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Ragnarok Online 3: Service to Begin in Japan
Ragnarok Online 3 is announced as a free‑to‑play smartphone and PC MMORPG that will launch in Japan on February 13, 2026. Developed by Gravity Co., Ltd. and Lee MyoungJin (studio DTDS) under GungHo Online Entertainment’s publishing umbrella, the title preserves core elements of the original Ragnarok series—job system, classic content, and atmospheric design—while introducing a modern art style and restructured systems that support global interaction and cooperative play. Seasonal updates will refresh status, skill building, and siege battles, offering continuous new experiences for both veteran players and newcomers.
The service will be available on iOS, Android, and PC (planned), with in‑game purchases. Distribution is managed by a consolidated subsidiary of Gravity, excluding certain regions, and preparations for the Japanese launch are underway. GungHo emphasizes its commitment to high‑quality content and global expansion, aligning with its philosophy of pursuing new challenges and product creation.
GungHo Online Entertainment, headquartered in Chiyoda‑ku, Tokyo, was founded in 1998 and reported paid‑in capital of ¥5.338 billion as of December 31, 2025. The announcement includes standard legal and trademark notices for Apple, Google, and related brands. Press inquiries are directed to GungHo’s IR group via [email protected].
- Gravity Co., Ltd. and studio DTDS will launch Ragnarok Online 3 in Japan on February 13, 2026, as a free-to-play MMORPG.
- The title will be available across iOS, Android, and PC platforms, featuring in-game purchases and a business model focused on seasonal content updates.
- GungHo Online Entertainment will publish the game, which retains core series elements like the job system and atmospheric design while introducing a modernized art style.
- The game is designed to support global interaction and cooperative play through restructured systems and recurring updates to skills, status, and siege battles.
- Distribution is managed by a consolidated subsidiary of Gravity, with the Japanese launch serving as a key component of GungHo’s broader global expansion strategy.
3Q FY2021 Presentation Material: Japan
3Q FY2021 Presentation Material The future information, such as earnings forecast, written in this document is based on our expectations and assumptions as of the date the forecast was made. Our actual results could differ materially from those described in this forecast because of various 1. Quarterly Results (April - June 2021) 3. Internet Advertisement Business FY2021 The growth of games and ads exceeded our expectation. The forecast is revised upward again.
- The company's Q3 FY2021 sales reached 192.2 billion yen (up 70.3% YoY) and operating profit hit 44.5 billion yen (up 5.4x YoY), leading to an upward revision of the full-year forecast.
- The game division was the primary growth driver, with sales of 92.3 billion yen (up 151.7% YoY) and operating profit of 44.2 billion yen (up 483.5% YoY), largely attributed to the success of "Uma Musume Pretty Derby."
- The advertising division also performed strongly, achieving sales of 81.8 billion yen (up 27.3% YoY) and operating profit of 5.2 billion yen (up 9.7% YoY) by maximizing advertising effectiveness.
- ABEMA and related businesses saw sales increase by 48.7% YoY to 19.9 billion yen, though they recorded an operating loss of 3.8 billion yen.
- The company maintains a strong financial position, with current assets at 272.8 billion yen (up 50.6% YoY) and cash deposits at 146.6 billion yen (up 62.1% YoY) as of June 2021.
3Q FY2020 Presentation Material: Japan
3Q FY2020 Presentation Material The future information, such as earnings forecast, written in this document is based on our expectations and assumptions as of the date the forecast was made. Our actual results could differ materially from those described in this forecast because of various 1. Quarterly Results (April - June 2020) 3. Internet Advertisement Business FY2020 Results were in line with the forecast despite COVID-19 Q3 impact.
- Overall FY2020 results were in line with forecasts despite COVID-19, with Q3 sales down 0.7% year-over-year to 112.8 billion yen and operating profit down 12.3% to 8.2 billion yen.
- ABEMA's Weekly Active Users (WAU) remained stable after the lifting of stay-at-home requests, with Media sales up 19.2% year-over-year to 13.3 billion yen, though operating profit was a loss of 4.0 billion yen.
- Advertising sales remained flat year-over-year at 64.3 billion yen (up 0.01%) despite COVID-19, with operating profit down 6.0% to 4.7 billion yen, by focusing on advertisers with strong stay-at-home consumer demand.
- Game sales declined 4.0% year-over-year to 36.7 billion yen in Q3, with operating profit down 9.5% to 7.5 billion yen, as quarterly revenue declined after anniversaries of game releases.
- The company's total employee headcount was 5,467 at the end of June, including 295 new graduates who joined in April.
FY2020 Presentation Material: October 2019 to September 2020
October 2019 to September 2020 The future information, such as earnings forecast, written in this document is based on our expectations and assumptions as of the date the forecast was made. Our actual results could differ materially from those described in this forecast because of various 1. FY2020 Full Year Results <sub>(October 2019 </sub>- September 2020) 2. FY2021 Forecast <sub>(October 2020 </sub>- September 2021) 3. Internet Advertisement Business 7.
- The company achieved record-high consolidated sales of 478.5 billion yen in FY2020, representing a 5.5% year-over-year increase, despite the impact of COVID-19.
- Net profit saw a significant increase of 289.9% in FY2020, reaching 6,608 million yen, while operating profit grew by 9.9% to 33,880 million yen.
- For FY2021, the company forecasts continued sales growth to a minimum of 500 billion yen, and a net profit forecast of 8-10 billion yen, representing a 21.1% to 51.3% increase.
- ABEMA's sales and related businesses increased by approximately 1.5x year-over-year, driven by the growth of related businesses like "ABEMA PPV ONLINE LIVE" and "WINTICKET."
- The company's dividend forecast for FY2021 is 37 yen, an 8.8% increase from FY2020's 34 yen, based on a Dividend on Equity (DOE) of 5%.
2Q FY2021 Presentation Material
2Q FY2021 Presentation Material The future information, such as earnings forecast, written in this document is based on our expectations and assumptions as of the date the forecast was made. Our actual results could differ materially from those described in this forecast because of various 1. Quarterly Results (January - March 2021) 3. Internet Advertisement Business FY2021 Game and ads performed well.
- Consolidated sales for 2Q FY2021 reached 163.4 billion yen, marking a significant 26.6% year-over-year increase, driven by strong performance in both the game and advertising businesses.
- The company has achieved its full-year forecast for Sales (294.4B), Operating Profit (32.9B), Ordinary Profit (33.0B), and Net Profit (13.6B), with sales progressing at 49% towards a revised 600B target.
- The game business saw success with new titles; "NieR Re[in]carnation" achieved 10 million downloads, and "UMA MUSUME Pretty Derby" exceeded 5 million downloads within 1.5 months of its February 24th release.
- ABEMA's weekly active users (WAU) are consistently in the 12 million range, with a peak of 14.90 million, indicating strong user engagement for the media platform.
- Total employee headcount stood at 5,535 at the end of March, with 300 new graduates joining in April, reflecting continued investment in human resources.
1Q FY2022 Presentation Material
1Q FY2022 Presentation Material The future information, such as earnings forecast, written in this document is based on our expectations and assumptions as of the date the forecast was made. Our actual results could differ materially from those described in this forecast because of various 1. Quarterly Results <sub>(October </sub>- December 2021) 3. Internet Advertisement Business 6. Medium to long-term strategy FY2022 Sales and OP were off to a strong start.
- Q1 FY2022 saw strong overall performance with sales of 171.0 billion yen (up 30.6% YoY) and operating profit (OP) of 19.8 billion yen (up 2.8X YoY).
- Game sales and OP significantly grew, driven by "Uma Musume Pretty Derby," reaching 58.3 billion yen (up 94.7% YoY) and 17.1 billion yen (up 15.1X YoY) respectively.
- Media revenue from ABEMA and related businesses increased to 24.9 billion yen (up 22.4% YoY), though it recorded an operating loss of 3.8 billion yen (an improvement of 80 million yen YoY).
- Advertising sales reached a new record of 87.8 billion yen (up 14.7% YoY), with an OP of 5.7 billion yen (up 0.7% YoY).
- ABEMA has exceeded 76 million downloads in five years and nine months since its launch, with its paid online live entertainment feature "ABEMA PPV ONLINE LIVE" and online sports betting "WINTICKET" contributing to its growth.
3Q FY2023 Presentation Material: Japan
3Q FY2023 Presentation Material The future information, such as earnings forecast, written in this document is based on our expectations and assumptions as of the date the forecast was made. Our actual results could differ materially from those described in this forecast because of various 1. Financial Summary<sub>(April-June 2023)</sub> 3. Internet Advertisement Business 6. Medium to long-term strategy FY2023 Media and Ads increased the sales.
- Overall Q3 FY2023 performance saw a significant drop in operating profit (down 86.2% YoY to 1.4 billion yen) despite sales remaining flat (down 0.2% YoY to 171.7 billion yen).
- The Game business experienced lower-than-expected earnings, with sales down 27.0% YoY to 33.7 billion yen and an operating loss of 0.1 billion yen, primarily due to a slowdown after major game anniversaries in Q2.
- The Media business, specifically ABEMA, saw improved performance, with sales up 13.1% YoY to 33.3 billion yen and a reduced operating loss of 1.5 billion yen (a 2.4 billion yen improvement YoY).
- The Ads business achieved record-high sales of 105.4 billion yen (up 9.1% YoY), but operating profit decreased by 37.4% YoY to 3.8 billion yen due to continued upfront investment.
- SG&A expenses increased by 5.2% YoY to 39.8 billion yen in Q3 FY2023.
1Q FY2024 Presentation Material
The presentation outlines CyberAgent’s fiscal‑year 2024 first‑quarter performance, emphasizing a robust rebound across its three core businesses—Internet advertising, media (ABEMA), and game development. Consolidated sales reached ¥193 billion, up 15.2 % year‑over‑year, while operating profit climbed to ¥6.28 billion, a 7.5‑point increase from the prior year’s loss. The advertising arm delivered ¥105.3 billion in revenue, up 10.1 % YoY, and an operating profit of ¥5.6 billion, reflecting a 13.3 % YoY gain and sustained improvement in operating‑margin efficiency (OPM). Media operations posted ¥42.7 billion, a 27.8 % YoY rise, though operating loss narrowed to ¥0.9 billion, driven by reduced losses in ABEMA‑related activities. Game sales hit ¥45.0 billion, up 10.1 % YoY and 6.5 % QoQ; operating loss fell to ¥3.4 billion, a 32.9 % YoY decline and 42.4 % QoQ improvement, thanks to a new hit title.
Financial statements show total assets of ¥468.7 billion and shareholders’ equity of ¥129.0 billion, with cash deposits at ¥184.8 billion. SG&A expenses rose 8.1 % YoY to ¥43.7 billion, while headcount increased to 7,336 employees.
Strategically, the company targets a “growth phase” with new digital ad platforms (e.g., ANA Moment Ads), continued investment in ABEMA, and a pipeline of high‑quality games such as “Jujutsu Kaisen Phantom Parade.” Forecasts indicate that FY2024 operating profit will reach ¥30 billion, with sales projected at ¥750 billion. The presentation stresses a commitment to enhancing monetization, AI‑driven advertising efficiency, and extending game lifecycles to secure long‑term profitability.
- CyberAgent returned to profitability in 1Q FY2024 with ¥6.28 billion in operating profit, a significant recovery from the prior year's loss, on consolidated sales of ¥193 billion.
- The company projects full-year FY2024 performance to reach ¥750 billion in sales and ¥30 billion in operating profit.
- The game development segment saw sales rise 10.1% YoY to ¥45.0 billion, with operating losses narrowing by 32.9% YoY to ¥3.4 billion, largely driven by the success of the new title 'Jujutsu Kaisen Phantom Parade.'
- The internet advertising business remains the primary revenue driver, contributing ¥105.3 billion in revenue—a 10.1% YoY increase—and ¥5.6 billion in operating profit.
- Media operations, anchored by ABEMA, grew revenue by 27.8% YoY to ¥42.7 billion, successfully narrowing the segment's operating loss to ¥0.9 billion.
FY2024 Presentation Material: January to March 2024
The presentation outlines CyberAgent’s FY2024 performance, emphasizing record sales and operating profit growth across its three core businesses—Internet Advertising, Media (ABEMA), and Game. Consolidated sales reached ¥215.1 billion in Q2, up 10.0% YoY, while operating profit rose to ¥21.0 billion, a 12.2% increase and the first time surpassing ¥20 billion in eight quarters. Internet Advertising sales climbed 7.1% YoY to ¥107.3 billion, with operating profit up 19.6%. The Media segment achieved a new high of ¥42.0 billion in sales, up 25.8% YoY, and turned profitable for the first time since Q2 2023; operating profit increased 0.7 billion yen. Game sales grew 8.1% YoY to ¥67.1 billion, driven by the launch of “Granblue Fantasy: Relink,” which sold one million units within eleven days, and by anniversary events for major titles; operating profit surged 19.8% YoY.
Financially, SG&A expenses increased modestly by 2.9%, while cash deposits and fixed assets grew significantly, reflecting investment in technology and talent. Net income attributable to shareholders rose 30.8% YoY to ¥10.3 billion, offset by a temporary extraordinary loss.
The company’s strategy focuses on leveraging generative AI and large‑language models (CyberAgentLM) to enhance ad creative, expand ABEMA’s sports content through partnerships with DAZN and WOWSPO, and sustain game revenue by launching new titles such as “Granblue Fantasy Versus” and “Umamusume Pretty Derby.” The overarching goal is to increase sales and profits, with FY2023 operating profit as a low point, and to position CyberAgent as a global digital media and technology leader.
- CyberAgent achieved consolidated Q2 FY2024 sales of ¥215.1 billion (up 10.0% YoY) and an operating profit of ¥21.0 billion, marking the first time profit has exceeded ¥20 billion in eight quarters.
- The Game segment grew 8.1% YoY to ¥67.1 billion in sales, bolstered by the launch of 'Granblue Fantasy: Relink'—which reached one million units sold in eleven days—and various anniversary events.
- The Media segment (ABEMA) reached a record ¥42.0 billion in sales, a 25.8% YoY increase, and achieved profitability for the first time since Q2 2023 with an operating profit of ¥0.7 billion.
- Internet Advertising sales rose 7.1% YoY to ¥107.3 billion, with operating profit significantly outpacing revenue growth at a 19.6% increase.
- Net income attributable to shareholders grew 30.8% YoY to ¥10.3 billion, despite being partially offset by a temporary extraordinary loss.
2Q FY2025 Financial Presentation Material
2Q FY2025 Presentation Material We corrected past annual securities reports and others due to the discovery of an inappropriate accounting treatment at the consolidated subsidiary. Please refer to the “Notice on Submission of Correction Reports of Past Annual Securities Reports and Amendments of Financial Statements for Past Fiscal Years” released on May 15, 2025, for details.
- The company achieved record-high sales of 217.3 billion yen in FY2025 Q2, up 1.2% YoY, with operating profit increasing by 0.7% YoY to 20.8 billion yen, primarily driven by Media & IP and Ad businesses.
- An inappropriate accounting treatment at a consolidated subsidiary led to corrections of past annual securities reports and amendments of financial statements, with details released on May 15, 2025.
- The Media & IP business saw significant growth, with sales up 14.4% YoY to 57.0 billion yen and operating profit increasing 6.5x YoY to 3.3 billion yen, through building a multi-layered revenue stream and investing in anime production.
- The Ad business maintained a high sales increase rate, up 9.9% YoY to 117.5 billion yen, and operating profit increased by 8.7% YoY to 6.0 billion yen, with an operating profit margin of 5.1%.
- Sales and profit in the game console game sector declined 23.4% YoY to 51.4 billion yen and 15.7% YoY to 15.3 billion yen respectively, despite a significant QoQ increase (34.6% in sales, 4.6x in OP) due to a game release in February 2024.
Quarterly Transition by Business Segment: Japan
The quarterly transition analysis for Japan’s business segments presents detailed financial performance for FY2024 and FY2025, focusing on Media & IP, Internet Advertisement, Game, and Investment Development divisions. Sales figures reveal that the Internet Advertisement Business consistently leads with a FY2024 total of ¥434,612 million and a FY2025 total of ¥461,220 million. The Game Business shows the most volatility, peaking in Q2 FY2024 at ¥67,170 million before declining to ¥38,856 million in Q3. Media & IP sales remain relatively stable around ¥50–52 billion per quarter, while Investment Development remains a minor contributor with totals under ¥7 billion.
Operating profit (OP) highlights divergent profitability across segments. The Game Business delivers the highest OP, reaching ¥31,055 million in Q1 FY2024 and sustaining strong quarterly results thereafter. Internet Advertisement maintains steady OP around ¥5–6 billion each quarter, whereas Media & IP oscillates between losses and modest gains, culminating in a FY2024 total OP of ¥8,262 million. Investment Development experiences significant swings, with a notable loss in Q2 FY2024 but a recovery to ¥1,756 million in Q4.
Operating profit margins (OPM) excluding special incentives illustrate segment efficiency. Game Business achieves the highest margin, peaking at 33.5% in Q3 FY2024 and maintaining a FY2025 average of 28%. Internet Advertisement sustains margins around 5%, while Media & IP remains near break‑even, fluctuating between –1.6% and 5.8%. Investment Development shows extreme volatility, with a negative margin of –406.5% in Q2 FY2024 and a positive 33.5% in Q4, resulting in an overall FY2024 margin of 3.6%.
The data cover the Japanese market over two fiscal years, with quarterly granularity and corrections applied as of May 15 2025. The analysis relies on internal financial statements, presenting a comprehensive view of segment performance and profitability trends.
- The Game Business is the company's most profitable segment, maintaining a FY2025 average operating profit margin of 28% and peaking at 33.5% in Q3 FY2024.
- Internet Advertisement is the largest revenue generator, growing from ¥434,612 million in FY2024 to ¥461,220 million in FY2025, though it operates on thin margins of approximately 5%.
- Game Business revenue is highly volatile, experiencing a sharp decline from a peak of ¥67,170 million in Q2 FY2024 to ¥38,856 million in Q3 FY2024.
- Media & IP remains a stable but low-margin segment, with quarterly sales consistently between ¥50 billion and ¥52 billion and operating profit margins fluctuating between –1.6% and 5.8%.
- Investment Development is a minor contributor with annual revenue under ¥7 billion and extreme performance volatility, ranging from a –406.5% margin in Q2 FY2024 to a 33.5% margin in Q4 FY2024.
Presentation Material: Q1 FY2026
The future information, such as earnings forecast, written in this document is based on our expectations and assumptions as of the date the forecast was made. Our actual results could differ materially from those described in this forecast because of various risks and uncertainties. 1. Summary (October - December 2025) 4. Internet Advertisement Business 6.
- For Q1 FY2026, overall sales increased by 14.0% year-over-year to 232.3 billion yen, and operating profit surged 2.8x year-over-year to 23.3 billion yen, marking a strong start to the fiscal year.
- The Game business was a primary driver of growth, with sales up 69.2% year-over-year to 64.7 billion yen and operating profit increasing 5.3x year-over-year to 17.6 billion yen, fueled by existing titles and global expansion.
- The Media & IP business also contributed significantly, achieving a 12.5% year-over-year increase in sales to 62.6 billion yen and a 3.5x year-over-year increase in operating profit to 4.9 billion yen.
- Net income for Q1 FY2026 rose 2.5 times year-over-year to 12.4 billion yen.
- Ad Sales experienced a slight decrease of 2.7% year-over-year to 114.6 billion yen due to the loss of a large client, though the trend is showing gradual improvement.