CyberAgent FY2026 Q2 Earnings Release

1
[Forward -looking statement]
The future information, such as earnings forecast, written in this document is based on our expectations and
assumptions as of the date the forecast was made. Our actual results could differ materially from those
described in this forecast because of various risks and uncertainties.

2
0. Contents
1. Summary (January – March 2026)
2. Forecast
3. Media & IP Business
4. Internet Advertisement Business
5. Game Business
6. Medium to Long -Term Strategy
7. References

3
Summary
FY2026 Second Quarter Ended March 31, 2026

Increase
Increase
Sales 246.2 billion yen up 13.3 % YoY
Media & IP
4
FY2026
Q2
Increase
Increase
Increase
OP 29 .0 billion yen up 39.3 % YoY
Increase
Sales 62.1 billion yen up 9.0 % YoY
OP 5 .4 billion yen up 65.9 % YoY
Sales reached a new record high
OP also marked a record high for Q2
Multi -layered revenue streams grew
steadily
AbemaTV , Inc. drove an increase in OP
by 1.7 times year -over -year
Game
Increase
Increase
Sales 67.5 billion yen up 31.2 % YoY
OP 20 .9 billion yen up 36.3 % YoY
Top -line and bottom -line increased
strongly, driven by anniversary events
and overseas operation
1. Summary
Ad
Sales 127.7 billion yen up 8.6 % YoY
OP 6.8 billion yen up 13.9 % YoY
Sales reached a new record high, OP
grew by double digits year -over -year
Both returned to growth trend

Billion Yen
5
Sales reached a new record high
Q2 246.2 billion yen (up 13.3 % YoY)
[Consolidated Sales]
YoY
+13.3 ％
1. Summary130.9
163.4
192.1
179.5
170.9
190.9
171.9 176.0
167.4
195.4
171.5
185.0
192.6
214.7
190.0
203.7 203.8
217.3
210.7
242.0
232.3
246.2
1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q
FY2021 FY2022 FY2023 FY2024 FY2025 FY2026

6
[Consolidated OP] 44.4
Billion Yen
YoY
+39.3 %
Strong performance of three key
businesses led to a significant
increase in OP, marking a record
high for Q2
Q2 29.0 billion yen (up 39.3 % YoY)
1. Summary7.0
25.8
26.7
19.6
25.3
9.8
12.7
-1.7
18.2
0.9
4.9
5.8
20.7
8.2
5.2
8.3
20.8
19.6
22.9 23.3
29.0
1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q
FY2021 FY2022 FY2023 FY2024 FY2025 FY2026

7
[SG&A Expenses]
*
Billion Yen
Q2 50.8 billion yen (up 13.1 % YoY)
* Other: Outsourcing expenses, system -related expenses, payment fees, entertainment expenses, selling expenses, and others.
1. Summary10.1 9.5 10.0 11.5 13.4 13.8 14.7 15.1 15.8 16.0 13.6 15.4 17.1 16.3 13.8
18.0 17.3 15.2 15.2
20.2 20.1
17.2
7.3
9.4 8.6
10.7 9.0
11.5 10.5 11.5 10.5 12.5
11.1
13.1 11.0 13.0
11.6
13.6 11.8 13.8 12.2
15.5
12.3
14.8
2.2
2.2 2.2
2.2 2.2
2.3 2.4
2.4 2.4
2.5
2.5
2.5 2.5 2.5
2.6
2.6
2.7 2.7
2.7
2.8
2.8 2.8
1.4
1.3 1.5
1.6 1.6
1.7 1.8
2.0 2.2
2.2
2.6
2.8 1.7 1.2
1.2
1.4
1.1 0.8
0.9
1.0
1.3 1.7
7.7 8.0 8.4
9.4 8.1
7.7 8.5
9.3 9.6 10.2 10.2 10.7 11.2 11.2 11.1 11.6 12.5 12.2 12.6
14.5
14.9 14.1
1.4
2.5
3.6
28.9
30.6 30.8
37.1
34.6
37.3 38.1
40.7 40.7
43.5
40.1
44.8 43.7 44.4
40.4
50.0
45.6 44.9 43.8
57.8
51.5 50.8
1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q
FY2021 FY2022 FY2023 FY2024 FY2025 FY2026 29.9
41.2
56.3 59.5 65.4
31.6
36.1
42.8
47.4
49.3
8.7
8.9
9.6
10.1
10.4
4.6
6.0
7.2
9.9
5.6
30.3
33.7
33.9
40.8
45.3
1.4
1.4
0.0
0.0
2.5
106.7
127.6
150.0
167.8
178.8
FY2020 FY2021 FY2022 FY2023 FY2024
Special incentives
Other
Research and development expenses
Office costs
Personnel
Advertisement costs

8
[No. of Employees ]
* Cypic , Inc. has transferred from the Game business to the Media & IP business since Q2 FY 2026.
headcount
Total headcount was 8,267
at the end of March.
(+309 YoY)
402 new graduates joined in April
1. Summary
*
*1,409 1,409 1,490 1,553 1,572 1,593 1,748 1,703 1,660 1,631 1,718
1,811 1,774 1,752 1,903 1,897 1,952 1,957 2,072 2,055 2,034 2,130
1,481 1,462
1,604 1,623 1,655 1,690 1,903 1,962 2,055 2,133 2,377 2,381 2,348 2,353
2,513 2,498 2,487 2,511
2,680 2,636
2,596
2,573
1,924 1,942 2,105 2,150 2,183 2,221
2,389 2,429 2,466 2,525
2,717
2,738 2,759
2,818
2,969 2,955 2,972 2,964
3,036 3,045 3,082 3,014
370 374
384 395 393 394
352 365 368 380
416 432 445 457
482 489 499 514
541 537 541 539
12 12
12 12 12 13
14 13 14 13
13 12 10 10
11 11 12 12
11 11 11 11
5,196 5,199
5,595 5,733 5,815 5,911
6,406 6,472 6,563 6,682
7,241 7,374 7,336 7,390
7,878 7,850 7,922 7,958
8,340 8,284 8,264 8,267
1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q
FY2021 FY2022 FY2023 FY2024 FY2025 FY2026 1,409 1,409 1,490 1,553 1,572 1,593 1,748 1,703 1,660 1,631 1,718
1,811 1,774 1,752 1,903 1,897 1,952 1,957 2,072
2,055
1,481 1,462
1,604 1,623 1,655 1,690 1,903 1,962 2,055 2,133 2,377 2,381 2,348 2,353
2,513 2,498 2,487 2,511
2,680 2,636
1,924 1,942 2,105
2,150 2,183 2,221
2,389 2,429 2,466 2,525
2,717
2,738 2,759
2,818
2,969 2,955 2,972 2,964
3,036 3,045
370 374
384 395 393 394
352 365 368 380
416 432 445 457
482 489 499 514
541 537
12 12
12 12 12 13
14 13 14 13
13 12 10 10
11 11 12 12
11 11
5,196 5,199
5,595 5,733 5,815 5,911
6,406 6,472 6,563 6,682
7,241 7,374 7,336 7,390
7,878 7,850 7,922 7,958
8,340 8,284
1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q
FY2021 FY2022 FY2023 FY2024 FY2025
Investment Development
Headquarters
Game
Internet Ad
Media & IP

9
[PL]
* Net income attributable to owners of the parent is a ffected by non -controlling equity interest (minority interest) of Cygames , Inc.
*
1. Summary　　 million yen FY2026 Q2 FY2025 Q2 YoY FY2026 Q1 QoQ
Net Sales 246,206 217,372 13.3% 232,377 6.0%
Gross profit 79,928 65,827 21.4% 74,973 6.6%
SG&A expenses 50,864 44,959 13.1% 51,578 -1.4%
Operating income 29,064 20,868 39.3% 23,395 24.2%
Operating margin 11.8% 9.6% 2.2pt 10.1% 1.7pt
Ordinary income 29,708 20,371 45.8% 24,212 22.7%
Extraordinary income 92 508 -81.7% 0 35,488.2%
Extraordinary loss 1,527 380 301.7% 229 564.1%
Income before income taxes
and non-controlling interests
28,274 20,499 37.9% 23,982 17.9%
Net income attributable to
owners of the parent
14,874 10,792 37.8% 12,462 19.4%

10
[BS]
* Net Cash definition: (Cash and cash equivalents + Time deposits) –(Long -term bank loans + convertible bond + short -term bank loans)
*
1. Summary 　　　　　　 Unit: million yen
End of
Mar. 2026
End of
Mar. 2025
YoY
End of
Dec. 2025
QoQ
Current assets 384,557 358,758 7.2% 356,539 7.9%
(Cash deposits) 211,281 199,171 6.1% 189,158 11.7%
Fixed assets 171,918 161,488 6.5% 168,117 2.3%
Total assets 556,509 520,288 7.0% 524,692 6.1%
Current liabilities 166,062 158,346 4.9% 152,722 8.7%
(Income tax payable) 16,173 10,773 50.1% 5,080 218.3%
Fixed liabilities 106,062 99,513 6.6% 104,485 1.5%
Shareholders’ equity 185,132 150,116 23.3% 170,151 8.8%
Net Assets 284,384 262,428 8.4% 267,484 6.3%
(Reference) Net Cash 113,416 104,792 8.2% 93,448 21.4%

FY2026
Forecast
October 2025 – September 2026
11

12
[Forecast] 1H was strong; however, the forecast remains unchanged
Limited visibility into 2H makes it difficult to refine the forecast at this point
880B
50B ～ 60B
Progress rate
87.4 % ~104.9 %
FY2026
Forecast
Progress rate
54.4 % 478.5B
52.4B
2. ForecastLower limit Upper limit Lower limit Upper limit
Net Sales 478.5
Operating profit 50 60 52.4 104.9% 87.4%
Ordinary profit 50 60 53.9 107.8% 89.9%
Net income attributable
to owners of the parent 25 30 27.3 109.3% 91.1%
Progress
54.4%
FY2026 Forecast FY2026 2H
Total
880
Unit: billion yen 0% 50% 100%
Operating profit
Sales

13
Media & IP

14
Multi -layered revenue streams grew
steadily
Q2 62.1 billion yen (up 9.0 % YoY)
3. Media & IP Business
Billion Yen
[Quarterly Sales] YoY
+9.0 %25.3 25.1 24.3
28.3
31.0
33.6
35.4 36.2
39.1
41.6
39.7
47.9
50.3 49.9
47.7
52.1
55.6
57.0
56.1
62.6 62.6 62.1
1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q
FY2021 FY2022 FY2023 FY2024 FY2025 FY2026

AbemaTV , Inc. turned profitable and
drove a 1.7 -fold increase year -over -year
Q2 5.4 billion yen (up 65.9 % YoY)
* Quarterly OP: Special incentives in FY2021 and FY2024 and FY2025 are excluded. 15
-9.7
[Quarterly OP]
Billion Yen
3. Media & IP Business
YoY
+65.9 %-3.6
-3.1
-3.8
-3.5 -3.6
-1.9
-4.3
-3.2
-0.5
-1.7
-0.4
-0.7
0.5
0.2
-0.7
1.4
3.3
2.2
1.2
4.9
5.4

16
3. Media & IP Business
[ABEMA ] Viewership of original programs such as the dating reality shows, drama,
and variety shows grew steadily
*The works shown above are selected. ©AbemaTV , Inc.

17
3. Media & IP Business
[ABEMA ] ABEMA celebrated its 10 th anniversary in April 2026
ABEMA related videos surpassed 200 million views *in 2 days
©AbemaTV , Inc. *Total views of related videos on ABEMA and those posted on official social media accounts from April 11 to 12, 2026.

18
*1©Takeru Hokazono / Shueisha ・Kagurabachi Project *2 Developed by a consolidated subsidiary Cypic , Inc, a co -production of Shochiku Co., Ltd. and CyberAgent , Inc.

3. Media & IP Business
[IP Business ]
19 Developing original IP aimed at global success
We are building a system that can handle an entire process from
original work to monetization
① Originals/Comic ② Movie Production ④ Event
④ Merchandise
⑤ Global
Entertainment
Business Unit Anime
Live -action
③ Distribution/marketing
Transferred
from Game
to Media
&IP Business
in March
Studio
opened in
March
Partnership
agreement
in March
IP Hotel
Animation
AI Lab次世代クリエイターとともにオリジナルアニメ作品の創出を目指す

20
Internet Advertisement

21
[Quarterly Sales]
Billion Yen
4. Internet Advertisement Business
Sales reached a new record high
Q2 127.7 billion yen (up 8.6 % YoY)
* Sales in FY 2021 and 2022 exclude MicroAd , Inc. which became unconsolidated subsidiary.
YoY
+8.6 %73.5
77.7 78.9 79.2
84.6
93.7 96.4
92.1
95.4
99.9
105.2 103.8 104.9 106.9
111.8 110.8
117.7 117.5
111.3
114.4 114.6
127.7
1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q
FY2021 FY2022 FY2023 FY2024 FY2025 FY2026

22
4. Internet Advertisement Business
[Quarterly OP]
Billion Yen
* Quarterly OP : Year -end bonuses in FY2021, FY2024, and FY2025 are excluded.
Delivered double -digit year -over –
year growth in OP
Q2 6.8 billion yen (up 13.9 % YoY)
YoY
+13.9 %5.6
7.2
5.0
4.8
5.5
7.2
6.0
4.8 4.8 4.7
3.6
4.2
5.2
5.5 5.6
5.0
6.0 6.0
3.6
3.3
4.3
6.8
0
1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q
FY2021 FY2022 FY2023 FY2024 FY2025 FY2026

23
4. Internet Advertisement Business
[Competitive Advantage]
③ Media Expertise
Maximizing Advertising
Effectiveness *1 As of March 2026
*2 *3 Results of 2025
・ Partnered with over 200 media
・ Winner of multiple top -tier
partner awards 1,400 companies
Number of clients *3
② Scale Advantage of Data ① Advanced AI Expertise
Number of
researchers
100 *1
Establishment Number of
papers accepted
87 papers *2
Approx.
Approx. 2016
Drive market share by utilizing our core strength: maximize advertising effectiveness

24
4. Internet Advertisement Business
[Outlook] Expand our operational scope by leveraging advanced AI expertise
AI
Helping clients to streamline
creative production with Kiwami
prediction AI
December 2024
AI Creative Process
Outsourcing
Performance -based marketing
agency utilizing AI
Research and analysis on the use of
Generative AI for search
AI agent specializing in
optimizing ad delivery
CyberGrip , Inc.
GEO Lab.
Generative Engine O ptimization
Ad Operation AI
July 2025
November 2025 April 2026

25
Game

26
5. Game Business
[Quarterly Sales]
Q2 67.5 billion yen (up 31.2 % YoY)
92.3
Billion Yen
*Released after FY2024: Jujutsu Kaisen Phantom Parade, Gakuen iDOLM@STER , Chiikawa Pocket, SAKAMOTO DAYS Dangerous Puzzle, SD Gundam G Generation ETERNAL, Shadowverse : Worlds Beyond , Hello Kitty Merch Match, FAIRY TAIL Wizard Chronicle
The anniversary events of major
games were successful and
overseas operation progressed
steadily
■ Games released after FY2024
■ Games released before FY2024 and others
YoY
＋ 31.2 %29.9
63.9
76.4
58.3
69.0
46.2
54.8
40.9
62.1
33.7
42.3
45.0
67.1
38.8
44.9
38.2
51.4 50.6
76.3
64.7
67.5
1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q
FY2021 FY2022 FY2023 FY2024 FY2025 FY2026

27
Q2 20.9 billion yen (up 36.3 % YoY)
[Quarterly OP]
44.2
5. Game Business
Billion Yen
*Quarterly OP : Year -end bonuses in FY2021, FY2024 and FY2025 are excluded.
Revenue growth contributed
to the rise in OP YoY
＋ 36.3 %1.1
23.2
28.1
17.1
21.3
9.8
12.1
5.2
15.2
-0.1
2.4
3.4
18.2
5.1
4.2
3.3
15.3
16.4
25.6
17.6
20.9
1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q
FY2021 FY2022 FY2023 FY2024 FY2025 FY2026

YoY
3.5 X
28
[Overseas sales] The success of Umamusume : Pretty Derby English version drove
overseas sales up 3.5 times year -over -year
5. Game Business
28
Overseas sales *1
Billion Yen
Umamusume : Pretty Derby
Eng. Ver. released in June 2025 Won Anime of the Year *2
Casual games published by GOODROID, Inc.
*1 Overseas Sales: Revenue from the Group‘s publishing titles and advertising overseas. (including transactions with corporations such as BILIBILI HK LIMITED) *2 Anime of the Year: Winner of the Anime of the Year, as voted by international fans at the 12th Anime Trending Awards, hosted by Anime Trending *3The number of downloads of GOODROID group’s games surpassed 600 million as of February 2026. *4Pawars : New game studio established at GOODROID, Inc. in September 2025. *5Copyrights are stated on the last page.
81 games for global market Released in March 2026 by Pawars *4,
a new hyper casual game studio
*4*32.6
9.9
4.2
3.3 3.9 3.7
5.9
20.0
14.1
13.1
1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q
FY2024 FY2025 FY2026

* Copyrights are stated on the last page.
Owned
IP
Third
Party
IP
29
FY2025 FY2026 onward
5. Game Business
7.PC for Steam June 2025
5. Mobile/PC -June 2025
11. PC/console July 2026
NEW
10.PC for Steam*Overseas only March 2026
3. Mobile April 2025
2. Mobile March 2025 4. Mobile April 2025
confidential
映画
12. Mobile Release date TBD
NEW
TV Anime Season 3 Store Open
MovieAdaptation
6. Mobile/PC English ver. June 2025 13. Release date TBD
14. Release date TBD
Jul. 2026 in theater
9. Mobile December 2025 8. Mobile September 2025
1. Mobile for GlobalNovember 2024
Jan. 2026Streaming Jan. 2026
[Outlook ] Maximize game longevity by maintaining topicality and aim to create global hits

30 *1 Scheduled for a global simultaneous release, except for certain regions *2hololive Dreams: © COVER / © QualiArts , Inc.

31 *Scheduled for a global simultaneous release on July 9, 2026, except for certain regions* GRANBLUE FANTASY: Relink -Endless Ragnarok: © Cygames , Inc.

32
Medium to Long – Term Strategy

33
6. Medium to Long -Term Strategy
We aim to develop original IPs by leveraging our unique strengths
*The comparison is based on publicly available information from companies providing mobile games in Japan from October to Dece mbe r 2025.
Ad
ABEMA Game
Marketing
Traffic Driver Monetization
IP
Top –tier Digital
Marketing Agency in
Japan
No.1 Mobile
Game Company
in Japan *
Approx. 25M
Weekly Active
Users

Aiming to be a company with
medium to long -term supporters

35
Reference

36
Directors
Audit and Supervisory Committee
Female
Outside
NEW
Susumu Fujita
Representative Director
Yusuke Hidaka
Director
Go Nakayama
Director
Koichi Nakamura
Outside Director
Kozo Takaoka
Outside Director
Toko Shiotsuki
Director
(Full -time member)
Tomomi Nakamura
Outside Director
Takahiro Yamauchi
Representative Director
Yuko Ishida
Director
Takahiro Kanzaki
Outside Director
Outside
Outside Outside
NEW NEW Female
7. Reference_ Governance
[Board Structure *]
* New Board Structure : Effective December 12, 2025
Three new directors have been appointed, for a total of 10 directors
(Male: 8, Female: 2)
Emphasizing diversity, one new female director joins the board

37
Integrated Report CyberAgent Way 2025
This year‘s report features interviews with two of our Outside Directors on the leadership transition
from founder Susumu Fujita to the second -generation President, Takahiro Yamauchi, and the
outlook for further corporate value enhancement. The report also introduces the growth strategies
and competitive advantages of our three main businesses: the Media & IP business, centered on
ABEMA; the Internet Advertising business, leveraging advanced AI capabilities; and the Game
business, which continually creates hit titles.
Integrated Report
CyberAgent Way 2025
FY2026 Q3 earnings release is scheduled to be released at 3:30 pm or later on Friday, August 7, 2026.
https://report.cyberagent.co.jp/en/

38
Copyrights of Game Business on Page 28
1 Umamusume : Pretty Derby: © Cygames , Inc.
2Umamusume : Cinderella Gray : © Taiyou Kuzumi, Masafumi Sugiura & Pita, Junnosuke Itoh/SHUEISHA, UCG Partners © Cygames , Inc.
3Bus Rush Fever!: © GOODROID,Inc . ALL Rights Reserved.
Copyrights of Game Business on Page 29
1Jujutsu Kaisen Phantom Parade:© Gege Akutami /Shueisha , JUJUTSU KAISEN Project © Sumzap , Inc./TOHO CO., LTD. All Rights Reserved. Published by BILIBILI HK LIMITED
2 Chiikawa Pocket: © nagano / chiikawa committee Developed by Applibot , Inc.
3 SAKAMOTO DAYS Dangerous Puzzle: ©Yuto Suzuki / Shueisha ・SAKAMOTO DAYS Production Committee © GOODROID,Inc . All Rights Reserved. CyberAgent Group.
4SD Gundam G Generation ETERNAL ：©SOTSU ・SUNRISE ©SOTSU ・SUNRISE ・MBS Publisher: Bandai Namco Entertainment Inc. Co -developed by Bandai Namco Entertainment Inc. and Applibot , Inc.
5 Shadowverse : Worlds Beyond: © Cygames , Inc.
6Umamusume : Pretty Derby: © Cygames , Inc.
7Umamusume : Pretty Derby: © Cygames , Inc.
8 Hello Kitty Merch Match: © ‘26 SANRIO CO., LTD. APPR. NO. G670049
9FAIRY TAIL Wizard Chronicle ：©Hiro Mashima, KODANSHA/FAIRY TAIL Committee, TV TOKYO ©GOODROID, Inc. All Rights Reserved. CyberAgent Group.
10 GRANBLUE FANTASY: © Cygames , Inc.
11 GRANBLUE FANTASY: Relink –Endless Ragnarok : © Cygames , Inc.
12 hololive Dreams ：© COVER / © QualiArts , Inc.
13 GARNET ARENA: Mages of Magicary : © Cygames , Inc.
14 Project Awakening: © Cygames , Inc.
15 TV Anime “Jujutsu Kaisen” Season 3: “The Culling Game Part 1” ：©Gege Akutami ／Shueisha , Jujutsu Kaisen Production Committee
16 ChiiKawa Pocket Goods Store ：©nagano / chiikawa committee Developed by Applibot , Inc.
17 CHIIKAWA THE MOVIE: THE SECRET OF THE MERMAID ISLAND ：©Nagano / 2026 “CHIIKAWA THE MOVIE” Production Committee