1.
ENGLISH
Presentation Material
for New Investors
January 25, 2023

2.
[Forward-looking statement]
The future information, such as earnings forecast, written in this document is based on
our expectations and assumptions as of the date the forecast was made. Our actual
results could differ materially from those described in this forecast because of various
risks and uncertainties.
1

3.
Internet Advertisement Business
Game Business
Media Business
References
1.
Financial Summary (October - December 2022)
2.
3.
4.
5.
7.
6.
0. Contents
2
8.
Medium to Long-Term Strategy
What is CyberAgent ?
Dividend and Management Index
- Purpose
- Governance

4.
What is CyberAgent?
1. What is CyberAgent?
3

5.
[History]
2000 Listed on the TSE Mothers market
2014 Listed on the 1st Section of the TSE
1998 Founding of CyberAgent, Inc.
CyberAgent is added to Nikkei 225 in October 2018, being part of 15
indexes in total, including ESG indexes.
1. What is CyberAgent?
4
[Inclusions]
Nikkei 225
Nikkei Stock Index 300
Nikkei 500 Stock Average
Japan New Economy
Index
MSCI Japan ESG Select
Leaders Index
MSCI Japan Empowering
Women Select Index
MSCI Japan Empowering
Women Index (WIN)
MSCI Japan Index
MSCI ACWI Index
FTSE All-World Index
FTSE JAPAN Index
FTSE Blossom Japan
Sector Relative Index
ESG
2022 Apr. Listed on the Prime Market of the TSE
S&P/JPX
Carbon Efficient Index
ESG
Nikkei 225 Climate Change
1.5℃ Target Index
The JPX-Nikkei Index 400
ESG
ESG

6.
President (founder)
Susumu Fujita
(owns 17.6% shares*)
1998 Founded CyberAgent, Inc.
2000 made the company listed on TSE Mothers at the youngest age
in history.**
2016 Vice Representative Director, Japan Association of New Economy
(current post)
2017 Won “Zaikai Management Award” announced by the publisher of
the business magazine Zaikai.
2021 Ranked third in the “BEST CEOs” in Gaming & Internet
sector of The 2021 All-Japan Executive Team.***
He also serves as
General Producer of “ABEMA,”
the new future of TV which has been the main focus in our
business.
[Representative Director]
5
1. What is CyberAgent?
*As of September 30, 2021 ** As of December 2000
*** The ranking is announced by the U.S. financial magazine, Institutional Investor.
[Vison]

7.
Media Ad Game
Three pillars of businesses that focus on the internet industry
6
Client
Internet Media
Ad Agencies
Distribution
Order Performance Report
The new future of TV,
Blog service
Dating service
1. What is CyberAgent?
“GRANBLUE FANTASY*”
“PRINCESS CONNECT! Re:Dive*”
“UMA MUSUME Pretty Derby*”
* “UMA MUSUME Pretty Derby“ “GRANBLUE FANTASY” “PRINCESS CONNECT! Re:Dive”： © Cygames, Inc.

8.
7
FY2022
¥710.5B
Internet
Ads
50％
Game
31％
Media
15％
Other
3％
1％
Investment
Development
1. What is CyberAgent?
[Consolidated Sales Breakdown*]
*Consolidated Sales Breakdown: Calculated from figures before deducting internal transactions

9.
8
2. Financial Summary
FY23 Q1 Financial Summary
October - December 2022

10.
Sales and OP temporarily declined as the major games’
anniversary season drew near.
The value of ABEMA as a medium has increased considerably
resulting from the investment in the FIFA World Cup Qatar
2022.
Sales remained strong despite being partially affected by
the economic situation.
The FIFA World Cup Qatar 2022 was the largest
investment in our history.
Game
Media
Ad
9
Sales: 33.4 billion yen up 34.0% YoY
OP: -9.3 billion yen -5.5 billion yen YoY
Sales: 95.6 billion yen up 12.7% YoY*
OP: 5.0 billion yen down 13.0% YoY
Sales: 40.9 billion yen down 29.9% YoY
OP: 5.2 billion yen down 69.6% YoY
Sales: 167.5 billion yen down 2.1% YoY
OP: -1.2 billion yen
FY2023
Q1
*YoY change: MicroAd, Inc. became an unconsolidated affiliate and the sales of 3.17 billion yen of Q1 FY 2022 has been exempted.
2. Financial Summary

11.
97.9
109.5
104.4
107.5
110.8
117.3
113.6 111.7
115.6
129.1
112.8
120.8
131.0
163.4
192.2
179.7
171.0
191.1
172.1
176.2
167.5
1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q
FY2018 FY2019 FY2020 FY2021 FY2022 FY2023 10
[Consolidated Sales] 167.5 billion yen (down 2.1% YoY)
Progress toward the forecast is 23.3%.
Billion Yen
2. Financial Summary

12.
8.2
11.4
6.8
3.6
5.3
8.6
9.4
7.4 7.7
12.4
8.2
5.3
7.0
25.8
26.8
19.8
25.7
10.3
13.2
-1.2
1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q
FY2018 FY2019 FY2020 FY2021 FY2022 FY2023
-1.2
11
44.5
Billion Yen
2. Financial Summary
-1.2 billion yen
The transient costs of the FIFA World Cup Qatar 2022 are recorded.
[Consolidated OP]

13.
12
[SG&A Expenses] 40.4 billion yen (up 16.8% YoY)
*Other: Outsourcing expenses, sales-related expenses, external standard taxation, entertainment expenses, and others.
Billion Yen
7.0 7.1 6.8
8.1
9.9
6.1 5.3 5.8
7.8 7.3 6.4
8.2
10.1 9.5 10.0
11.5
13.4 13.6 14.3 14.9 15.5
6.8 7.7 7.6
8.5
8.0
8.5
7.6
8.6
7.1 8.4
7.2
8.7
7.3 9.4 8.6
10.7 9.0
11.5 10.5
11.5 10.5
1.8
1.8 2.0
2.0
2.1
2.1
2.1
2.2 2.2
2.1
2.1
2.1 2.2
2.2 2.2
2.2 2.2
2.3 2.4
2.4 2.4
0.6
0.7 0.7
0.9
0.8
0.8
0.8
1.0
1.3 0.8
1.1
1.3
1.4
1.3 1.5
1.6 1.6
1.7 1.8
2.0 2.2
6.8
7.1 7.3
7.5
7.9
7.3
7.4
7.2
7.7 7.9
6.7
7.8
7.7
8.0 8.4
9.4 8.1
7.7 8.5
9.3 9.6
1.4
1.4
23.1
24.6 24.5
27.3
28.9
25.0
23.4
25.0
26.3 26.9
23.7
29.7
28.9
30.6 30.8
37.1
34.6
37.1
37.8
40.4 40.4
1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q
FY2018 FY2019 FY2020 FY2021 FY2022 FY2023
Special incentives
Other*
Research and development expenses
Office costs
Personnel
Advertisement cost
2. Financial Summary

14.
667 703 753 767 830 802 844 798 780 754 791 804 799 789 841 823 829 829 950 886 912
1,447 1,444
1,507 1,582 1,552 1,565 1,633 1,553 1,492 1,466
1,549 1,522 1,481 1,462
1,604 1,623
1,655 1,690
1,903 1,962 2,055
1,347 1,349
1,459
1,453 1,522 1,554
1,644
1,612
1,643
1,670 1,786 1,826 1,924 1,942 2,105 2,150 2,183 2,221
2,389
2,429
2,466
406 425
501
503
490 487
601
608 596 578
603 605 610 620
649
730 743
764
798 817
748
344 330
352
350
372 362
369
370 366 362
370 374 370 374
384
395 393
394
352 365
368
15 15
15
15
14 12
11
11 11 12
14 13 12 12
12
12
12
13
14 13
14
4,226 4,266
4,587 4,670
4,780 4,782
5,102
4,952 4,888 4,842
5,113 5,144 5,196 5,199
5,595
5,733 5,815
5,911
6,406 6,472
6,563
1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q
FY2018 FY2019 FY2020 FY2021 FY2022 FY2023
Investment Development
Headquarters
Other
Game
Internet Ad
Media
13
[No. of Employees] Total headcount was 6,563 at the end of December.
(748 people increased YoY)
headcount
*Internet Ad: MicroAd, Inc. became unconsolidated on June 29, 2022, and is reflected from FY 2018 retrospectively.
*
2. Financial Summary

15.
14
[PL]
*Net income (loss) attributable to shareholders of parent is affected by the fact that AbemaTV, Inc. is exempted from consolidated tax payment, and non-controlling equity interest (minority interest) of Cygames, Inc.
million yen FY2023 Q1 FY2022 Q1 YoY FY2022 Q4 QoQ
Net Sales 167,577 171,090 -2.1% 176,226 -4.9%
Gross profit 39,187 54,419 -28.0% 53,625 -26.9%
SG&A expenses 40,443 34,615 16.8% 40,410 0.1%
Operating income (loss) -1,255 19,804 -106.3% 13,215 -109.5%
OPM -0.7% 11.6% -12.3pt 7.5% -8.2pt
Ordinary income (loss) -939 19,836 -104.7% 13,199 -107.1%
Extraordinary gain 1,296 97 1227.7% 189 582.2%
Extraordinary loss 409 981 -58.2% 4,704 -91.3%
Income (loss) before income taxes
and non-controlling interests
-52 18,953 -100.3% 8,684 -100.6%
Net income (loss) attributable to
shareholders of parent*
-5,002 6,091 -182.1% 3,518 -242.2%
2. Financial Summary

16.
15
[BS]
million yen
End of
Dec. 2022
End of
Dec. 2021
YoY
End of
Sept. 2022
QoQ
Current assets 331,580 273,381 21.3% 293,850 12.8%
Cash deposits 198,697 157,221 26.4% 165,907 19.8%
Fixed assets 91,368 80,485 13.5% 89,826 1.7%
Total assets 423,028 353,904 19.5% 383,698 10.3%
Current liabilities 139,914 108,907 28.5% 130,014 7.6%
（Income tax payable） 2,318 3,396 -31.7% 5,036 -54.0%
Fixed liabilities 71,416 49,208 45.1% 30,768 132.1%
Shareholders' equity 126,003 119,621 5.3% 138,079 -8.7%
Net Assets 211,696 195,788 8.1% 222,915 -5.0%
2. Financial Summary

17.
3.2 6.3 10.8 16.2
26.7
43.2
60.1
76.0
87.0 93.8 96.6
119.5
141.1
162.4
205.2
254.3
310.6
371.3
419.5
453.6
478.5
666.4
710.5
720.0
-1.6 -0.1 -0.2 -0.1
1.7 2.6
4.3 5.5 4.6 4.4
9.3
14.3
17.4
10.3
22.2
32.7
36.7
30.7 30.1 30.8
33.8
104.3
69.1
FY2000 FY2001 FY2002 FY2003 FY2004 FY2005 FY2006 FY2007 FY2008 FY2009 FY2010 FY2011 FY2012 FY2013 FY2014 FY2015 FY2016 FY2017 FY2018 FY2019 FY2020 FY2021 FY2022 FY2023E
Sales
OP
Billion Yen
16
Continue up-front investment in
ABEMA
Invest in
Smartphone
business
Invest in blog
service
Sales 720 billion yen (up 1.3% YoY)
OP 40 - 50 billion yen
Ads and Game business will drive revenue growth.
Profits are forecasted with a range considering the
investment in FIFA World Cup content and fluctuations
in the Game business.
range
40
50
2. Financial Summary

18.
Internet Advertisement
17
3. Internet Advertisement Business

19.
2,089.82,070.52,058.4
1,976.8
1,784.81,810.51,812.8
1,877.01,902.3
1,956.41,932.31,965.71,947.81,912.3
1,861.2
1,655.9
1,839.3
1,037.7
381.5
122.4
110.6
377.7
482.6
600.3
698.3706.9
774.7806.2
868.0
938.1
1,051.9
1,159.4
1,310.0
1,509.4
1,758.9
2,104.8
2,229.0
2,705.2
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021
[Variation in Ad Spend by Medium*1]
Internet
TV
Newspapers
Magazines
Radio
Unit: billion yen
18
3. Internet Advertisement Business
*1 Variation in Ad Cost by Medium: Dentsu, Inc. 2021 Advertising Expenditures in Japan
The internet ad spend increase by 10.0% year over year in 2022, however,
the growth rate is expected to be lower than the previous year in 2023*2.
*2 10.0% year over year: NIKKEI Advertising Research Institute. Forecast for Advertising Expenditure in FY2022（Revised in July 2022）
Exceeded the total of the four
mass mediums in 2021.
Surpassed TV ads in 2019.

20.
2012 2013 2014 2015 2016 2017 2018 2019 2020 2021
Internet
Ad Market
[Market Comparison]
Sales growth outpaces market growth
19
3. Internet Advertisement Business
100
*1 Growth transition: Growth rate based on setting 2012 as “100”
*2 Internet Ad Market: Dentsu Inc. 2021 Advertising Expenditures in Japan

21.
20
Japan*1 Global*2
3. Internet Advertisement Business
[Internet Share of Total Media Ad Spend]
The share of internet ad spend to total ad spend grew to 39.8% in Japan and 52.9%
worldwide in 2021. It is expected to exceed 55% in 2022 and 59% in 2024 globally.
*2 Internet share of total media ad spend worldwide: Dentsu Group Inc. Global Ad Spend Forecasts 2021-2024
*1 Internet share of total media ad spend in Japan: Dentsu Inc. 2021 Advertising Expenditures in Japan
2021
36.2％
39.8％
2020
2021
48.2％
52.9％
2020

22.
20.84
19.63
21.07
22.57
24.46
8.7%
7.7% 7.8%
7.0% 6.5%
FY2018 FY2019 FY2020 FY2021 FY2022
OP
OPM
240.6
256.6
269.3
321.3
376.8
FY2018 FY2019 FY2020 FY2021 FY2022
21
[Full Year Sales] [Full Year OP]
Billion yen
Billion yen
376.8 billion yen (up 17.3% YoY) 24.4 billion yen (up 8.4% YoY)
6.6％
5.0％
19.3％
3. Internet Advertisement Business
Outpaced the market growth*. Hiring was in focus for continual growth.
*Market growth: Grew 10.0% year over year in 2022. “Advertising Expenditure Forecast 2022” published in July 2022 by NIKKEI Advertising Research Institute.
17.3％

23.
57.6
61.4
60.2 61.3 62.2
66.6
64.3 63.3
67.3
72.7
64.3 64.9
76.5
80.6 81.8 82.2
87.8
97.0
99.5
92.3
95.6
1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q
FY2018 FY2019 FY2020 FY2021 FY2022 FY2023 22
[Quarterly Sales] Q1 95.6 billion yen (up 12.7% YoY)
Sales remained strong despite being
partially affected by the economic
situation.
Billion Yen
*YoY change: MicroAd, Inc. became an unconsolidated affiliate and the sales of 3.17 billion yen of Q1 FY 2022 has been exempted.
92.3
2. Internet Advertisement Business

24.
5.52
6.37
4.69
4.24 4.23
5.43
5.04
4.91
5.66
6.72
4.74
4.52
5.70
7.23
5.20
4.99
5.74
7.47
6.19
5.05 5.00
9.6% 10.4%
7.8%
6.9% 6.8%
8.2% 7.8% 7.8% 8.4%
9.2%
7.4% 7.0% 7.5%
9.0%
6.4%
6.1%
6.5%
7.7%
6.2% 5.5% 5.2%
1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q
FY2018 FY2019 FY2020 FY2021 FY2022 FY2023
OP
OP Margin
23
[Quarterly OP] Q1 5.0 billion yen (down 13.0% YoY)
Preparing for expected business expansion, the number of
employees are increased. The upfront investment in DX business
is continued.
Billion Yen
*Quarterly OP and OPM: Special incentives in FY2020 and FY2021 are excluded.
2. Internet Advertisement Business

25.
KIWAMI Prediction AI
KIWAMI Prediction AI Human
KIWAMI Prediction TD
KIWAMI Prediction LED
Released in
May 2020
24
AI-driven advertising products are largely accepted by advertisers*.
[Focus Area]
AI produces highly effective ad creative.
more than 80% of our advertisers*
introduced it.
Released in
October 2020
Released in
May 2020
Released in
January 2021
AI automates creating text ads.
more than 80% of our advertisers*
introduced it.
More than 600 successful AI-generated
models has been used in ads.
AI predicts the ad effectiveness of shot
video and still images in real-time.
*Advertisers: Advertisers who run display ads and search ads and can implement AI-driven products.
3. Internet Advertisement Business

26.
25
KIWAMI Prediction LP
KIWAMI Prediction Trimming
AI that predicts ad effectiveness
selects the best landing page.
*CTR : Click Through Rate, A ratio of clicks on the number of times your ad was viewed.
** Landing page : The first page that a user accesses via a search-based advertisement.
※※※
More AI-driven advertising products are released to meet advertisers
need.
[Focus Area]
Released in
June 17
AI generates a batch of images
with high predicted CTR* values
for each search term.
AI creates landing pages** with
high predicted ad effectiveness
values.
Landing pages improve the
conversion rate of search ads.
AI that predicts ad effectiveness
selects the best landing page.
Succeeded in reducing
time to delivery.
Select relevant
images for key search
terms.
AI predicts the
effectiveness of the ad
and crops the image.
Cropped images are
used as images for
search ads.
3. Internet Advertisement Business

27.
26
Our capabilities in DX business
Retail
Public offices
Healthcare
Events
Expertise and technical
capability in the digital field
A dedicated team with over
300 staffs
Research & development
capability of AI
We support a new shopping
experience that integrates
digital and analog.
We support digitalizing
every procedures at public
offices.
We support online doctor
visits and medication
guidance.
We support online launch
events or trade shows.
We are expanding DX business to a wide range of industries by
utilizing our extensive knowledge and technical capabilities.
[Focus Area]
3. Internet Advertisement Business

28.
27
Collaborations
Public Offices Medical Services Event Business
Digital Government
Promotion Dept.
GovTech Development
Center
3. Internet Advertisement Business
[Upfront Investment]
Support companies to promote DX and create ad business as their
technology partner.
Support digitalization of all kind of
administrative procedures
Help to establish online doctor visits
and medical prescription service
Support launching online press
events and exhibitions.

29.
28
Mobility
Finance
Telcom
Retail
Create advertising business
utilizing data
Partner Companies
¥1.5T(E)
Market Size Estimate in Retail
1％
[Focus Area] We are focusing on industries with unique data.
Advertising Business*1
*1 Advertising Business: Estimated by CyberAgent based on the US market.
*2 Commercial Sales Value: the “Current Survey of Commerce 2021,” Ministry of Economy, Trade and Industry
Commercial Sales
Value
¥150T
3. Internet Advertisement Business

30.
29
※
2020 2021 2022 2023
[Upfront Investment] We are focusing on developing businesses and
finding new partners in FY2023.
30
partner companies
Mobility
Telecom
Finance
Retail
24
other companies
2. Internet Advertisement Business

31.
30
https://www.cyberagent.co.jp/en/way/list/detail/id=28055
3. Internet Advertisement Business
[Video] CyberAgent Delivers DX for Partners with "Technology" and
"Implementation Capability“ is available on CyberAgent IR Channel.

32.
Maximize Advertising Effectiveness
31
×
Technological Capability
＜AI＞ ＜Creative＞
Digital Twin Label LED STUDIO
FUTURE EVENT CG・Voice Communication AI
Operation Capability
3. Internet Advertisement Business
[Competitive Advantage] CyberAgent brings high advertising effectiveness through
operation and technological capability utilizing AI.

33.
[Competitive Advantage]
Scale advantage
Operation capability to realize
high advertising effectiveness
Cutting-edge technology using AI
and other technologies
1
2
3
32
3. Internet Advertisement Business

34.
Game
33
4. Game Business

35.
146.5
152.2 155.8
262.7
228.3
FY2018 FY2019 FY2020 FY2021 FY2022
25.3 26.0
30.3
96.4
60.5
FY2018 FY2019 FY2020 FY2021 FY2022
[Full Year Sales] [Full Year OP]
34
4. Game Business
[Full Year Sales] [Full Year OP]
228.3 billion yen (Down 13.1% YoY) 60.5 billion yen (Down 37.2% YoY)
Billion yen
Billion yen
Maintained a high level of sales
despite the slowdown of the game
title released last year.

36.
33.7
40.4
35.5 36.8 36.3
39.9
38.2 37.7
35.2
44.8
36.7
39.0
29.9
63.9
92.3
76.4
58.3
69.0
46.2
54.8
40.9
1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q １Q 2Q 3Q 4Q １Q 2Q 3Q 4Q １Q
FY2018 FY2019 FY2020 FY2021 FY2022 FY2023
35
[Quarterly Sales] Q1 40.9 billion yen (down 29.9% YoY)
Sales temporarily declined as the major games’ anniversary season drew near.
The ongoing January sales are off to a good start.
Billion Yen
3. Game Business

37.
36
[Quarterly OP] 5.2 billion yen (down 69.6% YoY)
*Quarterly OP : Special incentives in FY2020 and FY2021 are excluded.
Billion Yen
5.6
8.5
6.7
4.3
3.1
7.4
8.3
7.0
5.1
10.4
7.5 7.4
1.1
23.2
28.1
17.1
21.3
9.8
12.1
5.2
1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q
FY2018 FY2019 FY2020 FY2021 FY2022 FY2023
44.2
3. Game Business

38.
37
FY2013
NieR
Re[in]carnation
Anniversary
Month
Card Battle RPG
Rhythm &
Adventure
Anime RPG
FY2014 FY2015 FY2016 FY2017 FY2018 FY2021
Digital CCG
Idol &
Rhythm
Others IP
RPG
RPG
FY2019 FY2020
1
3
2 5
6
4
7
8
Rhythm
Game
Shadowverse
[Upcoming Events]
Sengoku Embu
-KIZNA-
Granblue
Fantasy
PRINCESS
CONNECT!
Re:Dive
Dragon Quest
Monsters
Super Light
THE iDOLM@STER
CINDERELLA GIRLS
STARLIGHT STAGE
BanG Dream!
Girls Band
Party!
Project SEKAI
Colorful Stage!
Feat. Hatsune
Miku
UMA MUSUME
Pretty Derby
Training
Simulation
Others IP Others IP Others IP Others IP
Mar.
Jan.
Feb.
Mar.
10
9
Feb.
Feb.
Original IP Original IP Original IP Original IP Original IP
3. Game Business
The six major titles will celebrate their anniversaries
in Q2.
Copyrights are stated on the last page.

39.
38
RPG
[Upcoming Games] A title released in December 2022, two other popular IP titles are to be
launched.
RPG
Sumzap, Inc. / TOHO CO., LTD.
“Jujutsu Kaisen Phantom Parade”*2
To be released
in spring 2023
GOODROID, Inc.
Released in
December 2022
“Tokyo Revengers Puzz-reve! Road to
National Championship”*1
“FINAL FANTASY VII EVER CRISIS”*3
SQUARE ENIX CO., LTD. / Applibot, Inc. CBT*4 planned
in summer 2023
*1 “Tokyo Revengers Puzz-reve! Road to National Championship”: © Ken Wakui, Kodansha/ Anime “Tokyo Revengers” Production Committee © GOODROID,Inc. ALL Rights Reserved. CyberAgentGroup.
*2 ”Jujutsu Kaisen Phantom Parade”: © Gege Akutami/ Shueisha, Jujutsu Kaisen Production Committee © Sumzap, Inc.／TOHO CO., LTD.
*3 ”FINAL FANTASY VII EVER CRISIS”: © 1997, 2023 SQUARE ENIX CO., LTD. All Rights Reserved. Powered by Applibot,Inc. CHARACTER DESIGN: TETSUYA NOMURA CHARACTER ILLUSTRATION: LISA FUJISE
*4 CBT: Closed Beta Test
3. Game Business
Puzzle

40.
39
“Project GAMM*” Action Game “Project Awakening*”
“GRANBLUE FANTASY Relink*” Action RPG
Cygames, Inc. To be released
in 2023
4. Game Business
[Upcoming Games] Cygames, Inc. develops new console game titles with creative
and technical capabilities.
Cygames, Inc. Cygames, Inc. Release Date
TBD
*Console games of Cygames : © Cygames,inc.
Action RPG
Release Date
TBD

41.
1
2
3
High hit rate of new game titles
[Competitive Advantage]
Collaborative work among subsidiaries
Operation Capability to run
long term games
40
4. Game Business

42.
Media
41
5. Media Business

43.
-17.2 -16.8
-18.2
-15.1
-12.4
FY2018 FY2019 FY2020 FY2021 FY2022
38.2
46.5
57.0
82.8
112.1
FY2018 FY2019 FY2020 FY2021 FY2022
[Full Year Sales]
42
5. Media Business
[Full Year OP]
ABEMA and WINTICKET
performed strongly.
112.1 billion yen (up 35.3% YoY) Operation Loss 12.4 billion yen
Earnings improved year over year.
Billion Yen
Billion Yen

44.
-3.3
-4.0
-4.7
-5.0
-4.6
-4.3
-4.1
-3.6
-5.0
-4.2
-4.0
-4.6
-3.9
-3.4
-3.8
-3.5
-3.8
-1.9
-3.9
-2.6
1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q
FY2018 FY2019 FY2020 FY2021 FY2022 FY2023
9.1 9.0 9.3
10.6
11.4 11.6
11.2
12.2 12.2
13.8 13.3
17.6
20.4
19.8
19.9
22.6
24.9
27.3
29.5
30.2
33.4
1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q
FY2018 FY2019 FY2020 FY2021 FY2022 FY2023
43
[Quarterly Sales] [Quarterly OP]
-9.3 billion yen operating loss in Q1.
The costs of the FIFA World Cup Qatar 2022
are recorded.
33.4 billion yen (up 34.0% YoY)
Sales increased driven by ABEMA and
related businesses.
Billion Yen
*Quarterly OP: Special incentives in FY2020 and FY2021 are excluded.
Billion Yen
-9.3
4. Media Business

45.
What is ABEMA?
April 11, 2016 Official launch
44
5. Media Business

46.
Operation
UI/UX
Production Marketing
Sports
News
Variety
shows
Broadcast
Technology
Internet Program Production
*AbemaTV, Inc. announced the issuance of new shares to Dentsu Inc. and Hakuhodo DY Media Partners Inc. through a third-party allocation on October 31, 2018.
Shareholding Ratio after TPA: CyberAgent, Inc. 55.2%; TV Asahi Corporation 36.8%; Dentsu Inc. 5.0%; Hakuhodo DY Media Partners Inc. 3.0%
AbemaTV, Inc.* has established as a joint venture between
CyberAgent, Inc. and TV Asahi corporation.
45
[ABEMA]
5. Media Business

47.
46
©AbemaTV, Inc.
NEW
Anim
e
[ABEMA] About 25 Channels
A new sports channel and three new anime channels are added to expand
the coverage of these genres.
NEW
Anim
e
NEW
Anim
e
4. Media Business
NEW
Sports

48.
47
©AbemaTV, Inc.
5. Media Business
[ABEMA] ABEMA is now compatible with “Nintendo Switch.”
Users can use their game consoles to watch ABEMA.
©Usui Yoshito/Futabasha, SHIN-EI Animation, TV Asahi, ADK 2020

49.
48
*Amazon Fire TV Series contains “Fire TV Stick,” ”Fire TV Stick 4K Max,” “Fire TV Cube” and others.
5. Media Business
[ABEMA] “ABEMA button” is now available on the remote control of Amazon Fire
TV series*. Users can watch live sports of ABEMA on their big screen TVs.

50.
49
©AbemaTV
[ABEMA] We continue to actively promote collaborations with partner
companies.
Business Alliance* Partnership
Gonosy
New Billing Service
*Shareholding ratio : CyberAgent, Inc. 55.2%, TV Asahi Corporation 36.8%, Dentsu Inc. 5.0%, Hakuhodo DY Media Partners Inc. 3.0%
**Compatible with TV devices : As of the end of April 2020. (adopted models only)
SMART MOBILE COMMUNICATIONS Co., Ltd.
Compatible with TV devices**
SHARP AQUOS SONY 4K BRAVIA Panasonic VIERA TOSHIBA REGZA
Mitsubishi Electric REAL Hisense
OSAKA GAS CO.,LTD
5. Media Business
Compatible with Smart Display
Google Nest Hub
Google Nest Hub Max

51.
50
Viewing Device Composition
Dec.
2018
More users watch ABEMA via TV devices.
Smart Phone
69％
Tablet
13％
PC
13％
TV
5％
PC
13％
Compatible TV brands
5. Media Business
[ABEMA]
Dec.
2022
Smart Phone
61％
Tablet
7％
PC
11％
TV
20％

52.
41%
59%
34%
66%
51
5. Media Business
[ABEMA]
Users by Gender
Users by Age Group Time Spent by Linear vs. On-demand
Teenagers
13%
Age 35+
41%
Age 20-34
37%
Linear
On-demand
Male
Female
Sep.
2022
Sep.
2022
Sep.
2022
Unknown
9%

53.
Apr. Jun. Sep. Dec. Mar
.
Jun. Sep. Dec. Mar
.
Jun. Sep. Dec. Mar
.
Jun. Sep. Dec. Mar
.
Jun. Sep. Dec. Mar
.
Jun. Sep. Dec. Mar
.
Jun. Sep. Dec.
92M
DL
2016 2017 2018 2019 2020
52
2021
Exceeded 92 million downloads in six years
and eight months after the launch.
7 million downloads were made during
the FIFA World Cup.
Downloads
April 11
2016
Release
*Number of downloads: Accumulated numbers of the ABEMA app.
4. Media Business
2022

54.
2.44
2.61
3.59
4.04
5.68
4.18
4.60
7.29
4.52
5.47 5.29
5.35
5.54
5.99
6.92
9.18
8.55
8.33
10.70
8.83
13.30
10.05
12.69
8.81
8.29
11.98
10.87
14.90
13.21
10.38
14.56
11.42
14.23
12.83
12.19
10.27
12.39
10.25
14.49
18.25
13.31
14.89
13.93
12.43
11.93
15.14
12.65
17.09
16.3
14.83
17.21
18.96
12.43
19.19
18.45
17.66
Sep. Dec. Mar. Jun. Sep. Dec. Mar. Jun. Sep. Dec. Mar. Jun. Sep. Dec. Mar. Jun. Sep. Dec. Mar. Jun. Sep. Dec. Mar. Jun. Sep. Dec.
53
2016 2017 2018 2019
Million Users
2020 2021
Growth of WAU*1
[ABEMA]
*1 WAU: Weekly Active Users
*2 Comparison of the first week of January in 2022 and 2023.
WAU reached 34.09 million
during the FIFA World Cup.
It remained 1.4 times*2 that of
the previous year after the
event.
-34.09
The FIFA World Cup
Qatar 2022
The WAU of ABEMA reached
new record high of 30 million.
4. Media Business
2022

55.
1 Japan v Croatia | Round of 16
2 Argentina v France | Final
3 Germany v Japan | Group E
4 Japan v Spain | Group E
5 Japan v Costa Rica | Group E
The Number of Comments by Matches
©AbemaTV, Inc. 54
*1 Survey time period: Sunday, November 20, 2022, to Sunday, December 18, 2022.
*2 On-demand viewing include the number of full match replay and match highlights viewership.
Many users watched the games
at their preferred time.*2
A wide range of users watched the games.
The comment feature made users to share their
emotions while watching the games.
[ABEMA] The FIFA World Cup Qatar 2022 on ABEMA by the numbers.
Viewing Style Comparison (%)
On-
demand
LIVE
User Demographics (%)
20<
Age
20-34
35+
45+
Age Gender
Female
Male
Many features and high-quality streaming
increased the usage of bigger screens.
Device Breakdown (%)
Tablet
PC
Mobile
TV
Device
usage in
September
2022
PC: 14%
TV: 15%
4. Media Business

56.
©AbemaTV, Inc.55
[ABEMA] ABEMA provided a new viewing experience with high-quality
and stable streaming.
Multi-camera Angles
Device Compatibility
Time Shift Replay
On-demand Replay
Comment Feature
Original Website for FIFA World Cup Qatar 2022
The Value of ABEMA as a medium has considerably increased.
Game Data
4. Media Business

57.
56
1.3x
*1 Viewership: Compared the week of November 7, 2022, and the week of January 2, 2023, that are before and after the FIFA World Cup.
*2 ©Tatsuya Endo/ Shueisha, Spy x Family Production Committee
©AbemaTV, Inc.
1.2x
2x
1.5x
1.7x
5.7x
[ABEMA] The FIFA World Cup Qatar 2022 also increased the viewership*1 of
other channels.
Sports
Combat Sports Romantic
Shows
Variety
Shows
News Anime
4. Media Business
*2

58.
A series of NJPW and NOAH matches
on Jan. 21, 2023
57
The last match of legendary pro-wrestler
Keiji Muto on Feb. 21, 2023
©AbemaTV, Inc.
[ABEMA] The live events of combat sports and other popular genres are attracting a
large audience.
The Osho title match of Japanese
Shogi on Jan. 21 and 22, 2023 Exclusive
The MMA event RIZIN 40 took place
on December 31, 2022
Japan boxing super bantamweight
championship on December 26, 2022
Live concert of idol girl group Momoiro
Clover Z on December 24 and 25, 2022
Exclusive
4. Media Business
Exclusive

59.
58
©AbemaTV, Inc.
①High quality streaming ②Multi-device compatibility
③Comment ④Time shift playback ⑤Chasing playback
5. Media Business
9 features of “ABEMA PPV ONLINE LIVE“
[ABEMA]

60.
59
©AbemaTV, Inc.
⑥Shopping ⑦Multi-angle View
⑧Voting ⑨Lounge
5. Media Business
[ABEMA]
BUY
9 features of “ABEMA PPV ONLINE LIVE“

61.
60
©AbemaTV, Inc.
Contents Technology
×
New TV of the future
5. Media Business
[Competitive Advantage]

62.
FY2016 FY2017 FY2018 FY2019 FY2020 FY2021 FY2022
FY2016 FY2017 FY2018 FY2019 FY2020 FY2021 FY2022
61
13.8
6.3
1.9
21.1
0.2
Monthly
Subscription
Related
Businesses
5. Media Business
[Sales of ABEMA & Related Businesses (Full-year)]
Increased by 1.6x YoY, driven by
ads and related businesses.
Ads
[OP of ABEMA & Related Businesses (Full-year)]
Entered a phase of loss reduction
from FY 2020.
-18.5
-20.6
-20.1
-19.8
-16.4
44.9
-8.8
PPV
*Loss of ABEMA & related businesses (Quarterly) : Special incentives are excluded.
Billion Yen
Billion Yen
70.2
-12.8

63.
1.1
1.4
1.6
2.0
3.2
3.6
3.3
3.5
3.9
4.7 4.5
7.9
10.3 10.4 10.5
13.3
15.2
16.9
19.0
19.0
21.7
1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q
FY2018 FY2019 FY2020 FY2021 FY2022 FY2023
62
[Sales of ABEMA & Related Businesses]
Q1 21.7 billion yen (up 1.4X YoY)
Sales were driven by the advertising revenue of streaming the FIFA
World Cup Qatar 2022 and WINTICKET.
Monthly
Subscription
Related
Businesses
PPV
Ads
Billion Yen
4. Media Business

64.
63
5. Media Business
[WINTICKET] Winticket rapidly increase its transaction volume with four
strategies.
Live Stream
of Races
Predictions
Using AI
Extensive
Database
Keirin Shows on
ABEMA

65.
1.7
3.5
7.2
13.7
19.2
31.9
39.3
44.6
52.8
67.9
73.5
77.9
88.9
1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q
FY2020 FY2021 FY2022 FY2023
64
[WINTICKET]The transaction amount grew 1.7x and remained strong.
Quarterly Transaction Amount*1
*1 Quarterly Transaction Amount: Transaction amount of WinTicket, Inc. that operates internet betting system of Keirin races. (includes loyalty point campaign)
*2 Keirin Online Betting Market: October-December 2021 and October-November 2022 are taken from JKA's public relations KEIRIN "Telephone Betting" sales. The estimate of Dec. 2022
is made by CyberAgent.
Billion yen
38%
27%
Keirin Online Betting Market*2
2022
Oct. to Dec.
¥221.2B
2021
Oct. to Dec.
¥185.5B
4. Media Business

66.
65
Movie
“Ghost in the Shell: SAC_2045
Sustainable War”
Netflix Original
“Samurai Gourmet”
TV drama
“INFORMA”
©AbemaTV, Inc.
[BABEL LABEL] CyberAgent’s consolidated subsidiary BABEL LABEL
partnered with Netflix aiming at producing world-class
content to distribute on Netflix.
Movie
“The Family”
Netflix Original
“Million Yen Women”
Netflix Original
“The Journalist”
4. Media Business

67.
Subscription
Advertising
Related
Businesses
Accelerate monetization by related businesses etc.
while increasing advertising and subscription revenues.
Medium and Long-Term Sales Pipeline
5. Media Business
[ABEMA]
66

68.
TV-quality programs
1
Technical ability to create
a service with high usability
2
Healthy existing businesses
back financial stability to invest
3
67
5. Media Business
[Competitive Advantage]

69.
Medium to Long-Term Strategy
6. Medium to Long-Term Strategy
68

70.
Game
Ad
Media
Make successful games and enhance the
operational capability to run long term games
Aim to increase the market share by maximizing
advertising effectiveness.
Grow ABEMA larger and increase monetization
69
6. Medium to Long-Term Strategy
[Directions of each business]

71.
[Operating Profit in Medium to long-term (Image)]
Accumulate profit through the Ad Business and
Game Business, invest in the Media Business
to grow as a pillar for the medium to long-term.
6. Medium to Long-Term Strategy
70

72.
7．Dividend and Management Index
Dividend and
Management Index
71

73.
FY2018 FY2019 FY2020 FY2021 FY2022
72
* CyberAgent Inc. vs Nikkei Stock Average (Nikkei 225): Transition of stock price of CyberAgent vs Nikkei stock average.
Stock Price of CyberAgent vs Nikkei Stock Average* Total dividend Amount
[Return to Shareholders]
CyberAgent
Nikkei Stock
Average
4.1
4.0
5.5
We aim to increase stock price over the medium to long-term and pay
dividend continually.
4.2
Billion yen
（X）
7．Dividend and Management Index
7.0
0
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022

74.
5.0%
5.2% 5.1% 5.1% 5.2%
FY2018 FY2019 FY2020 FY2021 FY2022
83.0%
245.2%
64.9%
13.4%
29.2%
FY2018 FY2019 FY2020 FY2021 FY2022
6.0%
2.1%
7.8%
38.1%
17.7%
FY2018 FY2019 FY2020 FY2021 FY2022
5.2
%
17.7
%
29.2
%
×
ROE DOE
Dividend
Payout Ratio
＝
株主への経営指標は？
73
We adopted “DOE* 5% or more” as management index to maintain shareholder
returns through dividends or share buybacks, etc. during the investment phase.
[Management Index]
*DOE: Dividend on Equity (ROE x Dividend Payout Ratio
Nikkei Average 3.0%
7．Dividend and Management Index

75.
0
500
1,000
1,500
2,000
2,500
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022
74
Share price [unit: yen]
[Acquisition of treasury stock]
Purchased and retired treasury stocks 4 times.
Changes in
stock prices
Feb. 2002
Acquired treasury stocks
worth 1.5 billion yen
（Jun. 2004: 1.19 billion yen
retired）
Nov. 2007
Acquired treasury stocks
worth 0.99 billion yen
（Sep. 2008: 0.99 billion yen
retired）
Oct. 2011
Acquired treasury stocks
worth 1.99 billion yen
Feb. 2013
Acquired treasury stocks
worth 4.99 billion yen
（Feb. 2013: 4.3 billion yen
retired）
Apr. 2004
Collapse of
Internet bubble
Jan. 2006
Livedoor
shock
Sep. 2008
Influence of subprime crisis
May. 2012
Complete gacha shock
7．Dividend and Management Index

76.
8. Reference
75
Reference
- Purpose
- Governance

77.
76
8. Reference - Purpose
CyberAgent had defined a new "Purpose" that clearly states the significance of its
existence.

78.
77
CyberAgent Official Media “FEATUReS”
President & CEO Susumu Fujita and Outside Director Koichi Nakamura discussed the
background to creating the purpose and the ideas behind it on our owned media
“FEATUReS.” Learn more
8. Reference - Purpose

79.
78
Board of Directors
Four executive directors
include a female director
本体役員室
常務執行役員
8. Reference_ Governance
50% of the board are outside directors.
The number of executive officers increased in FY2023.
The female-to-male ratio is 18.2% in senior management*.
Corporate Executive Office
Managing Executive Officers Executive Officers
Four outside directors
Eight executive directors who are higher than senior managing executive officers
※New management team has introduced in FY2021.

80.
79
Outside
Directors
[Directors]
8. Reference_ Governance
Eight directors include three Audit and Supervisory Committee
members. Seven male directors and a female director, of which four
are outside directors.
Susumu Fujita
Representative Director
Yusuke Hidaka
Director
Go Nakayama
Director
Koichi Nakamura
Outside Director
Kozo Takaoka
Outside Director
Female
Members of Audit and Supervisory Committee
Toko Shiotsuki
Director
Standing member of Audit and
Supervisory Committee
Isao Numata
Outside Director
Masao Horiuchi
Outside Director
Outside
Outside Outside

81.
80
8. Reference_ Governance
[Executive officers]
Female
Corporate Executive Office

82.
81
8. Reference_ Governance
[Executive officers]
Female Female Female Female
Managing Executive Officers
Corporate Officers

83.
Aiming to be a company with
medium to long-term supporters
82

84.
83
Click!!
Integrated Report
CyberAgent Way 2022
The 2022 Integrated Report features our talent management frameworks to realize sustainable
growth with soaring attention by society. It introduces our four focus areas: hiring, developing
human resources, energizing the organization, and placing the right person in the right job, as
well as systems to support our people to take on challenges. Visit our investor relations website
to read more.
https://www.cyberagent.co.jp/en/ir/library/annual/
Integrated Report CyberAgent Way 2022

85.
84
1 : ©Sumzap, Inc. All rights Reserved.
2 : ©Cygames, Inc.
3 : © 2014-2023 ARMOR PROJECT/BIRD STUDIO/SQUARE ENIX All Rights Reserved. Developed by Cygames, Inc. Publisher: SQUARE ENIX
4 : THE IDOLM@STER & ©BANDAI NAMCO Entertainment Inc. Jointly developed and is operating by ©BANDAI NAMCO Entertainment Inc. and
Cygames, Inc.
5 : ©Cygames, Inc.
6 : ©BanG Dream! Project ©Craft Egg Inc. ©bushiroad All Rights Reserved.
7 : ©Cygames, Inc.
8 : © SEGA /© Colorful Palette Inc. /© Crypton Future Media, INC. www.piapro.net All rights reserved.
9 : ©Cygames, Inc.
10 : © 2021,2023 SQUARE ENIX CO., LTD. All Rights Reserved. Developed by Applibot,Inc.
Copyrights of Game Business