Slide 1: FY25 Results Investor Presentation
AUSTRALIA PLAYSIDE FY25 IN DEVELOPER RESULTS PRESENTATION GAME 27 . 08 . 25 LARGEST 1
Slide 2: Financial Highlights
F Y 2 5 R E S U LT MAJOR PROJECTS INDUSTRY OUTLOOK FINANCIAL HIGHLIGHTS • Revenue of $48.7m (pcp: $64.6m, -25%) • Original IP revenue of $16.7m (pcp: $30.3m, -45%) • Prior period included license fees for major Dumb Ways to Die projects • Three large projects in development for launch from CY2025 on
Slide 3: Profit and Loss
F Y 2 5 R E S U LT MAJOR PROJECTS INDUSTRY OUTLOOK PROFIT AUD $M.. FY24 1H25 2H25 FY25 AND LOSS Revenue .. 64.6 28.5 20.2 48.7 Original IP .. 30.3 9.9 6.8 16.7 • Revenue declined in the second half Work for Hire .. 34.3 18.6 11.4 32.0 • No new Original IP launches with Kill Knight having launched in
Slide 4: Revenue Growth
F Y 2 5 R E S U LT MAJOR PROJECTS INDUSTRY OUTLOOK 65 REVENUE GROWTH 49 FY19 - FY25 38 21 12 ORIGINAL IP REVENUE 5 8 WORK FOR HIRE REVENUE FY19 FY20 FY21 FY22 FY23 FY24 FY25 4
Slide 5: Cash Flow
F Y 2 5 R E S U LT MAJOR PROJECTS INDUSTRY OUTLOOK CASH FLOW AUD $M .. FY24 1H25 2H25 FY25 • Negative operating cash ow in the second half • Latent staff capacity as WFH projects rolled off Cash receipts .. 65.5 31.2 16.5 49.9 • $1.7m in restructuring expenses • Ongoing marketing costs on major Orig
Slide 6: Capital Raising
F Y 2 5 R E S U LT MAJOR PROJECTS INDUSTRY OUTLOOK CAPITAL RAISING • Placement raising $6.6m (before costs) at $0.20/share • Provides additional capital to support best execution of the launch of MOUSE: P.I. For Hire • Pro-forma cash balance of $15.9m at settlement • Pro-forma issued capital of 442.
Slide 7: Operating Highlights
F Y 2 5 R E S U LT MAJOR PROJECTS INDUSTRY OUTLOOK OPERATING HIGHLIGHTS • MOUSE: P.I. For Hire wishlists increased from 600k to 1m+ • Game of Thrones: War for Westeros announced in June 2025 • Civilization VII - VR launched by 2K on Meta Quest in February 20251 • Shattered launched on Meta Quest in
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Slide 12: Beautiful Bullet Hell / The Ultimate Twin-Stick Shooter
“BEAUTIFUL BULLET HELL” “THE ULTIMATE 4 TWIN-STICK SHOOTER” i IGN “THERE'S A TON OF DEPTH TO THIS GAME” : ® “THIS GAME GETS ME RIGHT IN THE FLOW STATE” t KNIGHT “YOU CAN INSTANTLY TELL THIS IS GOOD STUFE” ; “THIS GAME IS FREAKIN’ RAD!” > “FANTASTIC MECHANICS, KILLER AESTHETIC” & “I CAN DEFINTIELY SA
Slide 13: Company Restructure
F Y 2 5 R E S U LT MAJOR PROJECTS INDUSTRY OUTLOOK COMPANY RESTRUCTURE • New director appointed February 20251, new CEO appointed March 20252 • 260 headcount at present, after peaking at 363 in October 2024 • 62 staff made redundant as part of restructuring in April 20253 • Focus on latent capacity
Slide 14: Restructure Insights
F Y 2 5 R E S U LT MAJOR PROJECTS INDUSTRY OUTLOOK RESTRUCTURE INSIGHTS • The need to match Original IP development timelines with cash ow visibility • The need to retain higher levels of cash on the balance sheet • Allows us to navigate periods of lower revenue visibility with con dence • Permits e
Slide 15: MOUSE: P.I. For Hire
F Y 2 5 R E S U LT MAJOR PROJECTS INDUSTRY OUTLOOK MOUSE: P.I. FOR HIRE • First major Publishing launch at PlaySide • Signi cant revenue event for FY26 (and potentially beyond this) • Highly successful marketing initiatives since signing • Power law when it comes to wishlist conversions1 • 6% of gam
Slide 16: Game of Thrones
F Y 2 5 R E S U LT MAJOR PROJECTS INDUSTRY OUTLOOK GAME OF THRONES • War for Westeros utilises the Game of Thrones IP under license from WB/HBO • Excellent execution on initial marketing campaign • Second most viewed trailer at Summer Game Fest • Strong follow-on media coverage1, 2, 3, 4, 5, 6 • Alr
Slide 17: Dumb Ways to Die
F Y 2 5 R E S U LT MAJOR PROJECTS INDUSTRY OUTLOOK DUMB WAYS TO DIE • Dumb Ways is a highly recognisable global brand • Opportunities to sow the seeds for the next phase of its success • New generation of fans interacting with the brand • Dumb Ways console title seeks to tap into this audience • We
Slide 18: Industry Dynamics
F Y 2 5 R E S U LT MAJOR PROJECTS INDUSTRY OUTLOOK INDUSTRY DYNAMICS • Layoffs and underinvestment has persisted • Over 30,000 layoffs in the industry between 2022-241 • Continued layoffs in 2025 at Bandai Namco2, EA3, Ubisoft4, Microsoft5 • Indie/AA games have thrived this year • 40% of the top 20
Slide 19: Industry Themes
F Y 2 5 R E S U LT MAJOR PROJECTS INDUSTRY OUTLOOK INDUSTRY THEMES • ‘On the go gaming’1, 2 • Nintendo Switch 2 is the fastest-selling game console ever3 • Microsoft handheld announced in partnership with Asus4 • Transmedia is still driving new content investment • Branding, authenticity and engagem
Slide 20: PlaySide Today
F Y 2 5 R E S U LT MAJOR PROJECTS INDUSTRY OUTLOOK PLAYSIDE TODAY • Improved business post-restructure • Overhead cost reductions • Streamlined title slate • Process improvements • Green shoots in Work for Hire • Prototyping contract work underway • Several large RFPs at present across a variety of
Slide 21: PlaySide Tomorrow
F Y 2 5 R E S U LT MAJOR PROJECTS INDUSTRY OUTLOOK PLAYSIDE TOMORROW • Self-sustaining business model • Work for Hire remains a valuable, cash-generative part of our business • Original IP projects: • Re ect the best expression of our collective talents • Have a development budget appropriate for ou
Slide 22: Catalysts and Guidance
F Y 2 5 R E S U LT MAJOR PROJECTS INDUSTRY OUTLOOK CATALYSTS AND GUIDANCE • FY26 revenue to exceed FY25 with reduction in operating costs • Will not provide explicit guidance until closer to MOUSE launch • MOUSE: P.I. For Hire nal marketing push into launch • Major Work for Hire RFPs still in negoti
Slide 23: Appendices
APPENDICES APPENDICES 23
Slide 24: PlaySide Snapshot
APPENDICES PLAYSIDE SNAPSHOT • Largest games development studio in Australia1 • 260 staff with a lean management structure - approximately 225 engineers, artists, designers, producers, audio specialists and QA personnel • 200 staff working from three of ces (Melbourne x2, Gold Coast) • Remaining sta
Slide 25: Historical Earnings
APPENDICES HISTORICAL EARNINGS AUD $M FY21 FY22 FY23 1H24 2H24 FY24 1H25 2H25 FY25 Revenue .. 11.8 20.2 38.4 36.2 28.5 64.6 28.5 20.2 48.7 Original IP .. 7.3 10.0 14.9 17.7 12.7 30.3 9.9 6.8 16.7 Work for Hire .. 3.6 10.2 23.5 18.5 15.8 34.3 18.6 11.4 32.0 EBITDA .. (4.5) (1.7) (1.7) 12.2 5.4 17.5 (
Slide 26: Work For Hire
APPENDICES WORK FOR HIRE • Fixed-price contract to deliver a gaming product end-to-end using a counterparty’s IP (e.g. 2K’s Civilization) or ecosystem (Meta Horizon Worlds) • Paid on delivery of development milestones • Revenue recognised on percentage completion, costs expensed through P&L • Typica
Slide 27: Original IP
APPENDICES ORIGINAL IP REVENUE TYPE DESCRIPTION EXAMPLE Kill Knight sales on Steam, PlayStation, Xbox, Sale of games PlaySide develops and owns on common gaming platforms Nintendo Switch, and Epic Games Store Fixed fees for giving subscription platform owners preferential distribution of Kill Knight
Slide 28: Publishing
APPENDICES PUBLISHING • PlaySide agrees to provide development funding and manage marketing and distribution for a game that another studio is currently working on • Requires ‘scouting’, identifying promising games and making an assessment of potential revenue opportunity/likely development costs •
Slide 29: Wishlists Explained
APPENDICES WISHLISTS & STEAM FOLLOWERS ARE WISHLISTING HIGHLY CORRELATED TO POST- LAUNCH SALES PERFORMANCE EXPLAINED “Higher wishlist numbers often lead to more conversions” (Alinea Insight, July 2025) • Major gaming platforms provide the opportunity for a user to ‘wishlist’ a title, which represent
Slide 30: Industry Overview
APPENDICES INDUSTRY OVERVIEW • US$188bn global gaming revenue1, with two-thirds derived from content2 • Platform breakdown: mobile (US$93bn, 49%), console (US$52bn, 28%), PC (US$43bn, 23%) • Major companies: • Console titans (36%): Sony US$32bn, Microsoft US$24bn, Nintendo US$12bn • Major game dev/p
Slide 31: Recent M&A
APPENDICES RECENT M&A • Krafton acquired Eleventh Hour Games (Last Epoch) for US$96m1 • Atari acquired majority stake in Swedish listed publisher Thunderful, valuing it at US$6.5m2 • DoubleDown Interactive acquired free-to-play mobile developer Whow Games for US$76m3 • Tencent acquired minority stak
Slide 32: Listed Comps
MARKET CAP (A$M) EVERPLAY 1,150 BLOOBER 1,069 PLAYWAY 754 GRAVITY 662 APPENDICES REMEDY 377 PULLUP 349 DIGITAL BROS. 330 FRONTIER 298 DEVOLVER 232 CI GAMES 225 TEN SQUARE 218 187 11 BIT FOREVER ENT. 168 Note: Market caps estimated using pricing data on 1 August 2025. Not an exhaustive list. 144 CREE
Slide 33: Useful Resources
APPENDICES USEFUL RESOURCES BACKGROUND RESEARCH PLAYSIDE SPECIFIC RELEVANT THEMES PODCASTS Overview on A Current Affair The State of Video Gaming in 2025 (Epyllion research) War for Westeros Reveal trailer The success of AA/indie games in 2025 The Game Business Summer Game Fest MOUSE trailer Why the