ENVALITH
セガサミーホールディングス株式会社 logo

SEGA SAMMY HOLDINGS INC.

6460・Prime Market・Machinery

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セガサミーホールディングス株式会社 logo
SEGA SAMMY HOLDINGS INC.6460

Business

Sega Sammy Holdings is a holding company established in 2004 through the business integration of Sega and Sammy. Its core areas comprise three businesses: the Entertainment Contents Business (Consumer Games (Full Games), video, and Amusement Machines / AM&TOY), the Gaming Machines Business (development, manufacturing, and sales of Pachislot Machines (including Smart Pachislot) and Pachinko Machines (including Smart Pachinko)), and the Gaming Business (overseas casino equipment, online gaming, and integrated resort operations). The group comprises 114 subsidiaries and 14 affiliated companies. It owns powerful IPs such as "Sonic," "Persona," and "Fist of the North Star," targeting all generations across global markets. Consolidated net sales for FY2026 (ending March 2026) were ¥487,542 million.

Business Model

In the Entertainment Contents Business, the company has built a multi-layered revenue structure encompassing Consumer Games (Full Games) sales, F2P (Free-to-Play) Games monetization, licensing out, and video sales. In the Gaming Machines Business, it secures stable base revenue through the manufacture and sale of Pachislot Machines (including Smart Pachislot) and Pachinko Machines (including Smart Pachinko). In the Gaming Business, it conducts sales of casino equipment for the North American market, generates equity-method income from Paradise City (Integrated Resort) in Korea, and provides online gaming B2B services through GAN (B2B Online Gaming Platform) and Stakelogic (B2B iGaming Content). The company leverages IP and technology across its businesses to maximize revenue for the group as a whole.

Company Strengths

The company promotes a transmedia strategy that expands core IPs such as "Sonic" and "Angry Birds" into video adaptations, licensing-out, and merchandising. Licensing-out revenue in FY2026 (ending March 2026) grew 31.6% year on year. The company has a track record of monetizing IP value across multiple channels, including the theatrical film "Detective Conan: The Million-dollar Pentagram" (隻眼の残像), which recorded box office revenue of approximately ¥14.7 billion.

Against the backdrop of the growing adoption of the Smart Pachislot standard, popular IP titles such as "Fist of the North Star," "Bakemonogatari," and "Tokyo Revengers" have performed well. In FY2026 (ending March 2026), Gaming Machines Business net sales reached ¥132,063 million (up 36.0% year on year), ordinary income reached ¥33,301 million (up 58.8% year on year), and adjusted EBITDA reached ¥33,700 million (up 38.8% year on year), demonstrating high profitability.

As of the end of FY2026 (ending March 2026), the equity ratio stood at 56.5%, and cash and deposits totaled ¥153,366 million. The company also holds total credit lines of ¥278,000 million and has obtained an A- (Stable) rating from the Rating and Investment Information, Inc. (R&I). While executing large-scale M&A and growth investments, the company maintains financial soundness, securing additional capacity for growth investment.

ENVALITH's Perspective

In FY2026 (ending March 2026), the company recorded a total impairment loss of ¥54,627 million as an extraordinary loss, comprising ¥31,993 million related to Rovio's goodwill and intangible assets and ¥18,054 million related to Stakelogic's goodwill and tangible fixed assets, resulting in a net loss attributable to owners of the parent of ¥5,756 million. In response, the company revised its capital allocation policy and has frozen large-scale M&A for the time being. Adjusted EBITDA also deteriorated sharply, falling 73.3% from ¥62,283 million to ¥16,656 million, putting the market's assessment of the company's M&A execution and post-merger integration management capabilities to the test.

External sales in the Gaming Business surged 364.3% year on year to ¥25,312 million due to the consolidation of GAN and Stakelogic, while the segment posted an ordinary loss of ¥842 million and adjusted EBITDA of negative ¥18,406 million, a substantial deficit. For FY2027 (ending March 2027), the loss is expected to widen further due to upfront investment aimed at building a growth foundation. While existing Gaming Machines (Video Slot Machines) sales reached a record high and the equity-method contribution from Paradise City (Integrated Resort) also hit a record high, monetizing the acquired businesses is taking time, and establishing this segment as a third pillar is expected to require a considerable period.

In FY2026 (ending March 2026), the Gaming Machines Business achieved higher revenue and profit, partly due to external factors such as the concentration of license approvals in the second half of the fiscal year. However, for FY2027 (ending March 2027), a decrease in flagship titles and rising costs due to surging material prices are expected, leading to a group-wide operating profit forecast of ¥44,500 million (down 5.6% year on year), a profit decline. As an external environment factor, the long-term structural decline of the gaming machine market remains a structural challenge, and risks remain during the transition period until the new business model based on separated cabinets contributes to profitability. On the other hand, net profit attributable to owners of the parent for FY2027 (ending March 2027) is expected to recover to ¥32,500 million.

Growth Strategy

Three pillars: strengthening consumer IP, penetration of new gaming machine models, and the gaming omnichannel strategy

Horizontal expansion of core IP such as "Sonic" and "Angry Birds" into video adaptation, licensing-out, and merchandising. Licensing-out revenue in FY2026 (ending March 2026) grew steadily, up 31.6% year on year. Transmedia expansion including video adaptation is planned to continue in FY2027 (ending March 2027).

Strengthening sales capability for new full-game titles based on core IP through improved sales structures and revamped promotional activities. In FY2026 (ending March 2026), some titles fell short of plan and existing Rovio titles remained weak, issues the company aims to address with improvement in FY2027 (ending March 2027).

In the Gaming Machines Business market, which has been on a long-term downward trend, the company began introducing separated cabinets from FY2026 (ending March 2026) and has started building a new business model. In FY2027 (ending March 2027), the policy is to advance penetration of this model. Rising costs due to higher component prices remain a challenge.

Pursuing an omnichannel strategy integrating online gaming, Gaming Machines (Video Slot Machines), and integrated resorts through the acquisitions of GAN (B2B Online Gaming Platform) and Stakelogic (B2B iGaming Content). In FY2027 (ending March 2027), losses are expected to widen further due to continued upfront investment, but this will be supported by continued strong sales of gaming machines in North America and earnings contribution from Paradise City (Integrated Resort). Large-scale M&A is frozen for the time being.

Last updated: July 19, 2026