ネクソン: 業績の可視性の改善が課題：投資判断EWに引き下げ

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ネクソン: 業績の可視性の改善が課題：投資判断EWに引き下げ

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図表8: ネクソン: 連結業績

Income Statement Balance Sheet

Year ending December 31 2025 2026E 2027E 2028E Year ending December 31 2025 2026E 2027E 2028E

JPY mn JPY mn

PC revenue 338,857 394,500 388,850 406,242 Cash and equivalents 498,868 538,539 613,442 691,093

Mobile revenue 136,245 115,000 118,550 121,700 Trade and other receivables 86,295 90,733 90,359 94,017

Total revenue 475,102 509,500 507,400 527,942 Deposits 342,239 342,239 342,239 342,239

Financial assets 44,995 44,995 44,995 44,995

Royalty 54,950 65,000 55,000 56,100 Other current assets 19,449 19,449 19,449 19,449

HR cost 96,104 97,065 99,006 101,977 Total current assets 991,846 1,035,955 1,110,484 1,191,793

Other cost of sales 42,034 48,339 50,756 52,786

Cost of revenue 193,088 210,404 204,762 210,863 Property, plant & equipment 32,928 33,004 32,643 32,077

HR cost 31,966 31,966 32,286 33,254 Goodwill 49,945 45,945 41,945 37,945

Platform fees and commissions 46,181 55,235 51,543 53,967 Other intangibles 36,705 37,253 37,575 37,640

R&D 26,429 27,486 28,036 28,597 Right-of-use assets 46,735 41,135 35,435 29,635

Marketing 36,181 35,665 35,518 36,956 Investment in associates 63,740 59,740 55,740 51,740

Depreciation & amortisation 4,517 5,678 6,008 6,399 Financial assets 145,883 145,883 145,883 145,883

Other selling and general expenses 16,654 18,319 18,503 19,243 Other non-current assets 42,406 42,406 42,406 42,406

Other operating income 10,673 2,000 1,000 1,000 Total non-current assets 418,342 405,366 391,626 377,325

Other operating expense 6,747 6,000 5,000 5,000 Total assets 1,410,188 1,441,320 1,502,111 1,569,118

Operating expenses 158,002 178,350 175,893 182,416

Operating profit 124,012 120,746 126,745 134,663 Trade and other payables 42,253 41,877 41,704 43,392