Slide 1: H1 FY26 Earnings
H1 FY26 EARNINGS November 21, 2025
Slide 2: Disclaimer
DISCLAIMER Yves Guillemot, Chairman and Chief Executive Officer Frédérick Duguet, Chief Financial Officer D I S C L A I M E R This slide show may contain estimated financial data, information on future projects and transactions and future financial results/performance. Such forward-looking data are
Slide 3: Agenda
AGENDA H1 FY26 PERFORMANCE FY26 TARGETS 3
Slide 4: H1 FY26 Net Bookings
H1 FY26 NET BOOKINGS FY18 6-MONTHS NET €772m, +20% YoY BOOKINGS DIGITAL REVENUES €686m, +30% YoY, 89% of total net bookings PLAYER RECURRING €475m, +52% YoY, 62% of total net bookings) INVESTMENT BACK €741m, +50% YoY, 96% of net bookings CATALOG 4
Slide 5: Key Highlights – Q2 & H1 Performance
KEY HIGHLIGHTS – Q2 & H1 PERFORMANCE Q2 net bookings exceeded expectations ▪ Net bookings of €491 million, above guidance and up 39% YoY ▪ Outperformance driven by stronger-than-expected partnerships, demonstrating the power and attractiveness of the Group’s portfolio as well as meaningful contribut
Slide 6: Key Highlights – Continued Progress on Group Transformation
KEY HIGHLIGHTS – CONTINUED PROGRESS ON GROUP TRANSFORMATION ▪ Tencent’s €1.16Bn investment in Vantage Studios on track to close in the coming days; all conditions precedent have been satisfied • The transaction will deleverage the Group. It will also enable the acceleration of Vantage Studios’ IP gr
Slide 7: H1 FY26: Non-IFRS P&L
H1 FY26: NON-IFRS P&L in € millions, except for per share data H1 2025-26 H1 2024-25 % % IFRS15 Sales 657.8 671.9 Restatements related to IFRS15 standard 114.6 (29.7) Net bookings 772.4 642.3 Gross profit based on net bookings 692.2 89.6 552.0 85.9 Non-IFRS R&D expenses (411.6) (53.3) (503.5) (78.4)
Slide 8: H1 FY26: R&D
H1 FY26: R&D In € millions H1 2025-26 H1 2024-25 Depreciation of in-house software-related production 200.6 275.7 Depreciation of external software-related production and licenses 5.4 8.8 Royalties 11.5 9.9 Non Capitalized R&D & others* 194.1 209.1 Total R&D P&L 411.6 503.5 Capitalized in-house soft
Slide 9: H1 FY26: Cash Flows & Closing Cash Position
H1 FY26: CASH FLOWS & CLOSING CASH POSITION In € millions H1 2025-26 H1 2024-25 Non-IFRS Opening cash position (885.1) (985.1) Cash flows from operation (138.9) (290.9) Change in WCR (101.5) 184.9 Cash flows from operating activities (240.3) (106.1) Net investment in capital assets (10.3) (20.2) Net
Slide 10: Cost Reduction Plan Well on Track
COST REDUCTION PLAN WELL ON TRACK INITIAL €200m reduction in the fixed cost base* by FY26 compared to FY23 PLAN achieved in FY25, ahead of schedule and slightly above the objective At least an additional €100m reduction in fixed costs base by FY27 NEW PLAN compared to FY25 Total headcount stood at 1
Slide 11: IFRS Update: FY25 Restatement & Impact on H1 FY26 Accounts
IFRS UPDATE: FY25 RESTATEMENT & IMPACT ON H1 FY26 ACCOUNTS ▪ Following its auditors' position as part of its review of the H1 financial accounts, the Company has reviewed its analysis relating to the IFRS 15 revenue recognition of a partnership in FY2024-25 that has led it to restate its FY2024- 25
Slide 12: Agenda
AGENDA H1 FY26 PERFORMANCE FY26 TARGETS 12
Slide 13: Outlook – Maintained FY Targets
OUTLOOK – MAINTAINED FY TARGETS Q3 FY26e • Net bookings: around €305m • Stable Net Bookings year-on-year • Approximately break-even Non-IFRS Operating Income • Negative Free Cash Flow • Following the closing of the Tencent transaction, the group expects FY26e to maintain a consolidated net debt posi
Slide 14: Appendix
APPENDIX 14
Slide 15: H1 FY26: IFRS / Non-IFRS Reconciliation
H1 FY26: IFRS / NON-IFRS RECONCILIATION In € millions H1 2025-26 H1 2024-25 except for per share data IFRS Adjustments Non-IFRS IFRS Adjustments Non-IFRS IFRS 15 Sales 657.8 671.9 Restatements related to IFRS 15 114.6 (29.7) Net bookings 114.6 772.4 642.3 Total Operating expenses (778.0) 32.7 (745.3