Summary of Main Supplementary Explanations Questions and Answers at the FY2025 Full-Year (Fourth Quarter) GREE Holdings, Inc. Results Briefing Held on August 6, 2025

GREE Holdings outlines a multi-sector growth strategy focused on stabilizing earnings through intellectual property (IP) expansion and structural business transitions following the FY2025 full-year results. The primary thesis centers on diversifying revenue streams across live service games, console development, VTuber management, and digital transformation (DX) services to mitigate the inherent volatility of the mobile gaming market.

The game business strategy emphasizes a shift toward console titles based on proprietary IP to establish a stable earnings base, with a major release scheduled for FY2026. While the live service segment faces industry-wide structural declines post-launch, the company leverages a specialized RPG engine to secure third-party IP partnerships. In the platform segment, growth is driven by diversified monetization in virtual rooms and gifting, alongside a recovery in avatar-related sales following the introduction of new features.

The VTuber business has entered a secondary growth phase focused on increasing sales per talent, which have already doubled compared to FY2024 levels. With approximately 90 talents under management, the company is moving beyond fan base expansion into high-margin areas such as commerce, large-scale live events, and corporate advertising tie-ups. This growth is intentionally balanced across multiple agencies to avoid over-reliance on specific individuals.

Broader corporate initiatives include transitioning the DX Business from one-time project contracts to a recurring-revenue model, a process expected to moderate growth through FY2026. Additionally, the investment business anticipates increased volatility in FY2026 as several long-term funds enter their recovery and closing phases. Overall, the strategy reflects a transition toward high-profitability services and proprietary IP ownership to ensure long-term sustainability across its digital entertainment portfolio.