FY2026 Q1 Consolidated Financial Results (Japan GAAP)

Consolidated Financial Results for

The Three Months Ended October 31, 2025 (Japan GAAP)

December 5, 2025

Company name: Ateam Holdings Co., Ltd. Stock exchange listing: Tokyo Stock Exchange Securities code: 3662

URL: https://www.a-tm.co.jp/en/ Representative: Takao Hayashi, President

Contact: Mayuko Morishita, Corporate Officer, General Manager of Corporate Development Division Phone: +81-52-747-5573

Scheduled date of commencing dividend payments: -Supplementary briefing material for the financial results: Yes

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

(Amounts of less than one million JPY are rounded off.)

1. Consolidated Financial Results for the Three Months Ended October 31, 2025 (August 1, 2025 - October 31, 2025)

   1. Consolidated Operating Results

      (Percentages indicate year-on-year changes)

      	Revenue		Adjusted	EBITDA *	Operating Income		Ordinary Income		Net Income Attributable to Shareholders of Parent Company
      	Million JPY	%	Million JPY	%	Million JPY	%	Million JPY	%	Million JPY	%
      Three Months Ended October 31, 2025	5,529	-2.6	287	-7.5	270	20.5	234	2.3	295	128.2
      Three Months Ended October 31, 2024	5,677	-5.0	310		224		229		129

      Note: Comprehensive income (million JPY) Three months ended October 31, 2025: 349 [156.9%]

      Three months ended October 31, 2024: 135 [―%]

      	EBITDA *		Net Earnings per Share (Basic)	Net Earnings per Share (Diluted)
      	Million JPY	%	JPY	JPY
      Three Months Ended October 31, 2025	367	19.4	15.89	14.17
      Three Months Ended October 31, 2024	308		6.97

      *Adjusted EBITDA = EBITDA + M&A related expenses (*1) + Provision of allowance for sales promotion expenses (*2) + Sales promotion expenses (*2) - Crypto asset equivalent of points granted (*2)

      *1 M&A expenses include the following:

      1. M&A execution fees: Brokerage fees (including Financial Advisory fees), various due diligence fees, etc.

      2. Financing costs related to M&A (loan-related fees, public offering costs, etc.)

         *2 Expenses arising from the business of Paddle Inc.

         *EBITDA = Operating income + Depreciation (including amortization of intangible fixed assets excluding goodwill) + Amortization of goodwill

         * In the fourth quarter of the fiscal year ended July 31, 2025, the Company finalized the provisional accounting treatment for the business combination, and the figures for the first quarter of the fiscal year ended July 31, 2025 reflect the details of the finalized provisional accounting treatment.

   2. Consolidated Financial Position

   	Total Assets	Net Assets	Equity Ratio
   	Million JPY	Million JPY	%
   As of October 31, 2025	14,370	9,153	62.3
   Fiscal Year Ended July 31, 2025	15,209	9,169	59.3

   Note: Shareholders' equity (million JPY) As of October 31, 2025: 8,953

   Fiscal Year ended July 31, 2025: 9,021

2. Dividends

   	Annual Dividend per Share
   	Q1	Q2	Q3	Q4	Total
   Fiscal Year Ended July 31, 2025 Fiscal Year Ended July 31, 2026	JPY	JPY	JPY	JPY	JPY
   	- -	0.00	-	22.00	22.00
   Fiscal Year Ending July 31, 2026 (Forecast)		14.00	-	14.00	28.00

   Note: No revisions to dividend forecasts

3. Forecasts for the Fiscal Year Ending July 31, 2026 (August 1, 2025 - July 31, 2026)

(Percentages indicate year-on-year changes)

Note: No revisions to the forecasts for the fiscal year ending July 31, 2026

*Notes

1. Significant changes in scope of consolidation during the current quarter : Yes

   * Changes in scope of consolidation of specified subsidiaries:

   Newly consolidated: (-)

   Newly excluded companies: Ateam Finergy Inc.

2. Application of account procedures to the preparation of quarterly consolidated financial statements : No

3. Changes in accounting policies, accounting projections, or restatements

   1. Changes in accounting policies due to revisions in accounting standards, etc. : No

   2. Changes in accounting policies other than above (i) : No

   3. Changes in accounting projections : No

   4. Restatement : No

      As of October 31, 2025	18,811,135	As of July 31, 2025	18,811,135
      As of October 31, 2025	225,019	As of July 31, 2025	244,017
      Three months ended October 31, 2025	18,579,715	Three months ended October 31, 2024	18,565,366

4. Number of shares issued (common stock)

   1. Number of shares issued at the end of the period (including treasury stock)

   2. Number of shares of treasury stock at the end of the period

   3. Average number of shares during the period

Note: The number of shares of common stock at the end of the period used for the calculation of the net assets per share and the average number of shares during the period that forms the basis for the calculation of net income per share-basic are calculated with the shares owned by The Master Trust Bank of Japan, Ltd. (Stock Grant ESOP (Employee Stock Ownership Plan) Trust account and Board Incentive Plan (BIP) Trust account) under the "Stock Grant ESOP Trust" and "Board Incentive Plan (BIP) Trust" included in the treasury stock deducted.

*Quarterly financial results reports are not required to be subjected to quarterly reviews

*Proper usage of financial results forecasts and other special matters

The forward-looking statements, including earnings forecasts, herein are based on information available to Ateam Holdings Co., Ltd. and certain assumptions deemed reasonable as of the date of publication of this document. They are not intended as the Company's commitment to achieve such forecasts, and actual results may differ significantly from these forecasts due to a wide range of factors. For conditions prerequisite to the financial results forecast, please refer to "1. Qualitative Information Regarding Results for the Three Months (3) Explanation of Consolidated Earnings Forecasts and Other Forward-Looking Statements" on page 3 of the attachments to this financial results report.

Table of Contents

1. Qualitative Information Regarding Results for the Three Months 1

   1. Explanation of Operating Results 1

   2. Explanation of Financial Position 3

   3. Explanation of Consolidated Earnings Forecasts and Other Forward-Looking Statements 3

2. Quarterly Consolidated Financial Statements and Significant Notes Thereto 5

   1. Quarterly Consolidated Balance Sheets 5

   2. Quarterly Consolidated Statements of Income and Comprehensive Income 7

   3. Additional Information Regarding Quarterly Consolidated Financial Statements 9

Notes on Segment Information 9

Notes on Substantial Changes in the Amount of Shareholder's Equity 10

Notes on Going Concern 10

Notes on Quarterly Consolidated Cash Flow Statement 10

Notes on Related Business Combinations 10

Notes on Significant Subsequent Events 12

‌1. Qualitative Information Regarding Results for the Three Months

As used herein, "Ateam HD", "we", "our" and similar terms include Ateam Holdings Co., Ltd. and its subsidiaries, unless indicated otherwise.

Provisional accounting procedures were applied to our business combination with microCMS Inc. that was conducted on June 3, 2024. With the finalization of the figures during the fourth quarter of the previous fiscal year, the numbers used for the first quarter of the previous fiscal year has been updated to reflect this fact.

‌(1) Explanation of Operating Results

Ateam Holdings Co., Ltd. and its consolidated subsidiaries adhere to the corporate purpose: "Combining Creativity and Tech to Deliver More Convenience and More Fun to All". Under our "Ateam Purpose", all directors and employees work together to provide services in various technical and business fields. The Digital Marketing Business consists of "Media Solutions" and "D2C". Media Solutions plans, develops, and operates various web services, which are centered around the needs of daily life, include comparison sites, information media, and tools. They also provide support to corporations through digital customer attraction solutions. D2C plans, develops and operates multiple D2C sites that handle a variety of products. The Entertainment Business plans, develops, and operates games and tool applications that provide entertainment to people around the world with the core theme of connecting people.

Starting from the previous fiscal year, we have included EBITDA in our results to take into account the increase in amortization of goodwill, etc. stemming from future M&A activities. In addition, from November 2024, expenses related to crypto assets were incurred as a result of Paddle Inc.'s consolidation. In order to represent the profitability of the core business, which is not readily apparent under current accounting standards, we have added Adjusted EBITDA as a measure that deducts one-time expenses related to M&A and the impact of changes in the market value of crypto assets.

Revenue for the three months ended October 31, 2025 decreased slightly year-on-year. While the Digital Marketing Business was able to include revenue from the companies we acquired over the previous fiscal year, Ateam Finergy Inc. has been excluded from the scope of consolidation due to its share transfer. Other factors include the decrease of revenue from certain media businesses within the Digital Marketing Business and the continued decrease of revenue from game apps in the Entertainment Business. Adjusted EBITDA decreased year-on-year due to the allowance for sales promotion related to the crypto asset related business, promotion expenses, and adjustments to the crypto asset equivalent of points granted. Operating income and ordinary income increased from the same period of the previous fiscal year, due to the reversal of the allowance for sales promotion with the decline in crypto asset prices, as well as a shift towards prioritized profitability in the Digital Marketing Business. Net income attributable to shareholders of the parent company increased from the same period of the previous fiscal year due to the above-mentioned various profit increasing factors as well as the recording of extraordinary profit from the transfer of shares of Ateam Finergy Inc. in August 2025.

During the three months ended October 31, 2025, Ateam HD posted revenue of 5,529 million JPY (down 2.6% year-on-year), Adjusted EBITDA of 287 million JPY (down 7.5% year-on-year), operating income of 270 million JPY (up 20.5% year-on-year), ordinary income of 234 million JPY (up 2.3% year-on-year), and net income attributable to shareholders of parent company of 295 million JPY (up 128.2% year-on-year).

The operating performance by segment for the three months ended October 31, 2025 follows below.

Effective from the second quarter of the previous fiscal year, the Company has changed the classification of its reportable segments. The year-on-year comparisons below are based on the figures for the same period of the previous fiscal year that have been reclassified to reflect the new classification.

1