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Investment

Quarterly Report of 11 Bit Studios for the Three Months Ended 31 March 2025

During the first quarter of 2025, 11 bit studios demonstrated a period of strategic transition characterized by rising revenues and heavy investment in future titles. Revenue reached PLN 17.5 million, a 14.2% year-on-year increase driven largely by the continued performance of the Frostpunk franchise and strong demand in the United States, which accounted for over 75% of total sales. Despite this growth, the company realized a net loss of PLN 6.37 million. This deficit was primarily the result of a fivefold increase in depreciation and amortization following recent launches, higher royalty obligations, and significant non-cash finance costs totaling PLN 4.25 million due to the appreciation of the Polish złoty against the USD and EUR. The company maintains a robust financial foundation with PLN 69.5 million in cash and cash equivalents and total assets of PLN 255.4 million. Intangible assets grew to PLN 134.2 million, reflecting intensive development work on upcoming projects. Management has optimized the cost structure by reducing employee benefit provisions following the cancellation of "Project 8" and a reassessment of the 2021–2025 Incentive Scheme, as five-year financial targets are no longer expected to be fully met. Furthermore, the company continues to benefit from the "IP Box" tax relief, applying a preferential 5% corporate income tax rate to qualifying revenues. The strategic outlook for 2025 and beyond centers on a three-pillar development model involving internal production, external publishing, and the expansion of established intellectual properties. Immediate growth is expected from the June 2025 launch of The Alters and the summer release of Moonlighter 2. Long-term value is supported by the newly announced Frostpunk 1886, scheduled for 2027, and several proprietary projects in early development. Sensitivity analyses confirm that these ongoing investments remain resilient against potential revenue fluctuations, ensuring stability as the company moves toward its next major release cycle.

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11 bit studiosMay 2025

Financial

Consolidated Financial Results for the First Quarter of the Fiscal Year Ending December 31, 2025 (Japanese GAAP)

Aiming Inc. reported a significant financial turnaround in its consolidated results for the first quarter of the fiscal year ending December 31, 2025. Covering the period from January 1 to March 31, 2025, the results show a transition from a loss-making position to profitability. Net sales reached 5,168 million yen, a 12.2% increase year-over-year. Operating income swung from a 149 million yen loss in the previous year to a profit of 1,352 million yen, while net income attributable to owners of the parent reached 362 million yen, compared to a 346 million yen loss in the same period of 2024. The performance was driven by the stability of existing titles and the strategic management of new releases within the competitive smartphone online game market. Key contributors included Dragon Quest Tact, which maintained active and paying user bases through its 4.5-anniversary event, and The Eminence in Shadow: Master of Garden. The company also launched WIND BREAKER: Heroic Spirits in March 2025. Despite high development costs and intensifying competition from high-quality overseas titles and major IP-based games, Aiming successfully optimized its business schemes and expanded its title portfolio. Financially, the company strengthened its position, with total assets increasing to 8,193 million yen and the equity ratio rising to 75.5%. Cash and deposits saw a substantial increase of 1,689 million yen. Looking forward, Aiming issued a forecast for the first half of the fiscal year ending June 30, 2025, projecting net sales of 8,767 million yen and an operating profit of 1,469 million yen. A notable strategic development involves a 549 million yen investment in KPJ Planning Co., Ltd., a keirin (bicycle racing) portal business. By acquiring a 42.85% stake, Aiming intends to apply its game development and operational expertise to the public sports betting market, seeking to diversify revenue streams beyond the traditional online gaming sector.

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AimingMay 2025

Presentation

FY2025.3 4Q Financial Results Presentation: Round One Corporation

FY2025.3 4Q Financial Results Presentation [Company Name] ROUND ONE Corporation [Company ID] 4680-QCODE [Event Type] Earnings Announcement [Event Name] Financial Results Briefing for the Fiscal Year Ended March 2025 [Fiscal Period] FY2025 4Q [Date] May 12, 2025 [Time] 15:30 – 16:30 (Total: 60 minutes, Presentation: 37 minutes, Q&A: 23 minutes) [Venue] Webcast President and Chief Executive ...

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Round One CorporationMay 2025

Financial

Fiscal Year Ended March 2025 Results Presentation

Sega Sammy’s financial performance for the fiscal year ended March 2025 reflects a transitional period characterized by strategic restructuring and the expansion of global intellectual property. While net sales and operating income saw a decline to 428.9 billion yen and 48.1 billion yen respectively, net profit rose to 45.0 billion yen following the divestment of Phoenix Resort. The Entertainment Contents division remained a primary growth engine, bolstered by high-margin repeat game sales and the successful integration of Rovio. Despite a temporary downturn in the Pachislot and Pachinko segment due to a lack of major releases, the Gaming division achieved profitability through record-breaking casino performance at Paradise SegaSammy and robust slot machine sales in the United States. The medium-term strategy centers on a transmedia approach designed to maximize the lifecycle value of core franchises. This is exemplified by the Sonic the Hedgehog brand, which saw significant licensing growth and substantial box office success, paving the way for a multi-year pipeline of films and animation through 2027. To sustain this momentum, the company is reviving legacy titles such as Virtua Fighter and Shinobi while investing 20.93 billion yen to acquire Stakelogic, targeting the North American online gaming market. These initiatives are supported by structural reforms in European operations and a commitment to human capital, including specific targets for cultural diversity and female leadership by 2031. Looking toward the fiscal year ending March 2026, a recovery in sales to 475.0 billion yen is projected, driven by a strong pipeline of new titles and the revitalization of the Pachislot business through innovative cabinet systems. The company maintains a disciplined capital policy, targeting a 50% total return ratio for shareholders and a cumulative adjusted EBITDA of over 230 billion yen by 2027. Furthermore, Sega Sammy continues to prioritize ESG benchmarks, maintaining high ratings for gender diversity and climate change management while navigating the complex regulatory requirements of international gaming jurisdictions.

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Sega Sammy HoldingsMay 2025

Financial

GREE Holdings FY2025 Q3 Financial Results Briefing (Transcript)

GREE Holdings’ third-quarter financial results for fiscal year 2025 highlight a strategic reorganization and strong performance across its core segments. A primary development is the establishment of the IP Business as a standalone reportable segment, consolidating anime licensing and manga-related activities to capitalize on the growing global importance of content IP. While consolidated results showed a quarter-on-quarter decline in sales and profit due to the absence of a large one-time dividend from the Investment Business and foreign exchange losses, the company’s organic business segments achieved growth in both sales and operating profit, exceeding internal forecasts. The Game Business remains a primary driver, bolstered by the successful launch of Puella Magi Madoka Magica Magia Exedra. This title follows previous hits like Heaven Burns Red, reinforcing the company’s "engine strategy" for consistent RPG development. In the Metaverse segment, GREE achieved record-high quarterly sales and operating margins, driven by diversified payment options in its platform business and the expansion of its VTuber talent agencies. The DX Business is transitioning toward a recurring-earnings model through new SaaS products, while the Investment Business continues to maintain a favorable internal rate of return despite inherent quarterly volatility. Financially, the company maintains a robust position with an equity ratio well above its 60% target and a net cash surplus. To mark its 20th anniversary, GREE announced a commemorative dividend of ¥10 per share in addition to its regular ¥4.5 dividend. Looking ahead to the full year, while total sales may fall short of initial forecasts due to game release delays, the company expects to meet its operating profit targets through improved profitability and disciplined cost management across its four primary business segments.

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GREEMay 2025

Financial

FY2025 Third Quarter Financial Results

The third quarter of fiscal year 2025 reflects a strategic pivot toward diversified growth and operational efficiency, characterized by consolidated net sales of ¥14.6 billion and an operating profit of ¥1.6 billion. While consolidated net income faced a minor loss due to foreign exchange and impairment factors, the core operating segments outperformed expectations. A central development in this period is the establishment of a dedicated IP Business segment to consolidate anime, licensing, and manga operations, signaling a shift toward a recurring growth model. This structural change aims for a 41% profit compound annual growth rate through fiscal year 2027, balancing stable core earnings with high-upside investments. The Game Business remains the primary revenue driver despite a year-over-year decline in sales. Profitability in this segment was bolstered by the successful launch of Puella Magi Madoka Magica Magia Exedra, which is expected to contribute significantly to future earnings as profit margins improve through diversified payment methods. Simultaneously, the Metaverse Business achieved record-high quarterly results, driven by the rapid expansion of the VTuber segment and high-margin merchandising. This segment is positioned for aggressive growth, with forecasts suggesting full-year profitability for the VTuber business by 2027. Complementing these consumer-facing segments, the DX and Investment businesses provide foundational stability. The DX segment continues its transition toward a recurring-earnings model through consulting and SaaS development, while the Investment Business maintains a robust valuation of ¥36.1 billion across Japanese and US markets. Despite quarterly volatility in fund distributions, the investment portfolio continues to outperform benchmarks with a 17% internal rate of return. Overall, the organization is streamlining its workforce and reducing fixed expenses to maintain a full-year operating profit target of ¥5.1 billion, prioritizing long-term sustainability across its five core business pillars.

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GREEMay 2025

Financial

Financial Results Explanatory Material Fiscal Year Ended March 2025

The financial results for the fiscal year ending March 2025 reflect a period of significant contraction for the company, characterized by a year-over-year decline across all primary performance metrics. Net sales fell by 30.3% to 1,164.9 billion yen, while operating profit decreased by 46.6% to 282.5 billion yen. This downturn was largely driven by a 30.9% decline in revenue from the dedicated video game platform segment, which remains the company’s core business, accounting for the vast majority of total sales. The decline in performance is attributed to a cooling demand for the aging Nintendo Switch hardware, which saw unit sales drop from 15.70 million in the previous fiscal year to 10.80 million. Software sales also experienced a contraction, falling 22.2% to 155.41 million units. Despite these headwinds, the company maintained a robust digital sales strategy, with the proportion of digital revenue increasing by 3.3 percentage points to 53.5% of total platform software sales. Geographic distribution of revenue remained heavily weighted toward international markets, with 76.4% of sales generated outside of Japan. Looking ahead to the fiscal year ending March 2026, the company projects a recovery, forecasting net sales of 1,900.0 billion yen and an operating profit of 320.0 billion yen. This optimistic outlook is anchored by the planned launch of the Nintendo Switch 2 hardware on June 5, 2025, supported by a robust pipeline of new software titles and upgrade packs. The company continues to leverage its intellectual property through diverse channels, including visual content and theme park expansions, while maintaining a focus on long-term engagement through its established user base of over 100 million annual playing users.

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NintendoMay 2025

Legal

Zawiadomienie na Podstawie Art. 69 Ust. 1 lub 2 w Zw. z Art. 87 Ust. 1 Pkt 5 Ustawy o Ofercie Publicznej

The filing serves to disclose a material alteration in the shareholding structure of PCF Group Spółka Akcyjna that triggers the reporting obligations set out in Article 69 of the Polish Public Offering Act, in connection with Article 87(1)(5). A shareholder agreement originally executed on 26 June 2020 among four individual shareholders—Sebastian Wojciechowski, Bartosz Kmita, Bartosz Biełuszko and Krzysztof Dolaś—established a collective holding of 20 811 789 ordinary shares, representing 57.91 % of the company’s capital and voting rights. Prior to the change, Wojciechowski owned 14 989 480 shares (41.71 % of capital), Kmita 2 241 922 (6.24 %), Biełuszko 1 771 778 (4.93 %) and Dolaś 1 808 609 (5.03 %). On 28 April 2025 Bartosz Kmita sold 3 469 shares on the regulated market, reducing his direct holding to 2 238 453 shares and lowering his voting share from 6.24 % to 6.23 % of the total. The transaction altered the aggregate direct and indirect ownership of the agreement parties to 20 808 320 shares, corresponding to 57.9 % of the capital and voting power, a decrease of 0.01 % relative to the previous filing. The notification confirms that the change exceeds the 1 % threshold of total votes required for reporting under Article 69(2)(2) and therefore must be communicated to the market. The filing covers a single Polish listed entity, spans the period from the 2020 agreement through the 2025 share sale, and relies on statutory reporting procedures rather than survey‑based methodology.

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PCF GroupMay 2025

Legal

Raport bieżący nr 11/2025

The filing serves to inform regulators and market participants that a change in the ownership structure of PCF Group S.A. has occurred, triggering the statutory requirement to disclose a significant shareholding. On 7 May 2025, the board of PCF Group S.A., headquartered in Warsaw, received a notice from the parties to a shareholders’ agreement governed by Article 87(1)(5) of the Public Offering Act. The notice relates to a share sale executed by Bartosz Kmitę, a signatory of the agreement, which altered the aggregate voting power held by the agreement’s participants by at least one percent of the company’s total votes. The notification references a prior disclosure dated 1 September 2023, indicating that the current transaction represents a material shift from the previously declared voting‑rights balance. By exceeding the one‑percent threshold, the change falls under the reporting obligations set out in Article 70(1) of the same Act, which mandates prompt public communication of any significant alteration in shareholdings. The scope of the disclosure is confined to PCF Group S.A., a publicly listed Polish entity, and covers the period up to the filing date in May 2025. No statistical analysis or survey methodology is involved; the report relies exclusively on legal filings and the contractual terms of the shareholders’ agreement to substantiate the change in ownership.

investment mergers-acquisitions europe

PCF GroupMay 2025

Financial

Partial Correction to FY2024 First Quarter Consolidated Financial Results [Japanese GAAP]

CyberAgent, Inc. issued this corrective filing on May 15, 2025, to amend its consolidated financial results for the first quarter of fiscal year 2024, originally disclosed in January 2024. The primary purpose of the document is to provide a comprehensive restatement of numerical data following a separate notice regarding the submission of correction reports for past annual securities reports and financial statements. The scope of the data covers the three-month period ending December 31, 2023, and includes comparative figures for the same period in 2022. The revised data shows that for the first quarter of FY2024, net sales reached ¥192,655 million, a 15.1% year-on-year increase. Operating income significantly improved to ¥5,864 million, recovering from an operating loss of ¥1,738 million in the prior year. Despite this operational recovery, the company reported a net loss attributable to owners of the parent of ¥892 million, though this was a substantial improvement over the ¥5,391 million loss recorded in the first quarter of FY2023. A notable extraordinary loss of ¥3,376 million for the amortization of goodwill impacted the bottom line. Segment analysis reveals that the Media Business, driven by the ABEMA platform, saw sales grow 27.7% to ¥42,784 million while narrowing its operating loss to ¥991 million. The Internet Advertisement Business remained the largest contributor with ¥104,900 million in sales and ¥5,246 million in operating income. The Game Business reported sales of ¥45,043 million, up 10.1%, though operating income in that segment fell 32.9% to ¥3,495 million. As of December 31, 2023, total assets were ¥464,799 million with a shareholders' equity ratio of 28.2%. The company maintained its full-year forecast for FY2024, projecting net sales of ¥750,000 million and operating income of ¥30,000 million.

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CyberAgent, Inc.May 2025

Financial

Partial Correction to FY2020 Consolidated Financial Results [Japanese GAAP]

CyberAgent, Inc. achieved significant financial growth during the fiscal year ended September 30, 2020, characterized by a 5.5% increase in net sales to ¥478,526 million and a 9.8% rise in operating income to ¥33,839 million. The most notable metric was the 287.5% surge in profit attributable to shareholders of the parent, which reached ¥6,567 million. This performance drove basic earnings per share from ¥13.45 in the previous year to ¥52.09, allowing for a year-end dividend of ¥34.00. The company’s financial position strengthened alongside these earnings, with net assets rising to ¥127,637 million and cash flow from operating activities increasing to ¥37,028 million. The Group’s success was primarily anchored by the Game and Internet Advertisement segments, which generated incomes of ¥30,337 million and ¥21,030 million, respectively. While the Media Business experienced 22.6% sales growth, it recorded an operating loss of ¥18,267 million as a result of sustained strategic investments in the ABEMA streaming platform. Geographically, operations remain concentrated in the Japanese market, which accounts for over 90% of total sales and assets. To better align with current management strategies, the company also executed a structural transfer of specific businesses from the Internet Advertisement segment to the Media segment. Looking ahead, the company forecasts continued expansion with a net sales target of ¥500 billion for fiscal year 2021. This outlook is supported by the strong performance of hit game titles and the broader expansion of the smartphone market. Despite ongoing impairment losses, which decreased to ¥4,589 million from the previous year’s ¥9,502 million, the Group maintains a robust liquidity position with a year-end cash balance exceeding ¥102,368 million. This capital provides the necessary foundation for continued investment in intangible assets and property to support its diverse reportable segments.

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CyberAgent, Inc.May 2025

Legal

Notice of Annual General Meeting of 11 bit studios

The Management Board of 11 bit studios S.A. has formally scheduled its Annual General Meeting for June 12, 2025, to be held at the company’s headquarters in Warsaw, Poland. This meeting serves as a critical governance event for the Polish game developer and publisher, providing a platform for shareholders to review the company's performance and vote on proposed resolutions. The proceedings are set to begin at 11:00 am local time, following the regulatory requirements established under the Public Offering Act regarding current and periodic information for publicly traded entities. The agenda focuses on the formal review of the 2024 fiscal year, with the company committing to the immediate release of essential oversight documentation. Key components of this disclosure include the Supervisory Board Report for 2024 and the Remuneration Report for 2024, the latter of which will be accompanied by an independent auditor’s assessment. These documents are intended to provide transparency regarding executive compensation structures and the effectiveness of the board's oversight during a period of significant activity for the studio. While the notice primarily functions as a procedural announcement, it underscores the company's adherence to corporate governance standards within the European gaming sector. By providing draft resolutions and proxy forms through its investor relations portal, the company facilitates shareholder participation in the decision-making process. The meeting represents a pivotal moment for stakeholders to evaluate the strategic direction of the studio following its recent release cycles and to ensure alignment between management incentives and long-term shareholder value.

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11 bit studiosMay 2025

Financial

FY2025 First Half Consolidated Financial Results (Japanese GAAP)

CyberAgent achieved a consolidated net sales increase of 3.4% year-on-year, reaching ¥421.2 billion during the first half of fiscal year 2025. This growth was accompanied by a substantial 74.2% surge in net income attributable to owners, which rose to ¥15.86 billion. These results reflect a period of strategic transition and stabilization across the company’s diverse portfolio, which primarily spans the Japanese market. Despite fluctuations in individual business units, the organization maintained its full-year guidance of ¥820 billion in net sales and ¥42 billion in operating income, signaling confidence in its long-term financial trajectory. The Internet Advertisement Business remains the primary engine of revenue, contributing ¥225.6 billion to the total. Simultaneously, the newly restructured Media & IP Business demonstrated a successful operational pivot, moving from a prior loss to a segment profit of ¥4.7 billion. This turnaround highlights improved profitability and steady growth within the company’s media assets. In contrast, the Game Business faced significant headwinds, reporting a 20.1% decline in sales and a 13.9% drop in operating income. This downturn is attributed to challenging year-on-year comparisons following a major console hit in 2024, though the segment still contributed a meaningful ¥18.7 billion to overall income. Financial stability remains robust, with formal disclosures confirming no significant changes in shareholders' equity or concerns regarding the company’s status as a going concern. By merging peripheral operations into the Media & IP segment and maintaining market leadership in digital advertising, the company has offset the cyclical volatility inherent in the gaming sector. The overall performance for the first half of FY2025 underscores a shift toward more diversified profit streams and enhanced operational efficiency across its core Japanese business segments.

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CyberAgent, Inc.May 2025

Report

Press Start on Growth: Unlocking the Full Potential of the UK Video Games Industry

The analysis argues that the United Kingdom’s video‑games sector is a high‑growth pillar of the creative economy, already delivering roughly £6 billion in gross value added (GVA) and supporting more than 73 000 jobs, and that strategic policy action could lift its contribution to about £7.6 billion in 2024 and generate an additional £5.7 billion GVA and up to 5.4 million jobs over the next five years. The assessment covers the full UK market from 2022 through 2024, spanning software, hardware, live events, esports, ancillary merchandise and related media, and benchmarks performance against Western‑European averages. Key findings show a continued erosion of physical boxed software, which fell 34 % year‑on‑year and now accounts for only 4 % of total spend, while mobile games grew 8 %—still below the 13 % regional average. Full‑game digital purchases slipped due to a thin slate of blockbuster releases, yet overall game volume remained stable. Live‑event spending contracted 15 % after pandemic‑related cancellations, whereas esports surged 44 % YoY, driven by a rise in UK‑based tournaments. Subscription revenue rose modestly as price hikes offset a near‑saturation of console subscriber bases. Hardware sales weakened for PS5 disc and Xbox consoles and for the Nintendo Switch, while the PS5 digital edition posted record software sales at a lower price point. Game‑culture engagement declined 13 % across PC and console categories, and related toy and merchandise sales fell 8.5 %. The conclusions stress that without targeted reforms—particularly in financing, skills development, and talent support—the sector risks losing its global leadership. Conversely, coordinated policy could unlock further growth, broaden international reach, and reinforce the UK’s position as a leading hub for video‑games innovation and cultural influence. Data are drawn from industry sources such as Omdia, Ukie, NielsenIQ/GfK Entertainment, BFI, Comscore and the Official Charts Company, reflecting a comprehensive market‑valuation approach across multiple

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UkieMay 2025

Financial

Partial Correction to FY2024 Consolidated Financial Results (Japanese GAAP)

CyberAgent’s fiscal year 2024 consolidated financial results reveal a period of robust recovery and operational efficiency, characterized by an 11.4% increase in net sales to ¥801,236 million. Operating income surged by 79.3% to reach ¥40,083 million, while net income attributable to owners of the parent experienced a dramatic 351.3% jump to ¥15,977 million. This financial turnaround was largely propelled by the Media Business, which successfully narrowed its operating loss from ¥12,873 million to just ¥1,927 million, and a high-performing Internet Advertisement Business that consistently outpaced broader market growth. The Game Business remains a vital profit driver, generating ¥195,985 million in net sales and a 34.6% increase in operating income to ¥30,569 million. This growth was fueled by the successful launch of new titles alongside the steady performance of existing smartphone applications. Geographically, the company’s operations remain heavily concentrated in Japan, with over 90% of sales and assets originating within the domestic market. Enhanced cash flow management was also evident, as net cash from operating activities more than doubled to ¥53,231 million, supporting a total equity balance of ¥250,504 million by year-end. Looking toward fiscal year 2025, projections indicate continued upward momentum with a net sales target of ¥820,000 million. A primary strategic milestone for the upcoming period is the anticipated transition of the Media Business into a profitable segment. Reflecting this positive outlook and strengthened earnings per share—which rose from ¥6.99 to ¥31.56—the annual dividend is expected to increase to ¥17.00 per share. These results underscore a successful stabilization of core business segments and a clear trajectory toward sustained profitability across the entire portfolio.

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CyberAgent, Inc.May 2025

Financial

Conference Call Q1 2025

Modern Times Group (MTG) reports significant financial expansion for the first quarter of 2025, primarily driven by the strategic consolidation of Plarium. Net sales reached SEK 2,557 million, representing a 79% increase in constant currencies year-over-year. While much of this growth is attributed to the acquisition, the company also maintained a 6% organic growth rate. The long-term performance remains robust, with a 4.75-year annualized compound annual growth rate (CAGR) of 18% for reported revenue and 28% for adjusted EBITDA. The integration of Plarium has fundamentally shifted the revenue mix and user base. Strategy and Simulation now represent the largest franchise segment, contributing SEK 1,066 million in the quarter, followed by Word Games and Tower Defense. In-app purchases (IAP) have increased to 76% of total revenue, up from 61% in the prior year, while advertising revenue (IAA) has decreased proportionally. Daily Active Users (DAU) rose to 9 million, influenced by both the Plarium acquisition and the localized expansion of Word Games, though Average Revenue Per Daily Active User (ARPDAU) saw a slight decline to SEK 3.1. Financial health remains stable with a reported adjusted EBITDA of SEK 616 million, yielding a 24% margin. This was achieved despite scaled marketing investments for new titles. The group reported a free cash flow of SEK 143 million for the quarter and maintains a net debt position of SEK 5,064 million, resulting in a financial leverage ratio of 1.66x. Looking ahead to the full year 2025, the outlook anticipates organic sales growth between 3% and 7% and a total reported adjusted EBITDA margin between 21% and 24%. Management intends to focus on the disciplined scaling of new titles and geographical expansion to sustain this momentum.

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Modern Times GroupMay 2025

Financial

Announcement of Consolidated Results for Fiscal Year Ended March 31, 2025

Akatsuki Inc. reported a significant increase in profitability for the fiscal year ended March 31, 2025, despite a slight contraction in overall revenue. Consolidated net sales reached 23,652 million yen, representing a 1.3% decrease from the previous year. This decline was primarily driven by portfolio restructuring within the Games business, which offset the positive contributions from new title releases. However, operating profit rose by 46.3% to 3,915 million yen, and ordinary profit grew by 49.4% to 4,233 million yen. Profit attributable to owners of the parent also saw a 27.8% increase, totaling 1,646 million yen, resulting in a profit per share of 114.22 yen. The improved profit margins were largely attributed to growth in the Comics and IP Solutions segments. The Comics business benefited from development and operational support for an overseas manga platform, while the IP Solutions segment saw expansion in its online lottery service, Slash Gift. These gains successfully mitigated increased research and development expenses within the Games business. Furthermore, the company realized gains from the sale of shares following the initial public offerings of several investee companies, which bolstered net income. To ensure long-term financial soundness, the company recorded several one-time charges. On a consolidated basis, an extraordinary loss of 593 million yen was recognized for the valuation of investment securities. On a non-consolidated basis, the company recorded a 5,776 million yen provision for doubtful accounts and a 2,454 million yen loss on the valuation of shares in affiliated companies. While these non-consolidated figures are substantial, they represent internal assessments of subsidiary loans and investments and had a minimal impact on the final consolidated financial results for the fiscal year.

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AkatsukiMay 2025

Legal

Announcement of the Ordinary General Meeting

The Management Board of PCF Group S.A., a Warsaw-based public company operating in the video game industry under the People Can Fly brand, has formally convened an Ordinary General Meeting of Shareholders scheduled for June 23, 2025. The meeting will address the financial and operational performance of the company and its capital group for the fiscal year ending December 31, 2024. The agenda includes the presentation of financial results, the approval of management and supervisory board reports, and the adoption of a resolution regarding the coverage of a net loss incurred during the 2024 financial year. Key corporate governance matters on the agenda involve granting discharge to members of the Management and Supervisory Boards for their duties in 2024 and conducting a discussion on the remuneration report. Furthermore, the meeting will consider significant amendments to the Company's Articles of Association. These proposed changes include authorizing the Management Board to increase the share capital within the limits of authorized capital and to issue subscription warrants, which may involve the exclusion of pre-emptive rights for existing shareholders subject to Supervisory Board approval. The scope of the meeting covers the entirety of PCF Group S.A.’s operations and its consolidated subsidiaries. As of the announcement date, the company’s share capital is 718,805.42 PLN, divided into 35,940,271 ordinary bearer shares across series A, B, D, E, F, and G, with each share carrying one vote. The record date for participation is June 7, 2025. While the company will provide a real-time internet broadcast of the proceedings in both Polish and English, the Management Board has not authorized electronic voting or remote participation; shareholders must exercise their voting rights in person or via a proxy at the physical venue in Warsaw.

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PCF GroupMay 2025

Financial

Partial Correction to FY2023 Consolidated Financial Results [Japanese GAAP]

CyberAgent’s consolidated financial results for the fiscal year ended September 30, 2023, reveal a period of transition characterized by modest top-line growth alongside a sharp contraction in profitability. While net sales rose 1.3% to ¥719,451 million, operating income plummeted 66.9% to ¥22,351 million. This decline was primarily driven by the Game Business, where operating income fell 62.5% to ¥22,708 million due to reduced revenue from high-margin titles. Consequently, net income attributable to owners of the parent dropped significantly from ¥22,901 million in the previous year to ¥3,540 million, resulting in a decrease in basic earnings per share from ¥45.29 to ¥6.99. The Media Business, anchored by the streaming platform ABEMA, demonstrated strong revenue growth of 25.8%, bolstered by high-profile events such as the FIFA World Cup Qatar 2022. However, the segment continued to operate at a loss of ¥12,873 million. Simultaneously, the Internet Advertisement Business expanded its market share but experienced a 26.3% decrease in profit. Despite these earnings pressures, the company maintained a robust liquidity position, ending the period with ¥201,780 million in cash and cash equivalents, supported by financing activities including the issuance of convertible bonds. Operations remain heavily concentrated in the Japanese domestic market, which accounts for over 90% of total sales and assets. Looking toward the 2024 fiscal year, projections suggest a recovery with a forecasted 34.2% increase in operating income. This anticipated growth is predicated on a pipeline of new game releases and a narrowing of deficits within the Media Business. The transition to a group tax sharing system further reflects the evolving corporate structure across its five primary reportable segments: Media, Internet Advertisement, Game, Investment Development, and Other Businesses.

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CyberAgent, Inc.May 2025

Legal

Lista Proponowanych Zmian w Statucie Spółki PCF Group S.A.

This document outlines proposed amendments to the Articles of Association for PCF Group S.A., a Warsaw-based public company. The primary objective of these changes is to restructure the corporate governance framework by centralizing appointment powers within the Supervisory Board and General Meeting, while simultaneously removing specific personal rights previously held by major individual shareholders and the Group of Authorized Shareholders. The proposed revisions to Section 13 eliminate the personal right of "Shareholder SW" to appoint the President of the Management Board, transferring all appointment and dismissal powers for Management Board members to the Supervisory Board. The amendments also redefine representation rules, requiring joint action by two board members in multi-person boards. Furthermore, a new provision in Section 14 introduces stricter oversight by requiring Supervisory Board approval for financial obligations exceeding 10% of the company’s equity and for any permanent disposal of intellectual property rights related to the company’s games. Significant changes to Sections 16, 18, and 21 focus on the Supervisory Board and its Audit Committee. The proposal removes the "Group of Authorized Shareholders" and their personal rights to appoint the majority of the Supervisory Board and specific members of the Audit Committee. Under the new terms, the General Meeting gains sole authority to appoint and dismiss all five to seven members of the Supervisory Board. These changes reflect a shift toward a more standardized governance model for a public interest entity, removing specialized shareholder privileges in favor of statutory collective decision-making processes.

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PCF GroupMay 2025