(Fiscal year ended March 31, 2026)
Presenters
President, Representative Director & CEO Vice President & Representative Director Senior Managing Director & CFO Director & CGO
StylingLife Holdings Inc.
President and Representative Director
YARUKI Switch Group Holdings Co., Ltd. President and CEO
Ryujiro Abe Masamine Ryuho Yasushi Gemba Yayoi Nakatani
Hiroyuki Kitamura Naoshi Takahashi
Mai Demizu - Moderator (TBS Announcer)
Agenda
Summary of FY25 Financial Results
Senior Managing Director & CFO
Yasushi Gemba
TBS Group Medium-Term Business Plan 2026 Updated Progress on Growth Strategies
President, Representative Director & CEO
Ryujiro Abe
Progress on Content Timeless Value Initiatives
Vice President & Representative Director
Masamine Ryuho
Q&A
3
Agenda
Summary of FY25 Financial Results
Senior Managing Director & CFO
Yasushi Gemba
TBS Group Medium-Term Business Plan 2026 Updated Progress on Growth Strategies
President, Representative Director & CEO
Ryujiro Abe
Progress on Content Timeless Value Initiatives
Vice President & Representative Director
Masamine Ryuho
Q&A
4
Summary
FY25 Results
Both net sales and operating profit increased on a consolidated basis. Consolidated net sales reached a record high.
In the Media and Content business, both net sales and operating profit increased due to a rise in broadcasting revenue from strong viewer ratings and growth in streaming ad revenue.
In the Lifestyle business, net sales increased due to growth in the number of students at YARUKI Switch Group and strong performances of PLAZA and BCL in StylingLife Group. However, operating profit decreased due to higher personnel expenses at YARUKI Switch Group.
In the Real Estate and Others business, net sales remained flat year-on-year, while operating profit decreased due to higher expenses.
Consolidated
FY24
FY25
Y/Y
Net Sales
406,700
424,850
+18,149
Operating Profit
19,465
24,750
+5,284
Ordinary Profit
31,604
37,373
+5,769
Profit Attributable to Owners of Parent
43,914
52,228
+8,313
By Segment
External Net Sales
Operating Profit
FY24
FY25
Y/Y
FY24
FY25
Y/Y
Media and Content
296,242
312,237
+15,994
8,490
14,612
+6,121
Lifestyle
93,576
95,724
+2,148
3,505
2,866
-638
Real Estate and Others
16,881
16,888
+6
7,468
7,271
-196
Adjustments
-
-
-
0
-0
-1
Consolidated
406,700
424,850
+18,149
19,465
24,750
+5,284
5
AgendaSummary of FY25 Financial Results
Senior Managing Director & CFO
Yasushi Gemba
TBS Group Medium-Term Business Plan 2026 Updated Progress on Growth Strategies
President, Representative Director & CEO
Ryujiro Abe
Progress on Content Timeless Value Initiatives
Vice President & Representative Director
Masamine Ryuho
Q&A
6
TBS Group Medium-Term Business Plan 2026 Updated
Status of Financial Performance
FY2025 Results: Net Sales 424.8 billion yen / Operating Profit 24.7 billion yen.
Year-on-Year: Net Sales +18.1 billion yen / Operating Profit +5.2 billion yen.
vs. Initial Plan: Net Sales almost in line (-0.1 billion yen) / Operating Profit +3.2 billion yen.
The operating profit goal outlined in the Medium-Term Business Plan 2026 (MTBP 2026) has been achieved, one year ahead of schedule. FY2026 target is updated to Net Sales 440 billion yen / Operating Profit 26 billion yen.
5,000
500
4,500
450
4,000
400
3,500
350
3,000
300
2,500
250
2,000
200
1,500
1,000
150
500
100
50
0
Net Sales (Consolidated, billion yen) Operating Profit (Consolidated, billion yen)
300
250
200
150
100
50
394.3
406.7
425.0
424.8
440.0
287.8
296.2
309.9
312.2
318.0
89.9
16.5
95.7
105.0
17.0
16.8
16.8
93.5
98.0
17.1
24.7
26.0
21.5
19.4
15.1
2023
2024
2025
Plan
2025
Actual
2026
Forecast
Real Estate/Others ■ Lifestyle ■ Media and Content
6.2
7.0
7.2
7.4
10.1
10.3
2.8
4.2
3.5
4.1
3.9
2.8
3.9
8.4
11.1
al
11.5
rovision figures*
14.6
P
12.0
30
25
15
1
2
20
8
15
10
03
1
5
2023(実績)
2024(実績)
2025(当初計 画)
2025(実績)
2026(予想)
0
2023 2024 2025
Plan
2025
Actual
2026
2023(実績)
2024(実績)
2025(当初計 画)
2025(実績)
2026(予想)
Forecast
不動産・その他 ライフスタイル メ ディア・コンテンツ
不動産・その他 ライフスタイル メ ディア・コンテンツ
Real Estate/Others ■ Lifestyle ■ Media and Content
*FY2025 result and FY2026 forecast reflect the transfer of the TBS Broadcast Center from TBS Television to TBS Holdings.
7
TBS Group Medium-Term Business Plan 2026 Updated
Status of ROIC as KPI for Capital Efficiency
KPI Introduction: ROIC was adopted as a benchmark under MTBP 2026 to enhance capital efficiency.
Current Status: Largely on track, although invested capital has been frontloaded due to significant strategic investments.
Next Step: Reviewing segment classifications to ensure solid capital management in the next Medium-Term Business Plan.
Consolidated (billion yen) | FY2023 | FY2024 | FY2025 （Plan） | FY2025 (Actual) | FY2026 (Forecast) | FY2030 (Target) | |
Net Sales | 394.3 | 406.7 | 425.0 | 424.8 | 440.0 | 550.0 | |
Operating Profit | 15.1 | 19.4 | 21.5 | 24.7 | 26.0 | 38.5 | |
Operating Profit Margin (%) | 3.85% | 4.79% | 5.06% | 5.83% | 5.91% | 7.00% | |
5.0% | |||||||
ROIC (%) | 2.6% | 3.1% | 3.2% | 3.8% | 3.8% | ||
Targeting ROIC of 5% by FY2030 through reconfiguration of the earnings base
8
TBS Group Medium-Term Business Plan 2026 Updated
Strategic Approach Toward Our Target Balance Sheet Structure
Basic Policy
Our commitment remains to prioritize a robust earnings base and strategic investments in growth.
Simultaneously, our entire B/S is under review to make it leaner and achieve further capital efficiency.
Improve working capital turnover.
Constantly review our portfolio
to accelerate growth.
Current
Assets Liabilities
Non-current
Assets Net Assets
Leaner Balance Sheet
Consider debt financing
to lower WACC, with attention to cash flow from operating activities.
Drive ROE improvement
through disciplined capital control and an optimized equity scale.
9
TBS Group Medium-Term Business Plan 2026 Updated
Acceleration of Management Focused on Capital Efficiency
EDGE/Growth Areas
Drive operating profit by
Lower WACC
Real Estate and Others Segment
expanding a cycle of operating cash flow through proactive investments in growth.
by utilizing debt financing.
Utilization of Excess Cash
Review invested capital in each business segment to prepare for segment-based ROIC management
NOPAT
Invested Capital
Strengthen shareholder returns (dividends, share buybacks, etc.) to optimize equity size.
(the transfer of the TBS Broadcast Center, etc.).
Media and Content Segment
Overall B/S
10
TBS Group Medium-Term Business Plan 2026 Updated
Updated Capital Allocation
Positioning FY2026 as a phase to 'streamline the right side of the balance sheet' to overhaul capital allocation, driven by investment security sales exceeding targets and the shift to full-scale ROIC management in FY2027.
Cash Inflow
Updated Plan
Cash Allocation
MTBP 2026
Capital Optimization: Reviewing invested capital by segment for WACC management
ahead of the next Medium-Term Business Plan. Financing Overhaul: Scaling debt for the Akasaka Entertainment City project from
¥40bn to ¥84bn.
Security Divestment: Scaling the MTBP 2026 target to ¥135bn, based on disposal to date. Strategic Flexibility: Maintaining an agile approach in response to investment process in growth.
Cash Flow from Operating Activities: Revised target down to ¥61bn. Despite
strong business performance, cash inflow is down-paced due to factors such as increased tax burdens from sales of shares and higher working capital requirement by sales growth.
4
Debt Financing, etc.
¥84bn
Investment in Growth
¥160bn
Investment Securities Sales
¥135bn
CAPEX to modernize broadcasting facilities
¥15bn
¥20bn
CF from operating activities
¥61bn
EBITDA from
Inve wth
stment in Gro
Shareholder Returns
¥105bn
5
Cash Inflow Cash Allocation
¥280bn
¥280bnTotal Investments in Growth to Date: ¥71.4bn 4-1. Content IP Acquisition & Expansion
Established SAND B
Acquired K contents and WACUL 4-2. Global Business Initiatives
Alliance with Legendary Entertainment
Established JV with CJ ENM and U-NEXT HOLDINGS
4-3. Expansion of Lifestyle Business
StylingLife Holdings became a wholly owned subsidiary
Developing the EduTainment segment
Enhanced Shareholder Returns:
Upscaling returns to ¥105bn in the 3-year total, reflecting the achievement of the MTBP 2026 targets ahead of schedule.
11
TBS Group Medium-Term Business Plan 2026 Updated
Key Points of Proactive Shareholder Returns in the MTBP 2026 Updated
Capital Discipline: Managing invested capital and cost of capital to drive ROIC-based management.
Strategic Balance: Achieving autonomous equity control by balancing investments in growth with shareholder returns, considering that investments in areas such as content IP require time to realize a consistent positive cash flow.
Value Enhancement: While maintaining our existing dividend policy, expanding the return by 45 billion yen relative to the initial plan (25 billion yen increase from the November announcement), following a review of capital allocation. Enhancing both corporate value and shareholder interests through proactive returns.
•
•
•
billion yen
600
60
500
50
400
40
300
30
200
20
¥43bn on a cash-flow basis
己株式取得 額 配
当
総
額
自Share buybacks ■ Dividend
18.0 18.9
16.9
¥105bn on a cash-flow basis
51.6
37.9
36.0
24.9
100
6.0
10 0.9
10.9 11.5
8.8
12.3
15.6
2023年度
2024年度
2025年度
2022年度
2026年度（予 想）
0 5.1 7.1 7.4
8.1
2021年度
FY2021
per share
FY2022
FY2023
FY2024 FY2025
FY2026 Forecast
FY20
Year-end
FY21
End of 1H
FY21
¥15
Year-end
¥15
FY22
End of 1H
FY22
¥22
Year-end
¥20
FY23
End of 1H
¥22
¥22
FY23
Year-end
FY24
End of 1H
FY24
¥22
Year-end
¥27
FY25
End of 1H
FY25
¥41
Year-end
¥35
FY26
End of 1H
¥49
¥50
12
TBS Group Medium-Term Business Plan 2026 Updated
Initiatives to Implement the EDGE Strategy
Basic Policy
In line with our policy, "Driving EDGE Forward by Leveraging Creative Engine", proactively driving investments
in growth, such as strengthening our content IP and "sowing seeds" for global operations.
Investment Scale: 160 billion yen allocated for growth acceleration under MTBP 2026
Building global partnerships for content IP development
Execute constant IP acquisitions
Strengthening Capabilities for IP Planning and Production
Developing and Acquiring IPs
Driving the EDGE Strategy
Global Content IP Rollout
Alliance with Legendary Pictures
through a newly established entity,
SAND B
(including M&A)
Acquiring Cutting-edge Tech for High-end Content Production (VFX, AI, etc.)
Expanding
TBS Group ID to Bridge Customers and Contents
Enhancing the Experience Business
Scaling Intellectual Training and Educational Initiatives
Establishment of JV with CJ ENM and
U-NEXT HOLDINGS, etc.
Contribution to a sustainable society
Investing in human capital and DX
Capital expenditure for energy saving and GX
The Akasaka Entertainment City project (Target completion: FY2028)
Advancing Edutainment business to foster student motivation via real-world integration and realize proactive, collaborative, and deep learning
13
TBS×U-NEXT×THE SEVEN Global Project
Song of the Samurai (Chiruran: Shinsengumi Requiem)
Ⓒ橋本エイジ・梅村真也/コアミックスⒸTHE SEVEN
Special drama Chapter: Youthful Days in Edo
Broadcasted over two consecutive nights on terrestrial television on March 26 and 27, 2026.
Drama series Chapter: Fateful Showdown in Kyoto
Exclusive domestic streaming began on U-NEXT every Friday starting March 27, followed by a global release on HBO Max starting May 9.
Global Business (1)
- THE SEVEN's Initiatives -Expecting net sales of more than 6.3 billion yen for FY26.
Expecting net sales of more than 8.1 billion yen for FY27, including three productions for overseas OTT.
THE SEVEN | FY26 FCT | FY27 FCT |
Net Sales | 6,300 | 8,100 |
Unit: millions of yen
Of THE SEVEN's three strategic phases, we are shifting from Phase 1, which focused on raising awareness and building the brand, to Phase 2, which focuses on collaborating and co-producing with overseas partners, developing a business model, and securing profits.
PHASE１
Brand building
PHASE２
Collaborating with overseas partners
Developing a new business model
PHASE３
Securing global hits while retaining ownership of IP
Netflix series
Did Someone Happen to Mention Me?
Global streaming in 2026
The first project produced under a five-year contract between producer Aki Isoyama and Netflix. Original screenplay by Kankuro Kudo. To be streamed exclusively on Netflix worldwide.
14
Netflix series
Quiztopia
Global streaming in 2026
The first content planned and produced by THE SEVEN.
The legendary cult comic is being fully adapted into a series.
Concluded a joint development agreement with Disney+
Entered into a multi-year joint development agreement with Walt Disney Japan for a live-action drama series as part of PHASE 2.
A Japanese-language drama filmed in Japan will be streamed on Disney+ globally.
New Joint Venture: StudioMonowa Established
TBS, South Korea's CJ ENM, and U-NEXT HOLDINGS established a joint venture, "StudioMonowa."
"StudioMonowa" a fusion of Japanese and Korean creativity, to create next-generation global IPs that resonate worldwide.
Purpose of establishment and vision
Building a top-tier production system that combines the strengths of Japan and South Korea to produce video content aimed at global success from the initial planning stage.
Beyond production, retaining ownership of IPs and strategize multi-platform expansion from the initial stage, securing a sustainable, long-term business model.
Investing in production costs for original content from Japan and original titles, assuming rollout not only on terrestrial broadcasting but also on global OTT platforms, with the aim of delivering high-quality entertainment from Asia that captivates global audiences.
Name
StudioMonowa Co.,LTD.
Location
CJ Building, 2-7-4 Nishi-Shinbashi, Minato-ku, Tokyo, Japan
Representative
Representative Director, President and CEO, Gi-Young Choi
Business
Planning of audio-visual content, acquisition of, investment in and development of IPs
Capital
1.25 billion yen
(Total investment including capital reserve: 2.50 billion yen)
Established
April 10, 2026
Capital Contribution Ratio
CJ ENM 51%、TBS HD 40%、U-NEXT HD 9%
Synergy
Synergies will be generated as the three companies bring their overwhelming track record in production, planning, and distributing together as one team.
Combining CJ ENM's world-class production expertise with TBS's planning and directing capabilities and IP spin-off expertise, and joined by U-NEXT Holdings, Japan's largest video streaming platform operator that is accelerating global expansion, we will gain a more multifaceted perspective to
create new entertainment.
15
EduTainment
Integrating early childhood education and entertainment, the EduTainment business aims to generate 40 billion yen in sales* by FY30.
Mr. Masaki Yamasaki, a key figure in the education industry, was appointed Project Executive Officer to promote the business.
Service development and business incubation will be carried out using digital and physical approaches under the keyword "Image and AI."
Project Executive Officer (In charge of Edutainment business development strategy）
Masaki Yamasaki
Former Director, Benesse Holdings, Inc.,
Former Executive Vice President and Representative Director, Benesse Corporation
Ongoing projects
*Including YARUKI Switch Group and others.
AI for School
e6 project
TBS's original generative AI tool designed specifically for education was adopted by the Ministry of Education, Culture, Sports, Science and Technology for its Generative AI Experimental Study Project.
Conducted at 13 public elementary and secondary schools in six municipalities across Japan, the study concluded in February.
The tool used AI to link TBS NEWS DIG, which aggregates news from 28 JNN stations, with "school lessons" and provided a reliable, safe, and entertaining AI learning environment.
More than 90% of students reported improved learning comprehension. We will further develop the tool based on the results and the issues identified.
A joint project with NTT that creates next-generation edutainment. It fosters children's ability to "make their own decisions" based on dialogue with AI in an era of rapid integration of AI.
The project has two core initiatives: developing and rolling out its original IP, "Emotional Knight," and commercializing "AI Theme Park (tentative name)," a permanent facility where visitors can physically experience the world of Emotional Knight.
Set in a magical world inhabited by characters based on the 118 chemical elements.
Operated an interactive booth at the "AKASAKA Asobi! Manabi! (Play & Learn) Festa" in March. 16
SAND B
TBS HD
Utilizing a 30 billion yen investment budget focused on acquiring and monetizing content IP.
Xenotoon to be acquired as the second major step in IP investment strategy.
Xenotoon is a cutting-edge, next-generation studio led by Koichi Kawase, an expert in the IP business. Owns a 3D animation studio headed by viral creator, Gensho Yasuda
Accelerate anime business, discover and nurture new IP, also pursuing the acquisition of mega IP.
Wholly-owned subsidiary
SAND B | |||
| |||
Investment | |||
30 billion yen investment budget established
Xenotoon Inc.
Representative:
Koichi Kawase
Career
Owned IP
K contents (51% stake)
Xenotoon (51% stake)
To be acquired
IP
IP
IP
MARY MARY MARY
Konnako Irukana
HUMAN BUG UNIVERSITY
Investment in Production Committees
Coming Soon…
Ongoing IP development involves key staff members responsible for numerous hits in TBS anime, such as The Quintessential Quintuplets.
17
【Yasuda Gensho Studio by Xenotoon】
Make-A-Girl
Namco Limited (Currently Bandai Namco Entertainment Inc.)
The Walt Disney Company (Japan) Ltd.
Marvel Entertainment, LLC
The Pokémon Company
2019: Established Xenotoon Inc.
With the mission of "Hacking the World with Animation" Xenotoon is a next-generation animation studio that fuses creator-driven production with the latest technology.
By establishing a 3DCG animation studio led by Gensho Yasuda-an anime creator with over 6.3 million social media followers-and a multi-studio network of digital creators, the company develops IP ranging from viral SNS shorts to TV series and theatrical features. Xenotoon leverages efficient, non-traditional production methodologies to bypass conventional industry constraints and accelerate global IP development.
Ayakashi à la Mode
FY26 Full-year Forecasts (Consolidated)
Consolidated | FY25 ACT | FY26 FCT | Y/Y |
Net Sales | 424,850 | 440,000 | +15,149 |
Operating Profit | 24,750 | 26,000 | +1,249 |
Ordinary Profit | 37,373 | 39,000 | +1,626 |
Profit Attributable to Owners of Parent | 52,228 | 48,500 | -3,728 |
Unit: millions of yen
Net Sales
368,130
394,309
406,700
424,850 440,000
2022 2023 2024 2025 2026
By Segment | Net Sales | Operating Profit | ||||
FY25 ACT | FY26 FCT | Y/Y | FY25 ACT* | FY26 FCT | Y/Y | |
Media and Content | 312,237 | 318,000 | +5,762 | 11,567 | 12,000 | +432 |
Lifestyle | 95,724 | 105,000 | +9,275 | 2,866 | 3,900 | +1,033 |
Real Estate and Others | 16,888 | 17,000 | +111 | 10,316 | 10,100 | -216 |
Adjustments | - | - | - | -0 | - | +0 |
Consolidated | 424,850 | 440,000 | +15,149 | 24,750 | 26,000 | +1,249 |
Unit: millions of yen
Operating Profit
24,750 26,000
20,782
19,465
15,175
2022 2023 2024 2025 2026
*Figures for FY25 by segment have been reclassified and recalculated based on the organizational structure
following the transfer of the TBS Broadcasting Center. 18
AgendaSummary of FY25 Financial Results
Senior Managing Director & CFO
Yasushi Gemba
TBS Group Medium-Term Business Plan 2026 Updated Progress on Growth Strategies
President, Representative Director & CEO
Ryujiro Abe
Progress on Content Timeless Value Initiatives
Vice President & Representative Director
Masamine Ryuho
Q&A
19
Achievements of the LTV4-59 Strategy
* LTV4-59: Individual viewership rating for males and females aged 4-59.
* Figures in parentheses denote the difference
from the same period in the previous year. Unit:%
All day | Golden time | Prime time | Non-prime time | |
T B S | 1.9 [+0.1] | 3.9 [+0.3] | 3.7 [+0.2] | 1.3 [0.0] |
P U T | 10.2[-0.4] | 19.1 [-0.5] | 18.0 [-0.6] | 8.0 [-0.4] |
Increasing "High-Performing Days"
（Y/Y Unit:%)
Tuesday
Wednesday
Successful programming strategies have led to an increase in high-performing regular programs during Golden and Prime time.
Improved Ratings for a
Daily Morning Program (Y/Y Unit:%)
Higher ratings through rebranding and feedback-driven content updates.
(Ratings for March 31, 2025 to March 29, 2026 on a weekly basis) (By Video Research Ltd. in the Kanto region)
Highly Talked-about Drama
7:00PM | Kamiwaza: The Superhuman Skill Show | +0.3 |
8:00PM | BANANASAND | +0.6 |
9:00PM | The World Unknown to Matsuko | +0.3 |
10:00PM | Tuesday drama series （Average of 4 dramas） | 0.0 |
7:00PM | Sekai Kurabete Mitara | +0.8 |
8:00PM | Sorette Jissai Donano Kai | +0.6 |
9:00PM | NINO Nanoni | +1.1 |
10:00PM | Any theory goes | +0.5 |
Sunday drama REBOOT Then You Try Making It!
A theory battle unfolded on social media, evolving into a viewer-participation event.
Success of the World Athletics
TBS Record-high average of
4.7 million views per episode.
Championships Tokyo 25
Morning slot | THE TIME, (6:00 AM Slot) | +0.1 |
THE TIME, (7:00 AM Slot) | +0.2 |
Cumulative number of viewers:
79.77millionGolden Time 7.4% Prime time 7.5%
Sparked nationwide enthusiasm and created a social phenomenon by drawing in those with little interest in track and field.
Demonstrated the overwhelming reach of terrestrial broadcasting, spanning all generations across Japan.
20
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TBS Holdings Inc. published this content on May 14, 2026, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on May 14, 2026 at 23:12 UTC.
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