CyberAgent Incorporated · TSE:4751
CyberAgent — FY2026 Earnings Presentation
58 slides from CyberAgent's earnings presentation, Nov 11, 2026
Slide 1: FY2026 Presentation Material
@A CyberAgent. FY2026 PRESENTATION MATERIAL October 2025 to September 2026 November 11, 2026
Slide 2: Forward-looking statement
[Forward-looking statement] 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 risks and unc
Slide 3: Contents
0. Contents 1. FY2026 Full Year Results (October 2025 -September 2026) 2. Our Perspective to Business Outlook 3. Share Repurchase and Financial Indicators 4. FY 2027 Forecast 5. Media & IP Business 6. Internet Advertisement Business 7. Game Business 8. Medium to Long-Term Strategy 9. References - Qu
Slide 4: FY2026 Full Year Results
FY2026 Full Year Results October 2025 - September 2026 3
Slide 5: FY2026 Full Year Results highlights
1. Full Year Results Sales have grown for 29 years since founding Sales 970.6 billion yen up 11.1% YoY FY2026 OP significantly exceeded earnings forecasts and increased year-over-year OP 77.2 billion yen up 7.7% YoY Multi-layered revenue streams grew steadily Sales 250.0 billion yen up 8.0% YoY Medi
Slide 6: Consolidated Sales 970.6 billion yen, up 11.1%
1. Full Year Results 970.6 [Consolidated Sales] YoY +11.1％ 874.0 801.2 29 years since the founding, 719.4 sales are growing continuously 709.9 666.1 FY2026 970.6 billion yen (up 11.1% YoY) 478.5 453.6 419.5 371.3 310.6 254.3 205.2 162.4 141.1 119.5 93.8 96.6 87.0 76.0 60.1 43.2 26.7 6.3 10.8 16.2 Bi
Slide 7: Consolidated OP 77.2 billion yen, up 7.7%
1. Full Year Results [Consolidated OP] 104.0 77.2 YoY 71.7 +7.7％ We achieved OP growth for three consecutive years 67.5 from FY 2023 as the bottom line FY2026 77.2 billion yen (up 7.7% YoY) 40.0 36.7 33.8 32.7 30.7 30.1 30.8 22.2 22.3 17.4 14.3 10.3 9.3 5.5 4.3 4.6 4.4 2.6 Billion Yen 1.7 FY2000FY20
Slide 8: SG&A Expenses 215.4 billion yen
1. Full Year Results [SG&A Expenses] 215.4 3.2 192.3 3.6 48.1 178.6 169.2 2.5 Year-end bonuses are paid 42.6 7.1 150.9 37.8 34.4 11.6 FY2026 215.4 billion yen (up 12.0% YoY) 28.5 5.6 3.9 11.1 12.6 9.9 10.4 9.4 7.2 10.1 7.3 9.6 6.4 5.3 57.7 53.4 49.3 47.4 42.8 Special incentives 62.4 Other * 3.2 Rese
Slide 9: Number of Employees
1. Full Year Results 8,864 [No. of Employees] 11 8,284 556 11 7,850 537 11 7,374 489 12 432 Employee head count grew by 580 6,472 3,252 13 including 402 new graduates 365 3,045 2,955 2,738 FY2026 8,864 2,429 2,690 2,636 2,498 2,381 Investment Development 1,962 Headquarters 8,340 8,284 11 11 7,878 7,
Slide 10: PL: Net income at record high
1. Full Year Results [PL] Net income reached a record high of 43 billion yen, grew by 35% year-over-year Unit: million yen FY2026 FY2025 YoY Net Sales 970,618 874,030 11.1% Gross profit 292,665 264,051 10.8% SG&A expenses 215,416 192,349 12.0% Operating income 77,249 71,702 7.7% Operating margin 8.0
Slide 11: BS
1. Full Year Results [BS] Unit: million yen End of Sept. 2026 End of Sept. 2025 YoY Current assets 414,937 390,215 6.3% (Cash deposits) 234,222 229,849 1.9% Fixed assets 180,860 166,908 8.4% Total assets 595,826 557,162 6.9% Current liabilities 189,304 177,791 6.5% (Income tax payable) 12,968 20,797
Slide 12: Our Perspective to Business Outlook
Our Perspective to Business Outlook 11
Slide 13: Sales: strong increase for 3 years
Sales 970.6 Billion Yen 1 874.0 3 years 801.2 1 719.4 1 9 Strong increase 7 5 3 1 - FY2023 FY2024 FY2025 FY2026 12
Slide 14: OP: consecutive growth for 3 years
77.2 8,000 Billion 800 OP Yen 7,000 71.7 3 years 6,000 600 5,000 40.0 Consecutive growth 4,000 400 3,000 2,000 22.3 200 1,000 0 0 FY2023 FY2024 FY2025 FY2026 13
Slide 15: FY2026 ROE
25% ROE 22.0 24% 23% % 22% 21% 20% 19% 18.9 FY2026 18% 17% 16% 22 15% 14% 13% 12% 11% 10.8 ROE % 10% 9% 8% 7% TSE Prime Market 6% Average 9.2 % * 5% 4% 3% 2.5 2% 1% 0% FY2023 FY2024 FY2025 FY2026 * TSE Prime Market Average: The average data of 1,430 companies of all industries on the Prime Market by
Slide 16: Market Valuation
Market Valuation 2,500 PER 15 2,000 1,500 X * 1,000 It does not fully reflectour fundamentals 500 0 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 (Stock Price) * PER: As of September 30, 2026 15
Slide 17: Forecast vs. Actual Variance
Forecast vs. Actual Variance Reason for variance 77.2 Billion Yen 71.7 Actual Difficulty in reasonably forecasting Actual Game business 60.0 ～ 50.0 Forecast 42.0 40.0 Forecast Actual 30.0 Over time, we gained a deeper Forecast understanding of the success rate and sustainability of our titles Consol
Slide 18: Success Rate of Our Major Mobile Games
Success Rate of Our Major Mobile Games 88 Actual % *1 *1 Success Rate of Our Major Mobile Games: 7 Games with monthly sales 1 billion yen or more after “UMA MUSUME: Pretty Derby”/ 8 Games with development cost of more than 1 billion yen *2 Copyrights are stated on the last page. 17
Slide 19: Title Pipeline
Title Pipeline Upcoming major 4,000.0 mobile games 3,500.0 NEW NEW NEW NEW by FY 2030 1 2 4 5 3,000.0 NEW NEW 3 6 2,500.0 NEW 7 2,000.0 1,500.0 titles *1 1,000.0 500.0 Game Business Sales 0.0 FY2030 *1 Title pipeline: The number of major mobile games under development with more than ¥1 billion devel
Slide 20: Share Repurchase and Financial Indicators
Share Repurchase and Financial Indicators 19
Slide 21: Acquisition of Own Shares: ¥12 Billion Share Repurchase
Acquisition of Own Shares ¥12 Billion Share Repurchase Period * November 12, 2026 – January 29, 2027 * Period : From November 12, 2026, to the earlier of 1) January 29, 2027, 2) the date on which either the total number of shares to be repurchased (10,000,000 shares) or the total purchase amount rea
Slide 22: ROE outlook
25% Outlook 22.0% 24% 23% 22% 21% 20% 19% 18.9 20 18% 17% 16% 15% 14% ROE 13% 10.8 % 12% 11% *1 10% 9% as a benchmark 8% 7% TSE Prime Market Average 9.2 % *2 of financial indicator 6% 5% 4% 3% 2.5 2% 1% 0% FY2023 FY2024 FY2025 FY2026 *1 ROE 20%: Excluding extraordinary losses and other exceptional f
Slide 23: Dividend: DOE 5% is maintained
Dividend 11.1 Billion Yen DOE 5% is maintained 10.1 FY2027 8.6 Forecast 8.1 7.0 ¥22 7.5 22 Yen 20 17 5.5 16 Total Dividends 15 14 4.0 4.0 4.1 4.2 11 8 8 8.25 8.5 Dividend per Share Increase FY2017 FY2018 FY2019 FY2020 FY2021 FY2022 FY2023 FY2024 FY2025 FY2026E FY2027E *Dividend per share: Each amoun
Slide 24: FY2027 Forecast
FY2027 Forecast 23
Slide 25: Financial Forecast Based on Current Visibility
Financial Forecast Based on Current Visibility Sales OP ¥1.07 Trillion ¥66.0 Billion 24
Slide 26: FY2027 Forecast
FY2027 Forecast Unit: billion yen FY2027E FY2026 YoY Net Sales 1,070.0 970.6 +10.2% Operating income 66.0 77.2 −14.6% Ordinary income 66.0 78.8 −16.3% 35.0 43.0 −18.6% Net income attributable to owners of the parent 25
Slide 27: Media & IP
@A CyberAgent. Media & IP
Slide 28: Media & IP Full Year Sales
5. Media & IP Business [Full Year Sales] 250.0 YoY 231.5 ＋8.0% 200.1 Growth is built across multiple revenue streams 168.4 FY2026 250.0 billion yen (up 8.0% YoY) 136.4 Billion Yen FY2022 FY2023 FY2024 FY2025 FY2026 27
Slide 29: Media & IP Full Year OP
5. Media & IP Business [Full Year OP] FY2022 FY2023 FY2024 FY2025 FY2026 14.8 YoY 2.0x OP doubled, driven by the shift to profitability of AbemaTV, Inc. 7.2 FY2026 14.8 billion yen (2.0x YoY) Billion Yen -1.4 -12.5 -13.2 * Shift to profitability of AbemaTV, Inc does not include the payment of specia
Slide 30: AbemaTV: profit 10 years after launch
5. Media & IP Business [AbemaTV, Inc. ] YoY +15.4％ 67.1 10 years after launch, 58.1 ABEMA delivered profit in the full year* 52.4 44.9 36.5 25.8 ABEMA 15.3 Achieved Launch 10.8 Profitability* 6.0 Sales 1.8 0 0.2 0.2 -0.02 Operating -4.2 -6.5 -9.1 Results -11.3 -13.6 -16.1 The 2022 FIFA World Cup -16
Slide 31: ABEMA original programs viewership
5. Media & IP Business [ABEMA] Viewership of original programs such as the dating reality shows, drama, and variety shows grew steadily The quality of our work has been recognized, with nominations in ten categories at various international awards * The number of nomination: as of October 2026 ©Abem
Slide 32: ABEMA WAU reached 30 million
5. Media & IP Business [Weekly active users (WAU) of ABEMA] Exceeded WAU reached 30 million, grew by 12% YoY * 30 million 30 3,000 million FIFA World Cup 25 2,500 million 20 2,000 million 15 1,500 million 10 1,000 million 5 million 500 00 * YoY comparison: Average WAU from the week of July 7 to the
Slide 33: Partnership with MAPPA and stake in MHD
5. Media & IP Business CyberAgent partnered with MAPPA Co., Ltd and acquired a stake in its parent company, MHD Co., Ltd Reviewing extensive initiatives from planning and production of anime, broadcast and streaming, games, merchandise, and live events 32
Slide 34: Expanding IP business
5. Media & IP Business [IP Business] Expanding IP business such as anime production, partnership, and global marketing 3 Animation Studios Partnerships Strengthening Global Marketing Anime Expo & World Tour * Copyrights are stated on the last page. 33
Slide 35: Nurturing and maximizing IP in FY2027
5. Media & IP Business [IP Business] We are fully committed to nurturing and maximizing the IP in FY 2027 * Kagurabachi: ©Takeru Hokazono / Shueisha・Kagurabachi Project A co-production of Shochiku Co., Ltd. and CyberAgent, Inc. 34
Slide 36: Group synergies driving high profitability
5. Media & IP Business Leveraging unique group synergies of CyberAgent to drive high profitability IP Creation Expansion Monetization Distribution Event/Merchandise Originals/Comic Global Advertising collaboration Animation studio Game 35
Slide 37: Internet Advertisement
@A CyberAgent. Internet Advertisement
Slide 38: Internet Advertisement Full Year Sales
6. Internet Advertisement Business [Full Year Sales] 487.6 YoY 461.2 +5.7% 434.6 Sales achieved a new record high 404.5 367.0 FY2026 487.6 billion yen (up 5.7% YoY) Billion Yen FY2022 FY2023 FY2024 FY2025 FY2026 * Sales in FY2022 exclude MicroAd, Inc. which became unconsolidated subsidiary. 37
Slide 39: Internet Advertisement Full Year OP
6. Internet Advertisement Business [Full Year OP] 23.7 20.4 OP increased while the investment in 18.5 AI is maintained YoY 17.6 17.4 +5.2% FY2026 18.5 billion yen (up 5.2% YoY) Billion Yen FY2022 FY2023 FY2024 FY2025 FY2026 38
Slide 40: Maximizing client satisfaction and value creation
6. Internet Advertisement Business We view the paradigm shift as a growth opportunity and aim to expand our share by leveraging our change capability Organization built on expertise Paradigm Shift Jun. 2026 Search ads in the AI era AI Search Marketing Division Jun. 2026 Evolution of AI Popular platf
Slide 41: Maximizing advertising effectiveness with proprietary AI agents
6. Internet Advertisement Business Maximizing advertising effectiveness with proprietary AI agents Competitive Advantages Sales Capabilities & Scale Advantage Advanced AI Expertise Approx. 1,400 advertisers * Proprietary AI Agents NEW NEW Account Structure Ad Delivery PDCA Analytics Creative Product
Slide 42: Game
@A CyberAgent. Game 41
Slide 43: Game Full Year Sales
7. Game Business [Full Year Sales] 100.0% 300.0 277.3 90.0% YoY Sales increased significantly, driven by ＋28.0% strong performance of major games, 250.0 80.0% 228.3 overseas expansion, and new hit games 216.7 70.0% 200.0 195.9 60.0% 179.1 FY2026 277.3 billion yen (up 28.0% YoY) 50.0% 150.0 40.0% 100
Slide 44: Game Full Year OP
7. Game Business [Full Year OP] 70.0 60.5 60.0 60.0 60.0 OP remained flat, outperforming initial forecast of year-over-year decrease 50.0 FY2026 60.0 billion yen 40.0 30.5 30.0 22.7 20.0 10.0 Billion Yen 0.0 FY2022 FY2023 FY2024 FY2025 FY2026 43
Slide 45: hololive Dreams launch
7. Game Business hololive Dreams launched worldwide on July 23, 2026 *1 Off to a strong start, averaging No. 6*2 on the top-grossing chart in its first month *1 hololive Dreams is released worldwide (except for certain regions) for mobile and Steam® *2 The game averaged 6th in Japan top-grossing ran
Slide 46: High success rate and many major game titles
7. Game Business We boast a high success rate and operate many major game titles hololive Dreams SD Gundam G Generation ETERNAL 1 yr Gakuen iDOLM@STER 2 yrs Jujutsu Kaisen Phantom Parade 2 yrs Umamusume: Pretty Derby 5 yrs Project SEKAI Colorful Stage! Feat. Hatsune Miku 6 yrs PRINCESS CONNECT! Re:D
Slide 47: Strong mobile game pipeline until FY2030
7. Game Business Strong mobile game pipeline featuring 7 major releases until FY 2030 *1 NEW NEW NEW NEW 277.3 ① ② ④ ⑤ 262.7 NEW NEW ③ ⑥ 228.3 216.7 NEW 195.9 ⑦ 179.1 155.8 152.2 146.5 140.3 122.6 87.0 Billion Yen 50.7 Game Business Sales FY2014 FY2015 FY2016 FY2017 FY2018 FY2019 FY2020 FY2021 FY202
Slide 48: Medium to Long-Term Strategy
Medium to Long-Term Strategy 47
Slide 49: Developing original IPs leveraging unique strengths
8. Medium to Long-Term Strategy We aim to develop original IPs by leveraging our unique strengths Traffic Driver Monetization ABEMA Game No.1 Mobile 30M Approx. Weekly Active IP Game Company in Japan* Users Marketing Ad Top–tier Digital Marketing Agency in Japan * The comparison is based on publicly
Slide 50: Aiming to be a company with medium to long-term supporters
Aiming to be a company with medium to long-term supporters 49
Slide 51: Reference - Quarterly Results
Reference - Quarterly Results (July – September 2026) 50
Slide 52: Q4 Consolidated Sales 261.3 billion yen
9. Reference_ Quarterly Results (July – September 2026) [Consolidated Sales] 246.2 261.3 YoY 242.0 +8.0％ 232.3 230.6 214.7 217.3 210.7 261.3 billion yen (up 8.0% YoY) 203.7 203.8 Q4 190.9 195.4 192.6 190.0 185.0 176.0 170.9 171.9 171.5 167.4 Billion Yen 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4
Slide 53: Q4 Consolidated OP 9.7 billion yen
9. Reference_ Quarterly Results (July – September 2026) [Consolidated OP] 29.0 25.3 9.7 billion yen (down 57.2% YoY) 23.3 22.9 Q4 20.7 20.8 19.6 19.6 18.2 14.9 12.7 9.8 9.7 8.2 8.3 5.8 5.2 4.9 0.9 Billion Yen -1.7 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q FY2022 FY2023 FY2024 FY202
Slide 54: Q4 SG&A Expenses 62.7 billion yen
9. Reference_ Quarterly Results (July – September 2026) [SG&A Expenses] 62.7 3.2 57.8 3.6 51.5 12.9 50.8 50.1 50.0 Q4 62.7 billion yen (up 8.5% YoY) 44.8 44.4 2.5 45.6 44.9 11.8 11.9 2.2 43.8 11.1 43.5 43.7 12.1 2.9 40.7 40.7 40.4 1.0 40.1 10.2 2.8 3.5 38.1 9.4 10.4 10.0 1.3 1.7 37.3 9.0 9.4 9.2 9.6
Slide 55: Total headcount was 8,864
9. Reference_ Quarterly Results (July – September 2026) 8,864 [No. of Employees] 8,878 10 11 556 8,340 554 8,284 8,264 8,267 11 11 11 11 7,958 7,878 7,850 7,922 541 537 541 539 12 12 11 11 499 514 482 489 7,374 7,336 7,390 7,241 12 10 10 13 Total headcount was 8,864 432 445 457 416 6,682 6,563 3,252
Slide 56: Quarterly Results PL
9. Reference_ Quarterly Results (July – September 2026) [PL] Unit: million yen FY2026 Q4 FY2025 Q4 YoY FY2026 Q3 QoQ Net Sales 261,345 242,037 8.0% 230,688 13.3% Gross profit 72,579 80,745 -10.1% 65,183 11.3% SG&A expenses 62,779 57,842 8.5% 50,193 25.1% Operating income 9,799 22,903 -57.2% 14,990 -
Slide 57: Quarterly Results BS
9. Reference_ Quarterly Results (July – September 2026) [BS] End of End of End of Unit: million yen YoY QoQ Sep. 2026 Sep. 2025 Jun. 2026 Current assets 414,937 390,215 6.3% 374,093 10.9% (Cash deposits) 234,222 229,849 1.9% 212,081 10.4% Fixed assets 180,860 166,908 8.4% 177,047 2.2% Total assets 5
Slide 58: Copyrights
Copyrights of Page 17 1 Umamusume: Pretty Derby: © Cygames, Inc. 2 Gakuen iDOLM@STER : THE IDOLM@STER & ©Bandai Namco Entertainment Inc. 3 Shadowverse: Worlds Beyond: © Cygames, Inc. 4 FINAL FANTASY VII EVER CRISIS :© SQUARE ENIX Powered by Applibot, Inc. Character Design: TETSUYA NOMURA / Character