Koei Tecmo FY2025 Earnings Release

Financial Results
For The Fiscal Year Ending March 2026
KOEI TECMO HOLDINGS CO., LTD.

Agenda
1.Financial Highlights
2
1. Financial Highlights
2. Earnings Forecast
3. Management Strategy: Progress of the 4 th MTMP

© KTHD © KTG
Financial Highlights: Consolidated Results (Vs. Previous Fiscal Year VS. Forecast)
◆ vs. previous year
・ Sales and Operating Profit increased due to new in -house titles and collaboration titles
・ Royalty sales of collaborative titles drive revenue
・ Operate flexibly and increase non -operating income
Achieved higher performance than the previous year.
Sales, Ordinary Profit, and Net Profit reached record highs
3(Million Yen)
Amount Profit
Ratio Amount Percent
Change Amount Percent
Change
Sales 88,393 – 5,243 6.3% (3,607) -3.9%
Operating Profit 37,168 42.0% 5,049 15.7% 6,168 19.9%
Ordinary Profit 57,000 64.5% 7,012 14.0% 20,000 54.1%
Net Profit 42,830 48.5% 5,202 13.8% 15,830 58.6%
Vs Initial Forecast FY25 Vs Previous Year

© KTHD © KTG
Financial Highlights: By Segment (Vs. Previous Fiscal Year)
◆ vs. previous year
[Entertainment] New products in the console/PC and mobile sector contribute
[Amusement] AM Facilities Business New and Existing Stores Strong
SP Business Increase Year -on -Year
[Real Estate] Concert hall “KT Zepp Yokohama” contributed 4(Million Yen)
FY24 FY25 Change
Entertainment Sales 78,078 82,541 4,463
Operating Profit 31,479 36,642 5,163
Amusement Sales 4,150 4,782 632
Operating Profit 500 802 302
Real Estate Sales 1,234 1,299 65
Operating Profit 304 327 23
Others Sales 318 394 76
Operating Profit (164) (604) (440)
Corporate & Elimination Sales (630) (624) 6
Operating Profit – – –
Total Sales 83,150 88,393 5,243
Operating Profit 32,119 37,168 5,049

© KTHD © KTG
Financial Highlights: Entertainment Business Revenue Breakdown
In FY2025, new titles will contribute in both Console/PC and Online/mobile
◆ Previous year
・[Console/PC] Sales increased due to the release of 14 new titles, including 4 large titles
・[Online and Mobile] Although sales in the online/mobile sector declined ,
new titles from the company and licensed contributed
*1 Includes in -house titles, collaboration titles. Publishing titles from other companies that are recorded as royalties are als o divided and aggregated by product type. *2 In addition to physical package sales, it includes royalties for distribution licenses, development consideration, contractual fees , etc. . The breakdown and increase or decrease of the amount are not disclosed. *3 Includes royalty sales for IP licensed titles in operation. The amount and ratio of IP licensing sales are not disclosed. 5(Million Yen)
FY24 FY25 Change
Console/PC [1] Package etc [2] 15,540 19,618 4,078
DL 22,070 24,918 2,848
DLC 1,910 2,374 464
39,520 46,910 7,390
Online/Mobile Online 380 300 (80)
Mobile [3] 37,180 34,030 (3,150)
37,560 34,330 (3,230)
Events & Goods 1,000 1,300 300
Sales for Entertainment Segment 78,078 82,541 4,463

© KTHD © KTG
Financial Highlights: Number of sales units, number of downloads on mobile
◆ Sales units by region
◆ Mobile titles number of downloads
* Number of downloads: The total number of global cumulative downloads of mobile titles operated by the company and IP licens ed (those in service as of the end of the fiscal year) 6(1,000 Units)
Units ComponentRatio Units ComponentRatio Units PercentChange
Japan 2,370 31.1% 4,190 29.7% 1,820 76.8%
Overseas 5,260 68.9% 9,910 70.3% 4,650 88.4%
N. America 2,020 26.5% 4,270 30.3% 2,250 111.4%
Europe 1,190 15.6% 2,930 20.8% 1,740 146.2%
Asia 2,050 26.9% 2,710 19.2% 660 32.2%
Total 7,630 100.0% 14,100 100.0% 6,470 84.8%
DL Units 5,960 8,720 2,760
DL Ratio 78.1% 61.8% (16.3pt)
FY24 FY25 Vs Previous Year (1,000 downloads)
Amount Component
Ratio Amount ComponentRatio Amount Percent
Change
Japan 25,800 15.6% 28,100 16.4% 2,300 8.9%
Overseas 140,000 84.4% 143,300 83.6% 3,300 2.4%
Total 165,800 – 171,400 – 5,600 3.4%
FY24 FY25 Vs Previous Year

© KTHD © KTG
Financial Highlights: Entertainment Business Online/Mobile Sales Trends
Sales have stabilized overall as a result of initiatives for existing titles and the launch
of new titles in Q3
Online/Mobile Quarterly Sales (Million Yen)
Distribution start
2 title s (in -house)
・3 Half -Anniversary
titles
・Seasonality
・3 Anniversary
titles
Distribution start
1 title (in -house)
・Distribution starts 2
(in -house)
・Anniversary 1 title
7

© KTHD © KTG
Financial Highlights: Expenses and number of personnel (Vs. Previous Year And Forecast)
8
*1 For the cost forecast at the beginning of the fiscal year , please refer to the financial results briefing materials ( https://www.koeitecmo.co.jp/ir/docs/ir3_20250508.pdf ) for the fiscal year ending March 2025. *2 Number of employees: Consolidated basis, excluding temporary employees*3 Development cost covered by the partner is recorded in the form of a reduction in the COGs . The recorded amount, recorded title, contract terms with the partner, etc. are not disclosed.
-Development cost covered by partners (*3) : Increased year -on -year, same as the previous quarter(million yen/person)
FY24 FY25 Change vs Initial forecast [1]
Employment
Costs COGs 19,690 21,730 2,040 ー
SGA 4,810 5,070 260 ー
24,500 26,800 2,300 ー
Outsourcing Costs COGs 6,180 5,470 (710) Decreased
Advertizing Costs SGA 3,090 3,240 150 Decreased
Headcount [2] 2,684 2,835 151 as Expected

© KTHD © KTG
Compliance with Prime Market Listing Standards
In September 2025, by executing the ” Disposal of Treasury Shares and Secondary Offering of
Shares ” , the Free Float ratio reached 35%,
All criteria for maintaining listing on the Prime Market have been met.
◆ Free Float Ratio
9Free Float
Ratio
(%)
35.0 29.9 37.3 37.1
Number of Free
Float Shares
(Units)
20,000 1,007,467 1,255,692 1,249,063
Number of
Treasury Shares
(Hundreds of Shares)
ー 202,456 20,100 20,101
Treasury Shares
Remaining
(Million Yen)
ー 37,340 3,746 3,747
※Note: Fractions are truncated.
Actual
Mar-25 Sep-25 March 2026
Listing
Maintenance
Standards

Agenda
2. Earnings Forecast
1. Financial Highlights
2. Earnings Forecast
3. Management Strategy: Progress of the 4 th MTMP

© KTHD © KTG
Earnings forecast: FY2026 initial earnings forecast and dividend forecast
◆ Assumptions for Earnings Forecast
•The forecast includes new titles scheduled for release within the fiscal year
•No assumptions of significant one -time expenses or other transient risks
•Exchange rate assumption is 142 yen per US dollar, with a fluctuation of more than
100 million yen in operating profit for every 1 yen change in the exchange rate
Aiming for the 3 -Year Cumulative Operating Profit of 100 Billion Yen as per the
4th MTMP while Continuing Development Investment
11(Million Yen)
Amount Ratio Amount Ratio Amount Ratio
Sales 88,393 – 90,000 – 1,607 1.8%
Operating Profit 37,168 38.6% 32,000 35.6% (5,168) -13.9%
Ordinary Profit 57,000 60.1% 42,000 46.7% (15,000) -26.3%
Net Profit 42,830 45.3% 31,000 34.4% (11,830) -27.6%
Dividend per Share (Yen) 66 ー 48 ー (18) -27.3%
Payout Ratio 50.1% ー 50.3% ー +0.2pt ー
FY24 Results FY25 Forecast VS Previous Year

© KTHD © KTG
Earnings forecast: Assumptions
Earnings forecast incorporates expenses at a conservative level
12
Sales Operating Profit
Initial earnings forecasts and actual performance in prior years
FY24 FY25
Unit:Million yen
■ Initial Forecast ■ Actual
FY26
Sales Operating Profit Sales Operating Profit

© KTHD © KTG
Earnings Forecast: FY2026 Forecast by Segment
13(Million Yen)
FY25
Actual
FY26
Forecast Change
Entertainment Sales 82,541 83,700 1,159
Operating Profit 36,642 31,600 (5,042)
Amusement Sales 4,782 4,900 118
Operating Profit 802 700 (102)
Real Estate Sales 1,299 1,400 101
Operating Profit 327 200 (127)
Others Sales 394 100 (294)
Operating Profit (604) (500) 104
Corporate & Elimination Sales (624) (100) 524
Operating Profit – – –
Total Sales 88,393 90,000 1,607
Operating Profit 37,168 32,000 (5,168)

© KTHD © KTG
Earnings Forecast: FY2026 Sales Units by Region
14(1,000 Units)
Units ComponentRatio Units ComponentRatio Units PercentChange
Japan 4,190 29.7% 2,800 28.0% (1,390) -33.2%
Overseas 9,910 70.3% 7,200 72.0% (2,710) -27.3%
N. America 4,270 30.3% 3,600 36.0% (670) -15.7%
Europe 2,930 20.8% 1,600 16.0% (1,330) -45.4%
Asia 2,710 19.2% 2,000 20.0% (710) -26.2%
Total 14,100 100.0% 10,000 100.0% (4,100) -29.1%
DL Units 8,720 6,500 (2,220)
DL Ratio 61.8% 65.0% +3.2pt
FY25 Actual FY26 Forecast Vs Previous Year

© KTHD © KTG
Earnings Forecast : FY2026 Cost Outlook
・Development cost burden by partners FY2026 will be the same level as FY2025
Unit: Million yen
15Subject FY26 Estimate YoY MTP4 3years Trend
Employment Costs Increase An increase of about 10% per year
Outsourcing Costs Increase Gradual increase on an annual basis
Advertising Costs Increase Increase in line with sales growth.
Mobile is concentrated around the launch period.
Total Headcount
*excludes temporary
Maintain
the Pace of Increase
Continue proactive recruitment,
focusing on new graduates in the domestic market.

© KTHD © KTG
Profit return
Committed to returning high profits to shareholders
through sustainable and stable dividends
Consolidated annual total payout ratio of 50%,
or annual dividend of 50 yen per share
*Total payout ratio includes dividends and share buybacks. Dividend amount per share is a guideline
– The most important management policy
– Share the results that delight customers
with internal and external stakeholders to enhance corporate value
・Based on profit return through dividends
・Aim for stable dividends.
Aiming for growth in total dividends through Operating Profit growth
Profit return
Basic Policy
Profit Return
Positioning
During the
4th MTMP
16

© KTHD © KTG
Profit return
Unit: Yen
Aiming for Growth
in Total Dividends
through Operating Profit
Expansion
FY13
3.4 billion yen
FY25
22.0 billion yen
Total dividends (single year)
Further expansion of returns through business growth
*Dividends per share are after adjusting for stock splits. Total dividends are rounded down to the nearest decimal place.
Total dividends (single year)
17

© KTHD © KTG
Non -operating income and expenditure and fund management policy
◆ Policy
・ Stabilize the financial base and support the main business.
・ Manage the surplus capital after investing in the main business of each fiscal year.
・ Aim for continuity that can record stable profits from a medium – to long -term perspective.
・ Have agility to respond to financial market trends.
・ Ensuring the soundness of the balance sheet.
Unit: Million yen
18

Agenda
3. Management strategy ：
P rogress of the 4 th MTMP
1. Financial Highlights
2. Earnings Forecast
3. Management Strategy: Progress of the 4 th MTMP

© KTHD © KTG
Long -term vision
Top 10 in the world
Long -term vision
From the 4th to the 6th MTMP
Aiming to achieve the long -term vision of “entering the top 10 in the world”
4th Medium -term
Management Plan
FY 2025 -27
Creating
a foundation
for growth
5th Medium -term
Management Plan
FY 2028 -30
Leap to the Global
6thMedium -term
Management Plan
FY 2031 -33
Focusing on creation
and
development
Further growth stage
20

© KTHD © KTG
4 th MTMP
“Creating a Foundation for Growth”
Overview of the 4 th MTMP
As the first step toward the long -term vision, the 4th MTMP will promote “Creating a Foundation for Growth.“
Aim to achieve cumulative operating profits of over 100 billion yen over the three -year period and
40 billion yen in operating profits in the final year.
◆ Qualitative goals
(1) Pipeline quantity growth
(2) Pipeline quality growth
(3) Sales power growth
(4) Cost efficiency growth
◆ Three pillars
1. Strengthening the management foundation (human capital, governance system)
2. Business strategy ( Entertainment business is a growth driver.)
Strengthen the power to ” Create”, “ Sell”, “ Utilize”, and “ Support” IP
3. Cash allocation (growth investment centered on human capital ,return)
◆ Quantitative Targets
・Cumulative operating income of 100 billion yen
or more over three years
・Re -challenge to achieve operating profit of 40 billion
yen in a single year
・Operating profit margin of 30% or more
(cumulative for a single year and 3 years)
21

© KTHD © KTG
Progress of the 4th MTMP Pipeline Policy
Various new products were released in FY2025
FY2025 Main titles
Console PC
(Large)
“Nioh 3“, “NINJA GAIDEN 4”
“Hyrule Warriors: Age of Imprisonment”,
“Pokémon Pokopia”
(Middle class) “Ryza’s Atelier ~Secret Trilogy~ DX”
“FATAL FRAME II: Crimson Butterfly REMAKE”
Mobile “Kingdom Hadou”
“Haruka: Beyond the Stream of Time Ryugu no Miko ”
⚫ Focus on Multi -Platform Support as the Foundation
⚫ Curate the Lineup by Considering Diversity of Titles (New IPs, Series,
Collaborations) and Balancing Scales from Large to Mid -Sized Titles
4 th MTMP Pipeline Policy
22

© KTHD © KTG
Progress of the 4th MTMP Pipeline Policy
Number of new titles (unit: 1 title)
Improving quantity and quality with a well -balanced lineup next year and beyond
Console PC Online and
Mobile
Large Middle In -house
6 19 5
～ FY27
Brushed up based on the 3 rd MTMP
23

© KTHD © KTG
Progress of the 4 th MTMP Initiatives to Strengthen the Global Sales System
・Building relationships with the media
・Approach to emerging countries
・Strengthening marketing functions at overseas
sales companies
・Strengthening the global marketing system
◆ Example
• “Nioh 3” In -house publishing of large titles
• Continuing to expand into the Middle East
and North Africa
• Marketing measures such as exclusive
articles from major media outlets
• Organize our marketing system
・Strengthening the in -house publishing
system overseas
・Expansion of fan community
・Maximize product lifetime sales
・Promoting research in emerging markets
such as Southeast Asia and India
Future challenges Initiatives and Achievements in FY2025
Long -term goals
・Increasing awareness of corporate, brands,
and titles in the global, European and
American markets
・A system capable of publishing large titles in –
house
・Early entry into emerging markets
Promoting the development of a marketing system and starting to address issues
24

© KTHD © KTG
Progress of the 4 th MTMP Initiatives to IP Development and Utilization
・Materialization of IP strategy
・Expansion of IP to be used
(utilization of past assets)
・Expansion of digital content
◆ Example
• “Atelier Ryza ” (Anime, Comics, Goods,
Digital Content (ASMR), App
Collaboration with Other Companies)
• Licensed Title in Console/PC sector
・Increasing awareness and expanding sales
channels in Europe and the United States
・Maximizing IP value and utilizing past
assets
・Expansion of product development
Future challenges Initiatives and Achievements in FY2025
Long -term goals
・Strategic IP utilization, including multimedia
development
・Establish IP utilization as a business and
grow the scale of profits.
Aiming to expand the scope of IP utilization and expand the scale of revenue
25

© KTHD © KTG
Progress of the 4 th MTMP Organizational Structure Changes in the Global Marketing and IP Business
26
Structural changes aimed at promoting and strengthening global business development
IP Business Division
Marketing Division
IP Licensing Department
IP Merchandising
Department
Global IP Division IP Licensing Department
IP Products Department
Global Marketing
Department
Global Business
Department
Global Marketing
Division Marketing Department
Business Development
Department
Global Business
Development Department
Operations Division Business Management
Department
Operations Department
FY2026 ～ ～ FY2025
• Changed the name of the IP Division to the Global IP Division.
• Changed the name of the Marketing Division to the Global Marketing Division.
Operations Department
26

© KTHD © KTG
0
500
1000
1500
2000
2500
3000
FY2021 FY2022 FY2023 FY2024 FY2025
MS : Progress of the 4 th MTMP Investment in Human Capital
Number of Group Employees
(Person)
Approximately 200 people are
hired, mainly new graduates.
2,063
2,381
2,531
2,684
New Office “Yokohama Symphostage ”
become operational in April 2026
Expansion of personnel and improvement of the working environment are progressing as planned
2,835
27

© KTHD © KTG
0
200
400
600
800
1000
1200
1400
3rd MTMP 4th MTMP
Progress of the 4 th MTMP Investment in Human Capital
Considering active investment for growth,
with a focus on human capital
・Human capital
・Development infrastructure and equipment
・M&A
Continue growth investments
centered on human capital for medium – to long -term growth
Abount
72.5
billion yen
Acquisition of New Office
FY25 Labor cost
28
About
27
billion yen
About
23
billion yen

© KTHD © KTG
Progress of the 4 th MTMP Innovation in production processes through the use of AI and other tools
Domain Use Cases
Customer
Support
Automate user support
Automate the collection and analysis of user
responses
Quality Control Reduced debugging man -hours
Localization Streamline Multilingual Translation
Overseas
Offices
Improving operational efficiency by
facilitating communication in other
languages
Company -wide
Reduced man -hours for file translation and
meeting minutes creation by more than
50%
Promoting operational efficiency through the use of AI
Future Policy
Cost reduction through business
automation and AI utilization
＋
Expansion of development personnel
↓
Contributing To The Growth Of
Pipeline Quantity And Quality

29

Supplementary material

© KTHD © KTG
Basic Philosophy
Position the Ethos and corporate slogan of Koei Tecmo as the “Purpose ”
Koei Tecmo Ethos: Creativity and Contribution
Corporate Slogan: Level up your Happiness
Vision/Values/Basic Management Policy
Long -term Vision
Fourth MTMP
Materiality
Basic Philosophy
Purpose
To Practice Purpose
Materiality
Management Strategy
Code of Conduct 31

© KTHD © KTG
Entertainment Business Console & PC Sales Volume
7 new titles
( inclueds ” Dynasty Warriors: ORIGINS “)
3 new titles
2 new titles
Console & PC Quarterly Sales Units (1K units)
*For the number of units sold by region, please refer to the “Financial Results Data Collection” (https://www.koeitecmo.co.jp/ir/library/reports/ )
4 new titles
６ new titles
32

© KTHD © KTG
Title release results by brand (excerpts)
rand FY2022 FY2023 FY2024 FY2025 (Announced)
Kou Shibusawa Nobunaga’s Ambition:
Awakening
Nobnaga’s Ambition: Hadou
etc.
Nobunaga’s Ambition with Power
Up Kit
Winning Post 10 2024
Romance of the Three Kingdoms
8 REMAKE
Winning Post 10 2025
Winning Post 10 2026
Kingdom Hadou
etc.
OMEGA FORCE Fire Emblem Warriors: Three
Hopes
WILD HEARTS
etc.
Fate/Samurai Remnant Dynasty Warriors: ORIGINS
Warriors Abyss
Pokémon Pokopia
etc.
Team NINJA Wo Long: Fallen Dynasty
etc.
Rise of the Ronin
Wo Long: Fallen Dynasty
Complete Edition
NINJA GAIDEN 2 Black
etc.
Nioh 3
NINJA GAIDEN 4
etc.
Gust Atelier Ryza 3 : The Alchemist of
the End & the Secret Key
etc.
Atelier Resleriana
Marie’s Atelier Remake : The
Alchemist of Salburg
etc.
Atelier Yumia: The Alchemist of
Memories & the Envisioned Land
etc.
Atelier Resleriana: The Red
Alchemist & the White Guardian
etc.
Ruby Party Haruka: Beyond the Stream of
Time Ryugu no Miko
midas Nobunaga’s Ambition : Shutsujin
AAA Games Studio Hyrule Warriors: Age of
Imprisonment
Multiple brands consistently release new consoles/PCs, major and middle class, online/mobile titles
Orange : Console PC Light Blue : Online Mobile 33

For Individual Investors

© KTHD © KTG
Product Information Portal Site https://www.gamecity.ne.jp/
Nioh 3
Official website
https://teamninja -studio.com/nioh3/jp/
Accord Trailer

Game Media Trial Play Version Play Report Article List
https://teamninja -studio.com/nioh3/jp/news/media_report.html
Winning Post 10 2026
Official website
https://www.gamecity.ne.jp/winningpost10/2026/
PV

DYNASTY WARRIORS 3
: Complete Edition Remastered
Official website
https://www.gamecity.ne.jp/smusou2 -re/jp/
Trailer

FATAL FRAME II: Crimson Butterfly REMAKE
Official website
https://www.gamecity.ne.jp/zero/crimson -re/jp/
Launch Trailer

DEAD OR ALIVE 6 Last Round
Official website
https://teamninja -studio.com/doa6/lastround/jp/
Trailer

BLUE REFLECTION Quartet Official website
https://blue -reflection.com/quartet/jp/
Haruka: Beyond the Stream of Time Ryugu
no Miko
Official website
https://www.gamecity.ne.jp/haruka -ryugu/
Trailer
https://youtu.be/ -5AXdxqhZnc
Links / Product Information (Some Excerpts)
35

© KTHD © KTG
Corporate Site IR Library
(Financial statements, securities reports,
Financial results explanation materials, etc.)
https://www.koeitecmo.co.jp/ir/library/
Integrated Report
(2025 edition)
Full text
https://www.koeitecmo.co.jp/ir/docs/ird1_20251022.pdf
-Basic Philosophy, FY2024 Summary (At a Glance), Development Structure, IP Introduction, History, Long -Term Vision
https://www.koeitecmo.co.jp/ir/docs/ird1_20251022_01.pdf
-4 competitive advantages
https://www.koeitecmo.co.jp/ir/docs/ird1_20251022_06.pdf
-Interview with the new chairman
https://www.koeitecmo.co.jp/ir/docs/ird1_20251022_02.pdf
-Interview with the new president
https://www.koeitecmo.co.jp/ir/docs/ird1_20251022_03.pdf
Financial Results Explanation Materials
◆Fiscal year ending March 2025 (including the 4th MTMP )
Presentation materials (with notes)
https://www.koeitecmo.co.jp/ir/docs/ir3_20250501.pdf
Presentation Video

◆Fiscal Year Ending March 2026 2nd Quarter
Presentation materials (with notes)
https://www.koeitecmo.co.jp/ir/docs/ir3_20251029.pdf
Presentation Video
https://youtu.be/RdD0lBtf6 -k
References
Frequently asked questions
https://www.koeitecmo.co.jp/ir/faq/
Glossary
https://www.koeitecmo.co.jp/ir/glossary/
Links/Disclosure Materials
36