Financial Results Explanatory Material
Fiscal Year Ended March 2022

Nintendo Co., Ltd.

May 10, 2022
1

1. Consolidated Financial Results and Outlook

2

Consolidated Financial Highlights
FY21

FY22

Comparison

1,758.9 bn yen

1,695.3 bn yen-3.6 %

640.6 bn yen

592.7 bn yen-7.5 %

36.4 %

35.0 %-1.4 pt.

Ordinary profit

678.9 bn yen

670.8 bn yen-1.2 %Net profit

480.3 bn yen

477.6 bn yen-0.6 %

27.3 %

28.2 %+0.9 pt.

Net sales
Operating profit
Operating profit ratio

Net profit ratio*Net profit: Profit attributable to owners of parent*FY = Fiscal Year
FY22 indicates the period between April 1, 2021 and March 31, 2022.

3

Consolidated Sales
FY21

FY22Comparison

Net sales

1,758.9 bn yen

1,695.3 bn yen-3.6 %

Dedicated video game platform*1

1,700.0 bn yen

1,639.2 bn yen-3.6 %

Mobile, IP related income, etc.*2

57.0 bn yen

53.3 bn yen-6.5 %

Playing cards, etc.

1.7 bn yen

2.7 bn yen+55.9 %

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

FY22 Regional Sales Ratio
10.3%

Effect of changes in foreign exchange rates
on net sales: +78.5 billion yen

21.2%

JapanThe Americas

25.0%

Europe
43.5%

Other

Proportion of overseas sales: 78.8%

4

Gross Profit
FY21

Gross profit
Gross profit ratio

FY22Comparison

970.4 bn yen

946.0 bn yen-2.5 %

55.2 %

55.8 %+0.6 pt.

FY21FY22Comparison

52.7 %

48.4 %-4.3 pt.

79.4 %

78.8 %-0.6 pt.

42.8 %

42.6 %-0.2 pt.

106.03 yen
123.68 yen

112.34 yen
130.50 yen+6.31 yen
+6.82 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

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

Operating profit
Operating profit ratio

FY22

Comparison

329.8 bn yen

353.2 bn yen+7.1 %

18.8 %

20.8 %+2.0 pt.

640.6 bn yen

592.7 bn yen-7.5 %

36.4 %

35.0 %-1.4 pt.

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

Effect of changes in foreign exchange rates on operating profit: approx. +43.0 billion yen
FY21

FY22

Comparison

Research and development
expenses

93.2 bn yen

102.1 bn yen+9.6 %

Advertising expenses

84.4 bn yen

93.8 bn yen+11.1 %
6Ordinary Profit and Net Profit
FY21

FY22

39.7 bn yen

78.7 bn yen+98.4 %

24.0 bn yen

45.6 bn yen+89.8 %

1.3 bn yen

0.7 bn yen-45.7 %

Ordinary profit

678.9 bn yen

670.8 bn yen-1.2 %Net profit

480.3 bn yen

477.6 bn yen-0.6 %

27.3 %

28.2 %+0.9 pt.

FY21

FY22Comparison

110.70 yen
129.82 yen

121.83 yen
135.41 yen+11.13 yen+5.59 yen

Non-operating income
included foreign exchange gains

Non-operating expenses

Net profit ratio

Comparison*Net profit: Profit attributable to owners of parent

Exchange rate

1USD1EuroConsolidated Financial Forecast
FY22(Actual)

Net sales

FY23(Forecast)Comparison

1,695.3 bn yen

1,600.0 bn yen-5.6 %

Operating profit

592.7 bn yen

500.0 bn yen-15.6 %

Ordinary profit

670.8 bn yen

480.0 bn yen-28.4 %Net profit

477.6 bn yen

340.0 bn yen-28.8 %*Net profit: Profit attributable to owners of parent*Estimated exchange rate for FY23: 1 USD = 115 yen, 1 Euro = 125 yen.

Dividend

FY22(Actual)

Annual

2,030 yen

FY23(Forecast)*Comparison-*For more details regarding the annual dividend forecast for FY23, please refer to “3. Basic Policy of Profit Distribution andDividends” on pg. 4 of the Earnings Release.

Nintendo Switch

FY22(Actual)

FY23(Forecast)

Hardware23.06 mil units

21.00 mil units-8.9 %

Software235.07 mil units

210.00 mil units-10.7 %

*Software sales units for FY22 include the quantity bundled with hardware (1.50 million units).

Comparison

82. Business Highlights

9Sales Status of Nintendo Switch (Sell-In)
FY21FY22Comparison

Hardware28.83

milunits23.06

mil
units

-20.0 %

Nintendo Switch

20.32

mil
Units

13.56

milunits-33.3 %

Nintendo Switch –OLED Model-mil
Units

5.80

milunits

8.51

mil
Units

3.70

milunits-56.5 %

230.88milunits

235.07

milunits+1.8 %

Nintendo Switch Lite

SoftwareQuarterly Unit Sales Trends(mil units)
12(mil units)100

85.41mil

108

45.29mil

64
20

3.94

54.78mil

1.17

48.60mil

80
55.77mil

0.06

1.14

0.69

5.39

1.81
0.53
1.77

3.31

3.09

4.73 mil

4.45 mil

3.83 mil

10.67 mil

4.11 mil

FY22/Q1

FY22/Q2

FY22/Q3

FY22/Q4

FY21/Q4

Nintendo Switch Lite

Nintendo Switch – OLED Model

Pokémon Brilliant Diamond/ Pokémon Shining Pearl

14.65 million units

Pokémon Legends: Arceus

Mario Kart 8 Deluxe

12.64 million units

9.94 million units

60

1.34

3.55

Nintendo Switch-40

Number of Million-Seller Titles (FY22)

2039 titles

0Software

Including 26 Nintendo titles and13 titles by other software publishers
10Nintendo Switch Hardware Sell-Through• Second-highest FY sell-through since Nintendo Switch launch• Annual playing users growing steadily, exceeding 100 million
Global Sell-Through Comparison

Annual Playing Users
102 M

Nintendo Switch – OLED Model
Nintendo Switch Lite

Nintendo Switch – OLED Model
Launched in October 2021

87 M

Nintendo Switch

57 M

36 M

16 M

FY2018FY2019FY2020

FY2021

FY20224/2017FY2018-3/2018

4/2018FY2019-3/20194/2019FY2020-3/2020

4/2020
FY2021-3/2021

4/2021
FY2022-3/2022

11Internal estimates, including Asia and Latin America / Source: NintendoNintendo Switch First-Party Software Sell-Through・Highest level of software sell-through for a single hardware family・Sales trending favorably for both previously released titles and titles released
since the start of this calendar year
Global Sell-Through Comparison
April - December
January - MarchFY2018FY2019FY2020

FY2021

FY2022

Over 11.4 million
in 10 weeks

Over 2.1 million
in 2 weeks

Released on
January 28, 2022

Released on
March 25, 2022

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

Digital sales*1

FY22

Comparison

344.1 bn yen

359.6 bn yen+4.5 %

42.8 %

42.6 %-0.2 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

46.9%

49.5%
43.2%

60

34.4

36.3

4020

53.6

37.8

40%
30%

34.7
62.3

39.5

50%

48.4
35.3%

80

60%

66.8

20%
10%

33.5

00%
88.1 bn

75.9 bn

68.2 bn

110.8 bn

104.6 bn

FY21/Q4

FY22/Q1

FY22/Q2

FY22/Q3

FY22/Q4

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

Proportion of digital sales

13

Previously Announced Titles (2022)

April 29

June 10

June 24

June 30

July 29

September 9Late 2022

2022

14

Stock Split, Stock-based Compensation

We announced the following two corporate actions- Stock Split
Record date of September 30, 2022, 10-for-1 split effective October 1- Introduction of a Restricted Stock Compensation Plan
Directors and Executive Officers will be granted restricted stocks* For details regarding each corporate action, please refer to their respective timely disclosure materials
issued May 10, 2022.

15

3. Reference

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

Nintendo Switch

FY22 (Apr. ’21 ~ Mar. ’22)

Life-to-date

incl.
Japan

GlobalGlobalincl.
Overseas

FY22 (Apr. ’21 ~ Mar. ’22)

Life-to-date

incl.
Japan

GlobalGlobalincl.
Overseas

Pokémon Brilliant Diamond/Pokémon Shining Pearl

1,465

385

1,080

1,465

New Super Mario Bros. U Deluxe

286

18268

1,331

Pokémon Legends: Arceus

1,264

346

917

1,264

SUPER MARIO ODYSSEY

26719248

2,350

Mario Kart 8 Deluxe

994116878

4,533

Kirby and the Forgotten Land265

85180

265

Mario Party Superstars

688

133555688

New Pokémon Snap *240-240240Animal Crossing: New Horizons

601

82519

3,864

Mario Golf: Super Rush

235

31203

235

Super Smash Bros. Ultimate

433

96

336

2,817

Luigi’s Mansion 3

183

13

171

1,143

The Legend of Zelda: Breath of the Wild

428

55372

2,655

Miitopia

168

39129

168

Ring Fit Adventure

398

90

308

1,409

Big Brain Academy: Brain vs. Brain

159

45114

159

The Legend of Zelda: Skyward Sword HD

391

45346

391

WarioWare: Get It Together!

127

3196

127

Super Mario 3D World + Bowser’s Fury384

58

325

943

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

125

3

121

1,453

Pokémon Sword/ Pokémon Shield

318

50

268

2,427

Splatoon 2

109

4267

1,330

Super Mario Party

299

33

266

1,778

Clubhouse Games: 51 Worldwide Classics

108

52

56

422

Metroid Dread

290

27263

290

Game Builder Garage

106

4561

106

[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.

17Key Indicators
Proportion of Overseas SalesProportion of Hardware Sales

Proportion of First-Party
Software Sales

FY22

FY22

FY22

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

77.9%

78.7%

79.6%

78.2%

47.6%

45.2%

53.9%

41.5%

72.3%

68.9%

84.1%

82.3%

78.3%

46.5%

79.0%

70.6%

50.4%

77.7%

78.8%

48.4%

78.8%

FY21

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

18Digital Sales Indicators
Digital Sales(yen)Proportion of Digital Sales

Proportion of Downloadable Versionsof Packaged Software Sales

FY22

FY22

FY22
Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

75.9 bn

68.2 bn

110.8 bn

104.6 bn

46.9%

43.2%

35.3%

49.5%52.1%

49.1%

56.3%

63.9%

144.2 bn45.1%

255.0 bn

50.7%

40.2%

53.1%

359.6 bn

42.6%

56.2%

FY21

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)

19

Launch Dates of Primary Nintendo Products by Region (April 2021～March 2022)
JapanTitle

The United States
Launch Date

Title

EuropeLaunch Date

Title

Launch Date

Nintendo Switch(Hardware)

Nintendo Switch – OLED Model(Hardware)

10/8/2021(Software)(Hardware)

Nintendo Switch – OLED Model

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

Pokémon Legends: Arceus

1/28/2022

Pokémon Legends: Arceus

1/28/2022

Big Brain Academy: Brain vs. Brain

12/3/2021

Kirby and the Forgotten Land

3/25/2022

TRIANGLE STRATEGY ***3/4/2022

Pokémon Legends: Arceus

1/28/2022

Kirby and the Forgotten Land

3/25/2022

TRIANGLE STRATEGY ***3/4/2022

Kirby and the Forgotten Land

3/25/2022

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: April 2022～)
JapanTitle

The United States
Launch Date

Title

EuropeLaunch Date

Title

Launch Date

Nintendo Switch(Software)(Software)(Software)

Nintendo Switch Sports

4/29/2022

Nintendo Switch Sports

4/29/2022

Nintendo Switch Sports

4/29/2022

Mario Strikers: Battle League

6/10/2022

Mario Strikers: Battle League

6/10/2022

Mario Strikers: Battle League Football

6/10/2022

Xenoblade Chronicles 3

7/29/2022

Fire Emblem Warriors: Three Hopes *6/24/2022

Fire Emblem Warriors: Three Hopes *6/24/2022

Splatoon 3

9/9/2022

LIVE A LIVE *7/22/2022

LIVE A LIVE *7/22/2022

Pokémon Scarlet

Late 2022

Xenoblade Chronicles 3

7/29/2022

Xenoblade Chronicles 3

7/29/2022

Pokémon Violet

Late 2022

Splatoon 3

9/9/2022

Splatoon 3

9/9/2022

Mario + Rabbids Sparks of Hope *2022

Pokémon Scarlet

Late 2022

Pokémon Scarlet

Late 2022

Bayonetta 32022

Pokémon Violet

Late 2022

Pokémon Violet

Late 2022

The sequel to The Legend of Zelda: Breath of the Wild
Spring 2023
(temp.)

Bayonetta 32022

Bayonetta 32022

Metroid Prime 4 (temp.)

The sequel to The Legend of Zelda: Breath of the Wild
Spring 2023
(temp.)The sequel to The Legend of Zelda: Breath of the Wild
Spring 2023
(temp.)

Metroid Prime 4 (temp.)

TBA

Metroid Prime 4 (temp.)

TBA

Advance Wars 1+2: Re-Boot Camp

TBA

Advance Wars 1+2: Re-Boot Camp

TBA

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.

21

Upcoming Software Publishers' Title Lineup (extracts: April 2022～)
Nintendo SwitchRegion

Japan

TheUnitedStates

Europe

Title

Publisher

Title

Publisher

Demon Slayer -Kimetsu no Yaiba- The Hinokami Chronicles

AniplexNOBUNAGA'S AMBITION: Shinsei

KOEI TECMO GAMESKLONOA Phantasy Reverie Series

Bandai Namco EntertainmenteBASEBALL PAWAFURU PUROYAKYU 2022

KONAMISD GUNDAM BATTLE ALLIANCE

Bandai Namco EntertainmentANONYMOUS;CODEMAGES.

Taiko no Tatsujin: Rhythm Festival

Bandai Namco Entertainment

Yomawari 3Nippon Ichi Software

CAPCOM FIGHTING COLLECTIONCAPCOMOMORIOMOCATMONSTER HUNTER RISE: SUNBREAKCAPCOM

SONIC ORIGINSSEGAFall Guys

Epic GamesDISCO ELYSIUM THE FINAL CUT

Spike Chunsoft

FRONT MISSION 1st: Remake

Forever Entertainment

DRAGONQUESTX ITSUTSUNOMEZAMESHISYUZOKU OFFLINESQUARE ENIX

Taiko Risshiden V DX

KOEI TECMO GAMESLIVE A LIVESQUARE ENIX

Fire Emblem Warriors: Three Hopes

KOEI TECMO GAMESThe Centennial Case : A Shijima Story

SQUARE ENIXNeon White

Annapurna Interactive

13 Sentinels: Aegis Rim

SEGASTAR WARS: The Force Unleashed

Aspyr

Demon Slayer -Kimetsu no Yaiba- The Hinokami Chronicles

SEGACAPCOM FIGHTING COLLECTION

CapcomSONIC ORIGINSSEGAMONSTER HUNTER RISE: SUNBREAK

Capcom

Two Point Campus

SEGATeenage Mutant Ninja Turtles: Shredder's Revenge

DotEmuCHRONO CROSS: THE RADICAL DREAMERS EDITIONSQUARE ENIX

Fall Guys

Epic Games

Cuphead - The Delicious Last Course

Studio MDHR

Don't Starve Together

Klei Entertainment

Kao the Kangaroo

Tate Multimedia

MLB The Show 22MLBLEGO Star Wars: The Skywalker Saga

Warner Bros. GamesNeon WhiteAnnapurna Interactive

13 Sentinels: Aegis Rim

SEGASTAR WARS: The Force Unleashed

Aspyr

Demon Slayer -Kimetsu no Yaiba- The Hinokami Chronicles

SEGACAPCOM FIGHTING COLLECTION

CapcomSONIC ORIGINSSEGAMONSTER HUNTER RISE: SUNBREAK

Capcom

Two Point Campus

SEGA

Teenage Mutant Ninja Turtles: Shredder's Revenge

DotEmuCHRONO CROSS: THE RADICAL DREAMERS EDITIONSQUARE ENIX

Fall Guys

Epic Games

Cuphead - The Delicious Last Course

Studio MDHR

Don't Starve Together

Klei Entertainment

Kao the Kangaroo

Tate Multimedia

MLB The Show 22MLBLEGO Star Wars: The Skywalker Saga

Warner Bros. 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.

22

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 Release (Others, page 14)23