Fiscal Year Ending March 2026, First Half (Semi-annual Period)
Results Briefing MaterialsMarvelous Inc.
October 31, 2025
Stock Code: 7844 (Prime Market)
目次
01
Fiscal Year Ending March 2026, First Half (Semi-annual Period) Results Summary
02
Segment Results and
Future Development
03
Full-Year Forecast for
the Fiscal Year Ending March 2026
04
Supplementary Material
Copyright © Marvelous Inc. All rights reserved.
2
Fiscal Year Ending March 2026, First Half (Semi-annual Period) Results Summary
Copyright © Marvelous Inc. All rights reserved.
3
Financial Summary for the Fiscal Year Ending March 2026, First Half
Significant increase in revenue, driven by the launch of three core new video games and strong performance in the Amusement business.
Operating income decreased due to a heavy burden of development costs for new video games, however, "Rune Factory: Guardians of Azuma" and "STORY OF SEASONS: Grand Bazaar" are contributing to profits ahead of schedule due to strong sales.
Ordinary income and net income increased, mainly due to the shift in non-operating items from posting foreign exchange losses in the same period of the previous year to posting foreign exchange gains this year.
（Unit：million yen） | 1H FY ended March 2025 (April-September 2024) | 1H FY ending March 2026 (April-September 2025) | YoY change | ||||
Actual | Profit ratio | Actual | Profit ratio | Amount | % | ||
Net sales | 12,877 | - | 20,281 | - | 7,404 | 157.5％ | |
Cost of sales | 6,588 | - | 14,154 | - | 7,565 | 214.8％ | |
SGA expenses | 5,695 | - | 5,900 | - | 205 | 103.6％ | |
Operating profit | 592 | 4.6％ | 226 | 1.1% | -366 | 38.2％ | |
Ordinary profit | 373 | 2.9％ | 380 | 1.9% | 7 | 102.0％ | |
Profit attributable to owners of parent | 78 | 0.6％ | 184 | 0.9% | 105 | 234.7％ | |
Copyright © Marvelous Inc. All rights reserved.
4
Segment Results and Future Development
Copyright © Marvelous Inc. All rights reserved.
5
Operating Results by Segment
（Unit：million yen） | 1H FY2025 (April-September 2024) | 1H FY2026 (April-September 2025) | YoY change | |||
amount | % | |||||
Net sales | Digital Contents Business | 6,246 | 12,414 | 6,168 | 198.7% | |
Amusement Business | 4,388 | 5,982 | 1,594 | 136.3% | ||
Audio & Visual Business | 2,242 | 1,883 | -358 | 84.0% | ||
Total | 12,877 | 20,281 | 7,404 | 157.5% | ||
Segment profit | Digital Contents Business | 104 | -1,070 | -1,175 | －% | |
Amusement Business | 1,206 | 1,702 | 496 | 141.2% | ||
Audio & Visual Business | 170 | 483 | 313 | 283.6% | ||
Total | 1,481 | 1,115 | -365 | 75.3% | ||
Company-level costs, etc. -888 -889 -0 100.1%
Operating profit total 592 226 -366 38.2%
Copyright © Marvelous Inc. All rights reserved.
6
2Q Overview
Digital Contents Business
"Rune Factory: Guardians of Azuma" and "STORY OF SEASONS: Grand Bazaar" achieved strong sales, reaching the half-million mark.
Although "DAEMON X MACHINA TITANIC SCION" saw sluggish sales, the Consumer business overall is progressing ahead of the initial plan.
The Online business show steady progress, with existing titles such as "Dolphin Wave" and "BIKKURIMAN Wonder Collection" performing well.
■ ■ Net sales ■ ■ Segment profit（Unit: million yen）
12,414
Net sales
Rune Factory: Guardians of Azuma
（Nintendo Switch 2/ Nintendo Switch /Steam®）
STORY OF SEASONS: Grand Bazaar
(Nintendo Switch 2/ Nintendo Switch /Steam®)
6,246
12,414
million yen
YoY：198.7%
[Japan/ North America/ Europe/ Asia/ Steam®]
Released on June 5, 2025
[Japan/ Asia/ Steam®] Released on August 28, 2025 [North America/ Europe] Released on August 27, 2025
104
DAEMON X MACHINA TITANIC SCION
(Nintendo Switch 2/PlayStation®5/ Xbox Series X|S /Steam®)
-1,070
Segment profit
-1,070
million yen
YoY：－%
©2025 Marvelous Inc.
©2025 Marvelous Inc.
Dolphin Wave
(Smartphone/PC)
1H FY2025 1H FY2026
[Japan/ North America/ Europe/ Asia/ Steam®] Released on September 5, 2025
Released in October 2022
Copyright © Marvelous Inc. All rights reserved.
©2025 Marvelous Inc.
*The overseas release dates are those according to local time.
©Marvelous Inc.
©HONEY PARADE GAMES Inc.
77
Upcoming Lineup
Digital Contents Business
The new online title "Browser Sangokushi Ten" was released in October.
Subsidiary G-MODE is scheduled to release the Nintendo Switch version of "The Thousand Musketeers: Rhodoknight " in February 2026.
We will continue to focus on expanding sales of the three new video games released in the first half and our existing online titles.
ⒸMarvelous Inc.
Released on October 22, 2025
Browser Sangokushi Ten
(Smartphone)
©Marvelous Inc. ©G-MODE Corporation
Scheduled to be released on February 26, 2026
The Thousand Musketeers: Rhodoknight for Nintendo Switch
（Nintendo Switch ）
Copyright © Marvelous Inc. All rights reserved.
8
2Q Overview/Upcoming Lineup
Amusement Business
Revenue and profit increased year-on-year, driven by strong performance of the Pokémon kids' amusement machines both domestically and internationally.
We will continue to focus on acquiring and engaging both new and existing users.
The latest Pokémon amusement machine
(Kids' amusement machine)
■ ■ Net sales ■ ■ Segment profit（Unit: million yen）
4,388
5,982
Net sales
5,982 million yen
YoY：136.3%
Started operations in July 2024
©2024 Pokémon. ©1995-2024 Nintendo/Creatures Inc./GAME FREAK inc.
Developed by T-ARTS and MARV
ポケットモンスター・ポケモン・Pokémonは任天堂・クリーチャーズ・ゲームフリークの登録商 標です。
1,206
1,702
Segment profit
1,702 million yen
YoY：141.2%
Pokémon MEZASTAR (Overseas)
(Kids' amusement machine)
1H FY2025 1H FY2026
Overseas operations since April 2025
©Pokémon. ©Nintendo/Creatures Inc./GAME FREAK inc.
Developed by T-ARTS and MARV TM, ®, and character names are trademarks of Nintendo.
Copyright © Marvelous Inc. All rights reserved. 99
2Q Overview
Audio & Visual Business
Revenue decreased due to the liquidation of unprofitable businesses in the previous fiscal year, but this contributed to an improvement in profit.
Although the number of stage performances decreased, the high contribution from hit titles led to improved profitability
You and Idol Precure The Movie: For You! Our Kirakilala Concert!
9-nine -Ruler's Crown
Secondary usage revenue from past anime titles was also strong.
■ ■ Net sales ■ ■ Segment profit（Unit: million yen）
2,242
1,883
Net sales
Released on September 12,
2025
TV
broadcasted from July to September 2025
1,883 million yen
YoY：84.0%
170
483
Segment profit
483 million yen
YoY：283.6%
©CrearRave/Marvelous/GOOD SMILE FILM
©2025 You and Idol Precure the Movie Production Committee
TOUKEN RANBU THE STAGE Shiden
Shingan Mikiwameru Manako
KAKEGURUI THE STAGE
Performed in September 2025
Performed from July to August 2025
1H FY2025 1H FY2026
©NITRO PLUS·EXNOA LLC/Touken Ranbu the Stage Production Committee
©Homura Kawamoto,Toru Naomura/SQUARE ENIX,KAKEGURUI THE STAGE PROJECT
Copyright © Marvelous Inc. All rights reserved. 10
Upcoming Lineup
Audio & Visual Business
We have many more anime and stage projects planned for the future.
The Dark History of the Reincarnated Villainess
MUSICAL THE PRINCE OF TENNIS Ⅱ
The Fifth Stage
Started to be TV broadcasted in Octobery 2025
Performance from October to November 2025
©Masuo Kinoko, AlphaPolis/A Gatherer's Adventure in Isekai Production Committee
A Gatherer's Adventure in Isekai
Started to be TV broadcasted in Octobery 2025
© Akiharu Touka,HAKUSENSHA/"The Dark History of the Reincarnated Villainess"Production Committee
©2009 TAKESHI KONOMI／2025 MUSICAL THE PRINCE OF TENNIS II PROJECT
MUSICAL"PandoraHearts"
DANCING☆STAR PRECURE THE STAGE3
Musical HAKUOKI HAKU-MYU LIVE 4
Scheduled in December 2025
Scheduled in December 2025
Scheduled in November 2025
©Jun Mochizuki/SQUARE ENIX,MUSICAL"PandoraHearts"PROJECT
©DANCING STAR PRECURE THE STAGE PROJECT
©IDEA FACTORY・DESIGN FACTORY / Musical HAKUOKI Project
Copyright © Marvelous Inc. All rights reserved.
11
Full-Year Forecast for the Fiscal Year Ending March 2026
Copyright © Marvelous Inc. All rights reserved.
12
Full-Year Forecast for the Fiscal Year Ending March 2026
There is no change to the earnings forecast or dividend forecast from the initial projections.
With three of the four core new titles in the Digital contents business for this term already released, progress is on track toward the full-year forecast.
（Unit: million yen） | FY2025 | FY2026 | YoY change |
Actual | Forecast | % | |
Net sales | 27,963 | 35,000 | 125.2％ |
Operating profit | 1,817 | 2,000 | 110.0％ |
Ordinary profit | 1,800 | 2,000 | 111.1％ |
Profit attributable to owners of parent | 818 | 1,400 | 171.0％ |
Dividends (yen) 10 | 12 | ＋2 |
Copyright © Marvelous Inc. All rights reserved.
13
Supplementary Material
Copyright © Marvelous Inc. All rights reserved.
14
Statement of income
（Unit：million yen） | 1H FY2025 (April-September 2024) | 1H FY2026 (April-September 2025) | YoY change | |||
Actual | Profit ratio | Actual | Profit ratio | Amount | % | |
Net sales | 12,877 | - | 20,281 | - | 7,404 | 157.5% |
Cost of sales | 6,588 | - | 14,154 | - | 7,565 | 214.8% | |
SGA expenses | 5,695 | - | 5,900 | - | 205 | 103.6% | |
Thereof research and development expenses | 913 | - | 651 | - | -261 | 71.4% | |
Thereof advertising expenses | 886 | - | 1,550 | - | 664 | 175.0% | |
Operating profit | 592 | 4.6％ | 226 | 1.1％ | -366 | 38.2% | |
Other profit | -219 | - | 154 | - | 373 | －% | |
Ordinary profit | 373 | 2.9％ | 380 | 1.9％ | 7 | 102.0% | |
Extra ordinary profit | - | - | - | - | - | －% | |
Income taxes | 307 | - | 207 | - | -99 | 67.5% | |
Profit attributable to owners of parent | 78 | 0.6％ | 184 | 0.9％ | 105 | 234.7% | |
Copyright © Marvelous Inc. All rights reserved. | 15 |
Changes in Quarterly Financial Results
11,541
5,319
6,227
16.0%
6,866 6,928 6,883 7,115
20.4%
7,760 7,733
13.2%
5,806
7,071
7,843
12.4%
7,242
8,739
14.7%
780
994
1,402
- 9.9%
-688
7.7%
531
8.7%
621
3.1%
237
1,024
1.1%
65
7.5%
527
973
3.5%
251
2.8%
243
- 0.1%
-17
1Q 2Q 3Q 4Q FY2023
1Q 2Q 3Q 4Q FY2024
1Q 2Q 3Q 4Q 1Q
FY2025
2Q
FY2026
3Q 4Q
Copyright © Marvelous Inc. All rights reserved.
16
7,204
5,210
4,133
3,881
4,122
3,297
3,201
3,045
3,738
2,913
114
41
775
150
611
221
1Q
2Q
-457
3Q
4Q
-46
1Q
2Q
3Q
4Q
-349
1Q
-721
2Q
3Q
4Q
FY2024 FY2025 FY2026
Changes of Sales and Profit by Business Segment
Digital Contents Business
■■ Net sales
■■ Segment profit
945
769
709
3,345
（Unit: million yen）
Amusement Business
■■ Net sales
■■ Segment profit
-242 | ||||||||||||||
1Q | 2Q | 3Q | 4Q | 1Q | 2Q | 3Q | 4Q | 1Q | 2Q | 3Q | 4Q | |||
FY2024 | FY2025 | FY2026 |
（Unit：million yen）
640
1Q | 2Q | 3Q | 4Q | 1Q | 2Q | 3Q | 4Q | 1Q | 2Q | 3Q | 4Q | |||
FY2024 | FY2025 | FY2026 |
1,673
2,597 2,331 2,419
919
594
480
1,600
2,787 3,046 3,011
725
953
2,637
757
Audio & Visual Business
1,076
201
636
194
1,307
2,016
1,004 1,237 1,058 1,318
991
194
289
891
■■ Net sales
■■ Segment profit
（Unit：million yen）
40
95 87 83 22
Copyright © Marvelous Inc. All rights reserved.
17
Sales Changes by Business
1H FY2026
(April - September 2025)
Sales by Business
Reportable segment Business category
Digital Contents Business | ■Consumer games related
| 9,674 2,740 |
Amusement Business |
| 5,982 |
（Unit: million yen）
Audio & Visual Business
■Music and video contents related 613
Stage performance related 1,270
20,281
Total net sales
Quarterly changes
11,541
8,739
7,760
7,733
7,843
5,873
6,883
7,115
7,071
7,242
2,373
1,559
5,806
1,121
1,890
1,189
3,800
2,345
2,147
1,737
1,187
1,924
1,848
1,723
1,330
1,734
1,749
1,409
1,787
2,419
2,013
2,331
2,787
3,046
3,011
3,345
1,673
243
832
1Q
2,597
481
353
282
2Q
409
897
1,534
3Q
4Q
1,600
451
552
1Q
2,637
285
952
2Q
250
807
3Q
521
796
4Q
304
587
1Q
308
683
2Q
FY2026
3Q
4Q
FY2024
FY2025
（ Unit：million yen ）
Copyright © Marvelous Inc. All rights reserved.
18
Balance Sheet
（Unit：million yen） | End of March 2025 | End of September 2025 | Change in amount | |
Current assets | 22,636 | 23,442 | 806 | |
Non-current assets | 10,266 | 10,885 | 618 | |
Total assets | 32,903 | 34,328 | 1,424 | |
Current liabilities | 6,551 | 8,407 | 1,856 | |
Non-current liabilities | 165 | 165 | - | |
Total liabilities | 6,716 | 8,572 | 1,856 | |
Total net assets | 26,187 | 25,755 | -431 | |
Copyright © Marvelous Inc. All rights reserved.
19
Statement of cash flows
1H FY ended (Unit: million yen) March 2025 | 1H FY ending March 2026 | Change in amount |
Cash flows from -786 | 5,822 | 6,608 |
Cash flows from -2,394 | -749 | 1,644 |
Cash flows from -2,007 | -608 | 1,399 |
Cash and cash equivalents at end of 7,112 period | 12,386 | 5,274 |
operating activities
investing activities
financing activities
Copyright © Marvelous Inc. All rights reserved.
20
Inquiries
Corporate Planning Department, Corporate Division
E-mailir@marv.jp
URLhttps://corp.marv.jp
This document contains forward-looking statements that are based on information currently available to the Company and that may change as a result of numerous factors including the macroeconomic environment and industry trends relevant to the Company. Therefore, these forward-looking statements are made subject to certain risks and uncertainties that could cause results, including actual business performance, to differ materially from those presented.
This document has been machine translated from the Japanese original for reference purposes only. In the event of any discrepancy between this translated document and the Japanese original, the original shall prevail.