"Is Square Enix really giving birth to something genuinely new?" Major shareholder urges a fundamental reassessment of Final Fantasy maker's future

Eurogamer
Tue, 09 Dec 2025 10:33:40 +0000

A major shareholder in Square Enix, 3D Investment Partners, has criticized the company's performance in a 100-page report, urging a reassessment of its management strategy. The firm, holding a 14.36% stake, cites declining sales, stagnating profit margins, and over-reliance on the Japanese market. It compares Square Enix unfavorably to competitors like Capcom and Konami. The report highlights issues with platform exclusivity and underperformance in cross-media ventures, coinciding with Square Enix's recent restructuring and layoffs.

2025-12-09 | GamesRadar+: Former Square Enix exec says that's nothing new as major investor calls out the Final Fantasy and Dragon Quest creator for high development costs and lackluster sales

A major Square Enix shareholder, 3D Investment Partners, has presented a critical analysis of the company's management challenges, focusing on high development costs and disappointing sales figures for titles like Final Fantasy 16. The presentation highlights that Square Enix's average RPG development cost is significantly higher than Capcom's, with FF16 costing approximately $58.3 million but selling only 3.23 million copies. Former Square Enix exec Jacob Nakov echoed these concerns, emphasizing the disconnect between high sales expectations and actual performance.

2025-12-09 | IGN: Major Square Enix Investor Slams Current Performance, Urges Other Shareholders to Share 'Frank Views' As It Calls for a 'Fundamental Reassessment' of Its Business

A major investor in Square Enix, 3D Investment Partners, has criticized the company's performance in a 100-page document, calling for a "fundamental reassessment" of its business due to declining revenue and profits. The investor highlights stagnation in earnings and excessive development costs, urging Square Enix to improve its management strategies. This comes shortly after the company announced layoffs and a shift towards AI in its operations.

2025-12-09 | Push Square: Key Square Enix Shareholder Publicly Criticises Weak Game Sales, Company Management

A major shareholder of Square Enix, 3D Investment Partners, has publicly criticized the company's weak game sales and management, releasing a 100-page presentation to highlight these issues. Holding a 14.36% stake, the fund points to underperformance in console and mobile sectors, cancelled projects, and rising development costs as key problems. They express doubt about the current leadership's ability to improve the situation, despite attempts to outline future plans.

2025-12-09 | Game Developer: Major shareholder denounces Square Enix for 'sluggish' revenue and profit margins

3D Investment Partners, a major shareholder of Square Enix with a 14.36% stake, has criticized the company for its "sluggish" revenue growth and profit margins in a 112-page presentation. The firm calls for constructive dialogue among shareholders regarding management issues and expresses concerns over Square's three-year business plan, which they find vague and lacking concrete strategies. They also highlight poor performance of recent titles and urge for a renewed focus on enhancing corporate value.

2025-12-09 | GamesIndustry.biz: Square Enix investor calls for "concrete countermeasures addressing critical management issues"

Square Enix's third-largest investor, 3D Investment Partners, has criticized the company's management, citing a significant decline in earning power and urging for concrete countermeasures. Holding a 14% stake, they highlighted stagnation in revenue and profitability over the past three years. The firm presented a detailed document outlining these concerns and called for a reassessment of Square Enix's management plan. They also noted ongoing dialogue with Square Enix's leadership, which has not addressed their specific concerns.

2025-12-10 | GamesRadar+: "Square Enix running at its prime" – Former exec says the Final Fantasy dev's critical investors are "closely aligned" with what fans want, including Clair Obscur: Expedition 33-level experimentation

Former Square Enix executive Jacob Navok comments on the concerns of major shareholder 3D Investment Partners, who recently issued a presentation criticizing the company's management and declining earnings. Navok believes investors are aligned with fan interests, advocating for Square Enix to innovate with smaller development teams and cycles. He emphasizes the need for the company to regain profitability and surprise gamers, addressing the significant drop in earning power over the past three years.