Shareholder
Letter

Dear shareholders,

Driven by our Vision "To create the 21st century's leading company," we have delivered 28 consecutive years of revenue growth. Fiscal year 2025 marked a pivotal milestone: the Media & IP business achieved profitability a decade after launching ABEMA. Concurrently, multiple new titles in the Game business became hits, resulting in a significant profit increase that far outperformed our upwardly revised forecasts.

Navigating the dynamic internet landscape, we have capitalized on our adaptability to change to drive growth, from shifting to mobile and entering the gaming sector to launching ABEMA. Today, we recognize AI as a paradigm shift comparable to the dawn of the internet. We are convinced that a clear distinction will emerge between companies that utilize AI and those that do not. Consequently, we are positioning AI utilization as a core competitive advantage, accelerating value creation and optimizing efficiency across our organization.

I believe sustainable growth requires a disciplined approach: never ignoring future challenges while relentlessly preparing new businesses. Our "Ashita Kaigi" (Meeting for Tomorrow), established in 2006, embodies our culture of eliminating procrastination and embracing continuous transformation. In these meetings, executive-led teams go beyond proposing new ventures; we rigorously identify medium to long-term risks and challenges to formulate and execute actionable solutions.
"Ashita Kaigi" has triggered numerous key measures, including establishing strategic subsidiaries, creating specialized departments for talent optimization, and performance-based management systems. More importantly, this continuous practice has ingrained a proactive mindset throughout the company, enabling us to anticipate challenges and seize emerging trends.

To evolve CyberAgent from a founder-led company into a truly public company, I initiated my succession plan in 2022. Following a three-and-a-half-year preparation process, Takahiro Yamauchi has assumed the role of President and Representative Director.
Given the complexity of succession from a founder, we are adopting a dual-leadership structure for the immediate future, with myself supporting the new governance framework as Chairman. Rather than clearly dividing roles, I intend a gradual transition to ensure the new President cultivates essential leadership capabilities—strategic vision, insight, and cohesive power—by assimilating presidential duties from the ground up.

Moving forward, we are dedicated to creating social value by simultaneously growing our business and our talent. We remain steadfast in our Purpose: "To break through stagnation with new power and the internet."

Susumu Fujita Representative Director, Chairman

New Management Structure

Following the 28th Annual General Meeting of Shareholders held on December 12, 2025, the changes in our Representative Director & Chairman and Representative Director & President have been officially decided. A dialogue between Fujita, and the new President, Yamauchi, is now available on our official media.

Our Path to Sustainable Growth

Since our establishment in 1998, CyberAgent has operated in the internet sector, delivering 28 consecutive fiscal years of revenue growth. Grounded in this principle, we resolved in a 2003 management meeting to enhance initiatives that maximize the motivation and capabilities of our talent, offering a combination of challenges and reassurance. We adapt to a fast-paced market by identifying business opportunities where our unique talent and culture provide a distinct competitive edge. Through continuous effort in selection and concentration, we have created new businesses and achieved sustained, long-term growth.

In 2006, we established our mission statement, which commits us to give our all in recruiting. Guided by this, we have built our human resource strategy on four pillars: recruiting, training, motivation, and optimal employee placement. As a result of this strategy, 88.6% of our employees reported that their work was rewarding in FY 2025. This metric acts as a direct indicator of our corporate competitiveness.

In pursuit of a highly profitable business model, we made a strategic decision in 2016 to channel profits from our Game and Internet Advertising businesses into long-term, large-scale upfront investments. These were directed at our Media Business (now Media & IP Business), with ABEMA at its core. After nearly a decade as our central investment focus, ABEMA has become an indispensable daily video platform for a vast audience, functioning as a vital piece of social infrastructure.

Leveraging ABEMA as a powerful driver of attraction, we have expanded into synergistic business areas. This strategy included launching an online betting service for public sports in 2019. Since 2022, we have further strengthened our portfolio by bringing companies with proven capabilities in original IP creation into the CyberAgent group. These strategic moves, all centered around ABEMA, contribute to strengthening profitability.

Since its launch, ABEMA has built sincere relationships with anime industry partners by streaming numerous titles, participating in production committees through small-scale investments, and managing marketing. This has led to an increase in projects where we serve as the lead producer, eventually enabling us to develop in-house original anime production capabilities. We are now constructing a fully integrated value chain—from original concept and animation to further adaptations, merchandising, and monetization—with the objective of creating IP that can succeed on a global scale.

Our Game Business, which we entered on a full scale in 2009, shortly after the advent of smartphones. The business now consists of seven subsidiaries, including the hit-maker Cygames, established in 2011 as of the end of September 2025. With 5,425 professionals*, it is one of the largest development teams in Japan. Each subsidiary leverages its specialized expertise while sharing knowledge and technology across the group. This operational model allows us to consistently produce hit titles and maximize their lifespan through superior operational capabilities.

In recent years, our game's proven excellence in creative quality and technical execution has earned us more contracts to develop mobile games based on major third-party IP, diversifying our portfolio. Our future focus is on the global market, where we see the greater potential for growth. We are actively pursuing global releases of our hit titles and are dedicated to acquiring new users worldwide.

Our foundational Internet Advertising Business, where tech professionals make up 23%, has led the market with its strong technological and operational capabilities. Anticipating market changes driven by AI, we established the AI Lab. research organization in 2016. This commitment to innovation has allowed us to release numerous AI tools that reshape the whole ad production process, achieving both maximum advertising effectiveness and improved productivity.

We have also expanded into the digital transformation (DX) business, partnering with clients to drive their digitalization. We collaborate with leading companies across sectors such as retail, finance, and airlines to help them launch new advertising businesses using first-party data. Also, we are actively entering new areas such as BPO services that leverage AI to create advertising creative assets for clients, aiming to improve operational efficiency.

We will continue to leverage our adaptability as a core strength, investing in our people and businesses to achieve sustained growth.

*Headcounts of Game business: Consolidated executives, employees, and fixed-term staff as of the end of September 2025.

Our History

We drive business expansion through a dual strategy: proactively identifying and entering high-growth markets while adhering to clear criteria for withdrawal. This disciplined approach of selection and concentration enables us to achieve sustainable growth by effectively allocating our resources.

Year
Changes in Business
Changes in Human Capital
1998
Established CyberAgent, Inc.
Advertising Entered internet advertising business
Media* Launched a media business
2000
First batch of new graduates joins the company
2002
Media* Released "Mail Vision," an HTML mail service
Staff turnover rate: 30%
2003
Advertising Established CA Search, Inc., a subsidiary specializing in search-based advertising
Finance Entered the FX business (foreign exchange trading)
Decided to start holding executive retreats to strengthen HR Developed a "merit-based lifetime employment" system
Established the vision "to create the 21st century's leading company"
Launched the CAJJ Program, a business development strategy with defined withdrawal criteria
2004
Media* Released the "Ameba Blog" blog service
Began holding "Jigyotsuku," a new business contest
2005
Launched "Career Challenge," an internal transfer listing system
Implemented "monthly department get-togethers" as a way to promote better communication
2006
Investment Launched an investment development business
Established a "Mission Statement" as our code of conduct
Began holding "Ashita Kaigi" (Meeting for Tomorrow), where employees participate in management decisions
Launched initiatives to strengthen technical capabilities as well as our hiring and training process for engineers
2007
Advertising Carried out an absorption-type merger of CA Search, Inc., a subsidiary specializing in search-based advertising
2008
Advertising Established CA Advance, Inc., a subsidiary specializing in internet advertising operations
Launched "CA8," an executive rotation system
2009
Games Entered the game business
Media* (shift from games business entry to media) Released "Ameba Pigg," a virtual community space
2010
E-commerce Carried out a subsidiary acquisition by applying the equity method for Netprice.com Inc. (currently BEENOS Inc.), an e-commerce company
2012
Finance Transferred our FX business (foreign exchange trading)
2014
Retired the "Jigyotsuku" new business contest
Began "Project Report," a goal-setting initiative that evolved from an organization-based to individual-based concept
2016
Media* Released AbemaTV (now ABEMA)," the TV for the future
Advertising Established "AI Lab," an AI-driven R&D organization
Introduced a "YMCA" initiative to encourage the active participation of young people
2017
Media* Established the anime IP investment fund, "CA-Cygames Anime Fund," in partnership with Cygames
Introduced the "Energy" system to promote a more comfortable work environment for engineers
2018
Media* Our first original drama series is broadcast on AbemaTV
Media* Entering the original anime production business by establishing the anime label, "CAAnimation"
Retired the "CA8" executive rotation system
Strengthened our corporate governance by separating executive from management functions
2019
Games Cygames Inc. began developing games for consoles
Advertising Closed the Ad Technology Division and established the "AI Business Headquarters"
2020
Advertising Entered the DX (digital transformation) business
Advertising Established MG-DX, Inc. which focuses on digitalization in the drugstore and pharmacy industry
Started a "Remo Day" (Remote Work Day) work system (for all employees) that defines the days when employees come into the office and the days when they work remotely
Staff turnover rate: 12%
2021
Game Cygames Inc. releases the smartphone game "Umamusume: Pretty Derby"
Established our Purpose
Board independence ratio: 50%
2022
Media* Acquired content studio BABEL LABEL
Media* ABEMA, the TV for the future, provided free live coverage of all 64 FIFA World Cup Qatar 2022 matches
Retired the CAJJ Program, a business development strategy with defined withdrawal criteria
Launched the "CAKK Program," a program to manage the growth of CyberAgent's businesses and subsidiaries
Launched "Triple-K Meetings" as an initiative to improve corporate value and define withdrawal criteria
Launched the succession plan for the president
2023
Media* Acquired stage production company Nelke Planning Co., Ltd.
Advertising Opened "Kiwami AI Odaiba Studio," a studio that specializes in using AI and CG technology
Established "AI Operations department" to enhance operational efficiency with generative AI
2024
Media* Acquired content production company, Nitroplus Co., Ltd.,
Media* Launched a manga artist developing program "MANGA APARTMENT VUY"
Launched "Selection meeting for outstanding talents"
Female ratio of executive officer positions or above: 17.5%
2025
Media&IP Established anime production company, CA Soa, Inc.
Launched CyberAgent America, Inc. to strengthen global anime marketing
Resolution appointing the next president, transitioning to a dual representative director system with Chairman and President
Resolution appointing the second female director
Female director ratio: 20%
Board independence ratio: 40%
Started supporting the implementation costs for AI agents for engineers
Established "AI-Driven Promotion department" to advance collaborative development by engineers and AI agents
Staff turnover rate: 9%
*
Effective FY 2025, the Media Business is renamed the Media & IP Business

【Copyrights】
"Uma Musume Pretty Derby": © Cygames, Inc.