For its nine months ended December 31, 2025, Sega Sammy posted net sales of ¥335.2bn, up 4.0% over the prior year. The company’s operating profit declined by 54.6% to ¥19.8bn, while its profit attributable to owners of its parent company turned to a loss of ¥16.9bn.
One way to look at just how difficult a time Sega Sammy has been having is that its adjusted EBITDA for its nine months ended December 31, 2025, came in at ¥3.5bn, down 93.6% from a year ago. On its balance sheet, its equity ratio came in at 56.2%, down from its March 31, 2025, level of 59.1%.
Guidance Was Cut Despite a Higher Revenue Target
The sales forecast for the year was raised to ¥490.0bn, but profit forecasts were cut, and now a net loss of ¥13.0bn is expected for the year.
The reason for the adjustment, as explained in the company’s impairment notice, is this. Sega Sammy reported around ¥31.3bn in impairment charges related to Rovio goodwill and intangible assets, following a revision of business assumptions, and also announced that it expects to assess an additional impairment of around ¥15.0bn related to Stakelogic due to more stringent rules in its main market in the Netherlands.
The dividend plans were unchanged: the interim dividend was held at ¥27, with a year-end payment of ¥28 (total ¥55).
iGaming Build-Out Added 37 Subsidiaries
As profits decreased, Sega Sammy built its position in online gambling tech and content. The corporation announced 37 new significant subsidiaries during the period, specifying Stakelogic (and its group) and GAN Limited (and its group).
The Gaming segment displays the “scale now, margins later” phenomenon, which is common with integration. Sales to third parties rose to ¥16.8bn, but an ordinary loss of ¥247m was recorded over the nine months.
What This Means Going Forward
The long-term outlook suggests that Sega Sammy is investing in the iGaming sector to shift its mix, but the short-term perspective is that the earnings quality has deteriorated, with EBITDA collapsing, equity ratios falling, and special items that led to a revision of guidance.
The next few quarters will be less important for revenue growth and more important for whether the expanded iGaming business can begin to generate more stable earnings.
