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FY2023 Consolidated Financial Results: Japan

FY2023 Consolidated Financial Results [Japanese GAAP] Listed company name: CyberAgent, Inc.(herein referred as the "Company") Listed stock exchange: TSE Prime Market Code No.: 4751 URL https://www.cyberagent.co.jp/en/ Representative: Representative Director CEO Susumu Fujita Inquiries: Senior Managing Executive Officer Go Nakayama ...

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CyberAgent

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Summary of main supplementary explanations questions and answers at the FY2022 First Quarter GREE results briefing held on November 5, 2021 PDF

The briefing clarified GREE’s strategic priorities for FY2022, focusing on the Reality metaverse platform and its associated investment plans. GREE intends to sustain its advertising spend at the level of Q1, while allocating additional capital toward app development, specifically labor and outsourcing costs to enhance functionality. The company positions Reality as a distinct metaverse by leveraging Japanese anime aesthetics, citing growing global interest in anime‑styled content and the platform’s dual social networking and gaming capabilities as key differentiators. In terms of financial outlook, GREE acknowledges volatility in its Investment and Incubation Business due to the unpredictable nature of venture‑capital returns, which are largely driven by dividend distributions. Despite this uncertainty, the company expects a measurable income contribution from these investments. For the Internet and Entertainment Business in Q2 FY2022, GREE projects operating income in the several‑hundred‑million‑yen range. This forecast is supported by anticipated revenue from new game applications, increased development expenditures—including outsourcing—and heightened advertising investment aimed at accelerating Reality’s growth. The briefing covers the Japanese market with a global reach for anime‑centric audiences, spans the first quarter of FY2022 through Q2 projections, and addresses both platform development and financial performance. Methodological details are limited to internal budgeting assumptions rather than external data sources, reflecting an internally driven strategic assessment.

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GREE

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Akt Notarialny: 11 Bit Studios

The notarized act dated January 9, 2012 records the formal approval by 11 Bit Studios’ board—Grzegorz Miechowski, Bartosz Brzostek, Przemysław Marszal, and Michał Drozdowski—of a capital increase for the Warsaw‑based public limited company. The board, empowered by Extraordinary General Meeting resolutions of November 10, 2011 (notary file A 7671/2011), authorized the issuance of up to 500,000 new ordinary shares (Series D) at a nominal value of PLN 0.10 each, raising the share capital from PLN 187,076.10 to a maximum of PLN 237,076.10. The resolution also amended the company’s statute to reflect a new share structure: 1,000,000 Series A shares, 494,200 Series B shares, 376,561 Series C shares, and up to 500,000 Series D shares. By December 31, 2011 the board confirmed that 10 subscription agreements had been executed for a total of 40,938 Series D shares, amounting to PLN 4,093.80 in subscription proceeds. The act further specifies that the capital increase was fully paid in cash, with shares deposited into the company’s account before registration. It outlines provisions for voluntary share cancellation and issuance of utility certificates, as well as the allocation of costs: notarial fees, VAT at 23 %, and a civil‑law transaction tax. The document is limited to Warsaw, Poland, covering the period from the November 2011 resolutions through the January 2012 notarization. It relies on statutory provisions under Polish commercial law (articles 431 §7, 310 §2, and related tax statutes) to validate the corporate actions. The act concludes with notarized signatures and fee details, confirming compliance with legal formalities for the capital increase.

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11 bit studios

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FY2026 Second Quarter Financial Results Briefing

The briefing presents FY2026 second‑quarter results for GREE Holdings, emphasizing four core segments—Game, VTuber, IP, and DX—and the Investment Business. Consolidated net sales reached ¥12.7 billion, operating profit stood at ¥0.4 billion, and ordinary profit rose to ¥0.58 billion, the latter boosted by foreign‑exchange gains from yen depreciation. Segment analysis shows net sales of ¥12.1 billion and operating profit of roughly ¥0.6 billion, with variable costs flat at ¥4.0 billion but fixed costs climbing by ¥0.63 billion due to labor, rental, and outsourcing expenses linked to console game development and VTuber production. Operating profit fell from ¥1.11 billion in Q1 to ¥0.59 billion, reflecting higher fixed costs despite a modest sales increase of ¥0.15 billion. The Game Business delivered ¥7.1 billion in sales and ¥0.5 billion in operating profit, turning profitable after a prior negative forecast; live‑service titles and upcoming console releases are highlighted. VTuber sales hit a record high, with operating profit at ¥0.2 billion; the Production Business grew 50% QoQ, driven by events and commerce. IP sales rose 41% QoQ to ¥0.5 billion, with anime distribution and new smartphone game launches cited as key drivers. DX sales were ¥1.84 billion with operating profit of ¥0.18 billion, noting a shift toward recurring‑earnings models and planned roll‑up M&A. Full‑year forecasts adjust sales downward due to Game Business trends but lift operating profit expectations to ¥4.4 billion, surpassing the initial ¥3.6 billion forecast through cost control. Medium‑term targets remain unchanged, aiming for a profit bottom in FY2026 followed by growth from FY2027 onward. The Investment Business recorded moderate distributions but incurred valuation losses, with a long‑term positive cumulative profit outlook and IRR above benchmarks.

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GREE

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Consolidated Financial Results: FY3/26 First Quarter

Consolidated Financial Results The contents in this material reflect information and our opinions only as of ourselves to revise or publicly release the results of any revision to these FY3/26 – 1<sup>st</sup> Quarter forward looking statements in light of new information or future events. You Akatsuki Inc. August 8, 2025 that could cause actual results to differ materially.

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Akatsuki

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HY 1 2021/22 Consolidated Results: Impacted by an Unfavourable Basis Comparison

Nacon released audited consolidated results for the first half of fiscal year 2021/22, reporting sales of €73.0 million, a 15.7 % decline from the comparable period in 2020/21. Gross margin fell to €38.0 million (52.1 % of sales) and EBITDA dropped 29.7 % to €21.4 million (29.3 % of sales). Current operating income fell 46.3 % to €8.4 million, representing 11.6 % of sales, while net profit contracted 60.4 % to €3.8 million (5.2 % of sales). The decline is attributed mainly to a weaker editorial portfolio—video‑game sales fell 16.9 % to €27.3 million—and a high comparison basis for accessory sales, which decreased 15.1 % to €43.7 million. The balance sheet remained solid, with shareholders’ equity at €219.0 million and cash reserves of €62.6 million, reflecting recent studio acquisitions and catalogue development. Working‑capital requirements increased by €2.5 million due to inventory build‑up, while operating cash flow reached €17.7 million and investment outflows rose to €45.6 million. In response, Nacon revised its 2021/22 targets downward (sales €150–180 million; current operating income near €20 million) and lifted 2022/23 expectations (sales €250–300 million; operating‑income rate >20 %). The company postponed several high‑profile releases to 2022/23, citing a need for additional development time to enhance quality. The acquisition of Ishtar Games was completed on 25 November 2021, expanding Nacon’s studio portfolio. The outlook highlights a strong editorial pipeline for 2022/23, with over fifteen new titles and continued growth of the back‑catalogue.

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Nacon

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Summary of Main Supplementary Explanations Questions and Answers: FY2024 Fourth Quarter GREE Results Briefing

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.

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GREE

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FY2024 Third Quarter Financial Results Briefing

GREE, Inc. reported FY2024 third‑quarter results with net sales of ¥17.2 billion, operating profit of ¥2.5 billion and EBITDA of ¥2.6 billion, reflecting a mix of strong Game and Anime performance against weaker Commerce and Investment segments. The Game and Anime Business drove a 93 % QoQ rise in operating profit, largely due to the successful two‑year anniversary events for *Heaven Burns Red*. Sales growth in this segment offset declines elsewhere, while the Metaverse Business posted a 6 % YoY sales increase to ¥1.61 billion and entered positive operating profit territory at ¥80 million, supported by Platform and VTuber sub‑segments. The DX Business achieved QoQ sales growth to ¥1.54 billion but saw a YoY profit decline, with Social DX showing positive trends after launching a joint venture in influencer marketing. Commerce Business earnings weakened due to a Google algorithm update, though a V‑shaped recovery is expected in Q4. The Investment Business broke even, maintaining an AUM of approximately ¥80 billion and continuing VC investments. Methodologically, the briefing aggregates quarterly financials across seven business units, citing sales, operating profit, and cost structures. Forecasts for Q4 FY2024 anticipate a reactive decline post‑anniversary events, projecting sales of ¥9.6–11.3 billion and operating profit of ¥1.6–1.9 billion, while full‑year FY2024 operating profit is projected between ¥5–6 billion excluding Investment contributions. Dividend policy was revised to a 3 % DOE and up to 30 % payout ratio, with FY2024 dividends forecast at ¥16.5 per share. Medium‑term targets aim for FY2026 sales of ¥15–16 billion and operating profit around ¥2.0 billion for the Metaverse Business, with comparable growth objectives across other segments.

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GREE

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2Q FY2025 Financial Presentation Material

2Q FY2025 Presentation Material We corrected past annual securities reports and others due to the discovery of an inappropriate accounting treatment at the consolidated subsidiary. Please refer to the “Notice on Submission of Correction Reports of Past Annual Securities Reports and Amendments of Financial Statements for Past Fiscal Years” released on May 15, 2025, for details.

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CyberAgent

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FY2023 Fourth Quarter Financial Results Briefing

GREE, Inc. reported FY2023 full‑year net sales of ¥75.4 billion and operating income of ¥12.5 billion, marking year‑on‑year growth across its diversified portfolio. The fourth quarter delivered ¥20.1 billion in sales and ¥5.0 billion in operating income, with the Investment Business providing a notable earnings boost while other segments performed near expectations. The company restructured its reporting from two to four business segments—Game and Anime, Metaverse, DX, and Commerce—to better reflect expanding domains. Game and Anime sales were slightly weakened by a post‑anniversary dip in Heaven Burns Red, yet overall profitability remained strong due to reduced advertising costs and investment contributions. Metaverse operations, split into platform, VTuber, B2B, and Web3 sub‑units, continue to invest heavily; FY24 sales are projected at ¥8.1 billion with operating income near break‑even, while FY26 targets a shift to profitability across all sub‑units. DX focuses on marketing and operational digital transformation services, forecasting FY24 sales of ¥5.7 billion with stable operating income, and FY26 aims for ¥7.9 billion in sales and ¥1.2 billion in income. Commerce, anchored by aumo Inc., expects FY24 sales of ¥1.5 billion and modest operating income, with a projected FY26 rise to ¥3.3 billion and ¥0.4 billion income as HR media initiatives mature. Investment activities remain a key driver, with assets under management at ¥80 billion and significant distributions from fund exits and startup investments. The company projects consolidated FY24 operating income between ¥4.0 billion and ¥5.0 billion, excluding new game titles, while FY26 forecasts maintain a similar range with an anticipated 10 % return from investment holdings. GREE’s strategy emphasizes diversifying revenue streams beyond games, expanding overseas distribution, and building a multi‑layered development pipeline to stabilize earnings and support medium‑term growth.

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GREE

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FY2023 Third Quarter Financial Results: GREE

GREE reported FY 2023 third‑quarter results with net sales of ¥22.2 billion, operating income of ¥4.2 billion and EBITDA of ¥4.3 billion, reflecting a 15.7 % QoQ rise in sales and a 23.8 % YoY increase compared with the same period in FY 2022. Operating income grew 15.8 % QoQ, driven by the Internet and Entertainment Business (¥1.8 billion) and Investment and Incubation Business (¥2.4 billion). The company highlighted strong performance of its flagship title *Heaven Burns Red*, which achieved No. 1 sales rankings in Japan and several overseas markets following a one‑year anniversary event and aggressive promotional spending. Global distribution of the title began in February 2023, with Korean and traditional Chinese versions launching smoothly. Cost analysis shows advertising expenses rising to ¥3.08 billion QoQ, largely due to upfront promotional investments for app games, while commission fees increased to ¥4.11 billion as sales expanded. Total costs climbed by ¥3.08 billion QoQ to ¥17.93 billion. GREE’s investment arm maintained a total AUM of ¥75.0 billion, with FoF and CVC investments generating high long‑term returns (IRR 23 % for FoF, 20 % for CVC). The company’s dividend policy targets a consolidated payout ratio of at least 20 %, with a planned per‑share dividend of ¥11, consistent with the FY 2022 level. Geographically, operations span Japan, Korea, China, and North America, with the Metaverse Business expanding through REALITY XR cloud and VTuber talent agency FIRST STAGE PRODUCTION. The company projects stable FY 2023 income, acknowledging a potential profit decline following the strong FY 2022 hit‑title performance.

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GREE

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FY2023 First Quarter Financial Results

The FY2023 first‑quarter results show a net sales volume of ¥16.6 billion, operating income of ¥1.6 billion and EBITDA of ¥1.7 billion, reflecting a decline from the previous year’s strong performance driven by hit titles such as *Heaven Burns Red*. Net sales fell 4.3 % QoQ and operating income dropped 2.3 % QoQ, largely due to reduced sales in the Internet and Entertainment Business after FY22’s peak. Operating income margin contracted from 23 % in Q4 FY22 to 9.5 % in Q1 FY23, with variable costs rising by ¥2.0 billion to ¥15.0 billion. Cost structure analysis indicates advertising and commission fees were the largest expense categories, with commission fees decreasing by ¥1.27 billion QoQ due to lower sales. Labor and rental costs remained relatively stable, while other operating expenses fell slightly. Total cost reductions of ¥2.0 billion QoQ helped offset revenue declines. Strategic initiatives highlighted include aggressive investment in the Metaverse Business, where global downloads of *REALITY* surpassed 10 million across 63 countries, and expansion of content communication features. The Entertainment segment continued to leverage *Heaven Burns Red* through storyline extensions, anniversary campaigns, and merchandise collaborations, maintaining high App Store rankings. The Investment and Incubation arm reported a total AUM of ¥78.9 billion, up ¥7.3 billion QoQ, driven by gains in venture fund valuations and new investments in Japanese and U.S. startups. Overall, the quarter demonstrates a shift from FY22’s high‑growth momentum to a more stable income outlook, with continued focus on IP development, Metaverse expansion, and venture investment to sustain long‑term earnings.

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GREE

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Ubisoft announces a major organizational, operational and portfolio reset to reclaim creative leadership and restore sustainable growth

Ubisoft announces a comprehensive reset aimed at restoring creative leadership and sustainable growth amid a more selective AAA market. The strategy centers on three pillars: a new operating model, a refocused portfolio with an updated three‑year roadmap, and organizational rightsizing. The operating model introduces five Creative Houses—each genre‑focused, fully responsible for development, publishing, and financial performance—supported by a Creative Network of studios and shared Core Services. This structure is intended to accelerate decision‑making, deepen specialization in Open World Adventures and GaaS‑native experiences, and embed generative AI initiatives. Portfolio adjustments include discontinuing six titles that fail new quality thresholds, extending development timelines for seven games to meet higher standards, and reallocating resources toward high‑potential IPs such as “March of Giants.” These changes are expected to reduce net bookings for FY26 by roughly €330 million and push non‑IFRS EBIT into the negative, reflecting one‑off depreciation costs. Free cash flow is projected between –€400 million and –€500 million, with net debt rising to €150–250 million. Cost‑reduction efforts target a total fixed‑cost savings of approximately €500 million since FY22, with an accelerated €100 million cut already achieved by March 2026 and a further €200 million planned over the next two years, bringing fixed costs to about €1.25 billion by March 2028. The reset is set to take effect in early April, with a revised FY26–27 financial outlook to be released in May.

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Ubisoft

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3Q FY2023 Presentation Material: Japan

3Q FY2023 Presentation Material The future information, such as earnings forecast, written in this document is based on our expectations and assumptions as of the date the forecast was made. Our actual results could differ materially from those described in this forecast because of various 1. Financial Summary<sub>(April-June 2023)</sub> 3. Internet Advertisement Business 6. Medium to long-term strategy FY2023 Media and Ads increased the sales.

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CyberAgent

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FY2026 First Quarter Consolidated Financial Results: Japan

CyberAgent, Inc. reported a strong first‑quarter performance for FY2026, with net sales rising 14 % YoY to ¥232.4 billion and operating income surging 182 % to ¥23.4 billion, driven by significant gains in its Media & IP and Game segments. The Media & IP business generated ¥62.6 billion in sales, up 12.5 %, and operating income of ¥4.9 billion, largely thanks to the profitable quarterly results of AbemaTV Inc., a key subsidiary. The Game segment posted net sales of ¥64.7 billion, up 69 % YoY, and operating income of ¥17.7 billion, a 427 % increase, reflecting strong performance of existing titles and overseas expansion. In contrast, the Internet Advertisement business saw a 2.7 % sales decline to ¥114.6 billion, with operating income falling 27 %. The Investment Development segment recorded a net loss of ¥552 million after a prior year profit. Total assets decreased to ¥524.7 billion, mainly due to cash outflows for taxes and dividends, while equity fell to ¥267.5 billion, reflecting reduced non‑controlling interests from subsidiary dividends. Net income attributable to owners of parent reached ¥12.5 billion, a 146 % increase, and basic earnings per share climbed to ¥24.58. The FY2026 full‑year forecast remains unchanged, projecting net sales of ¥880 billion and operating income of ¥50 billion (a 30 % decline YoY). The company’s guidance acknowledges potential risks that could materially affect actual results.

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CyberAgent

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FY2021 Fourth Quarter Financial Results Briefing

GREE Inc. reported FY2021 full‑year net sales of ¥56.8 billion, operating income of ¥5.4 billion and EBITDA of ¥6.2 billion, marking year‑on‑year growth in operating income despite a decline in net sales driven by the transfer of its fashion commerce unit and weaker media performance amid COVID‑19. Net income rose to ¥13.5 billion, largely supported by gains from investment‑fund operations and the sale of securities, including an IPO. In Q4, net sales reached ¥13.9 billion and operating income hit ¥1.5 billion, surpassing forecasts; net income for the quarter was ¥4.2 billion, buoyed by investment‑security gains and deferred tax recoveries. The company’s strategic focus centers on three pillars: games, the newly renamed Metaverse business (formerly live entertainment), and advertising/media. Game operations remain stable with multiple new titles slated for release, while global distribution expanded to 72 countries. The Metaverse segment will receive aggressive promotion and development investment, targeting a user base expansion in the U.S. and worldwide; FY22 may see short‑term operating losses of several hundred million yen from upfront promotion costs. Advertising/media profits will be reinvested to sustain growth. GREE’s investment and incubation arm is reclassified as an operating business, aiming for a >10 % return and contributing to long‑term profitability. The company targets an ROE of 10 % or higher, supported by capital efficiency improvements and continued investment in its three growth engines.

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GREE

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FY2022 1Q Financial Results Briefing

GREE Inc. reported FY2022 first‑quarter results with net sales of ¥13.7 billion and operating income of ¥1.6 billion, both figures reflecting a shift to a two‑segment reporting structure: Internet and Entertainment Business (games, metaverse, advertising) and Investment and Incubation Business. Operating income for the Internet segment reached ¥0.5 billion, surpassing forecasts, while the Investment segment contributed a significant profit margin that offset declines in game sales following anniversary events for flagship titles such as Another Eden and SINoALICE. Total costs amounted to ¥12.1 billion, down ¥0.6 billion quarter‑on‑quarter, with advertising expenses rising by ¥0.30 billion due to metaverse promotion and variable costs falling as sales dipped. The company highlighted new game releases, notably “That Time I Got Reincarnated as a Slime,” which entered the top‑10 app sales ranking, and pre‑registrations for “Heaven Burns Red.” Metaverse activity expanded the REALITY platform’s content and global user base, while advertising and media collaborations (e.g., aumo, LIMIA) continued to strengthen community engagement. Investment activities were detailed: assets under management stood at ¥43 billion, with a valuation of invested startups around ¥67 billion; direct investments totaled ¥31.1 billion, reflecting unrealized gains that roughly doubled the invested capital. GREE announced a stock‑repurchase program of up to 35 million shares (¥35 billion) to enhance shareholder returns and drive ROE toward 10%+. The outlook for Q2 anticipates operating income in the several‑hundred‑million‑yen range, tempered by higher outsourcing and advertising costs linked to new titles and metaverse growth.

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GREE

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Q1 2025 Investor Presentation

The Modern Times Group Q1 2025 investor presentation outlines a period of significant financial expansion, primarily driven by the strategic acquisition of Plarium. The company reported a 79% year-over-year increase in net sales in constant currencies, reaching SEK 2,557 million for the quarter. This growth is supported by a 6% organic sales increase, reflecting sustained performance across the company’s existing gaming portfolio. Key operational metrics highlight the impact of the Plarium integration, which contributed to a shift in revenue streams and user development. The company maintained a healthy adjusted EBITDA margin of 24% for the quarter, despite increased investment in marketing to scale new and established titles. Cash flow remains a central pillar of the company’s financial health, with SEK 538 million generated from operations in Q1 2025 and a free cash flow of SEK 143 million after accounting for earnout payments. The company’s leverage ratio stands at 0.82x, supported by an LTM EBITDA of SEK 3,058 million. The scope of the presentation covers the global gaming operations of the company, with a specific focus on the transition period following the February 1, 2025, consolidation of Plarium. The portfolio includes a diverse range of franchises, such as strategy, simulation, racing, and word games. Looking ahead, the company maintains a positive outlook for the full year 2025, projecting organic sales growth between 3% and 7% and an adjusted EBITDA margin in the range of 21% to 24%. Future performance is expected to depend on disciplined marketing investments, the successful scaling of new game titles, and continued geographical expansion efforts.

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Modern Times Group

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FY2022 Third Quarter Financial Results

The FY2022 third‑quarter financial results demonstrate robust performance in the Internet and Entertainment Business, driven by a strong launch of “Heaven Burns Red.” Net sales rose to ¥20.8 billion, up 1.34 % QoQ and 4.61 % YoY, while operating income reached ¥3.6 billion, a 1.05 % QoQ increase and 0.01 % YoY growth, reflecting successful promotion and a favorable sales mix. EBITDA matched operating income at ¥3.8 billion, indicating efficient cost management. The Investment and Incubation Business contributed a stable ¥0.4 billion to operating income, supporting long‑term value creation. Cost analysis shows total expenses increased by ¥0.3 billion QoQ, primarily due to higher advertising spend (¥1.87 bn) and a one‑time office relocation cost, yet variable costs remained controlled. Net income for the quarter was ¥2.95 billion, a 1.17 % QoQ rise but a 2.13 % YoY decline, largely attributable to lower investment gains compared with FY2021. Geographically the results cover Japan and global markets, with the Metaverse platform “REALITY” expanding features and initiating worldwide distribution. The company maintains a dividend policy of 2 % DOE, forecasting ¥11 per share for FY2022. Asset‑under‑management figures show a 4.5 bn yen QoQ increase to ¥71.4 bn, driven by gains in the GREE LP Fund and CVC investments. Methodologically, figures derive from consolidated financial statements, with detailed cost breakdowns and investment performance metrics provided. The report projects continued sales and income growth in the Internet and Entertainment segment for FY2022, while acknowledging a YoY decline in investment‑related gains.

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GREE

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Summary of main supplementary explanations questions and answers at the FY 2020 Second Quarter GREE results briefing held on February 3, 2020 PDF

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.

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GREE