Nintendo Co., Ltd.

CONSOLIDATED FINANCIAL HIGHLIGHTS
November 8, 2022
Nintendo Co., Ltd.
11-1 Hokotate-cho, Kamitoba,
Minami-ku, Kyoto 601-8501
Japan(Amounts below one million yen are rounded down)

Consolidated Results for the Six Months Ended September 30, 2021 and 2022
(1) Consolidated operating results

Net sales

Operating profit

million yen%
656,974
5.2
624,272 (18.9)

Six months ended September 30, 2022
Six months ended September 30, 2021

Ordinary profit

million yen%
220,387
0.2
219,959 (24.5)

million yen%
322,464 36.5
236,286 (20.6)

Profit attributableto owners of parent
million yen%
230,451 34.1
171,834 (19.4)[Notes]Percentages for net sales, operating profit etc. show increase (decrease) from the previous fiscal year.
Comprehensive income: Six months ended September 30, 2022: 324,794 million yen [84.0%] Six months ended September 30, 2021: 176,496 million yen [(22.1%)]

Profit per share

Diluted profit per share
yen

yen

197.61144.69Six months ended September 30, 2022
Six months ended September 30, 2021-

[Notes]The Company enacted a 10-for-1 stock split of its common stock with an effective date of October 1, 2022.
Profit per share is calculated based on the assumption that the stock split was implemented at the beginning of the previous fiscal year.

(2) Consolidated financial positions

As of September 30, 2022
As of March 31, 2022

Total assets

Net assets

million yen
2,781,207
2,662,384

million yen
2,177,952
2,069,310

Capital adequacy
ratio
%
78.3
77.7

[Reference]
Shareholders equity : As of September 30, 2022: 2,177,755 million yen

As of March 31, 2022: 2,069,043 million yen

Dividends
Dividend per share

Year ended March 31, 2022
Year ending March 31, 2023

End of 1st quarteryen-

End of 2nd quarteryen
620.00630.00End of 3rd quarteryen-

Year-end
1,410.00

2,030.00-

109.00-Year ending March 31, 2023
(forecast)

Annualyenyen[Notes]
Revisions to previously announced dividend forecast: Applicable
The Company enacted a 10-for-1 stock split of its common stock with an effective date of October 1, 2022.
The dividend for the 2nd quarter of the fiscal year ending March 31, 2023 presents the amount prior to the stock split.
The dividend for the year-end of the fiscal year ending March 31, 2023(forecast) presents the amount after the stock split.
Please refer to "Notice of Dividend (end of 2nd quarter) and Dividend Forecast Modifications" announced on November 8, 2022 for more details.

Consolidated Financial Forecast for the Fiscal Year Ending March 31, 2023
Net salesYear ending March 31, 2023

million yen
1,650,000%(2.7)

Operating profit

Ordinary profit

million yen%
500,000 (15.6)

million yen%
560,000 (16.5)

Profit attributableto owners of parent

Profit per share

million yen%
400,000 (16.3)[Notes]Percentages for net sales, operating profit etc. show increase (decrease) from the previous fiscal year.
Revisions to previously announced financial forecast: Applicable
The Company enacted a 10-for-1 stock split of its common stock with an effective date of October 1, 2022. Profit per share presents the amount after the stock split.
Please refer to "Notice of Full-Year Financial Forecast Modifications" announced on November 8, 2022 for more details.

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yen
343.28

Nintendo Co., Ltd.

Others(1) Changes for important subsidiaries during the six-month period ended September 30, 2022

: Not applicable(2) Application of accounting procedures specific to the preparation of quarterly consolidated financial statements: Applicable(3) Changes in accounting procedures:
1) Related to accounting standard revisions etc.
2) Other changes
3) Changes in accounting estimates
4) Modified restatements: Not applicable: Not applicable: Not applicable: Not applicable(4) Outstanding shares (common shares)
1) Number of shares outstanding (including treasury shares)
As of Sep. 30, 2022:
1,298,690,000 shares
2) Number of treasury shares
134,459,400 shares
As of Sep. 30, 2022:
3) Average number of shares
Six months ended
1,166,192,773 sharesSep. 30, 2022:

As of Mar. 31, 2022:

1,298,690,000 shares

As of Mar. 31, 2022:

125,470,220 shares

Six months ended
Sep. 30, 2021:

1,187,636,166 shares[Notes]The Company enacted a 10-for-1 stock split of its common stock with an effective date of October 1, 2022.
Outstanding shares (common shares) are calculated based on the assumption that the stock split was implemented at the beginning of the previous fiscal year.
[Note][Notes]1. ThisThis earnings
earnings release
release reportreport isis not
not subject
subjectto
toauditquarterly
review public
proceduresby a certified
1.
by certified
accountant
or auditpublic
firm. accountant or audit firm.
2. Forecasts announced by the Company (Nintendo Co., Ltd.) referred to above were prepared based on management's assumptions with information available at this time and2.
Forecasts
announcedbytheCompany(Nintendo
Co.,
Ltd.)
referred
to
above
were
preparedon management's
assumptions
withinformation
available
this timeenvironment.
therefore involve known and unknown risks and uncertainties such as fluctuation in foreignbased
exhangerates, spread of
COVID-19,
andother changes
in theat market
andtherefore
involveand unknown
andtheuncertainties.
note such risks
and uncertainties
may cause
the actual
results
to be materiallydifferent
thePleasenote suchrisksknown
and uncertainties
mayrisks
cause
actual resultsPlease
to be materiallydifferent
from the forecasts(earnings
forecast,
dividend
forecast, andother fromforecasts).
forecasts (earnings forecast, dividend forecast, and other forecasts).

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Nintendo Co., Ltd.

1. Consolidated Operating Results
Regarding the Nintendo Switch business during the first half of this fiscal year (April through September 2022), each title released
this period has sold well, with Splatoon 3 getting off to a good start with sales of 7.90 million units, as well as Nintendo Switch Sports
at 6.15 million units, Mario Strikers: Battle League at 2.17 million units, and Xenoblade Chronicles 3 at 1.72 million units sold. In
addition, we saw stable sales in titles released through the end of the previous fiscal years, with Mario Kart 8 Deluxe selling 3.07
million units (for cumulative sales of 48.41 million units) and Kirby and the Forgotten Land selling 2.61 million units (for cumulative
sales of 5.27 million units). Sales of titles from other software publishers also continued to grow steadily, bringing the total number ofmillion-seller titles during this period to 15, including titles from these other software publishers. As a result of these factors, total
software sales grew by 1.6% year-on-year to 95.41 million units. On the other hand, hardware units sold decreased by 19.2% year-onyear to 6.68 million units, due to factors such as a shortage of semiconductor and other component supplies.
Turning to our digital business for the dedicated video game platform, Nintendo Switch downloadable versions of packaged
software sold well, and Nintendo Switch Online sales also increased. In addition, sales of add-on content rose not only for Nintendo
titles, but also for titles from other software publishers, along with the sales of download-only titles, helping push digital sales to
187.8 billion yen, up 30.2% year-on-year.
Royalty income was stable, but income from smart-device content declined, with the result that overall sales in our mobile and IPrelated business totaled 23.5 billion yen, down 7.5% year-on-year.
In total, sales reached 656.9 billion yen, with overseas sales of 498.6 billion yen accounting for 75.9% of that total. Operating profit
came to 220.3 billion yen. With the depreciation of the yen in foreign exchange markets, we recorded foreign exchange gains of 76.4
billion yen, with the result that ordinary profit totaled 322.4 billion yen and profit attributable to owners of parent totaled 230.4 billion
yen.
There were decreasing factors contributing to 114.7 billion yen of profit before income taxes such as a record of gain on sales of

2. Consolidated Financial Forecast
While there is a gradual improvement in semiconductor and other component supplies and a recovery trend in hardware
manufacturing for Nintendo Switch, taking into consideration production and sales performances thus far, we have modified theNintendo Switch hardware sales units forecast for the fiscal year. By continually working to front-load production and selecting
appropriate transportation methods in preparation for the holiday season, we will work to deliver as many consoles as possible toconsumers in every region of the world. As for software, we have the release of Bayonetta 3 in October, followed by Pokémon Scarlet
and Pokémon Violet in November, Fire Emblem Engage in January 2023, and Kirby’s Return to Dream Land Deluxe in February
2023. Other software publishers also plan to release a wide variety of compelling titles, and we will work to invigorate the platform
with this continuous stream of new titles combined with the popularity of existing titles.
We have revised the financial forecast originally published on May 10, 2022. For details, please see the Notice of Full-Year
Financial Forecast Modifications issued today (November 8, 2022).

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Nintendo Co., Ltd.

3. Consolidated Balance Sheets
million yen

Description

As of March 31, 2022

As of September 30, 2022

(Assets)
Current assets
1,206,506

1,214,278

Notes and accounts receivable-trade

Cash and deposits

141,087

160,272

Securities

504,385

440,323

Inventories

204,183

295,347

Other

70,147

69,410(98)(87)

2,126,212

2,179,545

Property, plant and equipment

85,16492,728Intangible assets

17,315

19,614

Investment securities

312,663

351,943

Other

121,028

137,374

Total investments and other assets

433,692

489,317

Allowance for doubtful accounts
Total current assets
Non-current assets

Investments and other assets

Total non-current assets
Total assets

536,172

601,661

2,662,384

2,781,207

150,910

138,395

5,459

4,621

(Liabilities)
Current liabilities
Notes and accounts payable-trade
Provisions
Income taxes payable

99,520108,486

Other

284,836

296,121

Total current liabilities

540,726

547,624-

97

Non-current liabilities
Provisions
Retirement benefit liability

25,06324,254Other

27,284

31,277

Total non-current liabilities

52,34755,629593,074

603,254

Total liabilities(Net assets)
Shareholders' equity
Share capital

10,065

10,065

Capital surplus

15,041

15,079Retained earnings

2,198,706

2,263,733

Treasury shares(220,343)(271,042)

Total shareholders' equity

2,003,469

2,017,836

Accumulated other comprehensive income
Valuation difference on available-for-sale securities

33,19931,447

Foreign currency translation adjustment

32,373

128,471

Total accumulated other comprehensive income

65,573

159,919

Non-controlling interests
Total net assets
Total liabilities and net assets
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266

197

2,069,310

2,177,952

2,662,384

2,781,207

Nintendo Co., Ltd.

4. Consolidated Statements of Income
million yen

Description

Six months ended September 30, 2021

Six months ended September 30, 2022

Net sales

624,272

656,974

Cost of sales

251,545

265,363

Gross profit

372,727

391,610

Selling, general and administrative expenses

152,767

171,222

Operating profit

219,959

220,387

1,415

7,875

Foreign exchange gains

1,797

76,467

Other

13,583

18,877

Total non-operating income

16,796103,220-928

Non-operating income
Interest income

Non-operating expenses
Loss on valuation of investment securities
Other

469

214

Total non-operating expenses

469

1,143

236,286

322,464-

33

Settlement income

3,300

-

Total extraordinary income

3,300

33

13

143

Ordinary profit
Extraordinary income
Gain on sale of non-current assets

Extraordinary losses
Loss on disposal of non-current assets
Total extraordinary losses

13

143

Profit before income taxes

239,573322,355

Total income taxes

67,73391,906

Profit171,839

230,4495(2)

171,834

230,451

Profit (loss) attributable to non-controlling interests
Profit attributable to owners of parent-5-Nintendo Co., Ltd.

5. Consolidated Statements of Comprehensive Income
million yen

Description
ProfitSix months ended September 30, 2021

Six months ended September 30, 2022

171,839

230,449

Other comprehensive income
410(1,635)

Foreign currency translation adjustment

Valuation difference on available-for-sale securities

2,358

86,781

Share of other comprehensive income of entities
accounted for using equity method

1,887

9,199

Total other comprehensive income

4,656

94,345

176,496324,794

176,491

324,7975(2)

Comprehensive income(Comprehensive income attributable to)Comprehensive income attributable to owners of parent
Comprehensive income attributable to non-controlling interests-6-

Nintendo Co., Ltd.

6. Notes to Consolidated Financial Statements(Going Concern Assumption)
There are no applicable items.
(Significant changes in shareholders' equity)
Based on the resolution at the meeting of the Board of Directors held on May 10, 2022, the Company acquired
8,995,000 shares as its treasury shares. As a result, for the six months ended September 30, 2022, treasury shares
increased by 50,695 million yen.
The Company enacted a 10-for-1 stock split of its common stock with an effective date of October 1, 2022. The
number of shares described above presents the amount after the stock split.
(Application of accounting procedures specific to the preparation of quarterly consolidated financial statements)(Calculation of tax expenses)
With respect to certain consolidated subsidiaries, corporate income tax amount is calculated by taking theamount of profit before income taxes through the six-month period ended September 30, 2022 multiplied by areasonably estimated annual effective tax rate with the effects of deferred taxes reflected.
(Significant subsequent events)(Stock split)
Based on the resolution at the meeting of the Board of Directors held on May 10, 2022, the Company enacted astock split with an effective date of October 1, 2022.
(1) Purpose of the stock split
To reduce the minimum investment price through the stock split, thereby increasing the liquidity of theCompany’s shares and further expanding the Company’s investor base.
(2) Overview of the stock split
1) Stock split method
The record date for the stock split was Friday, September 30, 2022. Each share of the Company’s common
stock held by shareholders who are registered or recorded in the final shareholder registry as of the record
date has been split into 10 shares.
2) Increase in the number of shares as a result of the stock split

129,869,000 shares

Number of shares outstanding prior to the stock split
Increase in the number of shares as a result of the stock split

1,168,821,000 shares

Number of shares outstanding after the stock split

1,298,690,000 shares

Number of authorized shares after the stock split

4,000,000,000 shares

3) Stock split schedule

Date of public notice of the record date

Wednesday, September 14, 2022

Record date

Friday, September 30, 2022

Effective date

Saturday, October 1, 2022

(3) Impact on per share information
Impact on per share information is described in the relevant parts.

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Nintendo Co., Ltd.

7. Others(1) Consolidated sales information

million yen

Dedicated video game platformof which Nintendo Switch platform (*1)
Six months ended
September 30,
of which the others (*2)
2022
Mobile, IP related income, etc. (*3)

Playing cards, etc.
Total

Dedicated video game platformof which Nintendo Switch platform (*1)
Six months ended
September 30,
of which the others (*2)
2021
Mobile, IP related income, etc. (*3)

Playing cards, etc.
Total

Japan

The Americas

Europe

Other

Total

148,499
141,826
6,673
8,703
1,165
158,367

272,857
267,277
5,579
11,939814
285,611

148,801
146,846
1,954
2,173
150,975

61,25460,1931,061
764
062,019631,412616,143
15,26923,581
1,979
656,974Japan

The Americas

Europe

Other

Total

125,475
119,226
6,248
9,147
898
135,521259,814254,403
5,410
12,754406
272,975

148,349
145,904
2,444
2,298
150,647

63,82662,273
1,553
1,300
1
65,128597,465
581,808
15,65725,501
1,306
624,272[Note] Digital sales in dedicated video game platform (*4):
Six months ended September 30, 2022: 187.8 billion yen

Six months ended September 30, 2021: 144.2 billion yen*1. Nintendo Switch platform includes hardware, software (including downloadable versions of packaged software, downloadonly software, add-on content and Nintendo Switch Online) and accessories.
*2. Includes platforms other than Nintendo Switch and also amiibo.
*3. Includes income from smart-device content and royalty income.
*4. Includes downloadable versions of packaged software, download-only software, add-on content and Nintendo Switch
Online.

(2) Other consolidated information

million yen
Six months ended
September 30, 2021

Six months ended
September 30, 2022

Year ending March 31, 2023
(Forecast)Depreciation of property, plant and equipment

2,909

3,069

7,000

Research and development expenses

44,10851,321110,000

Advertising expenses

38,22039,069110,000

1 USD =

109.78 yen

133.93 yen

134.47 yen

1 Euro =130.83 yen

138.66 yen

136.84 yen

Consolidated net sales in U.S. dollars

2.4 billion

2.0 billion-

Consolidated net sales in Euros

1.1 billion

1.0 billion-

Non-consolidated purchases in U.S. dollars

3.1 billion

1.9 billion-

Average exchange rates(3) Balance of major assets and liabilities in foreign currencies (non-consolidated)
As of March 31, 2022
USD

Cash and deposits
Accounts receivable-tradeEuro

Balance
3,125
828

Accounts payable-trade827

Cash and deposits
Accounts receivable-trade

381
575

Exchange rate
1 USD=
121.83 yen
1 Euro=135.41 yen-8-million U.S. dollars/Euros

As of September 30, 2022

As of March 31, 2023

Balance
2,699

Estimated exchange rate

713
602
185
668

Exchange rate
1 USD=
144.61 yen

1 USD=
135.00 yen

1 Euro=141.70 yen

1 Euro=135.00 yen

Nintendo Co., Ltd.

(4) Consolidated sales units, number of new titles, and sales units forecast

ActualActualApr. '21-Sep. '21

Apr. '22-Sep. '22

Sales Units in Ten Thousands
Number of New Titles Released
Forecast
Life-to-date
Sep. '22

Apr. '22-Mar. '23

Nintendo Switch
Hardware (Total)

Japan
The Americas
EuropeOther
Totalof which Nintendo SwitchJapan
The Americas
EuropeOther
Totalof which Nintendo Switch

Japan– OLED Model

The Americas
EuropeOther
Totalof which Nintendo Switch LiteJapan
The Americas
EuropeOther
Total

SoftwareJapan
The Americas
EuropeOther
Total

New titlesJapan
The Americas
Europe

203
304
202
119
828
158
215
161
106
640
2
3
6
45
89
39
10
182
1,613
4,513
2,563
700
9,389
152
199
202

173
256
169
70
668
44
91
72
15
223
114
112
79
49
353
15
52
18
6
92
2,073
3,770
2,846
853
9,541
151
252
227

2,696
4,459
2,929
1,349
11,433
1,922
3,299
2,287
1,059
8,567
274
307
191
162
934
499
853
451
129
1,932
17,50940,697
26,6396,915
91,759
1,327
1,659
1,644

1,900

21,000[Notes]

1. Software sales units include both packaged and downloadable versions of software, and do not include download-only software or add-on content.
2. The number of new titles is the number of packaged software.
3. Actual software sales units include the quantity bundled with hardware.
4. While forecasted software sales units include the quantity bundled with hardware for six months ended September 30, 2022, they do not include
the quantity to be bundled with hardware on and after October 1, 2022.

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