Slide 1: 1H2025 Results
1H2025 Results for the period ended 30 June 2025 Two Decades of Winking Studios Limited Creative Excellence 1
Slide 2: Disclaimer
v Disclaimer Winking Studios Limited (the “Company”) was listed on Catalist of the Singapore Exchange Securities Trading Limited (the “SGX-ST”) on 20 November 2023 and dual listed on AIM Market of the London Stock Exchange on 14 November 2024. The initial public offering of the Company on Catalist o
Slide 3: Presenting Today
Presenting Today Johnny Jan Oliver Yen Tina Li Over 26 years' experience in Art Outsourcing Over 29 years of finance and management Over 20 years of experience and Game Development experience, with more than 20 years of experience in the gaming industry, joining in 2003 as within the Game Developmen
Slide 4: Agenda
01 02 03 Agenda 1H2025 Summary Strategy In Action 1H2025 Financial Review Supporting Blue Chip Clients 1H2025 Results 05 06 07 Outlook Questions Appendix 4
Slide 5: AAA Outsourcing and Development
v AAA Outsourcing and Development Art Outsourcing Services Established, longstanding collaborations with One of the Top 4 Largest 82% 22 / TOP 25 Game Art Outsourcing of 1H2025's Gro up revenues ≫ Conceptual isati on Global Game Development companies Including: Studios in the World* ≫ Devel opment ≫
Slide 6: Investment Case
v Investment Case ‘Work-for-Hire’ Outsourcing is central Focus on 8-10% business to Game Development high-growth historical organic model industry Mobile/Online titles growth** Limited Compelling Long-term, Expand relative product risk cost advantage repeat revenues market share * Significant shareh
Slide 7: 1H2025 Key Highlights
v 1H2025 Key Highlights Revenue Growth Adjusted EBITDA Strong financial and operational performance US$19.4M US$2.4M Delivering growth across the Group’s revenue, gross +27.3% YoY +17.9% YoY (On a constant currency basis, +27.1% YoY) profit and Adjusted EBITDA Robust growth from Arts Outsourcing Com
Slide 8: Accelerated Revenue Expansion with Broader Geographic Reach
Accelerated Revenue Expansion with Broader Geographic Reach Revenue by headcount Good progress over the years to diversify our revenue base geographically Revenue (US$’m) 3% Headcount (Group) FY2023 10% 25% 1,312 31.9 11% US$29.3m FY2024 29.3 24.5 H2 10% 23.7 H2 US$31.9m 19% 7% 846 19.4 9% 23% 731 2
Slide 9: Repeat Revenue Streams Power Our Core Advantage
v Repeat Revenue Streams Power Our Core Advantage Production cycle illustration Long-term, repeat, valuable revenues Unlike traditional Offline FY2020 FY2021 FY2022 FY2023 FY2024 1H2025 1 Pre-production games, Online games require regular content Revenue US$m 12.3 20.4 22.0 24.1 26.4 15.9 updates, c
Slide 10: Strategy in Action
Strategy in Action 1H2025 Results 10
Slide 11: Clear Growth Strategy Delivering at Pace
v Clear Growth Strategy Delivering at Pace Our Mission to become: #1 Game Art Services Provider in the World Acquisitions Organic Growth Strategic Partnership • Increase Art Outsourcing capacity in • With the total global development • Supportive of acquisition strategy Asia with targeted valuations
Slide 12: Scaling up
v Scaling up Robust investor support and proven track record of our M&A strategy Scale M&A Apr 2025: Fund Raise Acquisition Nov 2024: of Mineloader, one of the leading game Fund Raise AIM dual listing art outsourcing Jul 2024: on LSE that raised and development M&A US$10.0 million studios in Asia, P
Slide 13: Building a Global Leader through M&A
v Building a Global Leader through M&A Mineloader Acquired: Max Consideration: 1 April 2025 US$19.8m* Largest acquisition to date • One of the leading game art outsourcing and development studios in Asia with a workforce of 495 employees (as at 31July 2025) • Integrated capabilities across three maj
Slide 14: Tencent Case Study: A Thriving Asian Market
v Tencent Case Study: A Thriving Asian Market Tencent: Chinese Publishing Giant Tencent's gaming business delivered strong, resilient performance • 9.9% YoY revenue increase in FY2024* • In 1Q2025, its revenue in the Chinese market grew 24% YoY, significantly exceeding market expectations^ • Tencent
Slide 15: A Proven Partner for EA's World-Class Games
v A Proven Partner for EA’s World-Class Games Electronic Arts (EA) Strong, trusted partnership with Electronic Arts, one of the largest global publishers • Over 15 years of collaboration (starting with Mineloader in 2009) • Delivered high-quality assets for: • Apex Legends (Respawn Entertainment) •
Slide 16: High-Quality Animation for AAA Simulation Games
v High-Quality Animation for AAA Simulation Games Farming Simulator 25 Enhancing immersion Tackling Animation with lifelike animal Challenges behaviors • Realistic Motion Studied real animal behaviors to create natural, fluid animations • Expressive Keyframe Animation Ensuring lifelike movements and
Slide 17: 1H2025 Financial Review
1H2025 Financial Review 1H2025 Results 17
Slide 18: Key P&L Highlights and APMs
v Key P&L Highlights and APMs Revenue Demand for our art outsourcing and game development services remains US$ million 1H2025 1H2024 Change(%) robust with the Group’s revenue increasing 27.3% to US$19.4 million in 1H2025 (1H2024: US$15.2 million), primarily driven by the US$4.1 million Revenue 19.4
Slide 19: Balance Sheet (Key Highlights)
v Balance Sheet (Key Highlights) As at As at US$ million Change(%) 30 Jun 2025 31 Dec 2024 Cash and cash equivalents 25.6 39.8 (35.7) Trade and other receivables 8.0 6.4 +26.1 Contract assets 6.2 3.6 +71.5 Cash and cash Contract assets increased that Current Assets 39.8 49.8 (20.1) equivalents decre
Slide 20: Cash Flow (Key Highlights)
v Cash Flow (Key Highlights) US$ million 1H2025 1H2024 Change (%) Net cash generated from operating activities 0.6 0.9 (31.3) Net cash generated from operating activities was US$0.6 million in 1H2025, as compared to US$0.9 million generated in 1H2024. The Net cash (used in) investing activities (13.
Slide 21: Outlook
Outlook 1H2025 Results 21
Slide 22: Supporting Blue Chip Clients
v Supporting Blue Chip Clients 22
Slide 23: Global Success Powered by Asia's Cost Leadership
v Global Success Powered by Asia's Cost Leadership Case Study 1: Black Myth: Wukong We are seeing the Rise of Developed for $40M* Asia-Centric Production Models Only 25% of a typical AAA game budget. • The global entertainment supply chain is shifting Poised to generate over $1B in global revenue. •
Slide 24: FY2025 - Outlook
v FY2025 - Outlook Committed to delivering growth, supported by good revenue visibility and healthy, long-term market drivers 2025 We are Seeing Strong The Group's Scaling M&A Strategy and Recovery in the Asian Operations in Global Expansion Market Southeast Asia ✓ Continued execution of our ✓ Robus
Slide 25: Appendix
Appendix 1H2025 Results FY24 Results FY24 Results 25
Slide 26: Key Financial Highlights
v Key Financial Highlights Revenue Gross Profit / Gross Margin Increase of On a constant +38.2% YoY currency basis, +27.1% YoY Gross Margin +27.3% YoY 30.2% 27.9% US$ million US$ million Gross Profit 19.4 5.9 15.2 4.2 1H202 5 1H202 4 1H202 5 1H202 4 The Group's revenue increased from US$15.2 million
Slide 27: Key Financial Highlights
v Key Financial Highlights Adjusted EBITDA Adjusted Net Profit 0.3 12.6% 13.6% US$ million US$ million 0.3 Adjusted EBITDA Margin 1.4 1.1 Adjusted EBITDA 2.4 2.0 1H202 5 1H202 4 1H202 5 1H202 4 For the avoidance of doubt, the Adjusted EBITDA in 1H2025 includes For the avoidance of doubt, the Adjuste
Slide 28: Winking Studios Milestones
v Winking Studios Milestones 1997 - 2003 2004 - 2007 2008 - 2015 2016 - 2023 2024 2025 & Beyond Origin and Expansion and Growth Scaling Up Established Continued First Steps Investment & Global Mission to Execution of Collaborated on Recognition Become Strategy to Founded in Taipei Began providing hi
Slide 29: Why Customers Come to Winking Studios
v 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 • Cost efficiency (reduced fixed overheads) and scale with quality development costs can reach
Slide 30: Board of Directors
v Board of Directors Lim Heng Chang Yang Johnny Kao Daniel Oliver Choon Yi-Hao Wu Te Jan Shu-Kuo Widdicombe Yen Over 28 years of Over 20 years of Over 30 years of Over 26 years of Chairman of the board of Over 25 years of Over 29 years of finance financial advisory experience in the experience in th
Slide 31: Shareholder Structure
v Shareholder Structure As of 30 June 2025 • Shares in issue: 440,364,942 Name % • Johnny Jan, CEO, and his related parties hold 11.9% • Management team hold 13.2% Acer Gaming Inc* 57.4 • Public float: 22.7% (includes UK and Asian institutions, among others) Acer SoftCapital Incorporated* 6.8 • Acer
Slide 32: Competitive Landscape
v Competitive Landscape ≫ The top 10 players Top 10 Players in the Global Game account for 7.1% of total Art Outsourcing Market, 2023 0.2% 7.1% market share in 2023 0.4% 0.3% 0.4% ≫ Winking placed 4th 0.4% globally with 0.7% market 0.5% share and 3rd in Asia 0.7% 1.0% 1.3% 1.9% Source: Chin a In sig
Slide 33: Game Art Outsourcing Market Overview
v Game Art Outsourcing Market Overview Top 5 Studios Globally by 2023 Game Art Outsourcing Revenue Number of Game Art Key Geographical Major Customer Positioning & Rank Company Major Business Employees Locations Base Vision (approx.) Game Development & Art Services Keywords Functional & Localisation
Slide 34: Market Growth
v Market Growth Growth in Overall Global Online Gaming Asian Market Art Outsourcing global gaming Gaming Industry Growth Majority and Development industry which Growth Growth Asia dominates Expected 2023-2028 Mobile gaming Asia is approximately Gaming Outsourcing CAGR growth of market share in 2023
Slide 35: Post Covid Issues in the Global Gaming Industry
v Post Covid Issues in the Global Gaming Industry © Raj Patel — used with permission 35
Slide 36: Post Covid Issues in the Global Gaming Industry
v Post Covid Issues in the Global Gaming Industry © Raj Patel — used with permission 36
Slide 37: Powering Up Through Challenges: Gaming's Unstoppable Rise
v Powering Up Through Challenges: Gaming's Unstoppable Rise Source: ©️ Newzoo, Global Games-Market Outlook Q1 2025 (used with permission) 37
Slide 38: More Spend on External Development
v More Spend on External Development 70% of respondents anticipate expenditures exceeding $6 million, a peak observed since 2019 Source: XDS 2025 Insights Report 38
Slide 39: Where AI Falls Short
v Where AI Falls Short The high value-add creative process offering original, bespoke artistic design cannot be replaced by Artificial Intelligence VS • Very limited publicly available 3D model data on the internet AI-powered art creation for a “tank” (source: Kaedin) Our art 3D model for a “tank” h
Slide 40: Our New AI Technology
v Our New AI Technology Ability to harness the power of AI to develop SaaS tools for high-volume art production In-house development - GenMotion.AI • Beta testing a new text-to-image AI product to revolutionise 3D Animation Design • Developed by Winking’s AI Research Lab, GenMotion.AI is leveraged t