Tsuburaya Fields Holdings (2767): FY2025 Results Summary — Amusement Equipment Business Drives 23.9% Sales Growth

This article is based on publicly available IR materials and is not a recommendation to buy or sell any specific securities.

TSUBURAYA FIELDS HOLDINGS INC. reported net sales of ¥174,142 million (up 23.9%) and operating profit of ¥17,455 million (up 14.1%) for FY2025, the fiscal year ended March 31, 2026. The company states that strong sales of new pachinko/pachislot (PS) machines featuring major IP (intellectual property) and increased production of machines in response to market demand in the amusement equipment business drove significant growth for the Group as a whole. Results exceeded both the initial and the revised forecasts. The company labels the year ended March 31, 2026 as “FY2025” in this presentation.

Consolidated Results (Full-Year Actual)

On a consolidated basis, net sales came to ¥1,741.4 (hundred million yen), up ¥335.6 or 23.9% year on year, against an initial plan of 1,500 announced on May 13 and a revised plan of 1,700 announced on October 31. Operating profit rose ¥21.6 to 174.5 (+14.1%), ordinary profit rose ¥12.8 to 177.5 (+7.8%), and profit attributable to owners of parent rose ¥18.9 to 130.5 (+17.0%). The operating profit margin was 10.0%, against 10.9% in FY2024. The presentation notes that figures less than ¥10 million are rounded down.

Item (Unit: 100 million yen)	FY2025	FY2024	YoY change	Initial plan (May 13)	Revised plan (Oct. 31)
Net sales	1,741.4	1,405.8	+335.6 [+23.9%]	1,500	1,700
Gross profit	383.8	352.6	+31.1 [+8.8%]	–	–
SG&A expenses	209.2	199.6	+9.5 [+4.8%]	–	–
Operating profit	174.5	152.9	+21.6 [+14.1%]	160	180
[Operating profit margin]	[10.0%]	[10.9%]		[10.7%]	[10.6%]
Ordinary profit	177.5	164.6	+12.8 [+7.8%]	161	183
Profit attributable to owners of parent	130.5	111.5	+18.9 [+17.0%]	112	128

Segment Results

The amusement equipment business segment posted net sales of 1,590.6 (up 29.2%) and operating profit of 198.8 (up 30.1%), while the content and digital business segment posted net sales of 138.7 (down 15.4%) and operating profit of 9.3 (down 67.0%). The presentation states that the amusement equipment business drove significant growth in both sales and profits, underpinning the overall expansion of the Group.

Segment	Item	FY2025	FY2024	YoY change (%)	Initial plan (May 13)
Content and digital business segment	Net sales	138.7	164.1	(25.3) [(15.4)%]	190
Content and digital business segment	Operating profit [margin]	9.3 [6.7%]	28.3 [17.3%]	[(67.0)%]	32 [16.8%]
Amusement equipment business segment	Net sales	1,590.6	1,230.9	+359.7 [+29.2%]	1,300
Amusement equipment business segment	Operating profit [margin]	198.8 [12.5%]	152.7 [12.4%]	+46.0 [+30.1%]	156 [12.0%]
Other business segment	Net sales	17.8	16.8	+1.0 [+6.0%]	–
Other business segment	Operating profit	0.3	0.0	+0.3 [+656.1%]	–
Adjusted amount	Net sales	(5.8)	(6.0)	+0.1	–
Adjusted amount	Operating profit	(33.9)	(28.2)	(5.7)	–

Content and Digital Business Segment

Within Tsuburaya Productions Co., Ltd. (TPD), business revenue totalled 93.5 in FY2025 against 115.5 in FY2024, a decline of 19.1%. By region, Japan rose 6.4% to 50.0 while overseas fell 36.6% to 43.4. The presentation explains that in Japan revenue increased year on year with performance trending steadily across all categories, while overseas revenue and profit declined; it adds that, as Ultraman continues to maintain high brand recognition and a solid fan base in the Chinese market, there is no change to its mid-to-long-term growth potential. In the Chinese market licensing revenue declined, while the imaging and event segment recorded revenue growth driven by robust performance in streaming distribution and the success of events and new ticketed stage performances in Shanghai.

TPD business revenue (Unit: 100 million yen)	FY2025	FY2024	YoY change (%)
License	41.5	68.3	(39.2)%
License — Japan	10.3	9.6	+3.6%
License — China	25.5	52.8	(51.6)%
License — North America, Asia and others	5.9	5.8	+3.2%
MD (product sales)	15.4	13.9	+10.7%
MD — Japan	10.9	10.6	+3.4%
MD — Overseas	4.4	3.3	+34.1%
Imaging and events	29.6	29.3	+1.0%
Imaging and events — Japan	21.3	21.0	+1.4%
Imaging and events — Overseas	8.3	8.3	+0.2%
Total	93.5	115.5	(19.1)%

Amusement Equipment Business Segment

FIELDS CORPORATION recorded annual unit sales of approximately 274,000 units, up 33.6% year on year, for a market share of about 18.2% based on the company’s own research. Pachinko unit sales rose 54.0% to 142,479 units and pachislot unit sales rose 16.9% to 132,293 units. The presentation cites strong sales of “NEON GENESIS EVANGELION -Memories of the beginning-” and several other major IP titles, together with increased production demand for private brand (PB) pachislot titles sold in the previous fiscal year. On the market, it notes that the pachislot market maintains high utilization rates following the successful establishment of “Smart Pachislot” with sales remaining firm, while the pachinko market has shown a slight downward trend. ACE DENKEN Co., Ltd. has been steadily acquiring new customers by leveraging FIELDS’ strong sales capabilities.

Item	FY2025	FY2024	YoY change (%)
Pachinko sales	142,479 units	92,540 units	+54.0%
Pachislot sales	132,293 units	113,161 units	+16.9%
Total [market share]	274,772 units [18.2%]	205,701 units [13.3%]	+33.6%
Net sales (100 million yen)	1,590.6	1,230.9	+29.2%
Operating profit (100 million yen) [margin]	198.8 [12.5%]	152.7 [12.4%]	+30.1%

FY2026 Forecast

For FY2026, the fiscal year ending March 31, 2027, the company forecasts consolidated net sales of 1,870.0 (up 128.5, or 7.4%) and consolidated operating profit of 190.0 (up 15.4, or 8.8%). Ordinary profit is forecast at 191.5 (up 13.9, or 7.9%) and profit at 135.0 (up 4.4, or 3.4%). By segment, the content and digital business is forecast to lift net sales 10.3% to 153.0 and operating profit 220.9% to 30.0, while the amusement equipment business is forecast at net sales of 1,700.0 (up 6.9%) and operating profit of 200.0 (up 0.6%).

Item (Unit: 100 million yen)	FY2026 Forecast	FY2025	YoY change	YoY change (%)
Net sales (consolidated)	1,870.0	1,741.4	+128.5	+7.4%
Content and digital business	153.0	138.7	+14.2	+10.3%
Amusement equipment business	1,700.0	1,590.6	+109.3	+6.9%
Other business & adjusted amount	15.0	12.0	+3.0	+25.3%
Operating profit (consolidated)	190.0	174.5	+15.4	+8.8%
Content and digital business	30.0	9.3	+20.6	+220.9%
Amusement equipment business	200.0	198.8	+1.1	+0.6%
Other business & adjusted amount	(40.0)	(33.6)	(6.3)	–
Ordinary profit	191.5	177.5	+13.9	+7.9%
Profit	135.0	130.5	+4.4	+3.4%

Balance Sheet and Cash Flow

Total assets stood at 1,033.6 at the end of March 2026 against 989.5 a year earlier, an increase of 44.0, while total net assets rose 99.3 to 661.8 and total liabilities fell 55.3 to 371.7. Cash flows from operating activities were 74.7 (versus 77.7 in FY2024), cash flows from investing activities were (23.1), and cash flows from financing activities were (51.9). Cash and cash equivalents at the end of the period were 308.3, against 308.5 at the beginning of the period.

Shareholder Returns

The financial presentation does not contain dividend or shareholder return figures. This cannot be confirmed from the materials.

Topics: Ultraman Series 60th Anniversary Project

From July 2025 to December 2027, over a span of approximately two and a half years, the Group says it will collaborate across all business categories to present the series’ worldbuilding and themes with enhanced clarity and depth. In FY2025 the company staged the largest-ever official Ultraman exhibition in Mainland China, the largest-ever Ultraman live show in North America at American Dream (November 2025), and large-scale showcases in South Korea, Singapore, Thailand and Taiwan. The Ultraman Card Game, which celebrated its first anniversary at the end of October 2025, had approximately 137 million cards distributed globally as of the end of April, and its first world championship was held on May 9, 2026 in Ikebukuro, Japan. For FY2026, the new TV series Ultraman Teo launches globally on July 4, 2026 with simultaneous subtitled distribution in 14 languages, and the documentary THE ORIGIN OF ULTRAMAN opens in theaters on Friday, July 3, 2026.

This article is an analysis based on publicly available information and is not a recommendation to buy or sell any specific securities. Investment decisions are your own responsibility.