Koei Tecmo 2024 Integrated Report

KOEI TECMO HOLDINGS
©KOEI TECMO GAMES. Rise of the Ronin is a trademark of KOEI TECMO GAMES CO., LTD. Published by Sony Interactive Enter tainment Inc.
Illustration by Yuki Kure / Shinobu Takayama © KOEI TECMO GAMES All rights reser ved.

2024
The KOEI TECMO Group (KOEI TECMO HOLDINGS CO., LTD. and
consolidated subsidiaries) places importance on active dialogue with
stakeholders in all of its business activities. The purpose of the
Integrated Report is to (1) provide readers around the world with a
comprehensive understanding of the Group
`s activities, sources of
management strategy and value creation, and the social and economic
value created by the Group and to (2) further upgrade the corporate
value of the Group through the process.
During the editing process, we make use of reference sources including
the International Integrated Reporting Framework endorsed by the IFRS
Foundation, and the Guidance for Collaborative Value Creation from the
Ministry of Economy, Trade and Industry, among other materials.
Editorial Policy
About KOEI TECMO HOLDINGS
Japanese https://w w w.koeitecmo.co.jp
English https://w w w.koeitecmo.co.jp/e
Period covered: Fiscal 2023 (April 1, 2023 to March 31, 2024) *Some information from April 2024 onwards is also included.
Scope of coverage: KOEI TECMO HOLDINGS CO., LTD.
and consolidated subsidiaries
Issued February 2025
Regarding Forward-Looking Statements
This report contains forward-looking statements, including the Company `s future
plans, projections, and strategies, based on information available at the time this
report was created. Actual performance may differ significantly from these
projections due to a variety of factors.
CONTENTS
KOEI TECMO Group Basic Philosophy ……………………………………………. 3
KOEI TECMO History ……………………………………………………………..\
………….. 4
IP-based Brand System ………………………………………………………………\
…….. 6
Introduction
Message from the Chairperson ………………………………………………………… 7
Message from the President ……………………………………………………………..\
. 8
Message from the Executive Vice President ………………………………… 11
Value Creation Process ……………………………………………………………..\
……. 14
KOEI TECMO `s Management Capital Source of Value Creation ……. 15
KOEI TECMO `s Business Model …………………………………………………….. 16
KOEI TECMO `s Three Strengths …………………………………………………….. 17
yƒ Multi-Layered Revenue Cycle ………………………………………………… 18
y„ Excellent Power of Development, Technology, y and Project Management ………………………………………………………. 20
y… Transcendent Human Power …………………………………………………. 24
Dialogue between AAA Title Producers ………………………………………… 25
Value Creation at
KOEI TECMO
Message from the CFO ……………………………………………………………..\
……. 28
Review and Present Status of Medium-Term Management Plan ….. 31
List of Titles from the Past Three Years …………………………………………. 32
Medium-Term
Management Plan
KOEI TECMO `s Sustainability …………………………………………………………. 33
Message from the CSuO ……………………………………………………………..\
…. 34
Human Capital Management ………………………………………………………….. 35
Co-creation of Value with Stakeholders ………………………………………… 40
TCFD Recommendations Initiatives ……………………………………………….. 41
Strategy for Achieving
Sustainable Growth
Corporate Governance Roundtable Discussion Between Outside Directors ……………………. 42
Corporate Governance Overview …………………………………………. 46
Directors and Audit & Supervisory Board Members ……………………. 51
Internal Control Systems and Risk Management System …………… 53
Business Risks ………………………………………………………………\
…………………. 54
Information Security ……………………………………………………………..\
………….. 55
Financial and
Non-Financial Data 11-Year Financial Summary ……………………………………………………………..\
56
Global Business Expansion ……………………………………………………………. 57
Non-Financial Data ……………………………………………………………..\
…………… 58
Company Profile and Investor Information ……………………………………. 59 KOEI TECMO HOLDINGS CO., LTD. y1-18-12 Minowa-cho, Kouhoku-ku, Yokohama, Kanagawa, 223-8503, Japan

Creativity & Contribution
Contribute to society through the creation of
new value instilled within our products and services
KOEI TECMO Ethos Corporate Slogan
Level up your happiness
To Become the World `s No.1
Digital Entertainment Company
Vision
Product Concept
Quality & Satisfaction
Provide great satisfaction to customers through high quality
Basic Management Policies
Achieve Continuous
Growth and Profitability
Create a stable management
base and aim for continuous growth and development.
Provide the Best
Entertainment Content
Provide our customers with the
most emotionally moving
experiences through the creation of superior content.
Challenge New Business
Continue to take on the
challenge of creating something new and beneficial to our society.
Improve Employee Welfare
Become a vibrant and attractive
company through the improvement of our business per formance and employee welfare.
KOEI TECMO Group `s Basic Philosophy is to promote management that circulates the four Basic Management Policies that
adhere to the KOEI TECMO Ethos and the Corporate Slogan, a message that conveys this Ethos to customers. Our Vision is
lTo Become the World `s
No.1 Digital Entertainment Company
z in terms of operating profit, and in working toward this objective we pursue lQuality & Satisfaction z.
KOEI TECMO Group also aims to provide valuable entertainment with a spirit of
lCreativity & Contribution z.
Management Policy for FY2024
Create and Develop
Globa l IPs
Medium-Term Management Plan
P31 Genre expansion Licensing expansion
Platform expansion Collaborative expansion Tie-ins development
Global IPs
w Animationw Toy sw Moviesw Apparelw Goodsw Foods
w Comicsw Drinksw Publishingw TVw Musicw Communities
Create and Develop Global IPs
Ethos
Corporate
management targets
Management
Policy
For realizing our Ethos
Management Strategies
Strategies to realize
the Management Policies
Introduction KOEI TECMO Group Basic Philosophy
3

19671978 Pre-integration of management 2009
Game software
Arcades /
amusements
Main milestones
Ù 1970 TECMO
The first self-managed amusement facility
was opened in a bowling center in
Anegasaki, Chiba Prefecture.
Star t of Amusement business
Ù 19 8 9 TECMO
÷TECMO BOWL é and ÷NINJA GAIDEN é
were released in USA.
Foundation for global expansion
2000s
1990 s
1980 s
1970 s
1960 s
Ù 19 81 KOEI
The first enter tainment sof tware lKawanakajima no Kassen z and lInvestment Game z was released.
First entertainment software
Ù 19 8 3 KOEI
Historical simulation game titles for PC lNOBUNAGA `S AMBITION z was released.
Ù 19 8 5 KOEI
Historical simulation game titles
for PC lRomance of the Three
Kingdomsz was released.
Ù 1986 TECMO
÷Mighty BombJack é was released.
The first developed home video
game software New IP. Later, the lWarriors z series
game system was born,
embodying the Group `s multi-layered
profit structure (2– 4 layers).
Ù 1994 KOEI
lAngelique z a love
simulation game for
women, was released.
Ù 2000 KOEI
lKessen z a real-time simulation
game, was released.
First software title for
KOEI TECMO Journey to Creating a Business Base
Ù 2009 KOEI TECMO HOLDINGS
CO., LTD. founded through
business integration.
(currently, KOEI TECMO HOLDINGS CO., LTD.)
Ù 19 67 Established Nippon Yacht Corporation.
(Company name changed to TECMO, LTD. in 1986)
Ù 1978 Established KOEI
Co., Ltd.
Ù 19 8 3 Family Computer / Nintendo Enter tainment
System (NES) was released by Nintendo.
Ù 19 9 0 Super Nintendo Enter tainment System
(SNES) was released by Nintendo.
Ù 1994 PlayStation was released by Sony.
SEGA SATURN was released by SEGA.
Ù 2000 PlayStation 2 was released by Sony.
Ù 2002 Xbox was released by Microsof t.
Ù 19 81 TECMO
lPLEIADS z TECMO `s
first in-house developed amusement software,
was released.
Ù 2000 KOEI
Mighty warrior action game
lDYNASTY WARRIORS z was released.
The Group has achieved steady growth thanks to its products and multi-layered profit structure, which support its business base.
Ù 19 9 6 TECMO The arcade version of lDEAD OR ALIVE z was released.
©K YORAKU © KOEI TECMO GAMES CO., LTD. All rights reser ved.
Introduction KOEI TECMO History 1
PlayStation 2
Ù 2003 KOEI
÷Nobunaga îs Ambition Online é
of ficial ser vice star ted.
First large-scale onlinemultiplayer RPG
Ù 2000 TECMO ÷CR Sen-nin Paradise é was released by
K YOR AKU SANGYO.
First software title for LCD-screenpachinko machines.
4

2016-20192020- 2009 Post-integration of management Establishment of brand system Expansion of company performance
Main milestones
Game console/PC
Mobile/Social game
Multi-layered revenue cycle
Ù 2 0 11 All of the shares of Gust Co. Ltd.
were acquired, making the Company
a wholly owned subsidiary.
(Merged with KOEI TECMO GAMES CO., LTD. in 2014)
Ù 2010 The social game l100Man-nin no Nobunaga
no Yabou z exceeded
1 million registered users.
Ù 2 016 A brand system was established based on IP.
lKOU SHIBUSAWA brand z, lOmega Force brand z, lTeam NINJA brand z, lGust brand z, and lRuby
Party brand z
Ù 2 017 Established a brand ÷midas é Transitioning to six brand system.
Ù 2020 The new K T Building of fice and
the music hall K T Zepp Yokohama opened in Yokohama.
Ù 2024 ÷A A A Games Studio é
was established.
Ù 2023 A capital and
business alliance
was formed with
Akatsuki Inc.
Expanded into
social games
Ù 2 013 The social games began ser vice in China.
(The social games lSamurai Cats z£
Expansion of social games into China
Ù 2022 The ÷Nioh é series sold
7.5 million total copies.
Continuous rollout
of new IP
Ù 2024 Total worldwide
players of new IP
title
lWo Long:
Fallen Dynasty z exceeded 5 million.
2020s
2010s
Ù 2 012 lSamurai Cats z and l100Man-nin
no Sangokushi Specialz social
game ser vices began in Taiwan,
Hong Kong, and Macao.
Expansion of social games overseas
Ù 2022 A mobile game lNobunaga `s Ambition Hadou z
exceeded monthly sales of 1 billion yen.
Ù 2 016 Collaborative title lAttack
on Titan z was launched.
Game conversion of hugely
popular manga comic book
and anime series
Ù 2 014 Developed ÷The Hyrule Warriors é
Ù 2 015 Developed ÷Dragon Quest
Heroes: The World Tree îs
Woe and the Blight Belowé
for SQUARE ENIX CO., LTD.
Ù 2 016 ÷Unchar ted Waters V é exceeded
3 million users worldwide.
Ù 2 016 Developed ÷Yo-Kai Sangokushi
Kunitori Wars.é
Ù 2 017 Developed collaborative title lFire Emblem Warriors z.
Ù 2 018 Developed ÷DRAGON
QUEST BUILDERS™ 2 é
for SQUARE ENIX CO., LTD.
Ù 2020 ÷Atelier Ryza 2: Lost
Legends & the Secret
Fairy
é of the ÷Atelier é
series was released.
First software title forPlayStation 5
Changes in
net sales and
operating profit
Ù 2022 lThe Hyrule Warriors: Age of
Calamity z exceeded 4 million
copies shipped worldwide.*
2009 2 0102 0 112 0 12 2 013 2 0 142 0 152 016 2 0 172 018 2 0192020 20212022
78.4 84.5
28.4
3 9 .1
34.5
24.3
14 .1
12 . 0
11. 7
8.7
11. 0
9.6
7.1
6.2
5.7
3.3 72.7
60.3
42.6
34.5
0.6 38.9
38.9
3 7. 0
38.3
3 7. 7
3 7. 5
35.5 34.6
32.0
2023 (FY)
Net sales (Billion yen)
Ù 2 019 The IP licensing-out title lThree Kingdoms Tactics z
was a big hit in mainland China.
An example of IP licensing contributing to increased profits
Ù 2 018 The IP licensing-out title lShin-Sangoku-shi z, which was a big
hit in Asia, was released in Japan.
Ù 2021 A mobile game lRomance of the Three Kingdoms
Hadou z exceeded monthly sales of 1 billion yen.
Example of a collaborative title continuouslycontributing to profits
Operating profit (Billion yen)
©2024 HERO ENTERTAINMENT CO, LIMITED All Rights Reser ved. ©Shanghai TCI Network Technology. Co., Ltd All Rights Reser ved. Nintendo
©KOEI TECMO GAMES CO., LTD. All Rights Reser ved. Licensed by Nintendo. © Hajime Isayama & Kodansha Ltd. / Attack on Titan Production Committee © KOEI TECMO GAMES CO., LTD. *Sold overseas by Nintendo Co., Ltd.
Introduction KOEI TECMO History 2
IP licensing-out title lreverse-imported z
back to Japan, IP licensing spreads
Shift to full-scale in-house development
and in-house IP for mobile games
5

Illustration by Ichi Sayo © KOEI TECMO GAMES All rights reser ved.
KOU SHIBUSAWA
NOBUNAGA `S AMBITION
Romance of the Three Kingdoms Winning Post
Unchar ted Waters
Main titles
Omega Force
DYNASTY WARRIORS SAMURAI WARRIORS Toukiden
Main titles
Team NINJA
Nioh
DEAD OR ALIVE
Rise of the Ronin
Main titles
Gust
Atelier series
BLUE REFLECTION series
Main titles
Ruby Par ty
Angelique
Haruka: Beyond the Stream of Time La Corda d
`Oro
Main titles
midas
NOBUNAGA `S AMBITION: Shutsujin
Shin Hokuto Musou
Main titles
Under development
Main titles
Global
Ownership of the titles establishing global reputations such as lNioh z
and lRise of the Ronin z
Hard action
Games feature speed and exhilaration
Over
7.5 million copies
Total shipped copies of the high-
difficulty action RPG lNioh z series
exceeded 7.5 million globally
Character
A unique fantastical world view
featuring the allure of characters
Media mi x
The popular title lAtelier Ryza z was
made into an animated T V show in summer 2023
RPG selling over
7.5 million copies
Star ting from its release in 1997,
the cumulative total global shipments of the
lAtelier z series depicting the
growth of alchemists exceeded 7.5 million copies
Smartphone
Specialized in the development of mobile games
Enrich the
everyday lives of players
Create games that enrich people `s
ever yday lives and society
Challenge
Taking on challenges such as
location / positional information games and collaborations across Japan
First in
the world
The historical simulation game
genre established through such
titles as
lNobunaga `s Ambition z and lRomance of the Three Kingdoms z
Over
40 years
The first title lKawanakajima no
Kassenz released in 1981
From Asia to the world
The number of downloads of lThree Kingdoms Tactics z
exceeded 100 million globally
Wa r r i or s
lWarriors z became a game genre,
having begun with lDynasty
Warriors z released in 1997
Over
21 million
copies
Total sales of the appealingly
exhilarating mighty warrior action
game
lDynasty Warriors 2 z series
exceeded 21 million globally
Collaboration
with leading I P s
lFire Emblem Warriors: Three Hopes z, lThe Hyrule Warriors: Age of
Calamity z and more
Pioneer
A romance simulation game for
women. The new lNeo Romance z
genre established
30th
anniversary
Combined a game with an event
as a pioneer in media mix
More female employees recruited
Continued the proactive
recruitment of female employees engaging in development
AAA
Quality
AAA quality global titles
Chemistry of K now-how
Fusion of knowledge from
multiple brands
Creating
Ne w Va l u e
New interest and excitement
from our new studio
A A A Games Studio
Highly Individual Six Brands & One Studio
We have six different brands and one studio, and develop and deploy a wide variety of titles by leveraging the unique individuality of each.
Introduction IP-based Brand System
6
6

Utilizing my original ideas in businesses
and creating new game genres for women
Starting with game development on a computer I gave as
a birthday present to Yoichi Erikawa, who was involved in
wholesaling dye industrial products, we launched a
company as a couple and by 1981 this company had
evolved into a game software development firm. Our
company gradually expanded, and when a weekly
magazine recommended one of our historical simulation
games, sales increased and our presence grew.
After releasing a complex tactical game, I suddenly
realized that players could more easily plan strategies by
actually moving pieces on top of a paper map. Acting on
this awareness, we created and began selling strategy
maps, which spurred large sales as customers seemed
to prefer moving pieces while thinking instead of just
thinking in their heads. I also realized then that combining
the virtual experience of a game with the reality of a map
in this manner could create new business. Witnessing so
many people enjoying my idea, which also generated
profits for our company, was a truly precious experience.
As the game industry subsequently continued to gain
momentum and games featuring diverse themes were
released, I launched
lRuby P a r t y, z the world `s first brand
specifically tailored to women. I then created the first game
in the
lNeo Romance z series, establishing the new genre of
romance games for women. I continued to take on new
challenges and successfully created a media franchise that
expanded beyond just games, such as by holding
character concerts, which had not existed at the time. This
approach also helped spawn new business opportunities. Strengthening our financial base and
establishing environments where
creators can utilize their capabilities
with peace of mind
The key to KOEI TECMO `s growth is our employees. Numerous people join KOEI TECMO because they have
enjoyed the games we create and are filled with a
passionate desire to develop games that are even more
fun. Employees grow by working hard together with their
seniors, and each of us can grow together with the
company starting from the day we join. KOEI TECMO
strives to be a company in which creators can
continuously experience this joy.
KOEI TECMO has numerous outstanding employees
who possess creative abilities at their core and they are
also being nurtured as new leaders. To make further leaps
forward in the future, these creators can also raise the
value of game software by continuously observing and
learning from the best talent around them, not just in
game software, and by thinking and acting on their own.
By understanding what is the best, creators can identify
things that are truly outstanding. This enables them to
think about development and advancements starting from
the highest standards. If they can create something new
that surpasses existing standards, then making better
things will become the driving force that changes society.
I have been focusing my efforts on establishing
environments where creators can work with peace of
mind to utilize their abilities to the fullest. As part of
efforts to create such environments, we expanded and
upgraded employee dormitories and company housing.
Additionally, as head of financial operations, I constantly
analyze international conditions and leverage my
experience in investing to enhance profitability through
the use of surplus funds. By fortifying our financial base,
I will also contribute to providing environments where
creators can leverage maximum creativity and immerse
themselves in the development of games they love.
Becoming a company that creates new
value and contributes to the enrichment
of people
`s lives around the world
Our fervent desire and ideas for creating the best
content underpin the development of original and
outstanding titles. These games bring joy and vitality to
people around the world and contribute to enriching their
lives and society. I am confident that this virtuous cycle
will ultimately help KOEI TECMO realize its spirit of
lcreation and contribution z and its vision of becoming
lThe World `s No. 1 Digital Entertainment Company. z
Value Creation at KOEI TECMO Message from the Chairperson
Becoming a Company that Continuously Grows
and Contributes to Society around the World
through the Power of People
KEIKO ERIK AWA
Chairperson and Representative Director
7

Pursuing new entertainment
through
lCreativity & Contribution z
and exciting game fans inspires
future creations
What I value most in our corporate philosophy is
KOEI TECMO
`s spirit of lCreativity & Contribution. z
This embodies the essence of our business and is
what we expect most from our employees. By
embracing this spirit together, we aim to create new
entertainment for game fans, which in turn contributes
to society. I believe that promoting this approach is
essential to our identity as a company and the
direction we should take. Realizing
lCreativity &
Contribution
z is crucial for our employees, as it
enhances their sense of purpose and fulfillment in
their work, ultimately enriching their lives.
In this way,
lCreativity & Contribution z represents
not only my vision but also the vision of the Company
as a whole.
Bold challenges taken in FY2023:
Paving the future with
lRise of the Ronin z
Released in March 2024, lRise of the Ronin z was a title
that challenged us to achieve two key objectives:
creating a title with sales of five million units as part of
our Medium-Term Management Plan and focusing on
open-world gaming as a priority for FY2023. This game received an impressive User Score of 8.9 on
Metacritic*
1, a site that compiles game evaluations from
around the world. We are thrilled that the quality we
aimed for with this action game has been so highly
appreciated by gamers globally.
On the other hand, we received a harsher evaluation
than expected for the Metascore*
2, which has made
our areas for improvement clearer. Regarding CG
quality, Western fans anticipated a photorealistic style
rather than the real-anime style we aimed for with
lRise
of the Ronin.
z While the excitement of the battles and
action gameplay was highly praised, there are still
challenges in creating new entertainment within the
open-world format.
Taking these factors into account, as we move
toward developing our next title that achieves sales of
five million units, we want to focus on three key areas.
The first is a renewed challenge in open-world design.
We will work to boldly incorporate new forms of
entertainment into open-world gameplay as a standard
feature for our upcoming A A A titles*
3.
The second focus is to elevate the quality of our CG
to meet the expectations of Western gamers. Our
proprietary game engine,
lKatana Engine TM,z supports
a wide range of CG production, from photorealism to
anime-style non-photorealism. We are committed to
actively enhancing the quality to exceed the
expectations of Western fans.
Finally, we will concentrate on action games using
swords. The combination of sword-based action and
open-world design is a perfect match and is a
distinctive strength for us. We aim to further refine this
aspect to achieve overwhelming superiority compared
to other games.
Value Creation at KOEI TECMO Message from the President
Continuing to Create Exciting Entertainment for Game Fans around the World,
Aiming to Become
lT h e Wo r l d `s No. 1 Digital Entertainment Company z
YOICHI ERIKAWA
President and CEO
8

We will create an open-world experience that
features stages depicted with realistic CG,
complemented by stunning sword action, while
incorporating the Japanese and Asian worldviews and
cultures that KOEI TECMO excels in. This will enable us
to establish a development framework that consistently
produces titles that achieve sales of five million units.
*1. Metacritic is a review aggregation site for games, movies, and other media, providing two
ratings: the User Score based on user reviews, and the Metascore, which quantifies reviews
from game critics
` websites.
*2. As of September 1, 2024.
*3. A A A titles refer to games that are massive hits and have been developed with substantial budgets and intricate detail.
KOEI TECMO continues to
grow despite the gaming
industry
`s plateau
According to data from various research and survey
institutions, the global gaming industry is expected to
achieve stable annual growth of 2% to 5%, with little
likelihood of returning to past rapid growth.
Consequently, as the industry stabilizes, we anticipate
movements such as M& A and restructuring through a
scrap-and-build approach.
Despite these trends, KOEI TECMO retains
significant growth potential. As we continue to grow,
we plan to actively pursue hiring, aiming to expand our
development professionals from over 2,000 to 5,000.
Our goal is to enhance our development scale to create
games that earn high user ratings on Metacritic, aiming
to create titles with sales of five million and 10 million
units. This involves creating a development roadmap
focused on talent cultivation and project organization.
A key aspect of our management strategy for this
fiscal year is the evolution of our initiative to create and
develop global IPs. We aim to consistently produce
new titles that reach the sales milestone of five million
units each year. Our strategy for developing global IPs
encompasses five avenues: platform*
4 expansion, genre expansion, collaborative expansion, licensing
expansion, and tie-in expansion. We intend to pursue
collaboration and tie-in projects, utilizing our diverse
IPs for adaptations such as animation, film, and T V
dramas.
Looking five to ten years ahead, current platforms
will undergo generational shifts. As new technologies
emerge and integrate into the digital entertainment
landscape, new entertainment will arise. We envision a
future where CG assets seamlessly blend with real
humans. Amidst these technological innovations, our
role as a company aiming to become
lThe World `s No.
1 Digital Entertainment Company
z is to continually
provide new entertainment.
*4. lPlatform z refers to the environment or device used to play games.
The role of president to date,
and passing the torch to
the next generation
In my thirties, I believed that the role of the president
was to create great games. However, through my
experiences in management, I realized that what
employees sought from the president was to share a
vision of what the company aims to achieve and why
we create games. As a result, I focused on creating
management policies and roadmaps for management
plans, as well as providing educational opportunities to
foster good game development, sharing values with
many employees.
As I continued to manage the Company, I came to
identify three crucial aspects for KOEI TECMO
`s
leadership.
First, it is essential to create hit games; developing
new entertainment that delights many customers is the
most critical role of a president. Without the ability to
do this, a leader in a company centered around gaming
will have difficulty gaining the support of their team.
Value Creation at KOEI TECMO Message from the President
9

Second, a leader should take joy in creating new
entertainment while standing shoulder to shoulder with
our employees as we walk this journey together. It is
crucial to share in both their successes and
frustrations, fostering a sense of empathy and
connection within the team.
Lastly, to foster an enjoyable work environment, it is
important to establish organizational rules that define
job authorities and responsibilities, effectively
systematizing the know-how required for creating
successful games.
I have complete confidence in our next-generation
leadership, as they have already developed games
that bring joy to many, and I believe they will continue
to produce such titles. They are my colleagues with
whom I have collaborated to create hit games, and I
place immense trust in them. If they step into
leadership roles within the Company, I know that all
employees will trust and follow them, inspiring our
entire team to embrace the game-making process,
which will ultimately contribute to the Company
`s
enhanced growth.
Moving forward, I will continue to manage the
Company alongside the next generation of leaders
while also focusing on establishing a support system
for the future. I recognize that creating an environment
where growth can thrive, regardless of the structure in
place, is another important role I must fulfill.
Next steps for achieving
our vision and promoting
Asian culture worldwide
We envision ourselves as lThe World `s No. 1 Digital
Entertainment Company.
z Our research shows that
among publicly listed digital entertainment companies,
we have improved our operating profit rankings from
25th four years ago to 23rd three years ago, 20th two years ago, 17th last year, and now 14th in FY2023. We
use operating profit as a benchmark because we
believe it reflects the high expectations of game fans.
As we strive to become
lThe World `s No. 1, z our
primary goal is to reach the top 10 globally. A key
challenge in this endeavor is the development of titles
with sales of five million units. We are fully committed to
creating titles with sales of both five million and
eventually 10 million units. The KOEI TECMO Group has
the capability to achieve these results and has already
established a solid track record.
Furthermore, with our development bases in Japan
and Asia, we aim to create games and titles that
highlight the history and culture of Asia for a global
audience. We believe this initiative will enhance the
appeal of Japan and Asia as a whole.
Going forward, we will continue to contribute to
social value creation through the development of
engaging games. We invite you to join us on our journey
toward the future growth of the KOEI TECMO Group.
KOU SHIBUSAWA
Value Creation at KOEI TECMO Message from the President
10

Achievements from new challenges
in console, PC, and mobile markets
The year that ended in March 2024 (FY2023) marked a
year of new challenges, though we did not achieve our
expected financial results. While sales reached an
all-time high, operating profit fell short of targets, which I
believe is due to the results of new initiatives taking time
to materialize. Reflecting on this past year, it is clear that
we were able to create high-quality titles across console,
PC, and mobile platforms, just as planned.
With the release of
lRise of the Ronin z for consoles,
we were able to achieve success in two major
challenges: delivering a A A A title and taking on an
open-world project. While there are areas for
improvement, particularly in CG and visuals, the game
was well-received for being highly enjoyable, a quality
expected of the Team NINJA brand. The insights gained
from
lRise of the Ronin zŠ both its strengths and
challenges
Šwill serve as valuable assets for future
growth.
In terms of the mobile market, we invested significant
development resources in order to launch
lAtelier
Resleriana: Forgotten Alchemy & the Liberator of Polar
Night.
z This title was a collaboration between our
in-house brands Gust and Team NINJA, combining
expertise to deliver high-quality graphics. We are proud
of the strong visual performance of the game, which has
been well-received in the mobile game market. This
achievement represents a key milestone that will
contribute to future growth.
Fourth Medium-Term
Management Plan: Building a
future foundation and new IPs
The Fourth Medium-Term Management Plan
(FY2025–2027) will not only involve a renewed focus on
the performance targets set in the ongoing Third
Medium-Term Management Plan (FY2022–2024), but
also emphasize building a foundation for the future and
creating new intellectual properties (IPs).
Developing IPs and titles takes time. Within the
three-year period of a medium-term management plan,
it is not feasible to fully develop console and PC titles,
so strategies must span two plans, laying the
groundwork for development. We have already started
preparations for titles that will be part of the next and
subsequent medium-term plans, and we aim to fully
realize the potential of the titles currently under
development.
Looking at the long-term horizon, further IP creation
will be crucial for the next leap forward. By continuing
our challenge to create new IP, we will drive future
growth.
Building the future through unique,
diverse game development
One of the key strengths driving the future growth of the
Group is our brand system. Each brand has its own
distinct characteristics as well as strengths in specific
genres and fields, and we leverage these to develop
Value Creation at KOEI TECMO Message from the Executive Vice President
Steering toward a New Stage by Leveraging
the Unique Strengths of KOEI TECMO
HISASHI KOINUMA
Executive Vice President and Representative Director of KOEI TECMO HOLDINGS CO., LTD.,
President & COO of KOEI TECMO GAMES CO., LTD.
11
11

and release unique titles. Looking at the Company as a
whole, our strength lies in our ability to deliver
high-quality games across a diverse array of genres,
much like a palette of vibrant and diverse colors. This
versatility allows us to collaborate effortlessly with other
companies
` IPs, ultimately strengthening the Group `s
overall capabilities.
Creating successful large-scale titles requires both
development scale and enhancement of development
capabilities. Moving forward, we aim to establish a
development framework that allows us to release one
large-scale title each year by increasing the number of
brands and expanding our capacity to develop across a
wide range of genres. This fiscal year, we launched our
A A A Games Studio. We will continue to evolve our
brand strategy, expanding development capacity both
vertically and horizontally while carefully considering the
Company
`s overall portfolio.
Future development with
diverse talent and AI
In game development, talent is paramount; it `s the
driving force behind the Group
`s growth. Our Group
structure, with multiple brands and function-based
divisions, allows for diverse challenges and innovations.
In the gaming industry, it
`s common to have
development teams alongside CG and sound
departments all within a single studio. At KOEI TECMO,
however, each brand team comprises only planners,
programmers, directors, and producers, while CG,
sound, and narrative functions operate as separate,
specialized departments. This functional division allows
CG and sound teams to join projects efficiently as
needed. Development team members can focus solely
on content creation and, upon completing a project,
move on to new projects, where they can continue to
take on fresh challenges.
This organizational structure enables our team
members to stay motivated, pursue various challenges, and strive for growth. In FY2023, we hired over 200 new
employees, both fresh graduates and mid-career
professionals, from both domestic and international
backgrounds. With a high retention rate among
employees, including those from abroad, we are
committed to fostering an environment where team
members from diverse nationalities can work together,
inspiring one another and maintaining high motivation.
In terms of development, technologies such as
generative AI have recently gained attention. As the quality and scale of games continue to rise, so do
development costs. By assigning tasks that require
24-hour operation to AI and focusing human resources
on areas where only people can add value, we believe
we can achieve higher-quality outcomes within the same
budget. AI can play diverse roles, including debugging,
translation, mid-development balancing, and handling
CG resources. The division of labor between AI and
human creators, allowing people to dedicate their efforts
to enhancing game value and quality, represents a key
innovation that we believe will drive our future
competitiveness.
Next-gen management:
Strengthening structure and
enhancing transparency
The strength of the KOEI TECMO Group owes much to
the talents and leadership of our founders, President
Erikawa and Chairman Erikawa, who drove our
evolution. However, to achieve further growth, we must
carry forward their approaches and practices while
evolving as a company.
I am currently focusing on strengthening our Group
`s
structure to operate more cohesively as an organization.
To ensure sustained growth, regardless of who is in
charge, we need a system that allows us to preserve the
founders
` spirit and values. Having served as the
president of KOEI TECMO GAMES for nearly a decade
and worked alongside the founders, I have seen the
company achieve consistently strong results, with no
concerns about our future outlook. However, we have
also relied on unspoken rules over the years, which may
no longer be effective for a growing workforce with
increasingly diverse values. This is why we are now
working to formalize and systematize these unwritten
guidelines, building an organizational structure that can
support them across the Company.
Value Creation at KOEI TECMO Message from the Executive Vice President
12

Quality checks to reduce risk in an
unpredictable gaming industry
The gaming industry is known for its unpredictability,
with hits and misses making forecasting challenging. To
reduce these risks, we have implemented targeted
quality checks throughout the development process, as
outlined on page 23, including regular version review
meetings and quality checks to minimize potential
impacts on operations. Progress is reviewed weekly in
management meetings, complemented by enhanced
version-specific reviews and both internal and external
quality checks. Additionally, our Group company, KOEI
TECMO QUALIT Y ASSURANCE, specializes in game
quality management, providing a third-party perspective
to analyze quality, hit potential, and sales projections.
External partners further contribute evaluations,
enabling a stringent, multi-layered approach to quality
control and game assessment.
To ensure stable revenue even in years without a
major hit, we are committed to our management
strategy of creating new global IP, a key to stability in
the high-risk gaming industry.
Achieving our vision:
Aiming for a top 10 global position
The KOEI TECMO Group `s vision is to become lThe
World
`s No. 1 Digital Entertainment Company. z To
achieve this, we aim to strengthen our core gaming
business, setting our first milestone as ranking in the
global top 10 in operating profit.
As the global gaming market continues to expand
with a growing player base, we recognize the need to
accelerate the development of high-quality titles that
can compete internationally, such as
lRise of the Ronin. z
Alongside large A A A titles, we are also committed to
exploring diverse genres with mid-tier and smaller titles,
increasing the frequency of new IP with series potential. Our goal is to consistently deliver appealing and diverse
games, capturing the distinct
lJapanese sensibility z that
adds unique value to our creations.
Continuing growth by delivering
global-scale entertainment and
embracing new challenges
As the Group strives to sustain long-term growth, we
view our stock price as a reflection of investor
evaluation. In this context, we believe the relatively
undervalued state of our stock is largely due to the
progress of our Third Medium-Term Management Plan.
We take the challenges identified so far seriously and
are in the process of formulating our Fourth
Medium-Term Management Plan, which will be
implemented from FY2025. We are committed to
solidifying a strong foundation for its successful
execution.
Reaching our vision of becoming
lThe World `s No. 1
Digital Entertainment Company
z is a responsibility
entrusted to both the current management and the next
generation of leaders. Moving forward, we will continue
to provide high-quality entertainment that brings joy to
people around the world and keep striving for growth in
new stages. We are excited to pursue new heights in
growth and innovation in the KOEI TECMO Group.
Value Creation at KOEI TECMO Message from the Executive Vice President
13

©Buronson, Tetsuo Hara / Coamix Inc. 1983 edition rights licensing cer tificate KOU-423 ©2010-2013 KOEI TECMO GAMES CO., LTD. ©Sammy
Stimulation of
communication and
cultivation of new
communities
Satisfaction and
happiness through
gameplay
Communicating
Asian history and
culture to the world
Early attainment of
IT literacy and
competitiveness
Development of
leadership skills
Megatrends
Outcomes Business activities Inputs
• R&D expenditures:
¥7,996 million*
• Patents held: 205*
• ICT investments:
¥368 million*
Intellectual Capital
• Collaborative titles: over 40
• Diverse distribution channels (Platforms)
Consoles, PC, online, mobile, amusements
Social Capital
• Number of Group employees: 2,531*
• Group development professionals: 2,077*
• Group new graduate hires: 215*
Human Capital
• Total assets:
¥245,802 million*
• Shareholder equity:
¥167,733 million*
•
Current deposits, securities, investment securities:
¥176,685 million*
Financial Capital
• Domestic and overseas locations: 15*
• Owned office buildings: 6*
• Owned dormitories and company housing: 14
properties*, 373 rooms*
• Capital expenditures:
¥1,967 million*
Manufacturing Capital
Power of Development
Power of
Project Management
Power of Technology
P17-24
Console and PC games IP licensing-out
Mobile games
Genre expansion Platform expansion Collaborative expansion
Tie-ins development Licensing expansion
Entertainment business
Amusement business
Real estate business
Outputs
New IP
Series
Collabo- ration
IP
licensing-out
Multi-layered
revenue cycle P18
• Application of know-
how gained through game development
to other fields
•
Provision of hands-on game experiences
Improving employee
welfare by providing
company housing and
dormitories for
employees joining the
company from overseas
or distant locations • Live house venue management
• Operation and management of owned offices, dormitories, and company housing
• Operation and management of rental real estate utilizing owned assets
* Actual figures for F Y2023
• Pachinko and slot machine LCD development
• Amusement facilities operation business
Create and develop global IPs
Starting point of
game development
• 5-year roadmap
• Marketing Appraisals
• Planning Appraisals
P23
KOEI TECMO aims to maximize outcomes for its stakeholders and achieve sustainable growth through business activities ensuring thorough compliance with
quality, delivery timelines, and budget by leveraging its superior development, technology, and management capabilities, with a particular focus on human capital.
Value Creation at KOEI TECMO Value Creation Process
Fundamental management policies
14

© Nintendo — INTELLIGENT SYSTEMS y©KOEI TECMO GAMES CO., LTD. All rights reser ved. Licensed by Nintendo *The title is published overseas by Nintendo Co., Ltd.
CapitalImportance to the KOEI TECMO Group Management capital results *F Y2023 results Initiatives for further strengthening
Human
Capital • Hire and develop human capital toward realizing our Vision
• Assure profitability through a balance of creators and businesspeople • Number of group employees 2,531 *
• Number of group development staff
2,077 *
• Number of group new graduates hired
2 15 *
• Number of foreign employees
747 * • Ensure a diverse pool of talent, with a focus on new graduates
• A human resource development system driving growth
• Build an internal environment where employees can work with peace of mind
• Realize health management
• Improve engagement P 35-39
Intellectual
Capital
• Realize high growth potential and profitability through the creation and
development of global IP
• Protect and strengthen the intellectual property rights of our global IPs that is
essential for our business model of IP
licensing-out within our multi-layered
revenue cycle, which is our strength
• Ensure a degree of development freedom by expanding patent rights • Number of titles released/in operation 22 titles* P 32
• R&D expenditures: ¥ 7. 9 9 6 billion*
• Number of patents held:
205 *
• ICT investment: ¥
368 million*
• Abundant IP por tfolio: over
200 P 19
• Create global IP
• Encourage the acquisition of rights such as patents and trademarks
• Provide incentives based on compensation and reward systems for inventors
• Make resolute responses to third-party infringement cases
• Rapidly remove infringements on the Internet
Social
Capital
• Implement collaboration strategy for cooperative work with leading IPs of other
companies
• Eliminate information asymmetr y with shareholders and investors by providing
appropriate information • Number of collaboration titles: over 40 in total
• Wide range of distribution channels (platforms): consoles/PC, online/mobile, amusement
• Number of individual meetings with investors:
16 0 * • Collaborate with leading IPs of other
companies
• Promote collaboration with other companies in the same industry
• Strengthen dialogue with each stakeholder P 40
Financial
Capital
• Secure capital for covering long-term development and large development costs
• Secure surplus funds to maintain an environment where employees can work
with peace of mind in the entertainment
business that is characterized by volatility • Total assets: ¥ 245.802 billion *
• Shareholders
` equity: ¥ 16 7. 7 3 3 billion*
• Cash and deposits, marketable securities, and investment securities: ¥
17 6 . 6 8 5 billion*
• ROE:
2 1. 3 Ë* • Secure stable available funds: secure several years of employment costs
• Profit management for in-house development projects: ensure an operating profit ratio of 30%
• Pursue sound management: adopted an accounting policy that has recorded development costs as incurred for over 40 years P 28-30
Manufacturing
Capital
• Assure environments in which employees can work with peace of mind without
worr ying and uncertainty about having a
place to live by using real estate such as
company-owned dormitories and company
housing for single employees.
• Contribute to the growth of human capital
• Optimize the development environment and strengthen information security • Number of domestic and overseas bases: 15 *
• Owned office buildings:
6*
• Owned dormitories and company housing for single employees:
14 properties* 373 rooms*
• Capital expenditures: ¥
1. 9 6 7 billion* • Secure a sufficient number of rooms in single-
employee dormitories and company housing near our
offices to accommodate the number of new-graduate
employees each year
• Realize an environment where employees can focus on their work by eliminating concerns about rental
contracts and other related matters
• Adopt designs that optimize the development environment and security system in company-owned
offices
lFire Emblem
Warriors: Three
Hopes,
z a
collaboration
with Nintendo
Co., Ltd. And
INTELLIGENT
SYSTEMS CO.,
LTD., was a hit*
Value Creation at KOEI TECMO KOEI TECMO `s Management Capital Source of Value Creation
15
15

KOEI TECMO has three business segments: Entertainment, Amusement, and Real Estate. In particular, for game development projects in the
Entertainment business segment, we operate a multifaceted business in cooperation with other companies.
Joint development with partners
Group original development to promotion
Entertainment business
Amusement
business
Real estate business
Operation of live house venue Operation and management of rental real estate properties
Software development for slot machines and pachinko machines Operation of amusement facilities
The companies are responsible for sharing each phase
of the project and they jointly fund the project overall.
*In most cases, the Group is responsible for development.
KOEI TECMO Group
New IP, Series, Collaborations IP
licensing-out
Customers Promotion Development
IP Sale
Customers Promotion Development
IP Sale
InvestmentInvestment
Investment Dividends
Dividends IP
Dividends
Partner
company Partner
company
Game
development project Game
development project
Product
Value Creation at KOEI TECMO KOEI TECMO `s Business Model
16

1
Multi-Layered
Revenue Cycle
P 18 P 20 P 24
2
• Creating new global IP
• Developing hit IP into series
• Leveraging our development capabilities
to create collaborative titles
• Licensing-out of IP •
All senior management are
game creators
• Human resources who can find a
balance between being creators
and businesspeople
•
Ability to create diverse genres
• In-house developed game engine
( K ATA N A E N G I N E ™ )
• New technology initiatives
•
Developers each with the management abilities
to observe quality, delivery timeline and budget
Excellent Power of
Development, Technology, and Project Management
3
Transcendent
Human Power
KOEI TECMO Strengths
© Nintendo — INTELLIGENT SYSTEMS y©KOEI TECMO GAMES CO., LTD. All rights reser ved. Licensed by Nintendo © KOEI TECMO GAMES All rights reser ved.
KOEI TECMO is leveraging its three strengths to achieve sustainable growth.
Value Creation at KOEI TECMO KOEI TECMO `s Three Strengths
17

When licensing-out IP, revenue is royalty-based and we are
only responsible for supervision. Therefore, the marginal
profit rate is close to 100%, making this a highly profitable
business. The IP of the
lWarriors z series has been developed
into Chinese mobile games and even into movies and stage
productions, which has contributed to expanding the KOEI
TECMO Group
`s revenue sources.
IP licensing-out
We also engage in collaboration through cooperative work with
other companies ` leading IPs and KOEI TECMO Group `s game
systems. Collaborating with other companies ` leading IPs not
only increases the certainty of a hit but also leads to improved
profitability because we receive revenue in the form of royalties
from our collaboration partner. In particular, the
lWarriors z game
system is highly regarded by other companies in the industry and
we have created numerous collaborative titles, such as the
lThe
Hyrule Warriors” series and the lFire Emblem Warriors z series.
Leveraging our development capabilities
to create collaborative titles
We deploy new IP hits as a series while also proceeding with
the deployment of platforms and genres to generate earnings.
Recently, spin-off titles and remake versions have increased.
Since its release in 2000,
lDynasty Warriors z has been
developed into the lWarriors z series with over 70 titles, as we
have pioneered the new lWarriors z game genre in this manner. lDynasty Warriors, z lSamurai Warriors, z and lWARRIORS OROCHI z series are also representative series of the KOEI TECMO Group.
Developing hit IP into series
As reflected in KOEI TECMO `s ethos, lCreativity &
Contribution, z we prioritize above all else creating new global
intellectual property (IP). Our efforts in new IP development
can serve as a long-term revenue source if successful;
however, there is also a risk associated with cases where
things may not go as planned. We aim for sustainable growth
by carefully balancing between
lseries z and lcollaboration z
while taking measured risks in our pursuit of new IPs.
Creating new global IP
Collaboration
Series
New IP
IP licensing-out
© TENCENT. © Shanghai TCI Network Technology Co., Ltd. © CMGE. © Nintendo / INTELLIGENT SYSTEMS
© KOEI TECMO GAMES CO., LTD. All rights reser ved. Licensed by Nintendo
© KOEI TECMO GAMES All rights reser ved.
Multi-Layered Revenue Cycle
Achieved with lWarriors z series
÷Dynasty
Warriors é
A new type of action
game that enables
players to experience
the activities of militar y
commanders who
appear in the
lThree
Kingdoms z.
Revenue
New investments
1
2
3
4
lDYNASTY WARRIORS: ORIGINS z
÷Dynasty
Warriors: Ha é
Mobile game developed
by Mobile game developed
by NT T and China Mobile
Games & Enter tainment
Group Ltd. using our IP
By building a multi-layered revenue cycle,
the KOEI TECMO Group has achieved
sustainable, stable, high growth and
profitability even in the game industry,
where making forecasts is difficult.
Value Creation at KOEI TECMO KOEI TECMO Strengths 1 Multi-Layered Revenue Cycle
÷Fire Emblem
Warriors:
Three Hopes
é
lFire Emblem Warriors:
Three Hopes, z a
collaboration with
Nintendo Co., Ltd. And
INTELLIGENT SYSTEMS
CO., LTD., was a hit.
*The title is published overseas
by Nintendo Co., Ltd.
18

lBLUE
REFLECTION z
series
Heroic RPG
2017-
lWILD HEARTS TMz
Hunting action game
2023-
lNioh z
series
Dark feudal-Japan
action RPG
2017-
lRise of the Ronin z
Open world action RPG
2024-
lWo Long:
Fallen Dynasty z
Dark Three Kingdoms
action RPG
2023-
Introducing Our Main IPs
KOEI TECMO Group has created numerous IPs for over 40 years.
These contribute to each layer of our multi-layered profit cycle.
lAtelier z
series
Alchemist RPG
1997-
lSurge
Concerto z
series
Adventure game
2012-
lUncharted
Waters z
series
Ocean adventure
simulation game
1990-
lRomance of the
Three Kingdoms z
series
Historical
simulation game
1985-
lWinning Post z
series
Horse racing
simulation game
1993-
lMonster
Rancher z
series
Life simulation game
1997-
Other
lFATAL FRAME z
series
Horror adventure game
2001-
Other
lSAMURAI
WARRIORS z
series
Tactical action game
2004-
lToukiden z
series
Hunting action game
2013-
lDYNASTY
WARRIORS z
series
Tactical action game
2000-
lGeten no Hana z
series
Romantic
simulation game
2013-
lAngelique z
series
Romantic
simulation game
1994-
lHaruka:
Beyond the
Stream of Time
z
series
Romantic
simulation game
2000-
lLa Corda d `Oro z
series
Romantic
simulation game
2003-
lNINJA GAIDEN z
series
Ninja action game
2004-
lDEAD OR ALIVE z
series
Competitive
fighting game
1996-
lNOBUNAGA `S
AMBITION z
series
Historical
simulation game
1983-
Illustration by Ichi Sayo © KOEI TECMO GAMES All rights reser ved.
Value Creation at KOEI TECMO KOEI TECMO Strengths 1 Multi-Layered Revenue Cycle
19

The power to create a wide range of diverse genres
Action
Adventure
Romantic simulation
RPG
Simulation
Typical IP Typical IP
MMO
Typical IP
Typical IP
Typical IP
Typical IP
Location-based
game
Typical IP
Character design: Ichi Sayo © KOEI TECMO GAMES All rights reser ved.
Value Creation at KOEI TECMO KOEI TECMO Strengths 2 Excellent Power of Development, Technology, and Project Management
Excellent Power of Development
Each of the KOEI TECMO Group brands specializes in different game genres. As a result, we have excellent development capabilities to create a wide
range of game genres, an attribute that is rare in the industry. Besides developing console and PC games for over 40 years, we also develop and
operate mobile and online games. This development capability is also the source of our creation of collaborative titles with other companies.
Action RPG
• lWo Long: Fallen Dynasty z (Dark Three Kingdoms action RPG) • lRise of the Ronin z (Open world action RPG)
• lNioh z series
•
lNINJA GAIDEN z series
High difficulty level action
Tactical action
• lDYNAST Y WARRIORS 2 z series
• lSAMURAI WARRIORS z series
• lWARRIORS OROCHI z series •
lWarriors z title
collaborated with
external IP
lFire Emblem Warriors z lThe Hyrule Warriors z lHokuto Musou z lAttack on Titan, z etc.
Historical simulation
• lNOBUNAGA `S AMBITION z series
• lRomance of the Three Kingdoms z series • lUncharted Waters z series
Horse racing simulation
• lWinning Post z series
Life simulation
• lMonster Rancher z series
Strategy simulation
• lRomance of the Three
Kingdoms Hadou z (Hadou series) • lNobunaga `s Ambition Hadou z
(Hadou series)
Competitive fighting action
w lDEAD OR ALIVE z series
Hunting action
• lWILD HEARTS TMz • lToukiden z series
Neo Romance
• lAngelique z series • lHaruka: Beyond the Stream of Time z series • lLa Corda d `Oro z series
Alchemist RPG
• lAtelier z series
• lAtelier Resleriana: Forgotten Alchemy
and the Liberator of Polar Night z
Feudal-Japan
online RPG
• lNOBUNAGA `S
AMBITION Online z
MMORPG
• lUncharted Waters
Online z
Feudal-Japan walk game
• lNobunaga `s Ambition
Shutsujinz
Japanese horror
• lFATAL FRAME z series
20

Smooth multi-platform distribution
Typically, it is said that developing and distributing titles for
multiple platforms takes a long time. With K ATANA ENGINE™, we
can deliver titles for multiple platforms (consoles, mobile, PC, etc.)
simultaneously, or in a short period of time. Flexible platform
distribution leads to more efficiency during development
environment creation and development periods, as well as more
efficient costs and time needed for promotion.
Enables multi-platform distribution in a short time
Production can proceed in parallel while referring to each other `s work
We create an integrated development environment in-house, encompassing everything from an integrated
production environment Šincluding artwork, AI, and other production functions necessary for game creation Što
a QA support environment for quality assurance through shared group-wide data management (which includes
global locations) and debugging.
Sharing the production know-how accumulated by each brand enables highly efficient development.
Providing integrated development environments
One of the advantages of having an in-house game engine is that game developers and game engine developers
can share goals and cooperate internally to advance game development.
K ATANA ENGINE™ is used in many projects within the Group, and new technologies and tools developed for
earlier projects are shared so that they can be used in later projects. The game engine will continue to evolve and
be refined according to the needs of each project, enabling our game developers to achieve what they want to do.
Sharing technologies evolved and refined through various projects within the Group
Hirosato MishimaHead of FUTURE TECH BASE
KOEI TECMO GAMES CO., LTD. Developing K ATANA ENGINE™ is the task of our department, FUTURE TECH BASE,
at KOEI TECMO GAMES. This department also has primary responsibility for other R&D
efforts such as AI and CG technologies, as well as development support infrastructure.
© KOEI TECMO GAMES CO., LTD. All rights reser ved.
Value Creation at KOEI TECMO KOEI TECMO Strengths 2 Excellent Power of Development, Technology, and Project Management
In-house Developed Proprietary Game Engine K ATANA ENGINE™:
The Key to Lowering Development Costs and Improving Quality
What is a game engine? A game engine is a development environment that contains all of the elements necessar y for game development; a framework that allows us to build games from scratch, without programming.
It is a piece of sof tware that allows us to ef ficiently create high-quality content using a collection of libraries, materials, functions, etc.
21

We are working to increase the efficiency of debugging* 1
work through a function for setting auto-play content using
a GUI. We are also developing service functions to support
game balance adjustment using reinforced learning.
AI-based debugging automation and
balance adjustment
The Group has advanced technological capabilities
that can handle not only photorealistic rendering, but
also anime-like depictions and other unique styles of
artistic expression. We are developing cutting-edge
technologies, and driving the evolution of our
K ATA N A E N G I N E ™.
We are also focused on refining our technologies
to maximize the appeal of characters, developing
new technologies to render vast, detailed
backgrounds with high-quality graphics, and
improving our production environment.
Photorealistic and
non-photorealistic rendering
Automatic creation of
water flow based on
the environment
Innovation with new technologies
in the production process
In lNOBUNAGA `S AMBITION: Awakening, z which was
released in 2022, we developed a game AI to express the
individuality of officers within the game. During the game,
officers under the control of the player offer submissions
(opinions) to the player, and the player must evaluate
them. Since some of these opinions do not necessarily
lead to an optimal solution, the game story has expanded
and evolved to allow players to experience a wide variety
of gameplay. AI is utilized to determine the effects,
probability of success, cost, and other factors that players
must assess. By providing numerous options, the game
offers players the enjoyment of agonizing over which
opinions to follow.
Improving gaming experiences through AI
Use of AI in lNOBUNAGA `S
AMBITION:
Awakening
z
Target
Effects
Probability of success
Cost
AI
Increasing the variety
of factors to be
evaluated increases
the number of
options for players.
Water falls that match
terrain can be
automatically created with
simulation technologies
Photorealistic rendering through state-of-the-ar t technologies that
combine detailed shapes with wide-area lighting technologies
*1. Debugging: The process of checking a game program for defects and flaws (commonly known as lbugs z) prior to release. *2. Production iteration: Repetition of a series of production processes. *3. Procedural technologies: Technologies that automatically generate data and content based on algorithms and rules (through procedures).
©T YPE-MOON/KOEI TECMO GAMES CO., LTD. A rights reser ved. Production Collaboration with Aniplex, Inc. © KOEI TECMO GAMES CO., LTD. All rights reser ved.
Value Creation at KOEI TECMO KOEI TECMO Strengths 2 Excellent Power of Development, Technology, and Project Management
Efforts in New Technology The Group is working actively to develop new technologies to
create even more interesting games in a more efficient manner.
Changes to level design Šone
form of game content
adjustments
Šalso require
modification of background
artwork. As one procedural
production function for achieving
high-speed production iterations*
2,
we are also developing an
automated environment-based
water flow creation function.
To enhance player immersion in all manner of
situations, we are developing various procedural
technologies*
3, including shot techniques that also
take factors such as imaginary lines into account,
and visual guidance animations with natural postures.
Development of procedural technologies* 3
for video production techniques
22

Budget
Delivery
timelines
Key focus areas for quality management
/ß Rigorous in-house game evaluation
(where well-versed internal monitors score the game, and release is approved if the score
surpasses the target)
/ß Implementing loot box verification in accordance with the guidelines of the
Computer Entertainment Supplier
`s
Association (CESA)
/ß Formation of an exper t team for usability
/ß Conducting checks that consider regional culture and societal issues
Quality
Planning
Appraisal
Marketing
Appraisal Pre-
production
(prototype stage)
Alpha
version* 1 Beta
version* 2
Internal and
external game evaluations Final
version*
3 Debugging* 4 Post-release
Review
meeting Review
meeting Closed Beta
Test (CBT)
Will the game
match the
budget?
Concept and budget
are reviewed from a
marketing
perspective
What are the
game `s selling
points?
We review game
concepts and selling
points in preparation for
an official project
lReview Meeting z
for internal checks
of prototypes
All depar tments related to game
production gather to discuss
gameplay, visuals, and selling
points, while the concept and plan
intentions are also checked and
then a decision is made on whether
to continue or cancel the project. Next Action
We repeatedly
review user feedback
and development
status at the review
meeting to prepare
for the next phase.
Evaluation of
prototypes by
select players
Specific groups and players use
the prototype sof tware directly for
free during the testing phase and
provide us with feedback,
opinions, and bug repor ts. The
feedback received is incorporated
into the product, leading to
improvements in the game.
Game evaluation and
quality control
Based on game operational evaluations
from Group company KOEI TECMO
QUALIT Y ASSURANCE and external
game evaluation agencies, we verif y
events, messages, and data and actually
play the games for debugging assuming
various circumstances and correct any
defects in preparation for the master
stage that fur ther raises quality.
Quality assurance through repeated internal and external checks and evaluations
Retrospective meeting
Score and
review analysis
We analyze Metacritic `s evaluator
ratings (METASCORE), game player
ratings (USER SCORE), and Famitsu
reviews and utilize issues for the
next phase.
Aftercare
We respond to any defects
discovered af ter release and
stabilize quality.
Establishment of system for managing quality delivery timeline and budget for each period
Ù Group management meeting
Development project unit
• Development progress
• Cost management
• Personnel utilization rate
Weekly Monthly Quarterly Annual
Manage plans weekly and monthly Review annual plans quar terly
Manage annual and quar terly plans weekly and monthly
*1 Alpha version: The stage in early development where the basic elements of the game are completed. *2 Beta version: The stage where the major components of the game have been implemented.
*3 Final version: The stage where all elements are implemented, and the game is generally completed. *4 Debugging: The process of checking for defects or bugs in game programs before release.
30 %
Project target
operating profit ratio
All our projects are planned with a
target operating profit ratio of 30%
or more, and we diligently manage
quality, delivery timeline, and
budget to achieve this goal. This
strict management contributes to
our high profitability.
Value Creation at KOEI TECMO KOEI TECMO Strengths 2 Excellent Power of Development, Technology, and Project Management
Management Framework
Adherence to Quality, Delivery Timeline, and Budget
Under the KOEI TECMO Group development process, we thoroughly manage lquality, delivery timeline, and budget. z
Specifically, to raise quality, we have established a system with milestones at each stage of the planning, development,
and final stages of the process. Additionally, we carry out progress management for projects on a weekly, monthly,
quarterly, and annual basis and confirm delivery timelines and budgets. Through this system, we have established
capabilities for developing high-quality titles while adhering to delivery timelines and budgets.
Ù Monthly report Ù Plan review meeting Ù Quarterly planning review meeting
Entire Company/
development projects
• Budget and results management
• Operating profit management Entire Company
• Budget and results management
• Process and man-hour management
• Operating profit management
• Personnel management
• Rolling development roadmap
Entire Company
• Budget and results management
• Process and man-hour management
• Operating profit management
• Personnel management
• Rolling development roadmap
23

The brand head who supports KOEI TECMO is a creator who has worked on hit games
Managers as well as game creators
Yoichi Erikawa President & CEO and Representative Director
The cumulative total global sales volume:
Over 19 million copies
lNOBUNAGA `S AMBITION z series, lRomance of the Three Kingdoms z series
Signature work
Keiko Erikawa Chairperson and Representative Director
The cumulative total global sales volume:
Over 2.5 million copies
lNeo Romance z series
Signature work
Hisashi Koinuma Executive Vice President and Representative Director
The cumulative total global sales volume:
Over 8 million copies
lSAMURAI WARRIORS z series
Signature work
Yosuke Hayashi Director
The cumulative total global sales volume:
Over 7. 5 million copies
lNioh z series
Signature work
Value Creation at KOEI TECMO KOEI TECMO Strengths 3 Transcendent Human Power
Creators º Businesspeople
Our culture and values that emphasize both the qualities of creators as well as the qualities of businesspeople
serve as the basis of the human resources that support our profitability. In the game business, creativity is of
course important. However, generating solid profits and bringing games to the next step and establishing these
as viable businesses are also important. This is the mindset we seek in all KOEI TECMO employees.
2 019 2020 202120222023
Operating profit ratio (%)
0
10
20
30
40
50
3 3 .1
40.4
4 7. 5
(FY)
49.9
33.7
Achieving a
high operating
profit ratio
Brand Head of KOU SHIBUSAWA
Yukinori Ito
lRomance of the Three Kingdoms Hadou z
Signature work
Brand Head of Omega Force
Tomohiko Sho
lDYNASTY WARRIORS z series
Signature work
Brand Head of Team NINJA
Fumihiko Yasuda
lRise of the Ronin z
Signature work
Brand Head of Gust
Junzo Hosoi
Signature work
Brand Head of Ruby Par ty
Mei Erikawa
lLa Corda d `Oro
Starlight Orchestra z
Signature work
Brand Head of midas
Keisuke Kikuchi
lNobunaga `s
Ambition Shutsujin z
Signature work lAtelier Ryza: Ever Darkness and the Secret Hideout z
24

Released globally in March 2024, lRise of the Ronin z is a major
title that served as a challenge for KOEI TECMO. Two individuals
who worked on the game as producer and development producer
shared insights gained from its development and discussed how
they plan to apply these lessons to create future A A A titles*
1.
lRise of the Ronin z:
KOEI TECMO
`s endeavor to create
a major open-world title
Hayashi lRise of the Ronin z is an open-world action RPG
set in late 19th-century Japan, during the Bakumatsu
period (the last days of the Tokugawa Shogunate). It
was gratifying to see positive reactions from
international players unfamiliar with Japanese history, as
they expressed excitement for the game. The project
also involved the scale and development timeline of a
A A A title aimed at achieving global success, while
venturing into the now-mainstream open-world genre*
2. Yasuda Our successful dive into the new open-world
genre, along with completing a large-scale project with a longer development timeline and three times the
usual staff, is a significant achievement. Looking at
customer reactions, it
`s clear that lRise of the Ronin z is
resonating with a new audience, different from our
traditional KOEI TECMO fans, highlighting the success
of the game.
Hayashi The open-world genre was an essential
challenge for us in delivering our games more globally.
Achieving this with such a large-scale project is a
valuable asset. We have always believed that we should
be at the forefront of the gaming industry, and through
this challenge, I feel we have made significant
technological strides and have come closer to
competing on the same stage as our global rivals.
*2 Open-world: A game where the background and world are vast, allowing
for relatively free movement and exploration.
Team unity as the key to the project,
with smooth communication
supporting large-scale development
Yasuda lRise of the Ronin z was a project involving an
unprecedented number of stakeholders. In addition to
coordinating within the Company, there were negotiations
with external parties, including those overseas, which led
to many challenges. I found team management to be the
most difficult aspect.
Hayashi When many people are involved in development,
if the vision and gameplay aren
`t clearly shared and
understood, the direction can become inconsistent,
potentially diminishing the game
`s appeal. Although
there was some trial and error along the way, I believe
*1 A A A title ( Triple-A title): A game that is a major hit, has a huge budget, and is meticulously craf ted.
Value Creation at KOEI TECMO Dialogue between AAA Title Producers
Creating Major Titles Built 
on the Strong Brand Established 
by 
lRise of the Ronin z
YOSUKE HAYASHI
Representative of A A A Games Studio
in the Entertainment Division
Producer of
lRise of the Ronin z
FUMIHIKO YASUDA
Brand Head of Team NINJA
Development Producer and
Director of
lRise of the Ronin z
25

we were able to guide the project to success by staying
true to the final vision. This will be valuable know-how
for future large-scale projects.
Yasuda The development process involved numerous
directors and sub-leaders. We broke down the stages,
organized teams, and brought together staff from various
roles to create modules*
3 for each stage. While each
team had its own leader, I believe the key to the project
`s
completion was maintaining effective communication and
alignment across all teams throughout.
Hayashi Even with the long development period, it was
crucial to maintain the same vision and avoid losing
direction.
*3 Module: In programming, a module refers to a component with a specific function.
Development is divided into separate tasks, with each module developed individually,
and the modules are then combined to complete the program.
Tackling large-scale titles,
leveraging past experiences for
new value, and driving growth to
achieving our vision
Hayashi When considering the significance and
importance of creating A A A titles for KOEI TECMO, it
becomes clear that reaching our vision of becoming
lThe World `s No. 1 Digital Entertainment Company z
requires us to engage a broader audience. To achieve
this, A A A titles are essential. I believe that creating such
titles unique to KOEI TECMO is a necessary challenge
on the path to realizing our vision.
Yasuda In recent years, the scale of development has
been gradually increasing, and with it, development
costs have also risen. However, the retail price of games
has remained relatively unchanged. As a result, it will be
essential to consistently release A A A titles with high
sales potential to sustain the business. Also, as creators,
the most rewarding thing is for more people to enjoy our
games, so I want to focus on producing large-scale titles
that can be played not only in Japan but worldwide.
Hayashi Going forward, we want to expand KOEI TECMO `s
lineup of A A A titles. However, with longer development
periods, we need to establish a system that allows us to
develop and release multiple titles concurrently. In April
2024, I took on the role of leader as we established a
new A A A Games Studio. We will be progressing
alongside Mr. Yasuda
`s Team NINJA, where he oversees
the brand, through healthy competition and
collaboration.
Yasuda A large-scale title is not just about size; it requires
various creative efforts to make games that can be
enjoyed by many and leave a lasting impact on players.
Hayashi For large-scale titles, it `s not just about technical
skill but also ideas, innovation, and understanding
customer expectations. It
`s essential to strike a balance
between offering something players have never
encountered before and delivering what they are eager
to play. In essence, it
`s crucial to focus on surpassing
customer expectations and discovering new forms of
entertainment that players have yet to experience.
Yasuda The landscape of game development is
constantly shifting, with both innovation and customer
expectations evolving. To stay ahead, we need to share
internal knowledge and insights, monitor global game
trends, and build an organization that can adapt and
respond quickly to these changes.
Hayashi In game development, the experience we have
gained can be likened to individual points that, when
connected, form a continuous line. By accumulating
and linking this knowledge, we are able to create even
better titles. KOEI TECMO
`s strength lies in the ability to
apply insights from one project or team to the
development of others.
Continuous delivery of titles with
KOEI TECMO
`s unique style is
crucial to the development of
AAA titles
Hayashi It`s not enough to simply gather 100 talented
developers to create a hit title. While individual abilities
are important, what matters most is whether the team is
united, with shared values and a common vision. As a
company that has been making games for so long,
KOEI TECMO
`s ability to harness this strength is one of
our greatest advantages.
Yasuda KOEI TECMO has multiple brands, yet there
remains a distinct
lKOEI TECMO feel z in our games,
which is an irreplaceable strength. On the other hand,
as the number of developers grows and production
periods lengthen, individual involvement can become
diluted. Personally, I strive to ensure that each team
member remains focused on how they approach the fun
and innovation in the game, and how we manage that
process. Even as collaborations and partnerships with
other companies increase, it
`s important to maintain
balance and focus on the core elements while
embracing new challenges.
Hayashi Simply selling a game based on scale in terms of
its playtime or the size of its world will become
increasingly difficult. Future A A A titles will need to offer
Value Creation at KOEI TECMO Dialogue between AAA Title Producers
26

become widely accepted themes globally. Their appeal
is not niche, but I feel we have yet to reach every corner
of the world. To achieve our goal of becoming
lThe
World
`s No. 1 Digital Entertainment Company, z targeting
large markets like North America and Europe is
essential. However, we must carefully consider how to
leverage our strengths to deliver to these markets
effectively. Around 15 years ago, we made the mistake
of overly focusing on the Western market, which led to
results that did not align with customer expectations.
We want to avoid repeating that experience and be
more mindful of our unique strengths moving forward.
Aiming to create widely accepted
titles as a globally recognized
gaming company
Yasuda I have never been instructed by KOEI TECMO to
create an A A A title, nor have I explicitly aimed to
develop one. However, given our growth, taking on
large-scale A A A titles is inevitable. At the same time, the
games I want to create naturally evolve into A A A titles.
Moving forward, I will continue applying the knowledge
gained from
lRise of the Ronin z to develop titles that
deeply engage a broader global audience. Ultimately, I
strive to produce results that align with our vision of
becoming
lThe World `s No. 1 Digital Entertainment
C o m p a n y,
z achieving social recognition and attaining
number one status globally.
Hayashi Games cannot progress past the title screen
without the input of players. That
`s why our value lies in
getting as many people as possible to play our games.
We want to continue creating works that are widely
accepted, as this will drive the Company
`s growth. What
defines a A A A title? It
`s something that excites, sparks
curiosity, and has the potential to be a hit.
Titles that meet the latent needs of customers have
a certain aura or atmosphere about them. These are
the kinds of titles that define A A A games, and continuing to create such titles is essential for our
sustained growth. I am confident that this will lead us
to our vision of becoming
lThe World `s No. 1 Digital
Entertainment Company.
z
unique appeal and value. It will be essential to embrace
a flexible mindset and focus on what makes each game
stand out.
Creating unique works that blend
Japan
`s history and tradition is the
key to global success
Yasuda Taking on A A A titles means competing with
powerful global rivals. To succeed, it
`s important that
the company
`s and the studio `s unique strengths and
identity are clearly articulated to and understood by all
employees. Without this awareness, our distinctive
advantages and characteristics could diminish.
Additionally, we need to accelerate development and
progressively build titles. Our focus on historical themes,
Asian influences, and traditional Japanese elements is a
unique advantage, and adapting these to current trends
is vital. Embracing our Japanese roots will positively
contribute to the appeal of our games.
Hayashi The history and culture of Japan and Asia have
© KOEI TECMO GAMES. Rise of the Ronin is a trademark of KOEI TECMO GAMES CO., LTD. Published by Sony Interactive Enter tainment Inc.
Value Creation at KOEI TECMO Dialogue between AAA Title Producers
27

Achieving record-high net sales
and non-operating income and
expenses in FY2023 despite
results falling short of targets
For the fiscal year that ended in March 2024 (FY2023), the
second year of our Third Medium-Term Management
Plan, KOEI TECMO recorded consolidated net sales of
84.5 billion yen, an increase of 7.9% from the previous
year, and operating profit of 28.4 billion yen, a decrease of
27.2%. Net sales reached an all-time high thanks to repeat
sales of existing titles and the launch of multiple new
mobile titles. In contrast, sales of new console/PC and
mobile titles were below targets. Operating profit fell short
of our initial target for a few reasons: our inability to reach
sales targets for new titles, an increase in variable costs
like sales commissions resulting from the concentrated
release of new in-house-developed mobile titles, and a
rise in employment and outsourcing costs.
On the other hand, non-operating income and
expenses reached an all-time high due to the recording
of interest income and gain on the sale of investment
securities as we carried out fund management while
monitoring financial markets. As a result, profit
attributable to parent company shareholders increased
9.2% from the previous year to 33.7 billion yen.
Returning to profit growth
trajectory and preparing for our
next growth phase
KOEI TECMO `s management policy in the current year
is to create and develop global IPs. In implementing this policy, we have commenced a variety of measures to
strengthen our growth potential and profitability after
reflecting upon why we fell short of our targets in
F Y2023.
First, as a growth strategy, we will strive to meet
challenges in genres with growing markets like open
world games and will expand our global business. To
build a development system capable of consistently
releasing new major titles, we have established a new
A A A Games Studio, have launched a large-scale
project that transcends the boundaries of brands, and
are developing new titles. We will also invest in human
resources through active recruiting and training
focused mainly on new graduates and will also
promote innovation in production processes by utilizing
new technologies such as generative AI. At the same
time, we are reviewing our in-house quality control and
review systems to raise our A A A-level quality. We are
also directing efforts toward cost management and
reduction by enhancing the efficiency of CG production
management and checking systems, and utilizing AI in
some processes.
I am confident that these measures will enable
profits to return to an upward trajectory from FY2024.
That said, recent years have witnessed increasingly
longer development times for each title. This means that
more time could be needed for growth potential to
rebound. Mindful of this, we have revised our FY2024
sales target downward from 100 billion yen to 90 billion
yen. We are currently starting preparations for the next
Medium-Term Management Plan and beyond. I hope
that everyone will anticipate further growth in our
business results over a slightly longer time span.
Medium-Term Management Plan Message from the CFO
Actively Tackling Challenges and Aiming for Sustainable Growth Utilizing 
KOEI TECMO
`s Sound Financial Structure as a Foundation
KENJIRO ASANO
Director, Senior Executive Officer & CFO
28

KOEI TECMO `s basic financial
management policy: Using a
multi-layered profit cycle to generate
stable profits in a volatile industry
The game industry is characterized by wide fluctuations
in sales that make forecasting difficult. Generally
speaking, developing a new game requires an
investment of at least 2 to 3 billion yen. A major title can
cost more than 10 billion yen, with development
spanning several years. During this time, development
costs are incurred upfront, resulting in significant
negative cash flows. For this reason, it is crucial to
establish a system capable of generating stable profits
in gaming businesses with such volatility in sales.
The KOEI TECMO Group has six brands that can
develop games in a diverse range of genres. At the
same time, we have established a multi-layered revenue
cycle in which we (1) create new IP, (2) develop hit titles
into series, (3) develop collaborative titles, and (4) license
out IP. This cycle serves as the foundation that allows us
to continuously take on challenges for the future by
steadily securing balanced profits as a company.
Three key points of
financial management
Against this background, KOEI TECMO thoroughly
executes a conservative and safety-oriented financial
management policy. Specifically, we focus on 1)
implementing thorough profit management for individual
titles, 2) recording game development costs upfront as
they are incurred, and 3) securing stable available funds.
1) Thorough profit management for individual
titles: Ensuring an operating profit ratio of 30%
In undertaking profit management for individual titles,
we strictly adhere to the standard of attaining a 30%
operating profit ratio for in-house projects. We make
assessments at each milestone, from the planning stage
to release, and discontinue the development of any titles
with little prospect of attaining an operating profit ratio
of 30%. Therefore, we rarely extend development
periods or suddenly cancel titles immediately before
release. Managing the profit of individual titles allows us
to develop titles while skillfully devising ways to deliver
high-quality titles to customers within a fixed budget.
2) Recording game development costs upfront
as they are incurred: A profit structure that
incorporates future costs
In general, development costs of games and other
software products under development are frequently
recorded as work in progress assets and then amortized
as expenses after release. In that case, if a game does
not sell as expected or is discontinued midway through
development, it can end up remaining on the balance
sheet as a non-performing asset.
However, in KOEI TECMO `s case, development costs
incurred during the current fiscal year are recognized as
expenses for that year. This prevents the risk of asset
impairment losses even if sales hypothetically fall short of our
plan or development is canceled. Even though incurring
increasing development costs upfront reduces our current
profitability, we have adhered to this policy since our founding
to maintain a profit structure that continually generates profits
and to be fully prepared for any future volatility.
3) Securing stable available funds: A solid
financial foundation for creating major titles
KOEI TECMO is taking on the challenge of creating
major titles for global markets, and securing ample
available funds is essential for achieving this objective.
KOEI TECMO `s M& A and PMI
When considering M&A, we emphasize three points:
whether the other company has valuable IP and outstanding
human resources, whether we can expect synergy
commensurate with the premium we will pay, and to what
extent we can concretely draw a vision for PMI (Post Merger
Integration). We focus on these points because M&A
requires exhaustive verification and analysis of post-
acquisition management and the creation of synergy.
Following the business integration of Koei Co., Ltd. and
TECMO, LTD. in 2009, we were able to proceed with PMI
in one fell swoop by completely unif ying the personnel
system, including salary levels, and project management
methods. Similarly, Gust Co., Ltd., which became a wholly
owned subsidiar y in 2011, was absorbed and branded.
The basis of this PMI was management
`s belief that it
would be unnatural to not collaborate in the same
businesses given that the two companies integrated their
management and that it is far easier to create synergy within
a single company. Both companies had independently
achieved solid results and cultivated their own distinct
corporate culture, and there was a sense that they resisted
changing their cultures. For these reasons, top management
explained the background of the M& A and the direction of
the PMI, continuously transmitted messages to employees
encouraging them to do their best, and focused on
conveying our cherished values to earn the empathy of
employees. Thanks to these efforts, brands with different
origins are now collaborating to create game titles (such as
lAtelier Resleriana: Forgotten Alchemy and the Polar Night
Liberator z by Team NINJA and Gust, and the lNioh z series
by KOU SHIBUSAWA and Team NINJA).
M& A: Emphasis on 1) valuable IP and
outstanding human resources, 2) creating
synergy, and 3) specific PMI plans
PMI: Our successful PMI was the result
of continuously communicating shared
values to employees
Operating profit and operating profit ratio
2 019 2020 20222023 0
20,000
50,000
40,000
30,000
10,000 50
40
20
10 0
14 ,10 2
2021
34 ,527 39
,13 3
3 3 .1
4 7. 5
40.4 49.9
33.7
30 24,397
¢FY£
28 ,494
(millions of yen) (%)
Operating profit
Operating profit ratioOperating profit ratio
Operating profit
Medium-Term Management Plan Message from the CFO
29

We maintain a policy of securing funds to continue
paying our employees
` salaries so that they can
continually take on new challenges even if we are unable
to produce a hit title for several years.
Focusing on content industries
other than games: Considering
M&A that create synergy through IP
and outstanding human resources
We proactively consider M& A as one of our future
growth strategies. In FY2023, KOEI TECMO entered into
a capital and business alliance with Akatsuki Inc. We will
increase the effectiveness of our business alliance with
the launch of
lAtelier Resleriana: Forgotten Alchemy and
the Polar Night Liberator,
z jointly developed by Akatsuki
Games of the Akatsuki Group and KOEI TECMO
GAMES. We regard the formation of this alliance with a
smartphone game company to be a major achievement.
The chief points that serve as a basis when
considering M& A are whether the partner company has
intellectual property (IP) and reliable human resources.
It is extremely important to consider the post-M& A
structure from the perspective of whether we can
increase and utilize the appeal of the IP and raise the
skills and morale of outstanding human resources to
ensure we can create synergy. For example, even if a
company uses its original IP only for mobile games,
there is a possibility that the same IP can also be
utilized in multifaceted ways. In addition to the game
industry, we continuously focus on other content
industries such as anime, manga, and movies that are
compatible with games.
Undertaking management with an
awareness of cost of capital and
stock price, and aiming to further
increase our stock value
We will continue working toward ensuring that
management is aware of the cost of capital and stock price. Our ROE for FY2023 was 21.3%, exceeding 20%
for the fourth consecutive year. In this way, we maintain
our ROE at a level significantly higher than the cost of
capital as calculated by the Company. Furthermore, we
position the return of profits to our shareholders as one
of our most important management policies. Our basic
policy for returning profits to shareholders is to realize
la
consolidated annual total payout ratio of 50%, including
dividends and share buybacks, or an annual dividend of
50 yen per share
z (the actual results at the end of
FY2023 were an annual dividend of 54 yen per share
and a total payout ratio of 50.4%).
Under our Group vision of becoming
lThe World `s No.
1 Digital Entertainment Company,
z KOEI TECMO aims to
realize growth potential and profitability and has overcome
numerous hurdles to achieve its targets. In the future, we
will continue to work in unison to take on the challenge of
attaining high targets and aim to further increase our
stock value along with the advance of the Group to meet
even greater expectations of our stakeholders.
Continuity, flexibility, and soundness
as the keys to successful
non-operating investments:
Undertaking fund management
without losses after a merger
The game industry is a business in which making forecasts
is difficult. Accordingly, we maintain ample available funds
that allow us to proactively pursue future development and
business regardless of short-term shifts in business results.
Rather than holding idle funds, we manage our funds
efficiently while balancing risk and return. Surplus fund
management is positioned solely as a means of supporting
our core businesses. Accordingly, we adhere to the
following basic principles.
The state of fund management is reported to the Board
of Directors monthly and undergoes detailed checks to
ensure proper governance. Additionally, in F Y2023 we
shifted to a bond-centered portfolio, which significantly
improved non-operating income and expenditures, along
with the unrealized gains and losses of managed assets.
The balance of fund management has been consistently
positive since our business integration. Profits earned
through fund management support the growth of KOEI
TECMO as future funds.
1) Continuity
We aim to achieve continuity by managing surplus funds after investing in our core businesses from
each fiscal year
`s profits and by being able to
record stable profits from a medium- to long-term
perspective.
2) Flexibility
We maintain the flexibility to review our portfolio in response to changes in the financial environment.
3) Soundness of our asset portfolio
We ensure a healthy balance sheet, which includes ascertaining the unrealized gains and
losses of our managed assets.
Transition of dividends and
dividend payout ratio
2 019 2020 20222023 0
20
60
80
40 50
60
40
20
10 0
23.46
2021
54.00 50.00
50.5
50.3
50.3 50.9
50.4
30
45.00
¢FY£
Dividend
payout ratio (%)
Dividends
(yen
£
54.00
(Note) The Company implemented a 1.3-for-1 common stock split on April 1, 2021, and a 2-for-1
common stock split on October 1, 2022. Dividends per share (af ter stock split adjustment) are
calculated on the assumption that the said stock split was implemented at the beginning of fiscal 2019.
Dividend payout ratio Dividends
Medium-Term Management Plan Message from the CFO
April 1, 2021
Stock split (1:1.3) October 1, 2022 Stock split (1:2)
30

Basic policy
Pursuit of top-tier titles
and aiming for major
advancement Realization of AAA titles
and expansion of
smartphone games to the
next stage of growth Realization of AAA titles and
expansion of smartphone
games to leap forward to the
next stage
Priority goals
/ß Aim for at least 10% annual growth over
three years relative to F Y2020 results of net
sales of ¥51 billion, operating profit of ¥17
billion, and ordinary profit of ¥21 billion
/ß Realize 5-million unit level titles and a mobile game with monthly sales
exceeding ¥1 billion
/ß Operating profit target for F Y2023: ¥30 billion/ß 5-million unit level console/PC game (new IP)/ß 2-million unit level console/PC game each quar ter
/ß Mobile title with monthly sales of ¥2 billion/ß Multiple mobile titles with monthly sales of
¥1 billion
/ß Operating profit target for FY2024: ¥40 billion/ß 5-million unit level console/PC game (new IP)/ß 2-million unit level console/PC game each quar ter/ß Mobile title with monthly sales of ¥2 billion/ß Multiple mobile titles with monthly sales of
¥1 billion
Initiatives
/ß ÷The Hyrule Warriors: Age of Calamity é*2 surpassed a total of 3 million copies worldwide (FY2020) /ß lNioh z series surpassed a total of 6 million
copies (FY2021) /ß 5 million-unit level console/PC games:
2 titles released in FY2022 and FY2023
/ß 2 million-unit level console/PC games:
3 titles released in FY2022 and FY 2023 (ongoing)
/ß IP licensing-out title lThree Kingdoms
Ta c t i c s z*3 a big hit in mainland China
( F Y2019)
Console/PC
Mobile
Since starting our first Medium-Term Management Plan in FY2018, we have made noteworthy achievements that include attaining
our final-year operating profit target of 30 billion yen ahead of schedule during our second Medium-Term Management Plan.
We then re-evaluated the second Medium-Term Management Plan and embarked on our third Medium-Term Management Plan in FY2022.
Following on from the second management plan, we aim to realize A A A titles*
1 and expand mobile titles.
To achieve our Vision, we are solidifying our foundation
First MTMP (FY2018 to FY2020) Second MTMP ( F Y2 0 2 1) Third MTMP (F Y2022 to F Y2024)
0
200
1,000
800
600
400
The 
Wo r l d
`s 
No.  1 
Digital 
Entertainment 
Company
Net sales Operating profit
(Billions of yen)
¢FY£
Achieved!
Achieved ahead of schedule!
Achieved! Achieved!
2018
Result38.9 Result12 . 0 Target12.0
Target41.0
2019
Target12.0
Result42.6 Target43.0
2020
Target51.0
Result60.3
Target17. 0
Result24.3
2021 Target24.5
Target65.0
Result72.7
Result34.5
2022
Target7 7. 0 Result78.4
Target32.5
Result39.1
2024
(plan)
First MTMP Second MTMPThird MTMP
/ß ÷Romance of the Three Kingdoms Hadou é
surpassed monthly sales of ¥1 billion
( F Y2 0 21) /ß Multiple mobile games with monthly sales of 1 billion yen: 2 titles attained monthly sales of 1 billion yen
*1 A A A title ( Triple-A title): A game that is a major hit, has a huge budget, and is meticulously craf ted. *2 A collaborative title with Nintendo Co., Ltd., which is the distributor for overseas
*3 Developed by Lingxi Games and operated by Lingxi Games and Shanghai TCI Network Technology
Target3 7. 5 Result28.4
2023
Target95.0 Result84.5
Result14 .1
Target100.0
Target40.0 Plan30.0
Plan9 0.0
Medium-Term Management Plan Review and Present Status of Medium-Term Management Plan
31

1Q1Q1Q
2Q 2Q2Q
3Q 3Q3Q
4Q 4Q4Q

Ô Uncharted Warters IV with Power-Up Kit HD Version Series
Ô Winning Post 9 2021 Series
Ô SAMURAI WARRIORS 5 Series
Ô Dynasty Warriors:
Ha Ô Shin Nobunaga
no Yabou
(mainland China) Ô Shin Nobunaga
no Yabou
(Japan) Ô LINE: Monster Rancher Ô Dynasty Warriors M
Ô Romance of the Three Kingdoms: Senkiban
Ô Uncharted Warters
Origin
Ô NINJA GAIDEN: Master Collection Series
Ô Ultra Kaiju Monster Rancher Collaboration
Ô Nobunaga `s Ambition Shutsujin Series
Ô MONSTER RANCHER 1 & 2 DX Series
Ô Touken Ranbu Warriors Collaboration
Ô STRANGER OF PARADISE
FINAL FANTASY ORIGIN Development
Ô DYNASTY WARRIORS
9 Empires Series
Ô FATAL FRAME: Mask of the Lunar Eclipse Series
Ô Wo Long: Fallen Dynasty New IP
Ô BLUE REFLECTION: Second Light Series
Ô Atelier Mysterious Trilogy Deluxe Pack
Series
Ô FATAL FRAME: Maiden of Black Water Series
Ô Atelier Sophie 2:
The Alchemist of the Mysterious Dream

Series
Ô Atelier Ryza 3: Alchemist of the End & the Secret Key Series
Ô BLUE REFLECTION SUN Series
Ô Atelier Marie Remake: The Alchemist of Salburg Series
Ô Wo Long: Fallen Dynasty
Complete Edition New IP
Ô Rise of the Ronin New IP
Ô Fire Emblem Warriors: Three Hopes
Collaboration Ô WILD HEARTS™ New IP
Ô Fate/Samurai Remnant Co-development
Ô Winning Post 9 2022 Series
Ô Winning Post 10 2024
Series
Ô Nobunaga `s Ambition
Shutsujin Series
Ô Winning Post 1 0
Series
Ô Taikou Rissiden
V DX Series
Ô Nobunaga `s Ambition:
Awakening Series
Ô NOBUNAGA `S AMBITION: Hadou Series
Ô Angelique Luminarise Series
Ô La Corda d `Oro Starlight Orchestra Series
Ô Shin Hokuto Musou Development and operations
Ô DRAGON QUEST CHAMPIONS Development and operations (SQUARE ENIX CO., LTD.)
IP licensing-out Other
F Y2024
new title pipeline
Ô Romance of the Three Kingdoms Hadou Series
Ô Dynasty Warriors Series
Ô DEAD OR ALIVE Xtreme Venus Vacation
Series
Ô Three Kingdoms
Tactics
Ô Atelier Resleriana: Forgotten Alchemy and
the Liberator of Polar Night Series
Ô 100Man-nin no Nobunaga no Yabou Series
Ô Nobunaga `s Ambition 20XX Series
Ô DISSIDIA FINAL FANTASY OPERA OMNIA Development (SQUARE ENIX CO., LTD.)
(SQUARE ENIX CO., LTD.)
(Bandai Namco Entertainment Inc.)
Each KOEI TECMO Group brand continuously develops multiple titles simultaneously.
Flexible personnel deployment enables us to utilize human resources without waste and
promote highly efficient development.
Medium-Term Management Plan List of Titles from the Past Three Years /ß Constantly supply new titles ever y fiscal
year. By expanding development
capacity, we will maintain and improve
the number, scale, and pace of titles.
/ß Build a multi-layered and stable portfolio.
We will combine numerous IPs, title scales,
and business models (in-house and
collaboration) in a well-balanced manner.
Console /PC
/ß Carefully select new titles. We will utilize successful cases and
know-how to undertake
high-accuracy title development.
/ß Extend the lifespan of and revitalize existing titles. Improve
profitability by carefully
examining operating costs.
Mobile
32

Sustainability Promotion System
To strengthen our sustainability initiatives, in October 2023 we established the
Sustainability Committee under the President & CEO and set up the Sustainability
Promotion Office within the Corporate Planning Department to promote sustainability
activities.
Setting Materiality (Key Issues)
We have established five key issues that we will promote to
contribute to the realization of a sustainable society and
enhance our corporate values.
Review of materiality (FY2024)
Amid the increasing importance of materiality, KOEI TECMO is currently
reviewing materiality, taking into consideration the dual perspectives of
its stakeholders and impacts on the Company.
For a detailed explanation of our current materiality, please visit the following. à https://www.koeitecmo.co.jp/e/sustainability/materiality/
Sustainability Committee
Launched in October 2023, the Sustainability Committee convened three times during
F Y2023.
Meetings held Main Discussions at Sustainability Committee Meetings
1st meeting(November 27, 2023) ~ Purpose and role of the Sustainability Committee~ Repor t on materiality
2nd meeting (Januar y 22, 2024) ~ Discuss and exchange opinions on human capital-related indicators and targets~ Exchange opinions on the compilation of Scope 3 greenhouse gas emissions
3rd meeting (March 18, 2024)
~ Discuss and exchange opinions on the medium- to long-term roadmap~ Exchange opinions on human capital-related policies, governance, etc.~ Discuss and exchange opinions on materiality~ Report on TCFD disclosure~ Report on the compilation of Scope 3 greenhouse gas emissions
Chairperson Yoichi Erikawa President & CEO
Committee
Members
CSuO, General Manager, Deputy General Manager, Executive Officer, General Manager of Human
Resources
KOEI TECMO GAMES CO., LTD.: Executive Vice President, General Manager of Marketing, General Manager
of IP Business, General Manager of Enter tainment Production / KOEI TECMO WAVE CO., LTD.: President /
KOEI TECMO NET CO., LTD.: Managing Director / KOEI TECMO QUALIT Y ASSURANCE CO., LTD.: President
Secretariat Sustainability Promotion Office, Corporate Planning Department
Environment
Governance
Products and
services People
Society “Creativity &
Contribution”
Board of
Directors
Sustainability Committee
Discusses and decides matters on basic policies and strategies regarding sustainability
Chairperson: Yoichi Erikawa (President & CEO)
Committee Members: 12
Reporting
Group
Relations
Department Sustainability Promotion Office
Plans and implements measures based on the policies and strategies formulated by the Sustainability Committee Cooperation
President & CEO
Under KOEI TECMO `s Ethos of Creativity & Contribution and its Corporate Slogan of lLevel Up Your Happiness
, z we aim to contribute to people `s
spiritual richness and happiness. To achieve our Vision of becoming The World
`s No. 1 Digital Entertainment Company, we believe it is crucial for our
human resources to grow sustainably and create exciting games. By promoting sustainability centered on people, KOEI TECMO aims to improve its
corporate value and create a sustainable society.
Strategy for Achieving Sustainable Growth KOEI TECMO `s Sustainability
33

FY2023 was the lfirst year of sustainability z
In FY2023, KOEI TECMO established the Sustainability
Committee and Sustainability Promotion Office, and I
was appointed CSuO (Chief Sustainability Officer).
Chaired by President Yoichi Erikawa, the Sustainability
Committee consists of the heads of the Group
`s business
and management divisions. The committee discusses
and decides on KOEI TECMO
`s direction and strategies.
Additionally, the Sustainability Promotion Office
collaborates with business divisions as an execution
team for the horizontal promotion of sustainability across
the entire company and implements measures based on
the policies formulated by the committee.
I have always felt the need to promote sustainability
but it was unclear who would actually lead these efforts
and how this would be done. The start of a full-scale
sustainability promotion system has enabled us to take a
big step forward by clarifying responsibilities and roles. I
believe that by working together to promote initiatives,
members of business divisions are beginning to
undertake sustainability as their own personal goal.
Maximizing the abilities of employees
drives sustainable growth
As highlighted by the saying, lA company is nothing more
than its people,
z KOEI TECMO Group `s most important
asset is its human resources. People play a crucial role at
every stage of our business, from game planning to
development and sales. Further strengthening our human
capital is essential for achieving our vision of becoming
lThe World `s No. 1 Digital Entertainment Company. z To this end, we will continue to focus on improving the
quality and quantity of our human resources as we aim
for sustainable growth.
Improving human resource development
and engagement
Our human resource development focuses not just on
improving the skills required to
lcreate exciting games. z
We also work to ensure that human resources can
acquire business skills that help realize the growth
potential and profitability of the company, or in other
words
lthe ways we can generate profits. z By doing so,
we aim to enable each and every employee to achieve
personal growth and contribute to the further
advancement of our company.
On a different front, from FY2023 we began
implementing engagement surveys and initiatives to
improve engagement with the aim of shaping our
company into an even better organization. To make KOEI
TECMO a satisfying place to work, we are improving our
facilities through methods like enhancing office
environments. At the same time, we must also create
environments that will spur internal changes within
employees themselves to allow them to better
understand the significance of their work and feel their
own personal growth. This is precisely why we strive to
create ways of working that enable employees to truly
enjoy their work instead of performing their daily jobs
without any feeling. Rather than approaching their jobs
every day with a feeling of
lI don `t want to go to work, z I
believe that having people perform their jobs with a
positive attitude of
lI`ll do my very best today z will increase engagement and enable the creation of even
more exciting games.
Reviewing materiality identification and
promoting diversity
In FY2024, we will begin reviewing materiality identification
to increase our corporate value. We will align the KOEI
TECMO Group
`s business strategies with issues and risk
management and decide on initiatives to increase
corporate value in the medium to long term. Additionally,
we will formulate and promote a medium- to long-term
roadmap to create an environment in which employees
can work with peace of mind. This includes initiatives for
diversity such as promoting the active roles of women.
Looking ahead, the KOEI TECMO Group will continue
to work on sustainability activities and stride forward
alongside society and people with the aim of realizing
sustainable growth.
People as the Core of Sustainability: Striving to 
Establish an Organized Promotion System and 
Sustainably Raise KT
`s Corporate Value
MEI ERIK AWA
Director, Managing Executive Officer, & CSuO
Strategy for Achieving Sustainable Growth Message from the CSuO
34

As is To-be
¢ 2024 å 4™ 6D8£
*1 According to research by KOEI TECMO. y *2 Source: Financial Results Ranking (2): KOEI TECMO tops profit r a n k i n g, w h i l e Keye n c e a n d S a n r i o o n th e to p of th e l i s t, T h e
Nikkei , August 28, 2024
The World `s  No. 1 
Digital 
Entertainment  Company
Vision Net sales
Operating profit
Operating profit ratio
Ordinary profit ratio
Profit attributable
to owners of parent
Ordinary profit ¥84.584
billion
¥
28.494 billion
33.7 %
¥
4 5 . 741 billion
5 4 .1 %
¥
33.792 billion
Digital entertainment
business
operating profit*
1
14 (FY2023) World No.
Digital entertainment business
operating profit
Human resource development
Indicators Actual (FY2023) Target
Number of
game
development
roles
2,077 2,261 (F Y2024)
Number of
new graduate
hires in Japan 15 8 200 (F Y2025)
Ratio of
female
managers 7. 8 % 12 . 0% (F Y2030)
Employee
engagement 50.4 58.0 (F Y2033)
Ratio of
persons
leaving their
jobs
5 .1% 5.
0 or fewer (F Y2024)
Ratio of male
employees
taking
childcare leave 64.9% 10 0% (F Y2030)
Human resource
strategy
Ensure a
diverse pool of talent, with a
focus on new graduates
P37
A human
resource
development
system driving growth
P38
Establish a
workplace
environment
where employees can work with
peace of mind
over the long term
P39
The kind of
human resources
we aim to develop
Individuals who are
self-reliant and professional creators
Personnel who can
drive business while making use of their creative skills
Global human resources
Linked
P36 Human resource development policy
Creativity & Contribution
Contribute to society through the creation of
new value instilled within our products and services
KOEI TECMO Ethos Corporate Slogan
Level up your happiness
No. 23 (FY2020) No. 20 ( F Y2 0 21) No. 17 (F Y2022)
Profit to net sales* 2 No. 1 (April–June 2024)
Strategy for Achieving Sustainable Growth Human Capital Management
1 World No.
35

Individuals who are self-reliant and
professional creators
Based on the idea that la great creator should also be a great businessperson, z
KOEI TECMO
`s human resources development policy is to cultivate people who possess the following two attributes.
• People with outstanding knowledge and skills
in their own work as well as knowledge in
peripheral work
• People who can complete high-quality products that improve brand power within the
delivery timeline while executing meticulous
checks without compromise
Nurture individuals who can
unleash creativity and drive business forward Global Human Resources
Ideal image of people we seek to develop
Human Resources Development Policy
• People capable of cultivating new fields,
creating and developing new global IPs,
independently starting projects, and
commercializing these toward deployment
• People capable of setting appropriate time, cost, and profit targets; formulating project
plans; and managing projects while
realizing the required quality, delivery
timeline, and budget • People who can understand and respect
different cultures and diversity
• People with the communication skills to take the lead in promoting business in
collaboration with members from diverse
cultural backgrounds, including overseas
partner companies and employees at
overseas Group bases
Creators who bring about  new entertainment Businesspeople who bring about 
grow th and profitabilit y
Based on its Human Resources Development Policy, the KOEI TECMO Group has prescribed three ideal images of the human resources it seeks to
develop and is implementing a human resources strategy to realize these. From FY2023, we will begin measuring engagement to gauge whether our
human resources strategy and specific measures are being effectively implemented. At the same time, we will strive to become a strong organization
where the Company
`s human resources can play active roles by continually making improvements based on the results of these measurements.
Strategy for Achieving Sustainable Growth Human Capital Management
Human Resources Development Policy/Ideal Image of Human Resources
36

The KOEI TECMO Group strives
for fair evaluations and
treatment of employees and
assures equal opportunities for
promotions and advancement
based on merit. Besides
creating comfortable workplace
environments, we make efforts
to establish environments in
which women can easily play
active roles by promoting their
careers. Starting in FY2024, we
are implementing training aimed
at reforming the awareness of
management-level employees
and improving their skills in
cultivating female subordinates.
For many years, the KOEI
TECMO Group has placed top
priority on recruiting new
graduates. To ensure that the
Group continuously grows in
the dramatically evolving game
industry, it must secure new
employees with fresh
sensibilities and new abilities
and values. Based on the
concept that passion is a driving
force, since its founding KOEI
TECMO has consistently
implemented a policy of
lrecruiting game fans z while
also focusing on recruiting
diverse human resources.
To promote diversity and secure
excellent human resources who can
play active roles globally, in Japan
KOEI TECMO actively hires foreign
employees, mainly new graduates.
We provide environments where
employees can work with peace of
mind starting from when they join
KOEI TECMO through Company
welfare systems such as employee
dormitories. As also evidenced by
the recent increase in foreign
employees playing active roles in
managerial and leadership
positions, we are becoming an
organization where diverse human
resources can play key roles and
believe this has helped strengthen
the competitiveness of the KOEI
TECMO Group. KOEI TECMO also focuses on
hiring experienced individuals to
acquire human resources with
abilities and values not yet
possessed by the Company. By
maintaining high salary levels,
we are strengthening our
competitiveness in recruiting
and by clarifying the types of
human resources we seek, we
undertake recruitment activities
to acquire human resources
with valuable skills. KOEI
TECMO aims to improve the
creativity of its employees
through the interaction of
human resources possessing
diverse abilities and values.
Promoting active roles  for women
Initiatives for 
recruiting 
new graduates An open environment 
where foreign 
employees can play  active roles Hiring experienced 
individuals with 
diverse strengths Diverse human resources 
combined with diverse  career paths
Ratio of non-Japanese employees
2021 20222023 0
5
10
15
20
25
30
(FY)
Gaming, anime, toys, film/video,
web, IT, information and
communication technology,
advertising, real estate,
warehousing and transportation,
railway, manufacturing
(automobile, machinery, textiles),
government agencies, finance,
schools, consulting, and media
Experienced hires
(previous industry) Ratio of female managers
2021 20222023 2030
6.5
10.6
7. 8
13.3
Aim for
12%
0
4
2
6
12
14
10
16 (FY)
7. 8
14.6 8
At KOEI TECMO, there are
multifaceted career paths
tailored to each employee
`s
aptitude. In senior positions, in
addition to management roles,
we also have expert positions
that focus on more specialized
technical skills and knowledge.
In addition, we have job rotation
and internal job posting system
to enable motivated employees
to build new careers. We will
promote the ongoing growth
and diversification of our
employees through systems
designed to enhance various
skills and abilities, ensuring they
thrive in the ever-evolving
gaming industry.
Ratio of exper t employees
in senior positions
2021 20222023
12.315.6
8.9
0
2
4
8
6
14
12
10
(FY)
15
16
Number of new graduates
recruited
F Y2021
F Y2022
F Y2023
F Y2024
F Y2025
12 7
15 0
15 8
19 9
200
( Ta r g e t )
*1 Companywide: includes overseas Group companies *2 Progress as of September 26, 2024 *3 Companywide: includes local employees of overseas Group companies
FY JapanCompanywide* 1
17 2
200
2 15
Š
241 *2
Japan Companywide Japan Companywide* 3
6.87. 5
5.6
2 7. 6 28.8
3 0 .1
(%)
(%) (%)
Strategy for Achieving Sustainable Growth Human Capital Management Human Resource Strategy 1
Ensure a Diverse Pool of Talent, with a Focus on New Graduates
37

Creators combined with
businesspersons
KOEI TECMO provides various opportunities to cultivate
human resources who have the qualities of both a
lcreator z and a lbusinessperson.” We implement Producer
Training to reinforce the basic knowledge needed by
producers and directors and share knowledge internally
through case studies. We also provide opportunities for
acquiring new knowledge and for learning about the latest
trends through lectures and external training by top
creators and leading experts in various fields. In
rank-specific training, employees learn about leadership,
problem-solving methods, legal-related matters,
management strategies, and financial concepts and
acquire
lbusiness skills to achieve growth and profitability. z
As one strategy to realize its Vision, KOEI TECMO
supports employees both as lcreators z and lbusinesspeople z by systematizing these multi-layered
initiatives, thereby maximizing the Group `s most important
asset, namely its human capital.
Extensive support for new graduates
After joining the Company, a training program spanning
approximately 1.5 months is provided to new graduate
employees. This unique program, conducted annually and
continuously improved, is designed to expedite the
development of new employees into effective contributors.
Our approach of assigning one senior employee as a
mentor to each new employee is designed to provide
personal support in both professional and private matters
for the first year after their placement. Besides enabling
new graduate employees to quickly learn their jobs, these
mentors also acquire leadership skills by accumulating
experience in guiding junior employees.
In accordance with our Human Resources Development Policy of balancing lcreativity that generates new excitement z with lbusiness skills to achieve
growth and profitability,
z KOEI TECMO established a human resources development system to unleash Transcendent Human Power, one of our strengths.
We support each and every employee in taking on challenges through a career path whereby game fans join KOEI TECMO as new employees and then
after serving as game creators they eventually advance to management-level positions. Employees achieve large personal growth in fields where they
can realize their dreams, which in turn helps further raise the corporate value of the Group.
New graduates Creators
LeadersDirectors
Producers
Executives
Game Fans
New Executive training
“Mentor” system
Follow-up training
New employee training
Existing leader training
Study sessions by managers
Expert employee training
Pre-assignment training
Language training
Occupation-specific training/Dispatch to state-of-the-art technology conferences
In-house conferences on expertise, latest technologies, etc./Study sessions by expert employees/ Companywide deployment of training for each department
Producer training/Lectures by external lecturers
Subsidies for external seminars (self-improvement)/Correspondence education system (self-improvement)
Mid-career training
Harassment prevention training/LGBTQ+ training/Sustainability training/Information security training
Rank-specific training/Patent training/Subcontract law training
Career stage training
Internal job posting system
Reskilling measures
Existing member training
Management training
New manager training
Corporate culture and values
Sharing creativity combined with business
Business Creative Currently considering future implementation
Framework for Generating Transcendent Human Power
Strategy for Achieving Sustainable Growth Human Capital Management Human Resource Strategy 2
A Human Resource Development System Driving Growth
38

1 2 3 4 5 Creating a working 
environment where  abilities are easily  demonstrated Career development 
support to 
encourage growth Health 
management  efforts Fostering a culture 
which celebrates  diversity Enhancing 
motivation and  engagement
As part of our efforts to create
a work environment in which
employees can play active
roles while balancing work
with childcare commitments,
we have introduced a flextime
system, shorter working hours
(for employees whose children
are in the third grade or
younger), and staggered
working hours (sliding
attendance). Core hours
under the flextime system
have been shortened since
FY2024. We encourage our
employees to maximize their
abilities through a variety of
work styles and flexible ways
of working. We support employees `
career development through
career interviews, career
stage training, an in-house
recruitment system, a
self-assessment system, and
other systems, enabling
employees to realize their
career aspirations and
exercise their abilities in roles
that suit them. In addition, as
of FY2024, we are supporting
employees
` self-improvement
efforts and encouraging their
growth by raising the upper
limit on subsidies offered for
correspondence courses.
To help employees stay healthy
and continue working in the
long term, we provide services
such as training on how to take
care of mental health, 24-hour
e-mail consultations, and online
consultations with occupational
health physicians, to create an
environment in which
employees can monitor their
own condition and receive
counseling. We will continue to
further promote health
management by appointing
personnel responsible for
health management and
subsidizing the cost of repeat
testing for certain results in
health checkups. We conduct training at Group
companies in Japan to raise
awareness of diversity,
LGBTQ+, and harassment
prevention, with the aim of
creating an organization in
which diverse personnel can
respect each other and play
active roles. In April 2024, we
also introduced a partnership
system at Group companies
in Japan under which
same-sex partners are treated
in the same way as spouses
under internal regulations, and
are eligible for congratulatory
and condolence payments,
congratulatory and
condolence leave, and other
benefits. In addition to measures to
support stable living conditions,
such as base salary increases
for nine successive years and
the construction of additional
company housing and
dormitories for single employees,
we are also working
continuously to improve
motivation by implementing
measures to reward employees
for their efforts, such as incentive
programs and performance
award programs, in order to
increase motivation. In FY2023,
we began measuring
engagement with the aim of
improving job satisfaction by
quantifying employees
`
attachment to the company and
passion for their work. In
response to the strengths and
weaknesses identified in the
survey, we will implement group-
wide initiatives, set priority
issues under the initiative of
each workplace, consider and
implement individual response
measures on an individual basis,
and continue our improvement
activities in the future.
© KOEI TECMO GAMES All rights reser ved.
The Group is working to create an environment where employees can demonstrate their abilities and make active contributions in the long term.
Strategy for Achieving Sustainable Growth Human Capital Management Human Resource Strategy 3
Establishing a Workplace Environment where Employees Can Work with 
Peace of Mind over the Long Term
39

Main IR activities
ActivityResults (FY2023)
Individual meetings for domestic and
overseas institutional investors 16 0 t i m e s
Conferences 5 times
Financial results briefings 4 times
Connecting with local communities Discussion Between an Analyst and the President & CEO (Representative Director)
Regional contribution
through vocational
education activities
We conduct Machi no Sensei vocational education activities at
local elementary and junior high
schools to educate students
about the work of game creators.
Lectures by top-level
management and
engineers at universities
We deliver lectures at universities
on topics such as the latest
technologies in game software
development, AI, and game
engines. We also fund courses on
game studies through donations.
Regional contribution
through partnerships and
local revitalization projects
We participate in local
development projects through
tie-ups with our IP and local
governments and schools, etc.
Energy saving through
regional heating and
cooling systems
– Energy saving through regional
heating and cooling systems
– Adoption of LED lighting in offices
– Water-saving toilet and washbasin facilities
Analyst The recent situation in the video game industr y has been difficult, with restructuring and
titles being canceled or undergoing revision around the world. What challenges does the
industr y face, and what is KOEI TECMO
`s approach to addressing them?
Erikawa It is a fact that the market grew from 2020 to 2021 due to the requirement to stay at home during
the pandemic. We view this as having been caused by external factors to the gaming industry. The market
leveled off from 2022 to 2023, and we think that it will return to its original pace of growth from 2024
onward. Therefore, this is no longer an era of benefiting from the external environment, but an era in
which the efforts of each company will be tested. Each company needs to address challenges and
produce results, and I believe that we are now back in the
lwarring states z period of gaming.
Against this backdrop, we continue to take on the challenges of creating A A A titles on our own. In the
European and North American markets, there are certain genres of games that sell well, and we have
come to see that we will not be able to achieve results if we do not compete in those areas. Through the
challenges we have taken on so far, we can clearly see the major obstacles we must surmount in the
future. I think all that remains is for us to overcome those obstacles. I hope that everyone will look forward
to our future efforts and achievements.
Strategy for Achieving Sustainable Growth Co-creation of Value with Stakeholders
The Group aims to build good relationships with stakeholders and work to solve social issues through the
co-creation of value, while at the same time achieving sustainable growth and enhancing corporate value.
Analyst It must be quite difficult to balance creativity and business. In the entertainment industr y,
it is often the case that creativity takes precedence over profit, and profits decline as a result.
How do you keep a good balance?
Erikawa I believe that since game production is a business, it is only natural that we should make a profit.
We view profit as the voice of our customers ` expectations, and our mission is to create titles that exceed
those expectations. In light of this, we are committed to maintaining the balance between creativity and
profit in every situation, and in every position within the company
Šfrom new employees to executives. To
achieve this, we have firmly enrooted a culture of adhering to quality standards, delivery timelines, and
budgets as a matter of course.
Analyst It may be a result of increased risk due to rising development costs and the search for
solid hit titles, but the industr y as a whole seems to be converging on particular game genres
and similar-looking graphics. Don
`t you think that the industr y is losing diversity in its output as
a result of pursuing growth?
Erikawa I think that it will turn into competition over lp l a y, z which is the very essence of gaming. If it is an
action game, then lplay z is the fighting part. Game systems are important in terms of what kind of new lplay z they will bring to the table. If the graphics themselves are a prerequisite for players to purchase a
game, then I believe the important thing is whether or not the game can exceed customers ` expectations
after satisfying that prerequisite, and what kind of interest or enjoyment the new kind of lplay z offered by
the game can deliver.
40

Ù Governance
The Corporate Planning Department and the Sustainability
Promotion Office take the lead in compiling information
regarding the state of the Group
`s climate change responses
and initiatives. When risks and opportunities are identified as
being important to the Group, they are reported to the
Sustainability Committee for discussion. A report is then
submitted to the Board of Directors.
Ù Strategy / Risk Management
The Group currently calculates Scope 1, 2, and 3 greenhouse
gas emissions and identifies risks and opportunities to
understand the impact of existing climate change on its
operations.
Ù Metrics & Targets
To manage climate-related risks and opportunities, the Group
has been calculating Scope 1 and 2 emissions since FY2022.
From FY2023, we also calculate Scope 3 emissions, and will
consider reduction targets to reduce greenhouse gas
emissions.
Change in greenhouse gas emissions
FY2022 FY2023
50,000
60,000
40,000
30,000
20,000
10,000 0
Scope1 ´2
5,641 Ù Scope 1
118
Ù Scope 2
5,523
Ù Scope 2
5,225
Scope 3 breakdown by category Emissions
Categor y 1Purchased goods and services 25,686 t-CO 2 Categor y 2Capital goods 4,208 t-CO 2
Categor y 3Fuel- and energy-related activities
(not included in scope 1 or scope 2) 1,967 t-CO 2
Categor y 4 Upstream transportation and distribution 833 t-CO 2 Categor y 5Waste generated in operations 23 t-CO 2 Categor y 6Business travel 76 t-CO 2 Categor y 7Employee commuting 613 t-CO 2 Categor y 8Upstream leased assets
Excluded Categor y 9Downstream transportation and distribution
Excluded Cate g o r y 10Processing of sold products
Excluded C a t e g o r y 11Use of sold products 17,445 t-CO 2 C a te g o r y 12End-of-life treatment of sold products 90 t-CO 2 Ca te g o r y 13Downstream leased assets 694 t-CO 2 C a t e g o r y 14Franchises
Excluded C a te g o r y 15Investments
Excluded
Ù Scope 1
12 7
Ù Scope 3
51,635
(t-CO 2)
/ß Scope1 : 127 t-CO 2 (0.2%)
/ß Scope2 : 5,225 t-CO 2 (9.2%)
/ß Scope3 : 51,635 t-CO 2 (90.6%)
Greenhouse gases
Total emissions:
56,987 t-CO 2
(FY2023)
* Scope of calculation: Domestic and
overseas consolidated subsidiaries
* Calculation period: April 2023 to March 2024
* Calculation criteria: Basic Guidelines on Accounting for Greenhouse Gas Emissions
Throughout the Supply Chain (ver.2.5
Ministr y of the Environment and Ministr y of
Economy, Trade and Industr y Government
of Japan)
* Emission factor: For fuel and domestic electricity, we calculated by the emission
factor specified in the GHG emissions
accounting, reporting, and disclosure
system administered by Japan
`s Ministr y of
the Environment. For overseas electricity,
we calculated by the emissions factor
specified by each country
`s government or
IGES (Institute for Global Environmental
Strategies) CDM Project Database.
Scope1+2+3
56,987Scope1+25,352
Strategy for Achieving Sustainable Growth TCFD Recommendations Initiatives
The Group considers addressing climate change to be one of its priority sustainability issues, and has disclosed
information based on the recommendations of the Task Force on Climate-related Financial Disclosures (TCFD).
In addition to Scope 1 and 2 emissions, from FY2023 we have also begun to calculate Scope 3 emissions,
and will continue making further efforts to address climate change in the future.
41

Tejima I believe KOEI
TECMO
`s approach to
governance is more rigorous
than that of most
companies. While the
founding Erikawa family may
have a strong public
presence, this has actually
heightened Chairperson
Erikawa
`s and President
Erikawa
`s dedication to
governance. For instance,
the Company strengthened
its team of outside directors
early on, fostering a highly
open Board where
independent voices
contribute to meaningful
discussions, enhancing
Board effectiveness.
President Erikawa has also
expressed his intent to
delegate operations to
younger leaders while
focusing on oversight,
demonstrating a
commitment to prevent the
drawbacks of owner-led
management and establish governance suitable for
global expansion.
Sato The Company was formed through the 2009
merger of KOEI Co., Ltd. and TECMO, LTD., establishing a holding company structure, and further
expanded with the addition of Gust Co., Ltd. in 2011.
As part of the post-merger integration, KOEIC TECMO
launched
lbrand-based management z in 2016, creating distinct organizational
lbrands z focused on
developing unique IPs
and generating new IPs,
with each brand
managed by its own
leader. This approach
has become standard
practice, and it is highly
commendable that the
strong individuality of
each brand is
maintained within the
holding company
structure. This serves as
a foundation for growth
and can open up new
M&A opportunities.
Looking ahead, on
the global stage, we will
likely see many small yet
highly talented
companies emerging as
new technologies and
platforms*
1 develop.
Some of these small but
potent companies may
prefer integration within
a larger organization
rather than going public.
KOEI TECMO
`s
management framework,
which embraces the
individuality of developers, offers an ideal environment
not only for current staff but also for welcoming new
partners into the Group.
*1 The environment in which games can be played, including hardware and devices.
Proposing Optimal Management and Supporting Sustainable Growth
along with Societal Contribution
Corporate Governance Roundtable Discussion Between Outside Directors
M a s a o Te j i m aOutside Director Hiroshi Kobayashi Outside Director Fumiko HayashiOutside Director Tatsuo SatoOutside Director Michiaki Ogasawara Outside Director
Building KOEI TECMO `s
unique governance as
a global company
42

Attracting and empowering top talent
Š the key to sustainability
Hayashi In 2023, the Company established a dedicated
department for sustainability and ESG, with an executive
appointed to oversee these efforts. This move appears
to be based on the solid foundation of achievements
built over many years. While there remain numerous
challenges to address, there is a clear intention to
establish a proper structure and advance these
initiatives swiftly.
Ogasawara KOEI TECMO is making efforts to address
environmental issues, which have become
increasingly important in recent years. However,
compared to manufacturing industries that produce
physical products, the environmental impact of the
Company is relatively small. In contrast, in the
lSocial z
aspect of ESG, efforts are being made on initiatives
that prioritize employees, who are key stakeholders.
Board of Directors: Leveraging
presidential experience for diverse
and insightful discussions
Kobayashi The Board engages in active discussions.
There is a constant exchange of opinions in the Special
Committee and Nomination & Remuneration
Committee, and when there are doubts or requests
regarding execution, feedback is given without delay.
Tejima Each of the five outside directors has a unique
character, and their views on numbers differ as well.
Everyone shares their opinions based on their areas of
expertise, and while it can be challenging for the
executive side to address these views, I believe it is the
ideal approach for the Company that the chairman and
many Board members embrace this diversity of
opinions.
Hayashi I feel a certain tension when participating in
Board meetings, as, despite being an outside director,
I often delve deeply into internal matters and speak up.
I believe one of the characteristics of KOEI TECMO
`s
Board is the active communication and sharing of
ideas during meetings, ensuring that nothing is left
unsaid to avoid later regrets.
Ogasawara One of the strengths of the Board `s
composition is that four out of five outside directors
have experience as company presidents. The
perspectives of these individuals, who have made
critical decisions that impact the fate of a company,
carry great weight. In countries like the United States,
outside directors often have management experience,
but in Japan, this is not always the case. The high ratio
of outside directors with presidential backgrounds, as
in KOEI TECMO
`s case, is quite rare. Additionally, the
input of those who have led companies in the same or
adjacent industries is also invaluable. At Board
meetings, directors, including these experienced
leaders, consistently engage in frank discussions and
exchange opinions on various challenges.
Hayashi The fact that no compliance incidents have
occurred for several years is, in my view, clear
evidence of a high level of governance awareness.
Chairperson Erikawa and President Erikawa have a
strong sense of responsibility and a deep commitment
to employees and societal contributions, which is
reflected in their meeting discussions, where they
carefully consider how to communicate and advance
these values. It is precisely because they actively
convey these values to other executives and
employees that the Company
`s governance framework
has naturally become stronger.
Ogasawara Being listed on the Tokyo Stock Exchange `s
Prime Market incurs costs, but management has made
a conscious decision to pursue this path, demonstrating
a strong commitment to ensuring compliance and
protecting minority shareholders. In turn, the
management division consistently operates with a high
level of awareness. Regarding performance, while much
of the success in owner-managed companies relies on
the abilities of the founder, at KOEI TECMO, the
performance of executives beyond the founder is also
exceptional. This has allowed the Company to achieve
significant growth over the past decade. In FY2023,
while net profit increased, operating profit saw slight
stagnation. Management views this as a form of
lgrowing pains z and is focused on establishing a solid
foundation for future growth.
Sato The Company has made sincere efforts to
strengthen its governance. In doing so, rather than
chasing governance trends or fads, it has built a
governance structure based on its long-term vision and
Medium-Term Management Plan. I find this approach
commendable. As a result, while KOEI TECMO
`s
governance framework may not necessarily be the
most cutting-edge, it has, in practice, become a very
solid structure. For example, although it is not a
Company with committees, it has established a
Nomination & Remuneration Committee to strengthen
corporate governance, and it functions effectively.
Moving forward, it will be important to continue
enhancing governance in a way that aligns with the
pace of the Company
`s growth.
M a s a o Te j i m a
Masao Tejima, who
previously worked at
Hakuhodo Inc., currently
holds the position of
President and CEO at
T&T Corporation. He
joined KOEI TECMO as
an outside director in
June 2014. He currently
ser ves as a member of
the Nomination &
Remuneration Committee
and Chairperson of the
Special Committee.
Corporate Governance Roundtable Discussion Between Outside Directors
43

Tejima In terms of promoting the involvement of
women, the Company is putting considerable effort
into hiring female developers. Compared to the ratio of
female IT engineers in Japan (16.9%*
3), the proportion
of female developers at KOEI TECMO (20.5% as of
March 31, 2024) is relatively high, and they are often
seen in the workplace. Going forward, I hope we can
become the number one company that women in
STEM (Science, Technology, Engineering, and
Mathematics) fields aspire to join.
*3 Source: Global IT Engineer Repor t Vol.12, March 8, 2024, Human Resocia
Ogasawara When it comes to strengthening technology,
discussions often revolve around how to integrate
advanced technologies such as AI.
Kobayashi As an entertainment company, what we provide
to our customers is not advanced technologies like AI
itself. While strengthening advanced technological
capabilities, including AI, is important, I believe it should
primarily be utilized within the development and
production processes.
address the treatment and compensation of employees
worldwide. As outside directors, we also offer various
opinions, particularly on talent, and I am impressed by
how we continue to build on these discussions to
attract even better talent.
Tejima I believe that a great company naturally attracts
talented individuals. However, when too many
exceptional people gather, there is a tendency to
become overly fearful of making mistakes. That
`s why I
think it
`s crucial to create a company culture where it `s
okay to fail. The goal isn
`t to hit a home run every time
you step up to bat; it
`s about achieving overall success,
and that means it
`s okay to fail along the way. I want
people to feel they can step up to the plate without
fear. In other words, what might seem like a failure
should be viewed as an
lexperience, z and the lessons
learned from it will ultimately contribute to future value.
I hope the Company fosters a culture where this
mindset thrives.
Sato When attending the General Meeting of
Shareholders, it
`s evident that many shareholders are
fans of KOEI TECMO. Similarly, many of the new
graduates joining the Company are naturally fans of the
Company, its games, and Kou Shibusawa. While this is
a positive aspect that helps develop areas of expertise,
there is a potential downside: it can make it challenging
to find individuals with different perspectives or talents.
In recruitment, I hope this consideration is taken into
account. While the concept of
ldual-driven
management
zŠ which balances stability and
adaptability to change
Šis important, realizing this may
require creating an environment that fosters internal
ventures or exploring strategies like mergers and
acquisitions.
Hayashi I truly hope that more women can play an active
role within the Company. I would like to see the scope
of women
`s involvement expand further, with more
female employees stepping into executive positions.
Currently, there are three women on the 12-member
Board of Directors at the holding company, including
myself, which is higher than the average in Japan.
However, I believe the proportion of female executives
can and should increase even further.
Despite the competitive landscape for IT talent, the
Company has continued to hire many exceptional
developers. Furthermore, the founders
Šthe
Chairperson and President
Šhave long supported
research in simulation and gaming through the
foundation for the Fusion Of Science and Technology
(FOST )*
2. They have also been dedicated to
supporting interdisciplinary research beyond
technology. These efforts are expected to positively
impact the Company
`s future growth. Going forward,
it will be important to continue utilizing and expanding
the founders
` network of relationships.
*2 A public interest foundation that suppor ts research collaboration promoting the
fusion of science and technology, including research in simulation.
Sato One thing I strongly feel through the Board of
Directors
` discussions is that there is always active
dialogue regarding talent. KOEI TECMO is
fundamentally built on people, and it is constantly
considering how to attract exceptional talent both
domestically and internationally, as well as how to
Corporate Governance Roundtable Discussion Between Outside Directors
Fumiko Hayashi
Fumiko Hayashi, who has
held various positions
including Chairperson
and CEO of The Daiei,
Inc. and Mayor of
Yokohama City, joined
KOIE TECMO as an
outside director in June
2022. She currently
ser ves as a member of
the Nomination &
Remuneration Committee
and the Special
Committee.
Tatsuo Sato
Tatsuo Sato, formerly a
Director at Kadokawa
Media Of fice K.K. and
Representative Director
and President of
K ADOK AWA DWANGO
CORPORATION (currently
known as K ADOK AWA
CORPORATION), as well
as its Chairman, joined
KOEI TECMO as an
outside director in June
2018.
44

Tejima As an outside director, I believe my role is
always to represent the shareholders. I am particularly
mindful of how individual shareholders view KOEI
TECMO. At the General Meeting of Shareholders,
there are many long-time fans and shareholders who
have supported the Company over the years. It
`s
important to ensure that these individuals feel proud
to be shareholders of KOEI TECMO. While stock
prices are determined by the market, decisions like
increasing dividends are within the Company
`s control,
and I hope to see this continue. Regarding talent, I
want to establish an image of KOEI TECMO as one
that not only hires exceptional individuals but also
people with strength, as it is through these strong
individuals that sustainable, long-term growth can be
achieved.
Kobayashi While the presence of the owner is certainly
strong, it is important to further communicate that the
Company can continue to grow sustainably even
without the Chairperson and President. With many
talented developers and a well-established revenue
structure, I aim to make these strengths more evident
both internally and externally.
Hayashi I am currently involved in the management of
various companies and have opportunities to engage
with many people. In addition to the experience and
knowledge I have gained so far, I am committed to
further learning and incorporating new information to
actively offer recommendations to the Company.
Sato I believe that the entertainment industry has
unique growth drivers and risks that differ from those
in other manufacturing industries, and I hope to offer
recommendations from that perspective. In publishing,
gaming, and film, entertainment companies are often
judged based on whether they have a hit product that
year
Šwhether it `s a hit game, a successful anime, or a
best-selling work. It
`s often perceived that this industry
is influenced by factors like the genius of top
executives and creators, or the one-off success of a
product, which lacks reproducibility. That
`s why, in IR,
I believe it
`s crucial to skillfully demonstrate both
internally and externally that the Company has a
sustainable environment for reproducing wealth (hit products)
Šan ecosystem where talent and content
can continuously emerge. Additionally, I would like to
emphasize the strength of management. The Company
is well-coordinated and moves according to plan,
which is what stabilizes the management. Personally,
I am committed to supporting governance
enhancement and ensuring strong business execution.
Ogasawara The vision of aiming for No.1 in the world in the
global market is truly excellent, and I hope it will be
realized. Currently, half of the sales come from
overseas, with East Asia being the main region. Moving
forward, it will be important to consider how to
enhance the Company
`s global reputation, ensuring
that KOEI TECMO is recognized as a leading entity not
only in East Asia, but also throughout all of Asia and in
Europe and Africa, for instance. The Company
possesses considerable potential in this regard, and I
look forward to contributing further to these
discussions at the Board level.
Steady progress in succession
planning
Ogasawara Generational change is an unavoidable topic for
owner-managed companies when considering future
growth, and we are addressing it with a long-term
perspective.
Kobayashi In the entertainment industry, when the
founder and president is an exceptional creator who
consistently produces great content, the question of
succession inevitably arises. KOEI TECMO
`s creators
are trained not only to create engaging content but
also to develop projects that generate profit according
to plan. The Company has already produced many top
developers with strong management skills, so I believe
the succession of management will not be difficult.
Representing shareholders to drive
sustainable growth
Corporate Governance Roundtable Discussion Between Outside Directors
Hiroshi
Kobayashi
Hiroshi Kobayashi, who
previously worked at
Nomura Securities Co.,
Ltd., and held positions
such as Director at
SQUARE CO., LTD.
(currently known as
SQUARE ENIX Co., Ltd.)
and President and
Representative Director of
DWANGO Co., Ltd., joined
KOEI TECMO as an Outside
Director in June 2015.
Michiaki
Ogasawara
Michiaki Ogasawara,
who previously served
as Vice-Minister of the
Ministr y of Internal
Af fairs and
Communications,
joined KOEI TECMO as
an outside director in
June 2021. He currently
ser ves as a member of
the Nomination &
Remuneration
Committee and the
Special Committee.
45

With the vision of becoming lThe World `s No.1 Digital Entertainment Company z, we aim to
contribute to the enrichment of the lives of people around the world by establishing a
structure that maximizes the creation of new value through effective utilization of the Group
`s management resources and know-how, the integration of planning and development
capabilities, and other efforts. To this end, we recognize that the important management
issue of strengthening corporate governance is essential to sustainably maximizing corporate
value over the long term. The Group is organized with a holding company structure, under which its operating
companies conduct business. The Company is at the center of the Group
`s unified
governance. We are committed to maximizing corporate value for all stakeholders by
planning, operating, and managing the entire Group to optimize it in its entirety, as well as
by overseeing the management of the Group as a whole.
Basic stance on corporate governance
Transition in corporate governance reform
Composition of directors and Audit & Supervisory Board members (As of September 30, 2024)
40 %
7-10 years
40 %
2-4 years
20 %
5-6
years
Term of office as outside director Ratio of inside/outside members
75 %
Male
25 %
Female
Directors
50 %
Outside
50 %
Inside
Audit & Supervisory
Board Members
Male to female ratio Number of female directors
42 %
Outside
58 %
Inside
Directors
100 %
Male
Audit & Supervisory Board Members F Y2 013
1
F Y2 0 15
2
F Y2022
3
Number of outside directors
F Y2 0 14
1
F Y2 018
3
F Y2022
5
Changes to strengthen the governance structure
Established
a Special
Committee Established
a Nomination &
Remuneration
Committee Compliance with
the Corporate
Governance Code Elected Outside
Directors Established a
Compliance Committee Established a Risk
Management
Committee
Corporate Governance Corporate Governance Overview
46

{ Legal advisor E
The Company receives advice on legal
issues from time to time based on a legal
advisory contract with its legal advisor.
Nomination & Remuneration Committee F
A majority of members of the Nomination
& Remuneration Committee are
independent outside directors. The
Nomination & Remuneration Committee
deliberates on matters submitted by the
Board of Directors regarding the
nomination and compensation of the
Group
`s directors and executive officers;
and also submits reports and proposals to
the Board of Directors.
Chairman: Hiroshi Kobayashi
Members: 8 directors
(including 5 outside directors)
Special Committee G
All members of the Special Committee are
independent outside directors. The
Special Committee deliberates on matters
related to important transactions with
controlling shareholders or their
subsidiaries, as well as other important
governance matters that the Board of
Directors deems necessary for
consultation; and also submits reports
and proposals to the Board of Directors.
Chairman: Masao Tejima
Members: 5 outside directors
Executive Officer System
The Company has introduced an
Executive Officer system and is working to
ensure that it enables prompt
management decisions and appropriate
execution of duties.
Corporate governance structure
General Meeting of Shareholders
Group companies
Compliance Committee
Risk Management Committee
Internal Control Committee
Harassment Prevention Committee
Appointment and
dismissal
Advice Cooperation
Cooperation
Cooperation
Consult
Internal audit Internal audit
Selection
and
supervision
Advice Audit
Audit
Appointment and
dismissal Appointment and
dismissal
Sustainability Committee
(As of October 1, 2024)
Board of
Directors
12 directors A Accounting
auditor D (Whistleblower system:
third-party hotline)
Legal advisor E Audit &
Supervisory
Board
4 auditors
B
Nomination &
Remuneration
Committee
8 members
F
Audit
Department C
Special
Committee
5 members G
President & CEO
Head Office
departments
As a holding company, we are responsible for formulating management policies and
monitoring each business and support function, while each operating subsidiary is
responsible for formulating business policies and executing these policies. In order to
maintain this system and optimize the entire Group, we have adopted the following structure. In addition, equivalent management systems have been established at the operating
companies under close guidance from the Company to further strengthen the management
system of the entire Group.
Corporate governance structure
Corporate Governance Corporate Governance Overview
Board of Directors A
Taking into account the scale of the
Company, important emphasis is placed
on maneuverability. The Board of Directors
consists of 12 directors (including five
outside directors) and makes decisions on
management policies and important
business strategies, and supervises the
execution of the directors
` duties.
Chairman: Yoichi Erikawa
Members: 12 directors
(including 5 outside directors)
Audit & Supervisory Board B
The Audit & Supervisory Board consists of
four members, including two full-time
auditors (one outside) and two auditors
(one outside), that hold regular meetings.
Chairman: Seinosuke Fukui
Members: 4 auditors
Audit Department C
The Audit Department has been established
as the internal audit division to check the
business activities of the entire Group, and
to exercise an internal check and balance
function.
Accounting auditor D
The Company has engaged KPMG A ZSA
LLC, an accounting auditor, to conduct
accounting audits which are fair and
appropriate. The Company also strives to
maintain an environment in which audits
are conducted from a fair and unbiased
standpoint by providing management
information accurately and promptly.
The Audit & Supervisory Board and the
accounting auditor mutually exchange
information and opinions as necessary to
enhance and improve the audit system.
Consult
47

To secure sufficient opportunity and time for deliberations
on important management matters at meetings of the
Board of Directors, the Company formulates annual
schedules that ensure appropriate frequency of meetings.
Through these meetings, sufficient information exchange
and a sharing of views are implemented between directors
and Audit & Supervisory Board members.
Status of holding meetings of
the Board of Directors
Status of holding meetings of
the Board of Directors
(FY2023)
Number of meetings held
19 144 767.6 11
Number of
agenda per annum Average
duration of meeting
(minutes)
Average
number of agenda Average
deliberation time per agenda
(minutes)
Composition by type of content of agenda
for meetings of the Board of Directors
(by number of cases)
20 %
Stock and corporate
governance
23 %
Account
settlement and business
strategies
21 %
Financial
affairs 17 %
Employee and
labor relations
19 %
Other
Skill matrix of director
Name PositionGender
Key experience and expertise
Corporate
management Governance/
risk management Finance/
accounting SDGs/
sustainability/ diversity Entertainment business
Amusement businessReal estate business
Creation of IP Expansion of IPAmusement facilities/
Pachinko & Pachislot Real estate management/ operation
Keiko Erikawa Chairman
(Representative Director) Female Ô ÔÔÔÔÔ Ô
Yoichi Erikawa President & CEO
(Representative Director) Male Ô ÔÔÔÔÔ Ô
Hisashi Koinuma Executive Vice President
(Representative Director) Male Ô Ô ÔÔÔÔ
Yosuke Hayashi Director Male ÔÔ ÔÔÔ
Kenjiro Asano Director
Senior Executive Of ficer and CFO Male Ô ÔÔÔ Ô
Mei Erikawa DirectorManaging Executive Officer and CSuO Female ÔÔ ÔÔÔ Ô
Yasuharu Kakihara Director & Advisor Male ÔÔ Ô
M a s a o Te j i m a Outside Director
(independent) Male Ô Ô Ô
Hiroshi Kobayashi Outside Director
(independent) Male Ô Ô Ô
Tatsuo Sato Outside Director
(independent) Male Ô Ô Ô
Michiaki Ogasawara Outside Director
(independent) Male Ô Ô
Fumiko Hayashi Outside Director
(independent) Female Ô Ô Ô
Actual content of issues discussed by the Board of Directors are mainly as follows:
Issues discussed by the Board of Directors
/ß Formulation, revision and implementation of medium-term management
plans and annual management plans and reporting of status of progress
/ß Reporting of status of execution of business by each division/ß Reporting of status of audits by Audit & Super visor y Board members and internal audits
/ß Decision-making regarding trading of securities, etc. and reporting of status of investment management
/ß Report of internal control evaluation findings/ß Decision-making regarding evaluation and amounts of remuneration of the Group `s directors and executive officers /ß Decision-making regarding appointment, change of job title, etc. of the Group `s directors and executive officers /ß Decision-making regarding transfer of important employees/ß Establishment, revision or abolition of important rules/ß Evaluation of effectiveness of the Board of Directors/ß Decision-making regarding acquisition and sale of real estate/ß Reporting of status of intellectual property rights/ß Reporting of new plans for game development and revision of budgets
Corporate Governance Corporate Governance Overview
48

Self-
evaluation, etc.
Matters regarding
the Board of Directors
Ù Evaluation method
An evaluation questionnaire containing eight items and 38
questions shown in Table 1 was conducted for all directors and
Audit & Supervisory Board members. For each question,
close-end, three-choice answers based on a quantitative
evaluation and open-ended response were collected.
Questionnaire results were tallied and analyzed by the
secretariat of the Board of Directors and reported to
the Board. The Board discussed on evaluation results at a
meeting held in June 2024.
Ù Summary of evaluation results
The Board of Directors of the Company evaluated that the effectiveness of the Board was secured in FY2023. This is
because 95.5% of respondents chose the answer l1. Ye s z to each question asking if the Board is effective.
Moreover, among five items recognized as items requiring improvement in the previous fiscal year, for the three items
in Table 2, the number of respondents who chose the answer
l1. Ye s z was more than 14 (higher than 80%), showing an
improvement.
However, with respect to the two items in Table 3, the number of respondents who chose the answer
l1. Ye s z was less
than 13 (less than 80%), indicating that these items needed improvement. Based on the evaluation results, the Board of
Directors of the Company aims to further improve the effectiveness of the Board.
May 2024
Questionnaire for all directors and Audit &
Supervisory Board members
(three-level quantitative evaluation and open-ended
response to all 38 questions)
June 2024
Discussions by the Board of Directors
based on evaluation results
(issue identification and determination of initiatives)
Table 1: List of evaluation items (Number of questions in parentheses)
Composition of the Board of Directors
(9 questions)
Operation of the Board of Directors
(7 questions)
Role 1: Indication of overall direction
(2 questions)
Role 2: Framework for suppor ting
management (2 questions)
Role 3: Management oversight
(8 questions)
Framework for suppor ting directors and Audit
& Supervisor y Board members (1 question)
Self-evaluation (8 questions)
Self-evaluation of the Board of Directors
(1 question)
Table 2: Items evaluated as showing improvement
Table 3: Items evaluated as those requiring improvement
Until now, only a portion of materials for Board of Directors meetings requiring confirmation of details have been
distributed at an early stage. Going forward, all materials will be distributed early on.
Since dialogues are currently conducted mainly through online conferencing, going forward we will consider further
measures to strengthen cooperation, such as increasing opportunities for face-to-face meetings.
Item Future initiatives
/ß Advance preparation, materials and presentations for Board of Directors meetings
/ß Cooperation between Audit & Supervisory
Board members and outside directors
To create opportunities for exchanges of information among outside directors, we established a policy of having
outside auditors participate as observers at Special Committee meetings.
We conducted officer training on material issues.
There were two cases in which the Company consulted with legal professionals, based on the opinions of outside
directors.
Item FY2023 Initiatives
/ß Cooperation among independent
outside directors
/ß Training opportunities for directors and
Audit & Supervisory board members
/ß Advice from outside professionals
Corporate Governance Corporate Governance Overview
For the purpose of continuing to improve its roles and functions, the Board of Directors of the Company implemented an evaluation of the effectiveness of the Board for FY2023.
An outline is provided below.
Evaluation of effectiveness of the Board of Directors
May 2024 From July 2024
Tallying and analysis conducted
by the Secretariat Commencement of initiatives
based on decisions made
49

Successor plan for chief executive officer
In CEO successor planning, we aim to build a system to secure and train management
personnel, in a timely and appropriate manner, as needed to lead the Group `s business
operations globally and actualize growth strategies amid the accelerating pace of changes
in the business environment; and are engaged in initiatives to delegate management
authority and develop future management candidates at an early stage.
1. Delegation of authorityMay and September 2024: Delegated authority for personnel transfers, authorizing expenditures, and signing contracts, through
revisions to the executive authority regulations for Group companies in Japan and overseas.
May 2024: Advanced delegation of authority through reviews of par ticipating members at various meetings
2. Training of next-generation management personnelMarch 2023: Increased the number of of ficers who could become next generation managers, by increasing the number of
executive of ficers and promoting them
Basic policyThe Company `s basic policy is to link the remuneration, etc. of the Company `s Directors to the
interests of shareholders so that it will function as an incentive for the Company to continuously
increase its corporate value, and to set the remuneration, etc. of individual Directors at an appropriate
level based on the responsibilities of their respective positions. Specifically, the Company
`s basic
policy is to structure the remuneration as follows: basic compensation (monthly remuneration);
performance-linked remuneration, etc. (bonuses); and stock-based remuneration.
Policy for determining the amount of individual base (monthly) remuneration (including policy for determining the timing or conditions of granting remuneration, etc.)
The basic monthly remuneration for full-time directors of the Company shall be a monthly fixed
remuneration, which shall be determined by the Board of Directors according to the base monthly
amount it sets for the director
`s position and responsibilities, and the evaluation of each full-time
director by the President & CEO within the range determined by the Board of Directors.
The basic monthly remuneration of non-executive directors of the Company shall be a fixed
monthly remuneration, which shall be determined by the Board of Directors in a manner that is
balanced with the remuneration of full-time directors.
Policy for determining the details and calculation method of the amount of performance-
linked and non-monetary compensation, etc.
(including policy for determining the timing or conditions of granting remuneration, etc.)
Performance-linked remuneration, etc. (such as bonuses) for full-time directors of the Company shall be
monetary remuneration reflecting the key performance indicators (KPI) of the Group in order to raise
awareness of the need to improve the performance of the Company for each fiscal year. The total
amount calculated in accordance with the degree of achievement of consolidated operating profit,
consolidated ordinary profit, or consolidated net income targets for each fiscal year, and an incentive
amount determined in accordance with the incentive payment standards and based on operating profit
of games and other products, shall be paid at a certain time each year, based on a resolution of the
Board of Directors. Performance-linked remuneration, etc. (bonuses) for the Company
`s non-executive
directors shall be monetary remuneration. Whether or not that remuneration will be granted shall be
determined at a meeting of the Board of Directors to be held at a certain time each year in view of the
status of the Company
`s profits. Amounts determined using base (monthly) remuneration as a reference
shall be provided to the non-executive directors.
Non-monetary compensation for directors of the Company shall consist of subscription rights to shares as stock options, and shall be paid approximately once every two years by decision of the Board
of Directors. Non-monetary remuneration, etc. for full-time directors shall be determined in
consideration of their positions and performance. Non-monetary remuneration, etc. for part-time
directors shall be determined based on their positions.
Policy on determining the ratio of the amount of base remuneration, per formance-linked
remuneration, or non-monetary remuneration, etc. for individual directors
The percentage of remuneration for each type of director shall be determined based on the base
remuneration, using the remuneration levels of companies of a similar business size and in a related industry
or business category to the Company as a reference. In addition, full-time directors will be paid performance-
linked compensation (bonuses) to reinforce the relationship between corporate value and compensation, and
the ratio of compensation other than base remuneration will increase for higher positions.
Determination of the details of remuneration, etc. for individual directors The details and amount of individual remuneration shall be determined by a resolution of the Board of
Directors. The Nomination & Remuneration Committee, of which at least half of the members are
independent outside directors, shall deliberate on the matters submitted by the Board of Directors, and
make reports and submit proposals to the Board of Directors. Finally, based on the reports and
proposals of the Nomination & Remuneration Committee, the Board of Directors shall determine the
individual remuneration of each director in accordance with their duties and responsibilities.
Table 1: Total amount of remunerations by type, and number of directors applicable
for each category of directors (FY2023)
Category Total amount of
remuneration, etc.
(millions of yen)
Total amount of remuneration, etc. by type (millions of yen) Number of
eligible Directors and Audit &
Supervisory
Board members
Basic
remuneration Stock
options Bonuses
Other Non-monetary
compensation, etc.
Directors (excluding outside directors) 718 474 18222 218 8
Audit & Supervisory Board members (excluding Outside Audit &
Supervisory Board members) 15 13 µ 10 µ 2
Outside officers 64 52 740 7 7
Corporate Governance Corporate Governance Overview
The Company has a policy regarding the determination of the amount of remuneration, etc. for directors and corporate auditors and the method of calculation thereof, which is as follows.
Director remuneration
50

Director, Senior Executive Officer and CFO
Kenjiro Asano
May 2002 Joined KOEI Co., Ltd. (currently known as KOEI TECMO G AMES CO., LTD.)
Executive Of ficer, KOEI Co., Ltd.
January 2008 Board Director, KOEI Corporation (currently known as
KOEI TECMO AMERICA Corporation) (current position)
April 2009 Executive Of ficer and CFO, the Company A pril 2 017 Director, KOEI TECMO GAMES CO., LTD. (current position) June 2018 Director, Senior Executive Of ficer and CFO, General Manager of Business Administration Division, the
Company (current position)
Director
Yosuke Hayashi
April 2001 Joined TECMO, LTD. A pril 2010 Executive Of ficer, KOEI TECMO GAMES CO., LTD. June 2018 Director, the Company (current position) April 2021 Executive Vice President (Director), KOEI TECMO GAMES CO., LTD. (current position)
Director & Managing Executive
Officer CSuO
Mei Erikawa
June 2010 Audit & Super visor y Board Member, KOEI TECMO GAMES CO., LTD. July 2 013 Director, KOEI TECMO GAMES CO., LTD. (current position) June 2015 Director, the Company (current position) April 2020 Senior Director, KOYU HOLDINGS CO., LTD. (current position) October 2022 Deputy-president (Representative Director),
KOYU HOLDINGS CO., LTD. (current position)
April 2023 Director, Managing Executive Of ficer, Deputy General
Manager of Business Administration Division, the Company
Director, Managing Executive Of ficer, KOEI TECMO GAMES
CO., LTD. (current position)
October 202 3 Director, Managing Executive Of ficer, Deputy General
Manager of Business Administration Division, and CSuO,
the Company (current position)
Director & Advisor
Yasuharu Kakihara
June 2001 Audit & Supervisory Board Member, TECMO, LTD. March 2007 Chairperson (Representative Director), TECMO, LTD. April 2009 Chairperson (Representative Director), the Company June 2013 Director & Advisor, KOEI TECMO GAMES CO., LTD. (current position)
Director & Advisor, the Company (current position)
July 1978 Senior Executive Director, KOEI Co., Ltd. (currently known as KOEI TECMO
G AMES CO., LTD.)
April 2009 Director, the Company June 2013 Chairperson (Representative Director), the Company (current position) June 2014 Board Director, TECMO KOEI EUROPE LIMITED (currently known as
KOEI TECMO EUROPE LIMITED) (current position)
A pril 2015 Chairperson Emeritus (Director), KOEI TECMO GAMES CO., LTD.
(current position)
April 2020 Chairperson (Representative Director), KOYU HOLDINGS CO., LTD.
(current position)
January 2021 Chairperson Emeritus (Director), KOEI TECMO WAVE CO., LTD. (current position)
Chairperson Emeritus (Director), KOEI TECMO NET CO., LTD. (current position)
June 2021 Outside Director, SoftBank Group Corp. (current position)
Chairperson
(Representative Director)
Keiko Erikawa
July 1978 President (Representative Director), Established KOEI Co., Ltd. (currently known as KOEI TECMO GAMES CO., LTD.)
April 2009 Director, the Company November 2010 President & CEO (Representative Director), the Company (current position) November 2015 President (Representative Director), KOYU HOLDINGS CO., LTD. (current position) A pril 2018 Chairman Emeritus (Director), KOEI TECMO WAVE CO., LTD. (current position)
Chairman (Representative Director), KOEI TECMO NET CO., LTD. (current position) April 2020 Board Director Chairman and CEO, KOEI TECMO AMERICA Corporation (current position)
Board Director Chairman and CEO, KOEI TECMO EUROPE LIMITED (current
position)
April 2021 Chairman (Representative Director) (CEO), KOEI TECMO GAMES CO., LTD. (current position)
President & CEO
(Representative Director)
Yoichi Erikawa
A pril 19 9 4 Joined KOEI Co., Ltd. (currently known as KOEI TECMO GAMES CO., LTD.) June 2009 Executive Officer, the Company A pril 2018 Chairman (Representative Director), KOEI TECMO WAVE CO., LTD. (current position)
President (Representative Director), KOEI TECMO NET CO., LTD. (current position)
April 2020 Board Director President and COO, KOEI TECMO AMERICA Corporation (current position)
Board Director President and COO, KOEI TECMO EUROPE LIMITED (current position)April 2021 Executive Vice President (Representative Director), the Company (current position)
President (Representative Director) (COO), KOEI TECMO GAMES CO., LTD. (current position)
Executive Vice President
(Representative Director)
Hisashi Koinuma
Directors
Director
Masao
Te j i m a
Director
Hiroshi
Kobayashi
Director
Tatsuo
Sato
Director
Michiaki
Ogasawara
Director
Fumiko
Hayashi
A pril 19 82 Joined Hakuhodo Inc. February 2001 President (Representative Director) CEO,
T&T Corporation (current position)
June 2014 Outside Director, the Company (current position)
May 2015 Outside Director, zetton Inc. July 2 017 Outside Director, LIVNEX CO., LTD. (current position)
May 2022 Director, zetton Inc. (current position)
A pril 19 8 0 Joined Nomura Securities Co., Ltd. April 1991 Director, SQUARE CO., LTD. (currently known as SQUARE ENIX,
Co., Ltd.)
September 2000 President (Representative Director), DWANGO Co., Ltd. June 2015 Outside Director, the Company (current position)
May 19 8 6 Director, Kadokawa Media Of fice K.K. October 2014 Representative Director and President, KADOKAWA DWANGO CORPORATION
(currently known as K ADOK AWA
CORPORATION)
June 2015 Representative Director and Chairperson, KADOKAWA DWANGO CORPORATION April 2016 President, K ADOK AWA DWANGO Educational Institute
June 2018 Outside Director, the Company (current position)
A pril 1976 Joined Ministry of Posts and Telecommunications (currently known
as Ministr y of Internal Af fairs and
Communications)
September 2012 Vice-Minister for Internal Af fairs and Communications
June 2015 Outside Director, Daiwa Securities Group Inc.
June 2021 Outside Director, the Company (current position)
June 2022 Chairperson of the Board, The Yu-cho Foundation (current position)
February 1999 President (Representative Director),
Fahren Tok yo K.K. (currently Volkswagen Japan Sales K.K.) August 2003 President, BMW Tokyo Corp. May 2005 Chairperson and CEO, The Daiei, Inc. June 2008 President (Representative Director), Tok yo Nissan Auto Sales Co., Ltd. (currently Nissan Tok yo Sales Co., Ltd.) August 2009 Mayor of the City of Yokohama A pril 2014 President, Mayors Association of Designated Cities June 2022 Outside Director, the Company (current position),
Outside Director , Nojima Corporation
(current position)
September 2022 Outside Director, TAIYO CONSTRUCTION CO.,LTD. (current position)
Outside Directors
Corporate Governance Directors and Audit & Supervisory Board Members (As of October 1, 2024)
51

June 19 8 8 Joined KOEI Co., Ltd. (currently known as KOEI TECMO GAMES CO., LTD.)
June 2009 Executive Officer, the Company June 2017 Full-Time Audit & Supervisory Board Member, the Company (current position)
Audit & Super visor y Board Member, KOEI
TECMO GAMES CO., LTD. (current position) Audit & Super visor y Board Member, KOEI
TECMO NET CO., LTD. (current position)
Audit & Super visor y Board Member, KOEI
TECMO WAVE CO., LTD. (current position)
February 1988 Joined The Bank of Yokohama, Ltd. June 2014 Audit & Supervisory Board Member (Full-time), the Company (current position) January 2023 Audit & Supervisory Board Member (Full- time), KOEI TECMO GAMES CO., LTD. Audit & Super visor y Board Member, KOEI TECMO GAMES CO., LTD. (current position) Audit & Super visor y Board Member, KOEI
TECMO NET CO., LTD. (current position)
Audit & Super visor y Board Member, KOEI TECMO WAVE CO., LTD. (current position)
December 200 0 Joined KOEI Co., Ltd. (currently known as KOEI TECMO GAMES CO., LTD.) April 2009 Audit & Supervisory Board Member
(Full-time), the Company
June 2017 Audit & Supervisory Board Member, the Company (current position)
A pril 19 8 0 Joined The Bank of Yokohama, Ltd. June 2019 Outside Audit & Super visor y Board Member, YOKOHAMA GYORUI CO., LTD.
(current position)
Outside Audit & Super visor y Board Member, ATSUGI CO., LTD.
June 2021 Audit & Supervisory Board Member, the Company (current position)
Audit & Supervisory Board Member
KOEI TECMO WAVE CO., LTD. KOEI TECMO NET CO., LTD. KOEI TECMO QUALITY ASSURANCE CO., LTD.
KOEI TECMO GAMES CO., LTD.
President y
Kazunori
Hatsumi
Managing Executive Officer
General Manager of
IP Division and Deputy
General Manager of
Marketing Division
Hidekiyo
Kobayashi
Managing Executive Officer
General Manager of
Entertainment
Production Division
Kenichi
Ogasawara
Managing Executive Officer
General Manager of
Marketing Division and
Global Business
Promotion Division
To r u
Akutsu
Director & Executive
Vice President
Representative of
A A A Games Studio in the
Entertainment Division
Yo s u k e
Hayashi
Managing Executive Officer
Deputy General Manager of
Entertainment Division
and Brand Head of
KOU SHIBUSAWA
Yukinori
Ito
Executive Officer
Brand Head of midas in
the Enter tainment
Division
Keisuke
Kikuchi
Executive Officer
Brand Head of
“-Force in the
Entertainment Division
Tomohiko
Sho
Managing Executive Officer Deputy General Manager of Entertainment Division
and Brand Head of
Te a m N I N J A
Fumihiko
Ya s u d a
Managing Executive Officer
Deputy General Manager of
Entertainment Division
and Brand Head of Gust
Junzo
Hosoi
Director & Managing Executive Officer
Brand Head of Ruby Par ty in
the Entertainment Division
and Deputy General Manager
of Marketing Division
Mei
Erikawa
Planning, development and sale of sof tware for personal computers/home video game consoles/Planning, development and sale of online games and mobile contents/Event planning and operation
Planning, production, and sale of CDs/goods/Planning, printing, and sale of printed materials
Planning, operation and management of Arcade
facilities/LCD development for slot and pachinko
machines Distribution, wholesale, and online sales of personal
computer sof tware, home video games and
peripheral devices.
Inspection of enter tainment contents/Quality assurance and ser vice functions/
Enter tainment content translation ser vices and overseas screening ser vice/
Audio recording business for entertainment content overseas/
Support for Service Operations/User support for all Services
President & COO
General Manager of
Entertainment Division
Hisashi
Koinuma
President
Kazumi
Fujita
President yy
Hisashi
Koinuma
Corporate Governance Directors and Audit & Supervisory Board Members (As of October 1, 2024)
Audit & Supervisor y
Board Member (Full-time)
Seinosuke
Fukui
Audit & Super visor y
Board Member
(Full-time) (Outside)
Masaki
Kimura
Audit & Super visor y
Board Member
Satoru
Morishima
Audit & Super visor y
Board Member
Kengo
Ta k a n o
52

System to ensure that the execution of duties by officers and employees of the Group is in compliance with laws and regulations and the Articles of Incorporation
System for the storage and management of information related to the execution of duties by the Company `s directors
Regulations and other systems for managing the risk of loss of the Group
System to ensure the efficient execution of duties by directors and other officers of each Group company
System for reporting to the Company concerning the execution of duties by directors, etc. of the Company
`s subsidiaries
System to ensure the appropriateness of Group business operations
Matters concerning employees who are requested by the Company
`s Audit & Supervisory Board to assist them in their duties, matters concerning the
independence of such employees from directors of the Company, and matters concerning the effectiveness of instructions given to such employees
System for Group officers and employees to report to the Audit & Supervisory Board members and other systems for such reporting
System to ensure that a person who makes a report to the members of the Audit & Supervisory Board of the Company will not be treated
disadvantageously as a result of such report
Matters concerning procedures for prepayment or reimbursement of expenses incurred in the performance of duties by the members of the Audit & Supervisory
Board of the Company and other matters concerning policies for the treatment of expenses or liabilities incurred in the performance of such duties
Other systems to ensure that the Company `s Audit & Supervisory Board audits are conducted effectively
Basic policy on elimination of antisocial forces and improvement status
1.
2.
3.
4.
5.
6.
7.
8.
9.
10.
11.
12.
Basic policy on internal control systems
Corporate Governance Internal Control Systems and Risk Management System
The Group has established and documented a comprehensive set of rules and regulations
covering all aspects of its business operations, under which each director, officer, and
employee performs his or her duties with authority and responsibility.
In addition, the Board of Directors has resolved the basic policy, as shown below, for the
lsystems to ensure that the execution of duties by directors complies with laws and regulations and the Articles of Incorporation, and other systems to ensure the
appropriateness of operations of the stock company
z, as stipulated in Article 362, Paragraph
4, Item 6 of the Companies Act and Article 100, Paragraphs 1 and 3 of the Enforcement
Regulations of the Companies Act, and is working to improve the internal control system.
Status of internal control systems
Status of risk management system
The Company has appointed the director in charge of compliance as the person in overall
charge of risk management, and has also established a Risk Management Committee to
centrally manage risks throughout the Company, thereby ensuring information exchange,
mutual cooperation, accurate judgments, and prompt responses among related
departments. Specifically, matters and information related to business execution risks are
reported at regular meetings, and upon determining whether the reported matters and information may have a significant impact on the Company `s survival, a task force is
established as necessary to investigate, respond to, and consider and implement necessary
measures to prevent recurrence. These matters are reported to and approved by the Board
of Directors, and a system is in place to instruct internal and external parties to take
necessary actions, report to relevant organizations, and promptly disclose information.
53

1 Changes in the market environment
In the game industry, the platforms that provide content are becoming more diverse and
sophisticated, while technological innovation and user preferences are rapidly changing,
and new products and services are being introduced in response to these changes. In
recent years, competition with other entertainment businesses, including those based
around the Internet, has intensified. The Company
`s policy is to differentiate itself from its
competitors and ensure stable profitability by flexibly responding to rapid technological
innovation and developing and selling highly original, high-quality content in a timely manner.
However, inadequate response to changes in the market environment could affect the
Company
`s operating results and business development.
2 Short-term fluctuations in operating results
due to timing of product launches
The Company strives to achieve its annual performance targets by reducing its dependence
on specific titles through the creation of new titles and by thoroughly managing its
development schedule with an eye for optimal product launch timing. However, natural
disasters, market trends, or unavoidable changes in development schedules could affect
the Company
`s business performance and financial position due to fluctuations in the timing
of product launches.
3 Overseas business expansion
The Company is actively pursuing business development overseas, and thus the occurrence
of risks due to laws and regulations, political and social conditions, and exchange rate
fluctuations in each country may affect the Company
`s business performance and financial
position.
4 Management of personal information
The Company acquires users ` personal information and pays careful attention to managing
that information. However, risks such as leakage of personal information may affect the
Company
`s business performance and financial position.
5 Intellectual property rights
The Company endeavors to protect the intellectual property rights it holds from infringement
by others. And the Company takes sufficient care to ensure that its products and services
do not infringe on the intellectual property rights of others. However, if any doubt or dispute
arises with a third party regarding the possibility of infringement, the Company
`s business
performance and financial position may be affected.
6 Legal regulations
The Amusement Segment is regulated by the Act on Control and Improvement of
Amusement Business and related government ordinances and regulations. In the future, if
these laws and regulations are significantly revised or abolished, or if new laws and
regulations are enacted or enforced, the Company
`s business performance may be affected.
7 Holding of marketable securities
The Company holds cash and cash equivalents and marketable securities with high liquidity
in order to invest in the Entertainment Segment and other development and business
investments. These assets are invested in domestic and foreign stocks and bonds, etc. to
ensure safe and efficient fund management. Investment decisions and portfolio settings are
made in accordance with internal rules based on internal controls to manage risk. In the
event of sudden fluctuations in the stock and bond markets, foreign exchange rates, or
economic conditions, impairment or valuation losses on marketable securities held by the
Company may occur, which may affect the Company
`s business performance and financial
position.
8 Information systems
The Company is committed to the proper management and efficient operation of the
information systems necessary for its business operations. The inability of information
systems to function due to unexpected computer viruses, cyberattacks, software or
hardware failures, or disasters could affect the Company
`s business performance.
Corporate Governance Business Risks
Matters that may have a significant effect on investors ` decisions include the following below.
Forward-looking statements in the text are based on the judgment of the Company as of the
end of the consolidated fiscal year under review.
The Company
`s policy is to recognize the possibility that these risks may occur and to endeavor to avoid their occurrence and to respond to them if they do occur. However,
investment decisions concerning the Company should be made after careful consideration
of this section and other items mentioned herein. Please note that the following description
is not an exhaustive list of all the risks associated with an investment in the Company.
Business risks
54

1. Information security measures
The Group is working to strengthen risk control against increasing and diversifying
information security incidents and cyberattacks, and other security incidents such as
unauthorized accesses and information leaks.
(1) Unauthorized access and malware countermeasures
We are implementing integrated and effective security measures by introducing EDR
(Endpoint Detection and Response) and MDM (Mobile Device Management) on terminal
devices used by Group employees. In addition, by using SIEM (Security Information and
Event Management) to consolidate and manage logs, we have established a system that
enables us to promptly investigate and recover from any abnormal behavior or security
incident that we detect.
Through these systems, we are taking measures to detect suspicious behavior, and
promptly investigate the causes as well as ascertain the extent of damage in the event of an
incident.
We are also preparing for external attacks based on the guidance for the introduction of
Attack Surface Management (ASM) issued by Japan
`s Ministry of Economy, Trade and
Industry (METI) in May 2023. We constantly collect information on new standards and trends
and update our information security management to ensure that we can implement optimal
countermeasures, while assessing the need for them.
(2) Information leak risk countermeasures
To reduce the risk of information leaks, the Group encrypts files containing personal or
confidential information using information protection tools. We have also taken measures to
protect contents so that, even in the event of a data leak, nobody but relevant personnel
can access the contents. We also limit information leaks from inside the Group by restricting
the use of USB devices and obtaining simple operation logs for all PCs.
2. Natural disaster risk countermeasures
To increase business continuity, the Group utilizes cloud platform environments in
compliance with international standards to prevent the shutdown of mission-critical systems
due to natural disasters such as major earthquakes. To ensure swift recovery in the event of
a large-scale failure, we conduct annual restoration drills simulating recovery from backups.
Some systems that operate on premises are also backed up to remote locations to prepare
for any data loss.
3. Information security education
The Group is focusing efforts on raising security awareness so that every employee can
help to create a safer and more secure work environment through their actions. Specifically,
we provide information security education through e-learning to firmly instill knowledge and
awareness in employees.
We also conduct practical targeted attack e-mail drills to improve employees
` ability to
respond to e-mails Šwhich are particularly vulnerable and a frequent point of origin for
cyber-attacks Šand prevent the occurrence of security incidents.
4. Employing security personnel
In recent years, the Group has been actively introducing services and systems relating to
the security field and implementing advanced security measures. We also place a high
priority on security experience in recruitment, and actively hire experienced personnel. By
focusing on the two axes of systems and human resources, we are seeking to strengthen
and increase the effectiveness of our security measures and further improve risk
management.
5. Escalation process
The Group has established an escalation process for when it receives information regarding
risks, and has regulations in place stipulating the swift formation of an organizational body
headed by the president to make prompt decisions and take action in the event of an
incident.
Corporate Governance Information Security
The Group believes that it is essential to earn the trust of stakeholders to create new value
and contribute to the development of society. For this reason, we regard information security
as one of our key management issues, and are working to strengthen security throughout the global Group, preventing information security incidents such as unauthorized access,
information leaks, and internal misconduct, and taking measures to protect personal
information.
Approach to information security
55

Other indicators
Operating profit to net sales ratio (%) 19.025.528.923.730.131.033.140.447.5 49.9 33.7
ROE (Return on Equity) (%) 8.110.0 10.911.411.711.712.720.623.4 22.1 21.3
ROA (Return on Asset) (%) 11.012.613.913.214.814.213.623.223.7 18.5 20.0
Capital adequacy ratio (%) 88.287.388.889.090.192.082.586.462.6 67.4 71.1
Number of employees excluding temporar y staf f
(average number of temporar y staf f ) 1,455 ¢285 £ 1,497 ¢308 £ 1,570 ¢305 £ 1,654 ¢309 £ 1,737 ¢310 £ 1,757 ¢330 £ 1,835 ¢369 £ 1,983 ¢458 £ 2,063 ¢446 £ 2,381 ¢493 £ 2,531 ¢537 £
Fiscal year FY2013 FY2014FY2015FY2016FY2017FY2018FY2019FY2020FY2021 FY2022 FY2023
Net sales 37,57637,79938,33237,03438,92638,96842,64560,37072,759 78,417 84,584
Operating profit 7,1409,65211,069 8,78111,711 12,09214,10224,39734,527 39,133 28,494
Ordinary profit 10,72813,56815,75515,21118,29318,30718,86939,29948,696 39,899 45,741
Profit before income taxes 10,69113,71515,57315,21118,29318,30720,24739,17448,638 39,963 45,330
Profit attributable to owners of parent 6,9369,43410,855 11,62413,01713,69415,30629,55035,359 30,935 33,792
Capital investment 1,8624,858 4328,669 3,853 24014,630 1,5421,375 802 1,967
Depreciation and amortization expenses 8949218467147017347521,615 1,571 1,643 1,813
R&D expenses* 4,9784,8825,8916,0814,7054,8135,4927,6284,839 7,421 7,996
End of fiscal year
To t a l a s s e t s 100,622 115,216110,925119,461128,594129,192147,793190,671219,803 210,889 245,802
Net assets 88,788100,672 98,706106,516 116,242119,284122,346165,129138,101 142,684 175,552
Cash flows
Cash flows from operating activities 7,265 10,357 10,935 9,89010,389 9,5979,74829,726 24,819 29,692 36,603
Cash flows from investing activities (8,585)(7,579)(6,138)(3,935)(9,984)(1,496)(10,496) (12,291)(13,168) (21,394) (24,859)
Cash flows from financing activities (2,787)(3,045)(4,746)(5,082)(5,533)(7,730) 6,906(19,396) (4,561)(16,588) (15,475)
Free cash flows (1,320) 2,7774,7975,955 4058,101 (747)17,434 11,650 8,298 11,743
Cash and cash equivalents at end of period 11,76411,87411,27011,745 6,5406,96812,803 11,43919,503 11,733 10,452
Per share information
Basic earnings per share (yen) 21.33 28.9433.1035.4139.5041.5446.4889.34107.28 98.20 107.06
Net assets per share (yen) 272.62306.92300.22322.85351.13361.70369.33496.15437.16 450.72 553.59
Dividends per share (yen) 40.0055.0052.0056.0062.0055.0061.00117.00 108.00 50.00 54.00
Dividends per share (af ter stock split adjustment) (yen) 10.6814.6916.6717.9519.8721.1523.4645.0054.00 50.00 54.00
Dividend payout ratio (%) 50.150.850.450.750.350.950.550.350.3 50.9 50.4
Note: The Company implemented a 1.2-for-1 common stock split on October 1, 2015, a 1.2-for-1 common stock split on October 1, 2018, a 1.3-for-1 common stock split on April 1, 2021, and a 2-for-1 common stock split on October 1, 2022.
Net profit per share, net assets per share, and dividends per share (af ter stock split adjustment) are calculated on the assumption that the said stock split was implemented at the beginning of fiscal 2013.
* R&D expenses: Star ting from the F Y2023 1st quar ter, we review the scope of R&D expenses included in general and administrative expenses and manufacturing expenses for the current period. R&D expenses are calculated on assuming that the scope was revised in fiscal 2013.
(Millions of yen)
Please refer to the URL for the graph. https://www.koeitecmo.co.jp/e/ir/finance/chart/
Financial and Non-Financial Data 11-Year Financial Summary
56

Ô Overseas development subsidiaries y
Ô
Overseas sales subsidiaries y
Ô
Domestic subsidiaries
Ô KOEI TECMO SINGAPORE Pte. Ltd. (Singapore)Ô KOEI TECMO SOFT WARE VIETNAM CO., LTD. (Hanoi/Da Nang, Vietnam)
KOEI TECMO Group Companies, Domestic ( Yokohama / Tok yo/Kyoto, Japan)
KOEI TECMO HOLDINGS CO., LTD.
Ô KOEI TECMO GAMES CO., LTD.Ô KOEI TECMO WAVE CO., LTD.Ô KOEI TECMO NET CO., LTD.Ô KOEI TECMO QUALIT Y ASSURANCE CO., LTD.
Ô KOEI TECMO LIV CO., LTD.Ô KOEI TECMO MUSIC CO., LTD.Ô KOEI TECMO CAPITAL CO., LTD.Ô KOEI TECMO AD CO., LTD.
Ô KOEI TECMO BEIJING SOFT WARE CO., LTD. (Beijing, China)Ô KOEI TECMO TIANJIN SOFT WARE CO., LTD. (Tianjin, China)Ô KOEI TECMO SHANGHAI ENTERTAINMENT CO., LTD. (Shanghai, China) Ô KOEI TECMO TAIWAN CO., LTD. (Taipei, Taiwan)
Financial and Non-Financial Data Global Business Expansion (as of March 31, 2024)
Net sales (sales composition ratio)
¥22 ,43 2 million
¢26.5 Ë£
Console/PC sales
(sales composition ratio)
1,38 0 thousands of copies¢18 . 8 Ë£
North America
Japan
Net sales (sales composition ratio)
¥7,78 1 million ¢9.2 Ë£
Console/PC sales
(sales composition ratio)
2,18 0 thousands of copies¢29.7% £
Asia
Net sales (sales composition ratio)
¥50 ,82 4 million ¢ 60.1% £
Console/PC sales (sales composition ratio)
2 ,420 thousands of copies
¢ 33.0% £
Europe
Net sales (sales composition ratio)
¥3,54 5 million
¢ 4.2% £
Console/PC sales
(sales composition ratio)
1,36 0 thousands of copies
¢18 . 5% £
Ô KOEI TECMO AMERICA Corporation (California, USA) Ô KOEI TECMO EUROPE LIMITED (Hertfordshire, England)
57

Number of employees at consolidated companies
FY2019FY2020FY2021 FY2022 FY2023
1,8351,9832,063 2,381 2,531
Average age (years)
FY2019 FY2020FY2021 FY2022 FY2023
36.435.835.9 35.8 35.8
Ratio of persons leaving their jobs (%)
FY2019 FY2020FY2021 FY2022 FY2023
4.93.14.2 4.6 5.1
Ratio of new employees 3 years later leaving their jobs (%)
FY2019 FY2020FY2021 FY2022 FY2023
12.18.83.1 5.4 4.8
Ratio of mid-career recruitment (%)
FY2019 FY2020FY2021 FY2022 FY2023
26.713.923.0 21.9 21.0
Percentage of female employees (%)
FY2019 FY2020FY2021 FY2022 FY2023
21.821.521.4 21.7 22.8
Ratio of days taken as paid annual leave (%)
FY2019 FY2020FY2021 FY2022 FY2023
81.456.973.2 85.4 84.9
Number of days taken as paid annual leave per person (days)
FY2019 FY2020FY2021 FY2022 FY2023
13.713.518.1 21.2 20.7
Average statutor y over time work (hours)
FY2019 FY2020FY2021 FY2022 FY2023
11.212.713.8 12.9 9.6
Number of patents held
FY2019 FY2020FY2021 FY2022 FY2023
396787 141 205
Engagement score
FY2019 FY2020FY2021 FY2022 FY2023
— – 50.4
Ratio of foreign national employees through regular recruitment (%)
FY2019 FY2020FY2021 FY2022 FY2023
11.415.914.1 17.2 14.2
Percentage of female employees taking childcare leave (%)
FY2019 FY2020FY2021 FY2022 FY2023
100.0 85.7 88.9 100.0 100.0
Percentage of male employees taking childcare leave (%)
FY2019 FY2020FY2021 FY2022 FY2023
50.0 41.980.8 66.7 64.9
* Calculation scope: Executive Of ficers and full-time and contract employees of five domestic
companies (KOEI TECMO HOLDINGS CO., LTD., KOEI TECMO GAMES CO., LTD., KOEI TECMO
WAVE CO., LTD., KOEI TECMO NET CO., LTD., and KOEI TECMO QUALIT Y ASSURANCE CO., LTD.)
* The number of consolidated employees includes overseas bases
Financial and Non-Financial Data Non-Financial Data
58

Kenjiro Asano
Director, Senior Executive Of ficer and CFO
General Manager of Business Administration Division
We have been issuing Integrated Reports since FY2022 to deepen the understanding
of the Group’s medium- to long-term
value. In producing this report, we refer
to the International Integrated Reporting
Framework issued by the International
Financial Reporting Standards (IFRS)
Foundation, and the Value Creation
Guidance issued by the Ministry of
Economy, Trade and Industry (METI).
To communicate the Group
`s value
creation in a more easily understandable
manner and improve the reliability of the
report, many related departments
cooperate and collaborate to prepare the
report with sincerity and integrity.
As the CFO and officer in charge of
the department responsible for preparing
this Integrated Report, I declare that the
process used to prepare this report is
sound, and that the information
contained in it is accurate.
We hope that this report will help
stakeholders gain a better understanding
of the Group
`s medium- to long-term
growth and enhancement of our
corporate value, and will continue making
efforts to further improve information
disclosure and deepen the level of our
dialogues with stakeholders.
We ask for your continued support
going forward.
Total number of authorized shares
Common stock: 700,000,000
Total number of shares issued
Common stock: 336,096,924 shares (including treasury stock)
Fiscal year April 1 to March 31 of the following year
Number of shareholders 29,226
Securities code 3635 (Tokyo Stock Exchange, Prime Market)
Administrator of shareholder registry
Sumitomo Mitsui Trust Bank, Limited
4-1 Marunouchi 1-chome, Chiyoda-ku, Tokyo, Japan
Basic policy for shareholder returns
The Company regards the return of profit to shareholders as one
of its most important management policies, and its basic policy
for returning profit to shareholders is a consolidated annual total
distribution ratio of 50%, which includes share buybacks, or an
annual dividend of 50 yen per share.
Investor information
Distribution of shares by type of shareholder
Securities firms
0.77%
Other
Japanese
corporations
59.54%
Individuals
and others
9.34%
Foreign
individuals and
corporations
15.6 4%
Financial
institutions
8.68%
Treasury stock
6.03%
336,096,924 shares ¢29,226 individuals £
Financial and Non-Financial Data Company Profile and Investor Information (as of March 31, 2024)
* The Company holds 20,258,636 shares of treasur y stock that is excluded from the above list of major shareholders.
Ratio of shares held to total number
of shares issued and outstanding
(excluding treasur y stock) (%) Principal shareholders
Name or designation Number of
shares held
KOYU HOLDINGS CO., LTD. 172,040,386 54.47 JP MORGAN CHASE BANK 380815 (Standing proxy: Settlement Sales Division, Mizuho Bank, Ltd.) 31,267,3609.90 Kankyo Kagaku Co., Ltd. 22,596,5707.15 The Master Trust Bank of Japan, Ltd. ( Trust Account) 21,051,0006.67 Custody Bank of Japan, Ltd. ( Trust Account) 5,975,8001.89 JP MORGAN CHASE BANK 380634 (Standing proxy: Settlement Sales Division, Mizuho Bank, Ltd.) 2,344,1840.74 THE BANK OF NEW YORK MELLON (INTERNATIONAL) LIMITED 131800(Standing proxy: Settlement Sales Division, Mizuho Bank, Ltd.) 2,092,3160.66
Mei Erikawa 2,004,4200.63 Ai Erikawa 2,000,0000.63 Kakihara Kagaku Gijutsu Kenkyu Zaidan, Public Interest Incorporated Foundation 1,684,8000.53 To t a l 263,056,836 83.29
Trade name KOEI TECMO HOLDINGS CO., LTD.
Capital ¥15 billion
Address Hiyoshi Offices 1-18-12 Minowa-cho, Kouhoku-ku,
Yokohama, Kanagawa, 223-8503, Japan
* This is the number of full-time employees (excluding employees transferred outside the Group, and including employees transferred to the Group)
Company profile
Date of establishment April 1, 2009
Number of employees* 2,531 Consolidated
Business overview Group Management
Message regarding
the issuing of
KOEI TECMO HOLDINGS
Integrated Report 2024
59