Sega Sammy (6460) Q2 2026 earnings summary

Executive summary

• Q2/FY2026/3 results missed expectations due to lower-than-expected Full Game sales, underperformance at Rovio, and losses from newly acquired Stakelogic and GAN, despite strong performance in existing Gaming businesses and the inclusion of acquired companies' results.

• Net sales for the six months ended September 30, 2025, were ¥201.1B, down 5.0% YoY; operating income was ¥10.0B, down 69.3% YoY; profit attributable to owners was ¥2.7B, down 90.9% YoY.

• Interim dividend set at ¥27 per share, with annual shareholder return estimated between ¥11.7B (DOE 3%) and ¥18.7B (50% total return ratio), depending on full-year performance.

Financial highlights

• Q2 sales: ¥201.1B (down from ¥211.6B YoY); operating income: ¥10.0B (down from ¥32.8B YoY); profit attributable to owners: ¥2.7B (down from ¥30.3B YoY).

• Adjusted EBITDA for Q2: ¥15.9B (down from ¥34.8B YoY); ROE: 12.2%.

• Gross profit margin declined as gross profit fell to ¥89.3B from ¥100.4B YoY.

• Basic earnings per share dropped to ¥13.01 from ¥140.75 YoY.

• Dividends per share increased to ¥27.00 (from ¥25.00 YoY).

Outlook and guidance

• Full-year forecast for FY ending March 31, 2026: net sales ¥475.0B, operating income ¥53.0B, profit attributable to owners ¥37.5B, and basic EPS ¥175.39.

• Mainstay IP titles to be launched across all business segments, with a focus on holiday season sales and revitalization of acquired companies.

• The impact of Stakelogic and GAN acquisitions on the full-year forecast is under review.