Kadokawa FY3/2024 Q4 Earnings Release - Game Segment Cml Net Sales ¥25,351M (-16.47% YoY), Cml Op. Profit ¥7,950M (-44.08% YoY).

[ggx2ac]

Link to slides: https://ssl4.eir-parts.net/doc/9468/ir_material_for_fiscal_ym13/154943/00.pdf

Link to Q1 FY3/2024 thread: https://www.installbaseforum.com/forums/threads/kadokawa-fy3-2024-q1-earnings-release-game-segment-net-sales-¥4-308m-65-76-yoy-operating-profit-¥1-156m-82-4-yoy-elden-ring-d.1845/

Link to Q2 FY3/2024 thread: https://www.installbaseforum.com/forums/threads/kadokawa-fy3-2024-q2-earnings-release-game-segment-cml-net-sales-¥13-670m-20-23-yoy-cml-operating-profit-¥4-028m-46-94-yoy-armored-core-vi.2085/

Link to Q3 FY3/2024 thread: https://www.installbaseforum.com/forums/threads/kadokawa-fy3-2024-q3-earnings-release-game-segment-cml-net-sales-¥19-078m-18-53-yoy-cml-op-profit-¥5-994m-33-92-yoy-acquire-acquired.2390/

This is the 4th quarter earnings results for the fiscal year ending March 2024.

Gaming Segment

Cumulative Net Sales ¥25,351M (-16.47% YoY)

Cumulative Operating Profit ¥7,950M (-44.08% YoY)

Q4 Net Sales ¥6,272M (-9.55% YoY)

Q4 Operating Income ¥1,956M (-62.0% YoY)

Quoting from the slides:

- page 10:

New titles for consoles and PCs
- YoY +189.2%
- Composition ratio: 35%

Repeat for consoles and PCs
- YoY +4.7%
- Composition ratio: 14%

Royalties for consoles and PCs
- YoY -73.9%
- Composition ratio: 17%

Others
- YoY+18.8%
- Composition ratio: 33%

• At FromSoftware, ARMORED CORE VI FIRES OF RUBICON, a new title, contributed more greatly than expected in the domestic market, where it is sold by the Company.Although sales of ELDEN RING, of which two years have passed since release, decreased, its repeat sales continued to contribute strongly in FY2023.
• Spike Chunsoft‘s sales increased much both in the full year and in 4Q due to hits including the new titles Master Detective Archives: RAIN CODE and Shiren the Wanderer 6: The Mystery Dungeon of Serpentcoil Island.
• Sales of The Eminence in Shadow: Master of Garden, a mobile game, increased due in part to the effect of the media mix.

• Profit declined due to lower sales.In 4Q, profit declined in reaction to a one-off negative adjustment of incentives costs in FY2022, in addition to the above.
• The margin improved for The Eminence in Shadow: Master of Garden, a mobile game in the profit-earning phase, compare to FY2022.

- page 18:

Expansion of the game pipeline

We have invested in major gaming companies in Japan and international, while also implementing business alliances.
We leverage the strong brand power of each company while actively investing to strengthen human resource and development lines.

ACQUIRE Corp., which has a track record producing many well-known series and titles including Tenchu, WAY OF THE SAMURAI, OCTOPATH TRAVELER and What Did I Do to Deserve This, My Lord?, was made into a wholly owned subsidiary. This will expand our lineup of console games.

We entered into a capital and business alliance with South Korea-based VIC GAMES STUDIOS. We will accelerate and enhance the development of mobile games for the global market leveraging KADOKAWA's animation IP.

Strengthening the mobile game publishing structure
By FY2025: Plan to publish 2-3 titles in-house.
By FY2027: Shifting to a structure capable of developing concurrently 5-10 in-house published titles.

- page 29:

FY2023 results vs. FY2024 forecast
• We aim to achieve business results that exceed the forecast with new hit titles and the growth of sales of past titles.
‒ FromSoftware plans to release major DLC for ELDEN RING on June 21. There are hopes that this will also improve sales of the original title by further expanding the fan base.
• Net sales will increase.
‒ The release of new mobile games utilizing KADOKAWA's animation IPs are planned
‒ Business results of ACQUIRE, which was made into a subsidiary in December 2023 will contribute to the full year results. (approx. 1.5 billion yen)
• Operating profit is forecast to decrease.
‒ Expenses for stock options provided as compensation to officers and employees of FromSoftware (approx. 2.6 billion yen) are taken into account.

Medium to long term direction
• At FromSoftware, steady progress has been made in the consideration of schemes to expand the scope of its own publishing during the period of the Mid-term Management Plan, the augmentation of development personnel and other initiatives.
• To continue to create game IPs, we have 20 IPs in the development pipeline for console games and 5 in the pipeline for mobile games.
• In mobile games, we will increase the number of titles in operation. We will maximize the LTV of IPs through linkage with other businesses including animation. We concluded a capital and business partnership with VIC GAME STUDIOS, a major gaming studio in South Korea, to accelerate and enhance the development of world-class mobile games

- page 43
Note: ※Total number of titles and copies sold by Group Companies themselves in any region

	FY3/2023	FY3/2024
Number of newly released titles for consoles and PCs	4	9
Total number of copies sold (million copies)	2.37	1.55

Screenshots:

Random Screenshots:

From the Q&A:

Q10 What is the development status of DLC for ELDEN RING and when will it be released?
A We are currently working hard on the development of DLC “SHADOW OF THE ERDTREE” for ELDEN RING and it will be released on June 21, 2024.

Q11 What is your forecast for sales and number of copies shipped for ELDEN RING DLC in the year ending March 31, 2025?
A We do not disclose forecasts regarding sales or number of copies sold for individual titles.

 

[Astrogamer]

The capital alliance with Vic Game Studios is interesting as far as I know, Vic has only done the middling Black Clover game. Eminence in Shadow's mobile game has been exceedingly strong for the type of property it is though so, I would expect Kadokawa is looking to see what will be the next one like that is.

 

[ggx2ac]

The following tables come from my webpage: https://r134x7.github.io/nintendo-earnings-data-and-other-video-game-companies/#/kadokawa

Consolidated Operating Results:

+−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
| KADOKAWA CORPORATION | FY3/2024           |
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
| Consolidated Operating Results            |
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
| Data as of March 31st, 2024 |
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−−+

+−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
| Net Sales                  |      YoY% |
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
| 1st Quarter |     ¥58,835M |    -8.45% |
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
| 2nd Quarter |     ¥65,372M |   +11.99% |
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
| 3rd Quarter |     ¥62,817M |    -6.37% |
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
| 4th Quarter |     ¥71,085M |    +8.19% |
+========================================+
| 1st Half    |    ¥124,207M |    +1.28% |
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
| 1st 3/4     |    ¥187,024M |    -1.42% |
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
|FY3/2024 Cml.|    ¥258,109M |    +1.05% |
+========================================+
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
|FY3/2024 Forecast|    ¥251,150M |
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
| FCST Revision 1 |    ¥252,400M |
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
|FY3/2025 Forecast|    ¥271,300M |
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
###
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
| Operating Income           |      YoY% |
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
| 1st Quarter |      ¥3,267M |   -66.05% |
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
| 2nd Quarter |      ¥5,337M |   +47.63% |
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
| 3rd Quarter |      ¥4,730M |   -23.61% |
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
| 4th Quarter |      ¥5,120M |   -21.25% |
+========================================+
| 1st Half    |      ¥8,604M |      -35% |
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
| 1st 3/4     |     ¥13,334M |   -31.37% |
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
|FY3/2024 Cml.|     ¥18,454M |   -28.83% |
+========================================+
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
|FY3/2024 Forecast|     ¥17,800M |
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
| FCST Revision 1 |     ¥15,800M |
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
|FY3/2025 Forecast|     ¥16,500M |
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
###
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
| Operating Margin           |
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
| 1st Quarter |        5.55% |
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
| 2nd Quarter |        8.16% |
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
| 3rd Quarter |        7.53% |
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
| 4th Quarter |         7.2% |
+============================+
| 1st Half    |        6.93% |
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
| 1st 3/4     |        7.13% |
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
|FY3/2024 Cml.|        7.15% |
+============================+
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
|FY3/2024 Forecast|        7.09% |
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
| FCST Revision 1 |        6.26% |
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
|FY3/2025 Forecast|        6.08% |
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
###
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
| Net Income                 |      YoY% |
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
| 1st Quarter |      ¥3,843M |   -49.69% |
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
| 2nd Quarter |        ¥282M |   -90.27% |
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
| 3rd Quarter |      ¥2,188M |    +34.9% |
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
| 4th Quarter |      ¥5,071M |  +875.19% |
+========================================+
| 1st Half    |      ¥4,125M |   -60.85% |
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
| 1st 3/4     |      ¥6,313M |   -48.08% |
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
|FY3/2024 Cml.|     ¥11,384M |   -10.21% |
+========================================+
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
|FY3/2024 Forecast|     ¥10,900M |
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
| FCST Revision 1 |      ¥7,400M |
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
|FY3/2025 Forecast|     ¥13,400M |
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
###

Segment Information:

+−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
| KADOKAWA CORPORATION | FY3/2024       |
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
| Segment Information                   |
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
| Data as of March 31st, 2024 |
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−−+

+−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
| Net Sales                              |
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
| Publication/IP Creation    |      YoY% |
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
| 1st Quarter |     ¥32,381M |    +1.34% |
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
| 2nd Quarter |     ¥33,931M |    -0.75% |
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
| 3rd Quarter |     ¥35,749M |    -4.39% |
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
| 4th Quarter |     ¥39,906M |    +9.46% |
+========================================+
| 1st Half    |     ¥66,312M |    +0.26% |
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
| 1st 3/4     |    ¥102,061M |    -1.42% |
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
|FY3/2024 Cml.|    ¥141,967M |    +1.41% |
+========================================+
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
|FY3/2024 Forecast|    ¥144,300M |
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
| FCST Revision 1 |    ¥140,900M |
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
|FY3/2025 Forecast|    ¥140,900M |
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
###
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
| Operating Income                       |
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
| Publication/IP Creation    |      YoY% |
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
| 1st Quarter |      ¥1,028M |   -60.02% |
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
| 2nd Quarter |      ¥2,227M |   -29.55% |
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
| 3rd Quarter |      ¥2,404M |    -42.2% |
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
| 4th Quarter |      ¥4,701M |   +44.03% |
+========================================+
| 1st Half    |      ¥3,255M |   -43.21% |
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
| 1st 3/4     |      ¥5,659M |   -42.79% |
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
|FY3/2024 Cml.|     ¥10,360M |   -21.25% |
+========================================+
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
|FY3/2024 Forecast|     ¥13,100M |
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
| FCST Revision 1 |      ¥9,200M |
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
|FY3/2025 Forecast|      ¥9,200M |
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
###
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
| Operating Margin           |
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
| Publication/IP Creation    |
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
| 1st Quarter |        3.17% |
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
| 2nd Quarter |        6.56% |
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
| 3rd Quarter |        6.72% |
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
| 4th Quarter |       11.78% |
+============================+
| 1st Half    |        4.91% |
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
| 1st 3/4     |        5.54% |
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
|FY3/2024 Cml.|         7.3% |
+============================+
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
|FY3/2024 Forecast|        9.08% |
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
| FCST Revision 1 |        6.53% |
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
|FY3/2025 Forecast|        6.53% |
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
###

+−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
| Net Sales                              |
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
| Animation/Film             |      YoY% |
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
| 1st Quarter |     ¥10,663M |    +15.2% |
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
| 2nd Quarter |     ¥11,369M |   +17.24% |
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
| 3rd Quarter |     ¥10,792M |    -11.1% |
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
| 4th Quarter |     ¥13,236M |    +8.52% |
+========================================+
| 1st Half    |     ¥22,032M |   +16.25% |
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
| 1st 3/4     |     ¥32,824M |    +5.57% |
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
|FY3/2024 Cml.|     ¥46,060M |     +6.4% |
+========================================+
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
|FY3/2024 Forecast|     ¥43,400M |
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
| FCST Revision 1 |     ¥44,800M |
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
|FY3/2025 Forecast|     ¥44,800M |
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
###
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
| Operating Income                       |
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
| Animation/Film             |      YoY% |
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
| 1st Quarter |      ¥1,497M |  +120.15% |
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
| 2nd Quarter |      ¥1,007M |  +262.42% |
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
| 3rd Quarter |      ¥1,112M |     +5.8% |
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
| 4th Quarter |        ¥958M |    -9.45% |
+========================================+
| 1st Half    |      ¥2,504M | +4073.33% |
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
| 1st 3/4     |      ¥3,616M |  +225.47% |
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
|FY3/2024 Cml.|      ¥4,574M |  +110.88% |
+========================================+
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
|FY3/2024 Forecast|      ¥2,700M |
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
| FCST Revision 1 |      ¥4,400M |
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
|FY3/2025 Forecast|      ¥4,400M |
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
###
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
| Operating Margin           |
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
| Animation/Film             |
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
| 1st Quarter |       14.04% |
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
| 2nd Quarter |        8.86% |
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
| 3rd Quarter |        10.3% |
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
| 4th Quarter |        7.24% |
+============================+
| 1st Half    |       11.37% |
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
| 1st 3/4     |       11.02% |
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
|FY3/2024 Cml.|        9.93% |
+============================+
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
|FY3/2024 Forecast|        6.22% |
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
| FCST Revision 1 |        9.82% |
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
|FY3/2025 Forecast|        9.82% |
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
###

+−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
| Net Sales                              |
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
| Gaming                     |      YoY% |
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
| 1st Quarter |      ¥4,308M |   -65.76% |
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
| 2nd Quarter |      ¥9,362M |  +105.53% |
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
| 3rd Quarter |      ¥5,408M |   -13.87% |
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
| 4th Quarter |      ¥6,273M |    -9.55% |
+========================================+
| 1st Half    |     ¥13,670M |   -20.23% |
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
| 1st 3/4     |     ¥19,078M |   -18.53% |
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
|FY3/2024 Cml.|     ¥25,351M |   -16.47% |
+========================================+
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
|FY3/2024 Forecast|     ¥21,400M |
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
| FCST Revision 1 |     ¥23,200M |
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
|FY3/2025 Forecast|     ¥23,200M |
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
###
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
| Operating Income                       |
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
| Gaming                     |      YoY% |
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
| 1st Quarter |      ¥1,156M |    -82.4% |
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
| 2nd Quarter |      ¥2,872M |  +180.74% |
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
| 3rd Quarter |      ¥1,966M |   +32.93% |
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
| 4th Quarter |      ¥1,956M |      -62% |
+========================================+
| 1st Half    |      ¥4,028M |   -46.94% |
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
| 1st 3/4     |      ¥5,994M |   -33.92% |
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
|FY3/2024 Cml.|      ¥7,950M |   -44.08% |
+========================================+
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
|FY3/2024 Forecast|      ¥4,700M |
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
| FCST Revision 1 |      ¥7,000M |
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
|FY3/2025 Forecast|      ¥7,000M |
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
###
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
| Operating Margin           |
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
| Gaming                     |
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
| 1st Quarter |       26.83% |
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
| 2nd Quarter |       30.68% |
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
| 3rd Quarter |       36.35% |
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
| 4th Quarter |       31.18% |
+============================+
| 1st Half    |       29.47% |
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
| 1st 3/4     |       31.42% |
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
|FY3/2024 Cml.|       31.36% |
+============================+
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
|FY3/2024 Forecast|       21.96% |
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
| FCST Revision 1 |       30.17% |
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
|FY3/2025 Forecast|       30.17% |
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
###

+−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
| Net Sales                              |
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
| Web services               |      YoY% |
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
| 1st Quarter |      ¥5,427M |    -5.22% |
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
| 2nd Quarter |      ¥5,573M |    -4.28% |
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
| 3rd Quarter |      ¥5,082M |   -12.79% |
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
| 4th Quarter |      ¥5,317M |   +13.42% |
+========================================+
| 1st Half    |     ¥11,000M |    -4.75% |
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
| 1st 3/4     |     ¥16,082M |    -7.44% |
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
|FY3/2024 Cml.|     ¥21,399M |    -3.01% |
+========================================+
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
|FY3/2024 Forecast|     ¥20,650M |
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
| FCST Revision 1 |     ¥20,900M |
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
|FY3/2025 Forecast|     ¥20,900M |
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
###
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
| Operating Income                       |
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
| Web services               |      YoY% |
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
| 1st Quarter |        ¥106M |   -71.27% |
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
| 2nd Quarter |        ¥542M |    -5.41% |
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
| 3rd Quarter |        ¥419M |   -52.28% |
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
| 4th Quarter |       ¥-705M |  -293.85% |
+========================================+
| 1st Half    |        ¥648M |   -31.21% |
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
| 1st 3/4     |      ¥1,067M |   -41.37% |
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
|FY3/2024 Cml.|        ¥362M |   -77.94% |
+========================================+
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
|FY3/2024 Forecast|        ¥250M |
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
| FCST Revision 1 |        ¥500M |
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
|FY3/2025 Forecast|        ¥500M |
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
###
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
| Operating Margin           |
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
| Web services               |
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
| 1st Quarter |        1.95% |
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
| 2nd Quarter |        9.73% |
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
| 3rd Quarter |        8.24% |
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
| 4th Quarter |      -13.26% |
+============================+
| 1st Half    |        5.89% |
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
| 1st 3/4     |        6.63% |
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
|FY3/2024 Cml.|        1.69% |
+============================+
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
|FY3/2024 Forecast|        1.21% |
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
| FCST Revision 1 |        2.39% |
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
|FY3/2025 Forecast|        2.39% |
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
###

+−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
| Net Sales                              |
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
| Education/EdTech           |      YoY% |
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
| 1st Quarter |      ¥3,531M |    +7.75% |
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
| 2nd Quarter |      ¥3,171M |    +6.12% |
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
| 3rd Quarter |      ¥3,093M |    +2.52% |
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
| 4th Quarter |      ¥3,595M |   +12.59% |
+========================================+
| 1st Half    |      ¥6,702M |    +6.98% |
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
| 1st 3/4     |      ¥9,795M |    +5.53% |
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
|FY3/2024 Cml.|     ¥13,390M |    +7.33% |
+========================================+
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
|FY3/2024 Forecast|     ¥13,550M |
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
| FCST Revision 1 |     ¥13,400M |
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
|FY3/2025 Forecast|     ¥13,400M |
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
###
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
| Operating Income                       |
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
| Education/EdTech           |      YoY% |
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
| 1st Quarter |        ¥768M |    -4.48% |
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
| 2nd Quarter |        ¥399M |   -22.07% |
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
| 3rd Quarter |        ¥391M |    +9.83% |
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
| 4th Quarter |        ¥169M |   +76.04% |
+========================================+
| 1st Half    |      ¥1,167M |   -11.32% |
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
| 1st 3/4     |      ¥1,558M |    -6.82% |
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
|FY3/2024 Cml.|      ¥1,727M |    -2.32% |
+========================================+
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
|FY3/2024 Forecast|      ¥2,350M |
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
| FCST Revision 1 |      ¥1,400M |
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
|FY3/2025 Forecast|      ¥1,400M |
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
###
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
| Operating Margin           |
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
| Education/EdTech           |
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
| 1st Quarter |       21.75% |
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
| 2nd Quarter |       12.58% |
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
| 3rd Quarter |       12.64% |
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
| 4th Quarter |         4.7% |
+============================+
| 1st Half    |       17.41% |
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
| 1st 3/4     |       15.91% |
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
|FY3/2024 Cml.|        12.9% |
+============================+
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
|FY3/2024 Forecast|       17.34% |
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
| FCST Revision 1 |       10.45% |
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
|FY3/2025 Forecast|       10.45% |
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
###

+−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
| Net Sales                              |
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
| Others                     |      YoY% |
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
| 1st Quarter |      ¥4,939M |   +30.14% |
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
| 2nd Quarter |      ¥4,454M |   +18.14% |
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
| 3rd Quarter |      ¥5,203M |     +2.1% |
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
| 4th Quarter |      ¥5,702M |   +25.65% |
+========================================+
| 1st Half    |      ¥9,393M |   +24.16% |
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
| 1st 3/4     |     ¥14,596M |   +15.28% |
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
|FY3/2024 Cml.|     ¥20,298M |   +18.02% |
+========================================+
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
|FY3/2024 Forecast|     ¥19,700M |
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
| FCST Revision 1 |     ¥19,700M |
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
|FY3/2025 Forecast|     ¥19,700M |
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
###
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
| Operating Income                       |
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
| Others                     |      YoY% |
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
| 1st Quarter |       ¥-864M |   +15.46% |
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
| 2nd Quarter |     ¥-1,061M |   -38.51% |
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
| 3rd Quarter |     ¥-1,108M |   -10.03% |
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
| 4th Quarter |     ¥-1,366M |   +21.49% |
+========================================+
| 1st Half    |     ¥-1,925M |    -7.66% |
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
| 1st 3/4     |     ¥-3,033M |    -8.52% |
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
|FY3/2024 Cml.|     ¥-4,399M |       +3% |
+========================================+
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
|FY3/2024 Forecast|     ¥-3,550M |
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
| FCST Revision 1 |     ¥-4,600M |
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
|FY3/2025 Forecast|     ¥-4,600M |
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
###
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
| Operating Margin           |
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
| Others                     |
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
| 1st Quarter |      -17.49% |
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
| 2nd Quarter |      -23.82% |
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
| 3rd Quarter |       -21.3% |
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
| 4th Quarter |      -23.96% |
+============================+
| 1st Half    |      -20.49% |
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
| 1st 3/4     |      -20.78% |
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
|FY3/2024 Cml.|      -21.67% |
+============================+
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
|FY3/2024 Forecast|      -18.02% |
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
| FCST Revision 1 |      -23.35% |
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
|FY3/2025 Forecast|      -23.35% |
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
###

+−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
| Net Sales                              |
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
| Corporate/Eliminations     |      YoY% |
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
| 1st Quarter |     ¥-2,415M |    -3.78% |
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
| 2nd Quarter |     ¥-2,490M |    +5.86% |
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
| 3rd Quarter |     ¥-2,509M |    +5.78% |
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
| 4th Quarter |     ¥-2,944M |   -27.78% |
+========================================+
| 1st Half    |     ¥-4,905M |    +1.35% |
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
| 1st 3/4     |     ¥-7,414M |    +2.89% |
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
|FY3/2024 Cml.|    ¥-10,358M |    -4.22% |
+========================================+
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
|FY3/2024 Forecast|    ¥-11,850M |
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
| FCST Revision 1 |    ¥-10,500M |
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
|FY3/2025 Forecast|    ¥-10,500M |
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
###
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
| Operating Income                       |
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
| Corporate/Eliminations     |      YoY% |
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
| 1st Quarter |       ¥-424M |    -20.8% |
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
| 2nd Quarter |       ¥-650M |  -143.45% |
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
| 3rd Quarter |       ¥-454M |   +37.29% |
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
| 4th Quarter |       ¥-592M |   +48.34% |
+========================================+
| 1st Half    |     ¥-1,074M |   -73.79% |
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
| 1st 3/4     |     ¥-1,528M |   -13.86% |
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
|FY3/2024 Cml.|     ¥-2,120M |   +14.79% |
+========================================+
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
|FY3/2024 Forecast|     ¥-1,750M |
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
| FCST Revision 1 |     ¥-2,100M |
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
|FY3/2025 Forecast|     ¥-2,100M |
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
###
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
| Operating Margin           |
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
| Corporate/Eliminations     |
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
| 1st Quarter |       17.56% |
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
| 2nd Quarter |        26.1% |
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
| 3rd Quarter |       18.09% |
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
| 4th Quarter |       20.11% |
+============================+
| 1st Half    |        21.9% |
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
| 1st 3/4     |       20.61% |
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
|FY3/2024 Cml.|       20.47% |
+============================+
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
|FY3/2024 Forecast|       14.77% |
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
| FCST Revision 1 |          20% |
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
|FY3/2025 Forecast|          20% |
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
###

SPECIAL PAGE DATA

Consolidated Operating Results FY Cumulative:

+−−−−−−−−−−−−−−−−−−−−−−+
| KADOKAWA CORPORATION |
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
| Consolidated Operating Results  |
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
| Data as of March 31st, 2024 |
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
| Net Sales                            |
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
| FY3/2015 FY Cumulative |   ¥100,566M |
| FY3/2016 FY Cumulative |   ¥200,945M |
| FY3/2017 FY Cumulative |   ¥205,717M |
| FY3/2018 FY Cumulative |   ¥206,785M |
| FY3/2019 FY Cumulative |   ¥208,605M |
| FY3/2020 FY Cumulative |   ¥204,653M |
| FY3/2021 FY Cumulative |   ¥209,947M |
| FY3/2022 FY Cumulative |   ¥221,208M |
| FY3/2023 FY Cumulative |   ¥255,429M |
| FY3/2024 FY Cumulative |   ¥258,109M |
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
| Count               |             10 |
| Sum                 |    ¥2,071,964M |
| Average             |      ¥207,196M |
| Median              |      ¥207,695M |
| Minimum             |      ¥100,566M |
| Maximum             |      ¥258,109M |
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
| Operating Income                     |
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
| FY3/2015 FY Cumulative |     ¥1,391M |
| FY3/2016 FY Cumulative |     ¥9,124M |
| FY3/2017 FY Cumulative |     ¥8,419M |
| FY3/2018 FY Cumulative |     ¥3,144M |
| FY3/2019 FY Cumulative |     ¥2,707M |
| FY3/2020 FY Cumulative |     ¥8,087M |
| FY3/2021 FY Cumulative |    ¥13,625M |
| FY3/2022 FY Cumulative |    ¥18,519M |
| FY3/2023 FY Cumulative |    ¥25,931M |
| FY3/2024 FY Cumulative |    ¥18,454M |
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
| Count               |             10 |
| Sum                 |      ¥109,401M |
| Average             |       ¥10,940M |
| Median              |        ¥8,772M |
| Minimum             |        ¥1,391M |
| Maximum             |       ¥25,931M |
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
| Net Income                           |
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
| FY3/2015 FY Cumulative |    ¥14,055M |
| FY3/2016 FY Cumulative |     ¥6,845M |
| FY3/2017 FY Cumulative |     ¥5,767M |
| FY3/2018 FY Cumulative |     ¥1,038M |
| FY3/2019 FY Cumulative |    ¥-4,085M |
| FY3/2020 FY Cumulative |     ¥8,098M |
| FY3/2021 FY Cumulative |     ¥9,584M |
| FY3/2022 FY Cumulative |    ¥14,078M |
| FY3/2023 FY Cumulative |    ¥12,679M |
| FY3/2024 FY Cumulative |    ¥11,384M |
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
| Count               |             10 |
| Sum                 |       ¥79,443M |
| Average             |        ¥7,944M |
| Median              |        ¥8,841M |
| Minimum             |       ¥-4,085M |
| Maximum             |       ¥14,078M |
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−+

Segment Information FY Cumulative:

+−−−−−−−−−−−−−−−−−−−−−−−−−−−+
| KADOKAWA CORPORATION      |
+−−−−−−−−−−−−−−−−−−−−−−−−−−−+
| Segment Information       |
+−−−−−−−−−−−−−−−−−−−−−−−−−−−+
| Data as of March 31st, 2024 |
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
| Net Sales                            |
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
| Publication/IP Creation              |
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
| FY3/2015 FY Cumulative |    ¥54,296M |
| FY3/2016 FY Cumulative |   ¥105,199M |
| FY3/2017 FY Cumulative |   ¥113,012M |
| FY3/2018 FY Cumulative |   ¥112,691M |
| FY3/2019 FY Cumulative |   ¥115,958M |
| FY3/2020 FY Cumulative |   ¥117,303M |
| FY3/2021 FY Cumulative |   ¥129,576M |
| FY3/2022 FY Cumulative |   ¥132,972M |
| FY3/2023 FY Cumulative |   ¥139,990M |
| FY3/2024 FY Cumulative |   ¥141,967M |
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
| Count               |             10 |
| Sum                 |    ¥1,162,964M |
| Average             |      ¥116,296M |
| Median              |      ¥116,631M |
| Minimum             |       ¥54,296M |
| Maximum             |      ¥141,967M |
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
| Operating Income                     |
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
| Publication/IP Creation              |
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
| FY3/2015 FY Cumulative |     ¥1,874M |
| FY3/2016 FY Cumulative |     ¥6,282M |
| FY3/2017 FY Cumulative |     ¥8,342M |
| FY3/2018 FY Cumulative |     ¥6,000M |
| FY3/2019 FY Cumulative |     ¥7,253M |
| FY3/2020 FY Cumulative |     ¥6,248M |
| FY3/2021 FY Cumulative |    ¥12,841M |
| FY3/2022 FY Cumulative |    ¥17,370M |
| FY3/2023 FY Cumulative |    ¥13,155M |
| FY3/2024 FY Cumulative |    ¥10,360M |
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
| Count               |             10 |
| Sum                 |       ¥89,725M |
| Average             |        ¥8,973M |
| Median              |        ¥7,798M |
| Minimum             |        ¥1,874M |
| Maximum             |       ¥17,370M |
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
| Net Sales                            |
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
| Animation/Film                       |
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
| FY3/2015 FY Cumulative |    ¥23,035M |
| FY3/2016 FY Cumulative |    ¥44,284M |
| FY3/2017 FY Cumulative |    ¥44,402M |
| FY3/2018 FY Cumulative |    ¥32,554M |
| FY3/2019 FY Cumulative |    ¥30,816M |
| FY3/2020 FY Cumulative |    ¥34,116M |
| FY3/2021 FY Cumulative |    ¥31,314M |
| FY3/2022 FY Cumulative |    ¥33,112M |
| FY3/2023 FY Cumulative |    ¥43,289M |
| FY3/2024 FY Cumulative |    ¥46,060M |
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
| Count               |             10 |
| Sum                 |      ¥362,982M |
| Average             |       ¥36,298M |
| Median              |       ¥33,614M |
| Minimum             |       ¥23,035M |
| Maximum             |       ¥46,060M |
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
| Operating Income                     |
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
| Animation/Film                       |
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
| FY3/2015 FY Cumulative |       ¥-28M |
| FY3/2016 FY Cumulative |     ¥3,614M |
| FY3/2017 FY Cumulative |     ¥3,312M |
| FY3/2018 FY Cumulative |     ¥1,438M |
| FY3/2019 FY Cumulative |     ¥1,842M |
| FY3/2020 FY Cumulative |     ¥2,122M |
| FY3/2021 FY Cumulative |     ¥2,274M |
| FY3/2022 FY Cumulative |     ¥1,341M |
| FY3/2023 FY Cumulative |     ¥2,169M |
| FY3/2024 FY Cumulative |     ¥4,574M |
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
| Count               |             10 |
| Sum                 |       ¥22,658M |
| Average             |        ¥2,266M |
| Median              |        ¥2,146M |
| Minimum             |          ¥-28M |
| Maximum             |        ¥4,574M |
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
| Net Sales                            |
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
| Web services                         |
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
| FY3/2015 FY Cumulative |    ¥15,722M |
| FY3/2016 FY Cumulative |    ¥33,136M |
| FY3/2017 FY Cumulative |    ¥31,275M |
| FY3/2018 FY Cumulative |    ¥29,023M |
| FY3/2019 FY Cumulative |    ¥25,848M |
| FY3/2020 FY Cumulative |    ¥24,739M |
| FY3/2021 FY Cumulative |    ¥22,008M |
| FY3/2022 FY Cumulative |    ¥21,342M |
| FY3/2023 FY Cumulative |    ¥22,063M |
| FY3/2024 FY Cumulative |    ¥21,399M |
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
| Count               |             10 |
| Sum                 |      ¥246,555M |
| Average             |       ¥24,656M |
| Median              |       ¥23,401M |
| Minimum             |       ¥15,722M |
| Maximum             |       ¥33,136M |
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
| Operating Income                     |
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
| Web services                         |
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
| FY3/2015 FY Cumulative |     ¥2,674M |
| FY3/2016 FY Cumulative |     ¥4,638M |
| FY3/2017 FY Cumulative |     ¥2,815M |
| FY3/2018 FY Cumulative |    ¥-1,067M |
| FY3/2019 FY Cumulative |    ¥-2,576M |
| FY3/2020 FY Cumulative |     ¥2,788M |
| FY3/2021 FY Cumulative |     ¥2,096M |
| FY3/2022 FY Cumulative |     ¥2,013M |
| FY3/2023 FY Cumulative |     ¥1,641M |
| FY3/2024 FY Cumulative |       ¥362M |
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
| Count               |             10 |
| Sum                 |       ¥15,384M |
| Average             |        ¥1,538M |
| Median              |        ¥2,055M |
| Minimum             |       ¥-2,576M |
| Maximum             |        ¥4,638M |
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
| Net Sales                            |
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
| Others                               |
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
| FY3/2015 FY Cumulative |     ¥9,620M |
| FY3/2016 FY Cumulative |    ¥21,340M |
| FY3/2017 FY Cumulative |    ¥20,209M |
| FY3/2018 FY Cumulative |    ¥20,821M |
| FY3/2019 FY Cumulative |    ¥22,143M |
| FY3/2020 FY Cumulative |    ¥19,497M |
| FY3/2021 FY Cumulative |    ¥17,463M |
| FY3/2022 FY Cumulative |    ¥22,283M |
| FY3/2023 FY Cumulative |    ¥17,199M |
| FY3/2024 FY Cumulative |    ¥20,298M |
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
| Count               |             10 |
| Sum                 |      ¥190,873M |
| Average             |       ¥19,087M |
| Median              |       ¥20,254M |
| Minimum             |        ¥9,620M |
| Maximum             |       ¥22,283M |
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
| Operating Income                     |
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
| Others                               |
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
| FY3/2015 FY Cumulative |      ¥-326M |
| FY3/2016 FY Cumulative |    ¥-1,011M |
| FY3/2017 FY Cumulative |    ¥-1,635M |
| FY3/2018 FY Cumulative |    ¥-1,356M |
| FY3/2019 FY Cumulative |    ¥-2,613M |
| FY3/2020 FY Cumulative |    ¥-2,583M |
| FY3/2021 FY Cumulative |    ¥-4,491M |
| FY3/2022 FY Cumulative |    ¥-4,184M |
| FY3/2023 FY Cumulative |    ¥-4,535M |
| FY3/2024 FY Cumulative |    ¥-4,399M |
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
| Count               |             10 |
| Sum                 |      ¥-27,133M |
| Average             |       ¥-2,713M |
| Median              |       ¥-2,598M |
| Minimum             |       ¥-4,535M |
| Maximum             |         ¥-326M |
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
| Net Sales                            |
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
| Gaming                               |
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
| FY3/2018 FY Cumulative |    ¥15,026M |
| FY3/2019 FY Cumulative |    ¥17,534M |
| FY3/2020 FY Cumulative |    ¥14,237M |
| FY3/2021 FY Cumulative |    ¥16,636M |
| FY3/2022 FY Cumulative |    ¥19,490M |
| FY3/2023 FY Cumulative |    ¥30,351M |
| FY3/2024 FY Cumulative |    ¥25,351M |
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
| Count               |              7 |
| Sum                 |      ¥138,625M |
| Average             |       ¥19,804M |
| Median              |       ¥17,534M |
| Minimum             |       ¥14,237M |
| Maximum             |       ¥30,351M |
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
| Operating Income                     |
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
| Gaming                               |
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
| FY3/2018 FY Cumulative |     ¥1,436M |
| FY3/2019 FY Cumulative |     ¥2,077M |
| FY3/2020 FY Cumulative |     ¥1,278M |
| FY3/2021 FY Cumulative |     ¥2,744M |
| FY3/2022 FY Cumulative |     ¥5,200M |
| FY3/2023 FY Cumulative |    ¥14,218M |
| FY3/2024 FY Cumulative |     ¥7,950M |
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
| Count               |              7 |
| Sum                 |       ¥34,903M |
| Average             |        ¥4,986M |
| Median              |        ¥2,744M |
| Minimum             |        ¥1,278M |
| Maximum             |       ¥14,218M |
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
| Net Sales                            |
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
| Corporate/Eliminations               |
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
| FY3/2022 FY Cumulative |    ¥-7,992M |
| FY3/2023 FY Cumulative |    ¥-9,939M |
| FY3/2024 FY Cumulative |   ¥-10,358M |
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
| Count               |              3 |
| Sum                 |      ¥-28,289M |
| Average             |       ¥-9,430M |
| Median              |       ¥-9,939M |
| Minimum             |      ¥-10,358M |
| Maximum             |       ¥-7,992M |
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
| Operating Income                     |
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
| Corporate/Eliminations               |
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
| FY3/2022 FY Cumulative |    ¥-3,222M |
| FY3/2023 FY Cumulative |    ¥-2,488M |
| FY3/2024 FY Cumulative |    ¥-2,120M |
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
| Count               |              3 |
| Sum                 |       ¥-7,830M |
| Average             |       ¥-2,610M |
| Median              |       ¥-2,488M |
| Minimum             |       ¥-3,222M |
| Maximum             |       ¥-2,120M |
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
| Net Sales                            |
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
| Education/EdTech                     |
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
| FY3/2023 FY Cumulative |    ¥12,475M |
| FY3/2024 FY Cumulative |    ¥13,390M |
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
| Count               |              2 |
| Sum                 |       ¥25,865M |
| Average             |       ¥12,933M |
| Median              |       ¥12,933M |
| Minimum             |       ¥12,475M |
| Maximum             |       ¥13,390M |
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
| Operating Income                     |
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
| Education/EdTech                     |
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
| FY3/2023 FY Cumulative |     ¥1,768M |
| FY3/2024 FY Cumulative |     ¥1,727M |
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
| Count               |              2 |
| Sum                 |        ¥3,495M |
| Average             |        ¥1,748M |
| Median              |        ¥1,748M |
| Minimum             |        ¥1,727M |
| Maximum             |        ¥1,768M |
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−+