COVER_Presentation for New Investors

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Materials for Growth Opportunities and Strategies M ay 1 3 t h, 2 0 2 5

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21 MM JPY Financial Results for FY2025/3 Earnings Forecasts for FY2026/3 Full-year First-half Second-half Full-year First-half Second-half Revenue 43,401 17,104 26,296 52,500 22,750 29,750 Reference: Marginal profit* 18,711 7,832 10,879 21,714 9,021 12,692 Margin 43.1% 45.8% 41.4% 41.4% 39.7% 42.7% Operating profit 8,001 3,372 4,629 8,200 2,420 5,780 Margin 18.4% 19.7% 17.6% 15.6% 10.6% 19.4% Ordinary profit 7,962 3,301 4,660 8,200 2,420 6,150 Margin 18.3% 19.3% 17.7% 15.6% 10.6% 19.4% Net profit 5,559 2,120 3,438 5,700 1,679 4,021 Margin 12.8% 12.4% 13.1% 10.9% 7.3% 13.5% *: Marginal profit is calculated as “Revenue – Cost of sales(variable) – SG&A(variable)” FY2026/3 Performance Forecast While assuming continued revenue growth, due to the impact of upfront investment, operating profit is only a slight increase as of the beginning of the fiscal year Earnings Forecast for the first half of FY2026/3 • Profits for the first half are expected to fall below the same period of the previous fiscal year due to the seasonal nature of sales, which are concentrated in the second half and a short- term increase in fixed costs associated with business investments aimed at future growth • Under the new management structure, we will promote structural reforms such as personnel reassignments, business process reviews and optimization of SG&A costs, and strengthen our earnings base Upside Catalysts • Expansion of earnings in Japan and overseas for the TCG business, which is scheduled to launch in English version • SCM rationalization after the second half of the year by the transfer of logistics warehouses in the middle of the year • Expansion of business with large collaborating companies and licensees overseas • Expansion of related businesses by increasing brand awareness in music and games areas Downside Catalysts • Slowdown in overseas consumer demand related to changes in tariffs, cost of living and exchange rates Lower profits due to upfront expenditures (see below) • R&D in expressive technologies • Enhancement of systems to increase content supply • Enhancement of systems to improve SCM efficiency • Development of overseas business (operation of overseas bases, marketing, etc.) • Development of digital content business such as games/Holoearth • Enhancement of systems in administrative departments to strengthen management foundations

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26 Name Position Domain of Supervision Career Motoaki Tanigo President and CEO Senior Vice President - He worked at Imagineer Co., Ltd. producing games in partnership with Sanrio Company, Ltd., and then oversaw a business operating official mobile sites in partnership with TV stations and publishing companies. After launching an e-commerce business at istyle Inc., operator of the cosmetics review site @cosme, and participating in the founding of the mobile advertising company Interspire Inc. (now UNITED, Inc.), he founded 30min. Inc. and developed an O2O business centered on 30min., Japan’s first GPS- enabled smartphone application, which was sold to IID, Inc. Ikko Fukuda Director and CTO Senior Vice President Metaverse Area and Technology Division He started his career at Sony Corporation in 2005, where he was in charge of designing systems for broadcasters. From 2008, he served as CTO at Agile Media Network Inc., where he was in charge of advertising systems for social media, campaign systems, etc. Since 2016, he has been in charge of developing VTuber streaming apps at COVER Corporation. Shuhei Ueda Director Senior Vice President Media Mix and Licensing/Collaboration He joined Imaginner Co., Ltd. as a new graduate. Founded Gamepot Inc. in 2001. Shuhei Ueda was a pioneer of FreeToPlay and led the dawn of online games. The Company went public in 2005. Then he served as representative director of Japanese subsidiary of AfreecaTV Co., Ltd., a major live streaming service in South Korea, as well as several other companies. He is co-chairman of Japan Online Game Association. Yosuke Kaneko CFO Senior Vice President Supervisor of Corporate Shared Function, Corporate Planning Department, Overseas Business Development Department He worked in Capital Markets Limited at SMBC Nikko Securities Inc., where he engaged in structuring equity financing transactions. In 2018, he was in charge of executing global equity offerings, including global IPOs, at the company's branch in London. He joined COVER Corporation in 2021, serving as the General Manager of the Corporate Planning Office. In 2023, he was appointed Executive Officer and CFO. Takashi Kato Senior Vice President Administration, General Affairs, Legal Affairs and Intellectual Property, Crisis Management Certified public accountant. After working at an auditing firm, he was in charge of the administrative department of a start-up company before joining COVER Corporation in 2020. He was involved in starting up and expanding the corporate department. He currently serves as the general manager and managing executive of the Administration Department, which includes legal affairs and crisis management, as well as the Human Resource Department. Daisuke Maeda Senior Vice President Product Planning and Commerce He was involved in launching several internet businesses at Sumitomo Corporation. Thereafter, he served as president of Soukai Drug Malaysia and MonotaRO Indonesia consecutively. After returning to Japan, he joined RAKSUL and was appointed Executive Officer for the sales division for printing and customer attraction. In 2024, he became an Executive Officer in charge of managing Merchandising, E-commerce, and Logistics at COVER Corporation. Shigeki Hayashi Senior Vice President VTuber Production He was involved in game development and operations, and has held management positions such as Art Director and General Producer at Konami Digital Entertainment Co., Ltd. and COLOPL, Inc., while working on a number of major game titles. He joined COVER Corporation in 2022 as the head of the Creative Production Department and was appointed as an executive officer in 2025, overseeing VTuber production. Business Operation Structure for FY2026/3 and thereafter From April 2025, the management structure was changed with working to achieve management targets

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28 Major Risks Measures Proba- bility Impact Time Span Dependence on video distribution platforms operated by other companies We provide livestreaming content to viewers through video distribution platforms such as YouTube. If it becomes difficult for us to continue providing livestreaming content due to changes in the business strategies of these video distribution platforms or in our relationship with them, or if there are significant changes in economic conditions, our revenue from viewers via these platforms may decrease, which may affect our business and earnings. We do not solely rely on livestreaming. We have been able to advance the diversification of our revenue stream opportunities to include merchandising, events, and licensing of intellectual property. Our content creators are also active on multiple video streaming platforms other than YouTube. Furthermore, we are planning for our content creators to eventually stream on our own platform, which is currently under development. Therefore, we do not solely depend on a single platform. Med. Med. Long- Term Risks related to the popularity, frequency of activities, and continuity of activities of our VTubers Our business performance depends to a certain degree on the popularity of the VTubers that are affiliated with our company and the frequency of content being produced. We have responded to scandals, incidents of social turmoil and defamation and other similar matters concerning our tubers from the beginning. We are taking measures such as expanding our technical and organizational systems to support VTubers so they can carry out their activities comfortably. However, the nature and frequency of VTuber activities depend on the activities of the content creators who use anime-like avatars. Therefore, there is a possibility that our reputation, business performance and financial situation may be affected due to a decline in the added value of our intellectual property, content, merchandise and the like that may occur in cases, such as: (i) when our content creators are unable to continue receiving support from viewers due to the streaming of inappropriate content, scandals, incitement of social controversy, defamation, or other similar reasons related to maintaining a healthy environment for streaming activities; (ii) when the frequency of our content creator’s activities declines significantly; or (iii) when it becomes difficult for our content creators to continue their activities. In looking at individual content creators, these risks may not emerge at a high frequency. However, we are taking countermeasures such as: (I) promoting the streaming of content in a healthy environment; (ii) responding to scandals, incitement of social controversy, defamation and the like; (iii) expanding technical and organizational systems to support VTubers so they can carry out their activities comfortably; (iv) collaborating with other related organizations within our industry; and (v) stabilizing the provision of content by providing content via our productions, as a whole, by a variety of popular VTubers. Med. Med. Mid- Term Changes in Consumer Demand Trends Due to External Factors Our main revenues are from livestreaming by VTubers on video distribution platforms and sales of related merchandise and content. If the growth of related markets slows Due to changes in prices, exchange rates, various regulations including legal and tax systems, economic trends, individual preferences, etc., and if our business model cannot be sustained over the long term due to the number of viewers of our content declining accordingly, or if we cannot sufficiently develop a new business model to respond to these changes, our business, performance, and financial position may be affected through such factors as a slowdown in net sales growth against a backdrop of a decrease in the number of customers. We intend to mitigate this risk by diversifying the areas in which we conduct business and by diversifying the geographic regions in which we operate. Med. Med. Mid- Term * For risks other than the above, please refer to "Business Risks" in the Securities Registration Statement, etc. Major Risks and Countermeasures

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