Hollow Regalia Novel Volume 2 was written by Gakuto Mikumo with illustrations by Miyuu.

Bound by his contract with Galerie Berith to hunt dragons, Yahiro heads to the Fortress City of Yokohama, which is under the control of the Guild—a neutral organization that acts as an intermediary between private military companies. There, he finds the swamp dragon medium Nina Himekawa and her Lazarus, Hisaki Minato, waiting for him. Then, Waon Iroha is invited to collab with a streamer backed by a European enterprise named Gibeah. Although she is initially overjoyed at this news, things quickly become complicated when she realizes the corporation is connected to the Japanese Council for Independence, who mean to take their country back...by any means necessary.