Slide 1: 1H2026 Results
Two Decades of Creative Excellence RESULTS FOR THE SIX MONTHS ENDED 30 JUNE 2026 1H2026 Results Winking Studios Limited August 2026
Slide 2: Disclaimer
This presentation has been reviewed by the Company’s sponsor, PrimePartners Corporate Finance Pte. Ltd. (the “Sponsor"). This presentation has not been examined or approved by the Singapore Exchange Securities Trading Limited (the "SGX-ST") and the SGX-ST assumes no responsibility for the contents o
Slide 3: Presenting Today
Presenting Today Johnny Jan Claude Bordeleau Oliver Yen Executive Director and Chief Chief Revenue Officer Finance Director and Group Executive Officer (Founder) Chief Financial Officer § Gaming industry veteran, Founder of § Over 30 years' experience in Art Quebec-based studio AMPERA and former § O
Slide 4: Agenda
01 02 03 04 1H2026 1H2026 Market Strategy Financial Summary Landscape In Action Review 1H2026 Results 05 06 07 Outlook Q&A Appendix 4 4
Slide 5: One of the leading global AAA game art outsourcing studios
Art Outsourcing Services 85% of 1H2026 Group revenues § Conceptualisation § Development § Creation of digital art assets One of the leading global AAA game Established, longstanding Game Development Services art outsourcing studios collaborations with 15% Actively pursuing ‘buy and build’ strategy f
Slide 6: 1H2026 Summary
Revenue Growth Adjusted EBITDA Organic Growth US$23.5m US$1.2m 8.9% +21.1% YoY Primarily reflecting: Underlying organic • Consolidation of revenue growth* Mineloader with seasonally softer 1Q Underpinned by the +25.4% growth from Art performance Outsourcing segment continued strong • Increased AI in
Slide 7: Revenue growth and customer diversification
Scaling with discipline. Revenue more than tripled since 2020. Revenue Growth (US$m) Diversifying and broadening our reach 3% 7% 5% 10% 10% 15% 45.5 11% 16% 13% 19% 13% 13% 22% 17% 13% R 11% CAG 10% 14% 25 .7% 29% 31.9 25% 22% 29.3 FY2024 FY2025 1H2026 24.5 Mainland China & Hong Kong Non-Chinese cli
Slide 8: Art Outsourcing: long-term, repeat, valuable revenues
Against that backdrop, and at a time when many businesses across the sector are finding growth difficult to achieve, I’m pleased to say we’ve delivered another solid performance, with the Group achieving a record first half. One of the defining characteristics of TPFG is that our performance isn’t d
Slide 9: Market Landscape
Market Landscape 1H2026 Results
Slide 10: Market Evolution
Market Evolution Increasing Demand for End-to-End Game Outsourcing Partners Art outsourcing Demand is Advantageous market positioning with is now structural broadening Winking Studios' cost efficiencies in Asia § ~US$16bn external § Game development services Western markets typically generate the hi
Slide 11: AI Landscape
AI Landscape Supports strategy to broaden into more full service game development platform Art production AI engineering creates a scaling opportunity remains human led Opportunity in Game Development with AI-enhanced engineering Art Outsourcing: limited § Rapid advances in 1H2026 with coding capabi
Slide 12: Case Study: Project Roswell
Case Study: Project Roswell § An internal experimental project from recent years, a small-scale mystery exploration game. § To validate the capabilities of AI coding, we extracted a small level and reproduced it entirely using AI, excluding the art assets. § All tasks—including coding, level editing
Slide 13: Case Study: Project XAOC
Case Study: Project XAOC 180 160 140 87.5% saved Days taken 120 100 80 Person-days 60 40 160 20 0 20 Traditional Porting AI Porting Workflow Workflow Actual Estimated Cost Cost (excluding Art) A project from 15 years ago, which was originally developed using a very old § The AI coding capabilities a
Slide 14: Strategy in Action
Strategy in Action 1H2026 Results
Slide 15: Organic Growth, Acquisitions, Strategic Initiatives
Organic Growth Acquisitions Strategic Initiatives Global One-Stop Service § Rich talent pool in Asia, § Evolved into diversified § AI investment to enhance § Integrated offering combined with Winking and global games services scalability, efficiency and Studios’ established platform with Mineloader
Slide 16: Scaling Up
Scaling Up Robust investor support and proven track record of our M&A strategy NEW M&A Studio Launch Apr 2026 Acquisition of Studios Ampera Inc., M&A Jul 2025 a Quebec-based studio founded Establishment of by Claude Bordeleau, Apr 2025 Vertic Studios, a formerly a senior leader of Fund Raise Acquisi
Slide 17: Global One-Stop Development Platform
Global One-Stop Development Platform Platform & presence Strategic edge Value-add Key clients Mobile games Tencent · NetEase · MiHoYo Singapore · Taipei Bungie · Activision Blizzard Flagship studio: Nanjing · Suzhou Cost-efficient global scale AI-enhanced co- Nexon · NCSoft · Square Asian market foc
Slide 18: Ampera
AMPERA Gateway to Western Investing to build Ampera is the direct route into Clients, access to World- Platform for AAA Co- expanding Western markets Class Talent Development and access to larger game development opportunities § Established Winking Studios' first § Led by Claude Bordeleau, CRO, supp
Slide 19: 1H2026 Financial Review
1H2026 Financial Review 1H2026 Results
Slide 20: 1H2026 financial results
Strong revenue growth of 21.1% in 1H2026, underpinned by the continued strong performance of the Group’s Art Outsourcing segment. US$ million 1H2026 1H2025 Change (%) Revenue 23.5 19.4 +21.1 Gross profit and gross profit margin in 1H2026 was moderated, reflecting the Gross profit 5.6 5.9 (4.1) delib
Slide 21: Balance sheet as at 30 June 2026
Cash and cash equivalents decreased, mainly due to additional cash outflows of US$3.2 million for the payment of employee wages and bonuses, reflecting the significant increase in headcount from over 800 employees as at the end of 2024 to more than 1,400 employees as at As at As at Change the end of
Slide 22: Cash flow
Net cash used in operating activities increased mainly due to the following: • Strategic investments in Ampera, Vertic and AI initiatives that amounted to US$1.5 million to strengthen our capabilities, product development and long-term growth; Change • With the significant increase in headcount from
Slide 23: Outlook
Outlook WINKING. | 1H2026 Results
Slide 24: FY2026 outlook: deliberate investment
Deliberate investment; benefits primarily over the medium term FY2026 AI-native, one-stop AMPERA Disciplined M&A Western Platform Establishment outsourced Western front office × Asian exploration Building a transcontinental development operating foundation production § Continue evaluating opportunit
Slide 25: Q&A
; WINKING. | 1H2026 Results val s
Slide 26: Appendix
. Appendix J WINKING. "12026 Results
Slide 27: Clients
| Clients CALEDUTY BLACK OPS 4 COLDWAR ;
Slide 28: Investment highlights
Limited Compelling Long-term, Expand relative product risk Cost advantage Repeat market share revenues ‘Work-for-Hire’ Outsourcing is central 8-10% business model to Game Development historical organic Focus on high-growth industry growth** Mobile/Online titles * Rich talent Good revenue Consolidati
Slide 29: Board of Directors
Board of Directors Lim Heng Chang Yang Johnny Kao Daniel Oliver Choon Yi-Hao Wu Te Jan Shu-Kuo Widdicombe Yen Independent and Independent and Independent and Executive Director and Non-Executive Director Independent and Finance Director and Group Non-Executive Chairman Non-Executive Director Non-Exe
Slide 30: Shareholding as of July 2026
As of 31 July 2026^ % Acer Group (total) 64.0 Management team (total) 13.2 Public float (includes UK and Asian 22.8 institutions, among others) ^Total issued ordinary shares (excluding treasury shares) - 441,273,518 30 30
Slide 31: Revenue and gross profit
Gross Profit / Gross Profit Margin Gross Profit Margin Gross Profit Revenue +21.1% YoY 30.2% US$ million US$ million 24.0% 23.5 19.4 5.6 5.9 1H2026 1H2025 1H2026 1H2025 The Group’s revenue increased from US$19.4 million in 1H2025 to US$23.5 million While the Group posted revenue growth of 21.1% in1H
Slide 32: Adjusted EBITDA and adjusted net profit
Adjusted EBITDA Adjusted Net (Loss) / Profit Adjusted EBITDA Margin Adjusted EBITDA 12.6% US$ million US$ million 5.3% 1.4 1.2 2.4 1H2026 1H2025 (0.2) While the Group posted revenue growth of 21.1% in 1H2026, its gross profit and 1H2026 1H2025 consequently, its Adjusted EBITDA was moderated primaril