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Financial Results for the Fiscal Year Ended March 31, 2025: Mitsubishi HC Capital Inc.

Financial Results for the Fiscal Year Ended March 31, 2025 Greetings, everyone. This is Taiju Hisai, President & CEO. Thank you for taking time out of your busy schedules to attend our financial results briefing today. In addition to those gathered here at the briefing venue, we are also joined by many people watching live online. I would like to begin today’s briefing by explaining the highlights of the Financial Results for the Fiscal Year Ended March 31, 2025, which we announced yesterday.

Mitsubishi HC Capital

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Notice Regarding Variance in Performance Forecast

The notice informs shareholders that the second‑quarter cumulative performance for fiscal year 2028 (April 1 – September 30, 2027) differs from the previously issued forecast for fiscal year 2027. For the consolidated entity, revenue fell by ¥152 million (10.9 %) to ¥1,244 million, operating profit dropped by ¥58 million, while net income attributable to parent shareholders rose by ¥13 million due to a stronger yen‑depreciation effect. The individual subsidiary’s revenue declined by ¥65 million (15.3 %) to ¥363 million, with a modest increase in net profit of ¥4 yen per share. The primary causes cited are lower domestic sales volumes for newly released titles and a weaker yen that boosted foreign‑currency gains. Operating profit was impacted mainly by the sales shortfall, whereas ordinary and net profits benefited from favorable exchange movements. The company maintains its full‑year 2028 outlook unchanged, projecting consolidated revenue of ¥4,774 million (9.9 % decline YoY), operating profit of ¥81 million (up from a prior loss of ¥274 million), ordinary profit of ¥154 million, and parent‑shareholder net income of ¥31 million. For the individual entity, revenue is expected at ¥1,081 million (23.8 % decline), ordinary profit of –¥118 million, and net income of –¥121 million. The forecast reflects current information as of the notice date, with a disclaimer that future results may vary.

Nippon Ichi Software

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Notice Regarding the Allotment of Stock Options (Stock Acquisition Rights)

The notice announces the issuance of the sixth series of stock acquisition rights (new‑share reservation rights) to directors, executive officers, auditors, employees of Japanichi Software Co., Ltd. and its subsidiaries, following approval by the board under Articles 236–239 of the Companies Act and the 32nd annual shareholders’ meeting. The rights are intended to enhance motivation and morale linked to performance improvement. A total of 1,908 rights will be granted, each corresponding to 100 shares of ordinary stock (adjustable for splits or consolidations). Allocation is broken down as follows: 560 rights to directors, 43 to executive officers, 70 to auditors, 1,123 to employees, and the remaining rights to subsidiary directors (40) and employees (72). The rights are non‑cash, with exercise price set at 105 % of the average closing price of the company’s ordinary shares for the month preceding the grant date (July 22, 2025), rounded up to the nearest yen. Adjustments for stock splits or other corporate actions are specified. Exercise is permitted from August 1, 2028 to May 31, 2035. Upon exercise, capital increases are calculated per the Companies’ Accounting Rules: half of the statutory increase limit is allocated to paid‑in capital, with the remainder forming a capital reserve. Conditions for exercise require the holder to hold an executive or employee position at the time of exercise, unless otherwise waived by board resolution. Rights may be reacquired free of charge if the holder no longer meets these conditions or in specific corporate restructuring scenarios. Transfer of rights requires board approval, and any fractional shares resulting from exercise are forfeited. The notice confirms that no physical rights certificates will be issued.

Nippon Ichi Software

Semi-Annual Report: 33rd Term

The semi‑annual report for the 33rd term presents Nippon Ichi Software’s financial and operational performance during the period from April 1 to September 30, 2025. The company’s consolidated revenue fell 49.2 % to ¥1,244 million, while operating loss widened to ¥322 million, reflecting a decline in both package and download sales across its entertainment segment. Net loss attributable to parent shareholders increased to ¥225 million, and the company’s equity ratio dropped from 71.4 % to 67.2 %. Cash‑flow analysis shows negative operating cash of ¥306 million, large investment outflows of ¥1.48 billion—primarily from fixed‑asset purchases—and modest financing inflows of ¥290 million, leaving cash balances at ¥3.65 billion. Segment analysis indicates the entertainment business suffered a loss of ¥96 million, while the student‑housing and ancillary segment posted a smaller loss of ¥8 million but achieved a 25.1 % revenue increase to ¥60 million. Asset‑side, total assets rose by ¥49 million mainly through cash and securities gains; liabilities increased by ¥283 million, driven by higher short‑term borrowing. Equity declined by ¥234 million due to profit erosion. The report follows Japanese GAAP under the Consolidated Financial Statements Regulations, with a mid‑year audit by Tokai Accounting Co. The company’s share structure remains unchanged, with 5.15 million shares outstanding and a dominant shareholder holding 46.3 %. No material risks or post‑report events were disclosed, and the audit opinion confirmed that the financial statements fairly present the company’s position.

Nippon Ichi Software

FY2025 First Quarter Financial Results Briefing

The briefing presents FY2025 first‑quarter results for GREE, Inc., highlighting a net sales figure of ¥12.9 billion and an operating loss of ¥0.1 billion, largely driven by valuation losses in the Investment Business and foreign‑exchange impacts from yen appreciation. While Game and Anime, Metaverse, and DX segments exceeded forecasts—thanks to strong performance of the Chinese version of *Heaven Burns Red*, continued growth in platform and VTuber services, and solid DX profitability—the Investment Business posted a ¥0.8 billion operating loss due to crypto‑asset valuation declines and write‑downs on maturing funds. Variable costs rose from advertising spend and investment losses, whereas fixed costs remained relatively stable. Geographically, the company operates globally with significant overseas assets; the report notes a ¥1.4 billion FX loss affecting ordinary and net profit. The management plan positions Metaverse and DX as continuous‑growth businesses targeting a 120–140 % CAGR in operating profit, while Game and Anime are treated as long‑term investment assets. Medium‑term targets emphasize aggressive investment in VTuber talent and DX product development, with expectations of profitability from the VTuber segment by FY2026 and accelerated growth in DX by FY2027. Methodologically, the briefing relies on quarterly financial statements, segment‑level performance data, and investment portfolio valuations. The Investment Business’s dual GP/LP structure is explained to contextualize volatility, with an emphasis on long‑term stability despite short‑term losses. Overall, the company projects FY2025 results in line with prior forecasts but anticipates slightly lower Game and Anime sales, offset by higher operating profit from continuous‑growth segments.

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GREE

FY2023 Third Quarter Financial Results Briefing

GREE, Inc. reported FY2023 third‑quarter results with net sales of ¥22.2 billion, operating income of ¥4.2 billion and EBITDA of ¥4.3 billion, exceeding forecasts in both the Internet & Entertainment and Investment & Incubation segments. The Internet & Entertainment Business generated ¥1.8 billion in operating income, driven by the game Heaven Burns Red, which achieved No. 1 App Store sales rankings during its one‑year anniversary event and began successful global distribution in Korea, Taiwan, and Hong Kong. Promotional spending of approximately ¥3 billion increased variable costs but supported medium‑term growth, while fixed costs remained stable. The Investment & Incubation Business contributed ¥2.4 billion, largely from dividends and distributions of venture‑capital funds, though total assets under management fell by ¥4.0 billion due to earnings payouts. Operating income outlook for FY23 remains unchanged; the fourth quarter is projected to deliver roughly ¥1.5 billion from Internet & Entertainment and ¥0.5 billion from Investment & Incubation, totaling about ¥2.0 billion. Dividend policy targets a 20 % payout ratio, with an announced dividend of ¥11 per share. Strategic initiatives included the launch of REALITY Studios Inc. and FIRST STAGE PRODUCTION for VTuber talent, and REALITY XR Cloud for B2B metaverse services, achieving 42 million annual visitor traffic. Commerce and DX businesses continued to expand through travel media aumo and collaborations with automotive and media partners. Overall, GREE’s three‑pillar earnings strategy—Game, Metaverse, and Investment—remains focused on sustained growth through global distribution, content diversification, and high‑quality venture investments.

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GREE

Consolidated Financial Results: Six Months Ended September 30, 2024

The six‑month financial results for Koei Tecmo Holdings, covering April 1 to September 30, 2024, show a decline in key performance metrics compared with the same period in 2023. Net sales fell by 11.4 % to ¥35,197 million from ¥39,722 million, while operating profit dropped 23.1 % to ¥10,651 million and ordinary profit decreased 9.5 % to ¥21,000 million. Profit attributable to owners of the parent company fell 4.9 % to ¥15,975 million. Earnings per share also slipped, with basic earnings at ¥50.58 and diluted earnings at ¥47.09 versus ¥53.24 and ¥49.55 in 2023. Total assets contracted slightly from ¥245,802 million to ¥241,584 million, and net assets declined to ¥171,611 million, reflecting a lower capital adequacy ratio of 70.7 %. Cash and deposits rose markedly to ¥41,733 million, driven by a substantial increase in short‑term borrowings of ¥9,000 million. Investment securities and other assets decreased modestly. Dividend policy remained unchanged; no dividends were declared for the fiscal year ending March 31, 2024, and a forecast of ¥48.00 per share is projected for the fiscal year ending March 31, 2025. The company’s forecasted full‑year net sales for FY 2025 are ¥90,000 million, with operating profit expected at ¥30,000 million and ordinary profit at ¥40,000 million. The report covers Japan‑based operations under Japanese GAAP for the first half of FY 2025, with no significant changes in consolidation scope or accounting policies. The semi‑annual statements are exempt from external audit review.

Koei Tecmo

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1st Half Financial Results: FY 2011

The first‑half financial results for the fiscal year ending March 2011 show a sharp decline in revenue and profitability compared with the same period in 2009. Net sales fell from ¥15,264 million to ¥11,069 million, a 27.5 % drop, while operating loss widened from ¥641 million to ¥1,656 million. Ordinary profit and net income also deteriorated, with ordinary loss increasing from ¥349 million to ¥1,097 million and net loss rising from ¥415 million to ¥571 million. The decline is largely attributed to a one‑time goodwill amortization expense of approximately ¥510 million incurred after the merger with Koei and acquisition of Koei Net Co., Ltd. The company’s operating segments reflected uneven performance: Game sales dropped by 16 % to ¥6,330 million, while Online and Media segments saw modest gains. Regional sales remained concentrated in Japan (85.5 %) with overseas sales accounting for 14.5 % of total revenue. The consolidated plan for FY 2010 projects a modest 0.0 % change in total sales to ¥34,500 million, with operating profit expected to rise from a loss of ¥641 million in FY 2009 to a gain of ¥4,000 million. Ordinary profit and net income are projected to improve by 13.0 % and 7.8 %, respectively, largely driven by a projected operating profit of ¥4,000 million in the Game segment. The plan also outlines significant capital expenditures (¥1,685 million) and a shift in marketing focus toward overseas markets and social gaming. Methodologically, the report relies on consolidated financial statements for the first half of FY 2010 and comparative figures from FY 2009, with adjustments noted for goodwill amortization. The document also includes strategic initiatives such as the launch of social games based on popular IPs, expansion into mobile and PC platforms, and the establishment of a Global Marketing Department to strengthen overseas presence.

Koei Tecmo

Consolidated Financial Results for the Nine Months Ended December 31, 2019

The consolidated financial results for mixi, Inc. cover the nine‑month period from April 1 to December 31 2019 and provide a forecast for the fiscal year ending March 31 2020. Net sales fell 31.7 % to ¥72,364 million from ¥105,983 million in the same period a year earlier, reflecting a sharp decline in revenue from core entertainment and lifestyle segments. Operating income collapsed 88.6 % to ¥3,076 million, and ordinary income dropped 88.5 % to ¥3,092 million, resulting in a profit attributable to owners of only ¥426 million versus ¥17,101 million previously. Comprehensive income for the nine months was ¥257 million, a 98.5 % reduction from ¥17,462 million in 2018. Total assets increased modestly to ¥194,531 million, while net equity fell to ¥171,140 million, yielding an equity ratio of 87.4 %. Cash and cash equivalents declined from ¥144,417 million to ¥123,894 million, driven by operating cash outflows and significant investment in new acquisitions. The company’s dividend policy remained unchanged, with a forecast of ¥55 million per share for the 2020 fiscal year. Methodologically, the report follows Japanese GAAP and includes a detailed segment analysis of entertainment and lifestyle operations. No changes in accounting policies or significant subsidiaries occurred during the period, and the forecast reflects management’s judgment under current market conditions. The document is intended for Tokyo Stock Exchange investors and analysts, with a scheduled conference call on February 7 2020.

mixi

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FY2015 First Quarter Financial Results

The first‑quarter fiscal 2015 results show net sales of ¥25.4 billion and operating income of ¥6.4 billion, a decline in sales but a flat operating margin compared with the previous quarter due to a ¥1.4 billion cut in advertising costs. Net sales fell 9.9% year‑over‑year, driven by softer performance of existing titles in Japan and overseas markets. EBITDA rose modestly to ¥8.01 billion, while ordinary income increased by ¥2.27 billion largely from a ¥17.2 billion exchange gain on USD‑denominated loans. An extraordinary loss of ¥2.03 billion was recorded from write‑downs of assets related to discontinued titles, reducing net income to ¥3.48 billion. Cost structure analysis indicates a 7% reduction in total costs to ¥19.0 billion, largely from advertising (down 13% QoQ) and commission fees. Variable costs fell by ¥1.19 billion, while fixed costs decreased marginally. The company’s strategy focuses on accelerating native game development, having shifted resources from web games and added 12 new production lines. Three first‑party native titles are slated for launch in the winter, and partnerships with LINE and KDDI aim to expand cross‑border reach. For FY15 first half, the company forecasts net sales of ¥49.0 billion and operating income of ¥10.5 billion, assuming minimal seasonal impact and continued cost control. The outlook emphasizes native hit titles as the primary growth driver, with web games supporting earnings and new ventures in mobile video advertising and venture capital investments.

GREE

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Quarterly Transition by Business Segment: Japan

The quarterly transition data for Japan’s business segments in FY2024 and FY2025 reveals a mixed performance across media, internet advertising, gaming, and investment development. Total sales rose from ¥838 billion in FY2024 to ¥802 billion in FY2025, driven primarily by the internet advertising segment, which recorded ¥436 billion in 2024 and ¥117 billion in 2025. The media & IP business saw a decline from ¥200 billion to ¥55 billion, while the gaming segment fell from ¥196 billion to ¥38 billion. Investment development remained modest, moving from ¥6 billion to ¥465 million. Operating profit mirrored sales trends. Internet advertising generated a robust ¥23 billion in 2024 and ¥6 billion in 2025, maintaining a healthy operating margin of about 5.3%. Gaming delivered the highest margin in FY2024 at 15.8% but dropped to 8.8% in FY2025, reflecting volatility in that segment. Media & IP suffered losses throughout both years, with a cumulative loss of ¥755 million in 2024 and a smaller loss of ¥1.5 billion in 2025. Investment development swung from modest gains to a loss of ¥1.063 billion in 2024, before recovering slightly to ¥430 million in 2025. Adjustments and special incentives reduced overall profitability, with a total adjustment of ¥35.9 billion in 2024 and ¥8.3 billion in 2025, and a one‑time special incentive of ¥2.6 billion applied in FY2025. Excluding these items, operating profit margins remained positive for internet advertising and gaming but negative for media & IP and investment development. The data underscores the concentration of revenue and profit in digital advertising, while traditional media and gaming face declining profitability.

CyberAgent

Financial Highlights: FY2012

Financial highlights for the fiscal year ending March 2013 (FY2012) show a modest decline in net sales of 2.5 % to ¥34,639 million, driven mainly by a 4.7 % drop in Game Software sales and a 2.7 % fall in Online & Mobile revenue. Gross profit, however, increased by 3.3 % to ¥13,939 million, reflecting higher operating income of 7.8 % (¥6,208 million) and a 17.4 % rise in income before taxes to ¥8,779 million. Net income grew 21.9 % to ¥5,656 million, supported by a 27 % jump in Game Software operating income and a 15.2 % increase from Pachislot & Pachinko, offset by a 50 % decline in Online & Mobile operating income. Segment performance varied: Pachislot & Pachinko sales rose 29 % to ¥2,195 million; Amusement Facilities grew 2.4 %; Other segments saw an 8 % rise, while Media & Rights fell 5.3 %. The company’s balance sheet expanded, with total assets rising from ¥54,909 million to ¥63,594 million, largely due to a jump in cash and time deposits (¥6,742 → 13,851 million) and investment securities (¥33,752 → 45,339 million). Current liabilities increased from ¥9,220 million to ¥12,303 million, driven by higher trade payables and income taxes payable. Shareholders’ equity grew from ¥77,934 million to ¥82,392 million, supported by retained earnings and capital surplus gains. The report covers Japan‑based operations for FY2012, with data presented in millions of yen. It relies on consolidated financial statements prepared under Japanese GAAP, reflecting a full year’s performance and balance sheet as of March 31, 2013.

Koei Tecmo

Summary of Consolidated Financial Results: Second Quarter Fiscal Year Ending March 31, 2016

The consolidated financial results for Hibiya Engineering, Ltd. for the first half of the fiscal year ending March 31, 2016, detail a period of challenging operating conditions within the Japanese construction sector. Despite a broader economic recovery supported by government stimulus, the company faced significant pressure from rising material and labor costs. The primary objective of the report is to provide a transparent account of the company’s financial performance and operational status during the six-month period ending September 30, 2015. Financial performance metrics indicate a contraction in business volume, with net sales declining 3.0% year-on-year to 27,252 million yen and orders received falling 5.3% to 35,863 million yen. While the company continued to implement cost-reduction measures, it reported an operating loss of 539 million yen, an improvement over the 975 million yen loss recorded in the same period of the previous year. Similarly, the ordinary loss narrowed to 331 million yen from 755 million yen, and the loss attributable to owners of the parent decreased to 270 million yen from 494 million yen. The company’s financial position reflects a reduction in total assets to 72,023 million yen, largely driven by a significant decrease in accounts receivable from completed construction contracts. Total liabilities also saw a substantial decline to 14,646 million yen, primarily due to lower accounts payable. Regarding accounting methodology, the company adopted new standards concerning business combinations and consolidated financial statements starting in the first quarter of the fiscal year. These changes, which include updated terminology for non-controlling interests and revised allocation procedures for acquisition expenses, had no material impact on earnings. Management maintains its previously announced full-year forecast, projecting net sales of 74,000 million yen and an operating income of 2,500 million yen.

Hibiya Engineering

Consolidated Financial Results for the Six Months Ended September 30, 2022: Japan

MIXI, Inc. reports consolidated financial results for the six months ended September 30 2022 under Japanese GAAP, covering April 1–September 30. Net sales rose 21.1 % to ¥65,734 million, while operating income increased 23.1 % to ¥11,249 million and ordinary income attributable to the parent fell 68.2 % to ¥1,960 million due to a significant loss on withdrawal from business and other extraordinary items. EBITDA grew 21.3 % to ¥13,484 million. Comprehensive income for the period was ¥3,073 million, a 49 % decline from ¥6,025 million in the prior year. Basic earnings per share dropped sharply to ¥26.96 from ¥83.11, reflecting the large operating loss and extraordinary charges. Total assets increased to ¥221,903 million, with net assets at ¥184,517 million and an equity ratio of 82.0 %. Cash and cash equivalents fell to ¥118,893 million after substantial outflows for treasury share repurchases and dividend payments. The company maintained a stable equity base, with paid‑in capital unchanged at ¥9,698 million and retained earnings at ¥178,498 million. MIXI forecasts a full‑year net sales of ¥133,000 million (up 9.0 %) but expects operating income to decline by 11.7 % to ¥19,500 million and ordinary income to fall 13.0 % to ¥15,500 million, driven by a projected loss on withdrawal from business and reduced operating margins. Dividend policy remains unchanged at ¥55 million per share for the fiscal year ending March 31 2023. The report covers Japan exclusively, spans a six‑month period within FY 2022–23, and includes data from subsidiaries such as CONNECTIT Inc., acquired in October 2022. Methodological notes indicate adoption of fair‑value measurement guidance with no material impact on the results, and a reclassification of investment activities into a separate reportable segment effective from FY 2023.

mixi

Consolidated Financial Results: Three Months Ended June 30, 2022

The quarterly consolidated financial results for mixi, Inc. cover the three‑month period ending June 30 2022 under Japanese GAAP. Net sales rose to ¥31,022 million from ¥28,529 million in the same period a year earlier, reflecting an 8.7 % increase driven primarily by the Digital Entertainment segment, notably Monster Strike. Operating income fell to ¥5,557 million from ¥6,015 million, a 7.6 % decline, largely due to higher operating expenses and a shift in revenue recognition for investment activities. Ordinary income attributable to owners of the parent decreased by 12 % to ¥5,326 million, while comprehensive income contracted to ¥3,548 million (10.5 % of sales). Earnings per share declined from ¥54.04 to ¥48.57 (basic) and from ¥53.32 to ¥47.82 (diluted). Total assets were ¥215,217 million with net assets of ¥185,626 million, maintaining an equity ratio near 85 %. Cash and cash equivalents fell to ¥116,117 million, largely due to significant treasury share repurchases of ¥2.3 billion and dividend payments totaling ¥3.7 billion. The company forecasts full‑year 2023 sales of ¥120,000 million (up 1.6 %) but expects operating income to decline by 38.5 % to ¥12,500 million and ordinary income to drop 47.1 % to ¥8,500 million, reflecting continued investment‑related restructuring and higher cost bases. No revisions to the forecast were announced. Methodologically, the report relies on quarterly consolidation of all subsidiaries, with no changes in significant subsidiaries or accounting policies except for the adoption of fair‑value measurement guidance. The data are presented in Japanese yen, rounded to the nearest million, and include detailed segment disclosures for Digital Entertainment, Adjustment, Quarterly Entertainment, Sports, Lifestyle, and Investment businesses. The report is intended for Tokyo Stock Exchange investors and analysts, with a scheduled conference call on August 5 2022.