Interim report
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Nintendo Co., Ltd. 11-1 Hokotate-cho, Kamitoba, Minami-ku, Kyoto 601-8501 Japan (Amounts below one million yen are rounded down) Consolidated Results for the Six Months Ended September 30, 2024 and 2025 (1) Consolidated operating results % % % % [Notes] Percentages for net sales, operating profit etc. show increase (decrease) from the previous fiscal year. Comprehensive income: Six months ended September 30, 2025: 191,758 million yen [120.6%] Six months ended September 30, 2024: 86,933 million yen [(74.8)%] (2) Consolidated financial positions % [Reference] Shareholders' equity: As of September 30, 2025: 2,817,261 million yen As of March 31, 2025: 2,724,327 million yen Dividends [Notes] Consolidated Financial Forecast for the Fiscal Year Ending March 31, 2026 % % % % [Notes] November 4, 2025 CONSOLIDATED FINANCIAL HIGHLIGHTS Revisions to previously announced financial forecast: Applicable Please refer to "Notice of Full-Year Financial Forecast Modifications" announced on November 4, 2025 for more details. 460,000 23.6 350,000 25.5 300.62 Percentages for net sales, operating profit etc. show increase from the previous fiscal year. million yen million yen million yen million yen yen Year ending March 31, 2026 2,250,000 93.1 370,000 30.9 Profit per share 120.00 Year ending March 31, 2026 (forecast) - 139.00 181.00 Year ending March 31, 2026 - 35.00 42.00 Year ended March 31, 2025 - - 85.00 Revisions to previously announced dividend forecast: Applicable Net sales Operating profit Ordinary profit Profit attributable to owners of parent Please refer to "Notice of Dividend (end of 2nd quarter), Change in Dividend Policy, and Dividend (year-end) Forecast Modifications" announced on November 4, 2025 for more details. As of September 30, 2025 3,636,187 2,818,390 77.5 Dividend per share End of 1st quarter End of 2nd quarter End of 3rd quarter Year-end Annual As of March 31, 2025 3,398,515 2,725,446 80.2 Six months ended September 30, 2025 170.87 - 60.5 198,936 Total assets Net assets Capital adequacy ratio Six months ended September 30, 2024 93.33 - 523,299 (34.3) 121,513 (56.6) 147,100 (61.3) yen yen million yen million yen yen yen yen yen yen Net sales Operating profit Ordinary profit Profit attributable to owners of parent million yen million yen million yen million yen Six months ended September 30, 2025 1,099,565 110.1 145,181 19.5 236,040 108,658 (59.9) Profit per share Diluted profit per share 83.1 Six months ended September 30, 2024 Nintendo Co., Ltd. - 1 -
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Others (1) Significant changes in the scope of consolidation during the period: : Not applicable (2) Application of accounting procedures specific to the preparation of quarterly consolidated financial statements : Applicable (3) Changes in accounting procedures: 1) Related to accounting standard revisions etc. : Not applicable 2) Other changes : Not applicable 3) Changes in accounting estimates : Not applicable 4) Modified restatements : Not applicable (4) Outstanding shares (common shares) 1) Number of shares outstanding (including treasury shares) As of Sep. 30, 2025: 1,298,690,000 shares As of Mar. 31, 2025: 1,298,690,000 shares 2) Number of treasury shares As of Sep. 30, 2025: 134,430,936 shares As of Mar. 31, 2025: 134,441,816 shares 3) Average number of shares Six months ended Sep. 30, 2024: 1,164,252,227 shares 1,164,242,059 sharesSix months ended Sep. 30, 2025: [Notes] 1. This earnings release report is not subject to review procedures by a certified public accountant or audit firm. 2. Forecasts announced by the Company (Nintendo Co., Ltd.) referred to above were prepared based on management's assumptions with information available at this time and therefore involve known and unknown risks and uncertainties such as fluctuation in foreign exchange rates and other changes in the market environment. Please note such risks and uncertainties may cause the actual results (earnings, dividend, and other results) to be materially different from the forecasts. Nintendo Co., Ltd. - 2 -
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1. Consolidated Operating Results 2. Consolidated Financial Position 3. Consolidated Financial Forecast Regarding the Nintendo Switch 2 business during the first half (April through September 2025) of this fiscal year, the hardware has seen strong sales since its launch on June 5. Looking at software,Mario Kart World , which was released on the same day as the hardware launch, recorded sales of 9.57 million units, including bundle sales, andDonkey Kong Bananza, released in July, recorded sales of 3.49 million units, with both titles growing steadily. Given that consumers can play both Nintendo Switch 2 exclusive software and Nintendo Switch software with Nintendo Switch 2, titles such asMario Kart 8 Deluxe and Super Mario Party Jamboree , which were released for Nintendo Switch in previous fiscal years, also had stable sales. As a result, Nintendo Switch 2 hardware sales reached 10.36 million units, and Nintendo Switch 2 software sales reached 20.62 million units. In addition, Nintendo Switch hardware sales totaled 1.89 million units, and Nintendo Switch software sales totaled 61.56 million units. Turning to our digital business for our dedicated video game platforms, digital sales totaled 155.5 billion yen, down 2.8% year- on-year, due to factors such as the impact of foreign exchange rates and a decrease in sales of download-only software. In our IP related business, sales came to 33.3 billion yen, down 12.4% year-on-year, mainly due to a decrease in movie-related revenue. The end result is that overall sales totaled 1,099.5 billion yen (with sales outside of Japan of 874.3 billion yen accounting for 79.5% of that total), and operating profit came to 145.1 billion yen. Ordinary profit totaled 236.0 billion yen, including 44.1 billion yen in share of profit of entities accounted for using the equity method. Profit attributable to owners of parent totaled 198.9 billion yen, including a gain on sale of investment securities totaling 32.3 billion yen as extraordinary income. For Nintendo Switch 2, following the release ofPokémon Legends: Z-A – Nintendo Switch 2 Edition, as well as a Nintendo Switch 2 hardware bundle that includes this title in October, we plan to releaseKirby Air Riders in November andMetroid Prime 4: Beyond – Nintendo Switch 2 Edition in December. Other software publishers also plan to release a range of titles. We will aim to keep the momentum of released titles and continuously introduce new titles to expand the platform's user base. For Nintendo Switch, in addition to releasing new titles such asSuper Mario Galaxy + Super Mario Galaxy 2 and Pokémon Legends: Z-A, we will strive to leverage the hardware installed base and rich software library to further expand sales of evergreen titles and maintain engagement. We have revised the financial forecast originally published on May 8, 2025, due to factors such as a revision of the full-year unit sales forecast considering sales trend through the first half of this fiscal year and prospects for the remainder of the fiscal year. In addition, we have changed our dividend policy, which will be applied from the year-end dividend for the fiscal year ending March 31, 2026. For details, please see "Notice of Full-Year Financial Forecast Modifications" and "Notice of Dividend (end of 2nd quarter), Change in Dividend Policy, and Dividend (year-end) Forecast Modifications" issued today (November 4, 2025). Total assets increased by 237.6 billion yen compared to the previous fiscal year-end to 3,636.1 billion yen as of September 30, mainly due to increases in cash and deposits, and notes and accounts receivable-trade, despite a decrease in securities. Total liabilities increased by 144.7 billion yen compared to the previous fiscal year-end to 817.7 billion yen mainly due to an increase in notes and accounts payable-trade. Net assets increased by 92.9 billion yen compared to the previous fiscal year-end to 2,818.3 billion yen mainly due to an increase in retained earnings. Nintendo Co., Ltd. - 3 -
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Consolidated Balance Sheets million yen As of March 31, 2025 As of September 30, 2025 (Assets) Current assets Cash and deposits 1,586,275 1,708,838 Notes and accounts receivable-trade 65,180 174,427 Securities 471,915 406,293 Inventories 486,428 492,696 Other 142,603 168,299 Allowance for doubtful accounts (52) (82) Total current assets 2,752,352 2,950,472 Non-current assets Property, plant and equipment 112,612 113,993 Intangible assets 23,362 27,622 Investments and other assets Investment securities 369,373 378,601 Other 140,814 165,496 Total investments and other assets 510,188 544,098 Total non-current assets 646,162 685,714 Total assets 3,398,515 3,636,187 (Liabilities) Current liabilities Notes and accounts payable-trade 201,091 279,722 Provisions 4,485 5,128 Income taxes payable 34,726 68,943 Other 357,342 384,214 Total current liabilities 597,646 738,007 Non-current liabilities Provisions 4 - Retirement benefit liability 28,821 28,478 Other 46,596 51,310 Total non-current liabilities 75,422 79,789 Total liabilities 673,068 817,797 (Net assets) Shareholders' equity Share capital 10,065 10,065 Capital surplus 15,186 15,312 Retained earnings 2,732,509 2,832,485 Treasury shares (271,015) (270,995) Total shareholders' equity 2,486,746 2,586,868 Accumulated other comprehensive income Valuation difference on available-for-sale securities 67,469 57,266 Foreign currency translation adjustment 170,112 173,126 Total accumulated other comprehensive income 237,581 230,393 Non-controlling interests 1,119 1,128 Total net assets 2,725,446 2,818,390 Total liabilities and net assets 3,398,515 3,636,187 Description Nintendo Co., Ltd. - 4 -
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Consolidated Statements of Income million yen Net sales 523,299 1,099,565 Cost of sales 205,366 701,099 Gross profit 317,932 398,466 196,418 253,284 Operating profit 121,513 145,181 Non-operating income Interest income 30,846 22,752 Share of profit of entities accounted for using equity method 12,848 44,173 Foreign exchange gains - 18,495 Other 4,658 5,977 Total non-operating income 48,354 91,398 Non-operating expenses Loss on redemption of securities - 337 Foreign exchange losses 22,475 - 292 202 Total non-operating expenses 22,767 539 147,100 236,040 Extraordinary income Gain on sale of non-current assets 6 13 Gain on sale of investment securities - 32,300 Total extraordinary income 6 32,313 Extraordinary losses Loss on disposal of non-current assets 42 115 Total extraordinary losses 42 115 Profit before income taxes 147,063 268,238 Total income taxes 38,393 69,291 108,670 198,946 11 9 108,658 198,936 Profit Profit (Loss) attributable to non-controlling interests Profit attributable to owners of parent Other Ordinary profit Selling, general and administrative expenses Description Six months ended September 30, 2024 Six months ended September 30, 2025 Nintendo Co., Ltd. - 5 -
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Consolidated Statements of Comprehensive Income million yen 108,670 198,946 Other comprehensive income Valuation difference on available-for-sale securities 3,142 (10,203) Foreign currency translation adjustment (34,532) 10,563 9,652 (7,548) Total other comprehensive income (21,736) (7,188) Comprehensive income 86,933 191,758 (Comprehensive income attributable to) Comprehensive income attributable to owners of parent 86,922 191,748 Comprehensive income attributable to non-controlling interests 11 9 Share of other comprehensive income of entities accounted for using equity method Description Six months ended September 30, 2024 Six months ended September 30, 2025 Profit Nintendo Co., Ltd. - 6 -
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Notes to Consolidated Financial Statements (Going Concern Assumption) (Significant changes in shareholders' equity) (Application of accounting procedures specific to the preparation of quarterly consolidated financial statements) (Calculation of tax expenses) With respect to certain consolidated subsidiaries, corporate income tax amount is calculated by taking the amount of profit before income taxes through the six-month period ended September 30, 2025 multiplied by a reasonably estimated annual effective tax rate with the effects of deferred taxes reflected. There are no applicable items. There are no applicable items. Nintendo Co., Ltd. - 7 -