Nintendo FY2025 Q2 Earnings Release

Nov, 2024 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, 2023 and 202\
4
(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, 2024: 86,933 millio\
n yen [(74.8)%]  Six months ended September 30, 2023: 344,374 million yen [6.0%]
(2) Consolidated financial positions
%
[Reference]
Shareholders equity : As of September 30, 2024: 2,538,253 million yen As of March 31, 2024: 2,603,761 million yen
Dividends
[Notes]
Consolidated Financial Forecast for the Fiscal Year Ending March 31, 202\
5
%%%%
[Notes]
Net salesOperating profit Ordinary profit Profit attributable
to owners of parent
million yen million yenmillion yen million yen Six months ended September 30, 2024 523,299 (34.3)121,513 (56.6) 147,100
271,298 17.7
Profit per share Diluted profit per share
(59.9) Six months ended September 30, 2023
yenyen
million yen million yen
yen yenyenyenyen Six months ended September 30, 2024 93.33 – (61.3)
108,658
Total assets Net assetsCapital adequacy
ratio
Six months ended September 30, 2023 233.03 –
796,237 21.2
279,910 27.0380,007 17.8
As of September 30, 2024 3,071,364 2,539,337 82.6
Dividend per share
End of 1st quarter End of 2nd quarter End of 3rd quarter Year-end Annual
As of March 31, 2024 3,151,3942,604,998 82.6
Profit per share
211.00
Year ending March 31, 2025
(forecast) -94.00 129.00
Year ending March 31, 2025 -80.00
35.00
Please refer to “Notice of Dividend (end of 2nd quarter) and Dividend \
(year-end) Forecast” announced on November 5, 2024 for more details.Year ended March 31, 2024
–
-131.00
Revisions to previously announced dividend forecast: Applicable
Net sales Operating profit Ordinary profit Profit attributable
to owners of parent
420,000 (38.3) 300,000 (38.9) 257.68
Percentages for net sales, operating profit etc. show decrease from the \
previous fiscal year.
million yen million yenmillion yen million yen yen Year ending March 31, 2025 1,280,000 (23.4) 360,000 (31.9)
Revisions to previously announced financial forecast: Applicable
Please refer to “Notice of Full-Year Financial Forecast Modifications” a\
nnounced on November 5, 2024 for more details.
November 5, 2024
CONSOLIDATED FINANCIAL HIGHLIGHTS

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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 quar\
terly 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, 2024: 1,298,690,000 shares As of Mar. 31, 2024: 1,298,690,000 shares
2) Number of treasury shares As of Sep. 30, 2024: 134,441,692 shares As of Mar. 31, 2024: 134,451,510 shares
3) Average number of shares Six months ended Six months ended
Sep. 30, 2024: Sep. 30, 2023:
1,164,242,059 shares
1,164,232,981 shares
[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 avail able at this time and therefore
invo lve known and unknown risks and uncertainties such as fluctuation in foreign exchange rates and other changes in the market environment. Please n ote such risks and uncertainties may
cause the actual results (earnings, dividend, and other results) to be materially different from the forecasts.

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Nintendo Co., Ltd.

1. Consolidated O peratin g Results
2. Consolidated Financial Position
3. Consolidated Financial Forecast
Regarding the Nintendo Switch business during the first half (April through September 2024) of this fiscal year, Paper Mario
Thousand-Year Door , released in May, sold 1.94 million units, Luigi’s Mansion 2 HD, released in June, sold 1.57 million units,
and The Legend of Zelda: Echoes of Wisdom , released in September, got off to a good start posting sales of 2.58 million units. In
addition, we saw stable sales in titles released through the end of the previous fiscal year, with Mario Kart 8 Deluxe selling 2.31
million units (for cumulative sales of 64.27 million units).
As a result of these factors, the total number of million-seller titles during this period reached nine, including titles from o ther
software publishers. Hardware sales totaled 4.72 million units, and software sales totaled 70.28 million units. Hardware and
software sales in the first half of last fiscal year were substantially driven by the May 2023 release of The Legend of Zelda: Tears
of the Kingdom , so compared to then, hardware sales were down 31.0% and software sales were down 27.6% year-on-year.
Turning to our digital business for our dedicated video game pl atform, digital sales totaled 159.9 billion yen, down 26.5% year –
on-year, mainly due to a decrease in sales of Nintendo Switch downloadable versions of packaged software. In the mobile and IP related business, sales rose significantly in the same period of last fiscal year, thanks to the high leve l of
audience engagement with The Super Mario Bros. Movie , which was released in April 2023. For this period, sales came to 31.2
billion yen, down 43.3% year-on-year, due to a decrease in revenue related to the movie. The end result is that overall sales reached 523.2 billion yen, with sales outside of Japan of 391.0 billion yen accounting for
74.7% of the total. Operating profit came to 121.5 billion yen. Despite foreign exchange losses of 22.4 billion yen, interest income
of 30.8 billion yen and other factors resulted in ordinary profit of 147.1 billion yen, and profit attributable to owners of parent of
108.6 billion yen.
Although Nintendo Switch hardware and software unit sales through the first half of the fiscal year were both below our initial
expectations, many people continue to play with Nintendo Switch even in its eighth year since launch. For hardware, by continuing to convey the appeal of Nintendo Switch, we try to not only put one system in every home, but
several in every home, or even one for every person. Another objective is to continually release new offerings so more consumer s
keep playing Nintendo Switch even longer and we can maximize hardware sales. For software, in addition to Super Mario Party
Jamboree , released in October, we have other titles planned for release, such as Mario & Luigi: Brothership(November), and
Donkey Kong Country Returns HD (January 2025). Other software publishers plan to release a wide variety of titles, and we will
strive to invigorate the platform by continually introducing new titles in addition to the existing titles. We have modified the Nintendo Switch hardware and software sales unit forecasts for the fiscal year. in consideration of the
sales trend through the six months ended September 30, 2024, and revised the financial forecast originally published on May 7,
2024. For details, please see “Notice of Full-Year Financial Forecast Modifications” issued today (November 5, 2024).
Total assets decreased by 80.0 billion yen compared to the previous fiscal year-end to 3,071.3 billion yen as of September 30,
mainly due to a decrease in cash and deposits and securities, despite an increase in inventories. Total liabilities decreased by 14.3
billion yen compared to the previous fiscal year-end to 532.0 billion yen mainly due to a decrease in income taxes payable and
other current liabilities, despite an increase in notes and accounts payable-trade. Net assets decreased by 65.6 billion yen compared
to the previous fiscal year-end to 2,539.3 billion yen mainly due to a decrease in retained earnings and foreign currency translation
adjustment.

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3. Consolidated Balance Sheets
million yen
As of March 31, 2024 As of September 30, 2024
(Assets)
Current assetsCash and deposits 1,484,350 1,337,234
Notes and accounts receivable-trade 93,608 108,530
Securities 768,355 679,139
Inventories 155,987 264,155
Other 71,092
66,969
Allowance for doubtful accounts (91) (122)
Total current assets 2,573,302 2,455,907
Non-current assets Property, plant and equipment 108,518
110,978

Intangible assets 16,405
22,520

Investments and other assets Investment securities 290,620
323,280

Other 162,547
158,677

Total investments and other assets 453,168
481,957

Total non-current assets 578,092
615,456

Total assets 3,151,394
3,071,364

(Liabilities) Current liabilitiesNotes and accounts payable-trade 58,084
129,659

Provisions 4,389
4,879

Income taxes payable 94,596
34,836

Other 322,206
296,437

Total current liabilities 479,276
465,812

Non-current liabilities Provisions 120
51

Retirement benefit liability 23,955
23,381

Other 43,042
42,781

Total non-current liabilities 67,119
66,214

Total liabilities 546,396
532,026

(Net assets) Shareholders’ equityShare capital 10,065
10,065

Capital surplus 15,120
15,186

Retained earnings 2,646,967
2,603,110

Treasury shares (271,033)
(271,014)

Total shareholders’ equity 2,401,119
2,357,348

Accumulated other comprehensive income Valuation difference on available-for-sale securities 30,415
33,529

Fo reign currency translation adjustment
172,226
147,375

Total accumulated other comprehensive income 202,642
180,905

Non-controlling interests 1,237
1,084

Total net assets 2,604,998
2,539,337

Total liabilities and net assets 3,151,394
3,071,364

Descriptio
n

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4. Consolidated Statements of Income
million yen
Net sales796,237
523,299
Cost of sales 324,204
205,366

Gross profit 472,033
317,932

192,123
196,418

Operating profit 279,910
121,513

Non-operating income Interest income 23,456
30,846

Share of profit of entities accounted for using equity method 15,588
12,848

Foreign exchange gains 57,773
–

Other 3,587
4,658

Total non-operating income 100,406
48,354

Non-operating expenses Foreign exchange losses –
22,475

308
292

Total non-operating expenses 308
22,767

380,007
147,100

Extraordinary income Gain on sale of non-current assets 36
Total extraordinary income 36
Extraordinary losses Loss on disposal of non-current assets 31
42

Total extraordinary losses 31
42

Profit before income taxes 379,980
147,063

Total income taxes 108,732
38,393

271,247
108,670

(51)
11

271,298
108,658

Description
Six months ended September 30, 2023 Six months ended September 30, 2024
Selling, general and administrative expenses
Other
Ordinary profit
Profit
Profit (Loss) attributable to non-controlling interests
Profit attributable to owners of parent

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5. Consolidated Statements of Comprehensive Income
million yen
271,247 108,670
Other comprehensive income Valuation difference on available-for-sale securities 3,011
3,142
Foreign currency translation adjustment 63,806
(34,532)
6,308 9,652
Total other comprehensive income 73,126
(21,736)
Comprehensive income 344,374 86,933
(Comprehensive income attributable to)
Comprehensive income attributable to owners of parent 344,425
86,922
Comprehensive income attributable to non-controlling interests (51)
11
Description
Six months ended September 30, 2023 Six months ended September 30, 2024
Profit
Share of other comprehensive income of entities
accounted for using equity method

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6. Notes to Consolidated Financial Statements
(Going Concern Assumption)
(Significant changes in shareholders’ equity)
(Application of accounting procedures specific to the preparation of qu\
arterly 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, 2024 multiplied by a
reasonably estimated annual effective tax rate with the effects of defer\
red taxes reflected.
There are no applicable items. There are no applicable items.
As of the second quarter of the fiscal year ending March 2025, supplementary information previously disclosed in the “Others”
section of the Consolidated Financial Highlights has been relocated to the Financial Results Explanatory Material, available on

our website. （https://www.nintendo.co.jp/ir/en/events/index.html ）

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