Christmas Eve

Christmas Eve is the fifth episode of the Log Horizon 2 anime.

Cold Open
The Akiba Newspaper's headline reads "The serial killer strikes again". Members of Dread Pack discuss how the killings are affecting sales, and Rikopin questions why the Royal Guard haven't shown up. Shiroe exposes who and what the Royal guard are: A peacekeeping force operated by the Kunie, powered by magic stronger than any adventurer.

Akiba Murderer at Large
The night before Christmas Eve, a patrol from Honesty is attacked and killed by the murderer. The next day, in the Round Table chambers Eins remarks that the patrol were some of his guild's best adventurers, marking the kill count over 10 victims. Marielle reports that the culprit's name is Enbart Nelles, a Level 94 Samurai with no guild affiliation. Despite death being a trivial matter, such crime remains severe. Members of the Alliance are annoyed that even with this information they are no closer to catching him, Eins then suggests that an evacuation may be a last resort. Michitaka rejects the idea, but Marielle suggests at least evacuating the lower class "kids". Woodstock asks her about Shiroe, who kept missing the meetings. Marielle nervously explains that he is trying to handle their financial problems.

Precious Life
At Log Horizon guild building, Nyanta informs Touya and Minori that players below level 50 have been requested to travel to Sand Leaf to help fight Goblins. Touya protests, surmising that it is just a cover story to get the "kids" to safety from the serial killer. He states he doesn't want special treatment, but Nyanta reminds him reviving is a special treatment that he should not take for granted. Minori sees Akatsuki's dinner still on the table and worries about her continued absence. Akatsuki is patrolling the city rooftop to rooftop, contemplating over why she was assigned to protect Raynesia, and if she is even “stronger” than the princess.

West Wind Brigade
Soujiro Seta and Nazuna are briefing the rest of the guild assigned to hunt the killer. A single squad is no match for this adversary, so each squad has two healers meant to sustain them long enough for reinforcements to converge. Soujiro closes with a reminder that the West Wind Brigade is among the victims, and issues an ominous order to '"murder him". Nazuna reflects on Soujiro's vindictive nature over the welfare of his guildmates. Soujiro sits alone and motionless in the meeting hall until he receives a call from Shiroe asking about the status. Nazuna breaks in to tell him one of the parties has engaged the killer.

Watermaple Consulate
Kinjo promptly visits Raynesia to inform her that a suit of Royal Guard Movable Armor has been stolen, the suspect being a member of his clan. He explains the armor is powered by a city-wide magic circle that bolsters its fighting power greater than an adventurer. If they shut down the magic circle it will also shut down the city's protection against monsters, taking decades to reactivate. On the window ledge outside, Akatsuki regretfully overhears the entire briefing. After Kinjo has left Akatsuki enters the room to find Raynesia talking to herself face buried in the couch arm. When she asks herself what should she do Akatsuki suggests to inform the Round Table. After a few more exchanges Raynesia finally realizes she is not alone. As they talk over tea, and the red bean buns Akatsuki brought, the women discuss the situation. After seeing how hard the princess is trying, Akatsuki volunteers to find the murderer.

Fight in the City
Isami and Kawara attack Nelles and are thrown across the street. Just as the murderer is about kill Isami, Soujiro and Nazuna arrive to intervene. As Soujiro and Nelles fight in the alley, Nazuna analyzes that Soujiro is using his Overskill「Clairvoyance」to keep up with Enbart's aggression, forcing the guild master to block instead of dodge. Despite this, his HP falls to 20%. Akatsuki was patrolling the streets and encounters the fight. She quickly uses most of her skills to little effect. Soujiro orders his guild members to withdraw while he and Akatsuki continue the fight. The guild master tells Akatsuki to observe his attack, and that an attitude of constant improvement is required to master the overskills. Soon Nelles overpowers both of them. Akatsuki's last thought is of "My lord".

At this time Shiroe's raid party is wiped out.

Trivia

 * The scene with Nyanta, Touya, and Minori is anime-original. In the light novel, we don't know what they are doing during this time.