November Update of the "Reform Action Plan"

November 10, 2025

1. Highlights of the Update
2. The Group's Vision
3. Toward Achieving ROE of 8%
4. Capital Allocation

   4-1. Update on Capital Allocation Measures

   4-2. Direction of Shareholder Returns

   4-3. Approach to Growth Investments

5. Key Business Initiatives

5-1. Key Business Initiatives

5-2. Operating Profit Growth Targets by Key

Initiative

5-3. Direction of Media s Content Business

5-4. Strengthening Profitability of Broadcasting

and Media Business

5-5. Direction of Urban Development, Hotels s Resorts Business

5-6. Value Proposition through Collaboration of

Both Segments

2

Business and assets reorganization

Share buybacks

Media s Content Strengthen profitability in

broadcasting and media, while building a monetization model across the entire value chain centered on IP.

Urban Development, Hotels s Resorts

Achieve a more capital-efficient portfolio through a review of business and asset composition.

Promptly initiate reorganization and execute

part of these initiatives within FY2026

Growth investments

Plan to invest150.0 billion yen in Media C Content and 100.0 billion yen or more* in Urban Development, Hotels C Resorts over the next five years

Decided to initiate share buybacks totaling 50.0 billion yen over the next year

(250.0 billion yen by FY2029)

Dividends

Set a minimum annual dividend of 50 yen per share, with plans to increase the dividend per share by further enhancing profits and continuing share buybacks

*Designed as a new investment framework excluding reinvestment that uses proceeds from the sale of existing properties 3

Established Target Timeline and Profit Objectives

ROE

Target 5-6% in FY2030

and 8% in FY2033

Operating

profit

Target approximately 30.0 billion yen by FY2030 in both Media s

Content and Urban Development, Hotels s Resorts, and approximately

40.0 billion yen and 35.0 billion yen respectively by FY2033

Through the creation of highly engaging and original content and spaces for

experience, the Group will contribute to the creation of a society where everyone can experience joy and a sense of connection

ーStrengths of Our Groupー

Media and broadcasting network

Content and production capabilities

Spaces/real-world contact points

We will create ideas and concepts that bring excitement, joy, and a sense of connection to everyday life, and transform them into tangible forms through diverse assets

We will build a foundation for a society that

enriches people's lives and provide spaces

and opportunities where people can share joy and emotional experiences

4

Increase operating profit to 60.0 billion yen in FY2030 and

75.0 billion yen in FY2033, against equity of 650.0 billion yen

FY2023 FY2024

FY2025

FY2030 FY2033

Results to date

Forecast

Targets

ROE

4.4%

Operating

profit1

33.5

15.7

1G.5

(2.4)%

18.2

(4.0)

2.3%2

(10.5)

(2G.6)

5-6%

8%

Approx. 60.0 Approx. 75.0

Around 30.0

Around 30.0

Media s Content Urban Development, Hotels s Resorts

857.G

818.1

803.43

Shareholders'

equity

Approx. 650.0

Approx. 650.0

56.8%

55.7%3

50% or higher 50% or higher

1. Total operating profit includes other businesses and adjustments.

2. ROE for FY2025 is calculated based on the forecast profit for FY2025 and the amount of shareholders' equity as of the end of September 2025.

3. Equity and equity ratio for FY2025 are as of the end of September 2025. 5