitability. In the game business, the strategy centers on a dual approach of launching new titles while extending the operational lifespan of existing hits to ensure stability. Overall, the company is moving toward a model where IP-based revenue and peripheral businesses around the ABEMA platform drive long-term value alongside traditional advertising and gaming operations.

market-forecast global monetization

CyberAgentFeb 2026

Financial

Q3 2026 Financial Supplementary Data Collection Data Appendix (FY2026/3 Q3)

Financial results for the third quarter of the fiscal year ending March 2026 reveal a complex performance landscape characterized by robust revenue generation offset by substantial extraordinary losses. Consolidated sales reached 134.1 billion yen for the quarter, driven primarily by the Entertainment Contents segment. However, the company recorded a net loss of 19.5 billion yen due to 31.8 billion yen in extraordinary charges. These financial pressures necessitated a revision of the full-year forecast, which now anticipates higher overall sales of 490.0 billion yen but a projected net loss of 13.0 billion yen for the fiscal year. The consumer games division remains a cornerstone of the business, though it faces tempered expectations for the remainder of the year. While third-quarter sales were strong at 66.5 billion yen and full-game unit sales reached 8.69 million, the annual unit sales target was lowered from 30.0 million to 26.5 million. This adjustment stems largely from a decline in anticipated repeat sales of older titles. Key intellectual properties continue to demonstrate market resonance, with the Sonic series leading performance at 4.0 million units year-to-date, followed by the Total War, Like a Dragon, and Persona franchises, which each contributed between 2.4 million and 3.2 million units. In the amusement and resort sectors, the Pachislot and Pachinko segments show signs of recovery despite regulatory and competitive challenges. While Pachislot approval rates remain low and utilization shares have dipped to 14.5%, the Pachinko segment saw an improved utilization share of 10.0%, ranking the company third in the market. Simultaneously, the Paradise Segasammy casino resort reported growth, hosting 321,000 users year-to-date and generating a cumulative operating profit of 86.2 billion KRW. These diverse results highlight a period of strategic recalibration as the company manages high-performing legacy IPs against broader structural financial headwinds.

market-analysis market-forecast japan+1

Sega Sammy HoldingsFeb 2026

Financial

Earnings Results: FY2026 Q3

KADOKAWA’s financial performance through the third quarter of fiscal year 2026 reflects a period of transition characterized by a slight consolidated revenue decline to 202.9 billion yen and a sharp 59.7% drop in operating profit. This contraction stems primarily from profit margin compression in the publishing sector due to rising labor costs and smaller title scales, alongside difficult year-on-year comparisons in the gaming and anime divisions. While the previous fiscal year benefited from the massive global success of Elden Ring, current results show a normalization of earnings despite steady contributions from downloadable content and repeat sales totaling 2.5 million units. The gaming segment remains a focal point for future growth, with a strategic shift toward next-generation hardware. Development is currently underway for multiple titles for the successor to the Nintendo Switch, including Elden Ring Tarnished Edition and a platform-exclusive title, The Duskbloods, co-published with Nintendo. Although specific release dates and financial guidance for these projects remain undisclosed, they represent a core pillar of the long-term recovery strategy. Meanwhile, the anime segment continues to leverage a robust slate of 52 titles, including popular franchises like Re:Zero and Oshi no Ko, even as licensing income saw a temporary 22% decline. Geographically, international markets continue to play a vital role, with overseas revenue reaching 12.5 billion yen for the quarter. The United States and Asia remain the dominant territories, accounting for 45.6% and 39.3% of international sales, respectively. Positive momentum in the Education and EdTech divisions, which achieved 13.4% revenue growth through record student enrollment, provides a stabilizing counterweight to the volatility in entertainment software. Moving into the final quarter, recovery efforts will focus on strategic price revisions in publishing and a strong lineup of anime sequels to offset earlier margin pressures.

market-analysis market-forecast japan

Kadokawa CorporationFeb 2026

Report

The PC & Console Gaming Report 2025

The global PC and console gaming market is projected to reach $92.7 billion by 2027, driven by a significant recovery in the console sector. While PC growth remains modest at a 2.6% CAGR, the console segment is expected to expand by 7.0%, fueled by the anticipated launch of the Nintendo Switch 2 and blockbuster releases such as Grand Theft Auto VI. Despite a revenue dip in 2024 due to a lighter premium release schedule, total playtime grew by 6%, signaling robust engagement even as market dynamics shift toward a "near zero-sum" competition for player attention. Player behavior is increasingly characterized by "calcification," where engagement is concentrated into a shrinking pool of established "forever games." Titles aged six years or older now command over 60% of playtime on PC and nearly half on consoles. This consolidation is most visible on PC, where just five legacy titles account for 30% of annual hours. While PlayStation has emerged as a growth leader with a 21% increase in playtime since 2021, the broader trend across all platforms shows players becoming more "unreachable," with a rising share of the audience engaging with only one to three games per year. To combat stagnation, publishers are increasingly leveraging "recursive nostalgia" by reintroducing classic maps and mechanics. While this strategy yielded massive engagement spikes for Fortnite, its effectiveness varies, often serving as a short-term boost rather than a long-term retention tool unless structured as a permanent gameplay mode. Furthermore, the discoverability crisis has intensified as annual releases on Steam approached 19,000 in 2024. With the impact of traditional seasonal sales declining fourfold since 2019, success now requires a shift toward targeted global events, external traffic generation, and product differentiation to break through a market dominated by AAA franchises and entrenched free-to-play titles.

market-analysis market-forecast pc+2

NewzooFeb 2026

Financial

Investor Presentation: February 2026

Take-Two Interactive enters 2026 positioned for unprecedented growth, driven by a record development pipeline and the strategic integration of its mobile and console divisions. The company’s financial trajectory is anchored by the highly anticipated release of Grand Theft Auto VI, officially scheduled for November 19, 2026. This flagship title leads a portfolio that includes thirteen franchises with over five million units sold each, supported by a global workforce of over 10,000 employees. Management anticipates a total addressable market of $199 billion by the end of 2026, fueled by a steady 4% compound annual growth rate in mobile gaming and a robust install base of 138 million current-generation consoles. The 2K label continues to provide a stable foundation for recurrent consumer spending, primarily through the NBA 2K franchise, which has surpassed 170 million lifetime units. Recent commercial successes, such as the August 2025 launch of Mafia: The Old Country and the critical acclaim for Borderlands 4, demonstrate the company's ability to maintain momentum across its premium "Immersive Core" segment. Furthermore, upcoming titles like Civilization VII show strong pre-launch engagement, with nearly two million wishlists on Steam, signaling continued demand for established intellectual properties through fiscal year 2028. The acquisition of Zynga has fundamentally reshaped the corporate revenue profile, with mobile gaming now accounting for 51% of the $5.6 billion in net bookings recorded for fiscal year 2025. This segment utilizes a "Bold Beat" live services strategy and a "hybrid+" catalog approach to bridge the gap between hyper-casual accessibility and deep monetization. With over 10 billion lifetime downloads across its mobile portfolio, the company is leveraging established hits alongside new entries like Match Factory! to capture a larger share of the mobile market. This diversified approach balances high-stakes console blockbusters with steady, high-margin mobile revenue.

market-analysis market-forecast global+1

Take‑Two InteractiveFeb 2026

Financial

Notice Concerning Revision of Earnings Forecast: Japan

The notice announces a downward revision of the full‑year earnings outlook for the fiscal year ending March 2026 for a Japanese software publisher listed on the Tokyo Stock Exchange Standard market. The revised consolidated forecast projects net sales of ¥3,475 million, a 27.2 % decline from the prior estimate of ¥4,774 million, and operating profit of ¥‑393 million, down ¥474 million from the earlier ¥‑81 million projection. Ordinary profit is now expected at ¥‑80 million, a reduction of ¥235 million, while earnings per share fall from ¥6.25 to ¥‑0.58. The standalone forecast shows a similar contraction, with net sales cut to ¥784 million (‑27.4 %) and operating loss widening to ¥‑263 million, compared with the previous ¥1,081 million and ¥‑118 million respectively. The revision is attributed primarily to weaker-than‑anticipated sales of new titles in both domestic and overseas markets, despite steady download revenues from existing games. Higher selling, general and administrative expenses, adverse foreign‑exchange effects from a depreciating yen, and a special loss for retirement allowances at an overseas subsidiary further depress profitability. The forecast reflects information available as of the announcement date and acknowledges that actual results may vary due to unforeseen factors. The scope is limited to the company’s consolidated and individual financial performance for the 12‑month period from April 2025 to March 2026, covering its core software and game publishing operations in Japan and abroad.

market-analysis market-forecast japan

Nippon Ichi SoftwareFeb 2026

Whitepaper

2026 Media Trends: Five Media Catalysts Shaping What's Next

The media landscape is undergoing a fundamental shift driven by five distinct catalysts that will redefine consumer engagement and industry structures by 2026. As traditional boundaries between entertainment formats dissolve, the industry is moving toward a model defined by hyper-personalization, immersive technologies, and the decentralization of content creation. This evolution is characterized by the rise of generative artificial intelligence, which is transitioning from a novelty tool to a core infrastructure component capable of producing high-fidelity, interactive experiences at scale. A primary driver of this transformation is the integration of gaming as a central social and commercial hub. Virtual environments are increasingly serving as the primary venue for social interaction among younger demographics, with significant growth projected in cross-platform ecosystems that blend commerce, live events, and gameplay. Data suggests that the convergence of these sectors will lead to a more fragmented yet interconnected market where user-generated content rivals professional studio output in both reach and monetization potential. Geographically, the impact of these trends is global, though adoption rates vary significantly between established Western markets and emerging digital economies in Asia and Latin America. The methodology behind these projections involves a synthesis of consumer behavioral data, investment patterns in emerging tech, and longitudinal studies of media consumption habits across diverse age groups. Ultimately, the industry is pivoting toward a "creator-first" economy where the value lies not just in the content itself, but in the community and utility built around it, forcing legacy media entities to adopt more agile, platform-agnostic strategies to remain competitive.

market-forecast ai cross-platform+1

CircanaJan 2026

Financial

FY2026 2Q Financial Results Briefing Material

Bushiroad Inc. achieved a steady financial performance through the second quarter of fiscal year 2026, reporting net sales of 14,072 million yen for the period and cumulative first-half sales of 27,839 million yen. This 4.6% year-over-year increase reflects a resilient business model that balances traditional entertainment segments with expanding global reach. While the core Trading Card Game segment experienced a minor dip due to a lighter release schedule, the successful launch of the hololive OFFICIAL CARD GAME and a rising overseas sales ratio of 43.5% provided a stable foundation. Growth was further bolstered by high attendance in the Sports segment, particularly for New Japan Pro-Wrestling and STARDOM, alongside a significant foreign exchange gain. The company has already reached 64.6% of its full-year operating profit forecast, supported by the expansion of the PalVerse figure brand and consistent console game releases. Strategic focus remains on the worldwide mobile launch of HUNTER×HUNTER NEN×SURVIVOR in early 2026 and major product updates for flagship titles like Weiβ Schwarz and Cardfight!! Vanguard. Although the third quarter is expected to be a transitional period characterized by higher marketing expenditures and product specification updates, the full-year consolidated forecast remains unchanged. Long-term growth initiatives are centered on international IP utilization and capital efficiency. A strategic alliance with GENDA Inc. aims to accelerate global expansion, while the planned cancellation of 6,000,000 treasury shares in late 2025 underscores a commitment to enhancing shareholder returns. By integrating live events, digital gaming, and physical merchandise across domestic and international markets, the organization is positioning itself to navigate short-term transitional costs while securing a broader global footprint.

investment market-analysis market-forecast+3

BushiroadJan 2026

Report

2026 Predictions: Trends in Gen AI, Gaming & Digital Ad Spend

The forecast outlines how generative‑AI, short‑form video and evolving ad formats will reshape the digital economy by 2026. It argues that AI‑driven applications will move from a niche category to a core revenue engine, rivaling traditional paid‑media traffic and reshaping user‑acquisition dynamics across mobile, web and gaming. The analysis draws on Sensor Tower’s app‑store, advertising and web‑traffic datasets, applying its App IQ and Game IQ taxonomies to the top publishers, the 1,000 most‑visited U.S. sites and the leading Steam releases, with historical data through December 2025 and forward projections to 2026. Generative‑AI apps are projected to generate more than $10 billion in worldwide in‑app‑purchase revenue, achieve 7.2 billion downloads and capture 43 billion hours of usage in 2026—an 82 % year‑over‑year increase that will place the genre among the top five for downloads, revenue and engagement. Short‑drama vertical video is forecast to overtake traditional OTT streaming in download volume, securing roughly 80 % of downloads and closing the IAP gap to 20 % of OTT’s share, driven by rapid adoption in markets such as India, Indonesia and Brazil. Meanwhile, U.S. digital ad spend will total $20 billion, with image‑based creatives outpacing video growth (35 % versus 15 % YoY) as social platforms, especially Meta’s Reels, shift budgets toward static formats. On the web, generative‑AI traffic will surpass paid sources on more than half of the top 1,000 U.S. sites by the end of 2026, up from 37 % in late 2025,

market-forecast ai advertising+1

Sensor TowerJan 2026

Report

Video Gaming Report 2026: How Platforms Are Colliding and Why This Will Spark the Next Era of Growth

The global video game industry is currently transitioning from a post-pandemic period of stagnation toward a new era of growth defined by the convergence of hardware-agnostic ecosystems and decentralized distribution. The primary thesis posits that the industry is evolving into a collection of independent, platform-agnostic environments where traditional barriers—such as closed app store models—are being dismantled in favor of direct-to-consumer web stores and alternative distribution channels. This shift is designed to improve developer margins and provide greater control over monetization strategies, including tiered pricing and subscription models, to better serve a price-sensitive global player base. Technological and creative innovation serves as the catalyst for this transformation, with Generative AI accelerating development cycles and the expansion of user-generated content (UGC) fostering deeper intergenerational engagement. Cloud gaming is projected to become a cornerstone of this evolution, with revenues expected to reach $18.3 billion by 2030. These advancements, while promising, necessitate a strategic pivot toward robust content curation and the resolution of complex intellectual property challenges. As games increasingly function as community-driven platforms, stakeholders must prioritize engagement over legacy hardware dependencies to remain competitive. A significant opportunity for expansion lies in the correction of a persistent monetization imbalance. Although gaming commands 12.5% of total media consumption time, it currently captures only 3% of global advertising spend. By integrating sophisticated advertising models alongside AI-driven development and UGC, the industry is positioned to capture this latent value. Ultimately, the future of the sector depends on the successful navigation of market saturation through strategic windowing and the adoption of flexible, multiplatform ecosystems that prioritize community-led discovery and long-term player retention.

market-analysis market-forecast monetization+1

Boston Consulting GroupDec 2025

Legal

Current Report 20/2025: Establishment of the release date for the game "Death Howl"

The Management Board of 11 bit studios S.A. has officially scheduled the global release of the upcoming title Death Howl, developed by the Copenhagen-based studio The Outer Zone. The initial launch is set for December 9, 2025, specifically targeting the PC market through the Steam and GOG distribution platforms. This announcement serves as a formal update to previous corporate disclosures issued earlier in the fiscal year and fulfills regulatory transparency requirements regarding confidential market information. The release strategy follows a staggered platform rollout common in the contemporary gaming industry. While PC players will gain access in late 2025, the availability of the game on major console hardware—including PlayStation 5, Xbox Series X/S, and Nintendo Switch—is deferred until the first quarter of 2026. This timeline indicates a prioritized focus on the Windows environment for the holiday season, followed by a broader multi-platform expansion in the subsequent quarter. This disclosure is categorized as a current report under European Union market abuse regulations, reflecting the potential impact of product launch timelines on the valuation and investor relations of a publicly traded entity. By confirming these dates, the Warsaw-based publisher provides clarity on its short-term revenue pipeline and the operational progress of its partnership with external development studios. The scope of the announcement is limited to the specific release windows for these identified platforms and does not detail pricing or regional variations.

market-forecast poland pc+1

11 bit studiosNov 2025

Financial

Notice Regarding Differences in Earnings Forecasts

The notice serves to inform shareholders of a variance between the company’s actual second‑quarter performance for the fiscal year ending March 2026 and the forecast issued on 20 June 2025. For the consolidated period April 1 to 30 September 2025, net sales reached ¥1,244 million, 10.9 % below the prior estimate of ¥1,396 million, while operating profit fell to a loss of ¥322 million versus the projected ¥264 million loss. Net profit attributable to the parent’s shareholders declined to ¥44 million per share from the forecasted ¥47 million. On a standalone basis, sales were ¥363 million, 15.3 % lower than the ¥429 million expected, and net profit per share slipped to ¥45 million from ¥48 million. The primary driver of the shortfall was weaker domestic demand for newly released titles, which reduced unit sales below expectations. Conversely, a stronger yen depreciation generated foreign‑exchange gains that lifted both ordinary profit and net profit relative to the forecast. Despite the quarterly miss, the company retains its full‑year outlook unchanged. The revised full‑year consolidated forecast anticipates sales of ¥4,774 million, a 9.9 % decline year‑on‑year, with operating profit turning positive to ¥81 million after a prior loss, ordinary profit of ¥154 million, and net profit attributable to shareholders of ¥31 million. On a standalone basis, full‑year sales are projected at ¥1,081 million, down 23.8 % YoY, with ordinary loss of ¥118 million and net loss of ¥121 million. The company commits to updating the outlook promptly should subsequent developments warrant revision.

market-forecast investment japan+1

Nippon Ichi SoftwareNov 2025

Financial

FY2025 Presentation Material

CyberAgent achieved record consolidated net sales of 874 billion yen for the 2025 fiscal year, marking nearly three decades of uninterrupted growth. This performance was characterized by a significant recovery in profitability, as operating income surged nearly 79% to 71.7 billion yen. The primary catalyst for this expansion was the gaming segment, which saw operating income nearly double due to the success of several new hit titles and a six-fold increase in overseas sales following aggressive global expansion. Furthermore, the Media and IP segment reached a major milestone by achieving profitability for the first time since the launch of the ABEMA streaming service, which saw record viewership and a doubling of active users for its original programming. While the gaming and media sectors flourished, the advertising division experienced a 14% decline in operating profit. This contraction resulted from heavy internal investments in artificial intelligence intended to drive long-term structural changes. Despite these costs, overall group sales grew by over 6%, supported by the establishment of new animation studios and expanded global distribution partnerships. The company’s strategic focus remains on diversifying its IP portfolio and leveraging external payment methods to improve margins within its digital storefronts. Looking toward the 2026 fiscal year, the outlook remains stable with projected sales of 880 billion yen, though operating income is expected to moderate to between 50 and 60 billion yen. This conservative forecast accounts for the inherent volatility of the gaming market and the high performance bar set by recent hits. Additionally, the organization is preparing for a significant leadership transition scheduled for late 2025, during which founder Susumu Fujita will transition to Chairman, and Takahiro Yamauchi will assume the role of President to lead the next phase of the company's evolution.

market-analysis market-forecast marketing

CyberAgentNov 2025

Financial

Take-Two Interactive Q2 Fiscal Year 2026 Conference Call

Take-Two Interactive reported record-breaking financial results for the second quarter of fiscal year 2026, ending September 30, 2025. The company achieved net bookings of $1.96 billion, significantly exceeding its guidance of $1.7 to $1.75 billion. This performance was driven by the successful launch of NBA 2K26, which saw a 45% increase in recurrent consumer spending, and substantial overperformance in the mobile sector led by titles such as Toon Blast and Match Factory. While Borderlands 4 faced some initial technical challenges on PC, other major releases like Mafia: The Old Country exceeded internal expectations. Based on this momentum, management raised its full-year fiscal 2026 net bookings outlook to a range of $6.4 to $6.5 billion, representing 14% year-over-year growth. Recurrent consumer spending is now projected to grow by 11%, more than double previous forecasts. The company also provided a significant update on its product pipeline, officially scheduling the release of Grand Theft Auto VI for November 19, 2026. This shift is intended to allow for maximum polish, with the company anticipating that the title will help drive record net bookings in fiscal year 2027. The report covers Take-Two’s global operations across its primary labels: Rockstar Games, 2K, and Zynga. Financial data is presented on a GAAP basis with year-over-year comparisons. Key strategic focuses highlighted include the expansion of direct-to-consumer mobile platforms to improve margins and continued investment in live services. Despite a 13% increase in management-basis operating expenses due to higher marketing and performance-based compensation, the company maintains a positive outlook on long-term profitability and shareholder returns as it prepares for a series of major franchise launches.

investment market-analysis market-forecast+1

Take‑Two InteractiveNov 2025

Financial

Take-Two Interactive Software, Inc. Reports Results for Fiscal Second Quarter 2026

Take-Two Interactive demonstrated significant financial momentum during the second quarter of fiscal 2026, characterized by a 33% year-over-year increase in Net Bookings to $1.96 billion. This growth was primarily fueled by the performance of the NBA 2K franchise, Borderlands 4, and a robust mobile portfolio. Total net revenue for the quarter rose to $1.77 billion, contributing to a six-month revenue total of $3.28 billion. While the company continues to operate at a net loss, the second-quarter loss of $133.9 million represents a substantial narrowing from the $365.5 million loss recorded in the prior year, signaling a clear path toward improved profitability. The company’s operational efficiency is further evidenced by a shift to positive EBITDA, which reached $342.1 million for the first half of the fiscal year. Digital online channels remain the cornerstone of the business model, accounting for 95% of total revenue. Although mobile gaming remains a significant contributor, console bookings have reclaimed the lead in platform mix, representing 46% of total bookings. Liquidity remains strong, with cash and equivalents increasing to $1.96 billion, providing a stable foundation for upcoming large-scale releases and ongoing development cycles. Looking forward, the strategic roadmap is anchored by the official scheduling of Grand Theft Auto VI for November 19, 2026. This milestone supports an optimistic long-term outlook, with expectations for record Net Bookings in fiscal year 2027. For the remainder of fiscal year 2026, the Net Bookings guidance has been raised to a range of $6.4 billion to $6.5 billion. Management expects to end the fiscal year with an EBITDA between $579 million and $637 million, reflecting a disciplined approach to narrowing GAAP net losses while scaling for unprecedented future growth.

investment market-forecast global

Take-Two InteractiveNov 2025

Financial

FY2026 1Q Financial Results Briefing Material

Bushiroad’s financial performance for the first quarter of fiscal year 2026 reflects a period of significant expansion and profitability, characterized by a 12.2% increase in net sales to 13,766 million yen and a 227% surge in operating profit. This growth was primarily catalyzed by the trading card game segment, which benefited from the successful launches of the Godzilla and hololive official card games. Strategic shifts, including the transition to a single reporting segment and reduced research and development costs within the digital games unit, further bolstered the operating profit margin to 12.1%. The geographic scope of operations has shifted increasingly toward international markets, with overseas sales reaching a record 44.5% of total revenue. This global momentum is supported by the strong performance of established titles like Weiß Schwarz and the release of Hunter × Hunter NEN×IMPACT. While merchandise sales saw a slight year-on-year decline due to high prior-year comparisons, the live entertainment division maintained positive momentum through sold-out events in Shanghai and Japan. The company has already achieved 37.1% of its full-year operating profit target, positioning it well to meet annual forecasts. Future growth is anchored in an integrated "IP Developer" and "One-Stop Media Mix" strategy, which seeks to synchronize anime, digital games, and live events to maximize brand value. Key initiatives include the global expansion of the PalVerse brand, strategic investments in production partners like YUHODO and SANZIGEN, and large-scale events such as Bushiroad EXPO 2026. By leveraging cross-company alliances and high-profile intellectual properties like BanG Dream!, the organization aims to solidify its role as a global platform company capable of scaling both internal and third-party content across the entertainment landscape.

investment market-analysis market-forecast+1

BushiroadNov 2025

Financial

FY2026 First Quarter Financial Results

The first quarter of FY2026 reflects a period of strategic transition and resilient profitability, with consolidated net sales reaching ¥12.8 billion and operating profit totaling ¥1.1 billion. While these figures represent a sequential decline in sales, they exceeded internal expectations and demonstrate a 63% year-over-year increase in operating profit. The current fiscal year is positioned as a foundational "bottom" year for earnings due to aggressive investments in a new console title, with a return to significant growth projected for FY2027. Management has revised full-year estimates upward to ¥56.4 billion in sales, anticipating a smaller profit decline than originally forecasted. The Game segment remains the primary revenue driver at ¥7.5 billion, benefiting from overseas outsourced development and reduced advertising expenses following the wind-down of major promotions. Simultaneously, the newly rebranded VTuber Business achieved record quarterly operating profit of ¥0.4 billion, supported by steady live streaming growth and effective cost controls. While the Production and IP sub-segments currently face temporary losses due to heavy investment and delayed revenue cycles in anime, they are expected to reach profitability in the second half of the year. The DX Consulting Business emerged as a high-growth pillar, reaching record quarterly sales of ¥1.9 billion through large-scale digital marketing projects. The Investment Business continues to provide significant financial upside, reporting a substantial year-over-year increase in operating profit to ¥1.4 billion driven by management fees and success fees from a ¥53 billion asset pool. Despite some valuation losses in specific funds, the segment maintains a high unrealized portfolio value of ¥38.9 billion. Across all segments, the group is targeting a medium-term profit CAGR of 20% to 25% through FY2028, supported by a strong 70% equity ratio and a diversified portfolio spanning gaming, virtual entertainment, and digital transformation services.

market-forecast investment japan

GREENov 2025

Financial

Consolidated Sales for the Second Quarter 2025-26

NACON reported consolidated sales of €46.8 million for the second quarter of the 2025-26 fiscal year, representing a 4.5% increase compared to the same period in the previous year. This growth contributed to a total first-half revenue of €78.1 million, a 1.4% rise year-over-year. The financial results highlight a significant divergence between the company’s two primary business segments, with strong performance in software publishing offsetting a sharp decline in hardware and peripherals. The gaming division served as the primary growth engine, with second-quarter sales increasing 31.7% to €36.7 million. This surge was driven by a 52.5% rise in new catalogue titles, bolstered by the successful launches of Rugby League 26 and Hell is Us, the latter of which achieved high user scores and over 1.5 million residual wishlists. The back catalogue also remained resilient, growing 7.8% to €14.0 million. Conversely, the accessories segment experienced a 42.7% decline in quarterly revenue, falling to €9.0 million. This downturn was largely attributed to a 66% drop in American market sales resulting from increased customs duties, though European sales remained supported by new controller releases and Switch 2 peripherals. Looking ahead to the remainder of the 2025-26 fiscal year, the company confirmed its annual targets and anticipates strong growth. The second-half strategy relies on a dense release schedule featuring nearly a dozen titles, including GreedFall II and Dragonkin: The Banished. While uncertainties persist in the American accessories market, the company expects the software catalogue to drive momentum. These results reflect NACON's position as an integrated AA publisher and peripheral designer operating across 100 countries with a workforce of over 1,000 employees.

market-analysis market-forecast monetization+1

NaconOct 2025

Legal

Wyznaczenie Daty Premiery Gry „Tracked: Shoot to Survive”

PCF Group S.A. has officially scheduled the release of its upcoming title, Tracked: Shoot to Survive, for November 13, 2025. This project, which was previously developed under the internal codename Bison, represents a strategic move into the virtual reality market. The launch is specifically targeted at the Meta Quest 3 and Meta Quest 3S hardware platforms, indicating a focus on high-end standalone VR experiences. The announcement serves as a formal update to previous corporate disclosures issued in late 2023 and early 2025 regarding the project's development lifecycle. By establishing a firm premiere date, the Warsaw-based developer confirms the transition of the title from its production phase to commercial availability. This timeline aligns with the broader industry trend of optimizing software for the latest generation of Meta’s hardware ecosystem. The scope of this release is currently limited to the specified Meta Quest platforms, with the company providing these details in compliance with European market abuse regulations. This regulatory filing underscores the material importance of the release to the company’s financial outlook for the fourth quarter of 2025. The transition from a codename to a finalized title suggests that marketing and distribution efforts are now entering their final stages ahead of the November launch.

game-publishing vr europe+1

PCF GroupOct 2025

Financial

Consolidated Quarterly Data Appendix: FY2025 3rd Quarter

Koei Tecmo’s financial performance through the third quarter of fiscal year 2025 demonstrates robust growth driven by a strong international presence and the steady expansion of its core intellectual properties. Consolidated sales reached 51,729 million yen year-to-date, supported by a healthy 32% profit ratio in the third quarter. The Entertainment segment remains the primary engine of this success, contributing 47.5 billion yen to total revenue. This performance is increasingly global in scope, with overseas sales accounting for 36.1% of total revenue and a significant 75.9% of total game units sold. Digital transformation remains a key trend for the firm, as evidenced by a 68% digital download rate across 6.06 million units sold during the period. The company’s long-term stability is anchored by its flagship franchises, with Dynasty Warriors and Nobunaga’s Ambition reaching lifetime milestones of 24 million and 11 million units, respectively. While the Online and Mobile sector slightly edges out Console and PC sales in terms of year-to-date revenue, both segments remain vital to the corporate strategy. To support this continued growth, the organization has expanded its consolidated headcount to 2,849 employees, positioning itself to meet a full-year sales forecast of 92,000 million yen. Future growth is predicated on an aggressive multi-platform release schedule extending into 2026. Strategic focus is shifting toward next-generation hardware, with several high-profile titles slated for the Nintendo Switch 2, including Hyrule Warriors: Age of Imprisonment and Pokémon Pokopia. The pipeline also features major sequels to established action franchises, such as Ninja Gaiden 4 and Nioh 3, alongside continued investment in the mobile market through both in-house development and licensed IP for the Chinese market. This diversified approach across hardware cycles and geographic regions underscores a commitment to maintaining high profitability through a mix of legacy brand management and new platform adoption.

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Koei TecmoOct 2025