Video Game Market Update Q4 2025

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Q4 2025
Video Game Market Update

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Disclaimer
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S A N F R A N C I S C O
L O N D O N
B E R L I N
C O M P A N Y S N A P S H O T
M & A A N D F I N A N C I N G
T R A N S A C T I O N S
105+
T R A N S A C T I O N
V A L U E
$38 bn+
G A M I N G B A N K E R S
23
global, independent investment bank specialized in
gaming and interactive entertainment
W O R L D W I D E C O V E R A G E
S I N G A P O R E
Passionate about Video Games
and our craft – core deal team
together for 12+ years
Expert execution underpinned by
our heritage in global financial
institutions and constant market
participation
Unparalleled relationships with
strategic acquirers and financial
investors interested in the sector
Broad transaction experience
across PC, console, mobile and the
wider gaming ecosystem
Deep institutional knowledge of
the sector, current market trends
and strategic capital allocation
among buyer universe
O U R S T R E N G T H

4 Note: Transaction values include upfront and earnout considerations
GAMING
TRANSACTIONS
8
TRANSACTION
VALUE
$ 4 bn+
Sale to
$1.2 billion
January 2025
Sale to
$800 million
July 2025
Sale of selected assets to
July 2025
Acquisition of
up to $820 million
February 2025
Debt financing to
August 2025
Apps Business
Acquisition of
May 2025
Sale to
January 2025
Investment from
$53+ million
November 2025
transaction activity in 2025
T R A N S A C T I O N S A D V I S E D B Y A R E A M & C O . I N 2 0 2 5

Confidential 5
A M E R I C A S UK T Ü R K I Y E & M E N A A S I A E U R O P E
Selected Assets
5
advising on deals across the globe

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1. R i g h t -c l i c k
2. F o r m a t B a c k g r o u n d . . .
3. S e l e c t a c o l o r f r o m
t h e c e n t e r o f
t h e pa l e t t e .
February 2025
Executive Summary 1
Video Game Market Update
Q4 2025

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• PC gaming on Steam maintained its double -digit growth trajectory (+20% YoY) with a balanced mix between established franchises l ike
Battlefield 6, and breakout new titles such as Arc Raiders
• Console revenue expanded +13% YoY, driven by robust third -party content performance (Sony and Nintendo) and sustained momentum
from the Nintendo Switch 2 launch
• Mobile gaming IAP spend remained stable at $20.7bn, driven by monetization depth rather than install growth. Asian and Turkis h p ublishers
significantly outperformed the broader market
• Roblox payouts grew 41% YoY to $1.3bn LTM, highlighting the growing importance of UGC
Q4 -25 executive summary
GAMING
MARKET
ENVIRONMENT
• M&A volume grew 34% YoY (39 deals) signaling sustained appetite for strategic consolidation. However, transaction value was significantly
lower at $0.5bn vs. $4.9bn in Q4 -24
• Asian publishers continue to be active acquirers as they expand their product and geographic footprint, as evidenced by NCSoft’s
announcement of Indygo Group acquisition ($104m) and Kakao Games’ buyout of its remaining stake in Kakao VX ($114m)
• Ongoing strategic interest in development tools and tech continued with SUD’s acquisition of the Cocos game engine for $72m
DEALMAKING
ACTIVITY
• $1.7bn of capital markets financing in Q4, anchored by the closing of Tencent’s $1.25bn investment (PIPE) in Ubisoft and Azer ion ‘s senior
bond issuance (~$0.3bn). The quarter also saw the notable public listing of Coffee Stain, debuting at a $0.6bn market capital iza tion
• Growth in quarterly private capital fundraising to $0.9bn (+29% YoY) across 102 deals (+10% YoY), suggesting a recovery in in ves tor appetite
• Investments mostly flowing into gaming tech (including AI) and mobile gaming studios in Türkiye
CAPITAL
MARKETS

8
M&A volume holds steady while financing activity gains momentum
Source: InvestGame Notes: (1) Incl. minority and majority stake deals; (2) Incl. equity offerings (IPOs, direct listings), private investments i n public equity (PIPE), and fixed income offerings; (3) Incl. VC/PE – and CVC -led financing rounds; (4) Incl. $104m Indygo deal announced in Dec -25
Dealmaking activity in Q4 -25
$0. 5 bn
DEAL VALUE
39
# OF DEALS
M E R G E R S & A C Q U I S I T I O N S 1
$1.7 bn
DEAL VALUE
12
# OF DEALS
P U B L I C O F F E R I N G S 2
$0.9 bn
DEAL VALUE
102
# OF DEALS
P R I V A T E I N V E S T M E N T S 3
$0.7 $0.5
$3.8
$1.7
$4.0
$3.3
$5.6
$0.6
$1.7
10 6
15 12
18 17 16
10 12
– 50
– 40
– 30
– 20
– 10
0
10
20
0. 0
1. 0
2. 0
3. 0
4. 0
5. 0
6. 0
7. 0
8. 0
Q4-23 Q1-24 Q2-24 Q3-24 Q4-24 Q1-25 Q2-25 Q3-25 Q4-25
Closed Deal Value ($bn) Announced Deal Value ($bn) # of Deals
$0.5
$2.3
$1.1
$0.7 $0.7
$0.5 $0.5
$0.7
$0.9
86
130 136 123
93
119 114 115 102
– 280
– 230
– 180
– 130
– 80
– 30
20
70
120
170
0. 0
0. 5
1. 0
1. 5
2. 0
Q4-23 Q1-24 Q2-24 Q3-24 Q4-24 Q1-25 Q2-25 Q3-25 Q4-25
Q4
-25 STATS
$69.6
$2.1 $1.8
$0.6
$4.9
$2.4
$3.5
$59.4
$0.5
29 32
42 45
29
49
33
51 39
– 80
– 60
– 40
– 20
0
20
40
0. 0
2. 0
4. 0
6. 0
8. 0
10. 0
12. 0
14. 0
16. 0
Q4-23 Q1-24 Q2-24 Q3-24 Q4-24 Q1-25 Q2-25 Q3-25 Q4-25
4

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Deal value concentrates in gaming tech and mobile studios
Most notable gaming transactions in Q4 -25
M E R G E R S & A C Q U I S I T I O N S P U B L I C O F F E R I N G S P R I V A T E I N V E S T M E N T S
TARGET BUYER VALUE CATEGORY COMPANY INVESTOR CATEGORY COMPANY DEAL TYPE CATEGORY VALUE VALUE
Source: InvestGame Notes: (1) Reverse merger announced in Feb -25, closed in Oct -25; listed under ticker NASDAQ:C HAI, Siyata divested in Dec -25; (2) Buyout of financial investors’ stake of 35% in Kakao VX (~$114m), excl. $149m intra -group transfer of Kakao VX from Kakao Games to IVG; (3) Parent company of Vietnamese mobile games developer Lihuhu ; (4) Announced in Dec -25; (5) Management buyout financed by XD; (6) Announced in Mar -25, closed in Nov -25
$72m
PIPE $1. 25bn 6
PIPE $78m
PIPE $38m
IPO
Senior
bonds $266m
Tech $134m
Tech $30m
$48m
Mobile $30m
Hardware $205m
$114m 2 Tech
Tech
$616m
Tech Mobile $104m 4
$160m 1 Mobile
$30 m5 PC &
Console
Golden Arc
PC &
Console
PC &
Console
Tech
Mobile
Mobile
(market cap at listing)
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STEADY GROWTH ACCELERATED GROWTH POST -COVID
CORRECTION
Market transitions to steady growth
Mobile advertising accelerates market expansion as traditional spend stabilizes
Source: Boston Consulting Group, Ampere Analysis, BCG GEMS data, BCG internal analysisNote: (1) Gross IAP revenue including in -app transactions from Apple/Google incumbent stores, third -party payment systems, alter native app/web stores, and mobile subscriptions (e.g., Apple Arcade)
G L O B A L V I D E O G A M E S O F T W A R E R E V E N U E B Y T Y P E ( $ B N )
Mobile IAP 1
$128. 7bn
Mobile IAA
$31. 9bn
PC & Console
Software
$83. 3bn
‘ 1 8 -21
10% 0% 3%
21% 17% 12 %
12% 0% 5%
‘ 2 1 -24 ‘ 2 4 -26
M A R K E T
G R O W T H
C A G R
REVENUE’25E 12% 1% 5%
$161 $170
$204
$225 $219 $228 $235 $244
$261
2018 2019 2020 2021 2022 2023 2024 2025E 2026E Total $244bn

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t h e pa l e t t e .
February 2025
Mobile 2
Video Game Market Update
Q4 2025

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P A N D E M I C
B O O S T $31.0m
$28.5m
$20.3m
$16.4m
$15.7m
$15.0m
$11.2m
$10.9m
$10.6m
$9.0m
$8.1m
$7.7m
0.0 20.0
Microfun
Florere Game
Nexon
Netmarble
Century Games
Loom Games
Playrix
Epic Games
Microsoft / King
Bingchuan…
Grand Games
Smilegate Holdings
I N C R E M E N T A L I A P R E V E N U E 2 ( Q 4 vs. Q 3 -25)
Mobile IAP spend stabilizes as monetization efficiency improves
Source: SensorTower (as of 2 -Jan-26) Notes: (1) Gross IAP Revenue inclusive of platform fees (30% store commission) and covers app store receipts for iOS App Store and Google Play Store only (Ch ina: iOS only). Excludes web store transactions and third -party payment systems ; (2) Incremental gross IAP revenue growth in the United States (incl. 30% store commission)
G L O B A L M O B I L E G A M I N G C O N S U M E R S P E N D ( G R O S S I A P R E V E N U E ) 1 T O P -G R O W I N G P U B L I S H E R S I N U . S .
$19.9
$21.2
$20.5
$21.0
$20.4 $20.5
$18.6 $18.4 $18.4
$19.2
$18.6
$19.4 $19.6
$20.3
$19.9
$20.6 $20.5 $20.4 $20.2
$21.0 $20.7
14.0 14.4 14.2 14.1 14.1 14.6 14.3 13.9 13.7 14.3 14.1 14.0
13.1 13.6 13.3 12.9 12.7 12.9 12.3 11.8
11.0
$12. 0
$13. 0
$14. 0
$15. 0
$16. 0
$17. 0
$18. 0
$19. 0
$20. 0
$21. 0
$22. 0
5. 0
7. 0
9. 0
11. 0
13. 0
15. 0
17. 0
19. 0
21. 0
Q4-20 Q1-21 Q2-21 Q3-21 Q4-21 Q1-22 Q2-22 Q3-22 Q4-22 Q1-23 Q2-23 Q3-23 Q4-23 Q1-24 Q2-24 Q3-24 Q4-24 Q1-25 Q2-25 Q3-25 Q4-25
Gross IAP Revenue ($bn) Downloads (bn)
I D F A & M A C R O
T U R B U L E N C E
S T A B I L I Z A T I O N G R A D U A L R E C O V E R Y
IAP spend posts modest gains (+1% YoY), despite download volumes hitting multi -year lows
APAC
Western

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M O B I L E G A M E S R E L E A S E S O N A P P S T O R E 1
Barriers to entry intensify as new mobile titles struggle to gain traction
5.1k
5.5k
4.9k
4.1k
3.4k 3.2k
2.3k
2019 2020 2021 2022 2023 2024 2025
% O F T O T A L M O B I L E I A P R E V E N U E B Y Y E A R S I N C E R E L E A S E
11% 6% 7% 4% 7% 6% 7%
18%
13% 10% 9% 10% 10% 12%
33%
31%
26%
23% 18% 17% 18%
38%
50% 57% 64% 65% 67% 63%
2019 2020 2021 2022 2023 2024 2025
Current year 1 Year 2-3 Years >3 Years
M O B I L E I A P R E V E N U E C O N C E N T R A T I O N
# O F N E W M O B I L E G A M E S W I T H 5 K + U . S . L I F E T I M E I N S T A L L S
Source: SensorTower Note: (1) New App Store game releases with over 5,000 U.S. downloads
Legacy titles capture most of spend as new game releases drop to historic lows

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$2.4
$2.1 $2.1 $2.0 $2.0
$1.6
$1.3
$1.1 $1.0 $1.0 $0.9 $0.8 $0.8 $0.8 $0.8 $0.7 $0.7 $0.7 $0.6 $0.6
$0m
$1m
$1m
$2m
$2m
$3m
$3m
Last W ar: Surv iv al W hit eout S urvi val R oy al Ma tc h MO NO PO LY GO ! Hono r o f K ing s C andy C rush S ag a C oi n Ma ster R obl ox Gam e fo r Peac e Po kémo n TC G Poc ket Gossi p Ha rbor: Merge & S to ry Garena F ree Fi re C la sh R oy al e Po kémo n GO K ing shot Townshi p Gardensc apes PU BG MO BILE C al l o f Du ty ®: Mo bil e eFo ot ba ll
Source: SensorTower Notes: (1) Represents top -grossing IAP revenue (incl. 30% store commission); ( 2) PUBG Mobile version developed for China market
4 years
T O P -2 0 G R O S S I N G 1 I A P M O B I L E G A M E S W O R L D W I D E I N 2 0 2 5 ( $ B N )
APP AGE # OF APPS
2 (10%)
4 (20%)
14 (7 0%)
Last War:
Survival
Whiteout
Survival
Royal
Match
Monopoly
GO!
Candy
Crush
Saga
Coin
Master
Roblox Game for
Peace 2 Pokémon
TCG Pocket
Gossip
Harbor
Garena
Free Fire
Clash
Royale
Pokémon
GO
Kingshot Garden –
scapes
PUBG
MOBILE
CoD :
Mobile
2023 2023 2021 2023 2015 2012 2016 2014 2019 2024 2022 2017 2016 2016 2025 2013 2016 2018 2019 2017
eFootball
RELEASE DATE
Honor of
Kings
Township
Established titles build lasting competitive moats
70% of top -20 grossing games are 4+ years old, proving live -service resilience

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A V G . A N N U A L D A U G R O W T H ( M )
418m
293m
265m
241m 226m
0. 0
50. 0
100 .0
150 .0
200 .0
250 .0
300 .0
350 .0
400 .0
450 .0
Productivity Utilities Communication Games Finance
Other apps Top-1 app
$3.4
$1.9
$1.3
$0.8 $0.6
0.0
0.5
1.0
1.5
2.0
2.5
3.0
3.5
4.0
4.5
Productivity Entertainment Games Social Photo & Video
Other apps Top-1 app
T O P -5 D A U G R O W I N G C A T E G O R I E S 1
Gaming remains an attractive segment within the mobile ecosystem
Source: SensorTower Note: (1) B ased on top -10,000 apps by DAU / Net IAP Revenue across each category worldwide across iOS and Android platforms
% Y o Y I A P N E T R E V E N U E G R O W T H ( 2 0 2 5 v s . 2 0 2 4 )
T O P -5 I A P N E T R E V E N U E G R O W I N G C A T E G O R I E S 1
Gaming secures a top -5 position for both engagement and monetization growth in 2025
% Y o Y D A I L Y A C T I V E U S E R S ’ G R O W T H ( 2 0 2 5 v s . 2 0 2 4 )
N E T I A P R E V E N U E G R O W T H ( $ B N )
15% 7% 4% 10% 11% 77% 20% 2% 14% 21%

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Asian publishers lead mobile gaming growth
Source: SensorTower (as of 2 -Jan-26) Notes: (1) Based on the top 10,000 mobile games by IAP gross revenue (incl. 30% store commission) in 2025; (2) Based on the t op 10,000 mobile games by MAU in 2025
Publisher HQ countries ranked by Revenue and MAU
A N N U A L G R O S S I A P R E V E N U E B Y P U B L I S H E R H Q 1 A N N U A L C O M B I N E D A V G . M A U B Y P U B L I S H E R H Q
REVENUE’25 ($BN) YoY (%)
China 1 +3%
US 2 (16%)
Japan 3 +4%
Singapore 4 +26%
Türkiye 5 +22%
South Korea 6 (4%)
Israel 7 (1%)
Hong Kong 9 +30 %
Finland 10 (15%)
AVG. MAU’25 (BN) YoY (%)
US 1 +7%
Vietnam
2 +11%
3 +23.0%
Cyprus 4 (3%)
Hong Kong 5 +32%
Pakistan 6 +37%
Singapore 7 +20 %
France 8 +0.5%
Türkiye 9 +10%
United Kingdom 10 +3%
United Kingdom 8 +0.6%
– fastest -growing countries by publisher HQ
$26.1
$11.8
$8.2
$4.6
$4.2
$3.9
$3.2
$3.0
$3.0
$2.8
PUBLISHER HQ RANK RANK PUBLISHER HQ
China
2.0bn
1.8bn
1.7bn
1.3bn
1.3bn
0.8bn
0.7bn
0.6bn
0.6bn
0.5bn

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0m
4m
8m
12m
16m
20m
24m
Jan-21 May-21 Sep-21 Jan-22 May-22 Sep-22 Jan-23 May-23 Sep-23 Jan-24 May-24 Sep-24 Jan-25 May-25 Sep-25
Source: SensorTower (as of 2 -Jan-26)
Rewarded apps emerge as a scalable high -growth UA channel
M O N T H L Y A C T I V E U S E R S O F S E L E C T E D R E W A R D E D P L A T F O R M S
Publishers leverage rewarded engagement as a proven alternative to traditional ad networks
CAGR 2021 – 2025: +42%
Dec
-25

18
COMPANY APP LEAD INVESTORS DESCRIPTION
•Premium micro -drama streaming platform
•Raised $14m Seed round in Oct -2025
•Micro -drama video platform for Indian market
•Part of $85M Series C round in Oct -2025
STUDIO MOBILE GAMES MICRO -DRAMA APPS
•Chapters (2017)
•LT IAP revenue: $515m
•ReelShort (2022)
•LT IAP revenue: $962m
•GoStory (2022) •DramaBox (2023)
•LT IAP revenue: $847m
$0m
$100m
$200m
$300m
$400m
$500m
$600m
Q3-23 Q4-23 Q1-24 Q2-24 Q3-24 Q4-24 Q1-25 Q2-25 Q3-25 Q4-25
Other ReelShort DramaBox DramaWave
G L O B A L I A P N E T R E V E N U E O F M I C R O -D R A M A A P P S ( $ M ) G R O W I N G I N T E R E S T T O W A R D S E M E R G I N G N I C H E
Consumer apps adopt gaming playbook to unlock strong growth
Sources: SensorTower , The Gaming and Interactive Media Opportunity in India ( Bitkraft -Redseer 2025 report) Note: (1) Global micro -drama market CY 2024
Case study: rapid expansion of the $9bn interactive micro -drama video market 1
Gaming studios pivoting to new entertainment formats, leveraging F2P best practices
Gaming -focused VCs are proactively deploying capital into new forms of entertainment
Large strategics back ing emerging players in the space
COMPANY APP STRATEGIC DESCRIPTION
•Equity stake acquired in Oct -2025
•Committed to 200+ vertical short -drama titles
•Strategic investment in Sep -2024
•KRW 120B (~$86 –90M), largest non -gaming bet
GAMMATIME
K UK U FM
STORYMATRIX
CAGR Q4 -23 – Q4 -25: +265%

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February 2025
PC & Console 3
Video Game Market Update
Q4 2025

20
FRANCHISE NEW IP
$52m
6.6m
14 -Nov -25
NEW IP
$54m
4.1m
16 -Oct -25
NEW IP
$208m
6.6m
30 -Oct -25
NEW IP
0.5 0.6 0.7 0.7 0.7 0.7 0.7 0.6 0.6 0.7 0.6 0.6 0.5 0.6 0.8 0.8 0.9 1.0 0.9 1.1 1.0
2.4 2.4 2.4 2.2
3.1
3.4
1.8 1.9
2.6 2.7
2.2 2.7 3.0 3.1 2.8
3.3 3.0
3.6
3.3
3.5 4.1
$3.0 $3.0 $3.0 $2.9
$3.7
$4.1
$2.5 $2.5
$3.2
$3.5
$2.8
$3.2
$3.5
$3.8 $3.6
$4.1 $3.9
$4.6
$4.2
$4.6
$5.1
24.8 27.4
31.9 32.7
39.3 41.7
– 25.0
– 15.0
– 5.0
5 .0
1 5.0
2 5.0
3 5.0
$0. 0Bn
$1. 0Bn
$2. 0Bn
$3. 0Bn
$4. 0Bn
$5. 0Bn
Q4-20 Q1-21 Q2-21 Q3-21 Q4-21 Q1-22 Q2-22 Q3-22 Q4-22 Q1-23 Q2-23 Q3-23 Q4-23 Q1-24 Q2-24 Q3-24 Q4-24 Q1-25 Q2-25 Q3-25 Q4-25
F2P games ($bn) Paid games ($bn) Peak online CCU (m)
PC gaming sustains double -digit revenue growth
Source: Alinea Analytics (as of 2 -Jan-26) Notes: (1) Concurrent users; (2) Estimated worldwide full -games revenue in Q4 -25, incl. revenue from F2P games (IAP purchases)
S T E A M G R O S S R E V E N U E & P E A K O N L I N E U S E R A C T I V I T Y T O P -G R O S S I N G R E L E A S E S Q 4 -25 2
+20% YoY LTM growth driven by a strong mix of franchise and new IP releases
C A G R Q4 -20 – Q 4-25 :
13% F2P | 11 % Paid | 11% Peak CCU 1
$46m
2.0 m
22 -Oct -25
LT REVENUE
UNITS
RELEASE
LT REVENUE
UNITS
RELEASE
$397m
7.3m
10 -Oct -25
FRANCHISE
$35m
0.6m
2-Oct -25

21
# O F N E W G A M E S R E L E A S E D O N S T E A M
Established PC titles hold majority of playtime, while new releases gain
ground amid a growing catalogue
Source: SteamDB , Newzoo
P L A Y T I M E C O N C E N T R A T I O N R A T I O B Y R E L E A S E Y E A R
2.0k 2.3k 2.4k 2.5k 2.8k 3.4k 3.3k
8.1k
9.7k
11.2k
12.3k
14.1k
18.5k
20.0k
2019 2020 2021 2022 2023 2024 2025
Games (100+ reviews) Games (below 100 reviews)
% P L A Y T I M E S P E N T O N N E W R E L E A S E S B Y A L L S T E A M U S E R S
TOP RELEASES IN 2025
BY LT GROSS REVENUE:
BY LT COPIES SOLD:
9% 15% 14%
52% 47% 44%
38% 37% 41%
2023 2024 2025
New releases 1-7 years >7 years

22
S E L E C T R E C E N T I N D I E H I T S O N S T E A M
Indie success stories are becoming more common, accounting for over
25% of Steam revenue in 2025
Source: Alinea Analytics (as of 2 -Jan-26) Note (1) Indie genre games included as defined by Alinea Analytics
I N D I E G A M E S G R O S S R E V E N U E O N S T E A M ( $ B N )
~10 FTEs ~5 FTEs SOLO DEV
SOLO DEV SOLO DEV
LT REVENUE
LT UNITS
RELEASE
LT REVENUE
LT UNITS
RELEASE
~5 FTEs
SOLO DEV
~10 FTEs
$1.1
$1.4
$1.9 $1.8
$1.7 $1.6
$1.7
$1.8
$2.3
$1.8
$2.1
$2.5
0k
1k
1k
2k
2k
3k
H1-20 H2-20 H1-21 H2-21 H1-22 H2-22 H1-23 H2-23 H1-24 H2-24 H1-25 H2-25
C A G R 2 0 2 0 – 20 25: +13 %
$150 m
10m
2025
$155m
20m
2023
$300m
16m
2021
$150m
20m
2025
$100m
4m
2024
$90m
15 m
2025
$65 m
5m
2024
$75 m
5m
2025

23
Growing Chinese player base fuels Steam expansion
Sources: Steam Hardware & Software Survey, SteamDB Note (1) Since Valve’s data is based on Steam client language settings, English usage is likely overrepresented due to its po pularity as the preferred interface language among Chinese users
% S H A R E O F D E F A U L T C L I E N T ’ S L A N G U A G E B Y H A L F -Y E A R
M O S T P O P U L A R L A N G U A G E S O N S T E A M 1 A V E R A G E P E A K C O N C U R R E N T U S E R S O N S T E A M ( M )
C A G R 2 0 2 0 – 2025:
20% Chinese | 11% English | 10% Total
Chinese users doubled over five years, significantly outpacing other languages
38% 39% 38% 37% 36% 35% 33% 34% 33% 34% 34% 36%
41% 40% 41% 38% 38% 38% 36% 35% 36% 34% 35% 38%
21% 21% 21% 25% 26% 27% 31% 31% 31% 33% 31% 26%
H1-20 H2-20 H1-21 H2-21 H1-22 H2-22 H1-23 H2-23 H1-24 H2-24 H1-25 H2-25
English Other Chinese
8.4 8.9 10.1 9.7 10.6 10.6 11.0 10.7 12.1 13.4 13.7 15.1
8.8 8.8
10.6 9.8 11.0 10.9 11.7 10.8
12.0 11.7 13.8
14.7
4.6 4.9
5.4 6.6 7.6 8.2
10.3 9.8
11.3 12.9
12.7 10.7
H1-20 H2-20 H1-21 H2-21 H1-22 H2-22 H1-23 H2-23 H1-24 H2-24 H1-25 H2-25
English Other Chinese

24
US and European developer hubs fuel PC market expansion
G R O S S R E V E N U E B Y D E V E L O P E R H Q S T E A M T O P G R O S S I N G R E L E A S E S B Y D E V E L O P E R S
2025
RELEASE YEAR
2024
RELEASE YEAR
Solo – TylerTVGS
Developer HQ countries by Steam gross revenue in 2025
(1%)
+12%
+20 %
(19 %)
+21 %
+13 %
Japan
Canada
China
Germany
+45%
+80 %
+85%
+2 9%
South Korea
France
Sweden
USA 1.
2.
3.
4.
6.
7.
9.
10.
REVENUE’25 ($BN) YoY (%) DEVELOPER HQ RANK
5. United Kingdom
$0.4
$0.5
$0.7
$0.8
$0.8
$1.4
$1.5
$1.8
$2.8
$10.0
Poland 8.
Source: Alinea Analytics (as of 2 -Jan-26)
DEVELOPER:
RELEASE:
LT REVENUE:
DEV. HQ:
Aug -2024
$682M
China
Jan -2024
$439M
Japan
Feb -2024
$331M
Sweden
May -2024
$145M
USA
Sep -2024
$96M
Japan
Sep -2024
$140M
USA
DEVELOPER:
RELEASE:
LT REVENUE:
DEV. HQ:
Feb -2025
$400M
Japan
Oct -2025
$390M
Sweden
Oct -2025
$200M
Sweden
Mar -2025
$150M
Australia
Feb -2025
$150M
Sweden
Apr -2025
$140M
France

25
FRANCHISE NEW IP
NEW IP
2.6m
30 -Oct -25
0.7m
22 -Oct -25
Consoles demonstrate sustained double -digit growth
Source: Company earnings reports, Alinea Analytics (as of 2 -Jan-26) Notes: (1) All financial results are reported in the local currency; (2) Estimated full -games units sold on PlayStation in Q4 -25
Nintendo hardware momentum and Sony software revenue strength drive +13% sector growth
M A J O R C O N S O L E P L A T F O R M S : Q U A R T E R L Y G A M I N G D I V I S I O N R E V E N U E ( $ B N ) T O P -G R O S S I N G R E L E A S E S Q 4 -25 2
0.3 m
3-Oct -25
0.4 m
10 -Oct -25
PUBLISHER
UNITS
RELEASE
PUBLISHER
UNITS
RELEASE
4.7m
10 -Oct -25
3.6 m
2-Oct -25
5.2
8.8 7.9
5.6 6.6
9.8
7.4 5.6 7.2
11.1
6.9 6.5 7.5
3.6
4.8
3.6
3.5
3.9
7.1
5.5
5.0
5.6
6.6
5.7 5.5
5.5 2.5
4.5
2.3
3.4 2.3
4.0
1.9
1.6
1.9
2.8
1.4 4.0 3.6
$11.4
$18.1
$13.8
$12.5 $12.8
$20.9
$14.7
$12.2
$14.6
$20.5
$14.0
$16.0 $16.6
$0bn
$5bn
$10bn
$15bn
$20bn
$25bn
Q3-22 Q4-22 Q1-23 Q2-23 Q3-23 Q4-23 Q1-24 Q2-24 Q3-24 Q4-24 Q1-25 Q2-25 Q3-25
Sony (G&NS) Microsoft (Gaming) Nintendo
Q1 FY 26 Gaming revenue
decreased 2% YoY , driven by
decline in Xbox hardware
revenue (29% YoY), partially
offset by 1% YoY growth in
content and services
H1 FY25 G&NS revenue
increased 10% YoY , driven by
stronger third -party software and
higher network services (PSN/PS
Plus) engagement
H1 FY26 revenue
increased 119% YoY , driven by
June launch of the Switch 2 and
strong sale of first -party titles
E A R N I N G S N O T E S 1 C A G R Q 3-22 – Q 3-25 :
13% SONY | 15% M SFT | 12% NTDO
FRANCHISE FRANCHISE
FRANCHISE

Change the
background color
1. R i g h t -c l i c k
2. F o r m a t B a c k g r o u n d . . .
3. S e l e c t a c o l o r f r o m
t h e c e n t e r o f
t h e pa l e t t e .
February 2025
User -Generated Content 4
Video Game Market Update
Q4 2025

27
15k
21k
27k
33k
39k
45k
51k
0.4bn
0.7bn
1.0bn
1.3bn
1.6bn
1.9bn
2.2bn
Jun-20 Dec-20 Jun-21 Dec-21 Jun-22 Dec-22 Jun-23 Dec-23 Jun-24 Dec-24 Jun-25 Dec-25
H O U R S S T R E A M E D O N M A J O R U G C P L A T F O R M S 1 ( B N ) T W I T C H T O P S T R E A M I N G G A M I N G E X P E R I E N C E S I N 2 0 2 5
Streaming platforms maintained consistent engagement levels
Sources: Sillygnome (Twitch); StreamsCharts (Kick) Note: (1) Approximate values based on publicly available information and research
PUBLISHER
HOURS WATCHED
RELEASE
PUBLISHER
HOURS WATCHED
RELEASE
NEW IP
156.8m
30 -Oct -25
FRANCHISE
68.3m
28 -Feb -25
49.3m
30 -May -25
FRANCHISE NEW IP
63.3m
12 -Sep -25
FRANCHISE
78.9m
26 -Sep -25
FRANCHISE
78.6m
10 -Oct -25
NEW IP
53.9m
25 -Apr -25
49.8m
16 -Jun -25
NEW IP
The mix of fresh IPs and franchises sustains streaming as market stabilizes

28
–
3m
6m
9m
12m
15m
18m
21m
Jun-20 Dec-20 Jun-21 Dec-21 Jun-22 Dec-22 Jun-23 Dec-23 Jun-24 Dec-24 Jun-25 Dec-25
C O N C U R R E N T U S E R S O N M A J O R P L A T F O R M S ( M )
UGC platforms see record engagement levels
Sources: RoMonitor Stats (Roblox & Fortnite); SteamDB (Steam) Notes: (1) Concurrent users running a game at a specific moment; (2) V alues based on publicly available information and research; (3) Steam net proceeds to developers and creators after deducting 30% platform fee; Roblox LTM Developer Exchange Fees as of Q3 -25
Roblox expanding user base presents monetization upside when benchmarked against Steam
STEAM
IN-GAME 1
P A Y O U T D I S T R I B U T I O N A M O N G M A J O R P L A T F O R M S 2
$13.0bn
+20.1%
$15.0bn
TOTAL PAYOUTS
IN 2025
+21.3%
GROWTH
YoY
STEAM
$1.3bn
+40.9%
$0.4bn
+5.1%
$0.3bn
+25.0%
NET PAYOUTS TO CREATORS / DEVELOPERS 3

29
Transaction activity in the UGC space has gained momentum
Source: InvestGame
Largest UGC investments & acquisitions in 2025
DATE
S E L E C T I N V E S T M E N T S S E L E C T A C Q U I S I T I O N S
PLATFORM PLATFORM
+
$10.5m $12.3m
Oct -25
TARGET
INVESTOR LEAD
AMOUNT
DATE
+
$20.0m
Nov -25
TARGET
ACQUIRER
PLATFORM
\\
CONTENT
Jul -25
PLATFORM
+
Jun -25 Jun -25 Feb -25
CONTENT CONTENT
Nov -25
n/a
Feb -25
TECH CONTENT

Change the
background color
1. R i g h t -c l i c k
2. F o r m a t B a c k g r o u n d . . .
3. S e l e c t a c o l o r f r o m
t h e c e n t e r o f
t h e pa l e t t e .
February 2025
Mergers & Acquisitions 5
Video Game Market Update
Q4 2025

31
M&A activity pivots to smaller targets
Source: InvestGame Note: (1) I ncl. earnout consideration
Quarterly activity incl. both minority & majority stake transactions
$4.6
$15.0
$8.2
$4.7
$7.9
$9.9
$17.5
$7.7
$5.1
$0.6 $0.2
$6.2
$69.6
$2.1 $1.8
$0.6
$4.9
$2.4
$3.5
$59.4
$0.5
78 86 79 80 78
91
43
65
40 41
31
22 29 32
42 45
29
49
33
51 39
– 110
– 60
– 10
40
90
0. 0
5. 0
10. 0
15. 0
20. 0
Q4-20 Q1-21 Q2-21 Q3-21 Q4-21 Q1-22 Q2-22 Q3-22 Q4-22 Q1-23 Q2-23 Q3-23 Q4-23 Q1-24 Q2-24 Q3-24 Q4-24 Q1-25 Q2-25 Q3-25 Q4-25
Closed Deal Value ($bn) Announced Deal Value ($bn) # of Deals
PANDEMIC BOOST POST -PANDEMIC
$0. 5 bn
Q4 -2025
DEAL VALUE 1
LOWEST
QUARTERLY DEAL
VALUE IN 2025
RECENT ACTIVITY
3 9
# OF DEALS IN
Q4 -2025
1
GROWTH VS.
Q4 -2024
ANNOUNCED

32
$100M+ gaming M&A transaction volume at pre -pandemic levels
M&A activity across game developers & publishers
G A M I N G C O N T E N T C O N T R O L M & A D E A L S ( U P F R O N T V A L U A T I O N > $ 1 0 0 M 1) B Y C L O S I N G D A T E
# O F D E A L S
PANDEMIC BOOST POST -PANDEMIC PRE -PANDEMIC
L A R G E S T D E A L –
2
2 2
6
2 2 2
10 10
17
12
10
7
4 4
2
4 4
0
2
4
6
8
10
12
14
16
18
20
H2-17 H1-18 H2-18 H1-19 H2-19 H1-20 H2-20 H1-21 H2-21 H1-22 H2-22 H1-23 H2-23 H1-24 H2-24 H1-25 H2-25
Source: InvestGame Notes: (1) Incl. game developer and publisher acquisitions at estimated upfront enterprise value above $100m ; (2) Incl. EA and Indygo deal
ANNOUNCED
2
ANNOUNCED

33
$1.1
$0.8
$1.9
$0.6 $0.8 $0.5
$2.7
$4.8
$18.3
$7.4
$18.4
$5.1
–
$74.3
$2.7
$3.5
$5.6
$56.1
0. 0
2. 0
4. 0
6. 0
8. 0
10. 0
12. 0
14. 0
H2-17 H1-18 H2-18 H1-19 H2-19 H1-20 H2-20 H1-21 H2-21 H1-22 H2-22 H1-23 H2-23 H1-24 H2-24 H1-25 H2-25
Buyers target scaled gaming publishers with established IPs
M&A activity across game developers & publishers
G A M I N G C O N T E N T C O N T R O L M & A D E A L S ( U P F R O N T V A L U A T I O N > $ 1 0 0 M 1) B Y C L O S I N G D A T E
U P F R O N T D E A L V A L U E ( $ B N )
PANDEMIC BOOST POST -PANDEMIC PRE -PANDEMIC
L A R G E S T D E A L –
ANNOUNCED
Source: InvestGame Note: (1) Incl. game developer and publisher acquisitions at estimated upfront enterprise value above $100m

34
Transactions involving public entities have dominated recent M&A
Source: InvestGame Notes: (1) Upfront enterprise value excl. earnout consideration; (2) Based on upfront enterprise value; (3) Core asset: Lihuhu Games; (4) Implied EV based on acquisition of 67% for $104m and $14m cash holdings; (5) Minority M&A deal at $16bn enterprise value; (6) Incl. $20m deferred payment
Largest gaming acquisitions in 2025
TARGET
ACQUIRER
EV 1
SALES
EBITDALTM MULTIPLES
2
DATE
MOBILE
$3. 5bn
n/a
3.5x
GAMES
May -25
MOBILE
+
$800m
n/a
0.6x
GAMING APPS
Jul-25
$464m 5
(deal value)
10.4x
1.9x
Jul-25
DIVERSIFIED MOBILE
$620m 6
4.5x
1.0x
Feb -25
MOBILE
n/a
n/a
n/a
Equity Debt
Aug -25
DIVERSIFIED
+
$55. 0bn
21.2x
7.4x
Sep -25
(announced)
MOBILE
$160m
n/a
2.0x
Oct -25
+
$142m 4
7.0x
1.7x
Dec -25
(announced)
MOBILE MOBILE
+
$1. 2bn
9.3x
3.8x
Jan -25
3

35
Aug -2025
$52m
Jul-2025
n/a
Aug -2025
n/a
Equity
Debt
May -2025
$3.5bn
GAMES
Institutional investments in gaming at an all -time high
PE -backed transactions surge as institutional capital targets opportunities in gaming
Source: InvestGame Note: (1) Incl. earnout consideration
M&A BUYOUTS (CONTROL)
GROWTH EQUITY (MINORITY)
$77.7bn+
TOTAL DEAL VALUE 1
81
TOTAL # OF DEALS
$2.8
$2.0
$1.3 $1.4
$3.2
$2.5
$5.3
$4.2
$57.8 7 6 8
20
9 6 9
16
0. 5
1. 5
2. 5
3. 5
4. 5
5. 5
6. 5
7. 5
8. 5
9. 5
2018 2019 2020 2021 2022 2023 2024 2025
Closed Deal Value ($bn) # of Deals
S E L E C T R E C E N T S P O N S O R T R A N S A C T I O N S S P O N S O R -B A C K E D G A M I N G T R A N S A C T I O N S
Jul-2025
$40m
Sep -2025
$55bn
ANNOUNCED
ANNOUNCED

Change the
background color
1. R i g h t -c l i c k
2. F o r m a t B a c k g r o u n d . . .
3. S e l e c t a c o l o r f r o m
t h e c e n t e r o f
t h e pa l e t t e .
February 2025
Public Markets 6
Video Game Market Update
Q4 2025

37
Public capital raising normalizes in H2 -25 following historic H1 surge
Source: InvestGame
HEIGHT OF GAMING IPO
MARKET
POST -PANDEMIC DROUGHT
1.1
5.6 5.3
4.0
1.2 0.5
2.1
3.3
1.4 1.2
1.3 2.7
1.1 2.0
0.6 0.7 0.9
3.9 0.7 4.5
1.0
2.0 2.0
0.9 1.0
0.5
3.1
0.5
1.0
$5.4
$9.0 $8.5
$4.2
$3.4
$0.7
$3.7
$0.1 $0.6
$1.2
$2.3
$0.7 $0.5
$3.8
$1.7
$4.0
$3.3
$5.6
$0.6
$1.7
28
40
21
8 8 9 7 4 4
10 10 13 10 6
15 12
18 17 16
10 12
– 100
– 80
– 60
– 40
– 20
0
20
40
0. 0
2. 0
4. 0
6. 0
8. 0
10. 0
12. 0
Q4-20 Q1-21 Q2-21 Q3-21 Q4-21 Q1-22 Q2-22 Q3-22 Q4-22 Q1-23 Q2-23 Q3-23 Q4-23 Q1-24 Q2-24 Q3-24 Q4-24 Q1-25 Q2-25 Q3-25 Q4-25
Listing (IPO/SPAC) ($bn) Fixed Income ($bn) Share issuances/PIPEs ($bn) # of Deals
$1.7bn
Q4 -2025
DEAL VALUE
GROWTH VS.
Q4 -2024
12
# OF DEALS IN
Q4 -2025
ANNOUNCED
GRADUAL RECOVERY RECENT ACTIVITY
GROWTH VS.
Q4 -2024

38
Convertible
senior notes
$600m
Feb -25
Public
spin -off
$2.10bn
Feb -25
(market cap at listing)
+10% debut price 3
Convertible
senior notes
$690m
May -25
Convertible
senior notes
$3.55bn
Jun -25 / Mar -25
$1.3bn Notes
$2.3bn Notes
PIPE
$360m
Mar -25 / Jan -25
~$39m 2
$320m
Common stock
$1.04bn
May -25
Investment
(PIPE)
$1.25bn
Nov -25
Major European publishers drive Q4 -25 public market activity
Source: InvestGame Notes: (1) Excl. Azerion €225m bond placement announced on September 17 th and closed on October 2 nd; (2) Approximate value based on Kadokawa’s market capitalization at the announcement date; (3) First day of trading vs. IPO price
Largest public market transactions in 2025 1
COMPANY
CAPITALRAISED
DEALTYPE
DATE
Convertible
Bond
$300m
Apr -25
Public
spin -off
$616m
Dec -25
(market cap at listing)

39
Large -cap publishers continue to outperform
C H A N G E I N I N D E X S T O C K P R I C E
1
DIVERSIFIED / LARGE -CAP 3
Source: FactSet as of 30 -Dec -25 Note: (1) Market cap -weighted index with chain -linking methodology; (2) Incl. Alphabet (GOOGL), Amazon (AMZN), Apple (AAPL), Met a Platforms (META), Microsoft (MSFT), Nvidia (NVDA), and Tesla (TSLA); (3) Electronic Arts was excluded from the index calculation starting the day of first takeover rumors (26 -Sep -25)
index
40%
60%
80%
100%
120%
140%
160%
180%
200%
220%
Jan-23 Apr-23 Jul-23 Oct-23 Jan-24 Apr-24 Jul-24 Oct-24 Jan-25 Apr-25 Jul-25 Oct-25
PC/CONSOLE
+125%
+67%
+3%
(5%)
(35 %)
Dec-25
MOBILE -FIRST (WESTERN)
MOBILE -FIRST (ASIA)
+318% MAGNIFICENT 7
(~50% index share)
+7% OTHER STOCKS
2

40
Diversified and PC/console publishers maintain a valuation premium
E V / N T M E B I T D A M U L T I P L E ( E V W E I G H T E D )
MOBILE -FIRST (ASIA)
Source: FactSet as of 30 -Dec -25 Notes: (1) Electronic Arts was excluded from the index calculation starting the day of first takeover rumors (26 -Sep -25); (2) Ex cl. CD Projekt forward EV/EBITDA values
MOBILE -FIRST (WESTERN)
3.0x
5.0x
7.0x
9.0x
11.0x
13.0x
15.0x
17.0x
19.0x
Jan-23 Apr-23 Jul-23 Oct-23 Jan-24 Apr-24 Jul-24 Oct-24 Jan-25 Apr-25 Jul-25 Oct-25
11. 0x
4. 5x
PC/CONSOLE 2
12 .5x
DIVERSIFIED / LARGE -CAP 1
13. 6x
Dec -25

41 Source: FactSet as of 31 -Dec -25 (in local currency)
Wide performance dispersion within segments underscores company –
specific execution quality
A N N U A L S H A R E P R I C E P E R F O R M A N C E A S O F 3 1 ST D E C E M B E R 2 0 2 5
54%
44% 44% 39%
25%
14% 10%
– 55%
– 5%
45% 40%
26%
5%
(21%) (22%)
(51%)
61%
10%
(7%)
(21%)
(44%) – 55%
– 5%
45%
86% 88% 100% 97% 84% 72% 73% 74% 84% 73% 67% 60% 44% 99% 83% 70% 51% 63% 73% 52% 88%
21%
(22%)
(43%) – 55%
– 5%
45%
DIVERSIFIED / LARGE -CAP PC/CONSOLE MOBILE -FIRST (ASIA) MOBILE -FIRST
(WESTERN) % 52W HIGH
2 0 2 5 S H A R E
P R I C E C H A N G E
Based on tak eover bid
price of $210/share

42
Games
Y o Y G R O W T H
(Q3
-25 LTM vs. Q3
-24 LTM
)
Sources: Companies reported financial results, FactSet as of 31 -Dec -25 (applying average USD exchange rate for respective period s) Note: (1) Gaming domestic and international revenue; (2) Game & Network Services revenue; (3) LTM revenue includes Plarium results consolidated from 1 -Feb -25
Diversified publishers sustain revenue growth while most mid -cap
peers experience revenue headwinds regardless of platform
5%
22%
(2%)
14%
8%
25%
11%
– 30%
20%
(11%)
4%
46%
(16%)
(10%)
(13%)
(4%)
(10%)
(4%)
10%
34%
– 30%
20%
79%
(9%)
7%
– 30%
20%
1
2
G&NS
R E P O R T E D L T M R E V E N U E G R O W T H A S O F Q 3 -2 5 C Y ( L A T E S T R E P O R T E D P E R I O D)
DIVERSIFIED / LARGE -CAP PC/CONSOLE MOBILE -FIRST (ASIA) MOBILE -FIRST
(WESTERN)
10% organic YoY
growth in Jan -Sep’25
3

43
Tencent
Sony
Nintendo
NetEase
Take -Two
Electronic Arts
Bandai Namco
Capcom
Square Enix
Embracer
Ubisoft
Paradox
Krafton
Nexon
NCSoft
Shift Up
Netmarble Playtika MTG
Stillfront
0.0x
5.0x
10.0x
15.0x
20.0x
25.0x
0% 10% 20% 30% 40% 50% 60% 70%
DIVERSIFIED / LARGE-CAP PC & CONSOLE MOBILE-FIRST (ASIA) MOBILE-FIRST (WESTERN)
Growth and Profitability drive premium valuations
Regression analysis: forward -looking valuation vs. growth + profitability
E V /
E B I T D A ’ 2 6
Source: FactSet as of 31 -Dec -25 Notes: (1) Cash EBITDA = EBITDA – Capex; (2) MTG’s organic revenue growth FY25 -27 (incl. Plarium ); (3) Playtika’s FY25 -26 (incl. SuperPlay ); (4) Embracer’s revenue growth adjusted for Asmodee and Coffee Stain spin -off; (5) Electronic Arts’ EV is based on a takeover bid price of $210 (25% premium)
S U M O F R E V E N U E C A G R ’ 2 4 -26 A N D C A S H E B I T D A ’ 2 6 1 M A R G I N
2 3
5
4

44
Large publishers are sitting on billions of deployable capital
Source: FactSet as of 31 -Dec -25
$0.9bn
$9.5bn
$4.2bn
$111.8bn
Mobile-first (Western)
Mobile-first (Asia)
PC & Console
Large Cap / Diversified
MOBILE -FIRST (ASIA)
MOBILE -FIRST (WESTERN)
PC/CONSOLE
DIVERSIFIED / LARGE -CAP
TOTAL CASH
as of CY Q3 -25
TOTAL DEBT
as of CY Q3 -25
DEBT / LTM EBITDA
as of CY Q3 -25
$3.3bn
$1.1bn
$2.4bn
$71.1bn
Mobile-first (Western)
Mobile-first (Asia)
PC & Console
Large Cap / Diversified
3.3x
0.5x
1.0x
1.0x
Mobile-first (Western)
Mobile-first (Asia)
PC & Console
Large Cap / Diversified
$59.2bn $54.9bn

Change the
background color
1. R i g h t -c l i c k
2. F o r m a t B a c k g r o u n d . . .
3. S e l e c t a c o l o r f r o m
t h e c e n t e r o f
t h e pa l e t t e .
February 2025
Private Investments 7
Video Game Market Update
Q4 2025

46
Gaming private investments facing continued pressure
Source: InvestGame
PANDEMIC BOOST POST -PANDEMIC
0.2 0.5 0.8 0.6 0.7
1.6
1.0 0.8 0.8 0.6 0.4 0.5 0.4 0.5 0.6 0.3 0.4 0.3 0.3 0.3 0.5
0.7
1.7 1.4
3.2 2.4
1.6
1.2
0.7 0.3 0.4 0.3 0.2 0.2
0.3 0.2 0.4 0.4
0.3
0.3
0.7
0.4 2.1
0.4 1.6 $1.2
$2.4 $2.5
$4.4
$3.3
$3.6
$4.4
$1.9
$1.3 $1.1
$0.5
$0.8
$0.5
$2.3
$1.1
$0.7 $0.7 $0.5 $0.5 $0.7 $0.9
105
149 136 134
175
204
155 123 127
153
103 96 86
130 136 123
93
119 114 115 102
– 300
– 200
– 100
0
100
200
0. 0
1. 0
2. 0
3. 0
4. 0
5. 0
6. 0
7. 0
Q4-20 Q1-21 Q2-21 Q3-21 Q4-21 Q1-22 Q2-22 Q3-22 Q4-22 Q1-23 Q2-23 Q3-23 Q4-23 Q1-24 Q2-24 Q3-24 Q4-24 Q1-25 Q2-25 Q3-25 Q4-25
Early Stage VC ($bn) Late Stage VC / PE ($bn) Strategic-led ($bn) # of Deals
$0.9bn
DEAL VALUE IN
Q4 -2025
CHANGE VS.
Q4 -2024
102
# OF DEALS IN
Q4 -2025
LOWEST
QUARTERLY DEAL
VOLUME IN 2025
RECENT ACTIVITY

47
Early -stage activity stabilizes at pre -pandemic baseline
Source: InvestGame Note: (1) Venture rounds ≥ $250K (disclosed), excluding grants, strategic/CVC, and esports; (2) including unclassified early -stage rounds
VC -led early -stage rounds 1
0.2 0.2 0.1 0.3
1.1
0.4 0.3
0.5 0.4 0.2 0.2 0.2 0.3 0.2 0.2 0.2 0.2 0.2 0.1 0.2 0.1
0.4 0.5
0.4
0.5
0.7
0.6
0.6
0.4
0.2
0.1 0.3 0.2
0.2 0.5
0.2 0.3 0.2 0.1 0.2
0.2 $0.2
$0.5
$0.7
$0.5
$0.8
$1.8
$1.0
$0.8 $0.9
$0.6
$0.4
$0.5 $0.4
$0.6
$0.8
$0.4 $0.5 $0.4 $0.3 $0.3
$0.4
55 68 82 75
121
147
113
88 83 87
66 61 60
88 96
80
65 74
53 51 54
-200
-150
-100
-50
0
50
100
150
0. 0
0. 5
1. 0
1. 5
2. 0
2. 5
Q4-20 Q1-21 Q2-21 Q3-21 Q4-21 Q1-22 Q2-22 Q3-22 Q4-22 Q1-23 Q2-23 Q3-23 Q4-23 Q1-24 Q2-24 Q3-24 Q4-24 Q1-25 Q2-25 Q3-25 Q4-25
Series A ($bn) Pre-Seed & Seed ($bn) # of Deals
RECENT ACTIVITY PANDEMIC BOOST POST -PANDEMIC DECLINE SETTLING AT NEW BASELINE
Pre -Seed & Seed
$0.2bn
DEAL VALUE IN
Q4 -2025
CHANGE VS.
Q4 -2024
Series A 2
$0.2bn
DEAL VALUE IN
Q4 -2025
CHANGE VS.
Q4 -2024

48
Non -dilutive user acquisition financing goes mainstream
Maturing mobile gaming ecosystem fills the growth capital gap
I N S T I T U T I O N A L C A P I T A L
F O U N D A T I O N
S P E C I A L I Z E D U S E R A C Q U I S I T I O N
F I N A N C I N G P R O V I D E R S
G A M I N G V E N T U R E C A P I T A L F U N D S
E N T E R I N G T H E S P A C E
• In 2019, General Catalyst launched the
Customer Value Fund
• Providing cohort -based UA financing
• $5bn+ capital deployed across 60+ companies
• Specialized lenders providing performance –
linked UA capital for gaming / consumer apps
• Non -dilutive capital secured by user cohorts
Select portfolio companies: Other service providers:
• Gaming VC funds launching own user
acquisition financing services
• Actively backing independent UA financing
service providers
Select examples:
VC FUND PORTFOLIO COMPANIES

49
Largest transactions in gaming developers and publishers
Source: InvestGame
Largest private investments in 2025
May -25 / Dec -25
$37M
MOBILE
Jan -25
MOBILE
$30M
Jul -25 / Mar -25
MOBILE
$83M
COMPANY
CAPITAL RAISED
LEAD
INVESTORS
DATE
SEGMENT
SERIES A $60M
SEED $23M
Jul -25
MOBILE
$40M
LATE STAGE SERIES A
Jun -25
MOBILE
$25M
SERIES A
Oct -25
MOBILE
$30M
SERIES A
Jun -25
$80M
PC/CONSOLE
LATE STAGE SERIES A $30M
SEED $7M
Jul -25
PC/CONSOLE
$31M
SEED
Jul -25
MOBILE
$36M
SERIES C

50
Largest investments in the gaming ecosystem
Source: InvestGame
Largest private investments in 2025
COMPANY
CAPITAL RAISED
LEAD
INVESTORS
DATE
SEGMENT
Oct -25
AI TECH
$134M
SEED
Dec -25
AI & CLOUD
SOLUTIONS
$109M
GRANT
Aug -25
AI TECH
$100M
SERIES B
Oct -25
AR/XR
HEADSETS
$205M
CORPORATE
Aug -25
$58m
D2C
PAYMENTS
SERIES B
Oct -2025
AI WEB3
TECH
$48m
LATE -STAGE
Mar -2025
AI TECH
$50m
LATE -STAGE
Aug -25
AI TECH
$33m
SERIES A
Sep -25
AR/XR
HEADSETS
$100M
SERIES B
Undisclosed

51
Most active early -stage gaming VCs
Fundraising activity in 2025 1
Source: InvestGame Note: (1) F undraisings excl. blockchain and esports -related startups
T O P -1 0 B Y N U M B E R O F L E D D E A L S ( L T M ) T O P -1 0 B Y L E D D E A L V A L U E ( L T M )
# FUND NAME DEALS
LED
DEALS
TOTAL
SELECTED
INVESTMENTS
1 10 11
2 9 10
3 8 16
4 8 10
5 8 9
6 6 9
7 5 7
8 4 12
9 4 9
10 4 8
# FUND NAME VALUE OF
DEALS LED
TOTAL VALUE
OF DEALS
SELECTED
INVESTMENTS
1 $141m $146m
2 $134m $134m
3 $83m $83m
4 $70m $75m
5 $60m $60m
6 $53m $126m
7 $47m $81m
8 $32m $36m
9 $30m $164m
10 $25m $31m

Change the
background color
1. R i g h t -c l i c k
2. F o r m a t B a c k g r o u n d . . .
3. S e l e c t a c o l o r f r o m
t h e c e n t e r o f
t h e pa l e t t e .
February 2025
Appendix
State of the Gaming Market
2025
Aream & Co. Credentials

53
Trusted by leading digital entertainment, media and consumer
entrepreneurs across the globe
Acquisition of
May 2025
Sale to
$247 million
March 2024
Sale to
February 2024
Sale to
$42 million
October 2023
Sale to
June 2023
Sale to
April 2023
Sale to
January 2023
Beacon Interactive
Hypercasual Portfolio Hit title Zen Match
Sale to
$97 million
December 2023
Sale to
March 2024
Sale to
$27 million
August 2024
Sale to
June 2024
Sale to
$1.0 billion+
May 2024
Sale to
April 2024 April 2024
Minority Investment
from
July 2024
Minority Investment
from
Sale to
June 2024
€15 million
November 2024
Convertible Loan
Issuance to
Investment from
$53+ million
November 2025
Sale to
January 2025
Sale to
$700 million
November 2024
Sale to
$1.2 billion
January 2025
Sale to
$800 million
June 2025
Apps Business
Sale of selected assets to
June 2025
Debt financing to
August 2025
Acquisition of
$620 million
February 2025
Acquisition of
August 2024
Acquisition of
$4.9 billion
July 2023

54
Trusted by leading digital entertainment, media and consumer
entrepreneurs across the globe (cont’d)
Sale to
August 2021
Sale to
September 2022
Sale to
September 2022
Sale to
November 2022
Sale to
July 2022
Sale to
July 2022
Sale to
$100 million
March 2022
Sale to
$1.5 billion
April 2022
Arcade portfolio
$20 million
June 2022
Series A Investment
from
Acquisition of
July 2021
Sale to
$360 million
July 2021
Sale to
August 2021
Sale to
May 2021
Sale to
$33 million
May 2021
Sale to
€47 million
July 2021 February 2021
Sale to
$640 million
April 2021
Strategic Investment
from
December 2021
Sale to
$750 million
December 2021
Sale to
January 2022
Sale to
$525 million
October 2021
Sale to
$205 million
October 2021
Sale to
November 2021
Sale to
$400 million
August 2021
Sale to
September 2021
Minority Investment
from
January 2022
Minority Investment
from
$25 million
December 2022
Minority Investment
from

55
Trusted by leading digital entertainment, media and consumer
entrepreneurs across the globe (cont’d)
Sale to
$1.8 billion
July 2020
Sale to
December 2020
Sale to
$300 million
December 2020
Sale to
December 2020
Sale to
$144 million
November 2020
Sale to
$275 million
December 2020
Sale to
$100 million
September 2020
Acquisition of
October 2020
Sale to
€130 million
December 2020
Sale to
January 2020
€43 million
September 2019
Sale to
February 2020
Sale to
$90 million
June 2019
Strategic Advisory
April 2019
Sale to
August 2019
Investment from
$175 million
March 2019
Strategic Advisory
April 2019
Series C Preferred
Stock
Sale to
$700 million
December 2018
$80 million
November 2018
Sale to
$250 million
May 2018
Sale to
$200+ million
December 2018
Sale of stake in
$272 million
March 2018
Sale to
€270 million
January 2018
Acquisition of
April 2018
Acquisition of
January 2018
Growth Financing
$41 million
January 2018
Series E Preferred
Stock
Sale to
January 2021

56
Trusted by leading digital entertainment, media and consumer
entrepreneurs across the globe (cont’d)
Sale to
$200 million
September 2017
Preferred Stock
$20 million
June 2017
Acquisition of
$4.4 billion
September 2016
Sale to
$315 million
June 2016
Sale to
$90 million
May 2016
Subordinated Debt
$60 million
December 2016
Sale to
$250 million
January 2017
Acquisition of
April 2017
Preferred Stock
$130 million
February 2013
Preferred Stock
July 2013
Investment in
$115 million
June 2015
Sale to
March 2014
Sale to
$100 million
August 2014
$1.5 billion
October 2013
Strategic Investment
from Sale to
$5.9 billion
February 2016
Sale to
$100 million
December 2017
Board & Card Assets

57
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