Slide 1: Investor Presentation 2025 Results
INVESTOR PRESENTATION 2025 RESULTS
Slide 2: 2025 Summary: In Line with Consensus
2025 SUMMARY: IN LINE WITH CONSENSUS • Continued growth in 2025: 39% rise in Adj. EBITDA1 on 3% increase in revenues • Significant increase in new release revenue, >3x • 94% positive Steam user reviews on new releases, up from 91% • Adjusted operating costs down 1.1% • Positive free cashflow generat
Slide 3: 2H 2025: Strong Performance Driven by New Releases
2H 2025: STRONG PERFORMANCE DRIVEN BY NEW RELEASES • Strongest Half Year of Adjusted EBITDA1 performance since 2022 • New releases include BALL x PIT, Stronghold Crusader: DE and Baby Steps • 64% of FY revenues recorded in 2H 2025 • Net cash up $1.9m in 2H 2025 to US$36.6M at year end Note: 1) Refer
Slide 4: 2025 Overview
2025 OVERVIEW REVENUE GROSS PROFIT ADJUSTED EBITDA 1 $107.9m $33.1m $7.1m +3% vs 2024 Margin 30.7% +39% vs 2024 +197 bps vs 2024 CASH BALANCE TITLES RELEASED 20+ AWARDS FROM 70+ NOMINATIONS $36.6m 15 vs 10 94% $41.6m at FY24 AVERAGE in 2024 STEAM USER REVIEW SCORE Note: 1) Refer to Glossary Devolver
Slide 5: Operating Leverage Kicking In
OPERATING LEVERAGE KICKING IN REVENUE GROWTH EBITDA GROWTH Δ Front Catalogue $104.8M $107.9M $7.1M $92.4M 6.6% +3% $5.1M +39% +13% 3.6% 11x 2023 2024 2025 ($0.5M) 2023 2024 2025 Devolver Digital Investor Presentation 5
Slide 6: Front Catalogue Sales More Than Tripled YoY
FRONT CATALOGUE SALES MORE THAN TRIPLED YOY 2023-2025 FRONT CATALOGUE REVENUE 2025 NEW GAMES THE RESULT OF 3 YEARS OF PIPELINE INVESTMENT $40M $37.9M MORE CONTENT UPDATES PLANNED $35M FRONT CATALOGUE SURGE RECHARGES BACK CATALOGUE MOMENTUM $30M KEY HIGHLIGHTS $25M $2.5M >35% $20M AVERAGE REVENUE PER
Slide 7: Back Catalogue Split Begins to Normalise
BACK CATALOGUE SPLIT BEGINS TO NORMALISE Front Catalogue COMMENTARY New Product SKUs from Back Catalogue Back Catalogue excluding New Product SKUs 100% 2 dominant themes in 2022-2024: 17% 12% 90% >30% - Cult of the Lamb release in 2022 8% FOR significantly skewed back catalogue 80% 36% 36% FIRST 11%
Slide 8: A Year of Award Success
A YEAR OF AWARD SUCCESS 20+ AWARD WINS 50+ ADDITIONAL IN 2025 AWARD NOMINATIONS CORE PART OF OUR STRATEGY Awards create increased store presence and opportunity for marketing beats, leading to sales increases +459% daily Steam Revenue +106% daily average sales vs average sales vs Steam Revenue prece
Slide 9: Investment Mix: Striking the Right Balance
INVESTMENT MIX: STRIKING THE RIGHT BALANCE Non-Expandable Expandable COMMENTARY Annual Investment Mix 100% 90% • The acquisition of System Era Softworks in late 2023 accelerated 80% 46% our IPO strategy to create a 51% 53% foundation in expandable games. 70% 60% • We are continuing to invest steadil
Slide 10: Technology's Growing Importance at Devolver
TECHNOLOGY’S GROWING IMPORTANCE AT DEVOLVER Team Focus Areas • Greater focus on data collection/analysis • Various internal tools have been developed to support needs across multiple functions • Simultaneously continuing to improve game backend services Example: Game backend services development ACQ
Slide 11: Financials
FINANCIALS Devolver Digital Investor Presentation 11
Slide 12: Profit & Loss
PROFIT & LOSS US$’m FY23 FY24 FY25 1H 25 2H 25 • COMMENTARY Revenue 92.4 104.8 107.9 38.8 69.1 Cost of sales (65.4) (70.2) (70.0) (26.1) (43.9) • Revenues of $107.9m up 3% YoY. Impairment of capitalised (2.5) (4.5) (4.8) (0.5) (4.3) development cost • Royalty outpayments were 39.6% of Gross profit (
Slide 13: Balance Sheet
BALANCE SHEET US$’m FY23 FY24 FY25 • COMMENTARY Non-Current Assets Intellectual property 42.0 34.5 29.2 Capitalised developments costs 53.9 64.8 74.7 • The Group’s financial position is healthy, Goodwill 32.0 31.9 31.9 with net assets of $153.4m as at Deferred tax assets & others 10.1 9.0 1.2 31 Dec
Slide 14: Cash Flow
CASH FLOW US$’m FY23 FY24 FY25 1H 25 2H 25 COMMENTARY Operating activities Cash inflow from operations 10.1 23.8 31.8 9.5 22.3 Net tax received/(paid) 1.6 (1.5) (1.9) (1.8) (0.1) • Operating cashflow was $29.9m in Net cashflow from operating 11.7 22.3 29.9 7.6 22.3 2025, up 34% YoY. activities • 2H
Slide 15: Operating Expenses
OPERATING EXPENSES US$’m FY23 FY24 FY25 1H 25 2H 25 • COMMENTARY Payroll 17.5 18.7 18.6 9.2 9.3 • Continued control of adjusted operating Professional fees 3.4 3.1 3.7 1.5 2.1 expenses, decreased 1.1% YoY. Subtotal payroll & 20.9 21.8 22.2 10.7 11.5 professional fees • Inflationary salary increases
Slide 16: Business Update
BUSINESS UPDATE Devolver DevolverDigital Digital Investor InvestorPresentation Presentation 16 16
Slide 17: Greatest Hits 2025: The Games
GREATEST HITS 2025 The Games © 2025 Devolver Digital
Slide 18: 2025-26 Strategic Refocus
2025-26 Strategic Refocus Publishing Marketing ➔ Small teams, brilliant ideas ➔ More first-party collabs ➔ Cultural fits, commercial success ➔ Increased ongoing game support ➔ Informed strategic mix of new IP & lifetime optimisation ➔ Refined campaign strategies © 2025 Devolver Digital
Slide 19: Released March 2025
Released March 2025 From solo dev game jam to genre classic Ongoing updates and community collaboration throughout 2026 64M Social Video Views 2.9M Stream Hrs “This game is actually incredible” - Steam user review Steam reviews 98% Overwhelmingly Positive “beautifully terrifying” - Vice review 83 ©
Slide 20: Released May 2025
Released May 2025 Published by new label Big Fan Games, their first major success Platform Deal: Game Pass day & date launch Ongoing DLCs through 2026 44M Social Video Views 60K Stream Hrs “Excellent, one of the best in the genre.” - Steam user review Steam user reviews 95% Overwhelmingly Positive “
Slide 21: Released Steam Early Access July 2025
Released Steam Early Access July 2025 Brilliant young NYC team, originally a school project Massive ongoing support with frequent updates through 2026 V1.0 and console launches in 2026 12M Social Video Views 212K Stream Hrs “I don't leave reviews but this game is amazing” - Steam user review Steam u
Slide 22: Released July 2025
Released July 2025 Developed and published by Firefly, UK Ongoing DLC support into 2026 Part of Firefly’s ongoing commitment to the multimillion-selling Stronghold franchise 64M Social Video Views 2.8M Stream Hrs “Great game, regular updates.” - Steam user review Steam user reviews 90% Very Positive
Slide 23: Released October 2025
Released October 2025 Solo dev, unique vision, committed to IP Platform Deal: Game Pass day & date Ongoing free DLCs through 2026 and more to reveal Mobile version launched March 2026 47M Social Video Views 4M Stream Hrs “Absurdly good.” - Steam user review Steam reviews 95% Overwhelmingly Positive
Slide 24: Released September 2025
Released September 2025 Small team, uncompromising creativity Platform Deal: PlayStation timed console exclusive PC Gamer Best Comedy 2025 205M Social Video Views 364K Stream Hrs “Probably the best game I've ever played!” - Steam user Review Steam reviews 90% Very Positive “Unlike anything I’ve play
Slide 25: Released December 2025
Released December 2025 Solo dev, remarkable creative vision Platform Deal: PlayStation Plus launch 48M Social Video Views 364K Stream Hrs “Absolutely mesmerizing” - Steam user reviews Steam reviews 97% Overwhelmingly Positive “hands down, my game of the year” - Eurogamer, 5/5 87 © 2025 Devolver Digi
Slide 26: 2026 Headline Games So Far
GREATEST HITS 2025 2026 Headline Games So Far © 2025 Devolver Digital
Slide 27: Launched January 2026 on PC
Launched January 2026 on PC Platform Deal: PC Game Pass Influencer campaign: 6.8M mins watched, 8.4hr average stream, 9.9M TikTok views Influencer cameos including CaseOh, DieDevDie, DansGaming and more Over 1M units sold in 3 months Ongoing in-game events and DLC “Great game, fun campaign.” - Steam
Slide 28: Sold over 7M since August 2022
Sold over 7M since August 2022 IP commitment, multiple updates, DLC Mobile Apple Arcade version Dec 2025, record 186k downloads in 2 weeks Jan 2026, huge paid DLC Woolhaven delivered biggest sales month since launch “Everything I wanted in a game” - Steam user Review Steam reviews 96% Overwhelmingly
Slide 29: 2026 and Beyond: Games to Come
GREATEST HITS 2025 2026 and Beyond Games to Come (announced titles only) © 2025 Devolver Digital
Slide 30: 2026: 10 Year Anniversary
2026: 10 Year Anniversary Iconic game and one of Devolver’s all-time best-sellers to this day, with over 13 million copies. Global celebration of the 10 year anniversary with major store promotions Sequel in development and… more to announce in 2026 Steam reviews 95% Overwhelmingly positive “THIS GA
Slide 31: Coming Summer 2026
Coming Summer 2026 Successor to the smash hit Astroneer Developed by System Era Softworks Huge active player base to tap into Launching day and date on Steam, PS5, Switch 2 & Xbox “NO WAY IT'S REAL” - YouTube comment © 2025 Devolver Digital
Slide 32: Coming Summer 2026
Coming Summer 2026 Sequel to the hit party game and one of Devolver’s best-sellers on Switch Revealed by Nintendo in Indie World Direct, March 2026, with unprecedented global support In-game character collaborations planned with popular indie gaming franchises Influencer-first comms strategy highlig
Slide 33: Coming Summer 2026
Coming Summer 2026 20th game in the legendary multimillion selling series created by Croteam in 2001 Developed by Behaviour Interactive, creators of Dead by Daylight (60 million players) First ever Serious Sam co-op roguelike Revealed in the Xbox showcase March 26 “Serious Sam is back, baby!” - YouT
Slide 34: Coming 2026
Coming 2026 Published by Big Fan Games Brutal and fast-paced sequel to the smash hit retro FPS Continuing publisher strategy of cool licensed games by indie developers “The first one was so sick I'm hyped for a sequel” - YouTube comment © 2025 Devolver Digital
Slide 35: Coming Soon
Coming Soon Highly creative small team from Cape Town Demo released 2025 to great reception Building on strong early community and social media traction “Bro this game slaps.” - Steam demo review Steam demo reviews 98% Overwhelmingly positive “It looks SO GOOD” - YouTube comment 35 © 2025 Devolver D
Slide 36: Secrets Still To Be Revealed in 2026
Secrets Still To Be Revealed in 2026 first party titles from © 2025 Devolver Digital
Slide 37: Summary and Outlook
SUMMARY AND OUTLOOK • 2025 in-line with consensus, third year of improvement from 2022 • Strong start to 2026; 3 Top-10 Best Sellers on Steam in January • 5 major 1st-party franchise releases expected across 2026 and 2027 • US$36.6m net cash, forecast to grow in 2026 • Expected continuation of reven
Slide 38: Thank You
THANK YOU Devolver Digital Investor Presentation 38
Slide 39: Appendix
APPENDIX Devolver Digital Investor Presentation 39
Slide 40: Position on Artificial Intelligence (AI)
POSITION ON ARTIFICIAL INTELLIGENCE (AI) Context • We are continuously assessing the use of AI tools in the industry and in our operations. • We will continue to adapt our position over time to ensure best practice and keep up with an evolving landscape. • Our current position is based on our own re
Slide 41: Glossary
GLOSSARY Adjusted EBITDA DLCs New Product SKUs from Back Adjusted EBITDA ("EBITDA") makes the downloadable content, being digitally Catalogue following adjustments: it excludes: i) stock distributed additional content for already Any new product line of a back catalogue compensation (share-based pay
Slide 42: 2025 Title Releases
2025 TITLE RELEASES Metacritic Score 75 74 83 87 69 n/a* 83 97% Steam Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 67 87 87 70 65 83 n/a* 92% Steam 80 Average Metacritic Score: 78 Weighted Average Steam Positive Reviews: 94% Note: Scores as of 16 Jan 2026 | Title scores calculated as simple avera
Slide 43: 2025 Major Updates, DLCs & Ports
2025 MAJOR UPDATES, DLCs & PORTS PORTS AND PAID DLCs Paid DLC Paid DLC Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec FREE CONTENT UPDATES Devolver Digital Investor Presentation 43
Slide 44: Key Strategic Focus Areas
KEY STRATEGIC FOCUS AREAS 1st 3rd New Exist- Focus Area 2025 Update 2026 + Future Plans Party Party IP ing IP IP IP Cult of the Lamb: Woolhaven Astroneer: Megatech Monster Train 2: Destiny of the Railforged Paid DLC (PDLC) Stronghold Crusader: DE - The Canary & The Neva: Prologue Trader + more PDLCs