‌Fiscal Year Ending March 2026, Third Quarter
Results Briefing MaterialsMarvelous Inc.
January 30, 2026
Stock Code: 7844 (Prime Market)
‌目次
02
01
Results Summary
Future Development
Fiscal Year Ending March 2026, Third Quarter Segment Results and
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, Third Quarter Results Summary
Copyright © Marvelous Inc. All rights reserved.
3
‌Financial Summary for the Fiscal Year Ending March 2026, Third Quarter (Accumulated)
Significant increase in revenue, driven by the launch of three core new video games and strong performance in the Amusement business.
While operating profit saw only a modest increase due to high development costs for new titles, strong sales of Rune Factory: Guardians of Azuma and STORY OF SEASONS: Grand Bazaar contributed to earnings ahead of schedule.
Ordinary profit and profit attributable to owners of parent grew at a higher rate than operating profit, primarily due to foreign exchange gains.
（Unit：million yen） | 3Q FY ended March 2025 (April-December 2024) | 3Q FY ending March 2026 (April-December 2025) | YoY change | ||||
Actual | Profit ratio | Actual | Profit ratio | Amount | % | ||
Net sales | 20,720 | - | 29,121 | - | 8,400 | 140.5ï¼… | |
Cost of sales | 10,716 | - | 18,749 | - | 8,032 | 175.0ï¼… | |
SGA expenses | 8,437 | - | 8,595 | - | 157 | 101.9ï¼… | |
Operating profit | 1,566 | 7.6ï¼… | 1,776 | 6.1% | 210 | 113.4ï¼… | |
Ordinary profit | 1,656 | 8.0ï¼… | 2,129 | 7.3% | 473 | 128.6ï¼… | |
Profit attributable to owners of parent | 1,029 | 5.0ï¼… | 1,548 | 5.3% | 518 | 150.4ï¼… | |
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） | 3Q FY2025 (April-December 2024) | 3Q FY2026 (April-December 2025) | YoY change | |||
amount | % | |||||
Net sales | Digital Contents Business | 9,985 | 16,896 | 6,911 | 169.2% | |
Amusement Business | 7,435 | 9,298 | 1,863 | 125.1% | ||
Audio & Visual Business | 3,300 | 2,926 | -373 | 88.7% | ||
Total | 20,720 | 29,121 | 8,400 | 140.5% | ||
Segment profit | Digital Contents Business | 715 | -73 | -788 | ï¼% | |
Amusement Business | 1,976 | 2,558 | 582 | 129.5% | ||
Audio & Visual Business | 193 | 591 | 398 | 306.1% | ||
Total | 2,885 | 3,077 | 192 | 106.7% | ||
Company-level costs, etc. -1,318 -1,300 18 98.6%
Operating profit total 1,566 1,776 210 113.4%
Copyright © Marvelous Inc. All rights reserved.
6
3Q Overview
‌Digital Contents Business
Positive profit contributions from Rune Factory: Guardians of Azuma and STORY OF SEASONS: Grand Bazaar(released in 1H) following steady sales.
In online games, existing titles performed steadily, while Browser Sangokushi Ten, launched in October, is off to a slow start.
Significant profit recorded in 3Q led to a substantial reduction in cumulative operating loss compared to 2Q results.
■■Net sales ■■Segment profit（Unit: million yen）
16,896
Net sales
Rune Factory: Guardians of Azuma
（Nintendo Switch 2/ Nintendo Switch /Steam®）
STORY OF SEASONS: Grand Bazaar
(Nintendo Switch 2/ Nintendo Switch /Steam®)
9,985
16,896
million yen
YoY：169.2%
[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
715
Segment profit
Browser Sangokushi Ten
(Smartphone)
DAEMON X MACHINA TITANIC SCION
(Nintendo Switch 2/PlayStation®5/ Xbox Series X|S /Steam®)
-73
©2025 Marvelous Inc.
©2025 Marvelous Inc.
3Q FY2025
(accumulated)
-73
3Q FY2026
(accumulated)
million yen
YoY：ï¼%
[Japan/ North America/ Europe/ Asia/ Steam®] Released on September 5, 2025
Released on October 22, 2025
Copyright © Marvelous Inc. All rights reserved.
©2025 Marvelous Inc.
*The overseas release dates are those according to local time.
â’¸Marvelous Inc.
77
Upcoming Lineup
‌Digital Contents Business
Scheduled to release Rune Factory: Guardians of Azuma for PlayStation®5 and Xbox Series X|S in February.
Launch of The Thousand Musketeers: Rhodoknight for Nintendo Switch postponed to June 2026.
Pre-registration for the DMM GAMES version of Browser Sangokushi Ten commenced on January 22, 2026.
Continued focus on expanding sales of the three new console titles released in 1H, as well as new and existing online titles.
Ongoing development of upcoming new titles, including indie games.
©2025 Marvelous Inc.
PlayStation®5/Xbox Series X|S Version Scheduled for Release: February 13, 2026
Rune Factory: Guardians of Azuma
（Nintendo Switch 2/Nintendo Switch /Steam®/PlayStation®5/Xbox Series X|S ）
â’¸Marvelous Inc.
PC (DMM GAMES) Version
Pre-registration Started January 22, 2026
Browser Sangokushi Ten
(Smartphone/PC)
Copyright © Marvelous Inc. All rights reserved.
8
3Q 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.
Focusing on acquiring new users and revitalizing the market through continuous release of new sets, expansion into overseas markets, and aggressive promotions.
The latest Pokémon amusement machine
(Kids' amusement machine)
■■Net sales ■■Segment profit（Unit: million yen）
7,435
9,298
Net sales
9,298 million yen
YoY：125.1%
Started operations in July 2024
©2024 Pokémon. ©1995-2024 Nintendo/Creatures Inc./GAME FREAK inc.
Developed by T-ARTS and MARV
ãƒã‚±ãƒƒãƒˆãƒ¢ãƒ³ã‚¹ã‚¿ãƒ¼ãƒ»ãƒã‚±ãƒ¢ãƒ³ãƒ»Pokémonã¯ä»»å¤©å ‚・クリーãƒãƒ£ãƒ¼ã‚ºãƒ»ã‚²ãƒ¼ãƒ フリークã®ç™»éŒ²å•† 標ã§ã™ã€‚
1,976
2,558
Segment profit
2,558 million yen
Pokémon MEZASTAR (Overseas)
(Kids' amusement machine)
YoY：129.5%
3Q FY2025
(accumulated)
3Q FY2026
(accumulated)
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
3Q 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.
The Dark History of the
Reincarnated Villainess
A Gatherer's Adventure in Isekai
Secondary usage revenue from past anime titles was also strong.
■■Net sales ■■Segment profit（Unit: million yen）
3,300
2,926
Net sales
2,926
TV
Broadcast: October -December 2025
TV
Broadcast: October -December 2025
million yen
YoY：88.7%
©Masuo Kinoko, AlphaPolis/A Gatherer's Adventure in Isekai Production Committee
© Akiharu Touka,HAKUSENSHA/"The Dark History of the Reincarnated Villainess"Production Committee
193
591
ã›
ã„ãŒã
MUSICAL"PandoraHearts"
Segment profit
591 million yen
YoY：306.1%
DANCING☆STAR PRECURE THE STAGE3
3Q FY2025
(accumulated)
3Q FY2026
Performed in November 2025
Performed in December 2025
(accumulated)
©Jun Mochizuki/SQUARE ENIX,MUSICAL"PandoraHearts"PROJECT
©DANCING STAR PRECURE 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.
Star Detective Precure!
You and Idol Precure♪ Thanks Festival
MUSICAL THE PRINCE OF TENNIS 4th SEASON SEIGAKU vs SHITENHOJI
Scheduled for TV Broadcast in February 2026
Scheduled for February 2026
Performance January -March 2026
© ABC-A / Toei Animation
©Toei Animation. All Rights Reserved
©1999 TAKESHI KONOMIï¼2026 MUSICAL THE PRINCE OF TENNIS PROJECT
TOUKENRANBU THE STAGE
Guden Mujun Genjimonogatari Revival
FULLMETAL ALCHEMIST THE STAGE
-Ambitions of Darkness and Light-
Skip and Loafer The Musical
舞å°ã€Žé”é“祖師〠é¡æ´„ç·¨
Scheduled for March - April 2026
Scheduled for February
- March 2026
Scheduled for February 2026
Scheduled for March 2026
©NITRO PLUS·EXNOA LLC/Touken Ranbu the Stage Production Committee
©HiromuArakawa/SQUARE ENIX, FULLMETAL ALCHEMIST THE STAGE PROJECT
©Misaki Takamatsu,Kodansha/Skip and Loafer The Musical Project
Ⓒ舞å°ã€Žé”é“祖師ã€è£½ä½œå§”員会
改編自晋江文å¦åŸŽç°½ç´„作者墨香銅è‡åŒåå°èª¬
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.
Despite 3Q results exceeding full-year forecasts for ordinary profit and profit attributable to owners of parent, previous forecasts remain unchanged due to potential future uncertainties.
（Unit: million yen） | FY2025 | FY2026 | YoY change |
Actual | Forecast | % | |
Net sales | 27,963 | 35,000 | 125.2ï¼… |
Operating profit | 1,817 | 2,000 | 110.0ï¼… |
Ordinary profit | 1,800 | 2,000 | 111.1ï¼… |
Profit attributable to owners of parent | 818 | 1,400 | 171.0ï¼… |
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） | 3Q FY2025 (April-December 2024) | 3Q FY2026 (April-December 2025) | YoY change | |||
Actual | Profit ratio | Actual | Profit ratio | Amount | % | |
Net sales | 20,720 | - | 29,121 | - | 8,400 | 140.5% |
Cost of sales | 10,716 | - | 18,749 | - | 8,032 | 175.0% | |
SGA expenses | 8,437 | - | 8,595 | - | 157 | 101.9% | |
Thereof research and development expenses | 1,378 | - | 964 | - | -413 | 70.0% | |
Thereof advertising expenses | 1,239 | - | 2,116 | - | 877 | 170.8% | |
Operating profit | 1,566 | 7.6ï¼… | 1,776 | 6.1ï¼… | 210 | 113.4% | |
Other profit | 89 | - | 352 | - | 263 | 392.8% | |
Ordinary profit | 1,656 | 8.0ï¼… | 2,129 | 7.3ï¼… | 473 | 128.6% | |
Extra ordinary profit | 4 | - | - | - | -4 | ï¼% | |
Income taxes | 638 | - | 581 | - | -57 | 91.0% | |
Profit attributable to owners of parent | 1,029 | 5.0ï¼… | 1,548 | 5.3ï¼… | 518 | 150.4% | |
Copyright © Marvelous Inc. All rights reserved. | 15 |
‌Changes in Quarterly Financial Results
Net sales（million yen） Operating profit（million yen） Operating profit ratio（%）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
8,840
17.5%
14.7%
7.7%
8.7%
3.1%
1.1%
7.5%
3.5%
2.8%
780
994
1,402
- 9.9%
531
621
237
1,024
65
527
973
251
243
- 0.1%
1,550
-17
-688
1Q 2Q 3Q 4Q FY2023
1Q 2Q 3Q 4Q FY2024
1Q 2Q 3Q 4Q FY2025
1Q 2Q
3Q 4Q
FY2026
Copyright © Marvelous Inc. All rights reserved.
16
Profit by Business Segment
7,204
5,210
4,133
3,881
4,122
3,297
3,201
3,045
3,738
4,481
2,913
114
41
775
150
611
221
997
1Q
2Q
-457
3Q
4Q
-46
1Q
2Q
3Q
4Q
-349
1Q
-721
2Q
3Q
4Q
FY2024 FY2025 FY2026
‌Changes of Sales and
Digital Contents Business
â– â– Net sales
â– â– Segment profit
769
709
3,315
（Unit: million yen）
â– â– Net sales
â– â– 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
Amusement Business
2,787 3,046 3,011
725
953
757
2,637
3,345
945
855
Audio & Visual Business
1,076
201
636
194
1,307
2,016
1,004 1,237 1,058 1,318
289
194
1,042
107
891 991
â– â– Net sales
â– â– Segment profit
（Unit：million yen）
40
95 87 83 22
Copyright © Marvelous Inc. All rights reserved.
17
‌Sales Changes by Business
3Q FY2026
(April - December 2025)
Sales by Business
Reportable segment Business category
Digital Contents Business | â– Consumer games related
| 12,646 4,249 |
Amusement Business |
| 9,298 |
（Unit: million yen）
Audio & Visual Business
â– Music and video contents related 939
Stage performance related 1,987
29,121
Total net sales
Quarterly changes
11,541
8,739
8,840
7,760
7,733
7,843
5,873
6,883
7,115
7,071
7,242
2,373
1,559
2,971
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
1,509
1,734
1,749
1,409
1,787
2,419
2,013
2,331
2,787
3,046
3,011
3,345
3,315
1,673
243
832
1Q
2,597
2,637
481
353
409
897
1,534
282
2Q
3Q
4Q
1,600
451
552
1Q
285
952
2Q
250
807
3Q
521
796
4Q
304
587
1Q
308
683
2Q
326
716
3Q
4Q
FY2024 FY2025 FY2026
（ Unit：million yen ）
Consumer gameOnline game
Amusement game
Music and video contents
Stage perfomance
Copyright © Marvelous Inc. All rights reserved.
18
‌Balance Sheet
（Unit：million yen） | End of March 2025 | End of December 2025 | Change in amount | |
Current assets | 22,636 | 25,058 | 2,421 | |
Non-current assets | 10,266 | 10,611 | 344 | |
Total assets | 32,903 | 35,669 | 2,766 | |
Current liabilities | 6,551 | 8,212 | 1,661 | |
Non-current liabilities | 165 | 165 | - | |
Total liabilities | 6,716 | 8,377 | 1,661 | |
Total net assets | 26,187 | 27,292 | 1,104 | |
Copyright © Marvelous Inc. All rights reserved.
19
‌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.
Mar