Q 32024 FINANCIAL RESULTS November 14, 2024 © GDEV 202 5 Disclaimer Forward-looking statements Certain statements in this presentation may constitute "forward-looking statements" for purposes of U.S. federal securities laws. Such statements are based on current expectations that are subject to risks and uncertainties. In addition, any statements that refer to projections, forecasts or other characterizations of future events or circumstances, including any underlying assumptions, are forward-looking stateme ...

Core Viewpoint - GDEV Inc. reported a decline in revenue for Q3 2025, primarily due to reduced consumer spending, while achieving a significant increase in profit and adjusted EBITDA compared to the same period in 2024 [3][9]. Financial Performance Summary - Revenue for Q3 2025 was $98 million, a decrease of 12% from $111 million in Q3 2024 [2][9]. - Platform commissions fell by $3 million (13%) to $21 million in Q3 2025 compared to Q3 2024 [4]. - Game operation costs remained stable at $14 million in Q3 2025, slightly up from $13 million in Q3 2024 [4]. - Selling and marketing expenses decreased significantly by 43% to $30 million in Q3 2025 from $52 million in Q3 2024 [5][9]. - General and administrative expenses were stable at $8 million in Q3 2025, compared to $7 million in Q3 2024 [6]. - Profit for the period, net of tax, increased to $24 million in Q3 2025 from $15 million in Q3 2024, marking a 66% increase [7][9]. - Adjusted EBITDA rose to $26 million in Q3 2025, up from $17 million in Q3 2024, representing a 50% increase [7][9]. - Cash flows from operating activities were positive at $15 million in Q3 2025, compared to $12 million in Q3 2024, reflecting a 24% increase [8]. Operational Performance Summary - Total bookings in Q3 2025 were $90 million, down 4% from $93 million in Q3 2024 [10]. - Bookings from in-app purchases decreased by 3% to $85 million in Q3 2025, while bookings from advertising fell by 18% to $5 million [10]. - Monthly paying users (MPU) decreased by 16% to 263,000 in Q3 2025 compared to 314,000 in Q3 2024 [10]. - Average Booking Per Paying User (ABPPU) increased by 16% to $107 in Q3 2025 from $92 in Q3 2024 [10]. - The share of advertising as a percentage of total bookings decreased to 6.0% in Q3 2025 from 7.1% in Q3 2024 [11]. - The split of bookings by platform showed a decrease in mobile share to 59% and an increase in PC share to 41% in Q3 2025 compared to the same period in 2024 [12]. - Geographically, the share of bookings from the US decreased to 32%, while Europe increased to 34% in Q3 2025 compared to Q3 2024 [13].

Market Overview - U.S. stocks exhibited mixed performance, with the Nasdaq Composite increasing by over 100 points on Monday [1] - Cannabis-linked stocks experienced significant gains following President Trump's video promoting the health benefits of cannabis [1] Company Highlights - Tilray Brands, Inc. (NASDAQ: TLRY) saw a sharp increase in shares, rising 39.2% to $1.5983 [1] - Merus N.V. (NASDAQ: MRUS) gained 36.6% to $94.14 after Genmab agreed to acquire the company for $97 per share [4] - Better Home & Finance Holding Company (NASDAQ: BETR) increased by 20.1% to $63.60, supported by a $75 million at-the-market offering for Class A shares [4] - BTQ Technologies Corp. (NASDAQ: BTQ) jumped 20% to $6.36, as Danal began proof-of-concept for BTQ's quantum-secure Stablecoin settlement network [4] - SNDL Inc. (NASDAQ: SNDL) rose 18.8% to $2.77, benefiting from the positive sentiment around cannabis stocks [4] - Innoviz Technologies Ltd. (NASDAQ: INVZ) increased by 15.6% to $1.9701 after Goldman Sachs upgraded the stock from Neutral to Buy, raising the price target from $1.50 to $2.50 [4] - Sandisk Corporation (NASDAQ: SNDK) shares jumped 14.3% to $111.06 [4] - GDEV Inc. (NASDAQ: GDEV) rose 12.7% to $29.24 [4] - Ondas Holdings Inc. (NASDAQ: ONDS) gained 12.2% to $8.59 [4] - Pony AI Inc. (NASDAQ: PONY) increased by 10.3% to $23.36, with Citigroup initiating coverage with a Buy rating and a price target of $29 [4] - Galaxy Digital (NASDAQ: GLXY) gained 9.5% to $33.85 [4] - Western Digital Corporation (NASDAQ: WDC) rose 9% to $116.48 after Rosenblatt raised its price target from $90 to $125 while maintaining a Buy rating [4] - New Oriental Education & Technology Group Inc. (NYSE: EDU) increased by 5% to $53.85, with B of A Securities maintaining a Buy rating and raising the price target from $56.2 to $58.2 [4] - GLOBALFOUNDRIES Inc. (NASDAQ: GFS) rose 5% to $37.40 following a collaboration announcement with Corning for developing detachable fiber connector solutions [4]

Company Overview - GDEV Inc. (GDEV) shares increased by 26.2% in the last trading session, closing at $21.42, with notable trading volume compared to typical sessions. This follows a 40.1% gain over the past four weeks [1][2]. Performance Drivers - The recent stock surge is attributed to investor optimism surrounding successful game launches and an expanding market presence, particularly the strong performance of titles like Pixel Gun 3D on PC and robust earnings results [2]. - Attractive valuation metrics and operational efficiency are also contributing to positive investor sentiment towards GDEV [2]. Earnings Expectations - GDEV is expected to report quarterly earnings of $0.42 per share, reflecting a year-over-year decline of 46.8%. Revenues are anticipated to be $96.5 million, down 12.8% from the previous year [3]. - The consensus EPS estimate for the quarter has been revised 21% lower over the last 30 days, indicating a negative trend in earnings estimate revisions, which typically does not lead to price appreciation [4]. Industry Context - GDEV Inc. is part of the Zacks Gaming industry, which includes other companies like Roblox (RBLX). RBLX closed the last trading session at $135.18, down 0.3%, and has returned 18% in the past month [5].

Core Insights - GDEV Inc. reported a revenue increase of 13% year-over-year in Q2 2025, reaching $120 million, driven by higher in-app purchases despite a decline in advertising bookings [4][9] - The company recorded a profit for the period, net of tax, of $17 million in Q2 2025, up from $15 million in Q2 2024, and an adjusted EBITDA of $22 million, reflecting a 30% increase [7][9] - For the first half of 2025, revenue increased by 2% year-over-year to $217 million, with a significant profit increase to $31 million compared to $9 million in the same period of 2024 [10][13] Financial Performance - Q2 2025 revenue was $120 million, up from $106 million in Q2 2024, while H1 2025 revenue was $217 million compared to $213 million in H1 2024 [3][10] - Platform commissions increased by 10% to $25 million in Q2 2025, while game operation costs rose to $14 million, reflecting a 15% increase [5][6] - Selling and marketing expenses in Q2 2025 were $53 million, an 11% increase year-over-year, attributed to performance marketing tests [6][9] Operational Performance - Bookings declined by 14% in Q2 2025 to $92 million and by 20% in H1 2025 to $173 million, primarily due to an 18% decrease in monthly paying users [15][17] - The share of advertising sales as a percentage of total bookings decreased to 5.9% in Q2 2025 from 6.2% in Q2 2024, driven by declining CPM rates [18] - The split of bookings by platform showed an increase in mobile share to 63% in Q2 2025, while the geographical split remained stable across regions [19][21] Cash Flow and Investments - Cash flows from operating activities were negative $10 million in Q2 2025, compared to positive $11 million in Q2 2024, mainly due to decreased bookings and increased marketing expenses [8][14] - The company maintains a strong cash position of $93 million, providing resources for potential future strategic investments [9]

Core Insights - GDEV Inc. has increased its ownership in Royal Ark to 57% through a conversion option, enhancing their strategic partnership established in 2022 [1] - The partnership has led to the successful launch of Idle Zombie Miner, which achieved over 17 million installs and generated approximately $23 million in revenue in the first half of 2025 [2] - Royal Ark remains independently managed by its founder, Leonid Sirotin, while GDEV provides strategic oversight and resource allocation [3] Company Overview - GDEV is a gaming and entertainment holding company with a diverse portfolio, including subsidiaries like Nexters and Royal Ark, and has achieved over 550 million installs and $2.7 billion in bookings globally [5] - Royal Ark, founded by Leonid Sirotin, focuses on creating mobile games and operates independently, emphasizing player care and attention to detail [6]

Revenue and Profit - Revenue for the six months ended June 30, 2025, was $216.93 million, a slight increase from $212.76 million in the same period of 2024, representing a growth of 1.03%[10] - Profit for the six months ended June 30, 2025, reached $30.89 million, compared to $9.31 million in 2024, indicating a significant increase of 231.5%[10] - Total comprehensive income for the six months ended June 30, 2025, was $31.69 million, significantly higher than $9.93 million in 2024, an increase of 218.5%[10] - For the six months ended June 30, 2025, the profit attributable to ordinary equity holders was $30,891,000, compared to $9,311,000 for the same period in 2024, representing a significant increase of 231%[49] - Total revenue for the six months ended June 30, 2025, was $216,934,000, a slight increase from $212,755,000 in 2024, with in-game purchases contributing $206,672,000[50] Earnings and Expenses - Earnings per share for the six months ended June 30, 2025, were $1.70 (basic) and $1.68 (diluted), compared to $0.51 (basic) and $0.50 (diluted) in 2024, showing an increase of 233.3% for basic EPS[10] - Selling and marketing expenses decreased to $94.57 million for the six months ended June 30, 2025, down from $110.54 million in 2024, a reduction of 14.5%[10] - Game operation costs totaled $27,860,000 for the six months ended June 30, 2025, compared to $25,208,000 in 2024, indicating a rise of 10.5%[54] - The company recognized an income tax expense of $2,920,000 for the six months ended June 30, 2025, compared to $1,864,000 in 2024, an increase of 56.5%[59] - The total interest income for the six months ended June 30, 2025, was $898,000, down from $1,059,000 in 2024, a decrease of 15.2%[58] Assets and Liabilities - Total assets decreased to $210.18 million as of June 30, 2025, down from $272.20 million at the end of 2024, reflecting a decline of 22.8%[7] - Total liabilities decreased to $339.61 million as of June 30, 2025, from $373.73 million at the end of 2024, a reduction of 9.1%[7] - The accumulated deficit increased to $277.67 million as of June 30, 2025, compared to $248.55 million at the end of 2024, reflecting a worsening of 11.7%[7] - Cash and cash equivalents dropped to $41.55 million from $111.05 million, a decrease of 62.6%[7] - The Group's total liabilities increased to $28,483 as of June 30, 2025, compared to $20,212 as of December 31, 2024, indicating a rise of 41%[130] Cash Flow and Investments - The total net cash flows used in operating activities for the six months ended June 30, 2025, was $(3,764), a significant decrease from $11,698 in 2024[20] - The net cash flows used in investing activities for the six months ended June 30, 2025, was $(11,328), compared to $10,726 in 2024, showing a shift of 205%[20] - The company reported a net decrease in cash and cash equivalents of $71,468 for the period, compared to a decrease of $21,284 in the previous year[20] - The Group's total investments in treasury bills and ETFs increased to $34,418,000 as of June 30, 2025, compared to $23,757,000 as of December 31, 2024, a growth of 45%[139] - Total cash outflow for leases for the six months ended June 30, 2025, was $444,000, a decrease from $538,000 for the same period in 2024, reflecting a reduction of 17.5%[126] Acquisitions and Shareholder Actions - GDEV Inc. acquired 48.8% of MX Capital Ltd for a total consideration of 15,000 thousand, with potential earn-out payments of up to 35,000 thousand based on performance metrics[72] - GDEV Inc. acquired approximately 49.5% of Castcrown Ltd for a total consideration of 2,970 thousand, with a call option to obtain 100% control by April 1, 2027[80] - The company paid dividends of $55,990 during the six months ended June 30, 2025, with no dividends paid in the same period of 2024[20] - GDEV Inc. accepted for purchase 1,655,426 shares through a tender offer at a price of $20.00 per share, totaling approximately $33,109,000[151][152] - The company authorized a special cash dividend of $3.31 per share, resulting in an aggregate cash outflow of approximately $60 million[160] Deferred Revenue and Other Financial Metrics - Deferred revenue as of June 30, 2025, was $200.03 million, down from $222.69 million at the end of 2024, a decrease of 10.2%[7] - The company reported deferred revenue of $288,828,000 as of June 30, 2025, down from $332,584,000 at the beginning of the year, with a current portion of $200,025,000[166] - Revenue recognized at a point in time for the six months ended June 30, 2025, was $59,626,000, compared to $38,945,000 for the same period in 2024[167] - The company deferred $103,290,000 in revenue during the year ended June 30, 2025[166] - As of June 30, 2025, unconverted virtual currency included in deferred revenue was $4,602,000, with $3,653,000 attributed to durable items[168] Operational Metrics - The average player lifespan for Hero Wars was 28 months as of June 30, 2025, while other games averaged 13 months[166] - Directors' remuneration for the six months ended June 30, 2025, totaled $709,000, an increase from $579,000 in the same period of 2024[172] - The company recognized platform commission expenses of $8,513,000 for the six months ended June 30, 2025, compared to $6,589,000 for the same period in 2024[167] - The effective tax rate for the company is 12.5%, with the income tax liability as of June 30, 2025, amounting to $3,757,000[59] - The carrying amount of loans receivable as of June 30, 2025, was 501 thousand, up from 226 thousand at the beginning of the year[106]

Core Insights - GDEV Management, LLC has secured over $200 million in capital commitments for its second flagship fund, Fund II, with participation from a large Canadian pension plan and multiple U.S. insurance companies [1][2]. Fund Strategy and Performance - Fund II continues GDEV's strategy of building and scaling distributed energy resource (DER) platforms into mature infrastructure businesses, focusing on long-term, high-value assets [2][5]. - The portfolio has successfully brought over 330 MW of new energy generation and 260 MWh of energy storage capacity online across North America, primarily behind the meter, which allows for quicker deployment and attractive inflation-linked returns [2][5]. - GDEV has established a strong track record with notable transactions involving leading global investors, demonstrating its ability to identify and scale distributed infrastructure platforms [3][5]. Market Position and Future Outlook - The firm maintains a steadfast focus on distributed generation, energy reliability, and retail rate-linked revenue models, which serves as a solid foundation for growth amid market volatility [4][6]. - GDEV's policy-agnostic approach positions it well to scale operations in evolving regulatory environments, indicating a positive outlook for the future of the franchise [6]. Fund I and Investments - Fund I, launched in 2020, invested across ten platforms focused on behind-the-meter and on-site generation infrastructure [5]. - Fund II has already made seven platform investments, including low-carbon infrastructure advisory firm Nexus PMG, utility-scale energy storage developer Lightshift Energy, and EV charging operator 3V Infrastructure [5]. Company Overview - GDEV Management, LLC is a middle-market infrastructure private equity firm investing in high-growth sustainable infrastructure companies across various sectors, including renewable energy and energy efficiency [7].

Core Insights - GDEV Inc. has announced the acquisition of Light Hour Games, a mobile game studio based in Cyprus, enhancing its gaming portfolio and capabilities [1][3]. Group 1: Acquisition Details - The acquisition of Light Hour Games represents a strategic partnership that allows the studio to maintain creative freedom while benefiting from GDEV's financial support [3][4]. - Light Hour Games is a full-stack studio that utilizes AI-first workflows for rapid game development and high-quality execution, operating with a team of 15 experienced professionals [2][6]. Group 2: Strategic Implications - GDEV aims to leverage Light Hour Games' expertise and innovative approaches to enhance its growth strategy and bring fresh ideas to the mobile gaming genre [4]. - The partnership will provide Light Hour Games with access to GDEV's knowledge and data platforms, facilitating further development and operational support [3][5]. Group 3: Company Background - GDEV Inc. is a gaming and entertainment holding company with a diverse portfolio, including subsidiaries like Nexters and Cubic Games, and has achieved over 550 million installs and $2.7 billion in bookings globally [5]. - Light Hour Games focuses on creating emotionally engaging and scalable mobile casual games that evolve with player interaction [6].

Core Viewpoint - GDEV Inc. announces the departure of Chief Operating Officer Olga Loskutova effective July 1, 2025, after her successful establishment of operational frameworks since October 2024 [1][2]. Company Overview - GDEV Inc. is an international gaming and entertainment holding company focused on the development and growth of its franchise portfolio across various genres and platforms [2]. - The company has a diverse range of subsidiaries, including Nexters and Cubic Games, and aims to create engaging games for millions of players [2]. - GDEV's franchises, such as Hero Wars, Island Hoppers, and Pixel Gun 3D, have achieved over 550 million installs and generated $2.5 billion in bookings globally [2].