• Earnings boosted by Switch 2 and restructuring – Q1-2 FY3/26 results were broadly in line with expectations, with OP reaching ¥1.44bn, the highest level at interim in the company’s history. The launch of Nintendo Switch 2 provided a strong tailwind to the DH Group, while AGEST Group returned to profitability as overseas restructuring neared completion. To further enhance group synergies and accelerate global expansion, the company divested identity last year and acquired HUWIZ SOLUTIONS this year , reshaping its portfolio toward higher-margin and growth-oriented opportunities. Given the positive performance in Q1-2, we expect this trajectory to continue into Q3-4 FY3/26.
