Consolidated Financial Results for the Six-Month Period Ended September 30, 2025

Consolidated Financial Results

for the Six-Month Period Ended September 30, 2025 (Japan GAAP)

November 6, 2025

Company name: SQUARE ENIX HOLDINGS CO., LTD.

Shares traded: Tokyo Stock Exchange, Prime Market Company code: 9684

Company URL: https://www.hd.square-enix.com/eng

Representative: Takashi Kiryu, President and Representative Director

Contact: Takayuki Hamada, General Manager Financial Strategy Division Tel: (03) 5292-8000

Cash dividend payment commencement: December 5, 2025 (planned) Supplementary quarterly materials prepared: Yes

Quarterly results presentation held: Yes (for institutional investors and analysts)

(Amounts under one million yen are rounded down)

1. Consolidated Financial Results (April 1, 2025 through September 30, 2025)

   1. Consolidated Financial Results (Millions of yen and year-on-year changes in percents)

      	Net sales			Operating	income		Ordinary	income		Profit attributable to owners of parent
      Six months ended			％			％			％			％
      September 30, 2025	133,895	(15.0)		27,278	28.8		28,553	57.4		10,052	(14.5)
      September 30, 2024	157,591	(8.4)		21,176	22.1		18,141	(30.6)		11,750	(29.3)

      Note: Six months ended September 30, 2025 Comprehensive income: 9,017 million yen [(25.4％)] Six months ended September 30, 2024 Comprehensive income: 12,090 million yen [(27.5％)]

      	Earnings per share, basic	Earnings per share, diluted
      Six months ended	yen	yen
      September 30, 2025	27.89	27.86
      September 30, 2024	32.64	32.63

      Note: The company conducted a stock split at a ratio of three shares for one share of common stock, with the record date of September 30, 2025 and the effective date of October 1, 2025. The above figures for basic earnings per share and diluted earnings per share are calculated based on the assumption that the stock split was conducted at the beginning of the fiscal year ended March 31, 2025.

   2. Consolidated Financial Position (Millions of yen, ratios in percents and per share data)

   	Total assets	Net assets	Equity ratio
   As of			％
   September 30, 2025	409,653	333,820	81.3
   March 31, 2025	416,160	336,368	80.7

   Note. Total equity As of September 30, 2025: 333,239 million yen

   As of March 31, 2025 335,709 million yen

2. Dividends

   	Dividends per share
   	1Q		2Q	3Q		4Q	Total
   	- -	yen	yen	-	yen	yen	yen
   Fiscal year ended March 31, 2025			28.00			101.00	129.00
   Fiscal year ending March 31, 2026			54.00
   Fiscal year ending March 31, 2026 (projection)				-		25.00	-

   (Note) 1 No change in Dividend projection from previous announcement.

   2 The company conducted a stock split at a ratio of three shares for one share of common stock, with the record date of September 30, 2025 and the effective date of October 1, 2025. The year-end dividend per share for the fiscal year ending March 2026 (projection) as above is the figure presented after the stock split. The total annual dividend per share for the fiscal year ending March 2026 (projection) is not presented due to the stock split, because the interim dividend and the year-end dividend cannot be simply totaled. The year-end dividend per share for the fiscal year ending March 2026 (projection) without considering the stock split will be 75.00 yen and the total annual dividend will be 129.00 yen

3. Consolidated Forecasts (April 1, 2025 to March 31, 2026)

   (Millions of yen, year-on-year changes in percents and per share data)

   	Net sales		Operating	income	Ordinary	income	Profit attributable to owners of parent		Earnings per share, basic
   Fiscal year ending March 31, 2026	280,000	％ (13.7)	41,000	％ 1.0	41,000	％ 0.1	16,900	％ (30.8)	yen 46.88

   (Note) 1 Revision to the consolidated forecasts from the previous announcement: Yes

   1. The forecast for earnings per share, basic for the fiscal year ending March 2026 reflects the impact of the stock split noted in "2. Dividends." If the stock split is not considered, earnings per share, basic would be 140.65 yen.

   2. For details, please refer to page 4 "1. Consolidated Results for the Six-Month Period Ended September 30, 2025 (3) Qualitative information on consolidated business forecasts."

Notes

1. Significant changes among major subsidiaries during the period: None

2. Adoption of special accounting treatment for quarterly consolidated financial statements: None

3. Changes in accounting policies, procedures, and methods of presentation for consolidated financial statements

   1. Changes in accounting policies due to revisions to accounting standards: None

   2. Changes other than 1. : None

   3. Changes in accounting estimates: None

   4. Retrospective restatement: None

4. Outstanding shares (common stock)

   1. Number of shares issued and outstanding (including treasury stock): As of September 30, 2025 367,594,788

      As of March 31, 2025 367,594,788

   2. Number of treasury stock:

      As of September 30, 2025 7,032,657

      As of March 31, 2025 7,294,473

   3. Average number of shares during the period (cumulative):

Six-Month period ended September 30, 2025 360,461,259

Six-Month period ended September 30, 2024 360,043,056

(Note) The company conducted a stock split at a ratio of three shares for one share of common stock, with the record date of September 30, 2025 and the effective date of October 1, 2025. The above figures for basic earnings per share and diluted earnings per share are calculated based on the assumption that the stock split was conducted at the beginning of the fiscal year ended March 31, 2025.

• Consolidated Financial Results for the Six-Month Period Ended September 30, 2025 (Japan GAAP) are outside the scope of review by certified public accountants or audit firms.

• Proper use of earnings forecasts, and other special matters (Cautionary statements with respect to forward-looking statements)

The forward-looking statements in this document are based upon the information currently available and necessarily include elements that are not entirely predictable. The achievement is not promised. Actual results may differ from the forward-looking statements in this document. For additional information about forecasts, please refer to "1. Consolidated Results for the Six Months Period Ended September 30, 2025 (3) Qualitative information on consolidated business forecasts" section on page 4 of Supplemental Information.

(Access to supplemental material for the consolidated financial results)

The Company posted the supplemental material for the consolidated financial results for the six months ended September 30, 2025, on the Company's website on Thursday, November 6, 2025.

Supplemental Information － Index

Page

1. Consolidated Results for the Six-Month Period Ended September 30, 2025 2

   1. Analysis of consolidated business results 2

   2. Analysis of consolidated financial position 3

   3. Qualitative information on consolidated business forecasts 4

2. Consolidated Financial Statements for the Six-Month Period Ended September 30, 2025 5

   1. Consolidated Balance Sheets 5

   2. Consolidated Income Statement and Consolidated Statement of Comprehensive Income 7

      Consolidated Income Statement 7

      Consolidated Statement of Comprehensive Income 8

   3. Notes to Consolidated Financial Statements 9

(Note regarding going concern assumptions) 9

(Material changes in shareholders' equity) 9

(Segment information) 9

- 1 －

1. Consolidated Results for the Six-Month Period Ended September 30, 2025

1. Analysis of consolidated business results

   The Square Enix group (the "Group") is continuing determined efforts to strengthen the competitiveness and profitability of its business segments of Digital Entertainment, Amusement, Publication and Merchandising. Net sales for the six-month period ended September 30, 2025 totaled ¥133,895 million (a decrease of 15.0％ from the same period of the prior fiscal year), and operating income amounted to ¥27,278 million (an increase of 28.8％ from the same period of the prior fiscal year), ordinary income amounted to ¥28,553 million (an increase of 57.4％ from the same period of the prior fiscal year). Profit attributable to owners of parent amounted to ¥10,052 million (a decrease of 14.5％ from the same period of the prior fiscal year), partly due to the recognition of ¥9,849 million in reorganization costs as an extraordinary loss.

   A discussion of results by segment for the six-month period ended September 30, 2025 follows.

   • Digital Entertainment

     The Digital Entertainment segment consists of planning, development, distribution, and operation of digital entertainment content primarily in the form of game. Digital entertainment content is offered to meet customer lifestyles across a variety of usage environments such as consumer game consoles (including handheld game machines), personal computers and smart devices.

     The HD (High-Definition) Game sub-segment's net sales for the six-month period ended September 30, 2025 declined compared with the same period of the previous fiscal year as new titles generated lower sales than releases such as three "KINGDOM HEARTS" catalog titles on Steam had the previous year. However, the sub-segment returned to profitability from an operating loss in the same period of the previous fiscal year mainly due to lower development cost amortization and advertising expenses.

     In the MMO (Massively Multiplayer Online) Game sub-segment, net sales and profits declined compared with the same period of the previous fiscal year as the previous year had seen the launch of "FINAL FANTASY XIV: Dawntrail," the latest expansion pack for "FINAL FANTASY XIV."

     In the Games for Smart Devices/PC Browser sub-segment, net sales declined compared with the same period of the previous fiscal year mainly due to weak sales of existing titles, but profits increased mainly because payment method diversification resulted in improved profitability.

     Net sales and operating income in the Digital Entertainment segment totaled ¥73,058 million (a decrease of 25.6％ from the same period of the prior fiscal year), and ¥20,090 million (an increase of 19.3％ from the same period of the prior fiscal year), respectively.

   • Amusement

The Amusement segment consists of the operation of amusement facilities and planning, development, and distribution of arcade game machines and related products for amusement facilities.

The six-month period ended September 30, 2025 saw net sales decline compared with the same period of the previous fiscal year due to lower sales of amusement machines, but operating income was roughly flat year on year, supported by higher same-store sales and sales of prize items to amusement facilities.

Net sales and operating income in the Amusement segment totaled ¥34,578 million (a decrease of 4.6％ from the same period of the prior fiscal year), and ¥4,217 million (a decrease of 0.3％ from the same period of the prior fiscal year), respectively.

- 2 －