Slide 1: Investor Presentation 2024 Results
INVESTOR PRESENTATION 2024 RESULTS
Slide 2: Summary
SUMMARY • Strong performance in line with FY24 guidance • Return to profit and growth • Back catalogue momentum driven by expandable games and PDLC • Improvement in platform revenues on renewal cycle and new title deals • Record Metacritic scores for new title releases • System Era performing well,
Slide 3: 2024 Overview
2024 OVERVIEW REVENUE GROSS PROFIT1 EBITDA1 $104.8m $30.1m $5.1m +13% vs FY23 +23% vs FY23 $(0.5m) in FY23 TITLES RELEASED OVER 30 AWARD NOMINATIONS CASH BALANCE AND MULTIPLE WINS $41.6m 10 RECORD AVERAGE METACRITIC SCORE: 79 Note: 1) Gross Profit and Adjusted EBITDA after non-cash impairment ($4.5m
Slide 4: 2024 Title Releases
2024 TITLE RELEASES Metacritic Score 79 79 73 87 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec n/a 80 81 81 78 76 FY24 - Record Average Metacritic Score: 79 Note: Scores as of 25 Mar 2025; title scores calculated as simple average of applicable platform scores; full year score calculated as simple
Slide 5: 2024 Major Updates & DLC Releases
2024 MAJOR UPDATES & DLC RELEASES 1ST PARTY IP Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 3RD PARTY IP Devolver Digital Investor Presentation 5
Slide 6: 2024 Ports
2024 PORTS Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Devolver Digital Investor Presentation 6
Slide 7: Financials
FINANCIALS Devolver DevolverDigital Digital Investor InvestorPresentation Presentation 77
Slide 8: Profit & Loss
PROFIT & LOSS US$’m FY22 FY23 FY24 1H 24 2H 24 • COMMENTARY Net revenue 134.6 92.4 104.8 51.6 53.2 Cost of sales (89.4) (65.4) (70.2) (34.6) (35.6) • Overall revenues up 13% YoY to Impairment of capitalised (22.8) (2.5) (4.5) (1.7) (2.8) $104.8m, growth driven by success of development cost lead tit
Slide 9: Balance Sheet
BALANCE SHEET US$’m FY22 FY23 FY24 • COMMENTARY Non-Current Assets Intellectual property 25.8 42.0 34.5 Capitalised developments costs 40.1 53.9 64.8 • The Group’s financial position is Goodwill 19.2 32.0 31.9 healthy, with net assets of $165.2m as Deferred tax assets and others 10.7 10.1 9.0 at 31
Slide 10: Cash Flow
CASH FLOW US$’m FY22 FY23 FY24 1H 24 2H 24 COMMENTARY Operating activities Cash inflow from operations 31.2 10.1 23.8 4.6 19.2 Taxation paid (2.1) (0.8) (1.5) (0.1) (1.5) • Operating cashflow was US$22.3m in Taxation received 0.0 2.4 - - - 2024, up 90% year-on-year. Net cashflow from operating activ
Slide 11: Operating Expenses
OPERATING EXPENSES Forward US$’m FY22 FY23 FY24 1H 24 2H 24 • COMMENTARY Trend • Adjusted operating expenses have Payroll 13.6 17.5 18.7 9.1 9.6 Slow rise increased 1.9%, including the full-year Professional fees 4.6 3.4 3.1 1.6 1.5 Steady impact of System Era Softworks’ opex. Subtotal payroll & 18.
Slide 12: Sales Mix (Back Catalogue v Front Catalogue)
SALES MIX (BACK CATALOGUE v FRONT CATALOGUE) # Titles Released (cumulative) COMMENTARY New Titles (front catalogue) Back Catalogue • Back catalogue mix increased to 88% of total revenues, driven by 89 97 109 120 130 strong performance of key titles 100% and a new releases back-weighted 90% 17% 12% t
Slide 13: Back Catalogue Sales +20% YoY
BACK CATALOGUE SALES +20% YOY # # Tier 1 Back Catalogue COMMENTARY Titles (>$1M net revenue) Tier 2 Back Catalogue Titles • Total back catalogue sales up 20% $100m Tier 1 Back Catalogue Titles YoY, driven by strong back catalogue growth, boosted by $90m System Era's Astroneer and improved platform d
Slide 14: Action on Game Impairments
ACTION ON GAME IMPAIRMENTS • COMMENTARY US$’m FY22 FY23 FY24 1H 24 2H 24 • Adjusted EBITDA pre-impairments Adjusted EBITDA pre-impairments 23.2 1.7 9.6 4.7 4.9 showed a solid recovery in 2024, approaching double-digits from only Adjusted EBITDA margin 17.2% 1.8% 9.2% 9.1% 9.2% $1.7m in 2023. • Howev
Slide 15: Business Update
BUSINESS UPDATE Devolver DevolverDigital Digital Investor InvestorPresentation Presentation 15 15
Slide 16: Leveraging IP Portfolio Success
LEVERAGING IP PORTFOLIO SUCCESS Trend: Gamers are spending more time on known IPs as opposed to new IPs Response: Leaning further into our own popular IPs in a variety of ways Titles Announced Paid DLC Lifetime IP Franchise Released Pipeline Titles Released Revenue Ownership Cult of the Lamb 1 - Y >
Slide 17: Key Strategic Focus Areas
KEY STRATEGIC FOCUS AREAS 1st Party 3rd Party New Existing IP IP IP IP Successful DLC releases for Cult of the Lamb and Astroneer in Paid DLC 2024. Future DLCs are in the works. Two definitive editions for fan-favourite titles planned for Definitive Editions 2025, more expected in future years. Work
Slide 18: Expanding Our Games with Paid DLC
EXPANDING OUR GAMES WITH PAID DLC CULT OF THE LAMB’S 4TH DLC/CONTENT UPDATE ASTRONEER’S FIRST PAID DLC FOR THE FIRST TIME THE DLC ALSO INCLUDED BEST SALES DAY SINCE EARLY A BRAND NEW INTERACTIVE COMIC ACCESS LAUNCH 280% INCREASE IN 900% INCREASE IN REVENUE IN REVENUE IN LAUNCH MONTH LAUNCH MONTH Dev
Slide 19: Definitive Editions – More Than a Remaster
DEFINITIVE EDITIONS – MORE THAN A REMASTER BRINGING BACK FAN FAVOURITE TITLES, MORE THAN JUST A REMASTER – THESE DEFINITIVE WITH ENHANCEMENTS THAT ELEVATE THE EDITIONS ADD AN ABUNDANCE OF FAN-REQUESTED PLAYING EXPERIENCE TO NEW HEIGHTS FEATURES AND IMPROVEMENTS LOWER RISK SPENDING ON FAMILIAR AND AL
Slide 20: Upcoming Sequels of Fan-Favourite IPs
UPCOMING SEQUELS OF FAN-FAVOURITE IPs GORN IP OVER 1.5 MILLION UNITS SOLD TO DATE MUCH LOVED VR FRANCHISE ASTRONEER IP PLAYED BY OVER 13 MILLION PEOPLE ACTIVE COMMUNITY GUNGEON IP OVER 5 MILLION UNITS SOLD TO DATE OVER 500K COPIES SOLD IN MARCH 2025 Devolver Digital Investor Presentation 20
Slide 21: Reduced Average Investment on 3rd Party Titles
REDUCED AVERAGE INVESTMENT ON 3rd PARTY TITLES Average cost per released 3rd Party title $2.99M $2.45M 3rd Party average cost per title is reducing, reflecting the $2.05M decision to focus spend on $1.73M titles with smaller budgets. $1.04M 2022 2023 2024 2025F 2026F Note: Devolver Digital published
Slide 22: Refocused Internal Teams
REFOCUSED INTERNAL TEAMS • Nerial has undergone a team restructure to address issues around recent releases and to better shape the team for future releases - this restructure has resulted in a 40% reduction in headcount. • Artificer, our Polish studio, was downsized by over 50% in early 2024. A new
Slide 23: Investment Mix: Striking the Right Balance
INVESTMENT MIX: STRIKING THE RIGHT BALANCE FY25 Investment Mix • We continue to invest more heavily into long-tail expandable games, targeting positive free cashflow generation in 2026. 38% • The majority of overall investment is currently directed into first party 42% New IP IP, with a similar focu
Slide 24: Investment in Development Technology and Data
INVESTMENT IN DEVELOPMENT TECHNOLOGY AND DATA Internal Investment Significant investment has been made both in time and money to improve technology, particularly in game engines – and the benefits are starting to filter through. • Croteam and Firefly chose to adopt the Unreal engine versus continuin
Slide 25: Switch 2 Opportunity
SWITCH 2 OPPORTUNITY SWITCH 2 SET FOR RELEASE IN JUNE 2025 The Nintendo Switch is currently Devolver’s most popular console platform with over 9m units sold. The recent Nintendo Direct showcase introduced the Switch 2 and highlighted three Devolver games: Devolver Digital Investor Presentation 25
Slide 26: Big Fan Games Launched August 2024
BIG FAN GAMES LAUNCHED AUGUST 2024 Announced 2025 Releases Electrifying action and a rich story combine in a new adventure set within Disney’s iconic TRON universe. A Devolver Digital Label. Sequel to the hugely popular A NEW APPROACH TO LICENSED GAMES “Monster Train”. We’re Big Fan Games, a Devolve
Slide 27: Continued Track Record of High-Quality Releases
CONTINUED TRACK RECORD OF HIGH-QUALITY RELEASES Released: 15th Released: 17th October 2024 September 2024 BAFTA & Games 10+ Award Award Winner Nominations “Neva hits home on “delightful from all levels” start to finish” - The Guardian - PC Gamer ★★★★★ 87 Metacritic 78 Metacritic 94% Steam 85% Steam
Slide 28: Recently Released and Coming Soon
RECENTLY RELEASED AND COMING SOON Devolver Digital Investor Presentation 28
Slide 29: Also in the Pipeline for 2025 and Beyond
ALSO IN THE PIPELINE FOR 2025 AND BEYOND AND MANY MORE Devolver Digital Investor Presentation 29
Slide 30: 2024 Recap
2024 RECAP • Full year 2024 trading in line, with revenue and Adjusted EBITDA meeting guidance • Strong execution and operational cost discipline leading to improved Adjusted EBITDA profit • System Era added a strong full-year contribution, performing in line with expectations since acquisition and
Slide 31: Outlook
OUTLOOK • Busy 2025 schedule with at least 13 titles anticipated for release • Continued strong back catalogue contribution expected, supported by additional Paid Downloadable Content • Healthy Balance Sheet with US$41.6m cash holdings as of 31 December 2024 • Single digit revenue growth and stronge
Slide 32: Thank You
hig ANS er ila? THANK YOU