Slide 1: Investor Presentation STAR Conference 2026
Investor Presentation STAR Conference 2026 Page 1 1
Slide 2: Digital Bros at a glance
Digital Bros at a glance Digital Bros creates, develops, and publishes video games for all Consoles, PC, Mobile and Streaming platforms, and distributes them worldwide Company overview • Founded in 1989 by brothers Rami and Raffi Galante • Listed on the Euronext STAR Milan (DIB:MI) since 2000 PUBLIS
Slide 3: History and Milestones
History and Milestones Evolution of Digital Bros from a local Italian distributor, into a global gaming publisher and IP owner 2012 – 2016: 2016 – PRESENT: FUTURE: 1989 – 2006: 2006 – 2012: RETAIL AND DIGITAL GLOBAL PUBLISHER AND MASTERING KEY ITALIAN DISTRIBUTOR EUROPEAN DISTRIBUTOR PUBLISHER IP OW
Slide 4: Business Model
Business Model The Company operates through four operational business segments, covering the entire gaming value chain Revenue split trend ▪ Development and publishing of videogames that require an upfront payment from consumers. Studios Main titles 3% Publishing 21% 12% PREMIUM GAMES 7% 72% 85% FY2
Slide 5: Gaming market overview
Gaming market overview Video games are the leading form of entertainment with over three billion people playing today Global game revenue1 Key trends (post pandemic) USDbn Consumers continue playing well-established game titles instead of experimenting with new titles In more mature economies, the m
Slide 6: A more mature gaming market
A more mature gaming market From pandemic-driven acceleration to structural realignment Annual gross reported industry layoffs3 2019-2021: gaming market expanded by 26% (1) 15.650 POST PANDEMIC “PERFECT STORM” 10.500 9.200 8.500 Rising inflation Macroeconomic Geopolitical uncertainty factors Increas
Slide 7: Key new trend: AI threats and opportunities
Key new trend: AI threats and opportunities AI accelerates development but increases content supply, making brand and IP more critical Productivity Booster Competitive Escalation Dual impact: • Accelerates content creation and coding Productivity gains • Compressed time-to-market, increasing content
Slide 8: Competitive positioning in the videogame industry
Competitive positioning in the videogame industry Refocused strategy from general “AA” games publisher to achieve leading position in strategic market verticals Become leader in specific market verticals to stand out from generalistic mid-tier publishers leveraging on loyal and engaged STRATEGICIC p
Slide 9: Refocused Strategy
Refocused Strategy Digital Bros had to refocus on revenue predictability and operational efficiency Regular content drop for existing franchises, sequels and spin-offs FY24 Reorganization Increased focus on owned IPs with long term value creation Reconsidered number and scope of projects under devel
Slide 10: Portfolio overview – Increased focus on owned IPs
Portfolio overview – Increased focus on owned IPs Focus on risk-reward profile of each title, moving the strategy to become leaders in key verticals with long-term IP value potential Current portfolio mix Co-Owned IP Fully-owned IP Long-term publishing Publishing Agreements Revenue trend agreements
Slide 11: H1 FY26 – Key Results
H1 FY26 – Key Results € 69 million revenue generated as of Dec. 31, 2025 driven by Wuchang: Fallen Feathers and the Assetto Corsa franchise. Revenue (€m) as of December 31, 2025 Premium Games revenue nearly doubled 80 69m Revenue growth driven by the launch of Wuchagn: Fallen Feathers: +130,000 CCUs
Slide 12: Case study – Assetto Corsa
Case study – Assetto Corsa Successful initial launch with compelling DLC and sequels following studio acquisition Racing simulation video game developed by the Italian studio Kunos Simulazioni, designed with an emphasis on a realistic racing experience with support for extensive customization by pla
Slide 13: New Release - Assetto Corsa EVO
New Release - Assetto Corsa EVO Assetto Corsa EVO – third chapter of the beloved franchise developed by the internal studio Kunos Simulazioni. Early Access PC version launched on Steam on Jan. 16, 2025 Reached #1 in Steam’s global top selling chart at launch. • Concurrent users (CCU) peaked at launc
Slide 14: New release – Assetto Corsa Rally
New release – Assetto Corsa Rally Early access PC version launched on Steam on Nov. 13, 2025 reaching top 10 in Steam’s best selling chart. Early Access PC version launched on Steam on Nov. 13, 2025 Latest installment in the Assetto Corsa series • Developed by Supernova Games Studio, with an interna
Slide 15: Wuchang: Fallen Feathers
Wuchang: Fallen Feathers Soulslike action RPG set in China launched on July 24, 2025 Launched on July 24, 2025 (QI FY26) In the top 10 best sellers globally on launch date, n.1 in China - peaked at +130,000 CCUs at launch, making it the most-played non-FromSoftware Soulslike of all time(1) PS5, XBOX
Slide 16: Case study – Match Three games
Case study – Match Three games Longstanding expertise in managing and scaling successful match-three IPs based on the Puzzle Quest brand Australian development studio Infinity Plus Two created FREE TO PLAY REVENUE (€m) and developed Puzzle Quest (2007) 25,0 2010 Puzzle Quest 2, published by DR Studi
Slide 17: Business outlook FY26
Business outlook FY26 Confirmed guidance: revenue growth driven by Premium Games and return to profitability H2 FY26 Ongoing Early Access Updates Upcoming Launches • Indie cyberpunk life simulation game • Strong early traction with significant wishlists • Developed by award-winning studio MercurySte
Slide 18: FY27 Releases – A more focused pipeline
FY27 Releases – A more focused pipeline A streamlined pipeline aligned with a more selective investment approach New releases 1.0 versions • Bloodstained: The Scarlet Engagement: new gothic horror side-scrolling RPG set in the 16th century • New instalment in the successful metroidvania franchise de
Slide 19: Key Takeaways
Key Takeaways Well-established gaming publisher with a proven ability to adapt to industry trends and recent challenges, with experienced management team. Refocused games portfolio offering Premium and Free to Play games, for PC, console and mobile within four key verticals: sim racing, heist games,
Slide 20: Appendix
Appendix Page 20 20
Slide 21: Revenue Models
Revenue Models Multiple avenues of monetization and distinct revenue profiles ensures diversification of revenue streams MONETIZATION DESCRIPTION ILLUSTRATIVE REVENUE PROFILE ▪ One-time fee to purchase the full game DLCs Revenue ▪ Greater budgets in marketing required to improve Initial brand recogn
Slide 22: Investment in Starbreeze
Investment in Starbreeze 19% of capital Digital Bros’ CEO appointed to Starbreeze Board of Directors Digital Bros holds an investment in the Swedish developer on May 15, 2025 and publisher Starbreeze AB 37% of voting rights Starbreeze consolidated pursuant to IAS28 PAYADAY3 Launch Sept. 2023 Differe
Slide 23: Revenue and EBITDA trend
Revenue and EBITDA trend Revenue EBITDA Commentary EURm EURm 1 EBITDA (%) ▪ Revenue has declined since FY21, primarily due 160 to the post-pandemic effect 70 5 ▪ As third-party publishing has slowed, revenue 140 11 39% 41% from internally developed games has grown, 10 5 driven by a strategic focus o
Slide 24: Cost base overview
Cost base overview Cost of sales and gross margin Operating costs and in % of revenue Commentary EURm EURm Cost of sales 60 60% ▪ COGS primarily consists of royalties, service 70 purchases, and product purchases for resale 60% 2 56% ▪ Royalties are paid to developers and licensees 50 50% for the exp
Slide 25: Summary tables
Summary tables H1 FY26 (July 1, 2025 – December 31, 2025) INCOME STATEMENT €/100 Dec. 31, 2025 Dec. 31, 2024 Total net revenue 69,005 43,024 Total cost of sales (18,711) (14,874) Gross profit (3+8) 50,294 28,150 Other income 4,299 3,603 Total operating costs (21,041) (18,664) EBITDA (9+10+15) 33,552
Slide 26: Summary tables
Summary tables H1 FY26 (July 1, 2025 – December 31, 2025) BALANCE SHEET €/100 Dec. 31, 2025 June 30, 2025 Total non-current assets 129,845 152,997 Total current assets 35,841 36,565 Total Assets 165,686 189,562 Total Net Equity (116,489) (114,740) Total non-current liabilities (3,033) (8,336) Total
Slide 27: Digital Bros S.p.A. contact details
Digital Bros S.p.A. Via Tortona, 37 - 20144 Milan, Italy For more info: www.digitalbros.com - ir@digitalbros.com