Consolidated Financial Results for the Three Months Ended September 30, 2025 (Under Japanese GAAP) PDF

November 6, 2025

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 Three Months Ended September 30, 2025 (from July 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 shareholders of parent
      Three months ended	Millions of yen	%	Millions of yen	%	Millions of yen	%	Millions of yen	%
      September 30, 2025	12,765	(1.4)	1,068	-	1,492	-	1,078	-
      September 30, 2024	12,941	(18.0)	(133)	-	(1,445)	-	(1,644)	-

      (Notes) Comprehensive income: Three months ended September 30, 2025: 857 million yen [- %]

      Three months ended September 30, 2024: (2,034) million yen [- %]

      	Net profit per share	Diluted profit per share
      Three months ended	Yen	Yen
      September 30, 2025	6.29	6.22
      September 30, 2024	(9.61)	(9.50)

   2. Consolidated Financial Position

   	Total assets	Net assets	Equity-to-asset ratio
   As of September 30, 2025 June 30, 2025	Millions of yen 125,718 132,897	Millions of yen 92,897 93,647	% 72.8 70.0

   Reference: Equity (Shareholders' equity + Accumulated other comprehensive income) As of September 30, 2025: ¥91,570 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	-
   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: 5

   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

   Excluded: -

   Company name: -

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

   (Notes)

   * For details, please refer to page 8 "2. Consolidated Financial Statements and Key Notes (3) 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 September 30, 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 September 30, 2025	8,115,458 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 (7,895,450 shares for the three months ended September 30, 2025 and 7,981,605 shares for the year ended June 30, 2025).

• Review by a certified public accountant or audit firm of the attached consolidated financial statements: No

• 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 4

   1. Consolidated Balance Sheet 4

   2. Consolidated Statement of Income and Consolidated Statement of Comprehensive Income 6

      Consolidated Statement of Income (Cumulative) 6

      Consolidated Statement of Comprehensive Income (Cumulative) 7

   3. Notes to Consolidated Financial Statements 8

(Accounting Policies Adopted Specially for the Preparation of Consolidated Financial Statements) 8

(Segment Information) 8

(Significant Changes in Shareholders' Equity) 9

(Going Concern Assumption) 9

(Consolidated Statement of Cash Flows) 9

(Significant Subsequent Events) 9

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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 12,765 million yen (down 1.4% YoY), operating profit of 1,068 million yen (operating loss of 133 million yen in the same period of the previous year), ordinary profit of 1,492 million yen (ordinary loss of 1,445 million yen in the same period of the previous year), and net profit attributable to owners of the parent of 1,078 million yen (net loss attributable to owners of the

parent of 1,644 million yen in the same period of the previous year).

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 first quarter of the current consolidated fiscal year. 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 consolidated first quarter, operations were

   centered on existing titles, resulting in weak performance.

   As a result, the cumulative consolidated results for the period were net sales of 7,503 million yen (down 13.8% YoY) and operating profit of 779 million yen (up 31.7% 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 2,130 million yen (up 8.8% YoY) and operating profit of 355 million yen (up 142.4% 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 365 million yen (down 2.4%

   YoY) and operating loss of 79 million yen (operating profit of 110 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 1,917 million yen (up 9.6% YoY) and operating profit of 272 million yen (up 30.8% YoY).

5. Investment Business

We have been investing in venture capital funds and startups, mainly in the Internet and IT sectors. Performance was strong due to the sale of shares held by funds in which the Company has invested.

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