Slide 1: Investor Presentation 2025 1H Results
INVESTOR PRESENTATION 2025 1H RESULTS
Slide 2: Summary
SUMMARY • 1H 2025 revenues down, as expected and in line with guidance • Maintaining full year 2025 guidance1, on track for a strong 2H • New release revenues outperforming forecasts, up 76% v 1H 2024. • 7 1H releases with a continued high average Metacritic score • Controlling operating costs, down
Slide 3: 1H 2025 Overview
1H 2025 OVERVIEW REVENUE GROSS PROFIT1 Adjusted EBITDA1 $38.8m $12.1m $0.1m Margin 31.3% $3.0m in 1H 2024 -25% vs 1H 2024 +170 bps vs 1H 2024 CASH BALANCE TITLES RELEASED 4 TITLES WITH STEAM REVIEWS 90%+ POSITIVE $34.7m 7 vs 3 in 77 98% 95% AVERAGE $41.6m at FY24 1H 2024 METACRITIC 97% SCORE 90% Not
Slide 4: Year-on-Year Revenue Analysis
YEAR-ON-YEAR REVENUE ANALYSIS 1H 2024 TO 1H 2025 REVENUE – TOUGH COMPARATOR H1 REVENUE BY HALF 2021-2025F Δ Front Δ Back H2 Catalogue Catalogue $60m Steam Publisher Sale Strong 1H 2024 revenue driven by: 2025F ≤ 39% ≥ 61% $50m • c.80% of full year platform deals • Steam Publisher Sale – May Steam Pu
Slide 5: Front Catalogue Sales +76% YoY
FRONT CATALOGUE SALES +76% YOY COMMENTARY $16m At least 8 new releases scheduled • 1H 2025 Front Catalogue revenue up $15.0M for 2H 2025 76% in strong first half performance. $14m • 1H 2025 front catalogue revenues from $12m 7 titles has almost reached 2024’s full $11.9M year revenue level already.
Slide 6: Front Catalogue Replenishing Future Back Catalogue
FRONT CATALOGUE REPLENISHING FUTURE BACK CATALOGUE Front Catalogue # Tier 1 Back Catalogue Titles # (>$1M net revenue) COMMENTARY New Product SKUs from Back Catalogue Back Catalogue excluding New Product SKUs 100% 12% 11% 90% 17% • On average, 5%-10% of revenues every 8% 6% 27% year are generated fr
Slide 7: 2025 Title Releases
2025 TITLE RELEASES Metacritic Score 83 87 75 Other unannounced n/a* titles 83 97% Steam Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 67 87 70 65 n/a* 93% Steam 80 1H 2025 Average Metacritic Score: 77 2025 YTD Average Metacritic Score: 77 Note: Scores as of 25 Sep 2025 | Title scores calculated a
Slide 8: 2025 Major Updates, DLCs & Ports
2025 MAJOR UPDATES, DLCs & PORTS PORTS AND PAID DLCs Q4 Paid DLCs Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Q4 UPDATES FREE CONTENT UPDATES Devolver Digital Investor Presentation 8
Slide 9: Devolver Digital Investor Presentation
Devolver DevolverDigital Digital Investor InvestorPresentation Presentation 99
Slide 10: Profit & Loss
PROFIT & LOSS US$’m FY22 FY23 FY24 1H 24 1H 25 • COMMENTARY Revenue 134.6 92.4 104.8 51.6 38.8 • Revenues of $38.8m down 25% YoY Cost of sales (89.4) (65.4) (70.2) (34.6) (26.1) vs a strong prior year comparator. Impairment of capitalised (22.8) (2.5) (4.5) (1.7) (0.5) development cost • Royalty out
Slide 11: Balance Sheet
BALANCE SHEET US$’m FY22 FY23 FY24 1H 25 • COMMENTARY Non-Current Assets Intellectual property 25.8 42.0 34.5 31.9 Capitalised developments costs 40.1 53.9 64.8 72.0 • The Group’s financial position is Goodwill 19.2 32.0 31.9 31.9 healthy, with net assets of $155.9m as Deferred tax assets and others
Slide 12: Cash Flow
CASH FLOW US$’m FY22 FY23 FY24 1H 24 1H 25 COMMENTARY Operating activities Cash inflow from operations 31.2 10.1 23.8 4.6 9.5 Taxation paid (2.1) (0.8) (1.5) (0.1) (1.9) • Operating cashflow was US$7.6m Taxation received 0.0 2.4 - - 0.1 in 1H 25, up 69% YoY. Net cashflow from operating activities 29
Slide 13: Operating Expenses
OPERATING EXPENSES US$’m FY22 FY23 FY24 1H 24 1H 25 Forward Trend • COMMENTARY Payroll 13.6 17.5 18.7 9.1 9.2 Slow rise • Adjusted operating expenses have Professional fees 4.6 3.4 3.1 1.6 1.5 Steady decreased 6% YoY, driven by Subtotal payroll & controlled spending. 18.3 20.9 21.8 10.7 10.7 Slow ri
Slide 14: Devolver Digital Investor Presentation
Devolver DevolverDigital Digital Investor InvestorPresentation Presentation 14 14
Slide 15: Greatest Hits 2025
GREATEST HITS 2025 © 2025 Devolver Digital
Slide 16: © 2025 Devolver Digital
© 2025 Devolver Digital
Slide 17: Look Outside
“This game is actually incredible” “Rare when a game lives up to high expectations. Look Outside is a gruesome survival horror Rarer still when it surpasses them.” RPG set in an apartment building. - - Steam user reviews Scavenge supplies and weapons, brave weird encounters, and do not look outside.
Slide 18: Gorn 2
Gorn 2 is the ultra high energy, ludicrous, and much improved sequel to the smash “Insanely fun!! 11/10 This game is so much better hit 1.8M-selling VR gladiator simulator. than the first. It took everything the original was and amplified it!” Released on PC and Meta Quest April 17, “AMAZING. The be
Slide 19: Slay the Spire-style roguelike deckbuilder sequel
“Excellent, one of the best in the genre.” “Fun, complex, and exciting.” The hit roguelike deckbuilder returns with - Steam user reviews new clans, enemies, challenges, modes and more. Defend your Pyre! Steam reviews 96% Overwhelmingly Positive Released May 21, 2025 on PC, Nintendo Switch, Xbox Seri
Slide 20: Mycopunk
Mycopunk is a hyper-customisable “You can feel the love poured into this game.” mission-based 4-player co-op shooter. “I don't leave reviews but this game is amazing.” Join a janky squad of tooled-up robots in - Steam user reviews 4-player co-op missions to commit planet-saving fungicide. Steam revi
Slide 21: Stronghold Crusader: Definitive Edition
“Great remake, everything that made the original Stronghold Crusader: Definitive Edition is an expanded remaster of the classic 3M+ good, but improved and then some.” selling RTS game from 2002. “It brings me back to my childhood, and my dad is happy like a little kid again.” Relive history with new
Slide 22: Stick It to the Stickman
Stick It to the Stickman is a ridiculous physics- “More addictive than anything I've played in based brawler. Fight hordes of salary-hungry years. It's what video games should be: fun.” stickmen to reach the top of the corporate “I injected myself with an unknown ladder. substance and then set Bob f
Slide 23: Baby Steps
Baby Steps is a literal walking simulator. “Seriously amazing and funny game. ” Play as unemployed failson Nate, attempting to navigate a strange world “If you want a funny, refreshing, out of the and even stranger conversations in a blue experience, you NEED Baby Steps.” onesie. - PC user reviews L
Slide 24: Fall 2025 Hype
Fall 2025 Hype 24 © 2025 Devolver Digital
Slide 25: BALL x PIT
BALL x PIT is a hyper-addictive, brick- breaking, ball-fusing, base-building survival roguelite. “Addictive as hell” “This game is more fun than it has any Coming to PC, Mac, Gamepass, Switch, and right to be!” PS5 Oct 15, 2025, Switch 2 soon after. - - PC demo user reviews Developed by Kenny Sun, N
Slide 26: Possessor(s)
Possessor(s) is a hyper-stylish, vibe- heavy, super-fast action side- “Possessor(s) is gorgeous.” scroller. Escape a sprawling, flooded - Well Played preview city overrun with surreal “Looks like it’s going to be one of this year’s interdimensional horror. heavy hitters.” - The Gamer preview Coming
Slide 27: Quarantine Zone: The Last Check
“Absolutely amazing concept!” Quarantine Zone: The Last Check is a survival “I keep coming back to it because the simulation in which you screen survivors for infection and contraband. Humanity’s survival premise is addictive fun.” depends on your decisions. “I am buying this game instantly when Com
Slide 28: Skate Story
“An otherworldly action experience that forces moments of staggering introspection, as well as Skate Story is a psychedelic skateboard those of true awe” adventure through the underworld. As a - Gamesradar preview demon made of glass and pain, ollie, kickflip, and grind your way through the ash and
Slide 29: Coming in 2025
Coming to in 2025 Kenny Sun Sam Eng © 2025 Devolver Digital
Slide 30: 2026 and Beyond
New experience in the universe of hit multiplayer The reloaded sequel to the iconic bullet hell space exploration game Astroneer (PC, Switch 2, PS5, Xbox) dungeon crawler (PC, Switch 2) 2026 and beyond Massive paid expansion to the hit woodland Brutal and fast-paced sequel to the cult simulator (PC,
Slide 31: Stay tuned for the next episode!
Stay tuned for the next episode! © 2025 Devolver Digital
Slide 32: Summary and Outlook
SUMMARY AND OUTLOOK • Maintaining full year 2025 guidance, supported by a strong 2H • 1H new release revenues up 76% versus prior period • Healthy Balance Sheet with US$35m net cash • Key franchise releases expected in 2026 and 2027 • Expectation of single-digit % revenue growth, and increase in Adj
Slide 33: Devolver Digital Investor Presentation
Devolver Digital Investor Presentation 33