FASF May 14, 2026 For Immediate Release Company: KADOKAWA CORPORATION Representative: Takeshi Natsuno, Chief Executive Officer (Stock Code: 9468, TSE Prime Market) Contact: Shinobu Murakawa, Chief Operating Officer (TEL: 03-5216-8212) Notice Regarding the Opinion of the Company’s Board of Directors on the Shareholder Proposal KADOKAWA CORPORATION (the “Company”) received a letter dated April 17, 2026 from one of the Company’s shareholders, Oasis Japan Strategic Fund Y Ltd. (the “Proposing Shareholder”), to the effect that it would make a shareholder proposal (the “Shareholder Proposal”) at the 12th Annual General Shareholders Meeting of the Company to be held on June 24, 2026 for the purpose of dismissing Takeshi Natsuno, a Company director, and the Company carefully considered the Shareholder Proposal. At the Board of Directors meeting held today, the Company resolved to oppose the Shareholder Proposal as follows. As a result, the Company hereby announces as follows. 1. Proposing Shareholder Name of the Proposing Shareholder: Oasis Japan Strategic Fund Y Ltd. 2. Agenda Item Proposed in the Shareholder Proposal Dismissal of one director 3. Summary of Agenda Item and Reason for Proposal As described in the Exhibit “Contents of the Shareholder Proposal”. The Exhibit “Contents of the Shareholder Proposal” is a translation of the original transcription of the relevant section of the Shareholder Proposal submitted by the Proposing Shareholder.

of Agenda Item and Reason for Proposal As described in the Exhibit “Contents of the Shareholder Proposal”. The Exhibit “Contents of the Shareholder Proposal” is a translation of the original transcription of the relevant section of the Shareholder Proposal submitted by the Proposing Shareholder. 4. Opinion of the Company’s Board of Directors on the Shareholder Proposal (1) Opinion of the Company’s Board of Directors After consideration of the Nominating Committee’s deliberations and resolution, the Board of Directors opposes the Shareholder Proposal. (2) Reasons for Opposition The Board of Directors carefully considered the Shareholder Proposal in light of the deliberations and resolution of the Nominating Committee. As a result, the Board of Directors determined that the Shareholder Proposal was not appropriate from the perspective of enhancing the Company’s medium- to long-term corporate value and maximizing the shareholders’ common interests for the following reasons, and resolved to oppose the Shareholder Proposal. i. The Company’s medium- to long-term corporate value and the shareholders’ common interests are expected to be maximized through business structural reforms carried out by the Board of Directors with Director Natsuno serving as the Chief Executive Officer Since Director Natsuno assumed the position of Representative Director and President of the Company (Chief

Executive Officer, after the Company shifted to a company with nominating committee, etc. (shimei iinkai-tou secchi kaisha); hereinafter the “Chief Executive Officer” refers to the representative of the Company regardless of time) in 2021, under its core strategy of “Global Media Mix with Technology” for creating and globally rolling out a diverse range of intellectual property with a business portfolio widely ranging from publication, videos, games, web services to education etc., the Company has built a structure for steadily creating publication intellectual property and expanded the animation production structure, while also continuously expanding overseas bases, thereby consistently improving the foundation for the Company’s growth. In November 2023, the Company published the mid-term management plan having stable growth of the publication, animation and other businesses as the foundation and aiming for mid-term growth of the gaming business despite fluctuations each fiscal year. As a result, sales have continuously grown while the size of business has expanded to a certain degree.

agement plan having stable growth of the publication, animation and other businesses as the foundation and aiming for mid-term growth of the gaming business despite fluctuations each fiscal year. As a result, sales have continuously grown while the size of business has expanded to a certain degree. With respect to the management policy of “Global Media Mix with Technology”, overseas sales have remained on an upward trend in the mid-term despite fluctuations depending on the game titles released each fiscal year. Meanwhile, due to changes in the publication and animation market environments, soaring costs, the lower number of hit titles than expected and other factors, the actual result and forecast of operating profit deviated from the original plan. In light of the foregoing circumstances, the Board of Directors has determined that it is necessary to respond with utmost speed to both the need for “thorough improvement and rationalization of immediate challenges” and the need for “maximization of growth opportunities through new partnerships and other initiatives”. Accordingly, the Board of Directors has concluded that, rather than merely extending the existing plan, a fundamental restructuring— entailing a reassessment of the timeline for achieving targets and the promotion of more aggressive reforms—is required.

ough new partnerships and other initiatives”. Accordingly, the Board of Directors has concluded that, rather than merely extending the existing plan, a fundamental restructuring— entailing a reassessment of the timeline for achieving targets and the promotion of more aggressive reforms—is required. Based on this conclusion, the Company announced today its new mid-term management plan, “Mid-term Management Plan: FY2026–FY2031 Transformation, Growth, and Expansion” (the “New Mid-term Management Plan”). The New Mid-term Management Plan designates FY2026 and FY2027 as a “structural reform period” for resolving the business challenges that the Company currently faces, and sets targets of achieving sales of 400 billion yen, operating profit of 38 billion yen, ROE of 9.4% and EPS of 180 yen in FY2031. This plan requires the more aggressive advancement of the “Global Media Mix with Technology” strategy led by Chief Executive Officer Natsuno, and his leadership is essential to achieving said targets. Currently, Japanese content is drawing attention worldwide, and as the global market expands, target areas are also expanding, resulting in substantial changes in the business environment. Business structural reforms for realizing continued growth as explained above have become a pressing challenge, and the Company has determined that under such an environment, the knowledge and leadership that ChiefExecutive Officer Natsuno has cultivated through his management experience at a highly volatile IT company will enable speedy business structural reforms, leading to maximization of the Company’s medium- to long-term corporate value and the shareholders’ common interests.

and leadership that ChiefExecutive Officer Natsuno has cultivated through his management experience at a highly volatile IT company will enable speedy business structural reforms, leading to maximization of the Company’s medium- to long-term corporate value and the shareholders’ common interests. ii. Swift response to a cyberattack was enabled by the Board of Directors with Director Natsuno serving as the Chief Executive Officer Around June 2024, the Company’s server in a data center came under a large-scale cyberattack including ransomware. The Company takes it very seriously that it was unable to prevent the cyberattack and caused concern and inconvenience to its shareholders, readers, users, authors and creators. Meanwhile, as explained in i above, since Director Natsuno assumed the position of the Company’s Chief Executive Officer, under the core strategy of “Global Media Mix with Technology”, the Company had promoted digital transformation as part of business structural reforms, and at the same time, improved IT infrastructure management and monitoring system (specifically, by monitoring of the key systems and terminals using EDR/XDR, and building a 24/7 system using a SOC (Security Operation Center)) and renovated aged systems, thereby reducing security risks; and the Company believes that, for this reason, it was able to respond swiftly to prevent the spread of damage, including the early identification of the situation and the prompt isolation and restoration of th