Consolidated Financial Results for the Six Months Ended September 30, 2025

November 10, 2025

Company name: Asahi Broadcasting Group Holdings Corporation Listing: Tokyo Stock Exchange

Securities code: 9405

URL: https://corp.asahi.co.jp/en/

Representative: Masayuki Nishide, President & CEO

Inquiries: Yoko Kumada, Executive Officer and General Manager, Financial Affairs Division Telephone: +81-6-6458-5321

Scheduled date to file semi-annual securities report: November 11, 2025 Scheduled date to commence dividend payments: December 1, 2025

Preparation of supplementary material on financial results: Yes

Holding of financial results briefing: Yes (for institutional investors and analysts)

(Yen amounts are rounded down to millions, unless otherwise noted.)

1. Consolidated financial results for the six months ended September 30, 2025 (from April 1, 2025 to September 30, 2025)
   1. Consolidated operating results (cumulative) (Percentages indicate year-on-year changes.)

      	Net sales		Operating profit		Ordinary profit		Profit attributable to owners of parent
      Six months ended	Millions of yen	%	Millions of yen	%	Millions of yen	%	Millions of yen	%
      September 30, 2025	46,687	12.1	1,280	-	1,297	-	2,402	-
      September 30, 2024	41,657	(0.3)	(1,160)	-	(1,047)	-	(852)	-

      Note: Comprehensive income	For the six months ended September 30, 2025:	¥	3,243 million [	-%]
      	For the six months ended September 30, 2024:	¥	(1,377) million [	-%]

      	Basic earnings per share	Diluted earnings per share
      Six months ended	Yen	Yen
      September 30, 2025	57.54	-
      September 30, 2024	(20.42)	-

   2. Consolidated financial position

   	Total assets	Net assets	Equity-to-asset ratio
   As of	Millions of yen	Millions of yen	%
   September 30, 2025	130,980	81,480	60.9
   March 31, 2025	128,538	78,226	59.6

   Reference: Equity

   As of September 30, 2025:	¥	79,818 million
   As of March 31, 2025:	¥	76,564 million

2. Cash dividends

   	Annual dividends per share
   	First quarter-end	Second quarter-end	Third quarter-end	Fiscal year-end	Total
   	Yen	Yen	Yen	Yen	Yen
   Fiscal year ended	-	6.00	-	7.00	13.00
   March 31, 2025
   Fiscal year ending	-	8.00
   March 31, 2026
   Fiscal year ending March 31, 2026 (Forecast)			-	10.00	18.00

   Note: Revisions to the forecast of cash dividends most recently announced: Yes

3. Consolidated financial result forecasts for the fiscal year ending March 31, 2026 (from April 1, 2025 to March 31, 2026)

(Percentages indicate year-on-year changes.)

Note: Revisions to the financial result forecast most recently announced: Yes

(4) Number of issued shares (common shares)

(i) Total number of issued shares at the end of the period (including treasury shares)

(iii) Average number of shares outstanding during the period (cumulative from the beginning of the fiscal year)

• Semi-annual financial results reports are exempt from review conducted by certified public accountants or an audit firm.

• Explanation concerning the appropriate use of forecasts and other special instructions (Caution regarding forward-looking statements, etc.)

Results forecasts and other forward-looking statements contained in this report are based on the assumptions, beliefs, and uncertainties in light of information available to the Company's management as of the publication date and do not represent promises by the Company or its management that these performance figures will be attained. Actual results may differ materially from forecasts due to a variety of factors. Please refer to "1. Qualitative Information on Semi-annual Financial Results (3) Explanation of Forward-Looking Statements, including the Outlook for Consolidated Performance" on page 3 of the attached supplementary materials for information regarding the underlying assumptions for financial results forecasts, as well as explanatory and other notes regarding the use of financial results forecasts.

The Company will hold a briefing for institutional investors and analysts (online), scheduled for Wednesday, November 19, 2025. The document to be used at this briefing shall be published on the Japanese website of the Company at 10:00 a.m. on the day of the event.

Supplementary Materials: Table of Contents

1. Qualitative Information on Semi-annual Financial Results

   1. Explanation of Operating Results

      In the semi-annual consolidated accounting period of fiscal 2025, which extended from April 1, 2025 to September 30, 2025, the Japanese economy continued to make a slow recovery as the employment and income environment improved. However, the outlook remains uncertain due to the impact of American policy trends, sustained high prices, and other factors.

      Under these circumstances, net sales in the broadcasting and content business, where the Asahi Broadcasting Group (the Group) conducts its core business, increased owing to strong TV spot advertising sales and other factors. As a result, the Group's net sales for the six months ended September 30, 2025 increased ¥5,029 million, or 12.1%, compared with the same period of the previous fiscal year and amounted to ¥46,687 million.

      From the cost standpoint, cost of sales increased ¥2,145 million, or 7.2%, compared with the same period of the previous fiscal year, to ¥31,889 million. Selling, general and administrative expenses increased ¥443 million, or 3.4%, compared with the same period of the previous fiscal year, to ¥13,517 million. As a result of the above, operating profit totaled ¥1,280 million (operating loss of ¥1,160 million in the same period of the previous fiscal year), and ordinary profit totaled ¥1,297 million (ordinary loss of ¥1,047 million in the same period of the previous fiscal year). Additionally, a gain on sale of non-current assets and others were recorded under extraordinary income. As a result, profit before income taxes totaled ¥3,779 million (loss before income taxes of ¥1,068 million in the same period of the previous fiscal year) and profit attributable to owners of parent totaled ¥2,402 million (loss attributable to owners of parent of ¥852 million in the same period of the previous fiscal year).

      Results by business segment are as follows:

      Broadcasting and Content Business

      Net sales in the broadcasting and content business totaled ¥39,881 million, up ¥4,683 million, or 13.3%, compared with the same period of the previous fiscal year. This was due to an increase in TV spot advertising sales and local time sales, in addition to revenue related to Expo 2025 in Osaka, Kansai, Japan, and other factors. Operating expenses also increased because of the increased revenue, but operating profit amounted to ¥1,219 million (operating loss of ¥858 million in the same period of the previous fiscal year).

      Lifestyle Business

      Net sales in the lifestyle business totaled ¥6,805 million due to the new consolidation of subsidiaries and other factors, an increase of ¥346 million, or 5.4%, compared with the same period of the previous fiscal year. Operating expenses also increased, but operating profit amounted to ¥79 million (operating profit of ¥7 million in the same period of the previous fiscal year).

   2. Explanation of Financial Position

      (Assets)

      Total assets as of the end of the semi-annual consolidated accounting period of fiscal 2025 were ¥130,980 million, ¥2,441 million higher than at the end of the previous fiscal year (March 31, 2025). The principal reasons for the increase were increases in securities and investment securities, despite a decrease in property, plant and equipment and others.

      (Liabilities)

      Total liabilities were ¥49,500 million, ¥811 million lower than at the end of the previous fiscal year. The principal reason for the decrease was a decrease in accrued expenses included in other current liabilities, despite increases in provisions.

      (Net Assets)

      Consolidated total net assets came to ¥81,480 million, ¥3,253 million higher than at the end of the previous fiscal year. Retained earnings increased due to the recording of higher profit attributable to owners of parent, despite a decrease resulting from the payment of dividends.

   3. Explanation of Forward-Looking Statements, including the Outlook for Consolidated Performance

   The Company upwardly revised its full-year consolidated financial results forecasts for net sales, operating profit, ordinary profit, and profit attributable to owners of parent, mainly due to an upward trend in TV spot advertising sales compared with the previous forecast in the Group's mainstay broadcasting and content business and the expectation of recording a gain on the sale of investment securities, etc.

   Concerning the dividend forecasts for the full fiscal year, the interim dividend forecast (the end of the second quarter) was

   ¥6.00 and the year-end dividend forecast was ¥8.00 in the Consolidated Financial Results for the Year Ended March 31, 2025 (Under Japanese GAAP) announced on May 12, 2025. However, the Company determined that the interim dividend (the end of the second quarter) will be ¥8.00, up ¥2.00 from the previous forecast, and the year-end dividend forecast will be ¥10.00, up ¥2.00 from the previous forecast. The Company positions the appropriate return of profits to shareholders as one of its most important measures for corporate management. Regarding the distribution of profits, we always consider the balance between strengthening and maintaining our financial position and investing toward improved corporate value and toward our growth strategies, comprehensively taking into account our financial results, dividend payout ratio, appropriate internal reserves, and other factors in light of our position of responsibility as a certified broadcasting holding company.

   In accordance with this policy, the Company plans to flexibly make decisions for continuous and stable dividend payment, targeting a dividend payout ratio of 30% for profit after deducting the amount equivalent to the effective statutory tax rate from consolidated operating income, which indicates profit from the core business of the Group (deemed net profit). Moreover, the Company has set an annual dividend of ¥12.00 per share as the lower limit except in times of a significant decline in business performance due to a rapidly deteriorating business environment.

   For details on the revision of financial results forecasts and dividend, please refer to the Notice Concerning Revisions of Financial Results Forecast, Dividend of Surplus (Interim), and Year-End Dividend Forecast for the Fiscal Year Ending March 31, 2026 announced today (November 10, 2025).

   The outlook presented above may significantly change due to external factors such as domestic and overseas economic trends. Should any event arise that affects the financial results of the Group, the Company will promptly announce it.

   Note: The forecasts presented above are based on information that is currently available to the Group and certain assumptions that are judged to be reasonable. Actual results may differ from the forecasts due to various factors.

2. Semi-annual Consolidated Financial Statements and Primary Notes

1. Semi-annual Consolidated Balance Sheet

   		(Millions of yen)
   As of March 31, 2025		As of September 30, 2025
   Assets
   Current assets
   Cash and deposits	21,879	22,212
   Notes and accounts receivable - trade, and contract assets	16,034	17,196
   Securities	5,199	9,108
   Inventories	1,819	1,810
   Income taxes refund receivable	158	30
   Other	4,437	2,652
   Allowance for doubtful accounts	(1)	(17)
   Total current assets	49,526	52,992
   Non-current assets
   Property, plant and equipment
   Buildings and structures, net	18,706	18,671
   Land	16,771	14,398
   Other, net	7,926	7,942
   Total property, plant and equipment	43,403	41,013
   Intangible assets
   Software	1,264	1,125
   Software in progress	69	37
   Goodwill	618	572
   Other	138	131
   Total intangible assets	2,091	1,866
   Investments and other assets
   Investment securities	17,354	18,854
   Retirement benefit asset	5,593	5,725
   Other	10,549	10,511
   Allowance for doubtful accounts	(14)	(13)
   Total investments and other assets	33,483	35,078
   Total non-current assets	78,978	77,958
   Deferred assets
   Bond issuance costs	33	28
   Total deferred assets	33	28
   Total assets	128,538	130,980

   		(Millions of yen)
   As of March 31, 2025		As of September 30, 2025
   Liabilities
   Current liabilities
   Short-term borrowings	50	80
   Current portion of long-term borrowings	511	1,449
   Accounts payable - other	10,118	9,908
   Income taxes payable	292	963
   Provisions	560	1,917
   Other	8,965	6,139
   Total current liabilities	20,498	20,458
   Non-current liabilities
   Long-term borrowings	4,658	3,411
   Bonds payable	10,000	10,000
   Retirement benefit liability	6,067	6,200
   Asset retirement obligations	1,438	1,551
   Other	7,648	7,877
   Total non-current liabilities	29,813	29,041
   Total liabilities	50,312	49,500
   Net assets
   Shareholders' equity
   Share capital	5,299	5,299
   Capital surplus	6,026	6,032
   Retained earnings	55,765	58,151
   Treasury shares	(57)	(24)
   Total shareholders' equity	67,033	69,458
   Accumulated other comprehensive income
   Valuation difference on available-for-sale securities	3,461	4,643
   Remeasurements of defined benefit plans	6,069	5,715
   Total accumulated other comprehensive income	9,531	10,359
   Non-controlling interests	1,662	1,661
   Total net assets	78,226	81,480
   Total liabilities and net assets	128,538	130,980

2. Semi-annual Consolidated Statements of Income and Comprehensive Income

   Semi-annual Consolidated Statement of Income

   		(Millions of yen)
   For the six months ended September 30, 2024		For the six months ended September 30, 2025
   Net sales	41,657	46,687
   Cost of sales	29,743	31,889
   Gross profit	11,914	14,798
   Selling, general and administrative expenses	13,074	13,517
   Operating profit (loss)	(1,160)	1,280
   Non-operating income
   Interest income	2	22
   Dividend income	136	128
   Other	127	82
   Total non-operating income	266	232
   Non-operating expenses
   Interest expenses	35	57
   Share of loss of entities accounted for using equity method	66	132
   Loss on disposal of non-current assets	14	5
   Provision of allowance for doubtful accounts	8	-
   Other	27	20
   Total non-operating expenses	153	215
   Ordinary profit (loss)	(1,047)	1,297
   Extraordinary income
   Gain on sale of non-current assets	-	2,435
   Gain on sale of investment securities	76	-
   Gain on forgiveness of debts	22	-
   Gain on change in equity	-	46
   Total extraordinary income	99	2,481
   Extraordinary losses
   Loss on liquidation of subsidiaries	120	-
   Total extraordinary losses	120	-
   Profit (loss) before income taxes	(1,068)	3,779
   Income taxes	(162)	1,364
   Profit (loss)	(905)	2,414
   Profit (loss) attributable to non-controlling interests	(53)	11
   Profit (loss) attributable to owners of parent	(852)	2,402

   Semi-annual Consolidated Statement of Comprehensive Income

   		(Millions of yen)
   For the six months ended September 30, 2024		For the six months ended September 30, 2025
   Profit (loss)	(905)	2,414
   Other comprehensive income
   Valuation difference on available-for-sale securities	(186)	1,189
   Foreign currency translation adjustment	83	-
   Remeasurements of defined benefit plans, net of tax	(261)	(353)
   Share of other comprehensive income of entities accounted for using equity method	(107)	(7)
   Total other comprehensive income	(472)	828
   Comprehensive income	(1,377)	3,243
   Comprehensive income attributable to
   Comprehensive income attributable to owners of parent	(1,323)	3,231
   Comprehensive income attributable to non-controlling interests	(54)	11

3. Semi-annual Consolidated Statement of Cash Flows

   		(Millions of yen)
   For the six months ended September 30, 2024		For the six months ended September 30, 2025
   Cash flows from operating activities
   Profit (loss) before income taxes	(1,068)	3,779
   Depreciation	1,758	1,770
   Amortization of goodwill	53	50
   Loss (gain) on liquidation of subsidiaries	120	-
   Gain on forgiveness of debts	(22)	-
   Loss (gain) on change in equity	-	(46)
   Increase (decrease) in allowance for doubtful accounts	8	14
   Increase (decrease) in retirement benefit liability	(501)	(550)
   Interest and dividend income	(139)	(150)
   Interest expenses	35	57
   Loss (gain) on disposal of non-current assets	14	(2,429)
   Loss (gain) on sale of investment securities	(76)	-
   Decrease (increase) in trade receivables	330	(1,083)
   Decrease (increase) in inventories	160	10
   Increase (decrease) in trade payables	(377)	(207)
   Decrease (increase) in investment	303	129
   Other, net	71	534
   Subtotal	671	1,878
   Interest and dividends received	144	279
   Interest paid	(25)	(56)
   Income taxes refund (paid)	(54)	(196)
   Net cash provided by (used in) operating activities	735	1,904
   Cash flows from investing activities
   Purchase of securities	-	(2,912)
   Payments into time deposits	(284)	(11)
   Proceeds from withdrawal of time deposits	262	-
   Decrease (increase) in short-term loans receivable	36	2
   Purchase of property, plant and equipment	(3,508)	(1,363)
   Proceeds from sale of property, plant and equipment	0	4,923
   Purchase of intangible assets	(255)	(187)
   Purchase of long-term prepaid expenses	(201)	(729)
   Purchase of investment securities	(37)	(42)
   Purchase of shares of subsidiaries resulting in change in scope of consolidation	(139)	-
   Proceeds from purchase of shares of subsidiaries resulting in change in scope of consolidation	-	113
   Payments for sale of shares of subsidiaries resulting in change in scope of consolidation	(440)	-
   Other, net	(8)	(128)
   Net cash provided by (used in) investing activities	(4,575)	(336)
   Cash flows from financing activities
   Increase (decrease) in short-term borrowings	(119)	30
   Proceeds from long-term borrowings	1,580	-
   Repayments of long-term borrowings	(283)	(264)
   Proceeds from issuance of bonds	4,971	-
   Redemption of bonds	(5,000)	-
   Purchase of treasury shares	(66)	-
   Dividends paid	(250)	(292)
   Dividends paid to non-controlling interests	(11)	(11)

   		(Millions of yen)
   For the six months ended September 30, 2024		For the six months ended September 30, 2025
   Repayments of lease liabilities	(10)	(5)
   Net cash provided by (used in) financing activities	809	(543)
   Effect of exchange rate change on cash and cash equivalents	0	-
   Net increase (decrease) in cash and cash equivalents	(3,031)	1,024
   Cash and cash equivalents at beginning of period	25,136	26,901
   Increase in cash and cash equivalents resulting from inclusion of subsidiaries in consolidation	-	295
   Increase (decrease) in cash and cash equivalents resulting from change in scope of consolidation	(0)	-
   Cash and cash equivalents at end of period	22,104	28,221

4. Notes regarding Semi-annual Consolidated Financial Statements

(Going Concern Assumptions) Not applicable.

(Any Major Change in the Amount of Consolidated Shareholders' Equity) Not applicable.

(Segment Information, etc.)

Information on net sales and profit or loss by reportable segment For the six months ended September 30, 2024

(Millions of Yen)

Notes:

1. The adjustment to transactions with other segments of negative ¥415 million represents the amount of intersegment transaction elimination.

2. The adjustment to segment profit (loss) of negative ¥308 million represents the elimination of intersegment transactions of ¥4 million and the amount of expenses which do not belong to any reportable segment of negative

   ¥313 million, mainly regarding development of new business and market.

3. Segment profit (loss) refers to operating loss recorded on the semi-annual consolidated statement of income.

For the six months ended September 30, 2025

(Millions of Yen)

Notes

1. The adjustment to transactions with other segments of negative ¥316 million represents the amount of intersegment transaction elimination.

2. The adjustment to segment profit of negative ¥18 million represents the elimination of intersegment transactions of

   ¥7 million and the amount of expenses which do not belong to any reportable segment of negative ¥25 million, mainly regarding development of new business and market.

3. Segment profit refers to operating profit recorded on the semi-annual consolidated statement of income.