Kadokawa FY3/2025 Q2 Earnings Release. Gaming segment: Net Sales Cml.: ¥18,149M (+32.77% YoY), Op. Income Cml.: ¥6,072M (+50.74% YoY)

ggx2ac · Nov 7, 2024

This is the 2nd quarter earnings results for the fiscal year ending March 2025.

Earnings release: https://ssl4.eir-parts.net/doc/9468/ir_material_for_fiscal_ym6/166649/00.pdf

Presentation slides: https://ssl4.eir-parts.net/doc/9468/ir_material_for_fiscal_ym13/166645/00.pdf

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

Consolidated Operating Results:

Code:

+−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
| KADOKAWA CORPORATION | FY3/2025           |
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
| Consolidated Operating Results            |
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
| Data as of September 30th, 2024 |
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−+

+−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
| Net Sales                  |      YoY% |
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
| 1st Quarter |     ¥65,860M |   +11.94% |
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
| 2nd Quarter |     ¥70,460M |    +7.78% |
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
| 1st Half    |    ¥136,320M |    +9.75% |
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
|FY3/2025 Forecast|    ¥271,300M |
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
| FCST Revision 1 |    ¥271,700M |
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
###
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
| Operating Income           |      YoY% |
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
| 1st Quarter |      ¥6,029M |   +84.54% |
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
| 2nd Quarter |      ¥4,597M |   -13.87% |
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
| 1st Half    |     ¥10,626M |    +23.5% |
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
|FY3/2025 Forecast|     ¥15,600M |
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
| FCST Revision 1 |     ¥16,300M |
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
###
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
| Operating Margin           |
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
| 1st Quarter |        9.15% |
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
| 2nd Quarter |        6.52% |
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
| 1st Half    |        7.79% |
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
|FY3/2025 Forecast|        5.75% |
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
| FCST Revision 1 |           6% |
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
###
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
| Net Income                 |      YoY% |
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
| 1st Quarter |      ¥3,454M |   -10.12% |
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
| 2nd Quarter |       ¥-358M |  -226.95% |
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
| 1st Half    |      ¥3,096M |   -24.95% |
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
|FY3/2025 Forecast|      ¥9,700M |
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
| FCST Revision 1 |      ¥9,000M |
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
###

Segment Information:

Code:

+−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
| KADOKAWA CORPORATION | FY3/2025 |
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
| Segment Information             |
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
| Data as of September 30th, 2024 |
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−+

+−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
| Net Sales                              |
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
| Publication/IP Creation    |      YoY% |
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
| 1st Quarter |     ¥35,818M |   +10.61% |
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
| 2nd Quarter |     ¥36,655M |    +8.03% |
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
| 1st Half    |     ¥72,473M |    +9.29% |
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
|FY3/2025 Forecast|    ¥155,000M |
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
| FCST Revision 1 |    ¥155,000M |
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
###
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
| Operating Income                       |
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
| Publication/IP Creation    |      YoY% |
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
| 1st Quarter |      ¥3,028M |  +194.55% |
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
| 2nd Quarter |      ¥1,329M |   -40.32% |
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
| 1st Half    |      ¥4,357M |   +33.86% |
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
|FY3/2025 Forecast|     ¥13,100M |
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
| FCST Revision 1 |     ¥12,400M |
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
###
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
| Operating Margin           |
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
| Publication/IP Creation    |
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
| 1st Quarter |        8.45% |
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
| 2nd Quarter |        3.63% |
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
| 1st Half    |        6.01% |
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
|FY3/2025 Forecast|        8.45% |
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
| FCST Revision 1 |           8% |
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
###

+−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
| Net Sales                              |
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
| Animation/Film             |      YoY% |
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
| 1st Quarter |     ¥12,024M |   +12.76% |
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
| 2nd Quarter |     ¥14,407M |   +26.72% |
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
| 1st Half    |     ¥26,431M |   +19.97% |
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
|FY3/2025 Forecast|     ¥46,800M |
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
| FCST Revision 1 |     ¥49,000M |
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
###
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
| Operating Income                       |
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
| Animation/Film             |      YoY% |
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
| 1st Quarter |      ¥1,943M |   +29.79% |
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
| 2nd Quarter |      ¥1,697M |   +68.52% |
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
| 1st Half    |      ¥3,640M |   +45.37% |
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
|FY3/2025 Forecast|      ¥4,900M |
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
| FCST Revision 1 |      ¥4,700M |
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
###
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
| Operating Margin           |
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
| Animation/Film             |
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
| 1st Quarter |       16.16% |
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
| 2nd Quarter |       11.78% |
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
| 1st Half    |       13.77% |
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
|FY3/2025 Forecast|       10.47% |
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
| FCST Revision 1 |        9.59% |
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
###

+−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
| Net Sales                              |
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
| Gaming                     |      YoY% |
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
| 1st Quarter |      ¥7,764M |   +80.22% |
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
| 2nd Quarter |     ¥10,385M |   +10.93% |
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
| 1st Half    |     ¥18,149M |   +32.77% |
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
|FY3/2025 Forecast|     ¥29,600M |
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
| FCST Revision 1 |     ¥27,500M |
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
###
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
| Operating Income                       |
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
| Gaming                     |      YoY% |
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
| 1st Quarter |      ¥2,406M |  +108.13% |
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
| 2nd Quarter |      ¥3,666M |   +27.65% |
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
| 1st Half    |      ¥6,072M |   +50.74% |
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
|FY3/2025 Forecast|      ¥5,700M |
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
| FCST Revision 1 |      ¥5,600M |
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
###
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
| Operating Margin           |
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
| Gaming                     |
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
| 1st Quarter |       30.99% |
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
| 2nd Quarter |        35.3% |
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
| 1st Half    |       33.46% |
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
|FY3/2025 Forecast|       19.26% |
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
| FCST Revision 1 |       20.36% |
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
###

+−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
| Net Sales                              |
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
| Web services               |      YoY% |
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
| 1st Quarter |      ¥4,726M |   -12.92% |
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
| 2nd Quarter |      ¥3,603M |   -35.35% |
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
| 1st Half    |      ¥8,329M |   -24.28% |
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
|FY3/2025 Forecast|     ¥17,500M |
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
| FCST Revision 1 |     ¥18,000M |
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
###
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
| Operating Income                       |
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
| Web services               |      YoY% |
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
| 1st Quarter |       ¥-397M |  -474.53% |
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
| 2nd Quarter |       ¥-610M |  -212.55% |
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
| 1st Half    |     ¥-1,007M |   -255.4% |
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
|FY3/2025 Forecast|     ¥-3,700M |
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
| FCST Revision 1 |     ¥-1,600M |
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
###
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
| Operating Margin           |
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
| Web services               |
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
| 1st Quarter |        -8.4% |
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
| 2nd Quarter |      -16.93% |
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
| 1st Half    |      -12.09% |
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
|FY3/2025 Forecast|      -21.14% |
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
| FCST Revision 1 |       -8.89% |
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
###

+−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
| Net Sales                              |
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
| Education/EdTech           |      YoY% |
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
| 1st Quarter |      ¥3,974M |   +12.55% |
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
| 2nd Quarter |      ¥3,684M |   +16.18% |
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
| 1st Half    |      ¥7,658M |   +14.26% |
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
|FY3/2025 Forecast|     ¥15,100M |
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
| FCST Revision 1 |     ¥15,000M |
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
###
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
| Operating Income                       |
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
| Education/EdTech           |      YoY% |
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
| 1st Quarter |        ¥832M |    +8.33% |
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
| 2nd Quarter |        ¥615M |   +54.14% |
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
| 1st Half    |      ¥1,447M |   +23.99% |
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
|FY3/2025 Forecast|      ¥2,100M |
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
| FCST Revision 1 |      ¥2,000M |
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
###
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
| Operating Margin           |
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
| Education/EdTech           |
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
| 1st Quarter |       20.94% |
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
| 2nd Quarter |       16.69% |
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
| 1st Half    |        18.9% |
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
|FY3/2025 Forecast|       13.91% |
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
| FCST Revision 1 |       13.33% |
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
###

+−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
| Net Sales                              |
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
| Others                     |      YoY% |
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
| 1st Quarter |      ¥3,936M |   -20.31% |
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
| 2nd Quarter |      ¥3,847M |   -13.63% |
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
| 1st Half    |      ¥7,783M |   -17.14% |
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
|FY3/2025 Forecast|     ¥19,100M |
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
| FCST Revision 1 |     ¥18,300M |
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
###
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
| Operating Income                       |
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
| Others                     |      YoY% |
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
| 1st Quarter |       ¥-979M |   -13.31% |
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
| 2nd Quarter |     ¥-1,443M |      -36% |
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
| 1st Half    |     ¥-2,422M |   -25.82% |
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
|FY3/2025 Forecast|     ¥-3,200M |
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
| FCST Revision 1 |     ¥-3,900M |
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
###
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
| Operating Margin           |
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
| Others                     |
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
| 1st Quarter |      -24.87% |
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
| 2nd Quarter |      -37.51% |
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
| 1st Half    |      -31.12% |
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
|FY3/2025 Forecast|      -16.75% |
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
| FCST Revision 1 |      -21.31% |
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
###

+−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
| Net Sales                              |
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
| Corporate/Eliminations     |      YoY% |
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
| 1st Quarter |     ¥-2,384M |    +1.28% |
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
| 2nd Quarter |     ¥-2,122M |   +14.78% |
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
| 1st Half    |     ¥-4,506M |    +8.13% |
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
|FY3/2025 Forecast|    ¥-11,800M |
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
| FCST Revision 1 |    ¥-11,100M |
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
###
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
| Operating Income                       |
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
| Corporate/Eliminations     |      YoY% |
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
| 1st Quarter |       ¥-802M |   -89.15% |
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
| 2nd Quarter |       ¥-658M |    -1.23% |
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
| 1st Half    |     ¥-1,460M |   -35.94% |
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
|FY3/2025 Forecast|     ¥-3,300M |
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
| FCST Revision 1 |     ¥-2,900M |
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
###
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
| Operating Margin           |
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
| Corporate/Eliminations     |
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
| 1st Quarter |       33.64% |
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
| 2nd Quarter |       31.01% |
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
| 1st Half    |        32.4% |
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
|FY3/2025 Forecast|       27.97% |
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
| FCST Revision 1 |       26.13% |
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
###

SPECIAL PAGE DATA

Consolidated Operating Results, 2nd Quarters:

Code:

+−−−−−−−−−−−−−−−−−−−−−−+
| KADOKAWA CORPORATION |
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
| Consolidated Operating Results  |
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
| Data as of September 30th, 2024 |
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
| Net Sales                          |
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
| FY3/2016 2nd Quarter |    ¥47,020M |
| FY3/2017 2nd Quarter |    ¥50,781M |
| FY3/2018 2nd Quarter |    ¥51,532M |
| FY3/2019 2nd Quarter |    ¥52,498M |
| FY3/2020 2nd Quarter |    ¥50,694M |
| FY3/2021 2nd Quarter |    ¥50,530M |
| FY3/2022 2nd Quarter |    ¥52,777M |
| FY3/2023 2nd Quarter |    ¥58,375M |
| FY3/2024 2nd Quarter |    ¥65,372M |
| FY3/2025 2nd Quarter |    ¥70,460M |
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
| Count             |             10 |
| Sum               |      ¥550,039M |
| Average           |       ¥55,004M |
| Median            |       ¥52,015M |
| Minimum           |       ¥47,020M |
| Maximum           |       ¥70,460M |
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
| Operating Income                   |
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
| FY3/2016 2nd Quarter |     ¥2,360M |
| FY3/2017 2nd Quarter |     ¥1,687M |
| FY3/2018 2nd Quarter |     ¥2,068M |
| FY3/2019 2nd Quarter |     ¥2,465M |
| FY3/2020 2nd Quarter |     ¥2,918M |
| FY3/2021 2nd Quarter |     ¥4,266M |
| FY3/2022 2nd Quarter |     ¥4,069M |
| FY3/2023 2nd Quarter |     ¥3,615M |
| FY3/2024 2nd Quarter |     ¥5,337M |
| FY3/2025 2nd Quarter |     ¥4,597M |
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
| Count             |             10 |
| Sum               |       ¥33,382M |
| Average           |        ¥3,338M |
| Median            |        ¥3,267M |
| Minimum           |        ¥1,687M |
| Maximum           |        ¥5,337M |
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
| Net Income                         |
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
| FY3/2016 2nd Quarter |     ¥2,134M |
| FY3/2017 2nd Quarter |     ¥1,961M |
| FY3/2018 2nd Quarter |     ¥1,772M |
| FY3/2019 2nd Quarter |     ¥1,751M |
| FY3/2020 2nd Quarter |     ¥3,599M |
| FY3/2021 2nd Quarter |     ¥2,751M |
| FY3/2022 2nd Quarter |     ¥3,093M |
| FY3/2023 2nd Quarter |     ¥2,899M |
| FY3/2024 2nd Quarter |       ¥282M |
| FY3/2025 2nd Quarter |      ¥-358M |
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
| Count             |             10 |
| Sum               |       ¥19,884M |
| Average           |        ¥1,988M |
| Median            |        ¥2,048M |
| Minimum           |         ¥-358M |
| Maximum           |        ¥3,599M |
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−+

Segment Information, 2nd Quarters:

Code:

+−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
| KADOKAWA CORPORATION                  |
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
| Segment Information                   |
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
| Data as of September 30th, 2024 |
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
| Net Sales                          |
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
| Publication/IP Creation            |
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
| FY3/2016 2nd Quarter |    ¥24,687M |
| FY3/2017 2nd Quarter |    ¥27,792M |
| FY3/2018 2nd Quarter |    ¥27,386M |
| FY3/2019 2nd Quarter |    ¥28,498M |
| FY3/2020 2nd Quarter |    ¥28,622M |
| FY3/2021 2nd Quarter |    ¥30,874M |
| FY3/2022 2nd Quarter |    ¥32,988M |
| FY3/2023 2nd Quarter |    ¥34,189M |
| FY3/2024 2nd Quarter |    ¥33,931M |
| FY3/2025 2nd Quarter |    ¥36,655M |
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
| Count             |             10 |
| Sum               |      ¥305,622M |
| Average           |       ¥30,562M |
| Median            |       ¥29,748M |
| Minimum           |       ¥24,687M |
| Maximum           |       ¥36,655M |
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
| Operating Income                   |
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
| Publication/IP Creation            |
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
| FY3/2016 2nd Quarter |     ¥1,194M |
| FY3/2017 2nd Quarter |     ¥1,727M |
| FY3/2018 2nd Quarter |     ¥1,305M |
| FY3/2019 2nd Quarter |     ¥1,966M |
| FY3/2020 2nd Quarter |     ¥1,397M |
| FY3/2021 2nd Quarter |     ¥2,536M |
| FY3/2022 2nd Quarter |     ¥3,992M |
| FY3/2023 2nd Quarter |     ¥3,161M |
| FY3/2024 2nd Quarter |     ¥2,227M |
| FY3/2025 2nd Quarter |     ¥1,329M |
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
| Count             |             10 |
| Sum               |       ¥20,834M |
| Average           |        ¥2,083M |
| Median            |        ¥1,847M |
| Minimum           |        ¥1,194M |
| Maximum           |        ¥3,992M |
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
| Net Sales                          |
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
| Animation/Film                     |
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
| FY3/2016 2nd Quarter |     ¥9,746M |
| FY3/2017 2nd Quarter |    ¥11,326M |
| FY3/2018 2nd Quarter |     ¥8,483M |
| FY3/2019 2nd Quarter |     ¥8,439M |
| FY3/2020 2nd Quarter |     ¥8,028M |
| FY3/2021 2nd Quarter |     ¥7,638M |
| FY3/2022 2nd Quarter |     ¥7,342M |
| FY3/2023 2nd Quarter |     ¥9,697M |
| FY3/2024 2nd Quarter |    ¥11,369M |
| FY3/2025 2nd Quarter |    ¥14,407M |
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
| Count             |             10 |
| Sum               |       ¥96,475M |
| Average           |        ¥9,648M |
| Median            |        ¥9,090M |
| Minimum           |        ¥7,342M |
| Maximum           |       ¥14,407M |
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
| Operating Income                   |
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
| Animation/Film                     |
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
| FY3/2016 2nd Quarter |       ¥654M |
| FY3/2017 2nd Quarter |       ¥259M |
| FY3/2018 2nd Quarter |       ¥804M |
| FY3/2019 2nd Quarter |       ¥913M |
| FY3/2020 2nd Quarter |       ¥800M |
| FY3/2021 2nd Quarter |     ¥1,104M |
| FY3/2022 2nd Quarter |       ¥-11M |
| FY3/2023 2nd Quarter |      ¥-620M |
| FY3/2024 2nd Quarter |     ¥1,007M |
| FY3/2025 2nd Quarter |     ¥1,697M |
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
| Count             |             10 |
| Sum               |        ¥6,607M |
| Average           |          ¥661M |
| Median            |          ¥802M |
| Minimum           |         ¥-620M |
| Maximum           |        ¥1,697M |
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
| Net Sales                          |
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
| Gaming                             |
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
| FY3/2018 2nd Quarter |     ¥3,866M |
| FY3/2019 2nd Quarter |     ¥4,218M |
| FY3/2020 2nd Quarter |     ¥3,445M |
| FY3/2021 2nd Quarter |     ¥3,955M |
| FY3/2022 2nd Quarter |     ¥2,951M |
| FY3/2023 2nd Quarter |     ¥4,555M |
| FY3/2024 2nd Quarter |     ¥9,362M |
| FY3/2025 2nd Quarter |    ¥10,385M |
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
| Count             |              8 |
| Sum               |       ¥42,737M |
| Average           |        ¥5,342M |
| Median            |        ¥4,087M |
| Minimum           |        ¥2,951M |
| Maximum           |       ¥10,385M |
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
| Operating Income                   |
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
| Gaming                             |
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
| FY3/2018 2nd Quarter |       ¥441M |
| FY3/2019 2nd Quarter |       ¥741M |
| FY3/2020 2nd Quarter |       ¥566M |
| FY3/2021 2nd Quarter |     ¥1,197M |
| FY3/2022 2nd Quarter |       ¥739M |
| FY3/2023 2nd Quarter |     ¥1,023M |
| FY3/2024 2nd Quarter |     ¥2,872M |
| FY3/2025 2nd Quarter |     ¥3,666M |
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
| Count             |              8 |
| Sum               |       ¥11,245M |
| Average           |        ¥1,406M |
| Median            |          ¥882M |
| Minimum           |          ¥441M |
| Maximum           |        ¥3,666M |
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
| Net Sales                          |
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
| Web services                       |
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
| FY3/2016 2nd Quarter |     ¥8,558M |
| FY3/2017 2nd Quarter |     ¥8,171M |
| FY3/2018 2nd Quarter |     ¥7,797M |
| FY3/2019 2nd Quarter |     ¥7,052M |
| FY3/2020 2nd Quarter |     ¥6,621M |
| FY3/2021 2nd Quarter |     ¥5,630M |
| FY3/2022 2nd Quarter |     ¥5,588M |
| FY3/2023 2nd Quarter |     ¥5,822M |
| FY3/2024 2nd Quarter |     ¥5,573M |
| FY3/2025 2nd Quarter |     ¥3,603M |
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
| Count             |             10 |
| Sum               |       ¥64,415M |
| Average           |        ¥6,442M |
| Median            |        ¥6,222M |
| Minimum           |        ¥3,603M |
| Maximum           |        ¥8,558M |
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
| Operating Income                   |
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
| Web services                       |
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
| FY3/2016 2nd Quarter |     ¥1,562M |
| FY3/2017 2nd Quarter |     ¥1,296M |
| FY3/2018 2nd Quarter |       ¥465M |
| FY3/2019 2nd Quarter |       ¥311M |
| FY3/2020 2nd Quarter |     ¥1,057M |
| FY3/2021 2nd Quarter |       ¥689M |
| FY3/2022 2nd Quarter |       ¥652M |
| FY3/2023 2nd Quarter |       ¥573M |
| FY3/2024 2nd Quarter |       ¥542M |
| FY3/2025 2nd Quarter |      ¥-610M |
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
| Count             |             10 |
| Sum               |        ¥6,537M |
| Average           |          ¥654M |
| Median            |          ¥613M |
| Minimum           |         ¥-610M |
| Maximum           |        ¥1,562M |
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
| Net Sales                          |
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
| Education/EdTech                   |
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
| FY3/2023 2nd Quarter |     ¥2,988M |
| FY3/2024 2nd Quarter |     ¥3,171M |
| FY3/2025 2nd Quarter |     ¥3,684M |
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
| Count             |              3 |
| Sum               |        ¥9,843M |
| Average           |        ¥3,281M |
| Median            |        ¥3,171M |
| Minimum           |        ¥2,988M |
| Maximum           |        ¥3,684M |
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
| Operating Income                   |
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
| Education/EdTech                   |
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
| FY3/2023 2nd Quarter |       ¥512M |
| FY3/2024 2nd Quarter |       ¥399M |
| FY3/2025 2nd Quarter |       ¥615M |
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
| Count             |              3 |
| Sum               |        ¥1,526M |
| Average           |          ¥509M |
| Median            |          ¥512M |
| Minimum           |          ¥399M |
| Maximum           |          ¥615M |
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
| Net Sales                          |
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
| Others                             |
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
| FY3/2016 2nd Quarter |     ¥4,799M |
| FY3/2017 2nd Quarter |     ¥4,258M |
| FY3/2018 2nd Quarter |     ¥4,768M |
| FY3/2019 2nd Quarter |     ¥5,296M |
| FY3/2020 2nd Quarter |     ¥5,055M |
| FY3/2021 2nd Quarter |     ¥4,154M |
| FY3/2022 2nd Quarter |     ¥5,850M |
| FY3/2023 2nd Quarter |     ¥3,770M |
| FY3/2024 2nd Quarter |     ¥4,454M |
| FY3/2025 2nd Quarter |     ¥3,847M |
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
| Count             |             10 |
| Sum               |       ¥46,251M |
| Average           |        ¥4,625M |
| Median            |        ¥4,611M |
| Minimum           |        ¥3,770M |
| Maximum           |        ¥5,850M |
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
| Operating Income                   |
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
| Others                             |
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
| FY3/2016 2nd Quarter |        ¥26M |
| FY3/2017 2nd Quarter |      ¥-548M |
| FY3/2018 2nd Quarter |      ¥-127M |
| FY3/2019 2nd Quarter |      ¥-697M |
| FY3/2020 2nd Quarter |      ¥-493M |
| FY3/2021 2nd Quarter |    ¥-1,086M |
| FY3/2022 2nd Quarter |      ¥-473M |
| FY3/2023 2nd Quarter |      ¥-766M |
| FY3/2024 2nd Quarter |    ¥-1,061M |
| FY3/2025 2nd Quarter |    ¥-1,443M |
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
| Count             |             10 |
| Sum               |       ¥-6,668M |
| Average           |         ¥-667M |
| Median            |         ¥-623M |
| Minimum           |       ¥-1,443M |
| Maximum           |           ¥26M |
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
| Net Sales                          |
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
| Corporate/Eliminations             |
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
| FY3/2022 2nd Quarter |    ¥-1,944M |
| FY3/2023 2nd Quarter |    ¥-2,645M |
| FY3/2024 2nd Quarter |    ¥-2,490M |
| FY3/2025 2nd Quarter |    ¥-2,122M |
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
| Count             |              4 |
| Sum               |       ¥-9,201M |
| Average           |       ¥-2,300M |
| Median            |       ¥-2,306M |
| Minimum           |       ¥-2,645M |
| Maximum           |       ¥-1,944M |
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
| Operating Income                   |
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
| Corporate/Eliminations             |
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
| FY3/2022 2nd Quarter |      ¥-832M |
| FY3/2023 2nd Quarter |      ¥-267M |
| FY3/2024 2nd Quarter |      ¥-650M |
| FY3/2025 2nd Quarter |      ¥-658M |
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−+
| Count             |              4 |
| Sum               |       ¥-2,407M |
| Average           |         ¥-602M |
| Median            |         ¥-654M |
| Minimum           |         ¥-832M |
| Maximum           |         ¥-267M |
+−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−+

From the presentation slides:
Page 4, System Failure Caused by Large-scale Cyberattack: Status of Information Leakage and Prevention of Secondary Damage:

System Failure Caused by Large-scale Cyberattack: Status of Information Leakage and Prevention of Secondary Damage

◆ Information confirmed to have leaked externally (as of November 1)
✓ Number of pieces of information leaked (information concerning 261,956 people in total)
➢ Personal information: Information related to DWANGO Co., Ltd., KADOKAWA DWANGO Educational Institute, N Progressive School, N/S High Schools
➢ Corporate information: Written contracts concerning DWANGO Co., Ltd., etc.
※The number of pieces of information leaked was increased by 7,715 people from the latest announcement regarding leaked information (August 5). The additions were newly determined after conducting detailed additional checks after the leak was announced. The additional information determined to have been leaked was stolen at the time of the cyber-attacks (up to June 8), and was not newly stolen over the period from that time to the present.

■ Prevention of Secondary Damage Related to the Information Leaks Including Legal Measures
◆ Strict measures are taken to minimize all of those involved from suffering secondary damages and to ensure their rights and interests, including privacy, are protected.
➢ During ongoing monitoring, the response team identified posts recognized as malicious that involved spreading information that had been disclosed by the organization alleged to have carried out the cyber-attacks on anonymous bulletin boards and social media. Requests for deletion and the disclosure of information are underway with the operators of the websites concerned
➢ To preserve evidence of those who have spread the information with highly malicious intent, we are engaged in legal measures including criminal prosecution and criminal charges
✓ Number of Cases of Acts of Information Dissemination Recognized as Malicious (as of November 1)
✓ DWANGO Co., Ltd.: 934
✓ KADOKAWA DWANGO Educational Institute: 70
✓ Number of Deletion and Disclosure Requests: 385
✓ Progress of Legal Measures: Legal actions in progress in cooperation with lawyers and outside experts, etc.

Page 8, Consolidated Earnings Forecasts for the Fiscal Year Ending March 31, 2025:

Consolidated Earnings Forecasts for the Fiscal Year Ending March 31, 2025
• Net sales: Net sales from Animation/Film will increase and the impact of the drop in profit due to the Web Services cyber -attack will decrease, despite downward revision in gaming.
• Operating profit: Though animation and gaming operating expenses will increase, the impact of the drop in profit due to the W eb Services cyberattack will decrease.
• Ordinary profit: Ordinary profit and profit attributable to owners of parent (net profit) are revised downward due to a foreign exchange loss.
• Net profit: Extraordinary losses due to cyber-attacks will be less than expected, but we revised the forecast downward due to foreign exchange losses.

Page 18, Gaming Segment:

New titles for consoles and PCs
YoY -52.8%
Composition ratio: 17%

Repeat sales for consoles and PCs
YoY +20.3%
Composition ratio: 11%

Royalties for consoles and PCs
YoY +340.5%
Composition ratio: 47%

Others
YoY +29.4%
Composition ratio: 25%

• Sales increased in the segment overall both YTD and in 2Q, with the significant contribution of original ELDEN RING and its DLC.
• For DLC sales, in addition to domestic sales, international sales regarding actual figures based on June shipments and estimates based on July-to-September shipments were recorded in 2Q, driving increased sales in the "Royalties" category mentioned above
• Due to DLC sales, the popularity of the original ELDEN RING accelerated once more, contributing to increased “Repeat" sales

• As a result of sales increase as mentioned above, operating profit increased both YTD and in 2Q.
• In addition to stock option expenses for FromSoftware from this fiscal year, in 2Q a write-down was recorded for mobile games (total of around 1.7 billion yen)

Future outlook
• We will strive to maximize the LTV of popular game titles such as ELDEN RING.
• For medium- to long-term growth, the development pipeline is being expanded
• We are developing a structure to expand the scope of in-house publishing for console and PC games
• For mobile games, we are pursuing new development studios to increase the number of titles and improve quality.

Page 26, IP Creation: Games:

Expand the game development pipeline

Achieving a structure where the Group is able to constantly release new games by steadily expanding the development and publishing pipeline

20 Console Titles in Development

6 Mobile Games in Development

Page 38, Net Sales of the Top Ten Best-Selling Titles（including sales from rights licensing, KADOKAWA Non-consolidated:

Publication/IP Creation	*Applies to entire series from starting year of publication to the latest release
Rank	Title Name (Series)	Year First Published
1	Delicious in Dungeon	2015
2	Pan Dorobou	2020
3	Mushoku Tensei: Jobless Reincarnation	2014
4	Sword Art Online	2009
5	Spice and Wolf	2006
6	The Irregular at Magic High School	2011
7	Rascal Does Not Dream	2014
8	Bungo Stray Dogs	2013
9	My Love Story with Yamada-kun at Lv999	2020
10	The Eminence in Shadow	2018

Animation/Film	* Applies to all titles from starting year of broadcast to the latest airing
Rank	Title Name (Series)	Year First Published
1	【OSHI NO KO】	2023
2	Delicious in Dungeon	2023
3	KONOSUBA: God's Blessing on This Wonderful World!	2016
4	Overlord	2015
5	Alya Sometimes Hides Her Feelings in Russian	2024
6	Unnamed Memory	2024
7	The Eminence in Shadow	2022
8	Re:ZERO -Starting Life in Another World-	2016
9	Gods' Games We Play	2024
10	Bungo Stray Dogs	2016

Page 40, Gaming Segment:

	FY2023				FY2024
	1Q	2Q	3Q	4Q	1Q	2Q
Number of newly released titles for consoles and PCs	2	3	1	3	3	1
Total number of copies sold (million copies)	0.98	1.80	0.87	1.10	1.30	0.93

Page 43, International Net Sales.

Page 47, Q&A:

Q08 What are the actual and projected sales of the DLC for ELDEN RING in this fiscal year?

A We do not disclose sales results and forecasts for individual titles.

Kadokawa FY3/2025 Q2 Earnings Release. Gaming segment: Net Sales Cml.: ¥18,149M (+32.77% YoY), Op. Income Cml.: ¥6,072M (+50.74% YoY)

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(They publish Dark Souls)