KOEI TECMO at G-STAR 2026: Nioh 3, Wo Long 2 — Studio Analysis #2
KOEI TECMO brings Nioh 3, Wo Long 2 and Atelier Karia to G-STAR 2026. Release dates, Korean support, and how its full-year outlook sits below last year despite a 47% jump in first-half operating profit.
G-STAR has a 'Global Game Showcase' for the first time this year. In this zone for overseas publishers, on the first floor of BEXCO Hall 2 in Busan, KOEI TECMO lets visitors play three games: Nioh 3, Wo Long 2: Wings of Ember and Atelier Karia. Nioh 3 came out in February; Wo Long 2 launches on March 4, 2027 and Atelier Karia on February 24, 2027 (per Steam).
Start with the news for Korean players: all three list Korean subtitles on their Steam pages. The company is doing well too, with April–September operating profit up 47% year over year to JPY 11.74 billion. Yet its full-year outlook is below last year's result. This is the second entry in our series on studios making new games.
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KOEI TECMO's first-half operating profit up 47%: what earned it
KOEI TECMO's consolidated net sales for April–September 2026 rose 19.4% to JPY 37.33 billion, and operating profit rose 47.4% to JPY 11.74 billion, according to its October 26 filing.
Entertainment segment sales grew by JPY 5.7 billion, from JPY 28.5 billion to JPY 34.2 billion. The company credited sales of existing titles and downloadable content for major games, and noted that three new titles launched in the second quarter.
Open full-size visual ↗Nioh 3 passed 1 million, the series 10 million
Released on February 6 (Steam lists February 5) for PS5 and PC, Nioh 3 had passed 1 million units worldwide as of a February 20 announcement, taking the Nioh series past 10 million.
It is punishing samurai-and-ninja action against yokai, telling a story about the Edo-era shogunate while moving between the Sengoku, Heian and Bakumatsu eras. Of the three games at G-STAR, Nioh 3 is the only one already out, and its Steam page lists Korean subtitles.
Wo Long 2 arrives March 4, 2027, with its own G-STAR space
Wo Long 2: Wings of Ember launches on March 4, 2027. It follows Wo Long, an action game set in the Three Kingdoms era, and ran an alpha demo on PS5, Xbox and Steam until September 30.
KOEI TECMO runs a dedicated Wo Long 2 space at G-STAR, a chance to get hands-on before launch if you missed the demo. Its Steam page lists Korean subtitles.
Atelier Karia arrives in late February 2027
Atelier Karia is the new entry in the Atelier series of alchemy RPGs, in which you gather materials and craft items. Its Steam page lists a February 24, 2027 release.
The Steam language table lists Korean for the interface and subtitles, with voice acting in Japanese only. Like Wo Long 2, it has its own experience space at G-STAR.
First half up 47%, so why is the full-year outlook lower?
On October 26, KOEI TECMO raised its operating profit forecast for the fiscal year ending March 2027 from JPY 32 billion to JPY 34 billion. That is below the JPY 37.17 billion it earned last fiscal year. Its sales forecast of JPY 91 billion is above last year's JPY 88.39 billion, yet the profit outlook is lower.
The company did not give a reason. What can be checked is the release calendar: Wo Long 2 and Atelier Karia launch in February and March 2027, the last two months of the fiscal year, so only a few weeks of their sales fall into this year's results.
Open full-size visual ↗What you can play at G-STAR, and if you cannot go
G-STAR 2026 runs November 19–22 at BEXCO in Busan. KOEI TECMO's demo stations are in the Global Game Showcase on the first floor of Hall 2, with Nioh 3, Wo Long 2 and Atelier Karia all playable.
Next in the series is CD PROJEKT RED, the Polish studio behind The Witcher series and Cyberpunk 2077.
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Sources and verification notes
- KOEI TECMO — Consolidated financial results for the six months ended September 30, 2026 (2026-10-26) ↗Checked 2026-11-12
What this source supports
- KOEI TECMO's first-half operating profit up 47%: what earned it
- KOEI TECMO — Notice of revision of full-year forecast (2026-10-26) ↗Checked 2026-11-12
What this source supports
- First half up 47%, so why is the full-year outlook lower?
- 인벤 — 지스타 2026 출품 라인업 (2026-09-29) ↗Checked 2026-11-12
What this source supports
- Wo Long 2 arrives March 4, 2027, with its own G-STAR space
- Atelier Karia arrives in late February 2027
- What you can play at G-STAR, and if you cannot go
- 전자신문 — 지스타2026, 글로벌 대작·인디·e스포츠까지 확장 (2026-09-29) ↗Checked 2026-11-12
What this source supports
- What you can play at G-STAR, and if you cannot go
- RPG Site — Nioh 3 surpasses 1 million units sold, Nioh series at 10 million (2026-02-20) ↗Checked 2026-11-12
What this source supports
- Nioh 3 passed 1 million, the series 10 million
- 게임메카 — 와룡 2: 윙스 오브 엠버 출시일 (2026-09-16) ↗Checked 2026-11-12
What this source supports
- Wo Long 2 arrives March 4, 2027, with its own G-STAR space
- First half up 47%, so why is the full-year outlook lower?
- 스팀 상점 — Nioh 3 ↗Checked 2026-11-12
What this source supports
- Nioh 3 passed 1 million, the series 10 million
- 스팀 상점 — Wo Long 2: Wings of Ember ↗Checked 2026-11-12
What this source supports
- Wo Long 2 arrives March 4, 2027, with its own G-STAR space
- What you can play at G-STAR, and if you cannot go
- 스팀 상점 — Atelier Karia ↗Checked 2026-11-12
What this source supports
- Atelier Karia arrives in late February 2027
- First half up 47%, so why is the full-year outlook lower?
- What you can play at G-STAR, and if you cannot go
- KOEI TECMO — Financial results presentation, 1H FY2026 (2026-10-26) ↗Checked 2026-11-12
What this source supports
- KOEI TECMO's first-half operating profit up 47%: what earned it