Financial Results Explanatory Material
3rd Quarter of Fiscal Year Ending March 2022

Nintendo Co., Ltd.

February 3, 2022
1

1. Consolidated Financial Results and Outlook

2

Consolidated Financial Highlights
FY21/Q1-Q3

FY22/Q1-Q3

Comparison

1,404.4 bn yen

1,320.2 bn yen-6.0 %

521.1 bn yen

472.5 bn yen-9.3 %

37.1 %

35.8 %-1.3 pt.

Ordinary profit

528.2 bn yen

513.7 bn yen-2.7 %Net profit

376.6 bn yen

367.3 bn yen-2.5 %

26.8 %

27.8 %+1.0 pt.

Net sales
Operating profit
Operating profit ratio

Net profit ratio*Net profit: Profit attributable to owners of parent*FY = Fiscal Year
FY22/Q1-Q3 indicates the period between April 1 and December 31, 2021.

3

Consolidated Sales
FY21/Q1-Q3

FY22/Q1-Q3

Comparison

Net sales

1,404.4 bn yen

1,320.2 bn yen-6.0 %

Dedicated video game platform*1

1,361.0 bn yen

1,278.2 bn yen-6.1 %

Mobile, IP related income, etc.*2

42.0 bn yen

39.8 bn yen-5.2 %

Playing cards, etc.

1.3 bn yen

2.1 bn yen+57.8 %

*1 Includes hardware, software (including downloadable versions of
packaged software, download-only software, add-on content,
and Nintendo Switch Online) and accessories.
*2 Includes income from smart-device content and royalty income.

FY22/Q1-Q3 Regional Sales Ratio
9.7%

Effect of changes in foreign exchange rates
on net sales: +59.8 billion yen

21.0%

Japan
The Americas

26.5%

Europe
42.8%

Other

Proportion of overseas sales: 79.0%

4

Gross Profit
FY21/Q1-Q3

Gross profit
Gross profit ratio

FY22/Q1-Q3

Comparison

768.8 bn yen

734.0 bn yen-4.5 %

54.7 %

55.6 %+0.9 pt.

FY21/Q1-Q3

FY22/Q1-Q3

Comparison

54.0 %

50.4 %-3.6 pt.

81.6 %

77.7 %-3.9 pt.

40.9 %

40.2 %-0.7 pt.

106.04 yen
122.35 yen

111.06 yen
130.54 yen+5.02 yen
+8.19 yen

Main Variable Factors

Proportion of hardware
sales*1
Proportion of first-party
software sales*2
Proportion of digitalsales*2
Averageexchange rate

1 USD
1 Euro*1 Proportion of sales to total dedicated video game platform sales*2 Proportion of sales to total dedicated video game platform software sales

5Selling, General and Administrative Expenses / Operating Profit
FY21/Q1-Q3

SG&A expenses
SG&A expenses-to-sales ratio

Operating profit
Operating profit ratio

FY22/Q1-Q3

Comparison

247.7 bn yen

261.4 bn yen+5.6 %

17.6 %

19.8 %+2.2 pt.

521.1 bn yen

472.5 bn yen-9.3 %

37.1 %

35.8 %-1.3 pt.

*SG&A expenses: Selling, general and administrative expenses

Effect of changes in foreign exchange rates on operating profit: approx. +36.0 billion yen
FY21/Q1-Q3

FY22/Q1-Q3

Comparison

Research and development
expenses

70.1 bn yen

68.9 bn yen-1.7 %

Advertising expenses

64.8 bn yen

75.1 bn yen+15.8 %
6

Ordinary Profit and Net Profit
FY21/Q1-Q3

Non-operating income

FY22/Q1-Q3

Comparison

15.6 bn yen

41.7 bn yen- bn yen

16.8 bn yen

8.5 bn yen

0.5 bn yen

7.4 bn yen- bn yen

Ordinary profit

528.2 bn yen

513.7 bn yen-2.7 %Net profit

376.6 bn yen

367.3 bn yen-2.5 %

26.8 %

27.8 %+1.0 pt.

FY21

FY22/Q3(3/31/2021)(12/31/2021)

Comparison

110.70 yen
129.82 yen

115.09 yen
130.55 yen

included foreign exchange gains

Non-operating expenses
included foreign exchange losses

Net profit ratio+166.5 %-93.7 %*Net profit: Profit attributable to owners of parent

Exchange rate

1USD
1Euro

+4.39 yen
+0.73 yen

FY22 Consolidated Financial Forecast
We have revised the consolidated earnings forecast (issued on November 4, 2021) on February 3, 2022.

Previous Forecast

Net sales

Modified Forecast

Comparison

1,600.0 bn yen

1,650.0 bn yen+3.1 %

Operating profit

520.0 bn yen

560.0 bn yen+7.7 %

Ordinary profit

500.0 bn yen

570.0 bn yen+14.0 %Net profit

350.0 bn yen

400.0 bn yen+14.3 %*Net profit: Profit attributable to owners of parent*For FY22, the estimated exchange rate for USD has been revised from 1 USD = 105 yen to 110 yen,and the rate for Euros remains 1 Euro = 125 yen.

Dividend

Previous Forecast

Modified Forecast

Comparison

Annual

1,490 yen

1,700 yen+210 yenPrevious Forecast

Modified Forecast

Comparison

Nintendo Switch

Hardware24.00 mil units

23.00 mil units-4.2 %

Software200.00 mil units

220.00 mil units+10.0 %

*While revised FY22 forecast software sales units include the quantity bundled with hardware, they do not include the quantity
to be bundled with hardware. (Software sales units bundled with hardware were reflected in the November 4 revision as
approximately 0.10 million units and updated to approximately 1.40 million units in the February 3 revision.)82. Business Highlights

9Sales Status of Nintendo Switch (Sell-In)
FY21/Q1-Q3

FY22/Q1-Q3

Comparison

Hardware

24.10

mil
units

18.95

mil
units

-21.4 %

Nintendo Switch

16.77

mil
Units

11.79

mil
units

-29.7 %

Nintendo Switch –OLED Model

-

mil
Units

3.99

mil
units

7.33

mil
Units

3.17

mil
units

-56.8 %

176.10mil
units

179.29mil
units+1.8 %

Nintendo Switch Lite

SoftwareQuarterly Unit Sales Trends(mil units)
14

85.41mil

12

75.85mil

10

3.16

8

54.78mil

45.29mil

8.40

2
0

11.57 mil

FY21/Q3

Nintendo Switch(mil units)
100
80

6
4

-

1.17

48.60mil

0.06

1.14

0.69

13.97 million units

Mario Kart 8 Deluxe

7.96 million units

Mario Party Super Stars

5.43 million units

3.94

60

1.34

40

Number of Million-Seller Titles (FY22)

5.39

20

29 titles

3.55

3.31

3.09

4.73 mil

4.45 mil

3.83 mil

10.67 mil

FY21/Q4

FY22/Q1

FY22/Q2

FY22/Q3

Nintendo Switch Lite

Pokémon Brilliant Diamond/ Pokémon Shining Pearl

Nintendo Switch – OLED Model0
SoftwareIncluding 22 Nintendo titles and7 titles by other software publishers
10Nintendo Switch Hardware Sell-Through• Cumulative global Nintendo Switch family sell-through has surpassed 100 million
units.
• Sales rising to the second-highest level ever, despite scarcity due to delays inproduction and distribution (especially in North America) since Black Friday.

Global Sell-Through Comparison(Total for April-December)

Annual Playing Users

Nintendo Switch – OLED Model

98 million+

Nintendo Switch Lite
Nintendo Switch

80 M

50 M
31 M

FY2018FY2019FY2020

FY2021

FY2022

2018
Jan-Dec

2020

2021

Jan-Dec Jan-Dec

2019

Jan-Dec

11
Internal estimates, including Asia and Latin America / Source: NintendoNintendo Switch First-Party Software Sell-ThroughSell-through (Oct. - Dec. ’21) saw the highest quarterly sales since the launch of Nintendo Switch
Sell-through grew, with a continued good balance of new titles and previously released titles
Global Sell-Through Comparison

Global Sell-Through by Title (April-December)
New Titles

April - December
October - December

Total 11.7 M

4.8 M

3.2 M

2.3 M

2.0 M

Previously Released Titles

FY2018 FY2019 FY2020 FY2021 FY2022

7.7 M

5.0 M

3.7 M

3.3 M

3.1 M

12
Internal estimates, including Asia and Latin America / Source: NintendoDigital Sales
FY21/Q1-Q3

Digital sales*1

FY22/Q1-Q3

Comparison

256.0 bn yen

255.0 bn yen-0.4 %

40.9 %

40.2 %-0.7 pt.

Proportion of digital sales*2*1 Sales of downloadable versions of packaged software, download-only software,
add-on content and Nintendo Switch Online, etc.
*2 Proportion to total dedicated video game platform software sales

Quarterly Digital Sales Trends(bn yen)
120

49.6%

100
80
60

32.1%

60%
46.9%

43.3

41.0

48.4

50%

35.3%

40%

34.4
36.3

40
20

43.2%

53.6

30%
34.7
62.3

39.5

33.5

0

20%
10%
0%

84.4 bn

88.1 bn

75.9 bn

68.2 bn

110.8 bn

FY21/Q3

FY21/Q4

FY22/Q1

FY22/Q2

FY22/Q3

Download-only software, add-on content, and Nintendo Switch Online, etc.
Downloadable versions of packaged software

Proportion of digital sales

13Announced Nintendo Products (January-March 2022)

January 28

March 25
14

3. Reference

15Million-Seller Nintendo First-Party Titles
units in ten thousands

Nintendo Switch
Pokémon Brilliant Diamond/Pokémon Shining Pearl

FY22 (Apr. ’21 ~ Dec. ’21)

Life-to-date

incl.
Japan

GlobalGlobalincl.
Overseas

FY22 (Apr. ’21 ~ Dec. ’21)

Life-to-date

incl.
Japan

GlobalGlobalincl.
Overseas

1,397

379

1,018

1,397

Super Mario Party

259

29

230

1,739

Mario Kart 8 Deluxe

796

86

710

4,335

New Pokémon Snap *

236

-

236

236

Mario Party Superstars

543

113

430

543

New Super Mario Bros. U Deluxe

228

14

213

1,272

Animal Crossing: New Horizons

499

70

430

3,762

Mario Golf: Super Rush

226

30

196

226

The Legend of Zelda: Skyward Sword HD

385

44

340

385

SUPER MARIO ODYSSEY

219

15

204

2,302

Super Smash Bros. Ultimate

356

77

279

2,740

Miitopia

163

38

125

163

The Legend of Zelda: Breath of the Wild

352

40

311

2,580

Luigi’s Mansion 3

145

9

136

1,104

Ring Fit Adventure

342

80

262

1,353

Big Brain Academy: Brain vs. Brain

128

38

90

128

Super Mario 3D World + Bowser’s Fury

326

54

272

885

WarioWare: Get It Together!

124

30

94

124

Pokémon Sword/ Pokémon Shield

280

42

238

2,390

Pokémon: Let's Go, Pikachu!/
Pokémon: Let's Go, Eevee!

105

3

102

1,433

Metroid Dread

274

26

248

274

Game Builder Garage

101

44

58

101

[Note] Software sales units include the quantity bundled with hardware. Software sales units include their downloadable versions.
*This title is licensed to be sold as a Nintendo product overseas.

16

Key Indicators
Proportion of Overseas Sales

Proportion of Hardware Sales

Proportion of First-Party
Software Sales

FY22

FY22

FY22

Q1

Q2

Q3

77.9%

78.7%

79.6%

Q4

Q1

Q2

Q3

47.6%

45.2%

53.9%

78.3%

Q4

Q1

Q2

Q3

72.3%

68.9%

84.1%

46.5%

79.0%

Q4

70.6%

50.4%

FY21

77.7%

FY21

FY21

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

76.3%

78.6%

77.7%

76.6%

47.2%

54.4%

57.5%

47.6%

82.5%

81.2%

81.1%

71.7%

77.5%

51.1%

77.6%

81.9%

54.0%

81.6%

77.4%

52.7%

79.4%

*Proportion of overseas (outside of Japan) sales
to total sales*Proportion of hardware (including accessories)
sales to total dedicated video game platform
sales*Proportion of first-party software sales to total
dedicated video game platform software sales

17Digital Sales Indicators
Digital Sales(yen)

Proportion of Digital Sales

Proportion of Downloadable Versionsof Packaged Software Sales

FY22

FY22

FY22
Q1

Q2

Q3

75.9 bn

68.2 bn

110.8 bn

Q4

Q1

Q2

Q3

46.9%

43.2%

35.3%

144.2 bn

Q4

Q1

Q2

Q3

52.1%

49.1%

56.3%

45.1%

255.0 bn

Q4

50.7%

40.2%

FY21

53.1%

FY21

FY21

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

101.0 bn

70.4 bn

84.4 bn

88.1 bn

55.6%

38.9%

32.1%

49.6%

67.7%

57.8%

48.6%

60.9%

171.5 bn

47.2%

256.0 bn
344.1 bn
*Digital sales include (a) downloadable versionof packaged software (the downloadable versionof software that is offered both physically anddigitally), (b) download-only software, (c) addon content and (d) Nintendo Switch Online, etc.

63.6%

40.9%
42.8%
*Proportion of digital sales to total dedicatedvideo game platform software sales

58.7%
59.3%
*Proportion of downloadable versions of packaged
software sales to total digital sales as indicated on
the left: a/(a+b+c+d)18

Launch Dates of Primary Nintendo Products by Region (April 2021～December 2021)
Japan
Title

The United States
Launch Date

Title

EuropeLaunch Date

Title

Launch Date

Nintendo Switch(Hardware)
Nintendo Switch – OLED Model(Hardware)
10/8/2021(Software)

Nintendo Switch – OLED Model(Hardware)
10/8/2021(Software)

Nintendo Switch – OLED Model

10/8/2021(Software)

New Pokémon Snap *4/30/2021

New Pokémon Snap *4/30/2021

New Pokémon Snap *4/30/2021

Famicom Detective Club: The Missing Heir

5/14/2021

Famicom Detective Club: The Missing Heir **5/14/2021

Famicom Detective Club: The Missing Heir **5/14/2021

Famicom Detective Club: The Girl Who Stands Behind

5/14/2021

Famicom Detective Club:The Girl Who Stands Behind **5/14/2021

Famicom Detective Club:The Girl Who Stands Behind **5/14/2021

Miitopia

5/21/2021

Miitopia

5/21/2021

Miitopia

5/21/2021

DC Super Hero Girls: Teen Power

6/4/2021

DC Super Hero Girls: Teen Power

6/4/2021

DC Super Hero Girls: Teen Power

6/4/2021

Game Builder Garage

6/11/2021

Game Builder Garage

6/11/2021

Game Builder Garage

6/11/2021

Mario Golf: Super Rush

6/25/2021

Mario Golf: Super Rush

6/25/2021

Mario Golf: Super Rush

6/25/2021

The Legend of Zelda: Skyward Sword HD

7/16/2021

The Legend of Zelda: Skyward Sword HD

7/16/2021

The Legend of Zelda: Skyward Sword HD

7/16/2021

WarioWare: Get It Together!

9/10/2021

WarioWare: Get It Together!

9/10/2021

WarioWare: Get It Together!

9/10/2021

Metroid Dread

10/8/2021

Metroid Dread

10/8/2021

Metroid Dread

10/8/2021

Mario Party Superstars

10/29/2021

Mario Party Superstars

10/29/2021

Mario Party Superstars

10/29/2021

Pokémon Brilliant Diamond

11/19/2021

Pokémon Brilliant Diamond

11/19/2021

Shin Megami Tensei V ***11/12/2021

Pokémon Shining Pearl

11/19/2021

Pokémon Shining Pearl

11/19/2021

Pokémon Brilliant Diamond

11/19/2021

Big Brain Academy: Brain vs. Brain

12/3/2021

Big Brain Academy: Brain vs. Brain

12/3/2021

Pokémon Shining Pearl

11/19/2021

Big Brain Academy: Brain vs. Brain

12/3/2021

Game & Watch: The Legend of Zelda

11/12/2021

OthersGame & Watch: The Legend of Zelda

11/12/2021

Game & Watch: The Legend of Zelda

11/12/2021[Notes] Launch dates may differ within the United States and European regions depending on territories or countries.
*This title is released and sold by The Pokémon Company in Japan, and by Nintendo outside of Japan.
**This title is available in downloadable format only.
***This title is licensed to be released and sold as a Nintendo product.

Launch Schedule of Primary Nintendo Products by Region (extracts: January 2022～)
Japan
Title

The United States
Launch Date

Title

EuropeLaunch Date

Title

Launch Date

Nintendo Switch(Software)(Software)(Software)

Pokémon Legends: Arceus

1/28/2022

Pokémon Legends: Arceus

1/28/2022

Pokémon Legends: Arceus

1/28/2022

Kirby and the Forgotten Land

3/25/2022

TRIANGLE STRATEGY *3/4/2022

TRIANGLE STRATEGY *3/4/2022

Splatoon 3

2022

Kirby and the Forgotten Land

3/25/2022

Kirby and the Forgotten Land

3/25/2022

The sequel to The Legend of Zelda: Breath of the Wild2022
(temp.)

Advance Wars 1+2: Re-Boot Camp

Spring 2022

Advance Wars 1+2: Re-Boot Camp

Spring 2022

Mario + Rabbids Sparks of Hope *2022

Splatoon 3

2022

Splatoon 3

2022

Bayonetta 3

2022

The sequel to The Legend of Zelda: Breath of the Wild2022
(temp.)The sequel to The Legend of Zelda: Breath of the Wild2022
(temp.)

Metroid Prime 4 (temp.)

TBA

Bayonetta 3

2022

Bayonetta 3

2022

Metroid Prime 4 (temp.)

TBA

Metroid Prime 4 (temp.)

TBA[Notes] Launch dates and titles etc. are subject to change.
Launch dates may differ within the United States and European regions depending on territories or countries.
*This title is licensed to be released and sold as a Nintendo product.

Upcoming Software Publishers' Title Lineup (extracts: January 2022～)
Nintendo Switch
RegionJapan

The
UnitedStatesEurope

Title

Publisher

Title

Publisher

Eiyuden Chronicle: Rising
13 Sentinels: Aegis Rim
Persona 4 Arena Ultimax
PAC-MAN MUSEUM+MONSTER HUNTER RISE: SUNBREAK
Touken Ranbu Warriors
Game Doraemon Nobita's Little Star Wars 2021
Minnano Curling
Winning Post 9 2022
NOBUNAGA'S AMBITION: Shinsei
Hindsight
Neon WhiteDYNASTY WARRIORS 9: Empires
Atelier Sophie 2: The Alchemist of the Mysterious Dream
Yu-Gi-Oh! MASTER DUEL
Aztech Forgotten Gods
Rune Factory 5
OlliOlli WorldGrand Theft Auto: The Trilogy- The Definitive Edition [Packaged version]
Hindsight
Neon White
Monster Prom 2: Monster Camp XXL
Windjammers 2
Baby StormDYNASTY WARRIORS 9: Empires
Atelier Sophie 2: The Alchemist of the Mysterious Dream
Yu-Gi-Oh! MASTER DUEL
Aztech Forgotten Gods
Rune Factory 5
Record of Lodoss War -Deedlit in Wonder LabyrinthMAGLAM LORD
OlliOlli WorldGrand Theft Auto: The Trilogy- The Definitive Edition [Packaged version]

505 Games
ATLUS
ATLUS
BANDAI NAMCO Entertainment
CAPCOM
DMM GAMESFURYUIMAGINEER
KOEI TECMO GAMESKOEI TECMO GAMES
Annapurna Interactive
Annapurna Interactive
KOEI TECMO AMERICA
KOEI TECMO AMERICA
Konami
LienzoMarvelous
Private Division

Atelier Sophie 2: The Alchemist of the Mysterious DreameBASEBALL POWERFUL PRO BASEBALL 2022
Yomawari 3
OMORI
AI: THE SOMNIUM FILES - nirvanA Initiative
Chocobo GP
Life is Strange: True Colors
TRIANGLE STRATEGY
Disco Elysium - The Final Cut

KOEI TECMO GAMESKONAMI
Nippon Ichi Software
OMOCAT
Spike Chunsoft
Square Enix
Square Enix
Square Enix
ZA/UM

Persona 4 Arena Ultimax
13 Sentinels: Aegis Rim
Life is Strange: True Colors [Packaged version]
Chocobo GP
ASTRONEER *Trash Sailors
Assassin's Creed: The Ezio Collection
LEGO Star Wars: The Skywalker Saga

SEGA
SEGA
Square Enix
Square Enix
System Era Softworks
tinyBuild Games
Ubisoft
Warner Bros. Games

Persona 4 Arena Ultimax
13 Sentinels: Aegis Rim
Two Point Campus
Life is Strange: True Colors [Packaged version]
Chocobo GP
Grapple Dog
ASTRONEER *Trash Sailors
Welcome to Elk
Assassin's Creed: The Ezio Collection
OddBallers
LEGO Star Wars: The Skywalker Saga

SEGA
SEGA
SEGA
Square Enix
Square Enix
Super Rare Games
System Era Softworks
tinyBuild Games
Triple Topping
Ubisoft
Ubisoft
Warner Bros. Games

Rockstar Games
Annapurna Interactive
Annapurna Interactive
Beautiful Glitch
DotEmuForever Entertainment
KOEI TECMO EUROPE
KOEI TECMO EUROPE
Konami
LienzoMarvelous Europe
PLAYISM
PQube
Private Division
Rockstar Games[Note] Launch schedules, software names etc. are subject to change. Launch titles are listed by publisher alphabetically. This list includes download-only software and add-on content.
*The packaged version of this title will be published by Gearbox Publishing.

Supplementary Information on Our Website
Earnings Releases, etc.

Financial Results Announcement/IR Events・Earning Releases
・Timely Disclosure of Information, etc.

・Corporate Management Policy Briefing Presentation Materials
・Financial Results Explanatory Materials, etc.

Financial Highlights

Dedicated Video Game Sales Units

・Consolidated Statements of Income
・Consolidated Balance Sheet・Consolidated Cash Flows
・Key Figures per Share・Geographical Sales Breakdown
・Sales Breakdown by Category(Annual/ Quarterly)(Annual/ Quarterly)(Annual)(Annual)(Annual/ Quarterly)(Annual/ Quarterly)

・Total Unit Sales
・Unit Sales
・Number of Titles Released(Life-to-date)(Annual/ Quarterly)(Annual)Top Selling Title Sales Units

Historical Data (Updated at fiscal year-end)

・Top selling Nintendo software sales units
on an accumulated basis

・Consolidated Statements of Income Transition
・Consolidated Sales Transition by Region
・Number of Software Titles Released*Corresponding pages on our website can be accessed by clicking on the titles above.
*Financial Highlights will be updated within 2 business days of our financial announcement.
*Information previously available in Supplementary Information can be found at the following locations:・Consolidated Statements of Income Transition → Financial Highlights
・Foreign Currency Transaction Information → Earnings Releases (Others, page 8)22