Fiscal Year Ended March 2020

Financial Results Explanatory Material

Nintendo Co., Ltd.

May 7, 2020
1
 Information About Risks Related to COVID-19

• Impact on parts procurement, production, and shipments

• Impact on consumption activities

• Impact on research and development

• Impact of foreign exchange fluctuations

2
1. Consolidated Financial Results and Outlook

3
 Consolidated Financial Highlights

FY19 FY20 Comparison

Net sales 1,200.5 bn yen 1,308.5 bn yen +9.0 ％

Operating profit 249.7 bn yen 352.3 bn yen +41.1 %

Operating profit ratio 20.8 % 26.9 % +6.1 pt.

Ordinary profit 277.3 bn yen 360.4 bn yen +30.0 %

Net profit 194.0 bn yen 258.6 bn yen +33.3 %

Net profit ratio 16.2 % 19.8 ％ +3.6 pt.

*Net profit: Profit attributable to owners of parent
*FY = Fiscal Year: FY20 indicates the period between April 1, 2019 and March 31, 2020.

4
 Consolidated Sales

FY19 FY20 Comparison

Net sales 1,200.5 bn yen 1,308.5 bn yen +9.0 %

Dedicated video game platform*1 1,152.6 bn yen 1,254.1 bn yen +8.8 %

Mobile, IP related income, etc.*2 46.0 bn yen 51.2 bn yen +11.5 %

Playing cards, etc. 1.9 bn yen 3.0 bn yen +57.1 %

*1 Each platform includes hardware, software (including downloadable
versions of packaged software, download-only software, add-on content,
and Nintendo Switch Online) and accessories. FY20 Regional Sales Ratio
*2 Includes income from smart-device content and royalty income.

8.8%
Effect of changes in foreign exchange rates 23.0%
Japan

on net sales: -37.3 billion yen 25.0% The Americas

Europe

43.2% Other

Proportion of overseas sales: 77.0% 5

 Gross Profit

FY19 FY20 Comparison

Gross profit 501.1 bn yen 641.7 bn yen +28.0 %

Gross profit ratio 41.7 % 49.0 ％ ＋7.3 pt.

Main Variable Factors

FY19 FY20 Comparison

Proportion of hardware
sales*1 58.4 % 52.2 % -6.2 pt.
Proportion of first-party
software sales*2 83.8 % 82.8 % -1.0 pt.
Proportion of digital
sales*2 24.8 % 34.0 % +9.2 pt.
Average 1 USD 110.91 yen 108.74 yen -2.17 yen
exchange rate 1 Euro 128.41 yen 120.82 yen -7.59 yen
*1 Proportion of sales to total dedicated video game platform sales
6
*2 Proportion of sales to total dedicated video game platform software sales
Selling, General and Administrative Expenses / Operating Profit

FY19 FY20 Comparison

Selling, general and
administrative expenses 251.4 bn yen 289.3 bn yen +15.0 %

SG&A expenses-to-sales ratio 20.9 % 22.1 % +1.2 pt.

Operating profit 249.7 bn yen 352.3 bn yen +41.1 %

Operating profit ratio 20.8 % 26.9 % +6.1 pt.

Effect of changes in foreign exchange rates on operating profit: approx. -20.0 billion yen

FY19 FY20 Comparison

Research and development
expenses 69.6 bn yen 84.1 bn yen +20.9 %

Advertising expenses 75.4 bn yen 76.0 bn yen +0.8 %

7
 Ordinary Profit and Net Profit
FY19 FY20 Comparison

Non-operating income 28.3 bn yen 25.5 bn yen -9.7 %

included foreign exchange gains 5.4 bn yen -

Non-operating expenses 0.6 bn yen 17.4 bn yen +2,541.9 %

included foreign exchange losses - 15.8 bn yen

Ordinary profit 277.3 bn yen 360.4 bn yen +30.0 %

Net profit 194.0 bn yen 258.6 bn yen +33.3 %

Net profit ratio 16.2 % 19.8 % +3.6 pt.

*Net profit: Profit attributable to owners of parent

Exchange rate FY19 FY20 Comparison Dividends FY19 FY20 Comparison

1 USD 110.99 yen 108.83 yen -2.16 yen
1 Euro 124.56 yen 119.55 yen -5.01 yen Annual 810 yen 1,090 yen +280 yen
8
 Consolidated Financial Forecast
FY20 FY21
(Results) (Forecast) Comparison
Net sales 1,308.5 bn yen 1,200.0 bn yen -8.3 %
Operating profit 352.3 bn yen 300.0 bn yen -14.9 %
Ordinary profit 360.4 bn yen 290.0 bn yen -19.5 %
Net profit 258.6 bn yen 200.0 bn yen -22.7 %
*Net profit: Profit attributable to owners of parent
*Estimated exchange rate for FY21: 1 USD = 105 yen, 1 Euro = 115 yen

FY20 FY21
Dividends (Results) (Forecast) Comparison
Annual 1,090 yen 840 yen -250 yen

FY20 FY21
Nintendo Switch (Results) (Forecast) Comparison
mil mil
Hardware 21.03 units 19.00 units -9.6 %
mil mil
Software 168.72 units 140.00 units -17.0 %
*Software sales units for FY20 include the quantity bundled with hardware (3.40 million units). 9
2. Business Highlights

10
 Sales Status of Nintendo Switch (Sell-in)
FY19 FY20 Comparison
mil mil
Hardware 16.95 units 21.03 units +24.0 %
mil mil
Nintendo Switch 16.95 units 14.83 units -12.5 %

mil Pokémon Sword/ Pokémon Shield

Nintendo Switch Lite - 6.19 units -
17.37 million units
mil mil
Software 118.55 units 168.72 units +42.3 %

Regional Hardware Unit Sales Regional Software Unit Sales

25 200

Animal Crossing: New Horizons Mario Kart 8 Deluxe

20
150 11.77 million units 8.08 million units
15
100 Number of million-seller titles (FY20)
10

50
27 titles
5
include 18 Nintendo titles and
9 titles by other software publishers
0 0
(mil units) FY19 FY20 (mil units) FY19 FY20 11
Japan The Americas Europe Other Japan The Americas Europe Other
 Nintendo Switch System Family Sell-Through
Note: Sell-through refers to units sold by retailers to consumers.

Japan North America Europe

FY2019

FY2020

Apr.-June Jul.-Sept. Oct.-Dec. Jan.-Mar. Apr.-June Jul.-Sept. Oct.-Dec. Jan.-Mar. Apr.-June Jul.-Sept. Oct.-Dec. Jan.-Mar.

Previous:3.80 mil units Previous:6.35 mil units Previous:4.49 mil units

Current: 5.06 mil units Current: 7.67 mil units Current: 5.37 mil units
(+33%) (+20%) (+19%)

12
Source: Nintendo, Media Create
Animal Crossing Series Comparative Sell-Through (JP/US/EUR)

13.41

10

0
(mil units）

Lifetime total
First 6 weeks
13
Includes system bundles and digital sales / Source: Nintendo, Media Create
 Digital Sales
FY19 FY20 Comparison

Digital sales 118.8 bn yen 204.1 bn yen +71.8 %

Proportion of digital sales 24.8 % 34.0 ％ +9.2 pt.

*Proportion to total dedicated video game platform software sales
*Sales of downloadable versions of packaged software, download-only software,
add-on content and Nintendo Switch Online, etc.

Download-only software, add-on content

Downloadable versions of packaged software
and Nintendo Switch Online, etc.

30.0%

FY20
Component ratio
of digital sales
70.0%

14
 Announced Title Releases for FY21

May 29 June 5 2020 in Japan

Part 1: Release by end of June 2020

Release continuous updates Releases from June 2020 onward
Part 2: Release in fall of 2020
15
 Mobile, IP Related Income, etc.
FY19 FY20 Comparison

Mobile, IP related income, etc. 46.0 bn yen 51.2 bn yen + 11.5%

* Includes income from smart-device content and royalty income

• Addition of monthly subscription service • Addition of multiplayer feature

• Large increase in active players • More than one third of all sales in US
16
IP Expansion Initiatives

17
3. Reference

18
 Million-Seller Nintendo First-Party Titles
units in ten thousands
FY20 Life-to-date
including
Nintendo Switch Global
Japan Overseas
Global

Pokémon Sword/Pokémon Shield 1,737 452 1,285 1,737

Animal Crossing: New Horizons 1,177 384 793 1,177
Mario Kart 8 Deluxe 808 93 715 2,477
Luigi’s Mansion 3 633 83 550 633
Super Mario Maker 2 548 116 432 548
Super Smash Bros. Ultimate 503 90 413 1,884
The Legend of Zelda: Breath of the Wild 464 45 418 1,741
The Legend of Zelda: Link's Awakening 438 43 395 438
Super Mario Party 370 62 309 1,010
New Super Mario Bros. U Deluxe 329 33 296 660
SUPER MARIO ODYSSEY 297 21 275 1,741
Fire Emblem: Three Houses 287 58 229 287
Ring Fit Adventure 273 89 184 273
Splatoon 2 143 45 98 1,013
Pokémon: Let's Go, Pikachu! Pokémon: Let's Go, Eevee! 134 14 120 1,197
Pokémon Mystery Dungeon: Rescue Team DX 126 36 89 126
MARVEL ULTIMATE ALLIANCE 3: The Black Order 108 4 104 108
ASTRAL CHAIN 108 16 91 108
[Note] Software sales units include the quantity bundled with hardware. Software sales units include their downloadable versions. 19
 Key Indicators
Proportion of First-Party
Proportion of Overseas Sales Proportion of Hardware Sales
Software Sales
FY20 FY20 FY20
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
76.5% 76.9% 78.6% 74.0% 50.5% 54.9% 57.4% 39.6% 74.1% 76.0% 87.4% 85.1%
76.8% 53.2% 75.2%
77.8% 55.6% 82.0%
77.0% 52.2% 82.8%

FY19 FY19 FY19

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
76.6% 78.7% 77.7% 78.7% 51.7% 62.4% 61.2% 51.1% 82.9% 71.0% 89.8% 80.3%
77.8% 57.8% 76.8%
77.7% 59.9% 84.6%
77.9% 58.4% 83.8%

* Proportion of overseas (outside of Japan) sales *Proportion of hardware (including accessories) * Proportion of first-party software sales to total
to total sales sales to total dedicated video game platform dedicated video game platform software sales
sales

20
 Digital Sales Indicators
Proportion of Downloadable Versions
Digital Sales Proportion of Digital Sales of Packaged Software Sales
in yen
FY20 FY20 FY20
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
30.6 bn 40.9 bn 53.2 bn 79.2 bn 38.3% 34.8% 22.3% 48.5% 56.4% 64.5% 71.7% 76.9%
71.6 bn 36.2% 61.0%
124.9 bn 28.6% 65.6%
204.1 bn 34.0% 70.0%

FY19 FY19 FY19

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
18.5 bn 20.6 bn 45.0 bn 34.6 bn 24.2% 26.0% 19.6% 37.2% 59.3% 59.1% 78.7% 62.6%
39.1 bn 25.1% 59.2%
84.2 bn 21.8% 69.6%
118.8 bn 24.8% 67.6%
*Digital sales include (a) downloadable version *Proportion of digital sales to total dedicated * Proportion of downloadable versions of packaged
of packaged software (the downloadable version video game platform software sales software sales to total digital sales as indicated on
of software that is offered both physically and the left: a/(a+b+c+d)
digitally), (b) download-only software, (c) add-
on content and (d) Nintendo Switch Online, etc.
21
 Supplementary Information on Our Website
Earnings Releases, etc. IR Events
・Earning Releases ・Corporate Management Policy Briefing Presentation Materials
・Timely Disclosure of Information, etc. ・Financial Results Explanatory Materials, etc.

Financial Highlights Dedicated Video Game Sales Units

・Consolidated Statements of Income (Annual/ Quarterly) ・Total Unit Sales (Life-to-date)
・Consolidated Balance Sheet (Annual/ Quarterly) ・Unit Sales (Annual/ Quarterly)
・Consolidated Cash Flows (Annual) ・Number of Titles Released (Annual)
・Key Figures per Share (Annual)
・Geographical Sales Breakdown (Annual/ Quarterly)
・Sales Breakdown by Category (Annual/ Quarterly)

Top Selling Title Sales Units Historical Data (Updated at fiscal year-end)
・Top selling Nintendo software sales units ・Consolidated Statements of Income Transition
on an accumulated basis ・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 Releases (Others, page 13)

22
Launch Dates of Primary Nintendo Products by Region (Apr. 2019〜Mar. 2020)
Nintendo Switch
Japan The United States Europe
Title Launch Date Title Launch Date Title Launch Date
(Hardware) (Hardware) (Hardware)
Nintendo Switch Lite 9/20/2019 Nintendo Switch Lite 9/20/2019 Nintendo Switch Lite 9/20/2019
(Software) (Software) (Software)
Nintendo Labo Toy-Con 04: VR Kit 4/12/2019 Nintendo Labo Toy-Con 04: VR Kit 4/12/2019 Nintendo Labo Toy-Con 04: VR Kit 4/12/2019
Super Mario Maker 2 6/28/2019 Super Mario Maker 2 6/28/2019 Super Mario Maker 2 6/28/2019
MARVEL ULTIMATE ALLIANCE 3: The Black Order 7/19/2019 DRAGON QUEST BUILDERS 2 * 7/12/2019 DRAGON QUEST BUILDERS 2 * 7/12/2019
Fire Emblem: Three Houses 7/26/2019 MARVEL ULTIMATE ALLIANCE 3: The Black Order 7/19/2019 MARVEL ULTIMATE ALLIANCE 3: The Black Order 7/19/2019
TETRIS 99 8/9/2019 Fire Emblem: Three Houses 7/26/2019 Fire Emblem: Three Houses 7/26/2019
ASTRAL CHAIN 8/30/2019 ASTRAL CHAIN 8/30/2019 ASTRAL CHAIN 8/30/2019
The Legend of Zelda: Link's Awakening 9/20/2019 TETRIS 99 9/6/2019 DAEMON X MACHINA * 9/13/2019
Ring Fit Adventure 10/18/2019 DAEMON X MACHINA * 9/13/2019 The Legend of Zelda: Link's Awakening 9/20/2019
Luigiʼs Mansion 3 10/31/2019 The Legend of Zelda: Link's Awakening 9/20/2019 TETRIS 99 9/20/2019
Pokémon Sword 11/15/2019 DRAGON QUEST XI S: DRAGON QUEST XI S:
9/27/2019 9/27/2019
Pokémon Shield 11/15/2019 Echoes of an Elusive Age - Definitive Edition * Echoes of an Elusive Age - Definitive Edition *
Dr Kawashima's Brain Training for Nintendo Switch 12/27/2019 Ring Fit Adventure 10/18/2019 Ring Fit Adventure 10/18/2019
Tokyo Mirage Sessions #FE Encore 1/17/2020 Luigiʼs Mansion 3 10/31/2019 Luigiʼs Mansion 3 10/31/2019
Pokémon Mystery Dungeon: Rescue Team DX 3/6/2020 Pokémon Sword 11/15/2019 Pokémon Sword 11/15/2019
Animal Crossing: New Horizons 3/20/2020 Pokémon Shield 11/15/2019 Pokémon Shield 11/15/2019
Tokyo Mirage Sessions #FE Encore 1/17/2020 Dr Kawashima's Brain Training for Nintendo Switch 1/3/2020
Pokémon Mystery Dungeon: Rescue Team DX 3/6/2020 Tokyo Mirage Sessions #FE Encore 1/17/2020
Animal Crossing: New Horizons 3/20/2020 Pokémon Mystery Dungeon: Rescue Team DX 3/6/2020
Animal Crossing: New Horizons 3/20/2020
[Note] Launch dates may differ within the United States and Europe regions depending on territories or countries.
*This title is licensed to be sold as a Nintendo product.

Launch Schedule of Primary Nintendo Products by Region (extracts: Apr. 2020〜)

Nintendo Switch
Japan The United States Europe
Title Launch Date Title Launch Date Title Launch Date
(Software) (Software) (Software)
Xenoblade Chronicles Definitive Edition 5/29/2020 Xenoblade Chronicles Definitive Edition 5/29/2020 Xenoblade Chronicles Definitive Edition 5/29/2020
Clubhouse Games: 51 Worldwide Classics 6/5/2020 Clubhouse Games: 51 Worldwide Classics 6/5/2020 51 Worldwide Games 6/5/2020
Famicom Tantei Club: Kieta Koukeisha 2020 BRAVELY DEFAULT II *  2020 BRAVELY DEFAULT II *  2020
Famicom Tantei Club: Ushiro ni Tatsu Shoujo 2020 Bayonetta 3 TBA Bayonetta 3 TBA
Bayonetta 3 TBA Metroid Prime 4 (temp.) TBA Metroid Prime 4 (temp.) TBA
Metroid Prime 4 (temp.) TBA The sequel to The Legend of Zelda: Breath of the Wild (temp.) TBA The sequel to The Legend of Zelda: Breath of the Wild (temp.) TBA
The sequel to The Legend of Zelda: Breath of the Wild (temp.) TBA
[Note] Launch dates and titles etc. are subject to change.
Launch dates may differ within the United States and Europe regions depending on territories or countries.
*This title is licensed to be sold as a Nintendo product.

Upcoming Software Publishers' Title Lineup (extracts: Apr. 2020〜)

Nintendo Switch
Japan The United States Europe
Title Publisher Title Publisher Title Publisher
KOWLOON YOHMA GAKUENKI: ORIGIN OF ADVENTURE ARC SYSTEM WORKS Borderlands Legendary Collection 2K Borderlands Legendary Collection 2K
Catherine: Full Body for Nintendo Switch ATLUS Bioshock: The Collection 2K Bioshock: The Collection 2K
Kotoba no Puzzle: Mojipittan Encore BANDAI NAMCO Entertainment XCOM 2 Collection 2K XCOM 2 Collection 2K
NAMCOT COLLECTION BANDAI NAMCO Entertainment Levelhead Butterscotch Shenanigans SuperMash Digital Continue
Mr. DRILLER DrillLand BANDAI NAMCO Entertainment SuperMash Digital Continue Streets of Rage 4 Dotemu
Utano Prince Sama Streets of Rage 4 Dotemu Burnout Paradise Remastered Electronic Arts
BROCCOLI
Amazing Aria & Sweet Serenade LOVE for Nintendo Switch Burnout Paradise Remastered Electronic Arts Ninjala GungHo Online Entertainment
BRIGANDINE The Legend of Runersia HAPPINET Ninjala GungHo Online Entertainment Minecraft Dungeons Mojang Synergies / Xbox Game Studios
Hakuoki Shinkai Ginseinosho IDEA FACTORY Minecraft Dungeons Mojang Synergies / Xbox Game Studios The Outer Worlds Private Division
Harukanaru Toki no Naka de 7 KOEI TECMO GAMES The Outer Worlds Private Division Trials of Mana Square Enix
FAIRY TAIL KOEI TECMO GAMES Trials of Mana Square Enix Moving Out Team17
eBASEBALL PAWAFURU PUROYAKYU 2020 KONAMI Moving Out Team17 NARUTO SHIPPUDEN: Ultimate Ninja STORM 4 ROAD TO BORUTO Bandai Namco Entertainment
Rodents 2 NIPPON COLUMBIA Ghost of a Tale Plug In Digital
Zumba Burn It Up! SEGA The Elder Scrolls: Blades Bethesda Softworks
Trials of Mana SQUARE ENIX Railway Empire - Nintendo Switch Edition Kalypso Media Group
SYNAPTIC DRIVE Yunuo International
[Note] Launch schedules, software names etc. are subject to change.
Launch titles are listed by publisher alphabetically.
This list includes titles that are released as download-only software.