February 12, 2026
JASDAQコード：6425
Securities Code: 6425
(Millions of yen)
As of Dec. 31, 2024 | As of Dec. 31, 2025 | Variance | Main variances | |
Current assets | 78,856 | 93,415 | 14,558 | |
Cash and deposits | 23,795 | 40,000 | 16,204 | |
Notes and accounts receivable - trade | 5,804 | 6,577 | 773 | |
Marketable securities | 279 | 121 | -157 | |
Merchandise and finished goods | 2,453 | 2,673 | 220 | |
Work in process | 17,952 | 15,442 | -2,510 | Increase in work in process 6,025, Decrease due to depreciation 6,903, Loss in valuation 1,633 |
Raw materials and supplies | 12,944 | 12,533 | -411 | |
Others | 16,481 | 17,381 | 899 | Prepaid Expenses: +725 |
Allowance for doubtful accounts | -854 | -1,314 | -460 | |
Non-current assets / investments | 553,082 | 279,549 | -273,532 | Decrease in value due to fluctuation of foreign exchange rate(1) |
Buildings and structures | 359,800 | 152,939 | -206,861 | Decrease due to impairment loss: -154,358 |
Construction in progress | 9,665 | 4,388 | -5,276 | Decrease due to impairment loss: -1,499 |
Lease assets | 51,515 | 19,102 | -32,412 | Decrease due to impairment loss: -19,726 |
Non-current assets, others | 36,229 | 21,725 | -14,503 | Decrease due to impairment loss: -10.807 |
Intangible assets | 2,041 | 1,466 | -575 | Decrease due to impairment loss: -988 |
Investment securities | 10,250 | 9,955 | -295 | |
Long-term deposits | 9,735 | 9,630 | -104 | |
Long-term deposits to subsidiaries and affiliates | 38,351 | 23,868 | -14,483 | Setoff with long-term deposits received from subsidiaries and affiliates |
Long-term account receivables from subsidiaries and affiliates | 9,967 | 7,553 | -2,413 | |
Others | 30,567 | 35,795 | 5,228 | (TRLEI) Deferred tax assets +4,320, Long-term loans receivable -1,748 |
Allowance for doubtful accounts | -5,041 | -6,876 | -1,834 | |
Deferred assets | 857 | 670 | -187 | |
Total assets | 632,795 | 373,634 | -259,161 | Decrease in value due to fluctuation of foreign exchange rate(1) |
(1) PHP: CR 2.73 as of 31 Dec. 2024 to CR 2.66 as of 31 Dec. 2025 / USD: CR 158.15 as of 31 Dec. 2024 to CR 156.53 as of 31 Dec. 2025
(Millions of yen)
As of Dec. 31, 2024 | As of Dec. 31, 2025 | Variance | Main variances | |
Current liabilities | 43,341 | 41,639 | -1,701 | |
Notes and accounts payable - trade | 6,290 | 6,269 | -21 | |
Current portion of long-term borrowings | 948 | 2,533 | 1,584 | |
Accounts payable - others | 6,020 | 4,521 | -1,499 | |
Accrued expenses | 9,709 | 8,505 | -1,203 | |
Income tax payable | 43 | 2,086 | 2,043 | (UEC) Increase due to occurance of taxable income 2,000 |
Provision for bonuses | 93 | 95 | 1 | |
Others | 20,234 | 17,628 | -2,606 | Suspend Receipt (Reclassified as Compensation income due to finalized judgement): -3,512 |
Non-current liabilities | 219,723 | 202,307 | -17,415 | Decrease in value due to fluctuation of foreign exchange rate(1) |
Notes | 62,913 | 62,999 | 86 | |
Long-term borrowings | 62,152 | 67,884 | 5,731 | |
Retirement benefit liability | 1,099 | 1,474 | 374 | |
Long-term deposits received from subsidiaries and affiliates | 14,233 | 0 | -14,233 | Setoff with long-term deposits to subsidiaries and affiliates |
Lease obligations | 61,420 | 60,949 | -471 | |
Others | 17,902 | 8,999 | -8,903 | (UEC) Deferred tax liabilities: -8,650 |
Total liabilities Net assets | 263,064 369,731 | 243,947 129,687 | -19,117 -240,043 | Decrease in value due to fluctuation of foreign exchange rate(1) |
Share capital | 98 | 98 | 0 | |
Capital surplus | 18,828 | 18,828 | 0 | |
Retained earnings | 342,614 | 111,189 | -231,425 | Net loss: 231,425 |
Treasury shares | -7,298 | -7,299 | 0 | |
Unrealized loss on marketable securities | -32 | -33 | 0 | |
Foreign currency translation adjustment | 15,693 | 6,894 | -8,799 | |
Remeasurements of defined benefit plans | -170 | 10 | 181 | |
Total liabilities and net assets | 632,795 | 373,634 | -259,161 |
(1) PHP: CR 2.73 as of 31 Dec. 2024 to CR 2.66 as of 31 Dec. 2025 / USD: CR 158.15 as of 31 Dec. 2024 to CR 156.53 as of 31 Dec. 2025
700,000
600,000
500,000
400,000
300,000
200,000
100,000
（Millions of yen）
279,549
43,341
202,307
41,639
93,415
369,731
219,723
129,687
373,634
373,634
632,795
632,795
78,856
553,082
0
FY2024
Assets
FY2024
Liabilities and Net Assets
FY2025
Assets
Current Fiscal Year | Comparison | |
FY2025 | FY2024 | |
Assets | 373,634 | -40.9% |
Current Assets | 93,415 | +18.4% |
Non-Current Assets/ Investments | 279,549 | -49.4% |
Liabilities | 243,947 | -7.2% |
Current Liabilities | 41,639 | -3.9% |
Non-Current Liabilities | 202,307 | -7.9% |
Net Assets | 129,687 | -64.9% |
Total Liabilities and Net Assets | 373,634 | -40.9% |
FY2025
Liabilities and Net Assets
Non-Current Assets Current Assets Net AssetsNon-Current Liabilities Current Liabilities
(Millions of yen)
Fiscal Year 2024 | Fiscal Year 2025 | Variance | Main variances and major items | |
Net sales | 126,328 | 122,827 | -3,500 | |
Cost of sales | 51,225 | 50,846 | -379 | |
Gross profit | 75,102 | 71,980 | -3,121 | |
Gross profit margin (%) | 59.5 | 58.6 | -0.8 | |
Selling, general and administrative expenses | 72,077 | 75,208 | 3,131 | |
Operating profit (loss) | 3,024 | -3,228 | -6,252 | |
Operating profit margin (%) | 2.4 | -2.6 | -5.0 | |
Non-operating income | 12,957 | 5,884 | -7,073 | Fiscal Year 2025 Foreign exchange loss: 1,134 (foreign currency dominated receivables: USD158.15 in December 2024 to USD156.63 in December 2025) Interest expenses: 9,011, Interest expenses on notes: 6,707 Provision of allowance for doubtful accounts: +1,813 Share of profit of entities accounted for using equity method: +2,027 (Reference) Fiscal Year 2024: Foreign exchange gain: 11,263 Interest expenses: 6,265, Interest expenses on notes: 13,163 |
Non-operating expenses | 21,581 | 21,154 | -427 | |
Ordinary loss | -5,599 | -18,497 | -12,898 | |
Ordinary profit margin (%) | -4.4 | -15.0 | -10.6 | |
Extraordinary income | 156 | 6,530 | 6,374 | Compensation income (Reclassified from suspend receipt due to finalized judgement): 3,512, Gain on sales of non-current assets:3,010 |
Extraordinary losses | 1,399 | 230,304 | 228,904 | Impaiement losses 229,115, Loss on litigation 400 |
Loss before income taxes and others | -6,842 | -242,271 | -235,428 | |
Income taxes | 8,727 | -10,846 | -19,573 | |
Net loss | -15,569 | -231,415 | -215,855 | |
Net loss attributable to non-controlling interests | - | - | - | |
Net loss attributable to owners of parent | -15,569 | -231,425 | -215,855 |
Impairment Loss
Foreign Exchange
Loss
Income Tax -
Deferred
(Millions of yen)
Fiscal Year 2024 | Fiscal Year 2025 | Variance | Major items | |
Net sales | 126,328 | 122,827 | -3,500 | |
Amusement Equipments Business | 43,504 | 56,708 | 13,204 | See page 8-10 "Amusement Equipments Business" |
Integrated Resort (IR) Business | 81,981 | 65,409 | -16,571 | See page 11-14 "Integrated Resort (IR) Business - TRLEI" |
Other | 476 | 534 | 57 | |
Unallocated or Eliminated | 365 | 174 | -190 | |
Operating profit (loss) | 3,024 | -3,228 | -6,252 | |
Amusement Equipments Business | 7,312 | 10,662 | 3,349 | |
Integrated Resort (IR) Business | 2,871 | -7,114 | -9,985 | |
Other | 349 | 615 | 266 | |
Unallocated or Eliminated | -7,508 | -7,391 | 117 | Unallocated expenses: 7,063 |
Depreciation | 18,048 | 19,707 | 1,658 | |
Amusement Equipments Business | 1,244 | 1,885 | 640 | |
Integrated Resort (IR) Business | 16,284 | 17,340 | 1,055 | |
Other | 61 | 34 | -27 | |
Unallocated or Eliminated | 457 | 446 | 10 | |
Adjusted segment EBITDA (1) | 28,346 | 23,152 | -5,194 | |
Amusement Equipments Business | 8,557 | 12,548 | 3,990 | |
Integrated Resort (IR) Business | 19,560 | 10,282 | -9,278 | TRLEI: 10,731 |
Other | 411 | 649 | 238 | |
Unallocated or Eliminated | -182 | -327 | 448 |
(1) Adjusted segment EBITDA = Operating profit/loss + Depreciation + Other adjustments
Net Sales
Operating Profit/Loss
Adjusted EBITDA
140,000
12,000
30,000
-7,114
10,662
2,871
7,312
19,560
8,557
10,282
12,548
10,000
120,000
8,000
25,000
100,000
6,000
4,000
20,000
80,000
2,000
15,000
81,981
43,504
65,409
56,708
0
60,000
40,000
-2,000
-4,000
10,000
20,000
-6,000
5,000
-8,000
0
FY2024 FY2025
-10,000
FY2024 FY2025
0
FY2024 FY2025
Amusement Equipments BusinessIntegrated Resort (IR) Business
Amusement Equipments Business
Integrated Resort (IR) Business
Amusement Equipments Business
Integrated Resort (IR) Business
(Millions of yen)
1stQuarter | 2ndQuarter | 3rdQuarter | 4thQuarter | FY2025 | |
Pachislot No. of machines sold | 10,222 | 34,197 | 14,573 | 24,052 | 83,044 |
No. of new titles | 1 | 3 | 2 | 2 | 8 |
Pachinko No. of machines sold | 8,401 | 2,769 | 13,715 | 7,071 | 31,956 |
No. of new titles | 2 | 1 | 3 | 2 | 8 |
Total no. of machines sold | 18,623 | 36,966 | 28,288 | 31,123 | 115,000 |
Net sales | 8,750 | 18,409 | 14,260 | 15,288 | 56,708 |
Cost of sales | 7,093 | 8,878 | 8,496 | 7,500 | 31,968 |
Gross profit | 1,656 | 9,531 | 5,764 | 7,788 | 24,740 |
Gross profit margin (%) | 18.9 | 51.7 | 40.4 | 50.9 | 43.6 |
Selling, general and administrative expenses | 2,856 | 3,156 | 3,107 | 4,958 | 14,078 |
Operating profit | -1,199 | 6,375 | 2,656 | 2,830 | 10,662 |
Depreciation | 358 | 570 | 401 | 554 | 1,885 |
Adjusted segment EBITDA (1) | -840 | 6,945 | 3,058 | 3,385 | 12,548 |
Adjusted segment EBITDA margin (%) | -9.6 | 37.7 | 21.4 | 22.1 | 22.1 |
(1) Adjusted segment EBITDA = Operating profit/loss + Depreciation + Other adjustments
60,000
43,504
12,548
10,662
8,557
7,312
56,708
50,000
40,000
30,000
20,000
10,000
（Millions of yen）
Previous Fiscal Year | Current Fiscal Year | Y-o-Y Comparison | ||
FY2024 | FY2025 | |||
Net Sales | 43,504 | 56,708 | +35.3% | |
Gross Profit | 20,094 | 24,740 | +23.1% | |
24,740 20,094 | ||||
Operating Profit | 7,312 | 10,662 | +45.8% | |
Adjusted EBITDA | 8,557 | 12,548 | +46.6% |
0
Net Sales Gross Profit Operating
Profit
Adjusted EBITDA
FY2024 FY2025Sales Volume:
18,623
1Q
Pachislot
SMART PACHISLOT SHAMAN KING
Pachinko
P HANEMONO Family Stadium
P Crash Landing on You
2Q
Pachislot
SMART PACHISLOT
Magia Record: Puella Magi Madoka Magica Side Story
SMART PACHISLOT MIDORIDON VIVA! JONETSUNAMBEIHEN REVIVAL
SMART PACHISLOT GUILTY CROWN 2
Pachinko
P ANOTHER GOD HADES: GOKUEN
3Q
Pachislot
AREX BRIGHT
SMART PACHISLOT THE TOWER OF DRUAGA / SLOT THE TOWER OF DRUAGA
Pachinko
P DRUM DA! KINDON HANABI GAIDEN
99ver.
e SHAMAN KING
e SHAMAN KING
Dekkeena Ver.
Sales Volume:
36,966
Sales Volume:
28,288
ファミリースタジアム™シリーズ ＆ ©Bandai Namco Entertainment Inc. ©Bandai Namco Sevens Inc.
©Magica Quartet/Aniplex･Magia Record Anime Partners [Music]Licensed by Aniplex Inc. Licensed by Sony Music Labels Inc.
4Q
Pachislot
SMART PACHISLOT BABEL
SMART PACHISLOT OKIDOKI! DUO ENCORE
Pachinko
P MADE IN ABYSS NARAKU NO RENKANSHOKU
P OKIDOKI! DOKIDOKI DANGAN TOUR
Sales Volume:
31,123
1stQuarter | 2ndQuarter | 3rdQuarter | 4thQuarter | FY2025 | |||
VIP (1) | Ending number / Average number of VIP gaming tables | No. of tables | 92 / 97 | 76 / 87 | 61 / 77 | 67 / 78 | 67 / 85 |
VIP rolling chip volume (2) | Million PHP | 53,076 | 52,424 | 40,694 | 31,894 | 178,089 | |
VIP rolling chip win (3) | Million PHP | 1,773 | 2,291 | 1,459 | 667 | 6,191 | |
VIP rolling chip win rate % | 3.3 | 4.4 | 3.6 | 2.1 | 3.5 | ||
Mass Market (4) | Ending number / Average number of mass gaming tables | No. of tables | 182 / 178 | 148 / 177 | 157 / 169 | 177 / 172 | 177 / 174 |
Mass table drop (5) | Million PHP | 10,466 | 7,481 | 8,546 | 7,690 | 34,183 | |
Mass online table volume (5) | Million PHP | 1,452 | 1,968 | 1,401 | 1,137 | 5,958 | |
Mass table games win - live (3) | Million PHP | 2,987 | 1,991 | 2,468 | 2,252 | 9,697 | |
Mass table games win - online (3) | Million PHP | 53 | 38 | 44 | 29 | 165 | |
Mass table games win rate - live % | 28.5 | 26.1 | 28.4 | 28.8 | 27.9 | ||
Mass table games win rate - online % | 3.7 | 1.9 | 3.2 | 2.5 | 2.8 | ||
Ending number / Average number of gaming machines | No. of machines | 2,908 / 2,820 | 2,972 / 2,939 | 2,975 / 2,986 | 3,008 / 2,964 | 3,008 / 2,980 | |
Gaming machine handle (6) | Million PHP | 48,438 | 46,587 | 53,101 | 50,138 | 198,265 | |
Gaming machine win (3) | Million PHP | 2,992 | 2,780 | 3,004 | 2,981 | 11,757 | |
Gaming machine win rate % | 6.2 | 6.0 | 5.7 | 5.9 | 5.9 | ||
Hotel | Average daily room rate (ADR) | PHP | 10,336 | 9,820 | 9,924 | 10,837 | 10,233 |
Hotel occupancy rate (7) % | 82.9 | 86.0 | 86.9 | 85.1 | 85.2 | ||
Revenue per available room (RevPAR) (8) | PHP | 8,569 | 8,447 | 8,623 | 9,221 | 8,716 | |
Property visitors | Visitors | 1,396,627 | 1,412,486 | 1,300,549 | 1,667,551 | 5,777,213 | |
Gross gaming revenue | Million PHP | 7,805 | 7,100 | 6,975 | 5,929 | 27,809 | |
VIP table games | Million PHP | 1,773 | 2,291 | 1,459 | 667 | 6,191 | |
Mass market table games | Million PHP | 3,040 | 2,029 | 2,512 | 2,280 | 9,862 | |
Gaming machine | Million PHP | 2,992 | 2,780 | 3,004 | 2,981 | 11,757 | |
Non-gaming revenue (hotel, food & beverage, retail, entertainment, etc.) | Million PHP | 941 | 929 | 864 | 1,140 | 3,876 | |
Total revenue | Million PHP | 8,747 | 8,030 | 7,839 | 7,068 | 31,684 | |
Depreciation | Million PHP | 1,499 | 1,565 | 1,558 | 1,568 | 6,191 | |
Adjusted segment EBITDA (9) | Million PHP | 1,778 | 1,151 | 1,106 | 224 | 4,260 | |
(Notes) Unit: PHP (Philippine Peso)
VIP customers play on a rolling chip program, and who typically play in dedicated VIP rooms or gaming areas.
Rolling chip volume is the total volume in the quarter of special chips for VIP wagered and lost by the rolling chip segment.
Win calculated by a combination of each volume (rolling chip volume or table drop or gaming machine handle) and each win rate.
It is shown before gaming taxes, discounts, commissions and the allocation of casino revenues to rooms, food and beverage and other revenues for services provided to casino customers on a complimentary basis.
Mass market customers play table games and slot machines on public gaming floors for cash stakes that are typically lower than those in the VIP segment.
Mass table games drop is the amount of cash to purchase gaming chips that is deposited in a gaming table's drop box plus gaming chips purchased at the casino cage. TG online gaming volume represents the total amount of wagers placed patrons including any reinvested winnings.
Gaming machine handle is the total amount wagered in gaming machines.
Hotel occupancy rate is calculated based on total rooms available for sale and excludes rooms not available for sale.
RevPAR calculated by dividing total room revenues including retail value of promotional allowances by total rooms available, thereby representing a combination of hotel average daily room rates and occupancy.
Adjusted segment EBITDA = Operating profit/loss + Depreciation + Other adjustments
40,000
Revenue
100%
Revenue Breakdown
（Millions of PHP）
35,000
30,000
25,000
20,000
15,000
10,000
5,000
90%
28.5% | 19.5% | |||
31.1% | ||||
28.1% | ||||
37.1% | ||||
32.8% | ||||
12.2% | ||||
10.6% |
80%
70%
60%
50%
40%
30%
20%
10%
12,775
10,935
11,108
11,757
9,862
6,191
3,876
4,112
0
FY2024 FY2025
VIPMass Table
Gaming Machine
Non-Gaming Revenue
0%
FY2024 FY2025
VIPMass Table
Gaming Machine
Non-Gaming Revenue
Previous Fiscal Year | Current Fiscal Year | Y-o-Y Comparison | |
FY2024 | FY2025 | ||
VIP | |||
VIP Rolling Chip Volume | 342,835 | 178,089 | -48.0% |
VIP Rolling Chip Win | 11,108 | 6,191 | -44.2% |
VIP Rolling Chip Win Rate | 3.2% | 3.5% | -0.3pt |
Mass Market | |||
Mass Table Drop - Live | 42,614 | 34,183 | -19.7% |
Mass Table Win - Live | 10,643 | 9,697 | -8.8% |
Mass Table Win Rate -Live | 25.0% | 27.9% | +2.9pt |
Mass Table Volume -Online | 10,187 | 5,958 | -41.5% |
Mass Table Win - Online | 292 | 165 | -43.4% |
Mass Table Win Rate -Online | 2.9% | 2.8% | +0.1pt |
Gaming Machine | |||
Gaming Machine Handle | 220,704 | 198,265 | -10.1% |
Gaming Machine Win | 12,775 | 11,757 | -7.9% |
Gaming Machine Win Rate | 5.8% | 5.9% | +0.1pt |
Gaming Revenue | 34,819 | 27,809 | -20.1% |
Non-Gaming Revenue | 4,112 | 3,876 | -5.7% |
Total Revenue | 38,930 | 31,684 | -18.6% |
FY2025 Q4 Awards Received
MICHELIN Selected Distinction - Ginza Nagaoka
Okada Manila's omakase restaurant, Ginza Nagaoka, has received the MICHELIN Selected recognition, awarded during the inaugural MICHELIN Guide Ceremony in the Philippines on October 30. The recognition highlights the restaurant's commitment to seasonality, precision,
and Japanese culinary craftsmanship. The award is a milestone that further strengthens Okada Manila's reputation for world-class dining.
Travelers' Choice Award - Enbu & The Lobby Lounge
Enbu and The Lobby Lounge at Okada Manila have been honored with the TripAdvisor Travelers' Choice Award. This prestigious accolade places both venues among the top 10% of hospitality businesses worldwide, based on a full year of exceptional traveler reviews. From the fiery spectacle of Enbu's robatayaki to the serene elegance of our Lobby Lounge, this recognition reflects our unwavering commitment to providing world-class experiences.