Publishers' results, in euros only for scale: Tencent at an indicative 32.1 billion, CD Projekt at 54.3%

The exchange rate is the one already used on the Companies page: the revenue figure divided by that day's ECB rate (dollar 1.1253, yen 177.82, yuan 7.524, Swedish krona 11.145, zloty 4.37, won 1,499.01). It is a translation of scale, on a single day of the currency market. The year-on-year change is the one published by the company in its own currency, and it is what tells you whether the year was above or below the previous one. The margins quoted below are the ratio, calculated by us, between the two figures on the card: the result divided by revenue.

Five rows sit above an indicative ten billion, and the scope of each is written next to it. Tencent, games only, calendar year 2025: 241.6 billion yuan, the sum of the official lines 164.2 and 77.4. The +22.2% is calculated by us on those figures in billions. Domestic games are 164.2 billion: the card's +17.5% is our calculation, while Tencent, in its 2025 annual results, reports +18%. International games are 77.4 billion: the +33.4% is our calculation, and Tencent reports +33%. International is 32.0% of total games. Sony, Game & Network Services segment only, April 2025 to March 2026: 4,685.7 billion yen, +0.3%. On the card that change is described by Sony as essentially flat. The segment's operating income is 463.3 billion yen, +11.7%: the ratio of the two numbers is 9.9%. In March 2026 monthly active users were 125 million. Microsoft, Xbox line only, July 2025 to June 2026: $21,790 million, −7.1%, from 23,455 million. Content and services −5%, hardware −29%. The card notes that Microsoft does not publish a separate profit for Xbox. Nintendo, whole group, April 2025 to March 2026: 2,313,051 million yen, +98.6%, about €13.0 billion. Operating income is 360,117 million yen, +27.5%, and the ratio is 15.6%. In the same financial year Switch 2 sold 19.86 million units and Mario Kart World 14.70 million copies. NetEase, games and value-added services segment only, calendar year 2025: 92,148.6 million yuan, +10.2%, about €12.2 billion. The segment's gross profit is 64,237.7 million yuan, +11.8%: the ratio, 69.7%, is a gross margin. Online games are 97.3% of the segment.

The highest ratios of operating income to revenue, on the card figures, are found at much smaller companies. The scope should be read together with the number. Capcom, whole group, arcades included, financial year ended March 2026: revenue 195,365 million yen, +15.2%, about €1.1 billion. Operating income 75,295 million yen, +14.5%. The ratio is 38.5%. Games sold in the year total 59.07 million, described on the card as a record. CD Projekt, calendar year 2025, whole group: GOG was sold on December 31, 2025 and is counted separately, as a discontinued operation. Revenue 867.0 million zloty, +8.6% (on the card the company rounds to +9%), about €198 million. Operating income 470.6 million zloty, +28.4%. The ratio between the two figures is 54.3%. Consolidated net income is 594.7 million zloty. Cyberpunk 2077, in this report, is at 35 million copies. Krafton, calendar year 2025, whole group: revenue 3,326.6 billion won, +22.8%, about €2.2 billion, described as a record. Operating income is 1,054.4 billion won, −10.8%. The ratio is 31.7%: the year's revenue is higher, operating income is lower. Of that revenue, 1,740.7 billion won comes from mobile and 1,184.6 from PC.

In four other groups revenue and profit move in different directions, or the margin sits in the middle of the list. Square Enix, whole group, financial year to March 2026: revenue 297,661 million yen, −8.3%, about €1.7 billion; operating income 54,736 million yen, +34.9%; ratio 18.4%. Konami, whole group: revenue +17.1%, at 493,677 million yen, about €2.8 billion; operating income 135,891 million yen; ratio 27.5%. Sega Sammy: revenue +13.7%, at 487,542 million yen, about €2.7 billion; operating income 47,128 million yen, −2.1%; ratio 9.7%; net income attributable negative at 5,756 million yen. Bandai Namco, whole group, toys and arcades included: revenue +8.6%, about €7.6 billion; operating income 189,517 million yen on revenue of 1,348,246 million; ratio 14.1%.

On losses, and on the indicators companies report separately from statutory revenue, the cards say this. Ubisoft, April 2025 to March 2026: IFRS revenue €1,395.7 million, −21.8%. IFRS operating result −1,322.3 million. Net loss attributable €1,475.2 million, after a loss of 243.5 million in the previous financial year. Net bookings, the period sales indicator Ubisoft reports separately from revenue, are 1,525.1 million, −17.4%. In the April–June 2026 quarter net bookings are 255.8 million, −9.2%. At March 31, 2026 non-IFRS net debt is €187.3 million, down from 885.1, and cash is 1,345.4 million. Embracer, same April–March period: revenue 15,906 million Swedish kronor, −25.4%, about €1.4 billion. Adjusted EBIT is 905 million kronor, −67.6%, equal to 5.7% of revenue. Reported EBIT is negative at 7,053 million kronor. Electronic Arts, financial year ended March 2026: net revenue $7,531 million, +0.9%, about €6.7 billion. Net bookings are 8,026 million, +9.1%, described as a record. Net income is $887 million, from 1,121: 11.8% of revenue. Take-Two, same type of financial year: revenue $6,656.4 million, +18.2%, about €5.9 billion, and a GAAP net loss of 298.2 million, after a loss of 4,478.9 million. Net bookings are 6,721.0 million, +19.0%. On the card the release of Grand Theft Auto VI is November 19, 2026. Roblox, calendar year 2025: revenue $4,890.6 million, +35.8%, about €4.3 billion. Bookings are 6,788.4 million, +55.4%. Consolidated net loss is $1,071.6 million, after 940.6 million.

Three rules, if these numbers end up in a presentation. The closing year changes from one card to another: Tencent, NetEase, Krafton, Roblox and CD Projekt close in December; Sony, Nintendo and the other Japanese groups on the page, together with EA, Take-Two, Ubisoft and Embracer, close in March; Microsoft closes in June. The subject of the row changes: Tencent, Sony, Microsoft and NetEase are video game rows, the others are whole groups, with toys, arcades or entertainment machines where the card says so. The euro is the October 16, 2026 rate and compares size. The trend remains the change published in the company's own currency. CD Projekt's 54.3%, Capcom's 38.5% and the PlayStation segment's 9.9% sit close together on this page only after those three readings.