Kadokawa Corp FY2025 Q3 Earnings Release

Earnings Results
The 3 rd Quarter Ended December 31, 2025 ｜ 2026.2.12

Contents
1. Summar y of Consolidated Earnings Results for the
3 rd Quar ter for the Fiscal Year Ending March 31,
202 6 P3
2. Consolidated Earnings Results for the 3 rd Quar ter
of the Fiscal Year Ending March 31, 2026 (by
Segment) P10
3. Appendix P20

Summary of Consolidated Earnings Results for the 3 rd Quarter
for the Fiscal Year Ending March 31, 2026

4
Consolidated Earnings Results for the 3 rd Quarter
of the Fiscal Year Ending March 31, 2026(Unit: Million JPY) Apr.-Dec. 2024
Results
Apr.-Dec. 2025
Results
Year on year
(changed amount)
Oct.-Dec. 2024
Results
Oct.-Dec. 2025
Results
Year on year
(changed amount)
-1.7% -1.7%
(-3,595) (-1,208)
-59.7% -84.1%
(-9,461) (-4,384)
└ Operating margin 7.7% 3.1% -4.5pt 7.4% 1.2% -6.2pt
-47.1% -68.8%
(-8,118) (-5,125)
-70.0% -83.1%
(-5,155) (-3,550)
-39.0% -56.2%
(-8,390) (-4,060)
Net sales 206,587 202,991 70,267 69,058
Operating profit 15,838 6,377 5,211 826
Ordinary profit 17,226 9,107 7,455 2,329
Profit attributable to
owners of parent 7,366 2,211 4,270 720
EBITDA
(Operating prifit + depreciation
+ amortization of goodwill)
21,534 13,144 7,227 3,167

5
Net Sales and Operating Prof it by Business Segment(Unit: Million JPY) Apr.-Dec. 2024
Results
Apr.-Dec. 2025
Results
Oct.-Dec. 2024
Results
Oct.-Dec. 2025
Results
Net sales 111,723 111,681 -0.0% (-42) 39,250 39,365 +0.3% (+115)
Operating profit 6,362 623 -90.2% (-5,739) 2,005 365 -81.8% (-1,639)
Net sales 37,921 31,632 -16.6% (-6,289) 11,490 10,602 -7.7% (-888)
Operating profit 4,705 -904 – (-5,609) 1,064 -9 – (-1,073)
Net sales 26,452 23,381 -11.6% (-3,070) 8,302 6,787 -18.2% (-1,514)
Operating profit 8,659 8,050 -7.0% (-608) 2,586 1,388 -46.3% (-1,198)
Net sales 13,369 16,249 +21.5% (+2,880) 5,039 5,142 +2.0% (+102)
Operating profit -712 2,187 – (+2,899) 295 617 +109.0% (+322)
Net sales 11,319 12,837 +13.4% (+1,517) 3,661 4,227 +15.5% (+566)
Operating profit 2,264 2,510 +10.9% (+246) 816 843 +3.3% (+26)
Net sales 12,570 10,949 -12.9% (-1,621) 4,787 4,020 -16.0% (-766)
Operating profit -3,212 -3,128 – (+83) -789 -1,038 – (-248)
Net sales -6,769 -3,740 – (+3,029) -2,263 -1,087 – (+1,175)
Operating profit -2,228 -2,961 – (-732) -767 -1,340 – (-573)
Animation/Film
Year on year
(changed amount)
Year on year
(changed amount)
Publication/
IP Creation
Gaming
Web services
Corporate/
Eliminations
Education/EdTech
Others

6
• Net sales: -1.7%, operating profit: -84.1%, ordinary profit: -68.8%, net profit: -83.1%
The decline in profit in Publication /IP Creation, and deceases in sales and profit in Animation /Film and Gaming, had
major impacts, leading to overall declines in consolidated sales and profit
➢ I n P u b l i c a t i o n /I P C r e a t i o n , s a l e s r o s e s l i g h t l y, b e n e f it ti ng f r o m t h e e l i m i n a t i o n o f e f f e c ts f r o m t h e c y b e r a t t a c k , a n d a l s o d r i v e n b y
p e r f o r m a n c e i n i n t e r n a t i o n a l p a p e r -b a s e d b o o k s , w i t h s a l e s i n c r e a s i n g m a i n l y i n N o r t h A m e r i c a a n d n e w b a s e s . O p e ra t i n g p r o f i t
d e c l i n e d , m a i n l y d r i v e n b y t h e o n g o i n g d e t e r i o ra t i o n o f m a r g i n a l p r o f i t f r o m t h e d o w n s c a l i n g o f t i t l e s i n d o m e s t i c p a p e r -b a s e d b o o k s
a n d e -b o o k s , h i g h e r p e r s o n n e l e x p e n s e s , a n d p o s i t i v e e f f e c ts f r o m t h e c h a n g e i n s a l e s r e c o g n i t i o n t i m i n g i n t h e p r e v i o u s f i s c a l y e a r f o r
e-b o o k s
H o w e v e r, i n D e c e m b e r a l o n e , t h e d o m e s t i c p a p e r -b a s e d b o o k s b u s i n e s s p e r f o r m e d s t r o n g l y, a n d s t e a d y p r o g r e s s wa s m a d e o n t h e
b u s i n e s s r e f o r m s a n n o u n c e d i n t h e s e c o n d q u a r t e r
➢ I n t h e A n i m a t i o n /F i l m S e g m e n t, m u l t i p l e n e w t h e a t r i c a l t i t l e s a n d t h e s e c o n d a r y u t i l i z a t i o n o f a l r e a d y r e l e a s e d t i t l e s c o n t r i but e d t o
r e s u l t s , d r i v i n g h i g h e r s a l e s i n F i l m . H o w e v e r, t h e r e wa s a l a r g e d e c l i n e i n s a l e s a n d p r o f i t i n A n i m a t i o n , w h e r e r e v e n u e s m a i n l y f r o m
m a j o r t i t l e s i n t h e p r e v i o u s f i s c a l y e a r h a d m a d e s i g n i f i c a n t c o n t r i b u t i o n s , a n d t h i s l e d t o a d e c l i n e i n s a l e s a n d p r o f i t f o r t h e s e g m e n t
ov e ra l l .
➢ I n t h e G a m i n g S e g m e n t, D L C f o r E L D E N R I N G N I G H T R E I G N wa s r e l e a s e d i n D e c e m b e r a n d s o l d w e l l a l o n g w i t h i t s o r i g i n a l t i t l e .
H o w e v e r, s a l e s a n d o p e ra t i n g p r o f i t d e c l i n e d c o m p a r e d w i t h t h e p r e v i o u s y e a r, w h i c h b e n e f i te d s i g n i f i c a n t ly f r o m c o n t r i b u ti o n s f r o m
E L D E N R I N G D L C s a n d i t s o r i g i n a l t i t l e .
➢ I n a d d i t i o n t o i n c r e a s e d s a l e s f r o m t h e l i v e b u s i n e s s , s a l e s a n d p r o f i t c o n t i n u e d t o i n c r e a s e i n We b S e r v i c e s , w h i c h s a w r e d u ced c o s t s ,
a n d i n E d u c a t i o n /E d Te c h , w h i c h p e r f o r m e d s t r o n g l y a g a i n s t a b a c k d r o p o f i n c r e a s e d s t u d e n t n u m b e r s
• In 4Q, efforts will be made to recover performance in the publication and animation businesses,
with the aim of attaining the full -year consolidated forecasts that was previously announced
Summary of Consolidated Earnings Results for the 3 rd Quarter (Oct. -Dec.) of the Fiscal
Year Ending March 31, 2026

7
Measures that we started reviewing
from 3Q in light of the recognized issues
(underlined measures had effects on improved performance from 4Q)
• In t h e P u b l i ca t io n / IP C re a t i o n , w h i ch i s a p ri o ri t y ma n a g e ment i ssu e , t h e fo rmu l a ti o n a n d i mp l e ment a t io n o f
f u n d a ment al b u si n ess re fo rm me a su re s i s u n d er way
Fo r t h e d o me st i c b u si n ess i n 4Q o f t h i s ye a r, e f fect s a re e xp e cted t o ma t e ri a lize d u e t o p ri ce re vi si o ns, me d i a
mi x e f fects a n d t h e o p t i mi za t io n o f a d ve r t i sing e xp e nses a n d sa l e s me a su res, w i t h st e a d y i mp rove ment s t o
p e r fo rma nce co mp a re d w i t h t h o se u p t o 3Q
• Fro m t h e n e xt f i sca l ye a r a n d b e yo n d , b y st e a d i l y i mp l e ment ing t h e fo l l o wing me a su res, e f fo r t s w i l l b e
a d va n ced t o t ra n sfo rm t h e se g me nt i n t o a l e a n er b u si n ess st ru ct u re t h ro u g h i n cre a sed sa l e s a n d i mp rove d
co st e f f i ciency
Recognition of the issues faced in the
performance up to 3Q of this year
1. Increase in the number of new
publications is underway
Shrinking scale of sales per title
and deterioration of marginal
profit
Limited media mix effects with
animation , film and etc.
2. With the scale of sales failing to grow
as much as expected overall, the
number of titles published was
increased, leading to higher
variable and fixed costs , leading to
a deterioration in profitability
• Implementation of further price revisions
• Lineup of titles expected to produce media mix effects , with animation ,film
and etc.
• Improved genre -specific strategies and title development capabilities
through a reorganization of the editing department
• Creation of hit titles through the selection and concentration of advertising
expenses and sales measures
• Optimization of the number copies of paper -based books produced based on
careful research into market needs
Reduced excess shipments and improved return rates
• Consider reorganizing genres and labels to improve efficiency
• Streamline the publication editing department organization and workflow
• Further optimization of advertising expenses and sales measures
• Downsizing and withdrawal from unprofitable operations within the
publication division
Measures to
increase sales
Measures to
optimize
expenses
Future Outlook (Publication /IP Creation Segment)

8
• In 4Q , t h e a n i ma t io n b u si n ess i s e xp e cted t o se e st e a d y i mp rove ment s i n p e r fo rma nce co mp a re d w i t h t h e
p e ri o d u p t o 3Q , su p p o r t e d b y mu l t i p le st ro n g t i t l e s su ch a s 【O shi no Ko 】, w h ere ri g h t s -l icensi ng sa l e s f ro m t h e
se co n d a r y u t i l iza t io n h ave ma d e si g n i f i ca nt co n t ri b u ti ons i n a d d i t i o n t o st re a mi ng w i t h p re vi o u s i n st a l lment s
• From 1Q of t h e n e xt f i sca l ye a r, se qu e ls t o ma j or a n i ma t ion t i t l e s t h a t a re ba se d on ori gi n a l w orks f rom
K A DO K AWA a re p l a n n ed , i n cl ud ing Re :Z ERO -S t ar ti ng L i fe i n Ano t he r Wo r l d a n d Cl assroom o f t he El i t e ,
a n t i cip a ted t o i n cre ase sa l e s a n d p ro f i t
Eve n 2Q a n d b e yo n d , t h e l a t e st i n st a l lment s o f mu l t i p le a n i ma t ed t i t l e s fo r p o p u l a r se ri e s I P a re a l so i n t h e
w o rks, a n d w e a i m t o a ch i eve a re cove r y i n b u si n ess p e r fo rmance st a r t i n g t h i s f i sca l ye a r
• W i t h p ro d u ct i o n co st s co n t i nui ng t o so a r, w e w i l l co n t i n ue t o fo cu s o n st re n g t heni ng t h e se co n d a r y
u t i l i za t ion i n Ja pa n a n d ove rse a s i n orde r t o e xpa n d re ve nue ge n era ted pe r t i t l e
4Q of this fiscal year Next fiscal year
Future Outlook (Animation Business)
Sentenced to
Be a Hero
©2024 Rocket Shokai/ KADOKAWA/Project Sentenced to Be a Hero
Medalist
©TSURUMAIKADA,KODANSHA/Medalist Partners
【OSHI NO KO 】
©Aka Akasaka x Mengo Yokoyari / Shueisha , “OSHI NO KO” Partners
Re:ZERO -Starting
Life in Another
World -Season 4
©Tappei Nagatsuki,KADOKAWA/Re:ZERO4 PARTNERS
Classroom of the Elite
4th Season: Second
Year, First Semester
©Syougo Kinugasa,PUBLISHED BY KADOKAWA CORPORATION/YOUZITSU4 PARTNERS
Saga of Tanya
the Evil2
©Carlo Zen,PUBLISHED BY KADOKAWA CORPORATION/Saga of Tanya the Evil2 PARTNERS
PANDOROBO
©Keiko Shibata,KADOKAWA/PANDOROBO Project

9
• Net sales: -1.7%, operating profit: -59.7%, ordinary profit: -47.1%, net profit: -70.0%
The decline in profit in Publication /IP Creation, and deceases in sales and profit in Animation /Film and Gaming, had
major impacts, leading to overall declines in consolidated sales and profit
* T h e i m p a c t o f c y b e ra t ta c k s p r i m a r i l y a f f e c t i ng P u b l i c a t i o n / I P C r e a t i o n a n d We b S e r v i c e s ( Y T D i n t h e p r e v i o u s y e a r : n e t s a l e s -8. 2
b i l l i o n y e n , o p e ra t i n g p r o f i t -4 . 7 b i l l i o n y e n ) d i s a p p e a r e d .
➢ I n P u b l i c a t i o n /I P C r e a t i o n , t h e e f f e c ts o f t h e c y b e ra t ta c k s ( Y T D i n t h e p r e v i o u s y e a r : n e t s a l e s -3 . 6 5 b i l l i o n y e n , o p e ra t i n g p r o f i t -1 . 9
b i l l i o n y e n ) d i s a p p e a r e d , e x i s t i n g b a s e s i n N o r t h A m e r i c a a n d A s i a p e r f o r m e d s t r o n g l y i n i n t e r n a t i o n a l p a p e r -b a s e d b o o k s , a n d n e w
ov e r s e a s b a s e s a l s o c o n t r i b u t e d t o s a l e s . H o w e v e r, f o r d o m e s t i c p a p e r -b a s e d b o o k s a n d e -b o o k s , t h e s c a l e o f t i t l e s d e c r e a s e d a n d t h e
s a l e s r e c o g n i t i o n t i m i n g f o r e -b o o k s c h a n g e d ( Y T D i n t h e p r e v i o u s y e a r : n e t s a l e s a p p r ox . + 2 . 6 b i l l i o n y e n , o p e ra t i n g p r o f i t a p p r ox .
+ 2 . 0 b i l l i o n y e n ) , a n d p e r s o n n e l e x p e n s e s i n c r e a s e d . A s a r e s u l t o f t h e s e ke y f a c t o r s , s a l e s r e m a i n e d f l a t a n d o p e ra t i n g p r o f i t d e c l i n e d
f o r t h e s e g m e nt ov e ra l l .
➢ I n t h e A n i m a t i o n /F i l m S e g m e n t, s a l e s a n d p r o f i t d e c l i n e d f o r b o t h A n i m a t i o n a n d F i l m , f o l l o w i n g s t r o n g p e r f o r m a n c e f r o m t h e p r e v i o u s
y e a r, i n c l u d i n g s i g n i f i c a n t c o n t r i b u t io n s t o p r o f i t m a i n l y f r o m m a j o r t i t l e s i n A n i m a t i o n , a n d a m a j o r e x p a n s i o n o f s e c o n d a r y ut i l i z a t i o n
r e l a t e d t o m u l t i p l e f i l m t i t l e s t h a t h a d c o m p l e t e d t h e a t r i c a l r u n s i n F i l m .
➢ I n t h e G a m i n g S e g m e n t, s a l e s o f E L D E N R I N G N I G H T R E I G N a n d i t s D L C p e r f o r m e d s t r o n g . H o w e v e r, s a l e s a n d p r o f i t d e c l i n e d f r o m t h e
p r e v i o u s y e a r, w h e n t h e E L D E N R I N G D L C a n d t h e m a i n g a m e c o n t r i b u t e d s i g n i f i c a n tl y.
➢ S a l e s a n d o p e ra t i n g p r o f i t i n c r e a s e d i n We b S e r v i c e s , o w i n g t o t h e r e m ova l o f t h e i m p a c t o f c y b e ra t t a c k s ( Y T D i n t h e p r e v i o u s ye a r :
n e t s a l e s -3 . 9 b i l l i o n y e n , o p e ra t i n g p r o f i t -2 . 1 5 b i l l i o n y e n ) , a n d E d u c a t i o n / E d Te c h , w h i c h p e r f o r m e d w e l l a g a i n s t t h e b a c k d r o p o f a n
i n c r e a s e i n t h e n u m b e r o f s t u d e n t s .
Summary of Consolidated Earnings Results for the F irst N ine M onths (Apr. -Dec.) of the
Fiscal Year Ending March 31, 2026

Consolidated Earnings Results for the 3 rd Quarter of the
Fiscal Year Ending March 31, 2026 (by Segment)

11
111,723 111,681
39,250 39,365
6,362
623
2,005
365
0
2,000
4,000
6,000
8,000
10,000
12,000
0
20,000
40,000
60,000
80,000
100,000
120,000
FY2024 FY2025 FY2024 FY2025
Business Overview – Publication /IP Creation Segment
• T h e n u m b e r o f n e w I P s , t h e f o u n d a ti o n o f t h e m e d i a m i x s t ra t e g y, i n c r e a s e d b y + 9 . 4 %
y e a r o n y e a r ( 3 Q : + 8 . 8 % ) .
• S a l e s d e c r e a s e d i n 3 Q (-5 . 7 % ) a n d o n a Y T D b a s i s d u e t o t h e d o w n s c a l i n g o f
t i t l e s ov e ra l l , d e s p i te t h e a b s e n c e o f t h e i m p a c t o f t h e c y b e ra t ta c k s ( Y T D i n t h e p r e v i o u s
y e a r : -3 . 6 5 b i l l i o n y e n , 3 Q : -0 . 5 b i l l i o n y e n ) .
• S a l e s d e c l i n e d i n 3 Q (-3 . 3 % ) a n d o n a Y T D b a s i s . B o t h t h e l a c k o f h i t t i t l e s i n
1 Q a n d 3 Q a n d t h e i m p a c t o f i n c r e a s e d s a l e s d u e t o t h e c h a n g e i n s a l e s r e c o g n i t i o n
t i m i n g i n t h e p r e v i o u s y e a r ( Y T D i n t h e p r e v i o u s y e a r : a p p r ox . + 2 . 6 b i l l i o n y e n , 3 Q :
a p p r ox . + 0 . 3 b i l l i o n y e n ) h a d a n e f f e c t.
• S a l e s i n c r e a s e d i n 3 Q ( + 2 0 . 1 % ) a n d o n a Y T D b a s i s , p r i m a r i l y d u e t o t h e s t e a d y
g r o w t h o f e x i s t i n g b a s e s i n A m e r i c a a n d A s i a a n d t h e c o n t r i b u t i o n s o f n e w b a s e s .
Net sales: -0.0% / -42M (3Q +0.3 % / +115M)
Fa ct o rs fo r In cre a se /Decrease i n t h e Fi rst N i n e Mo n t h s
O p e ra t i ng p ro f i t : -21. 3 % / -2, 795M ( 4Q +44. 0% / +1, 436M)
• O p e ra t i n g p r o f i t d e c l i n e d i n b o t h 3 Q a n d o n a Y T D b a s i s , p r i m a r i l y d u e t o t h e e f f e c ts o f
l o w e r s a l e s f r o m t h e d o w n s c a l i n g o f t i t l e s i n t h e d o m e s t i c p a p e r -b a s e d b o o k s a n d
e-b o o k b u s i n e s s e s , a n d i n c r e a s e d p e r s o n n e l e x p e n s e s ( s e e p a g e s 1 2 -1 3 f o r d e t a i l s )
Operating profit: -90.2 % / -5,739M (3Q -81.8% / -1,639M)
License
Subsidiaries, etc.
Fu t u re ou t l ook
Year to Date
(Apr. -Dec.)
3Q
(Oct. -Dec.)
• F r o m 4 Q, t h e e f f e c ts o f f u r t h e r p r i c e r e v i s i o n s , o p t i m i z a t i o n o f a d v e r t i s i n g e x p e n s e s
a n d s a l e s m e a s u r e s i n t h e d o m e s t i c p a p e r -b a s e d b o o k s a n d e -b o o k s a r e e x p e c te d t o
m a t e r i a l i z e . T h e f o r m u l a t i o n a n d i m p l e m e n ta t i o n o f p r o d u c t i v i ty i m p r ov e me n t
m e a s u r e s , i n c l u d i n g o p t i m i z a t i o n o f t h e n u m b e r o f c o p i e s o f p a p e r -b a s e d b o o k s
p r o d u c e d , r e o r g a n i z a t i o n o f g e n r e s a n d l a b e l s , a n d o r g a n i z a t i o n a l s t r e a m l i n i n g , i s
u n d e r way.
• O v e r s e a s , s o l i d g r o w t h i s e x p e c te d g o i n g f o r wa r d .
Domestic paper -based
books/information
media
YoY -1.8%
Composition ratio : 27%
International paper –
based books
YoY +18.0%
Composition ratio :
14%
Rights licensing
sales
YoY -12.7%
Composition ratio :
8%
E-books
YoY -5.6%
Composition
ratio: 40%
Other subsidiaries,
etc.
YoY +17.8%
Composition ratio:
12%
Domestic paper
International paper
E-books
■ Net sales ■ Operating profit
(Unit: Million yen)

12
◆ Pu b l i c at i on / IP C re at i on S e g m e n t op e rat i n g p rof i t : YoY -9 0 . 2 % / -5 , 7 3 9 M
FY24 1 -3Q
Operating profit
KADOKAWA non – consolidated Decline in marginal profit from domestic paper -based books/media
International paper -based books
FY25 1 -3Q
Operating profit
Investment expenses
•The sales recognition timing change in
FY2024 (approx. -2.0 billion yen) had a
major impact
Domestic paper -based books/main media Group companies
•Operating profit declined in
1Q as expenses increased
compared with the previous
period in some regions.
•Investment in human resources, mainly editors,
increased for medium -to long -term growth and
changes to the personnel system at the beginning
of the period.
•Increased investment in the digital manufacturing
plant and the new logistics facilities.
(Investment decreased in the previous fiscal year
due to the impact of cyberattacks)
Rights -licensing sales
E-books
Others
•Operating profit declined
due to differences in
projects compared to the
previous year
6,362
m illion yen
623
m illion yen
•Includes effects of increased operating profit from previous
year with cyberattack (approx. +1.9 billion yen)
•Although the number of new IPs has increased steadily, the
scale of sales per title has shrunk. Marginal profit worsened
due to increased variable costs due to increased titles.
•Software depreciation expenses
and system -related outsourcing
costs increased
Overview of Business Performance – Publication /IP Creation Segment
(Nine Months Factors for Increase /Decrease in Operating Prof it)

13
FY24 3Q
Operating profit
FY25 3Q
Operating profit
2,005
m illion yen
365
m illion yen
•Operating profit increased
due to solid growth in the
United States
•Operating profit declined due
to differences in projects
compared to the previous year
•Includes effects of increased operating profit from previous
year with cyberattack (approx. +2.5 billion yen)
•Although the number of new IPs has increased steadily, the
scale of sales per title has shrunk. Marginal profit worsened
due to increased variable costs due to increased titles.
•Investment in human resources,
mainly editors, increased for
medium -to long -term growth
and changes to the personnel
system at the beginning of the
period.
•Investment in the digital
manufacturing plant and new
logistics facilities remained flat
•Operating profit declined, mainly due to a decline in
sales from fewer hit titles being released, and the
change in the sales recognition timing in FY2024
(approx. -0.2 billion yen)
•Software depreciation expenses
and system -related outsourcing
costs increased
Overview of Business Performance – Publication /IP Creation Segment
(3Q Factors for Increase /Decrease in Operating Prof it)
◆ Pu b l i c at i on / IP C re at i on S e g m e n t op e rat i n g p rof i t : YoY -8 1 . 8 % / -1 , 6 3 9 M
KADOKAWA non – consolidated Decline in marginal profit from domestic paper -based books/media
International paper -based books
Investment expenses
Domestic paper -based books/main media Group companies
Rights -licensing sales
E-books
Others

14
37,921
31,632
11,490 10,602
4,705
-904
1,064
-9
-2,500
0
2,500
5,000
7,500
10,000
-10,000
0
10,000
20,000
30,000
40,000
FY2024 FY2025 FY2024 FY2025
Business Overview – Animation /Film Segment
• O u r a n i m a t i o n l i n e u p f e a t u r e d a h i g h p r o p o r t i o n o f f i r s t -t i m e a n i m a t e d f i l m
a d a p t a t i o n s a i m e d a t d e v e l o p i n g n e w p o p u l a r s e r i e s . S a l e s d e c r e a s e d b o t h i n 3 Q
a n d o n a Y T D b a s i s c o m p a r e d t o t h e p r e v i o u s y e a r, w h i c h s a w s t r o n g
c o n t r i b u t i o n s f r o m t h e l a t e s t t i t l e s i n p o p u l a r s e r i e s a n d o t h e r m a j o r t i t l e s .
• I n F i l m , s a l e s d e c l i n e d o n a Y T D b a s i s c o m p a r e d t o t h e p r e v i o u s y e a r, w h i c h s a w
s i g n i f i c a n t s e c o n d a r y u t i l i z a t i o n o f m u l t i p l e t h e a t r i c a l l y r e l e a s e d t i t l e s . I n 3 Q,
s a l e s i n c r e a s e d d u e t o t h e e x p a n s io n o f s e c o n d a r y u s a g e o f t i t l e s r e l e a s e d i n t h e
f i r s t h a l f o f t h e y e a r, i n a d d i t i o n t o s o l i d p e r f o r m a n c e f r o m n e w t h e a t r i c a l t i t l e s
Net sales: -16.6% / -6,289M (3Q -7.7 % / -888M)
Fa ct o rs fo r In cre a se /Decrease i n t h e Fi rst N i n e Mo n t h s
O p e ra t i ng p ro f i t : -21. 3 % / -2, 795M ( 4Q +44. 0% / +1, 436M) • I n A n i m a t i o n , t h e s e g m e n t a s a w h o l e s a w d e c r e a s e d p r o f i t s i n b o t h 3 Q a n d o n a
Y T D b a s i s , m a i n l y d u e t o s i g n i f i c a n t d e c l i n e s i n s a l e s r e v e n u e f r o m p r o f i t a b l e
d o m e s t i c a n d ov e r s e a s s t r e a m i n g l i c e n s i n g , a s w e l l a s l i c e n s i n g f o r m e r c h a n d i s e
a n d g a m e a d a p t a t i o n s .
Operating profit: -/ -5,609M (3Q -/ -1,073M)
Fu t u re ou t l ook
• I n t h e a n i m a t i o n b u s i n e s s , i n 4 Q a n d t h e n e x t f i s c a l y e a r w e h av e a l i n e u p o f t h e
l a t e s t a n i m a t e d s e r i e s o f p o p u l a r I P s e t t o r e l e a s e , a n d w e w i l l w o r k t o r e t u r n t o
a g r o w t h t r e n d
• S t e a d y p r o g r e s s h a s b e e n m a d e w i t h t h e d e v e l o p m e n t o f i n -h o u s e a n i m a t i o n
s t u d i o s w i t h i n t h e G r o u p . We w i l l c o n t i n u e t o p r o m o t e r e s o u r c e s h a r i n g , i n c l u d i n g
r e c r u i t m e n t a c t i v i t i e s , p u r s u i n g e f f i c i e n c y i m p r ov e m e n ts .
A d d i t i o n a l ly, i n F i l m , w e w i l l s t r e n g t he n c o o r d i n a t i o n w i t h t h e S o ny G r o u p i n t h e
a r e a o f v i r t u a l p r o d u c t i o n t e c h n o l o g i e s .
Year to Date
(Apr. -Dec.)
3Q
(Oct. -Dec.)
■ Net sales ■ Operating profit
(Unit: Million yen)
Animation
YoY -21.4%
Composition ratio: 69%
Film
YoY -4.4%
Composition ratio : 31%

15
26,452
23,381
8,302
6,787
8,659 8,050
2,586
1,388
0
3,000
6,000
9,000
12,000
15,000
18,000
0
5,000
10,000
15,000
20,000
25,000
30,000
FY2024 FY2025 FY2024 FY2025
Business Overview – Gaming Segment
• I n a d d i t i o n t o t h e E L D E N R I N G N I G H T R E I G N m a i n g a m e r e l e a s e d i n M ay, i n 3 Q
D L C f o r t h e t i t l e wa s r e l e a s e d i n D e c e m b e r, w i t h s a l e s p e r f o r m i n g a b ov e
e x p e c t a ti o n s . H o w e v e r, s a l e s d e c l i n e d i n b o t h 3 Q a n d o n a Y T D b a s i s c o m p a r e d
w i t h t h e p r e v i o u s y e a r, w i t h t h e E L D E N R I N G m a i n g a m e a n d i t s D L C c o n t r i b u t i n g
s i g n i f i c a n tl y t o p e r f o r m a n c e .
Fa ct o rs fo r In cre a se /Decrease i n t h e Fi rst N i n e Mo n t h s
O p e ra t i ng p ro f i t : -21. 3 % / -2, 795M ( 4Q +44. 0% / +1, 436M)
• O p e ra t i n g p r o f i t d e c l i n e d i n b o t h 3 Q a n d o n a Y T D b a s i s d u e t o t h e a b ov e f a c t o r s
t h a t r e d u c e d s a l e s
Fu t u re o u t l o o k
• We h av e m u l t i p l e g a m e t i t l e s i n t h e d e v e l o p m e n t p i p e l i n e , b o t h f o r c o n s o l e s a n d
m o b i l e p l a t f o r m s
• F r o m S o f t wa r e c u r r e n t l y h a s m u l t i p l e t i t l e s i n t h e d e v e l o p m e n t p i p e l i n e ,
i n c l u d i n g E L D E N R I N G Ta r n i s h e d E d i t i o n a n d T h e D u s k b l o o d s ( b o t h s l a t e d f o r a
2 0 2 6 r e l e a s e f o r N i n t e n d o S w i t c h 2 )
• S p i ke C h u n s o f t p l a n s t o r e l e a s e a n e w t i t l e i n t h e D a n g a n r o n p a s e r i e s i n 2 0 2 6
• I n a d d i t i o n t o 【O s h i n o Ko 】 ( s c h e d u l e d f o r r e l e a s e i n 2 0 2 6 ) , m u l t i p l e m o b i l e g a m e s
b a s e d o n p o p u l a r K A D O K AWA I P s , i n c l u d i n g KO N O S U B A : G o d ‘ s B l e s s i n g o n T h i s
Wo n d e r f u l Wo r l d ! a n d T h e R i s i n g o f t h e S h i e l d H e r o , a r e u n d e r d e v e lo p m e n t.
• We a r e a l s o m a k i n g s t e a d y p r o g r e s s c o n s i d e r i n g s c h e m e s t o e x p a n d t h e s c o p e o f
o u r o w n p u b l i s h in g . Year to Date
(Apr. -Dec.)
3Q
(Oct. -Dec.)
■ Net sales ■ Operating profit
(Unit: Million yen) Net sales: -11.6% / -3,070M (3Q -18.2% / -1,514M)
Operating profit: -7.0% / -608M (3Q -46.3% / -1,198M)
New titles for
consoles and PCs
YoY +16.9%
Composition ratio: 17%
Repeat sales for
consoles and PCs
YoY +1.7%
Composition ratio: 15%
Royalties for
consoles and PCs
YoY -31.3%
Composition ratio: 37%
Others
YoY +3.1%
Composition ratio: 31%

16
13,369
16,249
5,039 5,142
-712
2,187
295 617
-2,000
0
2,000
4,000
6,000
8,000
10,000
12,000
-3,000
0
3,000
6,000
9,000
12,000
15,000
18,000
FY2024 FY2025 FY2024 FY2025
Business Overview – Web Services Segment
Fa ct o rs fo r In cre a se /Decrease i n t h e Fi rst N i n e Mo n t h s
• S a l e s i n c r e a s e d i n b o t h 3 Q a n d o n a Y T D b a s i s .
• I n n i c o n i c o -r e l a t e d b u s i n e s s e s , s a l e s i n c r e a s e d o n a Y T D b a s i s d u e t o t h e
i m p a c t o f t h e c y b e ra t ta c k s ( Y T D i n t h e p r e v i o u s y e a r : -3 . 9 b i l l i o n y e n , 3 Q : -0 . 0 5 b i l l i o n
y e n ) d i s a p p e a r i n g . I n 3 Q, s a l e s d e c l i n e d d u e t o a d e c l i n e i n t h e n u m b e r o f
p r e m i u m m e m b e r s h i p s , a m o n g o t h e r f a c t o r s .
• S a l e s f r o m t h e l i v e b u s i n e s s i n c r e a s e d i n b o t h 3 Q a n d o n a Y T D b a s i s . A n i m e l o
S u m m e r L i v e , w h i c h wa s h e l d i n 2 Q, a n d e v e n t c o n t ra c t s c a r r i e d o u t i n 3 Q
c o n t r i b u t e d t o t h e r e s u l t s .
• I n t h e m o b i l e b u s i n e s s , s a l e s d e c l i n e d d u e t o o n g o i n g c o n t ra c t i o n .
• T h e i m p a c t o f t h e c y b e ra t ta c k s ( Y T D i n t h e p r e v i o u s y e a r : -2 . 1 5 b i l l i o n y e n , 3 Q : + 0 . 2
b i l l i o n y e n ) d i s a p p e a r e d . O p e ra t i n g p r o f i t i n c r e a s e d i n b o t h 3 Q a n d o n a Y T D
b a s i s d u e t o t h i s , c o m b i n e d w i t h r e d u c t i o n s i n i n f ra s t r u c t u r e e x p e n s e s a n d o t h e r
c o s t s .
Fu t u re o u t l o o k
• I n n i c o n i c o -r e l a t e d b u s i n e s s e s , w e w i l l c o n t i n u e t o e n h a n c e n e w s e r v i c e s a n d
f u n c t i o ns s u c h a s s h o r t v i d e o s g o i n g f o r wa r d .
We a i m t o i n c r e a s e u s e r s a n d t o m a i n t a i n a n d e x p a n d g r o s s m e r c h a n d i s e va l u e
( G M V ) .
We w i l l a l s o o p t i m i z e t h e o r g a n i z a t i o n a l s t r u c t u r e a n d p e r s o n n e l a s s i g n m e n ts i n
a n e f f o r t t o i m p r ov e b u s i n e s s e f f i c i e n c y.
• We a r e a l s o e x p l o r i n g t h e c r e a t i o n o f n e w b u s i n e s s e s d e s i g n e d t o d i v e r s i f y
i n c o m e s t r e a m s , s u c h a s e x p a n d i n g m o n e ti z a ti o n o p p o r t u n i t i e s f o r m u s i c I P s u c h
a s V O C A L O I D * . * VOCALOID is a registered trademark of Yamaha Corporation.
Year to Date
(Apr. -Dec.)
3Q
(Oct. -Dec.)
■ Net sales ■ Operating profit
(Unit: Million yen) Net sales: +21.5% / +2,880M (3Q +2.0% / +102M)
Operating profit: – / +2,899M (3Q +109.0% / +322M)
Niconico -related
YoY +22.1%
Composition ratio: 72%
Live
YoY +41.9%
Composition ratio: 19 ％
Mobile
YoY -10.8%
Composition ratio: 8 ％

17
11,319
12,837
3,661
4,227
2,264
2,510
816 843
0
1,000
2,000
3,000
4,000
5,000
0
3,000
6,000
9,000
12,000
15,000
FY2024 FY2025 FY2024 FY2025
Business Overview – Education /EdTech Segment
• S a l e s i n c r e a s e d b o t h i n 3 Q a n d o n a Y T D b a s i s d u e t o a n i n c r e a s e i n t h e n u m b e r o f
s t u d e nts .
• A t Va n t a n , t h e n u m b e r o f s t u d e n ts i n c r e a s e d d u e t o t h e o p e n i n g o f t h e K A D O K AWA
S C H O O L O F A N I M E i n t h e p r e v i o u s y e a r a n d o t h e r n e w s c h o o l s , a s w e l l a s e x p a n s io n
i n t o n e w r e g i o n s .
• T h e n u m b e r o f s t u d e n ts i n c r e a s e d ov e ra l l ( + 1 0 % ) d u e t o t h e n e w l y b u i l t c o m m u t e r
c o u r s e c a m p u s f o r t h e N H i g h S c h o o l G r o u p a s w e l l a s t h e o p e n i n g t h i s y e a r o f R
H i g h S c h o o l . I n a d d i t i o n t o t h i s , t h e o p e n i n g o f Z E N U n i v e r s i t y a l s o c o n t r i b u t e d t o
i n c r e a s i n g t h e n u m b e r o f s t u d e n t s ( o v e r 4 , 2 0 0 s t u d e n t s i n c l u d i n g O c t o b e r e n r o l l m e n t s )
Fa ct o rs fo r In cre a se /Decrease i n t h e Fi rst N i n e Mo n t h s
. 0 % / + 1 , 4 3 6 M )
• O n a Y T D b a s i s , ov e ra l l p r o f i t s i n c r e a s e d s i g n i f i c a n tl y d u e t o i n c r e a s e d s a l e s f r o m t h e N
H i g h S c h o o l G r o u p a n d Z E N U n i v e r s i t y, o f f s e tt i n g f l a t p r o f i t s d u e t o Va n t a n ‘ s a g g r e s s i v e
a d v e r t i s i n g s p e n d i n g i n a n t i c i p a t i o n o f i n c r e a s e d s t u d e n t e n r o l l m e n t i n t h e n e x t y e a r
a n d b e y o n d . I n 3 Q, p r o f i t s i n c r e a s e d d u e t o t h e r e v e n u e g r o w t h i m p a c t f r o m b o t h
Va n t a n a n d t h e N H i g h S c h o o l G r o u p / Z E N U n i v e r s i t y b u s i n e ss e s .
Fu t u re o u t l o o k
• L o o k i n g a h e a d , w e e x p e c t t h e h i g h ra t e o f g r o w t h t o c o n t i n u e , w i t h s t u d e n t n u m b e r s
i n c r e a s i n g .
• V a n t a n w i l l c o n t i n u e t o e s t a b l i s h n e w c o u r s e s a n d e x p a n d i t s o p e r a t i n g r e g i o n s t o f u r t h e r
s t r e n g t h e n o p e r a t i n g f o u n d a t io n s . T h e V a n t a n M u s i c A c a d e m y i s s c h e d u l e d t o o p e n i n A p r i l
2 0 2 6 , f o l l o w e d b y V a n t a n F o r e i g n L a n g u a g e & H o t e l T o u r i s m A c a d e m y i n A p r i l 2 0 2 7 . W e w ill
a l s o d e v e l o p n e w b u s i n e s s m o d e l s , i n c l u d i n g o p e r a t i o n a l s u p p o r t f o r s c h o o l c o r p o r a t i o n s .
• I n t h e N H i g h S c h o o l G r o u p b u s i n e s s , w e a n t i c i p a t e c o n t in u e d g r o w t h i n s t u d e n t e n r o l lm e n t .
I n t h e Z E N U n i v e r s i t y b u s i n e s s , w e e x p e c t t h e s e c o n d c o h o r t o f s t u d e n t s t o c o n t r i b u t e t o a
n e t i n c r e a s e i n e n r o l l m e n t , f u r t h e r i m p r o v i n g p r o f i t a b i l i t y .
• E f f o r t s t o t ra i n c r e a t o r s w i l l b e f u r t h e r s t r e n g the ne d a c r o s s t h e e n t i r e G r o u p, t o g e t he r
w i t h a c c e l e ra t e d c o l l a b o ra t i o n b e t w e e n s c h o o l s
Year to Date
(Apr. -Dec.)
3Q
(Oct. -Dec.)
■ Net sales ■ Operating profit
(Unit: Million yen) Net sales: +13.4% / +1,517M (3Q +15.5% / +566M)
Operating profit: +10.9% / +246M (3Q +3.3% / +26M)
Vantan
YoY +5.8%
Composition ratio: 66%
For N High School Group /ZEN University
YoY +31.7%
Composition ratio: 34%

18
12,570
10,949
4,787
4,020
-3,212 -3,128
-789 -1,038
-4,000
0
4,000
8,000
12,000
16,000
-4,000
0
4,000
8,000
12,000
16,000
FY2024 FY2025 FY2024 FY2025
• I n M D, s a l e s d e c l i n e d b o t h i n 3 Q a n d o n a Y T D b a s i s i n c o m p a r i s o n t o t h e
p r e v i o u s y e a r, w h i c h h a d s p e c i f i c h i t p r o d u c t s .
• I n t h e Re c r e a t i o n , s a l e s i n c r e a s e d o n a Y T D b a s i s d u e t o s t e a d y p e r f o r m a n c e
f r o m I P e v e n t s h e l d n a t i o n w i d e , i n c l u d i n g t h o s e s h o w c a s i n g p o p u l a r K A D O K AWA
I P, i n c l u d i n g PA N D O R O B O a n d D e l i c i o u s i n D u n g e o n . S a l e s d e c l i n e d i n 3 Q.
* T h e o v e r a l l d e c r e a s e i n s e g m e n t s a l e s r e f l e c t s a c h a n g e i n p o s i t i o n i n g o f a g r o u p s u b s i d i a r y
p r o m o t i n g d i g i t a l t r a n s f o r m a t i o n s f o l l o w i n g a n a b s o r p t i o n -t y p e m e r g e r b y D W A N G O ( -2 . 4 b i l l i o n
y e n , n o i m p a c t o n a c o n s o l i d a t e d b a s i s i n c l u d i n g p r o f i t s ) .
Fa ct o rs fo r In cre a se /Decrease i n t h e Fi rst N i n e Mo n t h s
• I n M D, o p e ra t i n g p r o f i t d e c l i n e d i n b o t h 3 Q a n d o n a Y T D b a s i s d u e t o t h e i m p a c t
o f l o w e r s a l e s d e s c r i b e d a b ov e .
• I n Re c r e a t i o n , o p e ra t i n g p r o f i t r e m a i n e d s t e a d y o n a Y T D b a s i s b u t d e c l i n e d i n
3 Q.
* I n o t h e r b u s i n e s s e s , t h e i m p a c t o f c y b e r a t t a c k s ( Q 2 i n t h e p r e v i o u s y e a r : -5 0 0 m i l l i o n ) h a s
d i s a p p e a r e d .
• I n M D, w e w i l l w o r k t o e x p a n d h i g h l y p r o f i t a b l e o n l i n e ra f f l e s e r v i c e s w h i l e
s t e p p i n g u p ov e r s e a s e x p a n s i o n , i n c l u d i n g t h e u s e o f ov e r s e a s p u b l i s h i n g s i t e s t o
p r o m o t e b u s i n e s s e x p a n s i o n .
• I n Re c r e a t i o n , w e w i l l s t r e a m l i n e s o m e o f t h e b u s i n e s s e s o p e ra t i n g w i t hi n
S A K U R A TO W N d u r i n g t h e c u r r e n t f i s c a l y e a r. I n t h e m e d i u m – t o l o n g -t e r m , w e
w i l l c o n t i n u e w o r k i n g t o o p t i m i z e o p e ra t i n g c o s t s w h i l e r u n n i n g m o r e e f f e c ti ve I P
e v e n ts w i t h t h e a i m o f i m p r ov i n g p e r f o r m a n c e
Year to Date
(Apr. -Dec.)
3Q
(Oct. -Dec.)
Business Overview – Others Segment
Net sales: -12.9% / -1,621M (3Q -16.0% / -766M)
Operating profit: – / +83M (3Q -/ -248M)
MD
YoY -9.3%
Composition ratio : 36%
Recreation
YoY +10.2%
Composition ratio : 38%
Other
YoY -36.0%
Composition ratio : 26%
Fu t u re o u t l o o k
■ Net sales ■ Operating profit
(Unit: Million yen)

Appendix

20
Strengthening Coordination With the Sony Group in the Area of Film
• In November 2025, Virtual Production Boost 2025 (organizing committee: Sony Group / KADOKAWA DAIEI STUDIO
CO., LTD.) was held as a forum providing opportunities to share case studies and knowledge while helping to build
networks related to LED -based virtual production (VP), whose use has rapidly expanded in the area of film, including
movies, television drama and advertising. More than 200 creators attended the event over two days.
• The event was held as part of “developing human resources to promote and expand VP,” one of the stated areas of
cooperation under the capital and business alliance between KADOKAWA and Sony, and was the first joint event to be
held since the alliance was formed
• Going forward, the two companies will aim to further realize technical innovation and expand the scope of utilization
through improved coordination
▲ On November 13, a seminar was held at the head office of Sony PCL.
Entertainment companies and creators were gathered under one roof for a
seminar showcasing examples of film production utilizing Sony’s latest VP
technologies.
▲ On November 15, at a workshop held in the Sea Infinity virtual production studio at
KADOKAWA DAIEI STUDIO CO., LTD., part of a shooting set was recreated specifically
for the workshop, referencing the VP scenes filmed for Anpan , NHK’s serial television
drama that aired during the first half of 2025. One of the key features of KADOKAWA
DAIEI STUDIO CO., LTD., and something that is unique within Japan, is that it
maintains its own art department inside the studio. By preparing a filming
environment that combines real sets created by the in -house art team with VP,
expressions with a high degree of freedom and quality can be developed.

21
Publication /IP Creation Segment
810
1,100
3,360
2,620
1,140
940
0
2,000
4,000
6,000
8,000
10,000
12,000
1Q 2Q 3Q 4Q 1Q 2Q 3Q
FY2024 FY2025
Net sales of regular paperbacks (left axis)
Net sales of light novels (left axis)
Net sales of comics (left axis)
Net sales of general books and pocket editions (left axis)
Net sales of children’s books (left axis)
Net sales of magazines (left axis)
0%
5%
10%
15%
20%
25%
30%
35%
Return rate (right axis)
0
20,000
40,000
60,000
80,000
100,000
120,000
140,000
160,000
180,000
0
10,000
20,000
30,000
40,000
50,000
1Q 2Q 3Q 4Q 1Q 2Q 3Q
FY2024 FY2025
Net sales of paper-based books (left axis)
Net sales of e-books/magazines (left axis)
Net sales of paper-based magazines (left axis)
Accumulated e-book titles (right axis)
Sales trend of Publication /IP Creation Segment
Sales trend of paper -based
books /magazines and returns rate
(KADOKAWA Non -consolidated)
(Million JPY) (Titles)
181,484
*Accumulated e -book titles include the number of distribution by chapter
39,365 YOY+0.3% ▼
（ Million JPY ）
（Percentage)
29%YoY+1.1pt
YoY-3.3%▼

22
Publication /IP Creation Segment
110
252
613
367
62
151
193
0
200
400
600
800
1,000
1,200
1,400
1,600
1,800
2,000
1Q 2Q 3Q 4Q 1Q 2Q 3Q
FY2024 FY2025
Regular paperbacks Light novels
Comics General books/Pocket editions/Others
Children’s books Magazines
Born-digital IPs
Number of new IPs of paper -based books
and magazines by genre (Actual)
1,748
YoY+8.8 ％▼
Titles contributing to sales
（Titles ）
*Total of IPs including Group companies’ and born -digital titles in addition to KADOKAWA non -consolidated paper -based books
©Virginia -Nitouhei 2025 ©Natsuya Semikawa, Kururi ／TAKARAJIMASHA
©Anri Sakano 2025 ©Daisuke Aizawa 2025 ©Touzai 2025
©Kanae Minato 2023, 2025
The Secret of Secrets The Eminence in Shadow,
Vol.17
OTHERWORLDLY
IZAKAYA 「NOBU 」, Vol.21 Human Specimen

23
Publication /IP Creation Segment
E -books /magazines
0
40,000
80,000
120,000
160,000
200,000
0
4,000
8,000
12,000
16,000
20,000
1Q 2Q 3Q 4Q 1Q 2Q 3Q
FY2024 FY2025
Net sales of e-books/magazines (left axis)
Accumulated titles of ebooks (right axis)
181,484
Trend of net sales
0
400
800
1,200
1,600
1Q 2Q 3Q 4Q 1Q 2Q 3Q
FY2024 FY2025
Trend of international net sales
Net sales breakdown
(April to September)
Global usage situation (MPU)
Comic
74 %
Other
26 %
130
150
170
1Q 2Q 3Q 4Q 1Q 2Q 3Q
FY2024 FY2025
15,223 YoY-3.3 ％
(Million JPY) (Million JPY)
(Thousand people)
YoY+19.9 ％ ▼
YoY-2.2 ％▼
*Accumulated titles of ebooks include the number of distribution by chapter
*MPU (Monthly Paid User)

24
0
2,000
4,000
6,000
8,000
10,000
12,000
1Q 2Q 3Q 4Q 1Q 2Q 3Q
FY2024 FY2025
Others (including production subsidiaries)
Domestic merchandising
Domestic streaming
International
Animation /Film Segment
16 10
14 20
12 17
10
FY2024 FY2025
1Q 2Q 3Q 4Q
Net sales of animation business
6,918
YoY-17.2 ％ ▼
Titles contributing to sales The number of
animation titles
TV/Web broadcasts
37
52▼
Number of new titles
Breakdown by media in
Apr. to Dec.
*Including minor investment titles and titles of which KADOKAWA has certain rights
(Million JPY)
19 ％
21 ％
33 ％
26 ％ Theatrical
7
Others
3
©Mokumokuren /KADOKAWA/The Summer Hikaru Died Partners ©Hiromu/ Shogakukan /Chiramune Partners
©Tappei Nagatsuki,KADOKAWA/Re:ZERO4 PARTNERS ©KAMITSUBAKI STUDIO/SINKA ANIMATION PROJECT
Chitose Is in the Ramune
Bottle The Summer Hikaru Died
Re:ZERO -Starting Life in
Another World -Season 4
KAMITSUBAKI CITY
UNDER CONSTRUCTION

25
20.0%
40.0%
60.0%
80.0%
0
3,000
6,000
9,000
12,000
15,000
1Q 2Q 3Q 4Q 1Q 2Q 3Q
FY2024 FY2025
Animation: In-house licensing sales (Internal transaction)
Publication: In-house licensing sales (Internal transaction)
Animation: Licensing sales to other companies (External transaction)
Publication: Licensing sales to other companies (External transaction)
OP margin in total
Sales and Operating Margin of Rights -Licensing in Publication and Animation Businesses
（ K A D O K AWA N o n -c o n s o l i d a t e d ）
Yearly basis Quarterly basis
(Million JPY) （ Million JPY ）
* The operating margin related to rights -licensing sales is a managerial accounting figure estimated based on certain definitions. This figure is higher than
actual because many expenses are not taken into account, such as costs related to IP creation and costs from back -office departm ents.
YoY-22.0 ％ ▼
20.0%
40.0%
60.0%
80.0%
0
12,000
24,000
36,000
48,000
FY2021 FY2022 FY2023 FY2024 FY2025
1-3Q
Animation: In-house licensing sales (Internal transaction)
Publication: In-house licensing sales (Internal transaction)
Animation: Licensing sales to other companies (External transaction)
Publication: Licensing sales to other companies (External transaction)
OP margin in total

26
Net Sales of the Top Ten Best -Selling Titles （ i n c lu d i n g s a l e s f r o m r i g h t s -l i c e n s i n g , K A D O K AWA N o n -c o n s o l i d a t e d ）
FY2025 YTD
Publication /IP Creation
Animation /Film
* Applies to entire series from starting year of publication to the latest release
* Applies to all titles from starting year of broadcast to the latest airing
Million JPY
Rank Title Name (Series) Year First
Aired
1 Re:ZERO -Starting Life in Another World –
series 2016
2 【OSHI NO KO 】 2023
3 PANTY & STOCKING with GARTERBELT 2010
4 Overlord series 2015
5 The Risig of the Shield Hero series 2019
6 The Eminence in Shadow 2022
7 Clevatess 2025
8 KAMITSUBAKI CITY UNDER CONSTRUCTION 2025
9 KONOSUBA: God’s Blessing on This
Wonderful World! 2016
10 Please Put Them On, Takamine -San 2025
Rank Title Name (Series) Year First
Published
1 Pan Dorobou series 2020
2 Mushoku Tensei: Jobless Reincarnation 2014
3 KADOKAWA Manga Gakushu Series 2015
4 Sword Art Online series 2009
5 The Summer Hikaru Died 2022
6 Toaru Project 2004
7 The Eminence in Shadow 2018
8 Project Love Live! 2012
9 Delicious in Dungeon 2015
10 Re:ZERO -Starting Life in Another World –
series 2014
0 500 1,000 1,500
Re:ZERO -Starting Life in Another World-
series
Pan Dorobou series
The Eminence in Shadow
The Summer Hikaru Died
Overlord series
Bungo Stray Dogs series
【OSHI NO KO 】
Delicious in Dungeon
The Rising of the Shield Hero series
Mushoku Tensei: Jobless Reincarnation
Publication/IP Creation Segment (Books and Magazines)
Publication/IP Creation Segment (Rights-licensing and others)
Animation/Film Segment
Gaming Segment, Others

27
Eagerly Awaited Upcoming Titles
Books Animation
©Akumi Agitogi ・Tsukiho Tsukioka
©Tsuyoshi Kounoike
©Yama Wayama 2026
Let’s go to the family
restaurant!, Vol.2
Tsuyoshi Kounoike & His
Cat Named Ponta
NYAAAAN!, Vol.4 Sentenced to Be a Hero
©2024 Rocket Shokai/KADOKAWA/Project Sentenced to Be a Hero ©Fujiazuki 2026 ©Yuka Tachibana,Yasuyuki Syuri 2026
The Saint’s Magic Power
Is Omnipotent, Vol.11
My Happy Marriage,
Vol.10
©Aka Akasaka x Mengo Yokoyari /Shueisha , “OSHI NO KO” Partners ©TSURUMAIKADA,KODANSHA/Medalist Partners
©Yushi Ukai,Nekometaru /KADOKAWA/Playing Death Games to Put Food on the Table Partners
【OSHI NO KO 】 Medalist
SHIBOYUGI: Playing
Death Games to Put Food
on the Table

28
Gaming Segment
Trend of sales of Gaming segment Titles contributing to sales
Downloadable Content
“SHADOW OF THE ERDTREE”
for “ELDEN RING”
FY2024 FY2025
1Q 2Q 3Q 4Q 1Q 2Q 3Q
Number of newly
released titles for
consoles and PCs
5 1 1 1 2 5 1
Total number of
copies sold (million
copies)
1.33 0.93 1.88 1.89 1.81 1.48 2.50
Eagerly awaited upcoming titles
0
3,000
6,000
9,000
12,000
1Q 2Q 3Q 4Q 1Q 2Q 3Q
FY2024 FY2025
New Titles for consoles and PCs Repeat sales for consoles and PCs
Royalties for consoles and PCs Other
6,787YoY-18.2 ％▼
©Bandai Namco Entertainment Inc. / ©2024 FromSoftware, Inc.
©Bandai Namco Entertainment Inc. / ©2022 FromSoftware , Inc.
“ELDEN RING”
“ELDEN RING NIGHTREIGN” ©Bandai Namco Entertainment Inc. / ©2025 FromSoftware, Inc.
※Total number of titles and copies sold by Group Companies themselves in any region
“The Duskbloods ”
Releasing Worldwide in 2026
©2025 FromSoftware, Inc. All rights reserved.

29
Community Platform Related Business (N i c o n i c o a n d Fa n -c o m m u n ity B u s i n e s s )
Niconico user data Niconico Channel user data
Age
Fan -community service 「sheeta 」
Regular members (Million) 107.94
Premium members (Thousand) 954
Number of channels 11,897
Number of channels with monthly fee 2,580
Dues -paid members (Million) 1.08
*As of Decem ber 31, 2025
2.2%
20.0% 36.6% 21.3% 13.3% 6.6%
0% 20% 40% 60% 80% 100%
10s 20s 30s 40s 50s Others
Niconico Chokaigi 2025
Visitors (Thousand) 132
*As of December 31, 2025
*As of December 31, 2025
Number of channels with monthly fee
Dues -paid members ( Thousand )
186
288
*As of December 31, 2025

30
Education /EdTech Segment
Trend of Number of N High School Group Students Trend of Number of Vantan Students
0
10,000
20,000
30,000
40,000
1Q 2Q 3Q 4Q 1Q 2Q 3Q
FY2024 FY2025
(Students ) 35,744
Number of
enrolled students
(As of Dec. 2025) 9,172
Number of
enrolled students
(As of April 2025)
0
3,000
6,000
9,000
FY2022
April
FY2023
April
FY2024
April
FY2025
April
(Students )
YoY+10 ％▼
YoY+6 ％▼

31
217 852 595 547 292 322 313
5,867 5,813