Consolidated Financial Results for the Six Months Ended December 31, 2025 (Under Japanese GAAP) PDF

February 5, 2026

Company name: GREE Holdings, Inc. Listing: Tokyo Stock Exchange Securities code: 3632

URL: https://hd.gree.net/jp/en/

Representative: Yoshikazu Tanaka, Founder, Chairman and CEO Inquiries: Toshiki Oya, Director, Senior Vice President, CFO Telephone: +81-3-5770-9500

Scheduled date to commence dividend payment: -

Preparation of supplementary material on financial results: Yes

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

(Amounts less than one million yen are rounded down)

1. Consolidated Financial Results for the Six Months Ended December 31, 2025 (from July 1, 2025 to December 31, 2025)
   1. Consolidated Operating Results (cumulative) (Percentages indicate year-on-year changes.)

      	Net sales		Operating profit		Ordinary profit		Profit attributable to shareholders of parent
      Six months ended	Millions of yen	%	Millions of yen	%	Millions of yen	%	Millions of yen	%
      December 31, 2025	25,472	(10.7)	1,468	(30.6)	2,074	(3.9)	1,231	28.9
      December 31, 2024	28,520	(5.0)	2,115	3.9	2,159	4.6	955	32.6

      (Notes) Comprehensive income: Six months ended December 31, 2025: 1,239 million yen [46.9%]

      Six months ended December 31, 2024: 843 million yen [(14.2)%]

      	Net profit per share	Diluted profit per share
      Six months ended	Yen	Yen
      December 31, 2025	7.18	7.15
      December 31, 2024	5.58	5.52

   2. Consolidated Financial Position

   	Total assets	Net assets	Equity-to-asset ratio
   As of December 31, 2025 June 30, 2025	Millions of yen 124,311 132,897	Millions of yen 93,416 93,647	% 74.0 70.0

   Reference: Equity (Shareholders' equity + Accumulated other comprehensive income) As of December 31, 2025: ¥92,034 million

   As of June 30, 2025: ¥93,029 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 June 30, 2025	-	0.00	-	14.50	14.50
   Fiscal year ending June 30, 2026	-	0.00
   Fiscal year ending June 30, 2026 (Forecast)			-	-	-

   (Notes)

   1. Revised most-recently announced forecast of cash dividends: No

   2. The dividend for the fiscal year ending June 30, 2026 has not yet been determined. We will announce it as soon as possible.

3. Forecast of the Consolidated Results for Fiscal Year Ending June 30, 2026

Rapid changes in the business environment surrounding the Group over the near term have had an impact on the consolidated results of the Investment Business, which is affected by market conditions. For this reason, we have determined that it is difficult to calculate appropriate and reasonable figures for our consolidated financial results forecast and we have therefore decided to suspend disclosure of our consolidated earnings forecast. For more

details, please see page 3 of this report, 1. Summary of Financial Performance, (3) Explanation of Forecast of Consolidated Financial Results and Other Forward-Looking Statements.

1. Significant changes in the scope of consolidation during the period: Yes Newly included: 6

   Company name: GREE Capital US Holdings, LLC, GREE LP Fund US, LLC,

   GREE Capital Partners, LLC, GFR Fund I GP, LLC, GFR Fund I, L.P, GREE LP Fund JP II, LP

   Excluded: 1

   Company name: GREE LP Fund US Holdings, LLC

2. Adoption of accounting treatment specific to the preparation of consolidated financial statements: Yes

   (Notes)

   * For details, please refer to page 9 "2. Consolidated Financial Statements and Key Notes (4) Notes to Consolidated Financial Statements (Accounting Policies Adopted Specially for the Preparation of Consolidated Financial Statements)" in the appendix.

3. Changes in accounting policies, changes in accounting estimates, and restatements

   1. Changes in accounting policies due to revisions to accounting standards and other regulations: No

   2. Changes in accounting policies due to other reasons: No

   3. Changes in accounting estimates: No

   4. Restatements: No

4. Number of shares issued (common shares)

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

      As of December 31, 2025	179,749,700 shares
      As of June 30, 2025	179,749,700 shares

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

      As of December 31, 2025	7,998,994 shares
      As of June 30, 2025	8,400,913 shares

   3. Average number of shares outstanding during the period

(Notes)

The number of treasury shares includes the Company's shares held in the Stock Grant ESOP Trust Account and the Directors' Compensation BIP Trust Account (7,778,986 shares for the six months ended December 31, 2025 and 7,981,605 shares for the year ended June 30, 2025).

• Consolidated financial results are exempt from review conducted by certified public accountants or an audit corporation.

• Appropriate use of earnings forecasts, and other special matters (Cautionary note on forward-looking statements)

The forward-looking statements in this document are based on the information currently available to us and certain reasonable assumptions. They are not intended to be a guarantee that they will be achieved. Actual results may differ materially due to various factors.

1. Summary of Financial Performance 2

   1. Operating Results for the Period 2

   2. Financial Position for the Period 3

   3. Explanation of Forecast of Consolidated Financial Results and Other Forward-Looking Statements 3

2. Consolidated Financial Statements and Key Notes 5

   1. Consolidated Balance Sheet 5

   2. Consolidated Statement of Income and Consolidated Statement of Comprehensive Income

      Consolidated Statement of Income (Cumulative) 7

      Consolidated Statement of Comprehensive Income (Cumulative) 8

   3. Consolidated Statement of Cash Flows 9

   4. Notes to Consolidated Financial Statements 11

(Accounting Policies Adopted Specially for the Preparation of Consolidated Financial Statements) 11

(Segment Information) 11

(Significant Changes in Shareholders' Equity) 12

(Going Concern Assumption) 12

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The GREE Group has been aggressively investing in the Game, VTuber, IP, DX, and Investment Businesses. As a result, the cumulative consolidated results for the period were net sales of 25,472 million yen (down 10.7% YoY), operating profit of 1,468 million yen (down 30.6% YoY), ordinary profit of 2,074 million yen (down 3.9% YoY), and net profit attributable to owners of the parent of 1,231 million yen (up 28.9% YoY).

Also, with the establishment of the IP Business segment on April 1, 2025, the anime and license-related business previously included in the Game an Anime Business and the manga-related business previously classified under "Others" outside of the reportable segments have been reclassified into the newly established IP Business segment starting from the previous consolidated fiscal year. Furthermore, to more appropriately reflect its business

activities, the Game and Anime Business has been renamed the Game Business.

In addition, to more accurately reflect the nature of our business, we have changed the name of our previously reported Metaverse Business to VTuber Business starting from the period. This change is solely a renaming of the segment and has no impact on the segment information.

YoY comparisons and percentage changes have been calculated on the basis of the reclassified figures. Results by business segment are discussed below.

1. Game Business

   We worked to stabilize earnings by establishing a long-term operational system for existing titles, while also making progress on the development of new titles. During the period, operations were centered on existing titles, resulting in weak performance.

   As a result, the cumulative consolidated results for the period were net sales of 14,651 million yen (down 19.3% YoY) and operating profit of 1,275 million yen (down 23.2% YoY).

2. VTuber Business

   In the platform business, we worked to expand the content and features of REALITY while making progress on global expansion. Overall performance in the VTuber segment remained steady even as we continued to make aggressive investments in the production business.

   As a result, the cumulative consolidated results for the period were net sales of 4,397 million yen (up 9.0% YoY) and operating profit of 560 million yen (up 127.1% YoY).

3. IP Business

   Although the licensing business remained sluggish, we continued to make investments in preparation for the full-scale launch of new businesses in the segment.

   As a result, the cumulative consolidated results for the period were net sales of 878 million yen (down 1.1%

   YoY) and operating loss of 16 million yen (operating profit of 243 million yen in the same period of the previous year).

4. DX Business

   Earnings remained firm as we made progress on our overall plan for the DX Business even as we continued to make investments aimed at transitioning to a recurring-earnings-type business structure.

   As a result, the cumulative consolidated results for the period were net sales of 3,757 million yen (up 7.2% YoY) and operating profit of 457 million yen (up 5.2% YoY).

5. Investment Business

We have been investing in venture capital funds and startups, mainly in the Internet and IT sectors. Results were weak due to a decrease in income from investment funds and revaluation of stocks held by investment funds.

As a result, the cumulative consolidated results for the period were net sales of 1,337 million yen (down 35.8%

YoY) and operating loss of 233 million yen (operating profit of 226 million yen in the same period of the previous fiscal year).

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