CyberAgent FY2025 Earnings Release

November 14, 2025

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. FY2025 Full Year Results (October 2024 -September 2025)
2. FY2026 Forecast (October 2025 -September 2026)
3. Media & IP Business
4. Internet Advertisement Business
5. Game Business
6. Medium to Long -Term Strategy
7. Changes in Representative Directors
8. References – Quarterly Results (July – September 2025)
– Purpose

3
FY2025
Full Year Results
October 2024 – September 2025

Sales 874.0 billion yen up 9.1 % YoY
Media & IP
Game
Ad
4
FY2025 Increase
Decrease
Increase
Increase
Increase
Increase
OP 71 .7 billion yen up 78.9 % YoY
Increase
Sales 231.5 billion yen up 15.7 % YoY
OP 7 .2 billion yen +8.7 billion yen YoY
Sales 461.2 billion yen up 6.1 % YoY
OP 17.6 billion yen down 14.0 % YoY
Sales 216.7 billion yen up 10.6 % YoY
OP 60 .0 billion yen up 96.5 % YoY
Sales growth for the 28th consecutive
year. OP increased considerably,
beyond the revised forecast.
OP achieved profitability 10 years after
ABEMA’s launch. IP business has
progressed with the launch of an anime
studio and other projects.
Sales remain stable despite the loss
of a large client. OP decreased due to
investments in the new AI business.
Seven new games were released in
FY2025 and delivered new hit games.
OP grew significantly, driven by the
external payment method and others.
* YoY change: Calculated based on figures reported as corrected on May 15, 2025.
1. Full Year Results
Increase

Billion Yen
5
Sales growth for the 28th consecutive year
FY2025 874.0 billion yen (up 9.1 % YoY)
[Consolidated Sales]
1. Full Year Results
YoY
+9.1 ％
* FY2020 to FY2024: figures reported as corrected on May 15, 2025.3.2 6.3 10.8 16.2 26.7 43.2 60.1 76.0 87.0 93.8 96.6
119.5
141.1
162.4
205.2
254.3
310.6
371.3
419.5
453.6
478.5
666.1
709.9 719.4
801.2
874.0
FY2000 FY2001 FY2002 FY2003 FY2004 FY2005 FY2006 FY2007 FY2008 FY2009 FY2010 FY2011 FY2012 FY2013 FY2014 FY2015 FY2016 FY2017 FY2018 FY2019 FY2020 FY2021 FY2022 FY2023 FY2024 FY2025

6
[Consolidated OP]
104.0
Billion Yen
1. Full Year Results
We have been committed to sales and op growth from
FY 2023 as the bottom line, and achieved strong OP
growth for two consecutive years
FY2025 71.7 billion yen (up 78.9 % YoY)
YoY
+78.9 ％
* FY2020 to FY2024: figures reported as corrected on May 15, 2025.-1.6 -0.1 -0.2 -0.1
1.7 2.6 4.3 5.5 4.6 4.4
9.3
14.3
17.4
10.3
22.2
32.7
36.7
30.7 30.1 30.8
33.8
67.5
22.3
40.0
71.7
FY2000 FY2001 FY2002 FY2003 FY2004 FY2005 FY2006 FY2007 FY2008 FY2009 FY2010 FY2011 FY2012 FY2013 FY2014 FY2015 FY2016 FY2017 FY2018 FY2019 FY2020 FY2021 FY2022 FY2023 FY2024 FY2025

7
[SG&A Expenses]
*1
Year -end bonuses are paid
FY2025 192.3 billion yen (up 7.7 % YoY)
1. Full Year Results
Billion Yen
*1 Other: Outsourcing expenses, system -related expenses, payment fees, entertainment expenses, selling expenses, and others. *2 FY2021 to FY2024: figures reported as corrected on May 15, 2025.
*241.2
57.2 60.9 65.4 68.1
36.1
42.8
47.4
49.3
53.4
8.9
9.6
10.1
10.4
11.1
6.0
7.2
9.9
5.6
3.9
33.7
33.9
40.8
45.2
52.0
1.4
2.5
3.6
127.6
150.9
169.2
178.6
192.3
FY2021 FY2022 FY2023 FY2024 FY2025 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 ]
1. Full Year Results
YoY
+434
headcount
Employee head count grew by 434
including 397 new graduates
FY2025 8,284
* Media & IP: According to the change in the segment, headcount has been recalculated retroactively from FY 2021.
*1,553 1,703 1,811 1,897 2,055
1,623 1,962
2,381 2,498
2,636
2,150
2,429
2,738
2,955
3,045
395
365
432
489
537
12
13
12
11
11
5,733
6,472
7,374
7,850
8,284
FY2021 FY2022 FY2023 FY2024 FY2025 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

Net income doubled year -over -year to 31.6 billion yen, driven by the
profitability improvement of AbemaTV , Inc.
9
[PL]
*1
1. Full Year Results
*2
*1 Net income attributable to owners of the parent is a ffected by the fact that AbemaTV , Inc. is exempted from the group tax sharing system, and non -controlling equity interest (minority interest) of Cygames , Inc. *2 FY2024: figures reported as corrected on May 15, 2025.　　　　　　　　　　 Unit: million yen FY2025 FY2024 YoY
Net Sales 874,030 801,236 9.1%
Gross profit 264,051 218,764 20.7%
SG&A expenses 192,349 178,680 7.6%
Operating income 71,702 40,083 78.9%
Operating margin 8.2% 5.0% 3.2pt
Ordinary income 71,743 39,715 80.6%
Extraordinary income 2,319 313 639.6%
Extraordinary loss 7,835 8,815 -11.1%
Income before income taxes
and non-controlling interests
66,227 31,213 112.2%
Net income attributable to
owners of the parent
31,667 15,977 98.2%

10
[BS]
*1
1. Full Year Results
*2
*1 Net Cash: Long -term bank loans, convertible bonds, short -term bank loans, and others are excluded from current cash deposits . *2 FY2024: figures reported as corrected on May 15, 2025. 　　　　　　　　 Unit: million yen End of Sept. 2025 End of Sept. 2024 YoY
Current assets 390,215 358,632 8.8%
(Cash deposits) 229,849 210,041 9.4%
Fixed assets 166,908 158,005 5.6%
Total assets 557,162 516,686 7.8%
Current liabilities 177,791 168,226 5.7%
(Income tax payable) 20,797 9,709 114.2%
Fixed liabilities 103,689 97,955 5.9%
Shareholders’ equity 166,285 142,439 16.7%
Net Assets 275,681 250,504 10.1%
(Reference) Net Cash 129,801 98,998 31.1%

FY2026
Forecast
October 2025 – September 2026
11

12
Sales 874.0 billion yen → 880.0 billion yen
OP 71.7 billion yen → 50.0~60.0 billion yen
FY2025 FY2026E
Sales
¥ 88 0.0B
¥71.7B
FY2026E FY2023
Sales
OP
OP forecasts range from 50 billion to 60 billion yen
2. FY2026 Forecast
¥ 50.0B
¥ 60.0B
OP
¥40.0B
¥22.3B
due to the nature of Game business, which has a high degree
of volatility in performance-20
180
380
580
780
980
1,180
1,380
1,580
-120
880
1,880
2,880
3,880
4,880
5,880
6,880
7,880
8,880
FY2000 FY2001 FY2002 FY2003 FY2004 FY2005 FY2006 FY2007 FY2008 FY2009 FY2010 FY2011 FY2012 FY2013 FY2014 FY2015 FY2016 FY2017 FY2018 FY2019 FY2020 FY2021 FY2022 FY2023 FY2024 FY2025E FY2026E -20
180
380
580
780
980
1180
1380
-120
880
1,880
2,880
3,880
4,880
5,880
6,880
7,880
8,880
FY2013 FY2014 FY2015 FY2016 FY2017 FY2018 FY2019 FY2020 FY2021 FY2022 FY2023E FY2024E FY2025E FY2026E
売上高
営業利益

13
[Forecast]
*1 Net income attributable to owners of the parent is a ffected by the fact that AbemaTV , Inc. is exempted from the group tax sharing system, and non -controlling equity interest (minority interest) of Cygames , Inc. *2 Dividend Forecast is planned to discuss at the Annual General Meeting of Shareholders.
*
2. FY2026 Forecast
[Dividend Forecast *2] Dividend will rise in accordance with the DOE 5% guidance.
*1Minimum Maximum Minimum Maximum
Net Sales 874.0
Operating income 50.0 60.0 71.7 -30.3% -16.3%
Ordinary income 50.0 60.0 71.7 -30.3% -16.4%
Net income attributable to
owners of the parent 25.0 30.0 31.6 -21.1% -5.3%
Unit: billion yen FY2025
FY2026
Forecast
880.0 0.7%
YoY Dividend 17 yen 11.8% 19 yen

14
Media & IP

15
[Full Year Sales]
ABEMA and its related businesses built
multi -layered sales
FY2025 231.5 billion yen (up 15.7 % YoY)
Billion Yen
YoY
＋ 15.7 %
*1 Media business and Other business have been merged and renamed Media & IP business since FY 2025. The change has been ret roa ctively reflected from FY 2021. *2 FY2021 to FY2024: figures reported as corrected on May 15, 2025.
3 . Media & IP Business103.2
136.4
168.4
200.1
231.5
FY2021 FY2022 FY2023 FY2024 FY2025

16
[Full Year OP]
Billion Yen
OP achieved profitability 10 years after
ABEMA’s launch
FY2025 7.2 billion yen
(8.7 billion yen increase Y oY )
YoY ＋ 8.7
billion yen
3 . Media & IP Business
*1 Media business and Other business have been merged and renamed Media & IP business since FY 2025. The change has been retroac tively reflected from FY 2021. *2 FY2021 to FY2024: figures reported as corrected on May 15, 2025.-14.6
-13.2 -12.5
-1.4
7.2
FY2021 FY2022 FY2023 FY2024 FY2025

17
Sales maintain a high growth rate
Q4 62.6 billion yen (up 20.0 % YoY)
3. Media & IP Business
Billion Yen
[Quarterly Sales] YoY
+20.0 %
*1 Media business and Other business have been merged and renamed Media & IP business since FY 2025.Above mentioned change has been retroactively reflected from FY 2021. *2 FY2021 to FY2024: figures reported as corrected on May 15, 2025.25.3 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
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

18
Sales growth resulted in a significant OP
increase while actively investing in content
Q4 1.2 billion yen
(2.0 billion yen increase Y oY )
-9.7
[Quarterly OP]
Billion Yen
*2 Quarterly OP: Special incentives in FY2021 and FY2024 and FY2025 are excluded. *3 FY2021 to FY2024: figures reported as corrected on May 15, 2025.
3. Media & IP Business
*1 Media business and Other business have been merged and renamed Media & IP business since FY 2025.Above mentioned change has been retroactively reflected from FY 2021.
YoY ＋ 2.0
billion yen -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 -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

19
[ABEMA ] V iewership of anime, sports, and original programs are strong
* The number of weekly active users ( WAU ) from Monday September 22, 2025, to Sunday, September 28, 2025.
28.47 million
WAU *
3. Media & IP Business
25 million
20 million
15 million
10 million
5 million
30 million
WAU Growth
FIFA World Cup
ⒸTatsuya Endo/ Shueisha , SPY ×FAMILY Project
©AbemaTV , Inc.0
500
1,000
1,500
2,000
2,500
3,000

20
3. Media & IP Business
*Original programs’ WAU: Year -on-year comparison for the week of July 7 to July 13, 2025 ©AbemaTV , Inc.
[ABEMA ] Dating reality and variety shows are enjoying popularity
Original programs’ WAU doubles * year -over -year to reach a record high

21
3. Media & IP Business
[ABEMA ]
©AbemaTV , Inc.
*1 The 30 thAsian Television Awards: Winners will be announced on Saturday, November 29, 2025. *2 The 38 thTokyo International Film Festival: From Monday, October 27, 2025, to Wednesday, November 5, 2025
Six original dramas were streamed in FY2025
Some works have been nominated for the Asian Television Awards *1
and selected for the Tokyo International Film Festival *2

22
3. Media & IP Business
ABEMA de DAZN ABEMA de WOWSPO ABEMA de J SPORTS
※4
ABEMA de GREEN CHANNEL ABEMA premium -Disney+ plan * ABEMA de DOWNTOWN+
[ABEMA membership plans ] Strengthen content expansion with external partners
©AbemaTV , Inc.
Apr.2025 Nov.2025 Oct.2025
* ABEMA premium -Disney+ plan: Provided by an alliance that is not included in ABEMA membership.

[IP Business ]
Acquisition
Anime AI
STUDIO
Establishment
Kaeru
AbemaTV,Inc .
Founding
CA -Cygames
Anime Fund
Establishment
Tokyo Anime
Artifacts, Inc.
Founding Service Release
2023 2024 2025 2016
Service Release
Acquisition
CAAnimation
Establishment
Anime Business
Unit
Establishment
Launch
Entertainment
Business Unit
Establishment
Animecomics
Store Open Renamed
Establishment
Animation AI Lab
Establishment
*Includes departments and services that have been merged or eliminated.
Entertainment
Merchandise
Cygames Pictures, Inc.
Founding
Acquisition
23
3. Media & IP Business
Restart
CA America
Founding
October
Launch
Founding
IP business has been enhanced gradually since ABEMA’s launch
Studio Kurm was founded as the third animation studio in the group

3. Media & IP Business
[IP Business ]
Originals/Comics Anime Event/Merchandise
24
Global
Entertainment
Business Unit
Developing our own IP aimed at global success
Distribution/marketing
Animation AI
Lab
Expanding hotel business leveraging IP
Signed to acquire its own theater
Now Available in English, Chinese, and French
Available in 20 countries as of Oct.
Apr.
Open
Oct.
Founding
Mar.
Artists started
to live in
We are building a system that can handle an entire process from
original work to monetization and actively leverage group synergies

25
Internet Advertisement

26
Sales remain stable despite the loss of
a large client
FY2025 461.2 billion yen (up 6.1 % YoY)
[Full Year Sales]
Billion Yen
indicates the sales of MicroAd , Inc., which became a non -consolidated company.
YoY
+6.1 %
4. Internet Advertisement Business
* FY2021 to FY2024: figures reported as corrected on May 15, 2025.321.0
376.0
404.5
434.6
461.2
FY2021 FY2022 FY2023 FY2024 FY2025

27
[Full Year OP]
Billion Yen
OP decreased due to investments in
the new business utilizing AI
FY2025 17.6 billion yen (down 14.0 % YoY)
YoY
-14.0 %
4. Internet Advertisement Business
* FY2021 to FY2024: figures reported as corrected on May 15, 2025.22.2
23.7
17.4
20.4
17.6
FY2021 FY2022 FY2023 FY2024 FY2025

28
[Quarterly Sales]
Billion Yen
indicates the sales of MicroAd , Inc., which became a non -consolidated company.
4. Internet Advertisement Business
Sales increased by expanding our share
among existing clients
Q4 114.4 billion yen (up 3.2 % YoY)
* FY2021 to FY2024: figures reported as corrected on May 15, 2025.
YoY
+3.2 %76.5
80.6 81.7 82.0
87.6
96.8 99.3
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
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

29
4. Internet Advertisement Business
[Quarterly OP]
Billion Yen
*1 Quarterly OP : Year -end bonuses in FY2021, FY2024, and FY2025 are excluded. *2 FY2021 to FY2024: figures reported as corrected on May 15, 2025.
We are currently taking various
actions to improve profitability
Q4 3.3 billion yen (down 33.3 % YoY)
YoY
-33.3 %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
0
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

FY2016 FY2025
Research and Development
Maximizing Advertising Effectiveness
FY2020
New Advertising
Method
30
4. Internet Advertisement Business
[Outlook] Turning AI -driven structural changes into growth opportunities
Ver.2
Large language model
CA Assistant
AI Creative Process
Outsourcing
AI Worker
AI Shift, inc
AI Models
CyberAgentLM
Large language model
CyberAgentLM
Large language model
CyberAgentLM
Large language model
VLM
Vision language model
Ver.2 Ver.3
Efficiency Enhancement
GEO Lab.
AI customer
success center
Japan’s Best AI
Video Center
CyberGrip, Inc.
NEW
NEW
NEW
NEW
NEW
NEW
NEW

31
4. Internet Advertisement Business
[Outlook] We are leveraging our adaptability to change and rapidly launching AI –
powered businesses
July
2025 Research on New Marketing Methods CRM Specialized Team for the AI Search Era
Providing low -cost videos utilizing AI AI -Powered Performance -Based Agency
September
2025
October
2025
AI -Powered Performance -Based Agency
CyberGrip, Inc. begins operation
Launch of AI Customer Success Center
Strengthening User Relationships
in the AI Search Era
Low -cost, fast -delivery, high -quality video ads with gen AI
Japan’s Best AI Video Center
October
2025

32
Game

33
5 . Game Business
[Full Year Sales]
Sales increased, driven by several new hit
games
FY2025 216.7 billion yen (up 10.6 % YoY)
Billion Yen
YoY
＋ 10.6 %262.7
228.3
179.1
195.9
216.7
FY2021 FY2022 FY2023 FY2024 FY2025

34
[Full Year OP]
Billion Yen
YoY
＋ 96.5 %
96.4
OP doubled year -over -year
FY2025 60.0 billion yen (up 96.5 % YoY)
5 . Game Business60.5
22.7
30.5
60.0
FY2021 FY2022 FY2023 FY2024 FY2025

35
5. Game Business
[Quarterly Sales]
Q4 76.3 billion yen (up 70.0 % 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
Sales driven by new games and global
expansion
■ Games released after FY2024
■ Games released before FY2024 and others
YoY
+70.0 %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
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

36
Q4 25.6 billion yen ( 6.1 x YoY)
[Quarterly OP]
44.2
5. Game Business
Billion Yen
* Quarterly OP : Year -end bonuses in FY2021 and FY2024 and FY2025 are excluded.
OP margin reached 33.5%
The transfer to external payment
method had a positive impact
YoY
6.1 X1.1
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
3.8%
36.3%
47.9%
36.8%
29.4%
31.0%
21.4%
22.1%
12.7%
24.5%
-0.5%
5.8%
7.8%
27.1%
13.2%
9.4% 8.8%
29.8%
32.5%
33.5%
-1.0%
19.0%
39.0%
59.0%
79.0%
99.0%
(0) 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

37
[New Game]
5. Game Business
Seven new games have been released in FY 2025 and
maintain a high success rate
Worldwide
Release
* Copyrights are stated on the last page.
Worldwide
Release
Worldwide
Release
Worldwide
Release
Worldwide
Release
Eng.version
Release

38
[Focus Area]
5. Game Business
Overseas sales* increased 6.0 times year -over -year to ¥20.0 billion
Global expansion
Breeders’ Cup (USA)
38
Anime Expo (USA)
Overseas sales *
YoY
6.0 X
* Overseas Sales: Revenue from our Group’s publishing titles and overseas advertising sales
Billion Yen
Taipei Game Show (Taiwan)2.6
9.9
4.2
3.3 3.9 3.7
5.9
20
1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q
FY2024 FY2025

39
Medium to Long – Term Strategy

40
6. Medium to Long -Term Strategy
Mega hit title
To build a high -profit business model, accumulate profits from
Media & IP business along with Ad business,
and strive to create new hit games in Game business
FY2021 FY2025
0
Medium to long -term profit growth plan
Media & IP
Business
Internet Advertisement
Business
Game
Business

41
Changes in Representative Directors

42
https://www.cyberagent.co.jp/en/way/list/detail/id=32700
Leadership Transitions: The Handover from the
Founding President to the Second Generation
* The matter is scheduled to be approved at the 28th Annual General Meeting of Shareholders, to be held on December 12, 2025, and at the s ubsequent meeting of the Board of Directors.
“Ameblo by a president
working in Shibuya”
https://ameblo.jp/shibuya/
“A blog by CyberAgent’s
president”
https://ameblo.jp/t -crossover/
7. Changes in Representative Directors
[Succession] Next President is appointed on November 14, 2025 *
Susumu Fujita, candidate for Representative Director and Chairman
Takahiro Yamauchi, a candidate for Representative Director and President

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

44
Reference
– Quarterly Results (July – September 2025)
– Purpose

Billion Yen
45
Q4 242.0 billion yen (up 18.8 % YoY)
[Consolidated Sales]
* FY2021 to FY2024: figures reported as corrected on May 15, 2025.
YoY
+18.8 ％
8. Reference_ Quarterly Results (July – September 2025)130.9
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
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

46
[Consolidated OP]
44.4
Billion Yen
YoY
4.4 x
* FY2021 to FY2024: figures reported as corrected on May 15, 2025.
Q4 22.9 billion yen ( 4.4 x YoY)
8. Reference_ Quarterly Results (July – September 2025)7.0
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
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

47
[SG&A Expenses]
*1
Billion Yen *2
8. Reference_ Quarterly Results (July – September 2025)
Q4 57.8 billion yen (up 15.7 % YoY)
*1 Other: Outsourcing expenses, system -related expenses, payment fees, entertainment expenses, selling expenses, and others. *2 FY2021 to FY2024: figures reported as corrected on May 15, 2025.10.1 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
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
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
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
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
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
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 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

48
[No. of Employees ]
* Media & IP: According to the change in the segment, headcount has been recalculated retroactively from FY 2021.
headcount
8. Reference_ Quarterly Results (July – September 2025)
Total headcount was 8,284 at the end of September.
(+434 YoY)
*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 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

49
[PL]
*1 Net income attributable to owners of the parent is a ffected by the fact that AbemaTV , Inc. is exempted from the group tax sharing system, and non -controlling equity interest (minority interest) of Cygames , Inc. *2 FY2024 Q4: figures reported as corrected on May 15, 2025.
*1
*2
8. Reference_ Quarterly Results (July – September 2025)　　 million yen FY2025 Q4 FY2024 Q4 YoY FY2025 Q3 QoQ
Net Sales 242,037 203,751 18.8% 210,778 14.8%
Gross profit 80,745 55,252 46.1% 63,499 27.2%
SG&A expenses 57,842 50,002 15.7% 43,869 31.8%
Operating income 22,903 5,250 336.2% 19,629 16.7%
Operating margin 9.5% 2.6% 6.9pt 9.3% 0.2pt
Ordinary income 23,111 3,856 499.3% 19,452 18.8%
Extraordinary income 59 3 1854.4% 41 43.7%
Extraordinary loss 3,700 3,199 15.6% 2,442 51.5%
Income before income taxes
and non-controlling interests
19,470 659 2850.4% 17,050 14.2%
Net income attributable to
owners of the parent
7,564 1,250 504.7% 8,239 -8.2%

50
[BS]
*1 Net Cash: Long -term bank loans, convertible bonds, short -term bank loans, and others are excluded from current cash deposits . *2 FY2024 Q4 : figures reported as corrected on May 15, 2025.
*1
*2
8. Reference_ Quarterly Results (July – September 2025) 　　　　　　 Unit: million yen
End of
Sept. 2025
End of
Sept. 2024
YoY
End of
Jun. 2025
QoQ
Current assets 390,215 358,632 8.8% 367,676 6.1%
(Cash deposits) 229,849 210,041 9.4% 209,030 10.0%
Fixed assets 166,908 158,005 5.6% 163,214 2.3%
Total assets 557,162 516,686 7.8% 530,931 4.9%
Current liabilities 177,791 168,226 5.7% 153,511 15.8%
(Income tax payable) 20,797 9,709 114.2% 10,020 107.6%
Fixed liabilities 103,689 97,955 5.9% 103,765 -0.1%
Shareholders’ equity 166,285 142,439 16.7% 158,398 5.0%
Net Assets 275,681 250,504 10.1% 273,654 0.7%
(Reference) Net Cash 129,801 98,998 31.1% 111,089 16.8%

51
8. Reference_ Purpose
* Purpose is established in October 2021.

52
Copyrights of Game Business on Page 37
1SD Gundam G Generation ETERNAL ：©SOTSU ・SUNRISE ©SOTSU ・SUNRISE ・MBS Publisher: Bandai Namco Entertainment Inc. Co -developed by Bandai Namco Entertainment Inc. and Applibot , Inc.
2 Shadowverse : Worlds Beyond: © Cygames , Inc.
3 Umamusume : Pretty Derby : © Cygames , Inc.
4Jujutsu Kaisen Phantom Parade:© Gege Akutami/ Shueisha , JUJUTSU KAISEN Project © Sumzap , Inc./TOHO CO., LTD. All Rights Reserved. Published by BILIBILI HK LIMITED
5Chiikawa Pocket: © nagano / chiikawa committee Developed by Applibot , Inc.
6SAKAMOTO DAYS Dangerous Puzzle: ©Yuto Suzuki / Shueisha ・SAKAMOTO DAYS Production Committee© GOODROID,Inc . ALL Rights Reserved. CyberAgent Group.
7Hello Kitty Merch Match: © ’25 SANRIO CO., LTD. APPR. NO. G660123
FY2026 Q1 earnings release is scheduled to be released at 3:30 pm or later on Friday, February 6, 2026.