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1、Nintendo Co.,Ltd.11-1 Hokotate-cho,Kamitoba,Minami-ku,Kyoto 601-8501Japan(Amounts below one million yen are rounded down)Consolidated Results for the Years Ended March 31,2024 and 2025(1)Consolidated operating resultsNet salesOperating profitOrdinary profitmillion yen%million yen%million yen%million

2、 yen%Notes Percentages for net sales,operating profit etc.show increase(decrease)from the previous fiscal year.Comprehensive income:Year ended March 31,2025:313,792 million yen(45.3)Year ended March 31,2024:573,849 million yen(17.9%)Profit per share Diluted profitper shareReturn on equityyen yen%Ref

3、erenceShare of profit of entities accounted for using equity method:Year ended March 31,2025:35,125 million yenYear ended March 31,2024:30,099 million yen(2)Consolidated financial positionsTotal assetsNet assets%yenAs of March 31,2025As of March 31,2024Reference Shareholders equity:As of March 31,20

4、25:2,724,327 million yen As of March 31,2024:2,603,761 million yen(3)Consolidated cash flowsCash and cashequivalents-endingYear ended March 31,2025Year ended March 31,2024DividendsDividend per share%Notes-245,654 139,709 -35.00 85.00 120.00 129.00 Year ended March 31,202410.1 Dividends on netassets(

5、consolidated basis)Dividend payoutratio(consolidated basis)50.1Dividends in total(annual)End of1st quarterEnd of2nd quarter yen yen yen yen yen million yen 80.00 131.00 211.00 82.6 million yen12,069753,063(195,126)1,414,121462,097(630,632)(236,958)853,43210.511.424.3421.3920.122.731.6-Capital adequa

6、cy ratioNet assets per sharemillion yenYear ended March 31,20255.2 Year ending March 31,20262,339.992,236.45Cash flows fromoperating activitiesCash flows frominvesting activitiesCash flows fromfinancing activitiesmillion yenmillion yenmillion yenmillion yen3,398,5152,725,44680.2 3,151,3942,604,9981,

7、671,8654.4528,9414.9680,49713.2490,60213.4Year ended March 31,2025Year ended March 31,2024May 8,2025CONSOLIDATED FINANCIAL HIGHLIGHTSProfit attributableto owners of parent1,164,922(30.3)282,553(46.6)372,316(45.3)278,806(43.2)Year ended March 31,2025Year ended March 31,2024239.47Dividends are paid tw

8、ice a year after the end of the second quarter and at the fiscal year-end based on profit levels achieved in each fiscal year as our basic policy.As for thedividend forecast for the fiscal year ending March 31,2026,only the annual dividend is described because the financial forecast for the year is

9、prepared only on a full fiscalyear basis and the dividend cannot be separately forecasted between the interim and the fiscal year-end.50.150.1End of3rd quarterYear-endAnnual-Ordinary profiton total assetsOperating profitto net salesNintendo Co.,Ltd.-1-Consolidated Financial Forecast for the Fiscal Y

10、ear Ending March 31,2026%yenYear ending March 31,2026Notes Percentages for net sales,operating profit etc.show increase from the previous fiscal year.Others(1)Significant changes in the scope of consolidation during the period:Not applicable(2)Changes in accounting procedures:1)Related to accounting

11、 standard revisions etc.:Not applicable2)Other changes:Not applicable3)Changes in accounting estimates:Not applicable4)Modified restatements:Not applicable(3)Outstanding shares(common shares)1)Number of shares outstanding(including treasury shares)As of Mar.31,2025:1,298,690,000 sharesAs of Mar.31,2

12、024:1,298,690,000 shares2)Number of treasury sharesAs of Mar.31,2025:134,441,816 sharesAs of Mar.31,2024:134,451,510 shares3)Average number of sharesYear ended Mar.31,2025:1,164,245,156 sharesYear ended Mar.31,2024:1,164,235,798 shares(Reference)Non-consolidated ResultsNon-consolidated Results for t

13、he Years Ended March 31,2024 and 2025(1)Non-consolidated operating resultsNet salesOperating profitOrdinary profitProfitmillion yen%million yen%million yen%million yen%Note Percentages for net sales,operating profit etc.show decrease from the last fiscal year.Profit per shareDiluted Profit per share

14、yen yen (2)Non-consolidated financial positionsTotal assetsNet assetsCapital adequacyratioNet assets pershare%yenReference Shareholders equity:As of March 31,2025:1,789,128 million yen As of March 31,2024:1,721,153 million yenNote1.This earnings release report is not subject to audit by certified pu

15、blic accountant or audit firm.2.Forecasts announced by the Company(Nintendo Co.,Ltd.)referred to above were prepared based on managements assumptions with information available at this timeand therefore involve known and unknown risks and uncertainties such as fluctuation in foreign exchange rates a

16、nd other changes in the market environment.Please notesuch risks and uncertainties may cause the actual results(earnings,dividend,and other results)to be materially different from the forecasts.For details,please refer to 2.Outlook for the Fiscal Year Ending March 31,2026 on page 4.(35.9)193.96-2,07

17、1,1051,721,15383.1 1,478.35302.37million yenmillion yen2,186,531(21.1)352,032(27.4)1,183,967(16.0)385,132999,009(15.6)183,839(52.3)263,763(47.0)225,8181,789,12881.8 1,536.72(10.3)497,293Profit attributable toowners of parentProfit per share1,900,00063.1320,00013.3380,0002.1300,0007.6257.68million ye

18、nmillion yenmillion yenmillion yenOperating profitOrdinary profitYear ended March 31,2025Year ended March 31,2024Year ended March 31,2025Year ended March 31,2024As of March 31,2025As of March 31,2024Net salesNintendo Co.,Ltd.-2 -Description of Operating Results1.Operating Results and Financial Posit

19、ions for the Fiscal Year Ended March 31,2025(1)Operating Results and Financial State for the Fiscal Year Ended March 31,2025Looking at the Nintendo Switch business for the full fiscal year(April 2024 through March 2025),sales of titles released during this fiscal year grew steadily,with Super Mario

20、Party Jamboree selling 7.48 million units,The Legend of Zelda:Echoes of Wisdom selling 4.09 million units,and Paper Mario:The Thousand-Year Door selling 2.10 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

21、6.23 million units(for cumulative sales of 68.20 million units).As a result of these factors,the total number of million-seller titles during this fiscal year reached 24,including titles from other software publishers.Hardware sales totaled 10.80 million units(a decrease of 31.2%year-on-year),and so

22、ftware sales totaled 155.41 million units(a decrease of 22.2%year-on-year).Sales of both hardware and software declined compared to the previous fiscal year,when sales were substantially driven by The Legend of Zelda:Tears of the Kingdom(released in May 2023)and Super Mario Bros.Wonder(released in O

23、ctober 2023).Even so,sales were steady for a platform that has entered its ninth year.Turning to our digital business for our dedicated video game platform,digital sales totaled 326.0 billion yen,down 26.5%year-on-year,mainly due to a decrease in sales of Nintendo Switch downloadable versions of pac

24、kaged software.In the mobile and IP related business,sales of this fiscal year declined 27.0%year-on-year to 67.6 billion yen,due to a decrease in the revenue related to The Super Mario Bros.Movie,which was released in April 2023.The end result is that overall sales totaled 1,164.9 billion yen,with

25、sales outside of Japan of 890.0 billion yen accounting for 76.4%of the total,and operating profit came to 282.5 billion yen.Interest income of 56.1 billion yen and other factors resulted in ordinary profit of 372.3 billion yen and profit attributable to owners of parent of 278.8 billion yen for the

26、period.(2)Financial positions as of March 31,2025Total assets increased by 247.1 billion yen compared to the prior fiscal year-end to 3,398.5 billion yen mainly due to an increase in cash and deposits and inventories,despite a decrease in securities.Total liabilities increased by 126.6 billion yen c

27、ompared to the prior fiscal year-end to 673.0 billion yen mainly due to an increase in notes and accounts payable-trade,despite a decrease in income taxes payable.Net assets increased by 120.4 billion yen compared to the prior fiscal year-end to 2,725.4 billion yen mainly due to an increase in retai

28、ned earnings.(3)Cash flows for the fiscal year ended March 31,2025The ending balance of“Cash and cash equivalents”(collectively,“Cash”)as of March 31,2025 was 1,414.1 billion yen,with an increase of 560.6 billion yen during the fiscal year.During the prior fiscal year,there was a decrease of 341.1 b

29、illion yen.Net increase(decrease)of Cash and contributing factors during the fiscal year ended March 31,2025 are as follows:Net cash provided by(used in)operating activities:There were decreasing factors contributing to 372.3 billion yen of profit before income taxes such as increase in inventories

30、and payment of income taxes.However,due to increasing factors such as interest and dividends receive,net cash resulted in an increase of 12.0 billion yen compared to an increase of 462.0 billion yen during the prior year.Net cash provided by(used in)investing activities:Net cash from investing activ

31、ities increased by 753.0 billion yen compared to a decrease of 630.6 billion yen during the prior year mainly due to proceeds from sales and redemption of short-term and long-term investment securities and withdrawal of time deposits,being higher than purchase of short-term and long-term investment

32、securities and payments into time deposits.Net cash provided by(used in)financing activities:Net cash from financing activities decreased by 195.1 billion yen compared to a decrease of 236.9 billion yen during the prior year mainly due to payments of cash dividends.Nintendo Co.,Ltd.-3-2.Outlook for

33、the Fiscal Year Ending March 31,20263.Basic Policy of Profit Distribution and DividendsBasic Policy on the Selection of Accounting StandardsIt is the Companys basic policy to internally provide the capital necessary to fund future growth,including capital investments,and to maintain a strong and liq

34、uid financial position in preparation for changes in the business environment and intensifiedcompetition.As for direct profit returns to our shareholders,dividends are paid based on profit levels achieved in each fiscal period.The annual dividend per share is established at the higher of the amount

35、calculated by dividing 33%of consolidated operatingprofit for the fiscal year by the total number of outstanding shares,excluding treasury shares,as of the end of the fiscal yearrounded up to the 1 yen digit,or the amount calculated based on the 50%consolidated payout ratio rounded up to the 1 yen d

36、igit.The interim(at the end of 2nd quarter)dividend per share is calculated by dividing 33%of consolidated operating profit of thesix-month period by the total number of outstanding shares,excluding treasury shares,as of the end of the six-month periodrounded up to the 1 yen digit.As a result,the di

37、vidend for the fiscal year ended March 31,2025 has been established at 120 yen(interim:35 yen,year-end:85yen)and dividend for the fiscal year ending March 31,2026 would be established at 129 yen if earnings are in line with thefinancial forecast herein.The end of 2nd quarter dividends are yet to be

38、determined as there are no interim financial forecasts,butthere are no changes to our dividend policy.Retained earnings are maintained for effective use in research of new technology and development of new products and services,capital investments and securing materials,enhancement of selling power

39、including advertisements,strengthening of networkinfrastructure,and treasury share buyback whenever deemed appropriate.Our new game system,Nintendo Switch 2,will be released on June 5,2025.Nintendo Switch 2 is the successor to Nintendo Switchand features a larger,more responsive screen providing pla

40、yers with a smoother gameplay experience,new magnetic Joy-Concontrollers,and more powerful processing speed and graphics performance that open the door to new ways to play.For software,weplan to release Mario Kart World and Nintendo Switch 2 Welcome Tour at the same time as the hardware launch,as we

41、ll as TheLegend of Zelda:Breath of the Wild Nintendo Switch 2 Edition and The Legend of Zelda:Tears of the Kingdom Nintendo Switch2 Edition,which enhance the original games.Other software publishers also plan to release a wide variety of titles.We aim toaccelerate the platform by working to expand h

42、ardware and software sales through conveying the unique appeal of Nintendo Switch2 and continuously releasing new titles.With Nintendo Switch 2,users can experience exclusive games as well as compatible gamesfrom Nintendo Switch.For Nintendo Switch,we plan to release Pokmon Legends:Z-A in late 2025,

43、and Metroid Prime 4:Beyond during 2025.Othersoftware publishers are also planning to release many new titles.Nintendo Switch is enjoyed by many people around the world,andwe will strive to maintain engagement by introducing new titles in addition to the existing titles.Our financial forecast for the

44、 next fiscal year is sales of 1,900.0 billion yen,operating profit of 320.0 billion yen,ordinary profit of380.0 billion yen,and profit attributable to owners of parent of 300.0 billion yen.Assumed exchange rates for the major currenciesare 140 yen per U.S.dollar,and 155 yen per euro.The unit sales f

45、orecasts for key products on which these calculations are based can be found on our website in Financial ResultsExplanatory Material Fiscal Year Ended March 2025.(https:/www.nintendo.co.jp/ir/en/events/index.html)For the purposes of our financial forecast for the next fiscal year,U.S.tariff rates ef

46、fective on April 10,2025,U.S.Eastern Time,are maintained throughout the fiscal year.Changes to tariff rates may affect our financial forecast.We will continue to monitor thesituation to respond to changes in market conditions.In light of the comparability of consolidated financial statements over di

47、fferent fiscal years,Nintendo has a policy of preparing itsconsolidated financial statements in accordance with accounting principles generally accepted in Japan,which has been designed forconvergence with International Financial Reporting Standards(IFRS),for the time being.Taking into account the p

48、ossible adoptionof IFRS in the future,Nintendo continues to collect information and conduct various studies,participating in seminars hosted byexternal organizations.Note Appropriate Use of Earnings ForecastsForecasts announced by the Company referred to above were prepared based on managements assu

49、mptions with information available at this time and thereforeinvolve known and unknown risks and uncertainties such as fluctuation in foreign exchange rates and other changes in the market environment.Please note suchrisks and uncertainties may cause the actual results(earnings,dividend,and other re

50、sults)to be materially different from the forecasts.Nintendo Co.,Ltd.-4-Consolidated Balance Sheetsmillion yen(Assets)Current assetsCash and deposits1,484,3501,586,275Notes and accounts receivable-trade93,60865,180Securities768,355471,915Inventories155,987486,428Other71,092142,603Allowance for doubt

51、ful accounts(91)(52)Total current assets2,573,3022,752,352Non-current assetsProperty,plant and equipment Buildings and structures,net52,62153,360Tools,furniture and fixtures,net 5,95010,599Machinery,equipment and vehicles,net1,7611,807Land42,81643,517Construction in progress5,3683,326Total property,

52、plant and equipment 108,518112,612Intangible assetsSoftware9,84111,393Other6,56311,96916,40523,362Investments and other assetsInvestment securities290,620369,373Retirement benefit asset11,58413,117Deferred tax assets107,85280,929Other43,11046,767Total investments and other assets453,168510,188Total

53、non-current assets578,092646,162Total assets3,151,3943,398,515As of March 31,2025As of March 31,2024Total intangible assetsDescriptionNintendo Co.,Ltd.-5-million yen(Liabilities)Current liabilitiesNotes and accounts payable-trade58,084201,091Provision for bonuses4,3894,485Income taxes payable94,5963

54、4,726Other322,206357,342Total current liabilities479,276597,646Non-current liabilitiesProvision for directors compensation1204Retirement benefit liability23,95528,821Other43,04246,596Total non-current liabilities67,11975,422Total liabilities546,396673,068(Net assets)Shareholders equityShare capital1

55、0,06510,065Capital surplus 15,12015,186Retained earnings2,646,9672,732,509Treasury shares(271,033)(271,015)Total shareholders equity2,401,1192,486,746Accumulated other comprehensive incomeValuation difference on available-for-sale securities30,41567,469Foreign currency translation adjustment172,2261

56、70,112Total accumulated other comprehensive income 202,642237,581Non-controlling interests1,2371,119Total net assets2,604,9982,725,446Total liabilities and net assets3,151,3943,398,515DescriptionAs of March 31,2024As of March 31,2025Nintendo Co.,Ltd.-6-Consolidated Statements of Incomemillion yenNet

57、 sales1,671,8651,164,922Cost of sales717,530454,754Gross profit 954,335710,168425,393427,614Operating profit528,941282,553Non-operating incomeInterest income51,41256,176Share of profit of entities accounted for using equity method30,09935,125Foreign exchange gains61,589-Other 8,9507,091Total non-ope

58、rating income152,05198,392Non-operating expensesForeign exchange losses-7,913Other 496716Total non-operating expenses4968,630680,497372,316Extraordinary incomeGain on sale of non-current assets66Gain on sale of investment securities60072Total extraordinary income60678Extraordinary lossesLoss on disp

59、osal of non-current assets38163Total extraordinary losses38163Profit before income taxes680,722372,331192,56684,403(2,485)9,075Total income taxes190,08093,478490,642278,8524046490,602278,806Profit attributable to non-controlling interestsProfit attributable to owners of parentProfitIncome taxes-curr

60、entIncome taxes-deferredOrdinary profitDescriptionSelling,general and administrative expensesYear ended March 31,2024Year ended March 31,2025Nintendo Co.,Ltd.-7-Consolidated Statements of Comprehensive Incomemillion yen490,642278,852Other comprehensive incomeValuation difference on available-for-sal

61、e securities2,26037,292Foreign currency translation adjustment76,575(10,534)4,3718,182Total other comprehensive income83,20634,939Comprehensive income573,849313,792(Comprehensive income attributable to)Comprehensive income attributable to owners of parent573,809313,746Comprehensive income attributab

62、le to non-controlling interests4046Year ended March 31,2025DescriptionProfitYear ended March 31,2024Share of other comprehensive income of entities accounted for using equity methodNintendo Co.,Ltd.-8 -Consolidated Statements of Changes in EquityYear ended March 31,2024(April 1,2023-March 31,2024)mi

63、llion yenBalance as of April 1,202310,06515,0792,392,704(271,049)2,146,798Changes during periodDividends of surplus-(236,339)-(236,339)Profit attributable to owners of parent-490,602-490,602Purchase of treasury shares-(2)(2)Disposal of treasury shares-40 -19 60 -Total changes during period-40254,262

64、16254,320Balance as of March 31,202410,06515,1202,646,967(271,033)2,401,119Balance as of April 1,202328,02891,406119,4352322,266,466Changes during periodDividends of surplus-(236,339)Profit attributable to owners of parent-490,602Purchase of treasury shares-(2)Disposal of treasury shares-60 2,38680,

65、81983,2061,00584,212Total changes during period2,38680,81983,2061,005338,532Balance as of March 31,202430,415172,226202,6421,2372,604,998Non-controllinginterestsTotalnet assetsCapital surplusRetainedearningsTreasury sharesNet changes in items other than shareholders equityAccumulated other comprehen

66、sive incomeTotalaccumulatedothercomprehensiveincomeForeign currencytranslationadjustmentValuationdifferenceon available-for-sale securitiesNet changes in items other than shareholders equityShare capitalShareholders equityTotalshareholdersequityNintendo Co.,Ltd.-9-Consolidated Statements of Changes

67、in EquityYear ended March 31,2025(April 1,2024-March 31,2025)million yenBalance as of April 1,202410,06515,1202,646,967(271,033)2,401,119Changes during periodDividends of surplus-(193,263)-(193,263)Profit attributable to owners of parent-278,806-278,806Purchase of treasury shares-(2)(2)Disposal of t

68、reasury shares-66-2086-Total changes during period-6685,5421785,626Balance as of March 31,202510,06515,1862,732,509(271,015)2,486,746Balance as of April 1,202430,415172,226202,6421,2372,604,998Changes during periodDividends of surplus-(193,263)Profit attributable to owners of parent-278,806Purchase

69、of treasury shares-(2)Disposal of treasury shares-8637,053(2,114)34,939(118)34,821Total changes during period37,053(2,114)34,939(118)120,448Balance as of March 31,202567,469170,112237,5811,1192,725,446Net changes in items other than shareholders equityShare capitalShareholders equityTotalshareholder

70、sequityNet changes in items other than shareholders equityAccumulated other comprehensive incomeValuationdifferenceon available-for-sale securitiesForeign currencytranslationadjustmentTotalaccumulatedothercomprehensiveincomeNon-controllinginterestsTotalnet assetsCapital surplusRetainedearningsTreasu

71、ry sharesNintendo Co.,Ltd.-10 -Consolidated Statements of Cash Flowsmillion yenCash flows from operating activities680,722372,331Depreciation17,85615,361Increase(decrease)in allowance for doubtful accounts(267)(28)Interest and dividend income(54,271)(57,626)Foreign exchange losses(gains)(83,145)5,08

72、9Share of loss(profit)of entities accounted for using equity method(30,099)(35,125)Decrease(increase)in trade receivables37,99527,876Decrease(increase)in inventories 123,853(333,837)Increase(decrease)in trade payables(75,315)57,564(1,018)5,149Increase(decrease)in accrued consumption taxes774(289)Oth

73、er,net(24,227)43,336592,85699,802Interest and dividends received52,82260,644Interest paid(166)(193)Income taxes paid(183,415)(148,184)Net cash provided by(used in)operating activities462,09712,069Cash flows from investing activitiesPurchase of short-term and long-term investment securities(1,321,142

74、)(1,118,834)1,202,0831,555,399(16,123)(19,008)1016Payments into time deposits(1,437,387)(1,787,231)Proceeds from withdrawal of time deposits 942,6652,126,880Other,net(738)(4,157)Net cash provided by(used in)investing activities(630,632)753,063Cash flows from financing activitiesPurchase of treasury

75、sharesDividends paid(236,240)(193,191)Other,net(717)(1,934)Net cash provided by(used in)financing activities(236,958)(195,126)64,356(9,317)Net increase(decrease)in cash and cash equivalents(341,136)560,689Cash and cash equivalents at beginning of period1,194,569853,432Cash and cash equivalents at en

76、d of period853,4321,414,121Year Ended March 31,2024Year Ended March 31,2025Sub-totalIncrease(decrease)in retirement benefit liabilityDescriptionProfit before income taxesEffect of exchange rate change on cash and cash equivalentsProceeds from sale of property,plant and equipment and intangible asset

77、sProceeds from sale and redemption of short-term and long-term investment securitiesPurchase of property,plant and equipment and intangible assetsNintendo Co.,Ltd.-11-Notes Pertaining to Consolidated Financial Statements(Going Concern Assumption)(Consolidated balance sheets information)As of March 3

78、1,2024As of March 31,2025(Consolidated statements of cash flows information)Cash and depositsCash and cash equivalents(Segment information)(Per share information)yenyenNotes1.Diluted profit per share is omitted as no residual securities were outstanding as of March 31,2024 and 2025.2.The basis of ca

79、lculation of profit per share is as follows:million yenmillion yenProfit attributable to owners of parentthousands of sharesthousands of sharesAverage number of shares(Significant subsequent events)Not applicable1,164,2351,164,245490,602278,806Amount not attributable to common shareholders-Profit at

80、tributable to owners of parent related to common shares490,602278,806Segment information is omitted as Nintendo(the Company and its consolidated subsidiaries)operates as a singlebusiness segment.Year endedMarch 31,2025Year endedMarch 31,2024Year endedMarch 31,2025Net assets per share2,236.452,339.99

81、Profit per share421.39239.47Year endedMarch 31,2024(410,356)Short-term investments with an original maturity of three months or less121,881238,202853,4321,414,121Time deposits with maturities of more than three months(752,799)There are no applicable items.Accumulated depreciation90,42097,327million

82、yenmillion yen“Cash and cash equivalents at end of period”were reconciled to“Cash and deposits”in the accompanying consolidated balance sheets as ofMarch 31,2024 and 2025 as follows:Year endedMarch 31,2024Year endedMarch 31,20251,484,3501,586,275million yenmillion yenAs of the fiscal year ended March 31,2025,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）Nintendo Co.,Ltd.-12 -