Konami Q1: Football won, eFootball won too

Research evidence excerpt

Konami Q1: Football won, eFootball won too

31 July 2026

Estimate Change

Robin Zhu

+852 2123 2659

Japan Video Gaming robin.zhu@bernsteinsg.com

Konami Group Corporation Charles Gou

+852 2123 2618

Rating charles.gou@bernsteinsg.com

Outperform Min-Joo Kang

Price Target +852 2123 2644

minjoo.kang@bernsteinsg.com

9766.JP 27,200 JPY (26,800 OLD)

Hyrum Caesar

+81 3 6777 6979

hyrum.caesar@bernsteinsg.com

Beating the referees. Konami’s Q1 results were very strong, driven by World Cup Close Date 30 Jul 2026

engagement powering eFootball revenue to c. 78% growth this quarter, versus us modeling

9766.JP Close Price (JPY) 21,840

69% growth. JPY130bn of group revenue (+33.6% year on year) was 8.0% and 5.9% ahead

Price Target (JPY) 27,200

of us and street consensus (JPY120bn and JPY122bn). JPY45.3bn of operating profit was

Upside/(Downside) 25%

63.3% higher than a year ago, and was 21.5% and 17.7% ahead of us and consensus

52-Week Range 26,645/16,850

(JPY37.3bn and JPY38.5bn). Within this, JPY43.9bn of Digital Entertainment operating profit

JPL 2,570.52

beat our estimate and consensus by either side of 25%, while folks at Konami’s smaller

FYE Mar

businesses spent the quarter watching the football.

Div Yield 1.0%

Extra time - Q2 guidance strong. JPY52bn of aggregate eFootball revenue in Q1 was Market Cap (JPY) (B) 3,134.04

split across c. JPY43bn mobile and JPY9bn for console/PC. With July billings from Sensor EV (JPY) (B) 2,857.89

Tower looking 24% higher than June levels, and 36% higher than the Q2 monthly average, Performance YTD 1M 6M 12M

management unsurprisingly guided for eFootball revenue in Q2 to be “at least flat” versus Absolute (%) 2.4 23.6 (2.8) 7.3

Q1. With MGS Master Collection Vol. 2 and Silent Hill: Townfall launching too, it should follow JPL (%) 16.5 (1.9) 11.5 37.4