Gree Holdings.inc. · TSE:3632
Gree Holdings.inc — Q3 FY2026 Earnings Presentation
77 slides from Gree Holdings.inc's earnings presentation, May 13, 2026
Slide 1: Third Quarter FY2026 Financial Results
GREE Holdings, Inc. Third Quarter FY2026 Financial Results May 13, 2026 Copyright © GREE Holdings, Inc. All Rights Reserved.
Slide 2: Executive Summary (Q3 FY26)
Executive Summary (Q3 FY26) Overview ◼ Profit surpassed expectations, driven mainly by the Game Business (Four Segments) ⁃ Net sales ¥12.7 billion (QoQ +¥0.5 billion), operating profit ¥1.6 billion (QoQ +¥1.0 billion) ◼ Successful anniversary campaigns for mainstay titles enabled us to secure profit
Slide 3: Contents
Contents 1. Financial Results Overview 2. Progress Toward Achievement of Management Plan Targets 3. Progress Made in Each Business Segment 4. Appendix Copyright © GREE Holdings, Inc. All Rights Reserved.
Slide 4: Contents
Contents 1. Financial Results Overview 2. Progress Toward Achievement of Management Plan Targets 3. Progress Made in Each Business Segment 4. Appendix Copyright © GREE Holdings, Inc. All Rights Reserved.
Slide 5: Financial Results Overview (Consolidated)
1. Financial Results Overview Financial Results Overview (Consolidated) Net sales ¥13.0 billion, operating profit ¥1.0 billion, EBITDA ¥1.1 billion Billions of yen FY26 FY26 FY25 Q3 QoQ YoY Q2 Q3 Net sales 12.97 0.27 +2% -1.64 -11% 12.71 14.62 Operating profit 0.95 0.55 +138% -0.64 -40% 0.40 1.59 Or
Slide 6: Financial Results Overview (Four Segments)
1. Financial Results Overview Financial Results Overview (Four Segments) Net sales ¥12.7 billion, operating profit ¥1.6 billion, EBITDA ¥1.7 billion Billions of yen FY26 FY26 FY25 Q3 QoQ YoY Q2 Q3 Net sales 12.67 0.52 +4% -1.39 -10% 12.14 14.05 Operating profit 1.58 0.98 +166% -0.12 -7% 0.59 1.70 EB
Slide 7: Operating Profit Analysis (Four Segments)
1. Financial Results Overview Operating Profit Analysis (Four Segments) Profit surpassed expectations, with operating profit of ¥1.6 billion Billions of yen ¥0.98bn Increase +0.57 1.58 +0.52 -0.10 Increase in Decrease in 0.59 variable costs fixed costs Operating Increase in Operating sales profit pr
Slide 8: Cost Structure (Four Segments)
1. Financial Results Overview Cost Structure (Four Segments) Total costs down ¥0.5 billion QoQ, to ¥11.1 billion Billions of yen FY26 FY26 FY25 Factors in Change (QoQ) Q3 QoQ YoY Q2 Q3 Advertising 0.53 0.05 -0.55 - 0.49 1.08 Commission fees, etc. 2.61 0.10 -1.06 Increase in royalty payments due to s
Slide 9: Changes to Dividend Policy and Dividend Forecast
1. Financial Results Overview Changes to Dividend Policy and Dividend Forecast In accordance with the new policy, we plan to increase our dividend by ¥7 per share to ¥21.5 Changes to Dividend Policy Dividend Forecast Maintain DOE of around 3%, consolidated dividend payout ratio of 30% or FY26 Foreca
Slide 10: Changes to Dividend Policy
1. Financial Results Overview Changes to Dividend Policy Raising our DOE target to around 4% to improve capital efficiency and further strengthen shareholder returns Background for Dividend Policy Change Trends in Per-share Dividend and DOE Yen ◼ Improving Capital Efficiency 4.0% ✓ Effectively utili
Slide 11: Contents
Contents 1. Financial Results Overview 2. Progress Toward Achievement of Management Plan Targets 3. Progress Made in Each Business Segment 4. Appendix Copyright © GREE Holdings, Inc. All Rights Reserved.
Slide 12: Progress Toward Achievement of Management Plan Targets
Progress Toward Achievement of Management Plan Targets Senior Vice President, Chief Strategy Officer Sanku Shino Copyright © GREE Holdings, Inc. All Rights Reserved.
Slide 13: Sales and Operating Profit (Four Segments)
2. Progress Toward Achievement of Management Plan Targets Sales and Operating Profit (Four Segments) Sales Operating Profit Billions of yen QoQ +4% YoY -10% Billions of yen QoQ +166% YoY -7% 20.3 20.1 3.6 19.1 19.0 3.1 16.4 16.1 16.3 15.8 16.0 15.4 15.2 15.5 15.2 15.0 13.9 13.9 13.8 14.1 13.7 2.5 13
Slide 14: Vision for Long-term Growth
2. Progress Toward Achievement of Management Plan Targets Vision for Long-term Growth We aim for long-term growth and maximization of corporate value through steady growth in core earnings from continuous growth businesses and by taking advantage of profit upswings from long-term investment business
Slide 15: Sales and Operating Profit (Continuous Growth Business)
2. Progress Toward Achievement of Management Plan Targets Sales and Operating Profit (Continuous Growth Business) Sales Operating Profit QoQ -5% YoY +7% Share 37% QoQ -17% YoY -2% Share 32% Billions of yen Billions of yen 4.14.44.44.34.6 4.7 5.0 4.1 3.33.43.43.63.93.93.93.8 3.94.04.0 0.7 0.80.8 0.7
Slide 16: Business Conditions (Four Segments)
2. Progress Toward Achievement of Management Plan Targets Business Conditions (Four Segments) Sales and Operating Profit Focus Points Sales: QoQ +4% YoY -10% / Operating Profit: QoQ +166% YoY -7% Billions of yen ◼ Operating profit rose 166% QoQ, 14.05 13.28 greatly surpassing expectations on 12.67 s
Slide 17: Earnings Estimates (Q4 FY26, Four Segments)
2. Progress Toward Achievement of Management Plan Targets Earnings Estimates (Q4 FY26, Four Segments) Sales and Operating Profit Focus Points Sales: QoQ +0% YoY -4% / Operating Profit: QoQ -32% YoY -37% Billions of yen 13.28 ◼ We expect firm QoQ results despite 12.67 12.72 the impact of a reactive d
Slide 18: Earnings Forecast and Estimates (Full-Year FY26, Four Segments)
2. Progress Toward Achievement of Management Plan Targets Earnings Forecast and Estimates (Full-Year FY26, Four Segments) Sales and Operating Profit Focus Points Sales: YoY -8% / Operating Profit: YoY -18% Billions of yen ◼ Based on our strong Q3 results, we 58.7 58.1 now expect full-year operating
Slide 19: Medium-term Targets (Four Segments)
2. Progress Toward Achievement of Management Plan Targets Medium-term Targets (Four Segments) Sales and Operating Profit Focus Points Profit CAGR(26-28)：49% Billions of yen 65.1 65.7 ◼ In order to ensure achievement of a return to growth in sales and profit 58.7 53.8 starting in FY27 after reaching
Slide 20: Contents
Contents 1. Financial Results Overview 2. Progress Toward Achievement of Management Plan Targets 3. Progress Made in Each Business Segment 4. Appendix Copyright © GREE Holdings, Inc. All Rights Reserved.
Slide 21: Sales and Operating Income by Segment
3. Progress Made in Each Business Segment Sales and Operating Income by Segment Billions of yen FY25 FY26 QoQ YoY Q3 Q4 Q1 Q2 Q3 Sales 9.71 9.06 7.50 7.15 7.98 0.83 +12% -1.73 -18% Game Operating profit 1.30 1.63 0.78 0.50 1.42 0.93 +187% 0.12 +9% Sales 2.16 2.08 2.13 2.27 2.29 0.02 +1% 0.13 +6% VTu
Slide 22: Progress Made Toward Full-Year FY26 Targets
3. Progress Made in Each Business Segment Progress Made Toward Full-Year FY26 Targets FY25 Results 25％ 50％ 75％ YoY Sales 64％ ¥22.6bn ¥35.4bn ¥36.9bn -4% Game Operating profit 80% ¥2.7bn ¥3.4bn ¥4.6bn -26% Sales 58% ¥6.7bn ¥11.6bn ¥8.3bn +40% VTuber Operating profit 49% ¥0.9bn ¥1.8bn ¥0.7bn +177% Sal
Slide 23: Earnings Estimates and Forecast by Segment
3. Progress Made in Each Business Segment Earnings Estimates and Forecast by Segment Billions of yen Full-Year Q4 FY26 Full-Year FY26 Q3 FY26 FY25 Estimates QoQ Forecast YoY Results Results Sales 7.13 -0.84 -11% 35.4 -1.5 -4% 7.98 36.9 Game Operating profit 0.72 -0.70 -49% 3.4 -1.2 -26% 1.42 4.6 Sal
Slide 24: Game Business
Game Business Senior Vice President Yota Yanagihara Copyright © GREE Holdings, Inc. All Rights Reserved.
Slide 25: Sales and Operating Profit
3. Progress Made in Each Business Segment: Game Business Sales and Operating Profit Sales Operating Profit Billions of yen QoQ +12% YoY -18% Billions of yen QoQ +187% YoY +9% 16.8 3.4 16.5 15.9 15.3 3.1 2.7 13.0 12.7 12.6 12.2 12.1 12.4 12.4 12.4 2.5 11.7 2.4 11.4 11.2 2.2 10.9 10.8 2.2 10.0 2.1 9.1
Slide 26: Summary of the Game Business
3. Progress Made in Each Business Segment: Game Business Summary of the Game Business Sales and Operating Profit Focus Points Sales: QoQ +12% YoY -18% / Operating Profit: QoQ +187% YoY +9% Billions of yen ◼ Sales and profit were both well 9.71 9.06 above expectations owing to the 7.98 success of ann
Slide 27: Live Service Game Business
3. Progress Made in Each Business Segment: Game Business Live Service Game Business Sales and Operating Profit Focus Points Sales: QoQ +15% YoY -19% / Operating Profit: QoQ +137% YoY +53% Billions of yen ◼ Sales and profit were both well 7.93 above expectations owing to the 7.39 success of anniversa
Slide 28: Console Game Business
3. Progress Made in Each Business Segment: Game Business Console Game Business Sales and Operating Profit Focus Points Sales: QoQ ---% YoY ---% / Operating Profit: QoQ +¥0.18bn YoY -¥0.15bn Billions of yen ◼ Another Eden Begins, the new RPG for Nintendo Switch 2/Nintendo 0.00 0.00 0.00 0.00 0.00 Swi
Slide 29: Pipeline
3. Progress Made in Each Business Segment: Game Business Pipeline We are leveraging our existing RPG engines and track record of consecutive hits to plan and develop multiple titles, including a major third-party IP title ～FY25(Released) FY27 FY28 FY29~ Released Scheduled release: February 2022 Reac
Slide 30: Earnings Estimates (Q4 FY26)
3. Progress Made in Each Business Segment: Game Business Earnings Estimates (Q4 FY26) Sales and Operating Profit Focus Points Sales: QoQ -11% YoY -21% / Operating Profit: QoQ -49% YoY -56% Billions of yen ◼ In Q4, we will continue efficient 9.06 operation of existing titles and 7.98 move forward wit
Slide 31: Earnings Forecast and Estimates (Full-Year FY26)
3. Progress Made in Each Business Segment: Game Business Earnings Forecast and Estimates (Full-Year FY26) Sales and Operating Profit Focus Points Sales: YoY -19% / Operating Profit: YoY -26% Billions of yen 43.1 ◼ Based on our sizable profit outperformance in Q3, we have 36.9 35.4 raised our full-ye
Slide 32: Medium-term Targets
3. Progress Made in Each Business Segment: Game Business Medium-term Targets Sales and Operating Profit Focus Points Profit CAGR(26-28)：29% Billions of yen 43.1 ◼ We conservatively factor in earnings contribution from new 36.9 35.7 titles 31.3 29.8 ◼ We will focus on leveraging our strong track reco
Slide 33: VTuber Business
VTuber Business Senior Vice President Eiji Araki Copyright © GREE Holdings, Inc. All Rights Reserved.
Slide 34: Sales and Operating Profit
3. Progress Made in Each Business Segment: VTuber Business Sales and Operating Profit Sales Operating Profit Billions of yen QoQ +1% YoY +6% Billions of yen QoQ +62% YoY +8% 2.3 2.3 0.4 0.3 2.2 2.1 0.3 2.1 2.1 2.0 2.0 1.9 1.8 1.8 0.2 1.7 1.6 1.6 0.1 1.5 0.10.1 0.1 0.1 1.5 0.1 0.1 0.1 1.3 0.1 0.1 1.2
Slide 35: Summary of the VTuber Business
3. Progress Made in Each Business Segment: VTuber Business Summary of the VTuber Business Sales and Operating Profit Focus Points Sales: QoQ +1% YoY +6% / Operating Profit: QoQ +62% YoY +8% Billions of yen 2.27 2.29 ◼ Sales and profit both fell short of 2.16 2.08 2.13 our outlook, but quarterly sale
Slide 36: Platform Business (REALITY, Inc.)
3. Progress Made in Each Business Segment: VTuber Business Platform Business (REALITY, Inc.) Sales and Operating Profit Focus Points Sales: QoQ +2% YoY -1% / Operating Profit: QoQ +24% YoY +8% Billions of yen ◼ Although sales fell short of our 1.77 1.76 1.73 1.76 expectations, they increased QoQ 1.6
Slide 37: Production Business (REALITY Studios, Inc.)
3. Progress Made in Each Business Segment: VTuber Business Production Business (REALITY Studios, Inc.) Sales and Operating Profit Focus Points Sales: QoQ -2% YoY +43% / Operating Profit: QoQ +¥0.03bn YoY +¥0.00bn Billions of yen 0.55 0.54 ◼ Sales growth remained high at 43% YoY despite a pullback fo
Slide 38: Overview of Investee Company (Brave group Inc.)
3. Progress Made in Each Business Segment: VTuber Business Overview of Investee Company (Brave group Inc.) Focus Points ◼ Brave group ✓ Third-ranking company in the industry, operates leading VTuber production groups and manages talent, including VSPO! ✓ The GREE Group was an early investor in Brave
Slide 39: Earnings Estimates (Q4 FY26)
3. Progress Made in Each Business Segment: VTuber Business Earnings Estimates (Q4 FY26) Sales and Operating Profit Focus Points Sales: QoQ +22% YoY +34% / Operating Profit: QoQ +97% YoY +523% Billions of yen 2.79 ◼ We expect to achieve profitability 23.5% on a monthly basis in the 2.27 2.29 Producti
Slide 40: Earnings Forecast and Estimates (Full-Year FY26)
3. Progress Made in Each Business Segment: VTuber Business Earnings Forecast and Estimates (Full-Year FY26) Sales and Operating Profit Focus Points Sales: YoY +14% / Operating Profit: YoY +134% Billions of yen 11.6 ◼ While our outlook reflects weaker performance through Q3 and we 9.5 expect to fall
Slide 41: Medium-term Targets
3. Progress Made in Each Business Segment: VTuber Business Medium-term Targets Sales and Operating Profit Focus Points Profit CAGR(26-28)：58% Billions of yen 17.9 ◼ While we now expect to fall short of our initial target in FY26, we have 14.9 made no changes to our medium- term high-growth targets a
Slide 42: IP Business
IP Business Senior Vice President Eiji Araki Copyright © GREE Holdings, Inc. All Rights Reserved.
Slide 43: Sales and Operating Profit
3. Progress Made in Each Business Segment: IP Business Sales and Operating Profit Sales Operating Profit Billions of yen QoQ -24% YoY -10% Billions of yen QoQ -164% YoY -163% 0.6 0.6 0.3 0.6 0.5 0.5 0.5 0.5 0.5 0.5 0.5 0.5 0.5 0.5 0.3 0.4 0.4 0.4 0.4 0.2 0.4 0.4 0.4 0.2 0.4 0.4 0.4 0.4 0.2 0.2 0.3 0
Slide 44: Summary of the IP Business
3. Progress Made in Each Business Segment: IP Business Summary of the IP Business Sales and Operating Profit Focus Points Sales: QoQ -24% YoY -10% / Operating Profit: QoQ -164% YoY -163% Billions of yen 0.51 ◼ Although sales and profit declined QoQ on a pullback resulting from 0.43 0.42 timing diffe
Slide 45: Anime Business
3. Progress Made in Each Business Segment: IP Business Anime Business Sales and Operating Profit Focus Points Sales: QoQ -25% YoY -11% / Operating Profit: QoQ -241% YoY -185% Billions of yen 0.24 ◼ Although sales and profit declined QoQ due to a pullback resulting 0.20 from timing differences in the
Slide 46: Merchandising Business
3. Progress Made in Each Business Segment: IP Business Merchandising Business Sales and Operating Profit Focus Points Sales: QoQ ---% YoY +6,055% / Operating Profit: QoQ -¥0.01bn YoY -¥0.00bn Billions of yen 0.02 ◼ We posted upfront costs in 0.02 preparation for the full-scale launch of the business
Slide 47: Entertainment Solution Business
3. Progress Made in Each Business Segment: IP Business Entertainment Solution Business Sales and Operating Profit Focus Points Sales: QoQ -41% YoY +7% / Operating Profit: QoQ -¥0.01bn YoY -¥0.05bn Billions of yen 0.04 ◼ We will continue to invest in our AI e-book translation business (AI 0.02 0.02 0
Slide 48: Earnings Estimates (Q4 FY26)
3. Progress Made in Each Business Segment: IP Business Earnings Estimates (Q4 FY26) Sales and Operating Profit Focus Points Sales: QoQ +48% YoY +39% / Operating Profit: QoQ +¥0.03bn YoY +¥0.01bn Billions of yen 0.58 ◼ We will continue to focus on launching new business groups 0.51 ◼ We expect sales
Slide 49: Earnings Forecast and Estimates (Full-Year FY26)
3. Progress Made in Each Business Segment: IP Business Earnings Forecast and Estimates (Full-Year FY26) Sales and Operating Profit Focus Points Sales: YoY +6% / Operating Profit: YoY -125% Billions of yen ◼ We expect sales to come in below 2.2 our initial forecast owing to the 1.8 ramping-up period
Slide 50: Medium-term Targets
3. Progress Made in Each Business Segment: IP Business Medium-term Targets Sales and Operating Profit Focus Points Profit CAGR(26-28)：---% Billions of yen 3.8 ◼ We position FY26 as a period of upfront investment and we will 3.1 accelerate profit growth in the Anime Business starting in FY27 by devel
Slide 51: DX Business
DX Business Vice President Kazuhisa Adachi Copyright © GREE Holdings, Inc. All Rights Reserved.
Slide 52: Sales and Operating Profit
3. Progress Made in Each Business Segment: DX Business Sales and Operating Profit Sales Operating Profit Billions of yen QoQ +2% YoY +5% Billions of yen QoQ +34% YoY -9% 1.9 1.9 1.8 0.3 1.8 1.8 1.8 1.8 1.7 1.8 1.8 1.8 0.3 1.7 1.7 1.7 0.3 1.6 1.6 0.3 0.3 1.6 1.6 1.5 1.5 1.5 1.5 0.3 1.5 0.3 0.2 0.2 0.
Slide 53: Summary of the DX Business
3. Progress Made in Each Business Segment: DX Business Summary of the DX Business Sales and Operating Profit Focus Points Sales: QoQ +2% YoY +5% / Operating Profit: QoQ +34% YoY -9% Billions of yen 1.92 1.88 ◼ Sales trended broadly in line with 1.79 1.84 expectations and operating profit 1.75 came i
Slide 54: Earnings Estimates (Q4 FY26)
3. Progress Made in Each Business Segment: DX Business Earnings Estimates (Q4 FY26) Sales and Operating Profit Focus Points Sales: QoQ +6% YoY +13% / Operating Profit: QoQ +11% YoY +27% Billions of yen 1.98 ◼ We continued to steadily build up 1.92 1.88 1.84 earnings amid strong orders in the 1.75 DX
Slide 55: Earnings Forecast and Estimates (Full-Year FY26)
3. Progress Made in Each Business Segment: DX Business Earnings Forecast and Estimates (Full-Year FY26) Sales and Operating Profit Focus Points Sales: YoY +8% / Operating Profit: YoY +6% Billions of yen ◼ We expect sales to fall short of our 8.9 initial forecast as there was no 7.6 contribution from
Slide 56: Medium-term Targets
3. Progress Made in Each Business Segment: DX Business Medium-term Targets Sales and Operating Profit Focus Points Profit CAGR(26-28)：15% Billions of yen 12.2 ◼ We aim to complete the transition 11.0 to a recurring-earnings-type business structure that produces stable earnings and to establish 7.6 B
Slide 57: Contents
Contents 1. Financial Results Overview 2. Progress Toward Achievement of Management Plan Targets 3. Progress Made in Each Business Segment 4. Appendix Copyright © GREE Holdings, Inc. All Rights Reserved.
Slide 58: Operating Profit Analysis (Consolidated)
4. Appendix: Financial Results Overview Operating Profit Analysis (Consolidated) Profit up QoQ, operating profit was ¥1.0 billion Billions of yen ¥0.55bn Increase +0.50 0.95 +0.27 -0.21 0.40 Increase in Decrease in Increase in variable costs fixed costs Operating sales Operating profit profit Q2 FY2
Slide 59: Cost Structure (Consolidated, variable and fixed costs)
4. Appendix: Financial Results Overview Cost Structure (Consolidated, variable and fixed costs) Total costs down ¥0.3 billion QoQ, to ¥12.0 billion Billions of yen FY26 FY26 FY25 Factors in Change (QoQ) Q3 QoQ YoY Q2 Q3 Advertising 0.53 0.05 -0.55 - 0.49 1.08 Commission fees, etc. 2.61 0.10 -1.06 In
Slide 60: Cost Structure (Consolidated, cost of sales and SG&A)
4. Appendix: Financial Results Overview Cost Structure (Consolidated, cost of sales and SG&A) Billions of yen FY26 FY26 FY25 Q3 QoQ YoY Q2 Q3 Rental costs 0.48 -0.05 -0.04 0.53 0.52 Labor costs 2.20 -0.35 -0.22 2.55 2.42 Others 4.16 0.11 0.24 4.05 3.92 Cost of sales 6.84 -0.29 -0.02 7.13 6.86 Advert
Slide 61: Balance Sheet (Consolidated)
4. Appendix: Financial Results Overview Balance Sheet (Consolidated) Billions of yen FY26 FY26 FY25 Q3 QoQ YoY Q2 Q3 Current assets 112.6 3.5 2.6 109.2 110.0 Non-current assets 11.1 -4.1 -4.7 15.2 15.8 Total assets 123.7 -0.6 -2.1 124.3 125.8 Current liabilities 17.8 -1.4 -3.4 19.2 21.1 Non-current
Slide 62: Balance Sheet (GREE Holdings, Inc., standalone basis)
4. Appendix: Financial Results Overview Balance Sheet (GREE Holdings, Inc., standalone basis) Billions of yen FY26 FY26 FY25 Q3 QoQ YoY Q2 Q3 Current assets 68.1 -2.2 -14.7 70.1 76.0 Non-current assets 26.8 2.6 11.6 24.2 21.5 Total assets 94.8 0.5 -3.2 94.3 97.4 Current liabilities 18.1 -0.0 -1.2 18
Slide 63: Plan for the Anime Business
4. Appendix: IP Business Plan for the Anime Business We aim to further stabilize earnings through the acquisition of anime production capabilities over the medium-to- long term by developing flagship titles into series and securing recurring licensing earnings while steadily building a portfolio of
Slide 64: DX Solutions Business
4. Appendix: DX Business DX Solutions Business Sales and Operating Profit Focus Points Sales: QoQ -2% YoY -6% / Operating Profit: QoQ +47% YoY -41% Billions of yen ◼ Integrated multiple services 0.77 0.74 previously offered under the DX 0.74 0.73 0.67 Solutions Business into the Aumo 5.9% brand and
Slide 65: DX Consulting Business
4. Appendix: DX Business DX Consulting Business Sales and Operating Profit Focus Points Sales: QoQ +7% YoY +18% / Operating Profit: QoQ +53% YoY +13% Billions of yen 0.97 ◼ Sales and profit increased QoQ on 0.92 rising demand for digital marketing 0.86 support services 0.77 0.77 22.4% 19.8% ◼ In add
Slide 66: Summary of the Investment Business
4. Appendix: Investment Business Summary of the Investment Business Sales and Operating Profit Focus Points Sales: QoQ -45% YoY -46% / Operating Profit: QoQ -¥0.43bn YoY -¥0.52bn Billions of yen ◼ Distributions from investment funds 0.77 0.70 were normal in Q3, but some funds posted valuation losses
Slide 67: Summary of the Investment Business
4. Appendix: Investment Business Summary of the Investment Business Long-term profit contribution, albeit with some year-to-year volatility Valuation & translation adjustments, which are the source of earnings, remain stable Long-term profit trends in the Investment Business Valuation of investments
Slide 68: Rise in unrealized value
4. Appendix: Investment Business Summary of the Investment Business Quarterly change in operational investment securities investment valuation Investment status in Q3 Billions of yen Book value Valuation of investments ◼ Investment in 3 VC funds in Japan 40.9 41.0 and the United States Rise in unrea
Slide 69: Status of Investment Results
4. Appendix: Investment Business Status of Investment Results Staggering investments over long periods of time results in staggered timing of investment return phases and high investment returns Valuation of investments by investment period Net multiples and IRR Billions of yen Investment Results of
Slide 70: Business Structure and Basic Plan
4. Appendix: Investment Business Business Structure and Basic Plan Business Structure Basic plan for the Investment Business ◼ Continuous, staggered investment timing Fund investment ✓ Make continuous, steady investments regardless of management business market conditions and accumulate investment a
Slide 71: Earnings Structure
4. Appendix: Investment Business Earnings Structure Fund investment management business (GP) LP investment Stable medium-to-long- Achieved Contingency Earnings upside term earnings, albeit with upon exit fees some near-term volatility Achieved Dividends, Resulting from upon exit Gains on sales Valua
Slide 72: Financial Discipline
4. Appendix: Investment Business Financial Discipline The Company has established fiscal discipline targets of an equity ratio of at least 60% and an interest-bearing debt to EBITDA ratio of 6x or lower, with a view to achieving an overall balance between business growth and financial soundness Cash
Slide 73: Group Headcount
4. Appendix Group Headcount Number of employees 1,533 1,551 1,520 1,542 1,520 786 798 779 789 779 163 161 170 176 172 49 56 56 61 63 318 325 321 322 307 18 16 16 15 14 128 122 111 111 118 71 73 67 68 66 3Q 4Q 1Q 2Q 3Q FY26 Game VTuber IP DX Investment Common Others Notes: ● Figures for past fiscal y
Slide 74: Sustainability
4. Appendix Sustainability GREE Group is continuously working to develop the Internet industry and solve various social issues. Please see our corporate website for more information. Solving social issues Helping to create a Building a safe and through the Internet diverse society secure Internet so
Slide 75: Additional Information Regarding Business Segment Classifications
4. Appendix Additional Information Regarding Business Segment Classifications Segment classification Subsegment names Main subsidiaries and details Browser games Parts of GREE, Inc. Long-term Live Service Game Business Parts of WFS, Inc. investment Game Excluding businesses browser Console Game Busi
Slide 76: Copyrights
4. Appendix Copyrights ©WFS Developed by WRIGHT FLYER STUDIOS ©VISUAL ARTS/Key © Taiki Kawakami, Fuse, KODANSHA/“Ten-Sura” Project © Shiba, Fuse, KODANSHA/“Ten-Sura Diary” Project ©Bandai Game Slide 29 Namco Entertainment Inc. ©2024 Magica Quartet/Aniplex,Magia Exedra Project 76 Copyright © GREE Hol
Slide 77: Disclaimer on forecasts
◼ This document includes forecasts, which are based on currently available information. Actual performance may differ due to various factors. ◼ When producing this document, we were careful to avoid errors or omissions, but the accuracy and completeness of the provided information is not guaranteed.