Slide 1: FY26 Financial Results
FY26 FINANCIAL RESULTS FOR THE FINANCIAL YEAR 1 JUNE 2025 TO 31 MAY 2026 SEPTEMBER 2026 PRIVATE AND CONFIDENTIAL © 2026 FRONTIER DEVELOPMENTS PLC. ALL RIGHTS RESERVED
Slide 2: Agenda
AGENDA 2 Leadership Recap & Update Strategy and Focus Areas FY26 Headlines & Financials Our Franchises Future Games Outlook & Wrap-Up Q&A © 2026 FRONTIER DEVELOPMENTS PLC. ALL RIGHTS RESERVED
Slide 3: Leadership Recap and Update
LEADERSHIP RECAP AND UPDATE 3 DRIVING OUR NEXT PHASE OF GROWTH Executive Board established June 2025 Jo Cooke joined as CMO August 2025 Jonny Watts stepped down as CEO January 2026 Jo promoted to CEO January 2026 Dan Lazarides joined as CMO August 2026 David Braben transitions to a NED role October
Slide 4: Strategy and Focus Areas
STRATEGY AND FOCUS AREAS 4 We are strengthening our position as a world leader in CMS games by nurturing our existing franchises and developing new games. We are building on our experience and technology, putting our players first, and utilising our talented teams of people. Continue to nurture our
Slide 5: Headlines: Evolution and Growth
FY26 HEADLINES: EVOLUTION AND GROWTH 5 OUR CMS STRATEGY DELIVERED RECORD FINANCIAL PERFORMANCE IN FY26 • Revenue grew 16% to £104.8 million. • Adjusted Operating Profit grew 62% to £21.4 million, a Company record. • IFRS Operating profit grew 97% to £25.0 million, a Company record. • Cash increased
Slide 6: Financial Results: Adjusted Income Statement
FY26 FINANCIAL RESULTS ADJUSTED INCOME STATEMENT 6 £m FY25 FY26 Change Change % Revenue £90.6m £104.8m +£14.2m +16% Gross Profit £63.3m £69.9m +£6.6m +10% Gross Margin % 69.9% 66.7% -3.2pp - Gross Operating Costs (£60.8m) (£62.5m) -£1.7m +3% Tax Credits £6.8m £12.8m +£6.0m +88% Other Operating Incom
Slide 7: Expenditure Credits and Tax Reliefs
FY26 FINANCIAL RESULTS EXPENDITURE CREDITS AND TAX RELIEFS 7 We benefit from four government incentive schemes which provide credits against qualifying expenditure. Under our Adjusted Operating Profit * measure, we recognise the full value of credits earned from qualifying expenditure in the period
Slide 8: Financial Results: Cash Flow
FY26 FINANCIAL RESULTS CASH FLOW 8 £70.0m £21.4m £1.2m £61.4m £0.2m (£0.6m) £60.0m (£3.1m) £50.0m AOP (£15.5m) £44.0m £42.5m (£2.0m) £40.0m Cash Balance £30.0m before Opening capital Closing transactions Cash Cash £20.0m Balance Balance £10.0m £-m * Non-game net capex = building lease payments & non
Slide 9: Capital Allocation
FY26 FINANCIAL RESULTS CAPITAL ALLOCATION 9 Creating long-term shareholder value • Disciplined investment in the business • Maintaining a strong balance sheet • Returning surplus capital to shareholders where appropriate Share Buyback and EBT purchases • £20.5 million invested in acquiring shares si
Slide 10: Our World-Leading Portfolio by Franchise
OUR WORLD-LEADING PORTFOLIO BY FRANCHISE 10 Total £104m £33m £137m Revenue Revenue 10 Revenue 5 7.5m PDLCs 1.0m PDLCs 8.5m Units Units Units £148m £141m £62m £351m Revenue 8 Revenue 11 Revenue 4 Revenue 6.1m PDLCs 5.4m PDLCs 1.4m PDLCs 13.0m Units Units Units Units £161m £161m Revenue 21 Revenue 8.2
Slide 11: Driving Sustainable Revenue Growth Through Our CMS Strategy
DRIVING SUSTAINABLE REVENUE GROWTH 11 THROUGH OUR CMS STRATEGY THROUGH OUR OWN IP – BUILD OUR PLANET BRAND NEW PLANET BEYOND THE THREE CMS CONFIRMED FUTURE LIVE CMS GAMES, WE PLAN LIVE FY28 CRAFTING TO FURTHER EXPAND MARKET LEADING THROUGH WORLD-LEADING LICENSED IP – BOTH OUR OWN-IP CREATIVE EXTEND
Slide 12: Our CMS Strategy Is Delivering
OUR CMS STRATEGY IS DELIVERING 12 CMS GAMES GREW 34% IN FY26, REPRESENTING 89% OF TOTAL REVENUE (FY25: 77%) FY26 Jurassic World Evolution FY25 Jurassic 58% World Other* Evolution 4% 27% Planet Elite Zoo Dangerous 25% 7% Other* Planet 16% Coaster Planet 14% Planet Zoo ED Coaster 17% 7% 25% © 2026 FRO
Slide 13: Nurturing Lifetime Revenue
NURTURING LIFETIME REVENUE 13 01 02 GROW AND RETAIN AUDIENCES BUILD DIRECT RELATIONSHIPS TO DRIVE SUSTAINABLE WITHPLAYERS TO DRIVE REVENUE GROWTH CROSS-SELL /UPSELL AND LTV 03 04 EXTEND AND DEEPEN OPTIMISE OUR APPROACH ENGAGEMENT ACROSS OUR PORTFOLIO THROUGH CONTENT AND RETAINING OUR PLAYERS LIFECYC
Slide 14: CMS Franchises – Lifetime Revenue
CMS FRANCHISES – LIFETIME REVENUE 14 £400m £350m Jurassic World £300m Evolution 3 £250m £200m Jurassic World £150m Evolution 2 Planet Zoo Console Edition Planet Coaster 2 £100m £50m Planet Coaster Console Edition £-m L Yr1 Yr2 Yr3 Yr4 Yr5 Yr6 Yr7 Yr8 Yr9 Yr10 Planet Coaster Jurassic World Evolution
Slide 15: CMS Franchises – Lifetime Cash Profit
CMS FRANCHISES – LIFETIME CASH PROFIT 15 £160m £140m Jurassic World £120m Evolution 3 £100m £80m £60m Planet Zoo Console Edition Jurassic World Evolution 2 Planet Coaster 2 £40m £20m Planet Coaster Console Edition £-m Yr-1 L Yr1 Yr2 Yr3 Yr4 Yr5 Yr6 Yr7 Yr8 Yr9 Yr10 Yr11 (£20m) Planet Coaster Jurassi
Slide 16: Planet Zoo: Launch & Nurture
PLANET ZOO: LAUNCH & NURTURE 16 ONGOING PDLC SUPPORT THROUGH LIFECYCLE - 21 PDLCs launched across PC, PlayStation and Xbox platforms. PDLC £72m (45%) - 404% ROI across both Base Game and PDLC revenue since launch. - 55:45 ratio for Base Game vs PDLC revenue due to a highly engaged and monetisable ba
Slide 17: JWE Franchise: Launch & Nurture
JWE FRANCHISE: LAUNCH & NURTURE 17 ONGOING PDLC SUPPORT THROUGH LIFECYCLE - 3 Base Games and 23 PDLCs JWE2 JWE EXP JWE JWE2 EXP EXP JWE3 EXP NSW2 launched, across PC, NSW PlayStation, Xbox and Nintendo platforms. - 245% ROI across Base Games and PDLC revenue, with a ratio of PDLC £89m (25%) 75:25 fo
Slide 18: Outlook and Wrap-Up
OUTLOOK AND WRAP-UP 18 • Our strategic reset in 2023/2024 and refocus onto CMS delivered record financial results in FY26. • We are confident in delivering FY27 in line with expectations. • We have a renewed leadership team to deliver on Frontier’s next phase of growth. • We have a clear plan, and a
Slide 19: Appendix: FY26 Financials
APPENDIX: FY26 FINANCIALS © 2026 FRONTIER DEVELOPMENTS PLC. ALL RIGHTS RESERVED
Slide 20: Income Statement – IFRS
FY26 FINANCIAL RESULTS INCOME STATEMENT – IFRS 20 £m FY26 FY25 Change Revenue 104.8 90.6 14.2 Cost of sales (34.9) (27.3) (7.6) Gross profit 69.9 63.3 6.6 Gross margin % 67% 70% (3pp) R&D cash spend (39.6) (39.2) (0.4) Capitalised costs 26.0 28.3 (2.3) % capitalised 66% 72% (6pp) Depreciation and so
Slide 21: Reconciliation Between IFRS and Adjusted Operating Profit
FY26 FINANCIAL RESULTS 21 RECONCILIATION BETWEEN IFRS AND ADJUSTED OPERATING PROFIT £m IFRS Operating Profit 25.0 Amortisation - add back non-cash intangible asset amortisation charges for game 17.6 developments and game technology Capitalisation - deduct capitalised investment costs in game develop
Slide 22: Balance Sheet
FY26 FINANCIAL RESULTS 22 BALANCE SHEET £m May-26 May-25 Goodwill 6.5 6.5 Intangible assets 49.5 42.0 Tangible assets 3.9 3.8 Lease asset 15.6 17.5 Trade and other receivables 12.4 11.9 Tax and expenditure credit assets 15.3 6.4 Cash 44.0 42.5 Total assets 147.1 130.7 Trade and other payables (13.7)
Slide 23: Tax Credit Changes: VGTR to VGEC
TAX CREDIT CHANGES: VGTR VGEC The video games tax incentive regime is moving from VGTR to VGEC. New productions have been required to claim under VGEC since 1 April 2025, with all remaining VGTR claims required to transition by 1 April 2027. VGTR Outgoing – closes 1 April 2027 VGEC Incoming – mand
Slide 24: Accounting for the Credits: Where & When
ACCOUNTING FOR THE CREDITS: WHERE & WHEN VGTR IAS 12 (Income Taxes) VGEC IAS 20 (Government Grants) VGEC credits are recognised above Operating Profit in Other Operating Income IFRS OPERATING PROFIT VGTR credits are recognised below Operating Profit in Taxation Timing of VGTR under IFRS: Timing of V
Slide 25: Expenditure Credits and Tax Reliefs
FY26 FINANCIAL RESULTS EXPENDITURE CREDITS AND TAX RELIEFS 25 £m FY25 FY26 In calculating AOP*: Total Credits/Reliefs against expenditure in 6.8 12.8 the period, together with any adjustments from prior periods Less: IFRS accounting adjustments, including deferral to future years - (0.9) - (3.3) Add
Slide 26: Disclaimer
DISCLAIMER The information contained in this confidential the account or benefit of, U.S. Persons (as defined in or advisers take any responsibility for, or will accept any shareholders, directors, officers, agents, employees or document (“Presentation”) has been prepared the Securities Act) except