Financial Results Briefing Material for the Third Quarter of the Fiscal Year 2021

Bushiroad Inc. Securities code: 7803 June 14, 2021

・ Third Quarter of the Fiscal Year 2021 Financial Results Summary/Overview

- Summary Income Statement NOTICE - Financial Performance Trend The Company has changed its fiscal year end - Sales Trend by Segments from July 1 to June 30 since FY2021. - Topics Now FY2021 is 11 months from ・ Upcoming Activities August 1, 2020 to June 30, 2021.

・ Appendix 1Q: Aug.-Oct. 2Q: Nov.-Jan. 3Q: Feb.-Apr. 4Q: May and June

Higher revenues and earnings YonY/QonQ Quarterly record-high sales was achieved due to contributions from TCG Dept.

・Sales exceeded the earlier quarterly record-high in FY20 2Q, achieving substantially higher revenues and earnings YonY, as well as QonQ. ・In the Digital IP business segment, TCG Dept. greatly contributed to both sales and profit. This segment achieved record-high sales in three quarters in a row since 1Q, and also increased segment profit. ・In the Live IP business segment, both sales and profit decreased QonQ, because events were held with limited audience capacity due to State of Emergency and other factors. ・As equity in losses of affiliates (non-operating expenses), impairment of goodwill of 41 million yen was allocated with respect to the affiliate company (Lingua franca, Inc.) to which the equity method was applied. In addition, extraordinary loss of 272 million yen was allocated as loss on valuation of investment securities.

Unit: million yen FY21 3Q FY20 3Q +/- amount +/- % FY21 2Q +/- amount +/- % （①）（②）（①－②＝③）（③／②）（④）（①－④＝⑤）（⑤／④） Net sales 9,127 7,794 ＋1,333 ＋17.1％ 9,054 ＋73 ＋0.8％ Operating profit 264 -19 ＋283 － 241 ＋23 ＋9.5％ Ordinary profit 361 -55 ＋416 － 256 ＋105 ＋41.0％ Profit (loss) attributable to 30 -48 ＋78 － -36 ＋66 － owners of parent

Digital IP business Net sales 6,940 6,036 ＋904 ＋14.9％ 6,707 ＋233 ＋3.4％ Segment profit 348 105 ＋243 ＋231.4％ 24 ＋324 － Live IP business Net sales 2,187 1,758 ＋429 ＋24.4％ 2,346 －159 －6.7％ Segment profit -87 -123 ＋36 － 215 －302 －

・Although consolidated net sales increased, gross profit rate declined, because net sales decreased in MOG Dept., and cost rate of music live events was yet to be improved. Meanwhile, since putting advertising expenses into launching new application games passed a peak, SG&A expenses decreased, and operating/ordinary profit turned to the black. ・Cumulative net sales in the 3Q has kept a pace even higher than the same period of the previous year which registered record-high. Quarter Cumulative total

+/- +/- Unit: million yen FY21 3Q FY20 3Q amount +/- % FY21 3Q FY20 3Q amount +/- % （①）（②）（①－②＝③）（③／②）（④）（⑤）（④－⑤＝⑥）（⑥／⑤） Net sales 9,127 7,794 ＋1,333 ＋17.1％ 27,154 25,224 ＋1,930 ＋7.6％

Gross profit 3,021 3,105 －84 －2.7% 9,647 11,252 －1,605 －14.2%

SG&A expenses 2,756 3,124 －368 －11.7％ 9,223 9,038 ＋185 ＋2.0％ Advertising －361 －24.0% ＋478 ＋12.0% expenses 1,141 1,502 4,435 3,957 Promotion expenses 282 246 ＋36 ＋14.6% 658 1,075 －417 －38.7% Operating profit 264 -19 ＋283 － 423 2,213 －1,790 －80.8%

Operating profit % ＋3.0pt － % －7.2pt － margin 2.8% -0.2 1.5% 8.7

Ordinary profit 361 -55 ＋416 － 524 2,204 －1,680 －76.2%

Ordinary profit rate 3.9% -0.7% ＋4.6pt － 1.9% 8.7% －6.8pt －

Profit (loss) attributable to owners of 30 -48 ＋78 － -161 1,229 －1,390 － parent * As consolidated performance forecasts are not disclosed, progress thereof is not shown. Ⓒbushiroad All Rights Reserved. 5 Quarterly Trend of Consolidated Performances Legend Net sales Sales vcost (depreciation) Cost rate (million yen) 10,000 100.0% 9,127 9,123 8,971 9,054 9,000 8,652 90.0% 8,306 Depreciation for TV anime 8,188 Increased share of in-house broadcasted last autumn 7,962 distribution pushed up MOG cost 7,794 increased 8,000 80.0% 7,372 Widespread of COVID-19 7,776 66.9% 7,000 Cost rates of MD / live shows / events rose 64.7% 70.0% 61.8% 57.4% 60.2% 59.3% 6,000 54.1% 53.3% 360 60.0% 53.1% 53.0% 53.2% 383 341 5,000 50.0% 269 211 282 196 355 325 359 4,000 40.0% 424 3,000 Factors behind increased cost rate in the 3Q 30.0% ●Lower earning rate due to decreased net sales in MOG Dept. 2,000 ●Lower earning rate due to holding music live shows and live stages with 20.0% limited audience capacity 1,000 ●Depreciation for TV anime broadcasted last autumn decreased, but another 10.0% depreciation came up with the TV anime “CARDFIGHT!! VANGUARD overDress”

0 0.0% 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q FY2019 FY2020 FY2021

(million yen) 10,000 9,127 20.0% 9,123 8,971 9,054 9,000 8,652 18.0% 8,188 8,306 7,962 7,794 7,776 8,000 16.0% 7,372 14.7% Renewed record- high sales 13.5% 7,000 14.0%

6,000 11.4% 12.0% 9.4% 9.1% 5,000 10.0%

4,000 7.1% 8.0% 5.9% 3,000 6.0% Impact of Advertising and promotion expenses increased due to 3.9% COVID-19 full-swing launch of new IP 2,000 “D4DJ” 2.8% 4.0% 1,224 1,102 1,036 696 724 1,000 508 550 2.0% 256 361 0 0.0% -54 -93 -0.7% -1.0% -1,000 -2.0% 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q FY2019 FY2020 FY2021

9,000 2,907 2,347 2,187 2,320 2,466 8,000 2,399 2,319 2,102 1,756 1,604 7,000 1,794 6,940 6,651 6,708 6,000 6,187 6,217 5,986 6,039 6,172 (million yen) 5,577 5,860 5,790 5,000 1,250 450 Renewed record- 490 high sales 1,000 4,000 502

3,000 259 760 750 353 588 98 595 500 2,000 513 502 462 1,000 338 348 250 215 105 3 0 0 -123 -105 -91 24 -87 -250 -1,000 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q FY2019 FY2020 FY2021

* Segment sales are sales to external customers. * For segment operating profit, adjusted amount is not shown.

(million yen) 5,575 5,858 5,786 6,184 5,983 6,214 6,036 6,172 6,649 6,705 6,940 ● Media Dept.: Sales increased due to 8,000 the contribution of FrontWing Lab, Inc. 150 which became a consolidated subsidiary 7,000 103 86 in Apr. 2021. 133 64 21 88 54 420 602 841 6,000 34 53 ● MD Dept.: Although some impacts of 22 471 434 327 403 527 359 807 751 scale-down and 314 536 841 865 5,000 756 1,209 909 postponement/cancellation of real events 1,228 1,202 886 911 still remain, several merchandising 4,000 2,441 events helped slight recovery of sales. 1,930 3,172 2,568 1,827 1,762 1,912 1,979 2,442 3,147 ● MOG Dept.: Both “Garupa (*1)” 3,000 3,311 marking its 4th anniversary and “D4DJ Groovy Mix” having organized several 2,000 collaborations contributed, but overall 2,735 2,878 sales of application games got slightly 2,526 2,374 2,590 2,254 2,516 1,000 2,065 1,803 2,094 softened. 1,369 0 ● TCG Dept.: New series of 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q “CARDFIGHT!! VANGUARD” started in FY2019 FY2020 FY2021 Apr. 2021 and many popular IP products of “Weiss Schwarz” were released, which Legend contributed to sales keeping a good pace.

TCG Dept. MOG Dept. MD Dept. Media Dept. Other YonY QonQ YonY QonQ YonY QonQ YonY QonQ

*1 Application game “BanG Dream! Girls Band Party!”

Ⓒbushiroad All Rights Reserved. 9 Change in Quarterly Net Sales by Department: ② Live IP Business ● Music Dept: Sales of music/video software maintained steady growth (million yen) 1,793 2,101 2,398 2,465 2,318 2,906 1,755 1,604 2,319 2,346 2,187 because of higher sales of music 3,000 distribution, in addition to releasing 5 single CDs, 2 albums, and 5 video products including 3 Blu-rays of the TV 2,500 anime “Assault Lily BOUQUET”. 1,102 Concerning live shows/stages, music live shows of “BanG Dream!” were held at 2,000 1,029 851 893 Yokohama Arena for 2 days. However, 1,155 1,071 745 973 such shows have still been organized 329 1,500 with limited audience capacity, leaving 779 net sales yet to be improved. 832 1,000 1,804 ● Sports Dept.: Events were held with 1,464 1,436 1,467 1,453 limited spectator capacity, taking 1,356 1,243 1,248 1,214 500 976 sufficient measures against infections 772 in line with requests from each local government. New Japan Pro-Wrestling 0 held 48 events including “NEW JAPAN 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q CUP 2021” series, and STARDOM held FY2019 FY2020 FY2021 24 events including “STARDOM’s 10th Anniversary ~Hinamatsuri ALLSTAR Legend DREAM CINDERELLA~”. However, since there was no large-scale event like “WRESTLE KINGDOM 15” held at Tokyo Music Dept. YonY QonQ Sports Dept. YonY QonQ Dome in the 2Q, net sales decreased QonQ.

New Japan Pro-Wrestling held “NEW JAPAN CUP 2021” from March 4 – ●“D4DJ” develops many collaborations 21 nationwide, attracting 16,762 spectators in total. During the event at Xebio Arena Sendai on March 20, a strong Also, for “D4DJ Groovy Mix” (in-house IP / in-house distribution), large-scale earthquake occurred and matches were temporarily interrupted. update was implemented and in-game events were held in collaborations with At that time, wrestlers took instantaneous actions to calm down the “Hololive Production”, the TV animation “The Quintessential Quintuplets ∬” atmosphere in the Arena, and many people talked about such actions and the movie “Godzilla vs. Kong”. which were full of pro-wrestler’s spirit and sportsmanship for pleasing Moreover, wider promotion has been developed for entertainment fans, such fans. as the theme song collaborated with “Animelo Summer Live 2021 -COLORS-”, one of the world’s largest live event of animation songs, covered by 6 units with 24 members this summer.

Messrs. Okada, Tanahashi and Ibushi on the ring during match interruption

Ⓒ 2016 COVER Corp. ©春場ねぎ・講談社／「五等分の花嫁∬」製作委員会 ©2021 Legendary. All Rights Reserved. GODZILLA TM & © TOHO CO., LTD. MONSTERVERSE TM & © Legendary ©bushiroad All Rights Reserved. © Donuts Co. Ltd. All rights reserved. ©新日本プロレス 11 Situations of holding principal events

Efforts have been made to hold real events, in accordance with the “Basic Countermeasure Policy for COVID-19 Control”. Many events could be held with limited audience capacity, while some events were inevitably shifted to online formats and/or postponed.

Situation Date Event held 2/22 Roselia×RAISE A SUILEN: joint live “Rausch und/and Craziness Ⅱ” (Yokohama Arena)

held 2/23 Poppin'Party×Morfonica Friendship LIVE “Astral Harmony” (Yokohama Arena）

held 3/14～4/20 Bushiroad Grand Exhibition (Tokyo Dome City / Gallery AaMo) Live stage “ROAD59-SHINJIDAI NINKYOU TOKKU-” Matenrou Yozakura Kousou held 4/15～18 (Kanagawa Arts Theatre) without 4/30 Peaky P-key×Photon Maiden joint LIVE “Ultimate Melodies” (Zepp Haneda) audience online format 5/3～5 Bushiroad Card Game Festival 2021 (TRC: Tokyo Ryutsu Center)

postponed 5/15・29 New Japan Pro-Wrestling “WRESTLE GRAND SLAM” (Yokohama Stadium / Tokyo Dome)

held 5/29 D4DJ D4 FES.-Be Happy- REMIX (Fuji-Q Highland Conifer Forest)

held 5/30 ARGONAVIS LIVE 2021 JUNCTION A-G (Fuji-Q Highland Conifer Forest)

postponed 6/5・6 BanG Dream! Special☆LIVE Girls Band Party! 2020→2021 (MetLife Dome) →On the same day, public talk “BanG Dream! Girls Talk Party! 2021” were held by paid online ※2021年２月～６月上旬に開催を予定していた主なイベント・興行の情報を掲載しております。distribution.

Principal upcoming activities of Bushiroad Group scheduled around FY2021/4Q (May/June 2021) and FY2022/1Q (July – Sept. 2021)

Ⓒbushiroad All Rights Reserved. 13 Upcoming Activities ①: Scheduled Principal Projects D4DJ ARGONAVIS Joran BanG Dream! Assault Lily New Japan Pro-Wrestling * Below listed ones are as announced as of June. 14, 2021, to be held/released. * Order of listing may not be in line with actual timing of holding/releasing. Girls☆Musical Revue Starlight

Live Shows/Stages Music/Video Softwares Topics June

ARGONAVIS live stage Single CDs of “Project Sekai: Colorful Stage! feat. Girls☆Musical Revue Starlight “ARGONAVIS the Live Stage” Hatsune Miku” will be released by Bushiroad Music Theater version “Girls☆Musical Revue Co., Ltd. (5 titles, 6/9 – 8/4) Starlight” BanG Dream! music live Blu-rays of Hololive Production live shows will RAISE A SUILEN ZEPP TOUR 2021 “BE LIGHT” in Osaka BanG Dream! be released by Bushiroad Music Co., Ltd. Theater version “BanG Dream! Episode of Assault Lily music live (3 titles, 6/23 – 8/25) Roselia II: Song I am.” Assault Lily Last Bullet Presents “Edel Lilie+” Merm4id 2nd Single BanG Dream! music live New Japan Pro-Wrestling

July Pastel＊Palettes Special Live “TITLE DREAM” Joran: THE PRINCESS OF SNOW AND BLOOD “SUMMER STRUGGLE 2021” TV anime, Blu-ray (3 volumes in total, 6/23 – 8/25) 8 venues nationwide, 14 events Girls☆Musical Revue Starlight live stage (7/10 – 8/1) “Girls☆Musical Revue Starlight -The LIVE-#3 Growth” Theater version “BanG Dream! Episode of Roselia” Theme Songs Collection BanG Dream! D4DJ online music live “Happy Around! Theater version “BanG Dream! Hello, Happy World! 1st Album ONLINE LIVE Seifuku Disco!” FILM LIVE 2nd Stage” Single CDs of all 5 bands of ARGONAVIS will be released at the same time BanG Dream! music live BanG Dream! 9th☆LIVE D_CIDE TRAUMEREI

From Aug. From “The Beginning” at Fuji-Q Highland Conifer Forest (8/21·22) RONDO 2nd Single TV anime broadcasting will start in summer 2021 D4DJ Groovy Mix cover tracks vol.2 Application game will be released in 2021 BanG Dream!, Girls☆Musical Revue Starlight, ARGONAVIS, and Assault Lily will show up Lyrical Lily 2nd Single at “Animelo Summer Live 2021 -COLORS-” (8/27 – 29) Card products of TCG “Weiss Schwarz” will be Poppin'Party mini Album released “The Quintessential Quintuplets ∬” BanG Dream! music live (9/10) “Hololive Production” (10/1), etc. BanG Dream! 9th☆LIVE “Mythology” Theater version "BanG Dream! FILM LIVE * Dates are release dates of booster packs. at Fuji-Q Highland Conifer Forest (9/4·5) 2nd Stage" Special Songs

Broadcasting of the new TV anime project “D_CIDE TRAUMEREI” produced by Sumzap, Inc., Drecom Co., Ltd. and Bushiroad Inc. will start in summer 2021. Theme song of this project, titled “Kemono no Kotowari” is made by Tokyo Incidents. In addition, within the application game for smartphones to be released in 2021, not only the theme songs “Kemono no Kotowar”, but also among other excellent pieces of Tokyo Incidents, “Gunjou Biyori”, “Killer Tune”, “Toumei Ningen”, “Senkou Shoujo”, “Sora ga Natte Iru”, “Rakujitsu” and “Syuraba” are specially chosen, all of which make various dramatic scenes of this game more sensational.

A large-scale outdoor festival event “D4DJ D4 FES. -Be Happy- REMIX” was held at Fuji-Q Highland Conifer Forest on May 29. More than 4,000 audiences gathered there and about 2,000 others participated in paid online live streaming. Further, throughout this summer, lots of live music shows / stages are planned to be held in each IP.

BanG Dream! music live Pastel＊ Palettes Special Live “TITLE DREAM” on July 8, 2021

Assault Lily music live “Edel Lilie+” on July 3, 2021

ARGONAVIS live stage Girls☆Musical Revue Starlight live stage “ARGONAVIS the Live Stage” “Girls☆Musical Revue Starlight -The LIVE-#3 Growth” on June 24 – 27 (7 stages in total) on July 23 – Aug.1 (15 stages in total)

©AZONE INTERNATIONAL・acus/アサルトリリィプロジェクト ©Pokelabo, Inc. ©bushiroad ©Tokyo Broadcasting System Television, Inc. ©SHAFT ©BanG Dream! Project ©Craft Egg Inc. ©ARGONAVIS the Live Stage製作委員会 ©Project Revue Starlight ©bushiroad All Rights Reserved. 17 Upcoming Activities ⑤ Theater version animation

Movies released during the 1st 3 theater version animation movies of week in June Won the 1st place of the opening “Girls☆Musical Revue Starlight” and day satisfaction survey! “BanG Dream!” will be on theaters this summer. Source: Filmarks (★4.48)

Theater version Theater version BanG Dream! Theater version BanG Dream! Girls☆Musical Revue Starlight Episode of Roselia Ⅱ : Song I am. FILM LIVE 2nd Stage (now on screen since June 4) (from June 25) (from Aug. 20)

Card game product versions of very popular IPs are continuously planned to be released, such as “The Quintessential Quintuplets ∬” which is the sequel of the TV anime “The Quintessential Quintuplets” that registered the largest class production quantity (*) after commercialization as one of the TCG “Weiss Schwarz” in Sept. 2020, and “Hololive Production” which is also popular upon commercialization as one of the TCG “Rebirth for you”.

The Quintessential Quintuplets ∬ Hololive Production Release Date: Sept. 10 Release Date: Oct. 1

* As its initial production quantity of a single product in a booster pack format of “Weiss Schwarz” * Dates are planned release dates of booster packs.

Intellectual Property

The Company uses this term to mean entertainment works, characters and a variety of other products. Creating next generation entertainment Bushiroad Group’s business and departments

Digital IP business Live IP business

TCGTCGTCG Dept.部門 MOGMOGMOG Dept.部門部門 MDMDMD Dept.部門部門 Mediaメディア部門メディア部門 Dept. Music音楽部門 Dept. Sportsスポーツ部門 Dept.

FrontWing Lab. Inc.

“One-Stop Media Mix” is to carry out various corporate activities, essential for IP creation/growth speedily, within Music Dept. the Group.

TV commercials e n O And IP will be widely perceived upon strong dissemination Various by group-wide “Promotion Development” using of our know-how and alliance. - Transit This is the Bushiroad’s “IP Developer Strategy”. Stop Advertising Media Dept. promotion

A case of BanG Dream! Project

SNS

a i d e M strategies

MD Dept. Events x i M

Web advertisement

It is a new generation girls band project where anime, TCG Dept. games, comics and live performances all come together as a ッ Recital media mix. Among many music related anime contents, the project took the initiative in style that the voice actresses of the characters actually play instruments and perform in live events. Its feature is allowing to see the growth of Distribution characters through anime, games, and comics at the same MOG Dept. time that real bands also grow through live stages and releasing songs.

We aim to enhance our presence further in the entertainment market by making use of our “Creative ability (idea)”

and “Promotion power” based on our own experience as an IP developer, and by strengthening our position

as a “Platform company” that adds more value of IPs in collaboration with external IPs.

IP Promotion Platform IP

Music Transit IP MD, advertisement merchandising Program Digital marketing distribution Books/comics IP IP Live shows/stages Anime Trading card games Mobile online games Web media IP SNS Talents Events IP PA TV commercials

From FY2021, the Company has changed its fiscal period as “from July 1 to June 30 every year”. As a transitional period for changing business year, the term of FY2021 is for 11 months from August 1, 2020 to June 30, 2021.

Ending June 30

2020 2021 2022

Sept.

June June

Aug.

June

Aug.

Dec.

Nov.

July July July

Feb.

Mar.

Oct. Jan. May

… Apr. … …

１Q ２Q ３Q ４Q

FY20 FY21 FY22 FY23 4Q is for 2 months FY21 is for 11 months

Full term financial results of FY2021 will be announced on Aug. 13, 2021 (Fri.).

Disclaimer

This material has been prepared based on the information available to the Company at the time of its preparation. The Company offers no guarantee of its realization. Furthermore, please note that the material includes financial information based on past financial statements or the like that has not been audited by an independent certified public accountant or audit corporation, or management figures not based on financial statements or the like.