Winking Studios Limited · SGX:WKS
Winking Studios — FY2025 Earnings Presentation
43 slides from Winking Studios's earnings presentation, Feb 27, 2026
Slide 1: FY2025 Results
Two Decades of Creative Excellence FY2025 Results for the year ended 31 December 2025 Winking Studios Limited 27 February 2026
Slide 2: Disclaimer
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
Slide 3: Presenting Today
Presenting Today Johnny Jan Oliver Yen Tina Li Executive Director and Chief Finance Director and Group General Manager of Art Executive Officer (Founder) Chief Financial Officer Outsourcing Segment ▪ Over 26 years' experience in Art ▪ Over 29 years of finance and management ▪ Over 20 years of e
Slide 4: Agenda
01 02 03 04 Agenda FY2025 FY2025 Strategy Market Financial Summary In Action Landscape Review FY25 Results 05 06 07 Outlook Q&A Appendix 4 4
Slide 5: AAA Outsourcing and Development
Art Outsourcing Services AAA Outsourcing 82% of FY2025's Group revenues and Development ▪ ▪ ▪ Conceptualisation Development Creation of digital art assets Game Development Services One of the Top 4 Largest Game Art Established, longstanding Outsourcing Studios in the World* collaborations with 17%
Slide 6: FY2025 Key Highlights
FY2025 Revenue Growth Adjusted EBITDA Organic Growth Key Highlights US$45.5m US$5.4m 8.6% +42.6% YoY +13.2% YoY Underlying organic Comprises EBITDA, adjusted revenue growth* for the Group’s share-based Robust growth from Arts compensation expenses, foreign with most of that growth coming Outsour
Slide 7: Accelerated Revenue Expansion
Accelerated Revenue Expansion Scaling with discipline. Revenue more than tripled since 2020. Revenue Growth (US$m) FY2025 Revenue Bridge 45.5 (US$m) 10.0 45.5 31.9 29.3 3.6 24.5 31.9 23.7 14.5 FY2020 FY2021 FY2023 FY2025 FY2024 Organic revenue M&A FY2025 FY2022 FY2024 growth* revenue^ 7 *Organic rev
Slide 8: Diversifying and Broadening our Geographic Reach
Diversifying and Broadening our Geographic Reach Good progress over the years to diversify our revenue base geographically No. of customers Customer concentration % 664 490 536 13% 15% 17% 420 426 37% 35% 34% 217 FY2023 FY2024 FY2024 FY2025 31% FY2025 FY2025 35% FY2020 FY2021 FY2022 FY2023 FY2024 FY
Slide 9: Repeat Revenue Streams Power Our Core Advantage
Repeat Revenue Streams Power Our Core Advantage Production cycle illustration Art Outsourcing segment: Long-term, repeat, valuable revenues Unlike traditional Offline games, Online games require regular content updates, creating steady and predictable demand for the type of art services we provide.
Slide 10: Strategy in Action
Strategy in Action FY25 Results
Slide 11: Clear Growth Strategy Delivering at Pace
Clear Growth Strategy Delivering at Pace Our Mission to become Strategic Partners Acquisitions Organic Growth #1 ▪ New strategic hires in Western ▪ Increase Art Outsourcing and ▪ Newzoo reported*, global markets to support acquisition Game Development capacity gaming revenue was US$182.5 strateg
Slide 12: Scaling up
Scaling up Robust investor support and proven track record of our M&A strategy Studio launch M&A Jul 2025 Establishment of Apr 2025 Vertic Studios, a Fund Raise Acquisition new high-end art of Mineloader, production brand Nov 2024 in Southeast Asia, Fund Raise one of the leading AIM dual listing ga
Slide 13: Building a Global Leader through M&A
Building a Global Leader through M&A Largest acquisition to date (US$19.8m) ▪ One of the leading game art ▪ Gained AAA console capability and outsourcing and development approximately 500 talented studios in Asia employees ▪ Integration progressed very well Strong traction in Western markets AAA pro
Slide 14: Case study: Ninja Gaiden
Case study Ninja Gaiden Supporting a Global IP through scalable and time-critical development Short release window between Ninja Gaiden 2 Black and Ninja Gaiden 4 created development pressure ▪ Winking Studios focused on core combat and character animations, the main character’s key movements for Ni
Slide 15: Case study: 2XKO & Teamfight Tactics
Case study 2XKO & Teamfight Tactics Enabling full pipeline art production for global live service games. For Riot Games’ 2XKO, Winking: ▪ Supported a three-year development cycle ▪ Continues to deliver seasonal content For Teamfight Tactics, Winking: ▪ Provides full-process production of environment
Slide 16: Case study: Marvel Snap, Dark Fantasy Character Art Series
Case study Marvel Snap, Dark Fantasy Character Art Series Enabling Scalable Visual IP Production Through Unified Art Direction For Marvel Snap, Winking: ▪ Delivers fully human-created content (Marvel Snap places emphasis on originality) ▪ Successfully completed multiple production batches under this
Slide 17: AI in Gaming
AI in Gaming Constraints Compute Economics Constraint ▪ 2K real-time generation: ~US$70/hour ▪ PS5 with 4K quality and multiplayer gameplay: ~US$0.44/hour ▪ Commercial viability requires >100x cost reduction ▪ Google Stadia precedent Data & IP Constraints ▪ Lack of high-quality authorised training d
Slide 18: Market Landscape
Market Landscape FY25 Results
Slide 19: Game Art Outsourcing Market Overview
Game Art Outsourcing Market Overview Top 4 Studios Globally by Game Art Outsourcing Revenue Number of Game Art Key Geographical Major Customer Positioning & Rank Company Major Business Employees (approx.) Locations Base Vision Game Development & Art Services Keywords 1 Functional & Localisation Test
Slide 20: FY2025 Financial Review
FY2025 Financial Review FY25 Results
Slide 21: Key P&L Highlights and APMs
Key P&L Highlights Revenue Underlying organic revenue growth was 8.6%, with momentum and APMs strengthening in second half as expected. Mineloader contributed revenue of US$11.4 million following completion of acquisition in April 2025. Excluding Mineloader’s revenue contribution in FY2025, the Grou
Slide 22: Balance Sheet Key Highlights
Balance Sheet Key Highlights As at As at Change Cash and cash equivalents decreased, mainly due US$ million 31 Dec 2025 31 Dec 2024 (%) to a US$13.2 million payment related to the Cash and cash equivalents 27.4 39.8 (31.2) acquisition of Mineloader. Trade and other receivables 9.3 6.4 +45.5 Trade an
Slide 23: Cash Flow Key Highlights
Cash Flow Key Highlights Change Net cash generated from operating activities increased US$ million FY2025 FY2024 (%) significantly by US$4.5 million to US$5.1 million during FY2025, as compared to US$0.6 million generated Net cash generated from operating activities 5.1 0.6 +706.9 during FY2024, whi
Slide 24: Outlook
Outlook WINKING. | FY25 Results
Slide 25: The importance of Outsourcing: Clair Obscur: Expedition 33
The importance of Outsourcing Clair Obscur : Expedition 33 One of the most critically acclaimed RPGs of 2025 Targeted outsourcing allowed the internal team to stay highly focused on building the core game systems and vision. ▪ Total global sales: Over 5 million copies - Oct 2025 ▪ Development cost:
Slide 26: FY2026 - Outlook
FY2026 - Outlook Growth supported by long-term market drivers, geographic expansion, a strong balance sheet and good revenue visibility 2026 Western Platform Revenue Growth in a Strategic and Western Platform Establishment Establishment Recovering Market Disciplined M&A Building a transcontinental o
Slide 27: Q&A
Q&A FY25 Results
Slide 28: Appendix
_ Appendix 4 WINKING. | FY25 Results - .
Slide 29: Supporting Blue Chip Clients
Supporting Blue Chip Clients 29 29
Slide 30: Investment Case
Investment Case Limited Compelling Long-term, Expand relative product risk Cost advantage Repeat market share ‘Work-for-Hire’ Outsourcing is central revenues 8-10% business model to Game Development historical organic Focus on high-growth industry growth** Mobile/Online titles * Rich tale
Slide 31: 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 32: Shareholder Structure
Shareholder Structure As of 31 January 2026 %* Acer Group (total) 63.9 Management team (total) 13.1 Public float (includes UK and Asian 22.9 institutions, among others) *Does not add up to 100% because of rounding 32 32
Slide 33: Key Financial Highlights
Key Financial Highlights Gross Profit / Gross Margin Increase of Gross Margin Gross Profit +43.2% YoY Revenue 29.8% 29.7% US$ million US$ million +42.6% YoY 13.5 45.5 31.9 9.5 FY2025 FY2024 FY2025 FY2024 The Group's revenue increased from US$31.9 million in FY2024 to US$45.5 million Closely align
Slide 34: Key Financial Highlights
Key Financial Highlights Adjusted Net Profit Adjusted EBITDA Adjusted 15.1% EBITDA Margin 12.0% US$ million US$ million Adjusted Adjusted expenses in FY2025 include share-based compensation expenses, costs of acquisition and integration,EBITDA foreign exchange 0.4 losses and amortisation of acquisit
Slide 35: Winking Studios Milestones
Winking Studios Milestones Continued Execution Established of Strategy Mission to to achieve Become #1 Mission Scaling Up & Global Game Art Completed its third acquisition, Recognition Services Mineloader, which is Growth Provider our largest acquisition Partnered with major till date Collaborated o
Slide 36: Why Customers Come to Winking Studios
Why Customers Come to Winking Studios Benefits of outsourcing and our differentiated value propositions Cost pressures on video games industry Winking offers… ▪ AAA title and multi-year Mobile franchises development costs can reach up to ▪ Cost efficiency (reduced fixed overheads) and scale with qua
Slide 37: Global Success Powered by Asia's Cost Leadership
Global Success Powered by Asia's Cost Leadership We are seeing the Rise of Case Study 1: Asia-Centric Production Black Myth: Wukong Models Developed for $40M* ▪ The global entertainment supply chain is shifting Only 25% of a typical AAA game budget. ▪ Asia makes, the world watches – and pays Poised
Slide 38: Competitive Landscape
Competitive Landscape Top 10 Players in the Global Game Art Outsourcing Market, 2023 0.2% 7.1% The top 10 players account for 0.4% 0.3% 7.1% of total market share in 2023 0.4% 0.4% 0.5% Winking placed 4th globally with 0.7% 0.7% market share and 3rd in Asia 1.0% 1.3% 1.9% 38 Source: China Insights C
Slide 39: Market Growth
Market Growth Overall Global Gaming Industry Growth in total players Asian Market Majority Online Gaming Growth Growth Growth in global Expected to reach 2025 total players: Asia is approximately Mobile gaming market gaming industry which share in 2023 Asia dominates $206.5bn 3.6bn 50% 46% by 2028 E
Slide 40: Post Covid Issues in the Global Gaming Industry
Post Covid Issues in the Global Gaming Industry 40 40
Slide 41: Post Covid Issues in the Global Gaming Industry
Post Covid Issues in the Global Gaming Industry 41 41
Slide 42: Powering Up Through Challenges: Gaming's Unstoppable Rise
Powering Up Through Challenges: Gaming's Unstoppable Rise 42 42 Source: ©️ Newzoo, Global Games-Market Outlook Sept 2025 (used with permission)
Slide 43: More Spend on External Development
More Spend 70% on External of respondents anticipate Development expenditures exceeding $6 million, a peak observed since 2019 Source: XDS 2025 Insights Report 43 43