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The FY2025 third‑quarter financial highlights for Koei Tecmo Holdings detail a modest decline in core operating metrics while comprehensive income rises sharply. Net sales for the nine months ended December 31, 2025 fell 1.6% to ¥51,729 million from ¥52,570 million in the prior year. Operating profit slipped 3.3% to ¥14,571 million, and ordinary profit decreased 6.2% to ¥31,099 million. Despite these contractions, comprehensive income surged 52.0% year‑on‑year to ¥56,359 million, driven by significant gains in non‑operating items such as interest income and foreign exchange gains. Basic earnings per share declined slightly to ¥73.84 from ¥79.67, reflecting a higher weighted‑average share count due to treasury share disposals and secondary offerings.

Total assets expanded from ¥209,828 million at March 31, 2025 to ¥311,492 million by December 31, 2025, largely through increases in investment securities and property, plant, and equipment. Net assets rose to ¥258,716 million, with the equity‑to‑asset ratio improving to 82.8% from 89.9%. Treasury shares reduced dramatically, lowering the average number of outstanding shares to 322 million from 315 million.

Dividend policy remains unchanged, with a forecast of ¥43.00 per share for the fiscal year ending March 31, 2026, and no revisions to cash dividend forecasts. The report covers Japan‑based operations for FY 2025, presenting consolidated quarterly financial statements without significant changes in consolidation scope or accounting policies.

The consolidated financial data for FY2025 third quarter presents a mixed performance across the company’s core segments. Total sales reached ¥30,580 million in Q3 FY25, a 5.4% increase from the same period in FY24 but still below the ¥28,978 million recorded in Q3 FY22. Gross profit improved to ¥22,547 million, up 0.6% YoY, while operating profit fell to ¥17,044 million, a 15.5% decline driven by higher SG&A and cost of sales in the entertainment segment. Net profit for Q3 FY25 stood at ¥12,467 million, a 6.4% YoY increase, supported by a positive non‑operating profit of ¥3,737 million. Profitability ratios show operating margin at 56% and ROE rising to 22.1%, reflecting efficient capital use.

Geographically, Japan remains the largest market with ¥19,438 million in Q3 FY25, followed by North America at ¥3,630 million and Europe at ¥1,949 million. Overseas sales accounted for 51.0% of total revenue in FY25, up from 46.2% in FY24, indicating a strategic shift toward international expansion. The entertainment segment dominated sales at ¥29,284 million (95% of total), with console/PC and online/mobile channels contributing 60.5% and 71.2% of digital sales respectively.

Headcount increased from 2,384 to 2,531 employees by year‑end FY25, a 6.7% rise aligned with new product launches and expanded online services. Capital expenditures for FY25 totaled ¥1,967 million, primarily in real estate and equipment, while depreciation expenses reached ¥1,776 million. The data suggest a focus on sustaining growth through digital monetization and overseas market penetration, while managing cost pressures in traditional entertainment operations.

The briefing clarified GREE’s financial and strategic outlook for FY2016–FY2017. One‑off costs in Q4 were broken into advertising, rental and goodwill amortization, with rental increases reflecting upfront investments aimed at future cost reductions. These expenses are not expected to recur. Operating margin for Q1 FY2017 is projected to be slightly below normal due to continued upfront spending, particularly in game operations and North America; a return above 20% is contingent on new title releases. GREE plans to launch eight native games in FY2017, with a quarter‑backed schedule of one‑quarter releases for roughly two titles, though co‑development timelines remain fluid. Confidence in the release blitz has improved as development pipelines mature and release dates are refined based on competitive market conditions.

Strategically, each studio is positioned to leverage core strengths: Wright Flyer focuses on action RPGs and IP integration, while Pokelabo targets GvG titles built on card‑battle expertise. Hit titles are defined by top‑ten App Store rankings in the games category. Financially, GREE aims to use its strengthened capital base to sustain long‑term game development and pursue selective M&A or IP acquisitions, exemplified by the 4Q acquisition of ad‑media firm ADFULLY. The scope covers domestic Japanese markets, with implications for North American expansion, and the time frame spans FY2016 Q4 through FY2017. The briefing relied on internal financial statements and strategic planning documents to outline cost structures, margin expectations, product pipelines, studio focus areas, success metrics, and capital deployment strategies.

The briefing focused on GREE’s financial outlook, investment performance, and strategic initiatives across its entertainment and advertising segments. Management projected operating income for the third quarter of FY2020 to range between ¥0.5 billion and just under ¥1.0 billion, reflecting confidence in continued strong results. The rise in ordinary and net income during the second quarter was attributed to gains from listed companies and venture‑capital investments, with expectations of further upside in portfolio securities.

Marketing efforts for the game “Another Eden” were highlighted, noting a doubling of overseas users through an IP collaboration with Persona 5 and enhanced digital advertising operations. In the Advertising and Media business, earnings trends were described as solid, with a target of achieving profitability within FY2020. The Live Entertainment division emphasized ongoing enhancements to the REALITY virtual live‑distribution platform, with monthly investments in development and an undecided schedule for large‑scale promotions.

Regarding the broader VTuber market, management characterized it as both a talent‑based business and a live‑streaming distribution service, observing growth from both angles. The anticipated impact of 5G technology was cited as a catalyst for further expansion in the sector. Overall, the briefing underscored GREE’s focus on diversified revenue streams, strategic investment in emerging platforms, and a proactive marketing approach to sustain growth across its core business segments.

The briefing clarified GREE’s strategic outlook for FY2024, focusing on console game development and the VTuber business. The company confirmed that its console gaming venture remains in early planning, with no concrete release dates or platform commitments disclosed. This indicates a cautious approach as GREE evaluates market entry points and potential partnerships before committing resources.

In contrast, the VTuber segment is progressing toward profitability. GREE reported steady sales growth aligned with its initial projections, despite operating losses that have risen due to aggressive talent acquisition and merchandise production. These losses fall within the company’s planned range, suggesting disciplined financial management amid expansion efforts. GREE projects that monthly operating losses will be eliminated in FY2026, marking the anticipated break‑even point for its VTuber investments.

The briefing covered a domestic Japanese market focus, with no mention of international expansion for either segment. The time frame discussed spans FY2024 through FY2026, highlighting short‑term challenges and medium‑term profitability goals. Methodological details were limited; the company referenced internal financial metrics rather than external surveys or third‑party data. Overall, GREE’s communication signals a phased growth strategy: cautious console game development coupled with aggressive scaling of its VTuber platform, aiming for profitability by the middle of FY2026.

The briefing clarified GREE’s strategic focus for FY2025 first‑quarter results, emphasizing both gaming and investment operations. In the gaming segment, the company confirmed that advance registrations for the English version of “Heaven Burns Red” are strong and that distribution will be handled by Yostar Games, whose track record in expanding English‑speaking fan communities is expected to generate significant buzz. GREE highlighted ongoing community building efforts prior to launch, underscoring a proactive marketing approach.

Regarding the investment business, management acknowledged that valuation‑loss risk remains comparable to Q1 FY2025 levels. The primary driver of past losses was large investments in funds nearing the end of their operating periods; however, diversification and limited exposure to such funds mitigate long‑term impact. GREE maintains that while short‑term volatility may persist, medium‑to‑long‑term earnings should remain stable as funds mature and yield dividends or asset sales. The company reiterated its commitment to investing in GREE‑Group managed funds, including GREE Ventures, and expects related risks to surface only after several years.

Overall, the briefing presented a balanced outlook: aggressive growth in the gaming arm through strategic partnerships and community engagement, coupled with cautious yet steady investment practices aimed at preserving earnings stability amid inherent valuation risks.

GREE Holdings outlines its FY2025 full‑year results and forward strategy across several business segments. In the game division, the company acknowledges the typical post‑launch decline in live‑service titles and counters it by expanding both its live‑service portfolio—leveraging a proven RPG engine—and investing in console games built on proprietary IP to create a steadier earnings base. The company reports multiple recent hit releases and anticipates further inquiries for third‑party IP adaptations, positioning itself to capture high profitability in the live‑service arena.

The platform business remains growth‑oriented, with steady increases in room and gifting revenue offsetting a temporary dip in avatar sales. New avatar features are expected to revive this segment, while the company continues to push other monetization channels. In the VTuber sector, GREE pursues a two‑stage growth model: first expanding its talent roster—now about 90 talents—and then boosting sales per talent through diversified merchandise channels and nascent live‑event advertising. Sales per talent have doubled since FY2024, and the company maintains a balanced portfolio to avoid over‑reliance on any single talent.

The DX business is undergoing a structural shift from one‑time project sales to recurring revenue, with modest growth projected through FY2026 as the transition completes. Investment activities in FY2026 will see increased volatility due to fund maturity and potential impairment, yet the company expects stable income streams from dividends and performance fees. Overall, GREE projects balanced returns while navigating market challenges across its diversified entertainment portfolio.

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The briefing clarified GREE Holdings’ strategic priorities across its core business segments for FY2026. In the Anime Business, earnings from the newly announced “Mushoku Tensei: Jobless Reincarnation – Chronicle of Echoes” are recorded under the IP Business segment, reflecting the company’s focus on monetizing anime titles it has invested in. The Platform Business within the VTuber segment is expanding beyond traditional gifting revenue by piloting merchandise sales and event features on its REALITY platform; early feedback indicates positive reception, and the company plans to extend these monetization tools to a broader streamer base while offering corporate marketing solutions. In the DX Consulting Business, GREE emphasizes its niche in end‑user entertainment services and acknowledges that generative AI may automate routine maintenance but is unlikely to erode its creative‑driven value proposition in the short term. Regarding financial outlook, a downward revision of FY26 earnings was justified by recent softness in existing game titles; however, the company maintains confidence in its three‑year medium‑term targets (FY28) by shifting emphasis toward continuous growth businesses and reducing reliance on volatile game revenues. Finally, the Anime Business will pursue acquisition of production capabilities—through both in‑house development and M&A—within 2–3 years to secure control over high‑quality, timely anime output. These initiatives collectively aim to diversify revenue streams, strengthen creative control, and sustain long‑term growth across GREE’s entertainment ecosystem.

I. PISMO ZARZĄDU ............................................................................................................. 3 II. WYBRANE JEDNOSTKOWE DANE FINANSOWE ZAWIERAJĄCE PODSTAWOWE POZYCJE ROCZNEGO SPRAWOZDANIA FINANSOWEGO WRAZ Z DANYMI PORÓWNYWALNYMI ................ 4 III. SPRAWOZDANIE FINANSOWE ZA ROK 2012 11 BIT STUDIOS S.A. ........................................ 4 IV. SPRAWOZDANIE ZARZĄDU Z DZIAŁALNOŚCI SPÓŁKI W ROKU 2012....................................

ANNUAL REPORT AND CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED Chairman’s statement 4 History and background 5 Strategy 7 Business model 9 Chief Executive’s review 14 Chief Financial Officer’s review 16 Environmental, social and governance (ESG) 18 Principal risks and uncertainties ...

I. PISMO ZARZĄDU ............................................................................................................. 3 II. WYBRANE JEDNOSTKOWE DANE FINANSOWE ZAWIERAJĄCE PODSTAWOWE POZYCJE ROCZNEGO SPRAWOZDANIA FINANSOWEGO WRAZ Z DANYMI PORÓWNYWALNYMI ................ 4 III. SPRAWOZDANIE FINANSOWE ZA ROK 2010 11 BIT STUDIOS S.A. ........................................ 5 IV. SPRAWOZDANIE ZARZĄDU Z DZIAŁALNOŚCI SPÓŁKI W ROKU 2010....................................

Kapitat PISMO ZARZĄDU z nadwyzki rezerwowy Przypadajace Przypadajace Kapitat wartosci Kapitat z tytutu z przeliczenia Zyski akcjonariuszom dziatom podstawowy emisyjnej jednostek Warszawa, 30 marca 2017 roku ponad wartosc zapasowy ptatnosci w zagranicznych i zatrzymane dominujacej kontro nominal...

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RAPORT ROCZNY11 BIT STUDIOS S.A. SPRAWOZDANIE FINANSOWE 11 BIT STUDIOS S.A. ZA 2015 ROK Pozostate koszty operacyjne 226 247 0,00 226 247 Zysk / (Strata) z dziatalnosci operacyjnej 11 244 147 - 54 945 11 189 201 1.