Slide 1: Half Year 2024/2025 Results
HALF YEAR 2024/2025 RESULTS December 12th, 2024
Slide 2: Agenda
AGENDA 1 INTRODUCTION & OVERVIEW Geoffroy Sardin, Deputy CEO 2 FINANCIAL HIGHLIGHTS Aurélien Briand, CFO 2
Slide 3: AA and Indie Games Are Thriving
AA AND INDIE GAMES ARE THRIVING “AAA studios are in a difficult position, having to adapt to declining playtime, a diminished, more entrenched player base, saturated live-service games market, and the unbelievable cost of producing games of this scale. Studios have laid off considerable talent and s
Slide 4: All Our Recent Games Are Praised by Gamers
ALL OUR RECENT GAMES ARE PRAISED BY GAMERS 87%* - Very positive 96%* - Overwhelmingly positive 82%* - Very positive 87%* - Very positive 94%* - Very positive *As of Dec 12th, last 30 days player ratings 4
Slide 5: Building a Disciplined Organization
BUILDING A DISCIPLINED ORGANIZATION A DEPENDABLE LEADERSHIP TEAM FOCUSED ON EXECUTION CAPITAL ALLOCATION PRIORITIZING THE STRONGEST OPPORTUNITIES DATA-DRIVEN DECISIONS / SYNERGIES ACROSS THE ORGANIZATION 5
Slide 6: Our Three-Pillar Strategy
OUR THREE-PILLAR STRATEGY 01 EXPAND VALUE OF LEGACY PUBLISHING BUSINESS INTERNALIZE HIGH-VALUE ASSETS 02 (IPs AND IN-HOUSE PRODUCTION CAPABILITIES & EXPERTISE) 03 ENHANCE RECURRENCE BY BUILDING LIVE EXPERTISE OBJECTIVE: DRIVE TOPLINE & EBITA GROWTH* 6 *vs. FY22/23, our prior record year
Slide 7: Space Marine 2 Will Deliver Value & Recurrence for Years to Come
A STRONG MOMENTUM SPACE MARINE 2 WILL DELIVER VALUE & RECURRENCE FOR THE YEARS TO COME FOCUS & DOTEMU TO DELIVER A POWERFUL LINE-UP OF GAMES FY25 TO FY27 DRIVEN BY A MIX OF BIG RELEASE SLATE, ROBUST BACK CATALOG & LIVE OPERATIONS 7
Slide 8: H1 Financial Highlights
H1 FINANCIAL HIGHLIGHTS €43m €234m €48m OPERATING CASH REVENUE EBITA FLOW excl. Change in Working Capital* SM2 historical Strong Net debt launch and robust Record profit reduction expected by Back Catalog the end of the FY *Operating Cash Flow: -12m€ of which -55m€ of Change in Working Capital 8
Slide 9: H1 Record Revenue and Robust Back Catalog
H1 RECORD REVENUE AND ROBUST BACK CATALOG H1 H1 In € millions Variation % 2024/25 2023/24 Catalog 164.1 23.1 x7.1 Back catalog 64.9 58.6 +11% Other 5.3 3.4 58% Group Revenue 234.3 85.0 +176% ▪ Warhammer 40,000: Space Marine 2: the best launch in PULLUP Entertainment history ▪ Train Sim World 5, deve
Slide 10: H1 Record Profit – Full P&L
H1 RECORD PROFIT – FULL P&L H1 H1 (in millions of euros) Variation % 2024/25 2023/24 Revenue 234.3 85.0 176% • Cost of goods sold reflects SM2 success Cost of goods sold (112.0) (38.8) 189% • Development costs reflect mostly Back-Catalog and Development costs (46.3) (25.0) 86% SM2 amortization Other
Slide 11: Statement of Cash Flows
STATEMENT OF CASH FLOWS STATEMENT of CASH FLOWS H1 H1 (in millions of euros) 2024/25 2023/24 Consolidated net profit (loss) 21.8 (11.1) Net change in D&A and provisions 60.0 31.4 Gains (losses) from disposals 0.0 - Offsetting of the portion of net income from equity affiliates (0.1) 0.1 • Strong D&A
Slide 12: Balance Sheet
BALANCE SHEET 09/30/2024 03/31/2024 09/30/2024 03/31/2024 Total Total Total Total €504m €351m €504m €351m Cash & Cash €23m + €5m Equivalents • Decrease in Intangible, Tangible and Financials Assets Borrowings due to strong D&A over the period and financial debt • Working Capital lines exceptionally
Slide 13: Our Financial Ambitions
OUR FINANCIAL AMBITIONS Outlook (In M€) FY24/25 • Already an exceptional year with H1 above FY22/23 record EBITA • Builds long-term recurrence and visibility Revenues • Delivers strategic, operational and financial flexibility and agility H1: €234.3m • Annual targets confirmed and significant reduct
Slide 14: Focus on Space Marine 2
FOCUS ON SPACE MARINE 2 5 millions+ players to date Top 5 sales on Steam over Thanksgiving* Strong update with free content and performance rendering upgrade with notably PS5 Pro Release of high-value cosmetics for purchase (123 millions cumulated views on Secret Level digital assets) One episode of
Slide 15: Q&A
Q&A 15
Slide 16: Douze-Dixièmes Carpool Studio
DOUZE-DIXIÈMES CARPOOL STUDIO