Long-Term Growth Potential and Strategic Strength Justify Buy Rating for KONAMI HOLDINGS12:00 PM Japan | Corporation | BUY 9766 JP | ¥22,255 | ¥27,330 (¥27,640) | % to +23% Addressing the Fallout from MGS 28 launch of Delta sold over 1m units day one but was marred by PS5 Pro crashes and frame rate issues tied to Unreal Engine 5 optimization. While we trim FY3/26-27e OP by -3%/-1.2%, big picture, eFootball is a big driver and MGS Delta is a small profit driver. Strength in eFootball, IP revivals, and solid margins underpin our constructive long-term view. FY (Mar) CHANGE TO JEFe JEF vs CONS 2025 2026 2025 2026 REV NA NA NA NA EPS -3% -1% +1% +10% 2025 (¥) Q4 FY EPS - - - - 699.81 PREV 723.34 Exhibit 1 - Konami - Company data, Jefferies est.