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Nintendo is home to some of the most beloved characters in the video game industry—Mario, Pikachu, Kirby, and many others. But inside the company itself is another cast of beloved characters—the army of developers that has stuck with Nintendo for most of their careers.
“It’s almost impossible for any developer who is now of working age to have grown up without at least some influence from Nintendo,” says Keza MacDonald, author of the forthcoming book Super Nintendo: The Game-Changing Company That Unlocked the Power of Play, based off years of reporting on the company as a games journalist. “It is still, to this day, making games differently from everyone else.”
Indeed Nintendo has largely sidestepped the graphics arms race that has bedeviled both its hardware and software competitors, instead focusing on what Game Boy designer Gunpei Yokoi affectionately termed “withered technology”: Using well-established technology and focusing on making something fun instead. That strategy has also allowed Nintendo to avoid the high costs and constant retraining that are hamstringing its competitors.
Courtesy of Penguin Random House
The Japanese game developer embraced “the principle of finding a playful way to design things that aren’t necessarily at the cutting-edge,” explains MacDonald, who currently writes about gaming for The Guardian. “That’s been a part of Nintendo’s philosophy since before it was even making video games.”
The Japanese company has what MacDonald deems a “slightly conservative” approach, ensuring that it maintains healthy profit margins and builds up large reserves of cash. “Nintendo always operates with an understanding that its next product might not be a hit,” she says.
Nintendo released the Switch 2, its latest video game console, earlier this year. While a few commentators griped that Nintendo’s latest version was just more powerful (and more expensive) than the last, gamers seem to have flocked to the new device. The company now expects to sell 19 million Switch 2 units by March 2026, the end of its fiscal year. The company reported 1.1 trillion Japanese yen ($7 billion) in revenue between March and September, more than double what it generated the same period a year ago. It also earned 199 billion yen ($1.3 billion) in profit, an 83% jump. Shares are up 46% for 2025 so far.
Nintendo was founded in 1889 as a company making playing cards and eventually moved to making toys in the 1960s. It shifted to video games in the 1970s, and had its first hit with Donkey Kong, developed by Shigeru Miyamoto, who eventually designed beloved franchises like Super Mario and The Legend of Zelda.
The game industry is known for its churn: Studios expand and contract according to changing demand. Around 10% of developers reported being laid off last year, and over 40% said they felt the effects of layoffs, according to a survey from the Game Developers Conference. “What that does is it robs companies of not just the knowledge, but also the security that helps people do their best work,” MacDonald says.
Nintendo, on the other hand, has sidestepped this boom and bust cycle. The company revealed earlier this year that its Japan-based employees had an average tenure of 15 years.
“The people who first made Nintendo’s hits are still working at the company,” MacDonald says. “For the last 50 years, these people have been passing down knowledge and training up a new generation of Nintendo creatives.”
She adds that the company also rejects hierarchy when it comes to design. “It’s not like the oldest guy gets to decide what’s a good idea and what isn’t. Everyone puts ideas in.”
Not all of Nintendo’s experiments work. Take the company’s Wii U console, released in 2012. Unlike its predecessor, the wildly successful Wii, the Wii U was a flop, selling barely 14 million units. Yet Nintendo took some of the design lessons from this failure and put them towards the Nintendo Switch—which, at 154 million units sold, is close to being the top-selling console of all time.
That’s just one of the things that MacDonald thinks that other companies—and not just those in the gaming industry—can learn from Nintendo.
“A failed idea is often a step towards the next hit you’re going to have.”
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QUESTIONS FROM THE FLOOR
Q: (Stuart Codling – Autosport) Question for Mario. You said five compounds for 2026. That means the C6 experiment is over. Could you explain in a little more detail the thought process behind dropping the C6 and not…
Rosneft Oil Company (hereinafter, Rosneft, the Company) announces its results for 9M 2025 prepared in accordance with the International Financial Reporting Standards (IFRS).
| 9M 2025 | 9M 2024 | % change | |
|---|---|---|---|
| RUB bln | |||
| Revenues from sales and equity share in profits of associates and joint ventures | 6,288 | 7,645 | (17,8)% |
| EBITDA | 1,641 | 2,321 | (29,3)% |
| Net income attributable to Rosneft shareholders | 277 | 926 | (70,1)% |
| CAPEX | 1,118 | 1,052 | 6,3% |
| Adjusted free cash flow | 591 | 1,075 | (45,0)% |
Commenting on the results for 9M 2025, Igor Sechin, Chairman of the Management Board and Chief Executive Officer of Rosneft stated:
“During the reporting period, the Company operated in a deteriorating macroeconomic environment, including lower prices amid rising oil supply. It is worth noting that in November, international energy agencies once again raised their oil market surplus forecasts for Q4 2025 and H1 20261 despite a slowdown in OPEC production growth.
Outpacing inflation of natural monopoly tariff indexation, increased costs of anti-terrorism security measures, high level of the Bank of Russia’s key rate, and the strengthening of the ruble since the beginning of the year put additional pressure on the Company’s performance for 9M 2025.
Despite the negative macroeconomic environment, the protection of shareholders’ interests remains one of the Company’s main priorities. On November 17, the Board of Directors recommended that the General Shareholder Meeting, at an extraordinary absentee vote, should resolve to pay interim dividend of RUB 11.56 per share. In full compliance with the corporate dividend policy, a total of RUB 122.5 bln or 50% of H1 2025 net income is recommended to be distributed as dividends.
Operating Performance
Exploration and Production
9M 2025 liquid hydrocarbons production amounted to 134.7 mln tons (3.67 mln bpd), including 45.4 mln tons in Q3 2025. The indicator performance is primarily driven by the production cap in compliance with the decisions of the Russian Government.
The Company’s 9M 2025 gas production amounted to 58.2 bcm (1.30 mln boepd). Greenfield projects in the Yamal-Nenets Autonomous Region commissioned in 2022 account for over a third of the Company’s gas production.
As a result, the Company’s hydrocarbon production in 9M 2025 amounted to 182.6 mln toe (4.97 mln boepd).
9M 2025 production drilling footage exceeded 9 mln meters. Rosneft commissioned 2.2 th. new wells, 74% of which were horizontal.
In 9M 2025, Rosneft completed 1.2 th. km of 2D seismic and 3.5 th. sq. km of 3D seismic onshore. The Company completed testing of 38 exploratory wells with a success rate of 95%.
Vostok Oil Project
As part of the flagship Vostok Oil project, in 9M 2025, the Company completed 1.2 th. km of 2D seismic and 1.5 th. sq. km of 3D seismic.
The Company continues pilot development of the Payakhskoye and Ichemminskoye fields: in 9M 2025, production drilling footage was 101 th. meters, while 19 production wells were completed. Pilot production is carried out at the Payakhskoye and Ichemminskoye fields with produced crude transported in winter by trucks from the Payakhskoye field to Suzunskoye field.
Work is underway at the ‘Vankor – Payakha – Sever Bay’ trunk oil pipeline. As of the end of September 2025, 637 km of the pipeline were laid at design levels and 119 th. piles were installed. Underwater main and back-up sections of the pipeline crossing the Yenisey River were laid and backfilled. The shore reinforcement and engineering protection work is underway.
The construction of two cargo berths, as well as a berth for the port fleet at the Sever Bay Port terminal, is nearing completion. Construction of the first oil loading terminal continues, and construction of the second one has begun. Construction of a crude oil delivery and acceptance point at the Sever Bay Port, and of the Suzun and Payakha oil pumping stations is underway.
Refining
The refining volume amounted to 57.7 mln tons in 9M 2025. Decrease in the refining volume is attributable to the need for maintenance and repair works as well as to the optimization of refinery utilization amid the current pricing environment, logistics constraints and demand.
Rosneft continuously works to maintain a high level of reliability of its oil refining assets. In particular, the Company supplies the refineries with its own catalysts, which are necessary for the production of high-quality motor fuel. In 9M 2025, Rosneft produced 1.9 th. tons of catalysts for hydrotreatment of diesel fuel and gasoline fractions, as well as protective layer catalysts. Rosneft subsidiaries also produced 102 tons of gasoline reforming catalysts and 218 tons of catalysts for production of hydrogen, petrochemicals and adsorbents.
The Company is a key supplier of high-quality motor fuels for Russian consumers. In 9M 2025, 30.7 mln tons of petroleum products were supplied to the domestic market, including 9.5 mln tons of gasoline and 12.3 mln tons of diesel fuel.
Rosneft continues to actively participate in trading on the St. Petersburg International Mercantile Exchange. In the reporting period, 7.1 mln tons of gasoline and diesel fuel were sold on the exchange, which is 1.8 times higher than the required volume.
Financial Performance
The Company’s revenue2 in 9M 2025 decreased by 17.8% year-on-year, amounting to RUB 6,288 bln, due to declining oil prices and a stronger ruble. At the same time, the rate of cost savings and expense reduction lagged behind the revenue dynamics, with one of the reasons being indexation of tariffs imposed by the natural monopolies. As a result, EBITDA in 9M 2025 decreased to RUB 1,641 bln.
The net income attributable to Rosneft’s shareholders amounted to RUB 277 bln in 9M 2025. The indicator is still negatively affected by the high level of the key rate. In addition, non-monetary and one-time factors negatively affected the indicator in the reporting period.
In 9M 2025, the Company’s capital expenditure amounted to RUB 1,118 bln due to the planned implementation of the investment program, primarily at the assets of Upstream. Free cash flow for the reporting period amounted to RUB 591 bln.
The net debt/EBITDA ratio at the end of September 2025 amounted to 1,3х, which continues to remain at a level significantly below the minimum covenant under the loan agreements.
ESG
In the reporting period, the Company continued activities aimed at achieving sustainable development goals under the Rosneft-2030 Strategy.
Rosneft applies advanced technologies and state-of-the-art production methods to create a safe working environment and minimize the risk of occupational injuries and occupational illnesses. In 9M 2025, the Lost Work Injury Severity Rate (LWIS) decreased by 22%.
As a result of accident prevention measures taken, the number of incidents related to process safety at the Company’s subsidiaries sites decreased. In particular, in 9M 2025, the frequency rate of severe loss of containment events (PSER-1) reduced by 50% year-on-year.
Reproduction of aquatic biological resources is an integral part of environmental protection activities. In 9M 2025, the Group Subsidiaries released more than 16.5 mln juvenile fish of various species into water bodies in the regions of their operations.
Special attention is given to conservation and restoration of natural resources – over 9M 2025, employees of the Group subsidiaries planted more than 900,000 forest seedlings.
Information and Advertising Department
Rosneft Oil Company
November 28, 2025
These materials contain statements regarding future events and expectations that are forward-looking estimates. Any statement in these materials that is not historical information is a forward-looking statement that involves known and unknown risks, uncertainties and other factors which may cause actual results, performance or achievements to be materially different from the expected results, performance or achievements expressed or implied by these forward-looking statements. We assume no obligation to adjust the data contained herein to reflect actual results, changes in underlying assumptions or factors affecting the forward-looking statements.
Item 1 of 2 Brazilian state-run oil firm Petrobras CEO Magda Chambriard attends an interview with Reuters in Rio de Janeiro, Brazil June 5, 2025. REUTERS/Ricardo Moraes
RIO DE JANEIRO, Nov 28 (Reuters) – Brazilian state-run oil firm Petrobras could review some of the 15 wells it plans to drill in the so-called Equatorial Margin, as Brent oil prices are expected to remain low in the coming years, its CEO said on Friday.
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“We had a large set of wells for the Equatorial Margin; some were prioritized, others were, let’s say, deprioritized depending on the price of Brent crude oil,” Petrobras Chief Executive Officer Magda Chambriard said in a press conference.
She did not say how many of the 15 wells could be reviewed.
Petrobras’ cuts will also impact extraordinary dividends to shareholders, Chief Financial Officer Fernando Melgarejo told journalists, saying the possibility of doling out extra cash in the coming years is low.
Despite the cuts, Petrobras expects to maintain its oil production at some 2.6 million or 2.7 million barrels per day until 2034 after ramping it up around 2027, Chambriard said.
These oil production levels represent the peak Petrobras expects to reach in the next five years under its new business plan.
Reporting by Fabio Teixeira and Marta Nogueira in Rio de Janeiro; Writing by Andre Romani; Editing by Kylie Madry and Paul Simao
Our Standards: The Thomson Reuters Trust Principles.