Atlus and Square Enix Remain Tose’s Biggest Clients for Second Year Running

The company has been involved in the development of hundreds of games, yet is seldom credited in the credits.

Japanese firm Tose Co., Ltd — one of the longest-standing and most respected “ghost” contractors in the games industry — has published its financial report for the year ended August 2025. The filing illuminates the company’s revenue breakdown; since 1979 Tose has contributed to the development of hundreds of titles across numerous platforms, but has almost never appeared in public credits.

According to GameBiz.jp, Atlus — the studio behind the Persona and Shin Megami Tensei series — was Tose’s top client for the second year running. Atlus represented 22.3% of the company’s total revenue.

Square Enix took second place with a 16.9% share. That represents a notable rise compared with the prior fiscal year, when the Final Fantasy publisher’s share was under 10%.

Tose traditionally partners with Japan’s major publishers (Nintendo, Square Enix, Bandai Namco, Capcom and others), but its strict confidentiality practices mean it is rarely acknowledged in credits. Recently confirmed projects include the Dragon Quest I & II HD-2D Remake and Tales of Graces f Remastered.

Source: iXBT.games