Interim report
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Note: This document has been translated from the Japanese original for reference purposes only. In the event of any discrepan cy between this translated document and the Japanese original, the original shall prevail. October 29, 2025 Consolidated Financial Results for the Six Months Ended September 30, 2025 [Japanese GAAP] Company name: CAPCOM Co., Ltd. Listing: Tokyo Stock Exchange Securities code: 9697 URL: https://www.capcom.co.jp/ Representative: Haruhiro Tsujimoto, President and COO Inquiries: Keita Takami, General Manager of Finance & Accounting Department Telephone: +81-6-6920-3605 Scheduled date to file semi-annual securities report: October 30, 2025 Scheduled date to commence dividend payments: November 17, 2025 Preparation of supplementary material on financial results: Yes Holding of financial results briefing: Yes (For institutional investors) (Yen amounts are rounded down to millions, unless otherwise noted.) 1. Consolidated Financial Results for the Six Months Ended September 30, 2025 (April 1, 2025 to September 30, 2025) (1) Consolidated Operating Results (Percentages indicate year-on-year changes.) Net sales Operating profit Ordinary profit Profit attributable to owners of parent Six months ended Millions of yen % Millions of yen % Millions of yen % Millions of yen % September 30, 2025 81,152 43.9 39,333 89.8 36,543 76.5 27,514 80.1 September 30, 2024 56,402 (24.7) 20,726 (38.7) 20,706 (42.7) 15,275 (39.6) Note: Comprehensive income Six months ended September 30, 2025: ¥ 28,152 million [ 117.4 %] Six months ended September 30, 2024: ¥ 12,952 million [ (56.5) %] Basic earnings per share Diluted earnings per share Six months ended Yen Yen September 30, 2025 65.78 65.77 September 30, 2024 36.52 - (2) Consolidated Financial Position Total assets Net assets Shareholder equity ratio As of Millions of yen Millions of yen % September 30, 2025 298,852 245,188 82.0 March 31, 2025 312,982 226,303 72.3 Reference: Equity As of September 30, 2025: ¥ 244,933 million As of March 31, 2025: ¥ 226,148 million
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2.Dividends Annual dividends 1st quarter-end 2nd quarter-end 3rd quarter-end Year-end Total Yen Yen Yen Yen Yen Fiscal year ended - 18.00 - 22.00 40.00 March 31, 2025 Fiscal year ending - 20.00 March 31, 2026 Fiscal year ending March 31, 2026 (Forecast) - 20.00 40.00 Note: Revisions to the forecast of cash dividends most recently announced: None 3. Consolidated financial result forecasts for the fiscal year ending March 31, 2026 (from April 1, 2025 to March 31, 2026) (Percentages indicate year-on-year changes.) Net sales Operating profit Ordinary profit Profit attributable to owners of parent Basic earnings per share Millions of yen % Millions of yen % Millions of yen % Millions of yen % Yen Full year 190,000 12.0 73,000 11.0 70,000 6.6 51,000 5.3 121.93 Note: Revisions to the financial result forecast most recently announced: None * Notes (1) Significant changes in the scope of consolidation during the period: None Newly included: - ( Company name: - ) Excluded: - ( Company name: - ) (2) Adoption of accounting treatment specific to the preparation of semi-annual consolidated financial statements: Yes Note: Please refer to 2. Semi-annual Consolidated Financial Statements and Primary Notes (4) Notes to Consolidated Financial Statements (Application of special accounting treatment for preparation of quarterly financial statements) on page 10 for more detail. (3) Changes in accounting policies, changes in accounting estimates, and restatement (i) Changes in accounting policies due to revisions to accounting standards and other regulations: None (ii) Changes in accounting policies due to other reasons: None (iii) Changes in accounting estimates: None (iv) Restatement: None (4) Number of issued shares (common shares) (i) Total number of issued shares at the end of the period (including treasury shares) As of September 30, 2025: 533,011,246 shares As of March 31, 2025: 533,011,246 shares (ii) Number of treasury shares at the end of the period As of September 30, 2025: 114,725,122 shares As of March 31, 2025: 114,743,194 shares (iii) Average number of shares outstanding during the period (cumulative from the beginning of the fiscal year) Six months ended September 30, 2025: 418,280,521 shares Six months ended September 30, 2024: 418,246,776 shares Note: The number of treasury shares at the end of the period and the number of treasury shares deducted when calculating the average number of shares outstanding during the period under review include the Company's shares held by the Stock Grant ESOP trust. * Semi-annual financial results reports are exempt from review conducted by certified public accountants or an audit firm. * Explanation about the appropriate usage of business prospects and other special notes The above-mentioned business forecasts were based on the information available as of the date of the release of this report. Future events may cause the actual results to be significantly different from the forecasts. Please refer to 1. Operating Results Overview (3) Qualitative Information Regarding the Consolidated Business Forecasts on page 4 for more details.
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1 Attachment Contents 1. Operating Results Overview .............................................................................................................................................................. 2 (1) Operating Results for the Period under Review ............................................................................................................................ 2 (2) Overview of the Consolidated Financial Position for the Period under Review ......................................................................... 4 (3) Qualitative Information regarding the Consolidated Business Forecasts ...................................................................................... 4 2. Semi-annual Consolidated Financial Statements and Primary Notes ............................................................................................... 5 (1) Semi-annual Consolidated Balance Sheet ..................................................................................................................................... 5 (2) Semi-annual Consolidated Statements of Income and Comprehensive Income ............................................................................ 7 (3) Semi-annual Consolidated Statement of Cash Flows .................................................................................................................... 9 (4) Notes to Consolidate Financial Statements ................................................................................................................................. 10 Going concern assumptions ........................................................................................................................................................ 10 Application of special accounting treatment for preparation of quarterly financial statements ................................................... 10 Consolidated statements of income ............................................................................................................................................. 10 Segment information ................................................................................................................................................................... 11 Material changes in shareholders’ equity .................................................................................................................................... 11
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2 1. Operating Results Overview (1) Operating Results for the Period under Review In the six months ended September 30, 2025, Capcom Co., Ltd. (the “Company”) actively pursued investments for growth focused on the ongoing enhancement of digital sales in order to further evolve and expand within the global market. In addition, as part of its human resources investment strategy, which is one of the Company’s top priorities, it continued to invest in human capital with the aim of stable and sustainable growth by securing and fostering human resources to support the future, and worked to enhance corporate value over the medium- to long-term. Regarding business performance, the Company worked to increase global unit sales in its core Digital Contents business by releasing existing titles on new hardware and strengthening sales of catalog titles. As a result, in the six months ended September 30, 2025, the Digital Contents business contributed to earnings with sales of 246 titles in 231 countries and regions and total unit sales of 23.85 million units, up from the 20.02 million units sold in the same period of the previous fiscal year. The Company also aimed to enhance the brand value of its intellectual properties (IPs) by coordinating the various activities of its major content with esports, film and television productions, and licensing business activities. To increase earnings, the Company continued the steady operation of its stores and the pursuit of store openings in new formats in Arcade Operations, while in Amusement Equipments, it continued to release smart pachislo machines and utilize its popular IPs. On top of its business activities, particularly in 2025, the Company also worked to contribute to local, cultural, and technological promotion by sponsoring and participating in the Osaka Healthcare Pavilion, which was held by Osaka Prefectural and City governments at Expo 2025 Osaka, Kansai, Japan. As a result, for the six months ended September 30, 2025, net sales were 81,152 million yen (up 43.9% year on year), operating profit was 39,333 million yen (up 89.8% year on year), ordinary profit was 36,543 million yen (up 76.5% year on year), and profit attributable to owners of parent was 27,514 million yen (up 80.1% year on year). Status of business by operating segment ① Digital Contents business In the Digital Contents business, the Company released Capcom Fighting Collection 2 (for Nintendo Switch, PlayStation 4, Xbox One and PC) and Onimusha 2 (for PlayStation 4, Nintendo Switch, Xbox One and PC) in May, revitalizing support from series fans. Additionally, the Company also released Street Fighter 6 and Kunitsu-Gami: Path of the Goddess for the Nintendo Switch 2 in June. Regarding catalog titles, cumulative global sales of Street Fighter 6 surpassed 5 million units following its rollout to new hardware as well as ongoing efforts to bolster coordination between the Company ’s games and its esports activities in pursuit of wider brand recognition and an expanded user base. Moreover, user excitement rose for the Resident Evil series following the announcement that the latest title in series, Resident Evil Requiem, is scheduled for release in February 2026. The title also won a total of four awards, the most of any title, at the Gamescom Awards 2025, one of the largest game awards in Europe , which was held at Gamescom 2025 in Germany in August. This helped to drive sales growth for titles in the same series, led by Resident Evil Village and Resident Evil 4. Additionally, sales of Devil May Cry 5 were strong due to carrying out pricing strategies in accordance with the release of a television adaptation of the series and efforts to enhance brand value through building wider awareness of the Company’s IPs. Furthermore, unit sales of Monster Hunter Rise continued to increase alongside sales of Monster Hunter Wilds, the latest title in the same series. As a result, unit sales of catalog titles reached 22.85 million units, exceeding the 18.95 million units recorded in the same period of the previous fiscal year.
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3 Additionally, the Company’s booth at Tokyo Game Show 2025, held in September, drew attention from many showgoers looking to try playable demos of upcoming titles. It was also announced at the Japan Game Awards 2025 that Monster Hunter Wilds received an Award for Excellence in the Games of the Year Division, and four titles, including Resident Evil Requiem and Monster Hunter Stories 3: Twisted Reflection (scheduled for release in the current fiscal year), were selected for recognition in the Future Division, providing early momentum to the titles. As a result, the segment earned net sales of 49,852 million yen (up 25.3% year on year) and operating profit of 31,378 million yen (up 52.0% year on year). ② Arcade Operations business In Arcade Operations, amidst changing consumer habits and growing tourism, steady operations of existing stores and store openings in new formats contributed to earnings expansion. Moreover, the Company held live events and other activities to maximize the appeal of its stores and create synergies with its other businesses. During the six months ended September 30, 2025, the Company opened Chara Cap /Capsule Lab LaLaport Anjo (Aichi Prefecture) in April, which combines a character merchandise specialty store with a capsule toy specialty store, as well as C apcom Store Sendai (Miyagi Prefecture), a retail store that sells merchandise featuring the Company’s popular characters. Furthermore, the Company opened Plaza Capcom/Capsule Lab LaLa terrace Kita-Ayase (Tokyo) in June, and Capcom Connect Space (Osaka Prefecture) in July, the latter being an experiential facility that combines Chara Cap and Capsule Lab while also including Dive! Capcom, where visitors can get immersed in the Company’s latest developments. In total, four stores were opened, bringing the number of locations to 57. As a result, the segment earned net sales of 12,450 million yen (up 13.3% year on year) and operating profit of 2,019 million yen (up 21.1% year on year). ③ Amusement Equipments business Regarding the Amusement Equipments business, the pachislo market remained solid, driven primarily by smart pachislo machines. Devil May Cry 5 Stylish Tribe, released in June 2025, sold 11 thousand units, and Shin Onimusha 3, which began operating on October 6, shipped 18.2 thousand units, contributing to earnings. Furthermore, Monster Hunter Rise, released in November 2024, and Resident Evil 5, released in March 2025, both enjoyed long-term operation in halls due to a positive reception from players, leading to favorable repeat sales as well. As a result, the segment earned net sales of 15,191 million yen (up 378.3% year on year) and operating profit of 9,078 million yen (up 471.9% year on year). ④ Other Businesses The Company utilized its popular title Street Fighter 6 in its eSports business activities, initiating competitions worldwide with the Capcom Pro Tour 2025 international tournament series that began in May, as well as the team- based league Street Fighter League: Pro -JP 2025 in Japan that began in August. In addition to taking measures to expand the user base around the world, the Company announced that it will hold the championship tournament for the 2025 season at Japan’s famous National Sumo Arena, Ryogoku Kokugikan, following the success of last season’s finals at the same venue. In the Media business, a new Devil May Cry animated series was released worldwide on Netflix in April , while in the Character business the Company focused on merchandise for its popular titles and on various event initiatives.
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4 Furthermore, the Company has taken measures to enhance the value of its corporate brand, including with the exhibition Capcom Creation - Moving Hearts Across the Globe, which showcases the Company’s game development process and has received critical acclaim, starting with its initial Osaka installation and continuing with exhibits in multiple locations throughout Japan. As a result, the segment earned net sales of 3,657 million yen (up 48.7% year on year) and operating profit of 2,080 million yen (up 74.0% year on year). (2) Overview of the Consolidated Financial Position for the Period under Review Total assets as of the end of the second quarter decreased by 14,130 million yen from the end of the previous fiscal year to 298,852 million yen. The primary increases were 14,790 million yen in investments and other assets, other, due to an increase of investment securities, etc., 13,332 million yen in work-in-progress for game software , 8,945 million yen in property, plant and equipment, other, net, due to an increase of land assets, etc., and 5,224 million yen in work in process. The primary decreases were 36,047 million yen in cash and deposits and 18,406 million yen in accounts receivable - trade. Total liabilities as of the end of the second quarter decreased by 33,014 million yen from the end of the previous fiscal year to 53,664 million yen. The primary decreases were 14,093 million yen in deferred revenue, 6,007 million yen in provision for bonuses, 5,336 million yen in income taxes payable, 3,591 million yen in short-term borrowings, and 3,000 million yen in long-term borrowings. Net assets as of the end of the second quarter increased by 18,884 million yen from the end of the previous fiscal year to 245,188 million yen. The primary increase was 27,514 million yen in profit attributable to owners of parent, and 617 million yen in foreign currency translation adjustment . The primary decrease w as 9,398 million yen in dividends from retained earnings. (3) Qualitative Information regarding the Consolidated Business Forecasts The forecast for the consolidated business results for the current fiscal year ending March 31, 2026, remains the same as what was projected at the financial results announcement on May 13, 2025.
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5 2. Semi-annual Consolidated Financial Statements and Primary Notes (1) Semi-annual Consolidated Balance Sheet (Millions of yen) As of March 31, 2025 As of September 30, 2025 Assets Current assets Cash and deposits 166,783 130,735 Accounts receivable - trade 33,341 14,934 Merchandise and finished goods 2,798 3,337 Work in process 917 6,142 Raw materials and supplies 1,115 476 Work-in-progress for game software 49,209 62,542 Other 7,917 6,055 Allowance for doubtful accounts (0) (5) Total current assets 262,082 224,219 Non-current assets Property, plant and equipment Buildings and structures, net 10,745 10,676 Other, net 22,809 31,754 Total property, plant and equipment 33,554 42,431 Intangible assets 1,436 1,502 Investments and other assets Other 15,930 30,721 Allowance for doubtful accounts (23) (23) Total investments and other assets 15,907 30,698 Total non-current assets 50,899 74,632 Total assets 312,982 298,852 Liabilities Current liabilities Notes and accounts payable - trade 3,117 3,161 Electronically recorded obligations - operating 2,505 3,333 Short-term borrowings 3,591 - Income taxes payable 15,053 9,717 Provision for bonuses 9,480 3,472 Deferred revenue 20,590 6,497 Other 15,138 12,459 Total current liabilities 69,478 38,642 Non-current liabilities Long-term borrowings 3,000 - Retirement benefit liability 4,758 4,904 Provision for share awards 3,169 3,751 Provision for share-based payments 49 94 Other 6,222 6,271 Total non-current liabilities 17,200 15,021 Total liabilities 86,678 53,664
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6 (Millions of yen) As of March 31, 2025 As of September 30, 2025 Net assets Shareholders' equity Share capital 33,239 33,239 Capital surplus 30,259 30,259 Retained earnings 204,233 222,348 Treasury shares (49,963) (49,932) Total shareholders' equity 217,768 235,914 Accumulated other comprehensive income Foreign currency translation adjustment 8,602 9,220 Remeasurements of defined benefit plans (222) (201) Total accumulated other comprehensive income 8,380 9,018 Share award rights 155 254 Non-controlling interests - - Total net assets 226,303 245,188 Total liabilities and net assets 312,982 298,852
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7 (2) Semi-annual Consolidated Statements of Income and Comprehensive Income Semi-annual Consolidated Statement of Income (Millions of yen) For the six months ended September 30, 2024 For the six months ended September 30, 2025 Net sales 56,402 81,152 Cost of sales 23,057 28,283 Gross profit 33,345 52,868 Selling, general and administrative expenses 12,618 13,535 Operating profit 20,726 39,333 Non-operating income Interest income 574 660 Dividend income 0 - Foreign exchange gains 376 - Other 71 50 Total non-operating income 1,022 710 Non-operating expenses Interest expenses 37 37 Foreign exchange losses - 727 Social contribution activity-related expenses (*) 940 2,450 Other 65 283 Total non-operating expenses 1,043 3,499 Ordinary profit 20,706 36,543 Extraordinary income Gain on sale of non-current assets 143 0 Total extraordinary income 143 0 Extraordinary losses Loss on sale and retirement of non-current assets 2 176 Total extraordinary losses 2 176 Profit before income taxes 20,847 36,367 Income taxes 5,571 8,853 Profit 15,275 27,514 Profit attributable to non-controlling interests - - Profit attributable to owners of parent 15,275 27,514
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8 Semi-annual Consolidated Statement of Comprehensive Income (Millions of yen) For the six months ended September 30, 2024 For the six months ended September 30, 2025 Profit 15,275 27,514 Other comprehensive income Foreign currency translation adjustment (2,309) 617 Remeasurements of defined benefit plans, net of tax (14) 20 Total other comprehensive income (2,323) 638 Comprehensive income 12,952 28,152 Comprehensive income attributable to Comprehensive income attributable to owners of parent 12,952 28,152 Comprehensive income attributable to non-controlling interests - -
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9 (3) Semi-annual Consolidated Statement of Cash Flows (Millions of yen) For the six months ended September 30, 2024 For the six months ended September 30, 2025 Cash flows from operating activities Profit before income taxes 20,847 36,367 Depreciation 2,143 2,406 Amortization of goodwill 17 45 Increase (decrease) in allowance for doubtful accounts (0) 4 Increase (decrease) in provision for bonuses (3,180) (3,411) Increase (decrease) in provision for share awards 553 581 Increase (decrease) in provision for share-based payments - 44 Interest and dividend income (574) (660) Interest expenses 37 37 Foreign exchange losses (gains) (236) (98) Loss (gain) on sale and retirement of non-current assets (141) 176 Decrease (increase) in trade receivables 11,350 18,435 Decrease (increase) in inventories (1,845) (4,778) Decrease (increase) in work-in-progress for game software (10,222) (13,332) Increase (decrease) in trade payables 2,221 858 Increase (decrease) in deferred income (68) (14,113) Other, net (2,433) (4,541) Subtotal 18,467 18,020 Interest and dividends received 586 607 Interest paid (35) (45) Income taxes paid (4,923) (14,057) Net cash provided by (used in) operating activities 14,094 4,525 Cash flows from investing activities Payments into time deposits (16,430) (25,448) Proceeds from withdrawal of time deposits 16,430 15,106 Purchase of property, plant and equipment (1,178) (9,234) Proceeds from sale of property, plant and equipment 338 0 Purchase of intangible assets (258) (361) Purchase of investment securities - (15,021) Purchase of shares of subsidiaries resulting in change in scope of consolidation (154) - Other, net (240) (101) Net cash provided by (used in) investing activities (1,493) (35,061) Cash flows from financing activities Repayments of short-term borrowings - (3,591) Repayments of long-term borrowings (313) (3,000) Purchase of treasury shares (2) (0) Dividends paid (9,156) (9,369) Dividends paid to non-controlling interests - (21) Other, net (628) (717) Net cash provided by (used in) financing activities (10,099) (16,700) Effect of exchange rate change on cash and cash equivalents (958) 537 Net increase (decrease) in cash and cash equivalents 1,542 (46,699) Cash and cash equivalents at beginning of period 109,091 150,426 Cash and cash equivalents at end of period 110,634 103,726
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10 (4) Notes to Consolidated Financial Statements （Going concern assumptions） Not applicable （Application of special accounting treatment for preparation of quarterly financial statements） （Calculation of income taxes） Income taxes are calculated by multiplying the net income before income taxes by the forecasted effective tax rate, which is computed by matching the forecasted yearly income taxes with the forecasted yearly income before taxes. （Consolidated statements of income） * Social contribution activity-related expenses Previous 6 months (From April 1, 2024 to September 30, 2024) The breakdown of “Social contribution activity-related expenses” is “2025 Osaka Expo-related expenses” of 910 million yen, and “Donation” of 30 million yen. Current 6 months (From April 1, 2025 to September 30, 2025) The breakdown of “Social contribution activity-related expenses” is “2025 Osaka Expo-related expenses” of 2,443 million yen, and “Donation” of 7 million yen.
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11 （Segment information） Ⅰ Previous 6 months (From April 1, 2024 to September 30, 2024) Information on net sales and operating profit (loss) (Millions of yen) Reportable segment Other (Note 1) Total Adjustment (Note 2) Consolidated total (Note 3) Digital Contents Arcade Operations Amusement Equipments Total Net sales Customers 39,775 10,991 3,176 53,943 2,459 56,402 － 56,402 Inter-segment － － － － － － － － Total 39,775 10,991 3,176 53,943 2,459 56,402 － 56,402 Operating profit (loss) 20,640 1,667 1,587 23,895 1,195 25,091 (4,364) 20,726 Note: 1. “Other” incorporates operations not included in business segments reported, including the Character License business etc. 2. Adjustments of operating profit (loss) of -4,364 million yen include unallocated corporate operating expenses of -4,364 million yen. The corporate operating expenses, which do not belong to any reportable segments mainly consist of administrative expenses. 3. Operating profit (losses) for segments are adjusted on operating profit on the consolidated statements of income. Ⅱ Current 6 months (From April 1, 2025 to September 30, 2025) Information on net sales and operating profit (loss) (Millions of yen) Reportable segment Other (Note 1) Total Adjustment (Note 2) Consolidated total (Note 3) Digital Contents Arcade Operations Amusement Equipments Total Net sales Customers 49,852 12,450 15,191 77,494 3,657 81,152 － 81,152 Inter-segment － － － － － － － － Total 49,852 12,450 15,191 77,494 3,657 81,152 － 81,152 Operating profit (loss) 31,378 2,019 9,078 42,475 2,080 44,556 (5,223) 39,333 Note: 1. “Other” incorporates operations not included in business segments reported, including the Character License business etc. 2. Adjustments of operating profit (loss) of -5,223 million yen include unallocated corporate operating expenses of -5,223 million yen. The corporate operating expenses, which do not belong to any reportable segments mainly consist of administrative expenses. 3. Operating profit (losses) for segments are adjusted on operating profit on the consolidated statements of income. （Material changes in shareholders' equity） Not applicable