Nintendo Co. (7974) AGM 2025 Q&A summary

Opening remarks and agenda

• Directors and executive officers, including outside directors, attended and addressed shareholder questions.

Strategic initiatives and plans

• New animated Super Mario Bros. film set for April 2026 and live-action Legend of Zelda movie for May 2027, with Nintendo deeply involved in production.

• Nintendo Music app launched to expand engagement with game music; exploring concerts and live events.

• Ongoing research into products for children and creative play, such as Nintendo Labo.

• Focus on expanding Nintendo IP through mobile apps, theme parks, movies, and official stores, with emphasis on growing the Nintendo Switch 2 user base.

• Plans to build a new Corporate Headquarters Development Center to expand R&D, with completion scheduled for 2028 or later.

Key challenges and risks discussed

• Nintendo Switch 2 supply not meeting demand, especially in Japan; measures underway to strengthen production and supply.

• Concerns about higher price point of Nintendo Switch 2 and potential barriers for young children; monitoring impact and providing alternative engagement opportunities.

• Rising game development costs due to increased scale and performance; exploring efficient development and shorter cycles to manage risks.

• Adoption of game-key card format for Nintendo Switch 2, requiring internet for initial download, with ongoing collaboration with publishers to ensure support.