Nazara Technologies Ltd. · NSE:NAZARA
Nazara Technologies — Q2 FY26 Earnings Presentation
35 slides from Nazara Technologies's earnings presentation, Nov 12, 2025
Slide 1: Intimation of Investor Presentation to Stock Exchanges
November 12, 2025 To, Listing Compliance Department Listing Compliance Department BSE Limited National Stock Exchange of India Limited Phiroze Jeejeebhoy Towers Exchange Plaza, Plot No. C/1. G Block, Dalal Street, Bandra -Kurla Complex, Bandra (East), Mumbai - 400 001. Mumbai- 400051. Scrip Code: 54
Slide 2: Q2FY26 and H1FY26 Results
Q2FY26 and H1FY26 Results Building A Diversified Global Gaming Platform
Slide 3: Nazara Snapshot: Fast growing global platform with a diversified portfolio
Nazara Snapshot: Fast growing global platform with a diversified portfolio Revenue: INR 1,025 Cr in H1FY26 EBITDA: INR 109 Cr in H1FY26 (+118.5% YoY), (+80.2% YoY) INR 62 Cr in Q2FY26 INR 526 Cr in Q2FY26 (+146.4% YoY) (+65.1% YoY) 10.7% EBITDA margin in H1FY26, 11.8% EBITDA 23.2% and 22.1% Core Gam
Slide 4: Commitment to Delivering Magical, Interactive Gaming Experiences Worldwide
Nazara: Commitment to Delivering Magical, Interactive Gaming Experiences Worldwide • Nazara Technologies has announced a new brand identity to cement its commitment to delivering magical, interactive gaming experiences. The refreshed identity introduces a new visual system, where the “N” is depicted
Slide 5: Gaming-First. Performance-Led. Built for Compounding Growth
Nazara: Gaming-First. Performance-Led. Built for Compounding Growth Nazara continued its focus on building an IP-led, platform-agnostic gaming company, delivering strong growth with improving retention and unit economics. In H1FY26, our overall revenues grew 80% and EBITDA grew 119%, while our core
Slide 6: Revenue and EBITDA up by 65% and 146% YoY in Q2FY26
Revenue and EBITDA up by 65% and 146% YoY in Q2FY26; H1FY26 EBITDA of 109 Cr (All figures in INR Crs) Q2FY26 Q2FY25 YoY H1FY26 H1FY25 YoY Revenue from operations 526.5 318.9 65.1% 1,025.2 569.0 80.2% Purchase, Content, event and web server 170.1 129.9 304.2 214.9 Advertising and promotion 116.4 39.6
Slide 7: Notes to Accounts
Notes to Accounts Head Details Impairment Loss • Following recent regulatory developments in the Online Real Money Gaming Segment, Nazara recognized an impairment on its investment of INR 914.7 crores in Moonshine Technologies (PokerBaazi), based on the fair valuation as of 30 September 2025, in acc
Slide 8: A Durable Model with long term monetization potential
Nazara : A Durable Model with long term monetization potential Create IP -> Drive recurring engagement (LiveOps, seasons) -> Monetize across platforms -> Expand lifetime value Strategic Financial • Lower CAC, higher retention through brand familiarity • Recurring revenue visibility like SaaS • Multi
Slide 9: Our Flywheel becomes stronger with every new IP added
Nazara : Our Flywheel becomes stronger with every new IP added Content Flywheel Acquire users efficiently Own/ Acquire through COEs (UA, Scalable IP Analytics, AI, CRM) Platform Advantage • UA COE: scale efficiently, improve CAC • Analytics COE: improve LTV, retention Reinvest into Drive retention •
Slide 10: Large addressable market, Rising Consumption, Multiple Platforms
Nazara: Large addressable market, Rising Consumption, Multiple Platforms US is the largest market, with mobile being the largest segment globally Nazara Strategy Platform Mix Aligned to Growth • Mobile (55% of market) = 71% of our gaming revenue • Console/PC (45% of market) = 21% of our gaming reven
Slide 11: Multi-axis monetization across mobile, console and offline platforms
Nazara: Multi-axis monetization across mobile, console and offline platforms Mobile PC + Console Offline In-App Purchases, Digital Sales, Buyout Entry Ticketing, F&B Subscription, Ads and Ancillary Sales, Social Events Revenue Well-balanced revenue model across mobile, console and offline platforms
Slide 12: Gaming
Level Up Your Experience
Slide 13: Mobile Gaming: Growth of 81% in Revenue and 95% in EBITDA in Q2FY26
Mobile Gaming: Growth of 81% in Revenue and 95% in EBITDA in Q2FY26 Revenue (INR Crores) EBITDA (INR Crores) 40 206 3 1 8 11 5 5 24 1.9X 1.8X 7 114 47 21 1 13 4 5 24 24 111 12 49 23 4 -1 -1 Q2FY25 Q2FY26 Q2FY25 Q2FY26 1 Love Island + Big Brother Kiddopia Animal Jam WCC CATS+KOT Others Note: 1. Reven
Slide 14: Mobile Gaming: Growth of 83% in Revenue and 109% in EBITDA in H1FY26
Mobile Gaming: Growth of 83% in Revenue and 109% in EBITDA in H1FY26 Revenue (INR Crores) EBITDA (INR Crores) 379 73 18 2 22 6 12 4 1.8X 51 2.1X 11 207 92 35 16 27 12 1 48 8 184 34 98 22 23 4 -1 H1FY25 H1FY26 H1FY25 H1FY26 Love Island + Big Brother Kiddopia Animal Jam WCC CATS+KOT Others Note: 1. Re
Slide 15: Mobile Gaming: Systematic Growth framework in action
Mobile Gaming: Systematic Growth framework in action Expansion: Planned launch of Longevity: 13th Season of Love RoI on Content: New Content Economics: Growth investment in Animal Jam on Roblox, Expansion Island Game Featured in App Launches Uplift Revenue in Kiddopia at profitable economics into In
Slide 16: PC & Console Publishing: High-margin monetization + expanding platform reach
PC & Console Publishing: High-margin monetization + expanding platform reach Performance (In INR crores) Hit IPs: 115.3 Human Fall Flat : 1.25 mn. units in September 2025 (YoY: 25%) 60.7 39.5 18.7 Platform Expansions: Wobbly Life: 2 mn. units Q2FY26 H1FY26 since launch, now being Revenue EBITDA deve
Slide 17: Offline Gaming: INR ~43 Cr in Revenue and INR ~12 Cr in EBITDA in H1FY26
Offline Gaming: INR ~43 Cr in Revenue and INR ~12 Cr in EBITDA in H1FY26 Performance (In INR crores) 42.5 29.6 11.7 6.0 Q2FY26 H1FY26 Revenue EBITDA Note: 1. H1FY26 Smaaash – INR 32.3 Cr in Revenue and 6.9 Cr in EBITDA; Funky Monkeys – INR 10.2 Cr in Revenue and INR 4.8 Cr in EBITDA 2. Q2FY26 Smaaas
Slide 18: Offline Gaming Growth Levers: Scale with Discipline
Offline Gaming Growth Levers: Scale with Discipline Funky Monkeys – Replicable Center Operating Leverage: Scale Benefits + Revamp of SMAASH- Experience 2.0 Model CRM • Standardized playbooks for procurement, pricing, events leading to improved unit EBITDA • CRM-led repeat visits (birthdays, membersh
Slide 19: Others: Esports and AdTech
~ OTHERS Esports and AdTech
Slide 20: AdTech: Revenue Up 501% YoY, EBITDA Up 289% YoY in Q2FY26
AdTech: Revenue Up 501% YoY, EBITDA Up 289% YoY in Q2FY26 Revenue (INR Crores) EBITDA (INR Crores) 3.9X 6.0X 145.1 7 1.8 24.1 Q2FY25 Q2FY26 Q2FY25 Q2FY26 Note: 1. Revenue and EBITDA figures for Q2FY25 are pertaining to only Datawrkz as Space and Time was consolidated in October 2024. Revenue and EBI
Slide 21: AdTech: Revenue Up 404% YoY, EBITDA Up 287% YoY in H1FY26
AdTech: Revenue Up 404% YoY, EBITDA Up 287% YoY in H1FY26 Revenue (INR Crores) EBITDA (INR Crores) 5.1X 3.9X 251.2 9.7 2.5 49.8 H1FY25 H1FY26 H1FY25 H1FY26 Note: Revenue and EBITDA figures for H1FY25 are pertaining to only Datawrkz as Space and Time was consolidated in October 2024. Revenue and EBIT
Slide 22: NODWIN: Core Business is Growing Profitably; Provision for Impairment of Freaks4U
NODWIN: Core Business is Growing Profitably; Provision for Impairment of Freaks4U taken in Q2FY26 Revenue (INR Crores) EBITDA (INR Crores) Q2 Till Aug 2025 (INR Crores) Q2 Overall (INR Crores) 269 163 1 1 0 56 -4 54 36 (0.5) -2 199 4 19 18 51 0 1 -21 124 194 148 35 (24) 0.6 3 -3 3 -2 H1FY25 H1FY26 H
Slide 23: NODWIN: Continues to Grow Internally and Finetune its M&A Strategy
NODWIN: Continues to Grow Internally and Finetune its M&A Strategy • Nodwin has increased its focus on youth IPs, Content (Live and Scripted) and influencer IPs for long term growth • Nodwin is actively focussing on esports in India, Saudi Arabia and other EM. Emerging markets will continue to be th
Slide 24: NODWIN: M&A Strategy Optimization Leading to Recent Success Rate
NODWIN: M&A Strategy Optimization Leading to Recent Success Rate OML Live FY22 Rusk DC FY22 PSH FY23 Wings FY23 Branded FY24 PMe/ Ninja FY24 Stable CAGR>60% Stable but Failed B2C Stable but Flat Turkey Turnaround Profitable Flat Rev & thesis Rev & EBITDA headwinds • NH7 turnaround in play • IPs like
Slide 25: NODWIN: Proactive Actions for Fundraise and Continued Growth
NODWIN: Proactive Actions for Fundraise and Continued Growth NODWIN standalone and integrated NODWIN expects to be EBITDA entities continue to grow in revenue profitable in H2 and EBITDA Balance sheet cleanup will allow NODWIN continues to look at value incoming investors to come into a accretive M&
Slide 26: Sportskeeda: Continued Downward Pressure on Organic Traffic
Sportskeeda: Continued Downward Pressure on Organic Traffic Performance (In INR crores) 81.4 33.3 1.8 7.2 Q2FY26 H1FY26 Revenue EBITDA • Sportskeeda continues to experience a dip in organic traffic following Google’s March Core Update. Before the next major update is rolled out, the Management has p
Slide 27: Sportskeeda: Other Properties continue to show growth
Sportskeeda: Other Properties continue to show growth • Pro Football Network: Strategic changes made to the • Other properties, including Soap Central, Deltia's team and the content offering have resulted in an 83% Gaming, and PrimeTimer, have remained stable increase in revenue in H1FY26 YoY. The r
Slide 28: Consolidated Financial Statements
7 IV, CONSOLIDATED Fs * ! —_ ao,
Slide 29: Consolidated Balance Sheet
Consolidated Balance Sheet Assets (in INR Crs) Mar-25 Sep-25 Property, Plant and Equipment 49.5 48.1 Goodwill & other intangible assets 1,695.4 1,333.2 Non-current Financial Assets & Other Assets 1,123.9 1,577.4 Income Tax & Deferred Tax Asset 42.3 64.2 Cash balance, Bank FDs and Current Investments
Slide 30: Appendix
* APPENDIX —
Slide 31: Kiddopia: Higher ARPU and Stable UA Efficiency Unlock Room for Increased Marketing Investments
Kiddopia: Higher ARPU and Stable UA Efficiency Unlock Room for Increased Marketing Investments Quarterly KPIs Key Metrics Q2FY25 Q3FY25 Q4FY25 Q1FY26 Q2FY26 CPT ($) $40.9 $43.6 $35.0 $34.1 $37.5 Marketing Spend (Mn) $2.3 $2.3 $2.1 $2.2 $2.40 Avg. Activation Rate 67% 66% 64% 50% 54% Avg. ARPU $6.95 $
Slide 32: Nazara: Execution Engine for Value Compounding
Nazara: Execution Engine for Value Compounding Piyush Mishra - Head of UA COE Shagun Khare - Head of Data COE • Over 9 years in UA, growth marketing, ad-tech, and • Over a decade of experience in game economy design, analytics across gaming, tech, and mobility data science, and product analytics, in
Slide 33: Mapping Mobile Gaming IPs to Companies
Mapping Mobile Gaming IPs to Companies Company Mobile Gaming IP Fusebox Games Big Boss + Love Island + Big Brother Kiddopia Kiddopia Nazara Publishing Crash Arena Turbo Stars (CATS) and King of Thieves (KOT) Nextwave World Cricket Championship and Ultimate Teen Patti (social gaming) WildWorks Animal
Slide 34: Sportskeeda: Quarterly MAUs Trend
Sportskeeda: Quarterly MAUs Trend Average Monthly MAUs (Million) 75.1 74.3 61.6 64.9 61.3 42.1 Q1FY25 Q2FY25 Q3FY25 Q4FY25 Q1FY26 Q2FY26 33
Slide 35: Contact Us
Contact Us Nazara Technologies Limited Mr. Rakesh Shah CIN: L72900MH1999PLC122970 Chief Financial Officer investors@nazara.com Ms. Anupriya Sinha Das www.nazara.com Head of Corporate Development 34