INDEX / DIRECTORY / NINTENDO / ECONOMIC

Nintendo ECONOMIC

ECONOMIC AUDIT UPDATED 2026-09-07
Economic Score 3.50 /10 D Nintendo - BDS-1000 325
Economic 3.50

Evidence-only forensic audit. Scoring happens downstream - see the main dossier for the composite assessment.

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Domain: Economic (Economic)
Entity scope: Nintendo Co., Ltd., its disclosed subsidiaries and associates, and Israel-market activity attributable through third-party authorised importer TorGaming Ltd.1, 2

Supply Chain & Sourcing Relationships

Nintendo manufactures hardware through a global supply chain involving Japanese, Chinese, and Taiwanese sourcing and assembly; the Switch uses a custom NVIDIA Tegra system-on-chip.3 NVIDIA acquired Israeli networking company Mellanox in 2020, but no public evidence identified that Nintendo itself procures components, sub-assemblies, raw materials, or Israeli-designed chipsets from Israeli-domiciled suppliers.4

Nintendo’s current consumer distributor directory assigns Israel to TorGaming LTD at Raoul Wallenberg 4, Tel Aviv, and TorGaming describes itself as an official Nintendo distributor.2, 5 Nintendo Israel’s current Eilat-store page identifies TorGaming LTD as the company importing Nintendo into Israel.6

Nintendo’s FY2025 filing identifies Nintendo of Europe SE as a wholly owned German sales subsidiary that purchases Nintendo-manufactured products from Nintendo Co., Ltd.; it does not identify an Israeli Nintendo importer, subsidiary, equity stake, or joint venture.1 TorGroup states that it represents Nintendo, operates online and physical brand stores, and distributes through more than 1,200 points of sale, but this is distributor-group self-description rather than evidence of Nintendo-owned retail infrastructure.7

No public evidence identified of Nintendo procurement from Israeli agricultural exporters, Israeli component manufacturers, seasonal or counter-seasonal Israeli suppliers, or Israeli distributors supplying Nintendo outside the TorGaming import arrangement.3, 1, 2

Product Origin, Labeling & Regulatory Compliance

Nintendo products sold in Israel are imported by TorGaming Ltd through an authorised distribution relationship historically reported as involving Nintendo of Europe; Nintendo’s European group entity is now Nintendo of Europe SE following its 2023–2025 intra-group reorganisation from GmbH to AG and then SE.8, 9, 10

The Nintendo Israel site identifies TorGaming LTD as the importer, while the current Eilat page identifies the store at 20 Ha-Satat Street in the BIG Eilat complex.6 Products therefore enter the Israeli market through the documented commercial importer channel, but the reviewed evidence does not identify Israeli manufacture, Israeli-origin co-branding, or occupied-territory production.6, 1, 2

No public evidence identified of Nintendo goods labelled “Produce of Israel,” Nintendo products manufactured in the West Bank, East Jerusalem, the Jordan Valley, or the Golan Heights, or allegations of settlement-origin Nintendo goods.1, 11 no public evidence identified of country-of-origin labelling disputes, customs or DEFRA-style enforcement, regulatory citations, or a Nintendo policy specifically addressing settlement-product origin or labelling.1, 11

Investment, Capital & Financial Exposure

Nintendo’s FY2025 Annual Securities Report lists 29 subsidiaries and five associates, including Nintendo of Europe SE in Germany and The Pokémon Company in Japan; no Israel-based consolidated subsidiary or named associate appears in that filing.1 The filing contains no searchable occurrence of “Israel,” which is a document-scoped finding and does not exclude unlisted counterparties, passive holdings, or subsequent changes.1

No public evidence identified of Nintendo acquiring an Israeli operating company, holding a controlling stake in one, or maintaining an Israeli factory, data centre, logistics hub, research centre, or accelerator in the reviewed disclosures.1, 9 no public evidence identified of Israeli venture investments, startup stakes, Israel-focused funds, Israeli sovereign-debt holdings, or Israel Bonds activity in the reviewed materials.1, 12

Nintendo is a Japanese listed parent headquartered in Kyoto.13, 1 Its 31 March 2025 registered-holder table lists The Master Trust Bank of Japan (Trust Account) at 16.67%, Custody Bank of Japan (Trust Account) at 5.58%, The Bank of Kyoto at 4.19%, JP Morgan Chase Bank 380815 at 3.71%, and State Street Bank and Trust Company 505001 at 3.03%; the filing reports foreign shareholders as holding 51.02% of outstanding shares, but does not identify ultimate beneficial owners behind custodian and nominee accounts.1 Earlier reporting identified Saudi Arabia’s Public Investment Fund, Vanguard, Nikko Asset Management, and Norges Bank Investment Management among significant identified holders at that time; this is dated shareholder context rather than a substitute for the FY2025 registered-holder disclosure.14

No public evidence identified in the reviewed sources of personal or family-office investments in Israeli companies by Nintendo’s current directors or executive officers; this remains an evidence gap rather than a comprehensive personal-portfolio determination.15, 1

Operational Presence & Market Activity

Nintendo established Israel-market activity through a March 2019 distribution arrangement between Nintendo of Europe and TorGaming Ltd, reported at the time as Nintendo’s official Israeli distributor.8, 16 Nintendo’s current directory continues to assign Israeli consumer support to TorGaming LTD in Tel Aviv, and TorGaming’s current site provides a Tel Aviv address.2, 17

Nintendo-branded stores in Israel are documented as distributor-operated rather than Nintendo-owned. Nintendo Store Tel Aviv opened at Dizengoff Center on 24 June 2019; contemporaneous reporting described it as TorGaming’s project and reported a NIS 3 million distributor investment.18 Nintendo Store Eilat operates at BIG Eilat, and current Nintendo Israel material identifies TorGaming as the importer.6

A Hebrew-language Nintendo Israel e-commerce channel launched in April 2019.19 December 2025 promotion terms identify TorGaming Ltd as the company operating the website and Nintendo stores for that promotion, evidencing continuation of the distributor-operated channel after July and November 2024.20 The Switch 2 launched in Israel through this channel in June 2025 at a reported NIS 2,399.21

Israel’s video-games market was projected at approximately US$582.5 million in 2024 revenue, but Nintendo’s share was not publicly disaggregated.22 Nintendo’s FY2025 reporting presents sales by Japan, the Americas, Europe, and Other, reporting Europe sales of ¥285.744 billion without separately reporting Israel.1

No public evidence identified of Nintendo’s own Israeli headcount, Israeli tax residency, Israeli corporate-tax registration, or direct ownership of Israeli retail sites.1, 2 no public evidence identified of Nintendo or TorGaming operating a location, warehouse, office, sales point, distribution route, service, or licence specifically in an Israeli settlement or the occupied Golan Heights; the confirmed current locations are Tel Aviv and Eilat.6, 2, 11

The supplied document-scoped review found no Nintendo reference in the specified 2023 and 2025 OHCHR settlement-business materials, A/HRC/59/23, and specified NGO and investor reports; this does not establish absence from every database, subsidiary name, or principal-name search.11

Corporate Structure & Foundational Ties

Nintendo Co., Ltd. is a Japanese company headquartered at 11-1 Hokotate-cho, Kamitoba, Minami-ku, Kyoto, Japan; it was founded in September 1889 and incorporated in November 1947.13 Nintendo reported 8,666 consolidated employees and 3,084 employees at Nintendo Co., Ltd. as of 31 March 2026.13

Nintendo’s current directors include Shuntaro Furukawa, President and Representative Director, and Shigeru Miyamoto, Representative Director and Fellow, alongside eleven other directors.15 Nintendo uses a Company-with-Audit-and-Supervisory-Committee governance structure, and its governance page describes a thirteen-director board including six outside directors.23

Nintendo of Europe was established in Germany in February 1990 as a wholly owned subsidiary.1 Nintendo of Europe SE is now a 100%-owned, Frankfurt-based German sales subsidiary with €30 million capital, following the documented GmbH-to-AG-to-SE reorganisation.1, 9, 10, 24, 25 Nintendo’s official locations page lists offices in Japan, the United States, Germany, Canada, Australia, South Korea, Hong Kong, and Taiwan, but does not list an Israeli Nintendo office.26

TorGaming Ltd is not listed as a Nintendo subsidiary or associate in Nintendo’s FY2025 statutory group disclosure.1 The documented Israel channel is therefore an external authorised-distributor arrangement, subject to the limitation that the filing does not rule out every possible non-consolidated commercial counterparty.1, 2

No public evidence identified of foundational corporate ties between Nintendo and Israeli state entities, including establishment agreements, state ownership, government board appointments, golden-share mechanisms, critical-infrastructure designation, or government-linked formation partnerships.1, 23

Profit Repatriation & Economic Contribution

The available evidence supports a distributor model in which TorGaming imports and distributes Nintendo products in Israel, while Nintendo’s regional sales infrastructure includes Nintendo of Europe SE.6, 1, 2 Nintendo of Europe SE is reported as purchasing Nintendo-manufactured products from Nintendo Co., Ltd.; the reviewed sources do not disclose the TorGaming contract price, wholesale terms, royalties, online-sales terms, or tax allocation.1

Nintendo does not publicly disclose Israel-specific revenue, sales volumes, profits, royalties, or tax payments.1, 12 Nintendo of Europe SE reported FY2025 net sales of ¥272.893 billion, ordinary profit of ¥17.996 billion, a ¥4.101 billion loss, and total assets of ¥357.918 billion; these are Europe-subsidiary-wide figures and must not be treated as Israeli revenue or profit.1

No public evidence identified of Israel-specific dividend flows from Israeli entities to Nintendo, Nintendo-owned Israeli assets, or profit streams beyond the documented distributor channel.1, 2 Tax obligations associated with local retail activity cannot be allocated to Nintendo from the reviewed sources because no Israeli tax filing, importer record, or distribution agreement was provided.1, 20

TorGroup’s statement that its distribution network reaches more than 1,200 points of sale describes the distributor group’s claimed reach and does not establish Nintendo as an Israeli employer, sector anchor, or critical-infrastructure provider.7

Footnotes

  1. https://www.nintendo.co.jp/ir/pdf/2025/annual2503e.pdf ↩ ↩2 ↩3 ↩4 ↩5 ↩6 ↩7 ↩8 ↩9 ↩10 ↩11 ↩12 ↩13 ↩14 ↩15 ↩16 ↩17 ↩18 ↩19 ↩20 ↩21 ↩22 ↩23 ↩24 ↩25 ↩26

  2. https://www.nintendo.com/en-gb/Support/Contact/Distributors/Distributors-Contact-Details-for-Consumers-1557273.html ↩ ↩2 ↩3 ↩4 ↩5 ↩6 ↩7 ↩8 ↩9 ↩10

  3. https://scminsight.com/supply-chain-analysis-of-nintendo/ ↩ ↩2

  4. https://www.calcalistech.com/ctechnews/article/9o9rjnxvr ↩

  5. https://www.torgaming.co.il/brands ↩

  6. https://www.nintendo.co.il/nintendo-eilat-store/ ↩ ↩2 ↩3 ↩4 ↩5 ↩6

  7. https://www.torgroup.co.il/ ↩ ↩2

  8. https://www.calcalistech.com/ctech/articles/0,7340,L-3765800,00.html ↩ ↩2

  9. https://www.nintendo.co.jp/ir/pdf/2025/convocation_notice2506e.pdf ↩ ↩2 ↩3

  10. https://www.nintendo.co.jp/ir/pdf/2023/230829e.pdf ↩ ↩2

  11. https://www.ohchr.org/en/press-releases/2025/09/un-human-rights-office-updates-database-businesses-involved-israeli ↩ ↩2 ↩3 ↩4

  12. https://www.nintendo.co.jp/ir/pdf/2026/260508e.pdf ↩ ↩2

  13. https://www.nintendo.co.jp/corporate/en/outline/index.html ↩ ↩2 ↩3

  14. https://gulfnews.com/amp/story/business%2Fmarkets%2Fsaudi-arabia-becomes-largest-outside-shareholder-of-nintendo-1.93910425 ↩

  15. https://www.nintendo.co.jp/corporate/en/officer/index.html ↩ ↩2

  16. https://www.calcalistech.com/ctech/articles/0,7340,L-3765800,00.html ↩

  17. https://www.torgaming.co.il/ ↩

  18. https://en.globes.co.il/en/article-nintendo-opens-second-store-worldwide-in-israel-1001291033 ↩

  19. https://nintendoeverything.com/nintendo-israels-online-store-is-now-open/ ↩

  20. https://www.nintendo.co.il/wp-content/uploads/2025/12/%D7%AA%D7%A7%D7%A0%D7%95%D7%9F-%D7%9E%D7%91%D7%A6%D7%A2-25-%D7%94%D7%A0%D7%97%D7%94-%D7%9E%D7%A9%D7%97%D7%A7%D7%99%D7%9D-%D7%93%D7%99%D7%92%D7%99%D7%98%D7%9C%D7%99%D7%99%D7%9D.pdf ↩ ↩2

  21. https://www.jpost.com/consumerism/article-856353 ↩

  22. https://www.statista.com/outlook/dmo/digital-media/video-games/israel ↩

  23. https://www.nintendo.co.jp/ir/en/management/governance.html ↩ ↩2

  24. https://find-and-update.company-information.service.gov.uk/company/FC022968 ↩

  25. https://www.evi.gv.at/f/410894g ↩

  26. https://www.nintendo.co.jp/corporate/en/offices/index.html ↩