Overview
- Singapore-based 3D Investment Partners publicly released a 100–112 page presentation on December 9 criticizing Square Enix’s management and inviting other shareholders to engage.
- The firm says revenue growth and profit margins have stagnated in recent years and contrasts Square Enix’s performance with peers such as Capcom, Konami, Nintendo, and Bandai Namco.
- It alleges the company’s AAA RPG budgets are far above competitors, citing slides that estimate an average 15.6 billion yen per title versus 6.6 billion yen at Capcom, with examples including Final Fantasy VII Remake and Forspoken.
- 3D argues the three-year “Reboot” plan lacks concrete KPIs and execution detail, noting that President Takashi Kiryu replied only with a brief email after the firm raised concerns in October.
- Recent context includes Square Enix’s acknowledgment that some flagship titles initially missed sales expectations, planned layoffs, and a goal to automate up to 70% of QA by 2027, with no announced board or strategy changes in response.