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GungHo Online Entertainment | Game Industry Library

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GungHo Online Entertainment

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GungHo Online Entertainment

Game Co.

5 documents

Documents

GungHo Business Report Vol. 42

GungHo’s overseas sales ratio grew from 39.3% in 2022 to 47.7% in 2024, signaling a successful shift toward international market penetration.
Consolidated net sales decreased from ¥125.3 billion in 2022 to ¥103.6 billion in 2024, with operating profit declining from ¥27.9 billion to ¥17.5 billion over the same period.
The flagship title Puzzle & Dragons has surpassed 63 million global downloads since its 2012 launch and is preparing for a 13th-anniversary release in May 2025.

Game Publishing Mobile Console+4

GungHo Online Entertainment

Supplementary Explanatory Materials Regarding the Opinion of the Company’s Board of Directors on Shareholder Proposals: GungHo Online Entertainment

GungHo Online Entertainment’s board has unanimously rejected all shareholder proposals from Strategic Capital and LIM Japan Event Master Fund for the 2026 Annual General Meeting.
The board rejected shareholder-return proposals that would have distributed approximately 57% of the company's cash and deposits, labeling the demand as excessive.
GungHo maintains a capital return policy targeting a 4% dividend-on-equity (DOE) and a minimum 50% consolidated payout ratio, including a ¥90.00 per share dividend for FY 2025.

Investment Japan

GungHo Online Entertainment

Ragnarok Online 3: Service to Begin in Japan

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.

Game Publishing Mobile PC+2

GungHo Online Entertainment

Presentation24 pages

Financial Results Briefing FY2025

GungHo is executing a strategic pivot from the domestic Japanese mobile market to a global, multi-platform model, with overseas net sales projected to reach 66% of total revenue in FY2025, up from 11.4% in 2016.
Consolidated net sales and operating profit are in a four-year decline, with quarterly performance metrics dropping from a peak of over 16,000 to approximately 7,750.
The company is addressing the softening sales of legacy mobile titles and decreased revenue from its subsidiary Gravity by leveraging high-profile collaborations with brands like Sanrio and Digimon.

Market Analysis Game Development Japan

GungHo Online EntertainmentFeb 2026

GungHo Online Entertainment Business Report Vol. 42

GungHo has successfully pivoted to a global business model, with overseas sales now accounting for 64.1% of total revenue as of late 2024.
Consolidated net sales declined from 125.3 billion yen in 2023 to 103.6 billion yen in 2024, though the company maintains a strong capital-to-asset ratio of 75.9%.
The Ragnarok IP, managed by subsidiary Gravity Co., Ltd., has scaled significantly, growing from 5 billion yen in annual sales in 2008 to approximately 50 billion yen today.

Market Analysis Japan

GungHo Online EntertainmentJan 2024