DeNA Co., Ltd. (2432): FY2025 Results Summary — Profit Steps Back from a Record Year as Balance-Sheet Reform Accelerates

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DeNA Co., Ltd. reported full-year FY2025 revenue of 147.7 billion yen (YoY -10%), IFRS operating profit of 18.7 billion yen (YoY -35%) and Non-GAAP operating profit of 28.1 billion yen (YoY -15%). Profit for the period attributable to owners of the parent was 19.0 billion yen (YoY -21%), with ROE of 8.0%. The company states that, with business progress and agile action towards balance sheet management, it is on track to achieve the commitments outlined in the mid term strategy period from FY2024 (Non-GAAP operating profit of 15.0 billion yen for FY2026) as well as the new ROE targets set during FY2025. For FY2026 the company guides to revenue of 154.0 billion yen and operating profit (IFRS and Non-GAAP) of 15.0 billion yen.

Consolidated Results (Full-Year Actual)

Revenue declined to 147.7 billion yen from 164.0 billion yen, and IFRS operating profit fell to 18.7 billion yen from 29.0 billion yen. Share of profit of associates accounted for using the equity method rose sharply to 8.8 billion yen (YoY 282%), while finance income / costs (net) turned to -1.7 billion yen. EPS was 171.36 yen against 217.24 yen a year earlier. The company notes that segments were reorganized from FY2025 and previous results have been restated to match.

Item (billion yen)	FY2025	FY2024	YoY
Revenue (IFRS)	147.7	164.0	-10%
Operating profit (IFRS)	18.7	29.0	-35%
Operating profit (Non-GAAP)	28.1	32.9	-15%
Finance income / costs (net)	-1.7	0.5	–
Share of profit (loss) of associates accounted for using the equity method	8.8	2.3	282%
Profit before tax	25.8	31.8	-19%
Profit for the period attributable to owners of the parent	19.0	24.2	-21%
EPS (Yen)	171.36	217.24	-21%

Segment Results

Game revenue fell 18% to 64.4 billion yen and Game segment profit fell 23% to 29.7 billion yen, reflecting the reaction from a major hit in FY2024, particularly during the first half. Even so, the company states that FY2025 results exceeded the upper limit of its initial guidance. Live Streaming revenue was 39.8 billion yen (YoY -2%) but segment profit turned to 4.0 billion yen from -0.2 billion yen a year earlier. Sports & Smart City Business revenue grew 5% to 32.8 billion yen with segment profit of 1.8 billion yen (YoY -3%). Healthcare & Medical revenue was 8.7 billion yen with a segment loss of -2.3 billion yen, narrowed from -3.6 billion yen.

Segment (billion yen)	Revenue FY2025	Revenue FY2024	Segment profit/loss FY2025	Segment profit/loss FY2024
Game	64.4	78.1	29.7	38.6
Live Streaming	39.8	40.6	4.0	-0.2
Sports & Smart City Business	32.8	31.3	1.8	1.8
Healthcare & Medical	8.7	10.8	-2.3	-3.6
New Businesses and Others	2.5	3.6	-1.5	-0.1
Adjustments	-0.4	-0.4	-3.9	-4.0
Total	147.7	164.0	27.7	32.4

Business Topics

For Pokémon Trading Card Game Pocket, average MAU for Q4 was approximately 24 million, with about 60% of virtual currency consumption coming from international users; Q4 virtual currency consumption decreased compared to Q3, which had various initiatives, but performance remained solid supported by seasonality in other titles. In Live Streaming, IRIAM downloads totaled 6.21 million as of March 2026 (Japan and international combined) and Pococha downloads in Japan totaled 7.54 million as of March 2026. In the Sports & Smart City Business, the 2025 season’s home game attendance for the Yokohama DeNA BayStars reached 2.36 million, setting a new team record following the 2024 season; the company expects the segment to generate around 3.0 billion yen of annual segment profit, supported by smart city initiatives moving beyond the prior investment phase. For the Healthcare & Medical Business, the company is targeting profitability in FY2026.

Capital Allocation and Balance Sheet

DeNA states that it thoroughly reviewed its capital structure and prioritized actions to reinforce balance sheet management. Policy shareholdings were significantly reduced to 1 stock / 24.5 billion yen as of the end of FY2025, from 1 stock / 88.9 billion yen as of the end of FY2024, following the sale of investment securities in March 2026. Full repayment of non-consolidated borrowings (33.1 billion yen) was completed by the end of FY2025, and new commitment lines were established to enable more flexible utilization. Capital allocation priorities are, in order: growth and strategic investments including M&A; enhanced shareholder returns; and flexible utilization of borrowings. Operating cash flow was 33.4 billion yen and free cash flow was 68.3 billion yen, while total assets stood at 333.2 billion yen as of March 31, 2026 versus 394.2 billion yen a year earlier, with cash and cash equivalents of 103.0 billion yen.

FY2026 Guidance

For FY2026 the company forecasts revenue of 154.0 billion yen and operating profit (IFRS and Non-GAAP) of 15.0 billion yen. For the Game Business, the significant initial performance of Pokémon Trading Card Game Pocket in the previous fiscal year, primarily in the first half, has been taken into account. Investments necessary for future growth are expected to increase year on year, reflecting a period of strategic evolution, and other income (expenses) do not include any one-off items. Profit for the period attributable to owners of the parent has not been disclosed, as the company states it is difficult to provide a reasonable estimate given the need for a careful assessment of the impacts from GO Inc., an associate accounted for using the equity method that is currently applying for listing.

Item (billion yen)	FY2026 Guidance	FY2025 (Actual)
Revenue	154.0	147.7
Operating profit (IFRS)	15.0	18.7
Operating profit (Non-GAAP)	15.0	28.1
Profit for the period attributable to owners of the parent	Not disclosed	19.0

Shareholder Returns

DeNA changed its basic dividend policy to target a DOE of approximately 3%, applied from FY2025. A regular cash dividend of 66 yen per share is planned for FY2025, against the previous fiscal year’s regular cash dividend of 33 yen and special cash dividend of 32 yen per share. A repurchase of own shares of up to 50.0 billion yen is underway, with 10.7 billion yen executed in FY2025, and all shares repurchased through this program will be cancelled. The company adds that share buybacks will be responded to with flexibility as one approach to addressing changes in the stock price and business environment, managing capital policies, and returning profits to shareholders.

Item	FY2025	FY2024
Regular cash dividend per share	66 yen (planned)	33 yen
Special cash dividend per share	–	32 yen
Basic dividend policy	DOE of approx. 3%	–
Purchase of treasury stock (billion yen)	-10.7	-0.0

Medium-Term Plan and Management Structure

The mid term strategy starting from FY2024 sets 3 Year Key Focus items including an increase in ROE. DeNA aims for a phased increase of the ROE target and to reinforce balance sheet management to agilely establish a structure capable of consistently achieving ROE of 8% or more, targeting the current mid term strategy period (FY2024-FY2026). The company says that updating, defining and executing strategies regarding its business portfolio and business creation will be its top priority from FY2026 onwards. Alongside the results, DeNA disclosed a planned change of leadership as of June 27, 2026: Tomoko Namba moves from Representative Director & Executive Chairman to Representative Director, President & Chief Executive Officer (CEO), while Shingo Okamura moves from Representative Director, President & CEO to Representative Director & Executive Chairman. On AI, the company reports that Devin has been deployed to all employees, that it has launched DeNA AI Link to provide AI-related consulting and solutions, and that four open beta tests of AI native products are underway across approximately 30 projects. Further details are to be provided at the Q1 FY2026 Operating Results Briefing.

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