Altus turned losses into profits in fiscal year 2025! One of Sega's most successful company acquisitions

Sega disclosed on July 4 that its subsidiary Atlus turned losses into profits in the fiscal year 2025 (as of March 2025), with a net profit of 854 million yen (approximately RMB 42 million), a major turnaround from the loss of 757 million yen (approximately RMB 38 million) in the previous fiscal year.

　　It is worth noting that Atlus's previous book losses for many years were not due to poor management or unsalable games, but due to the accounting impact of Sega's acquisition of its parent company Index Corporation in 2013. Since the acquisition price is higher than the company's market value at that time (usually related to "intangible assets" such as brand value, technical patents, fan base, etc.), the transaction formed high goodwill, and Atlus needed to continuously amortize the goodwill for many years, resulting in artificially lowering profits in the financial statements.

　　As the goodwill amortization process was completed in this fiscal year, Atlus' real operating conditions have finally emerged. The company attributes its performance rebound to the stable output of full-price core games and the expansion of IP licensing. Data shows that the release of "Reincarnation V: Revenge" on multiple platforms has driven the global sales of the series to exceed 2.11 million copies, while the sales of the new IP "Metaphorical Fantasy" has exceeded 2 million mark.

In the latest financial report of Sega Sami Group, Atlus was rated as "one of the most successful acquisition cases in the history of the group", marking the successful conclusion of this capital operation that lasted for more than ten years.