P.78 Dialogues with Shareholders/Investors

Dialogues with Shareholders/Investors Corporate Governance

Dialogues with Shareholders/Investors

We prioritize constructive, transparent dialogue with our shareholders and investors. We take the market’s expecta- tions for improved capital efficiency and financial strategy seriously. With these in mind, we aim to create sustainable corporate value and strengthen corporate governance.

Performance in IR Activities

Led by the Investor Relations Office, our IR activities in FY2025 included three financial results briefings—regular briefings at the interim period and at year-end, and a special briefing at the end of the third quarter—for securities analysts and insti- tutional investors, as well as approximately 150 one-on-one meetings held throughout the year on a quarterly basis. In the results briefings, we enhanced not only quantitative information but also qualitative explanations, focusing on key growth areas of high interest to shareholders and investors, striving to provide clear and accessible information. Especially at the special briefing held in February 2026, we strongly presented our global IP strategy centered on the strategic part- nership with Legendary Entertainment and worked to deepen analysts’ and investors’ understanding. In the one-on-one meetings, we had more in-depth discussions on current business performance and the outlook for the next fiscal year, as well as capital policies and financial strategies, focusing on capital allocation, reducing cross-share- holdings, and opportunities and responses to threats posed by generative AI. The Investor Relations Office regularly reports the valuable opinions and feedback we receive from the market through these meetings and briefings to the Board of Directors, the Executive Committee, and other key decision-making bodies. Furthermore, to deepen mutual understanding through di- rect dialogue between the management team and the market, we held a CEO/CFO Meeting for sell-side analysts in March 2026. In March 2026, we expanded beyond our traditional domestic-focused IR to conduct overseas investor relations activities in Hong Kong and Singapore. During these overseas investor relations activities, we held a series of one-on-one meetings with local institutional investors. We held enthu- siastic discussions about our global IP strategy, capital policy, and various aspects of our medium- to long-term growth story. Local investors showed strong interest and expectations for our growth potential. Other IR activities include participation in overseas conferences hosted by securities firms and IP-focused conferences. We aim to raise our profile in overseas markets and build a solid foundation for attracting new investors.

Performance in SR Activities

In FY2025, mainly a director, who is the CFO, held approximate- ly 60 SR meetings with ESG and proxy voting representatives from around 20 domestic and overseas institutional investors, primarily engaged in passive investment. A wide range of topics were discussed, including results of the exercise of voting rights at General Meetings of Share- holders, policy for responding to takeover proposals, capital cost management, and human rights initiatives. Also, we held an explanation meeting promptly regarding the resignation of a director. The content of these dialogues are shared with the Board of Directors and throughout the company. Along with insights obtained from post-meeting surveys conducted since FY2023, we incorporate this feedback into various initiatives to increase corporate value, including the formulation of the Medium-Term Business Plan, strengthening the Board’s effec- tiveness, and updating the integrated report. Excerpts (the original texts) from institutional investors’ responses to the question in the FY2025 survey: “Please comment if there is any content or improvement that should be included in the next Integrated Report.” The Integrated Report has improved significantly, and the di- rection set by the growth strategies is commendable. However, since the profitability target is low from an external perspective, I would like to ask for improvements to the disclosure content. Disclosure of ROIC by business segment → Classification and re- view of business segments based on that data → Formulation and presentation of specific plans to improve ROIC. I’m interested in discussions between outside directors and ex- ternal parties (including investors), as well as interviews with former employees. A more detailed vision of how Akasaka can become a media hub and contribute to enhancing the company’s corporate value. A plan to sell cross-shareholding shares as early as possible, and an investment plan for the acquired funds. I look forward to the Integrated Report serving as a two-way communication tool that reports the company’s policy and prog- ress, based on the points I raised during our dialogue and the opinions other investors expressed in their discussions. 78