Drake Star Global Gaming Report 2025

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GLOBAL GAMING
REPORT 2025
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SALE TO
Mobile / Online Gaming
Video Game / Content Streaming
SALE TO
AAA Game Developer
Power Rangers
Mobile / Console Games
Mobile Games Game Review and Advertising
SALE TO
* Transactions executed by current Drake Star Partners employees while employed at other firms 2 www.drakestar.com
PROVEN TRACK RECORD IN GAMING M&A AND GROWTH FINANCING ADVISORY
Gaming Audience AI / Analytics
* * *
* * *
MOHIT PAREEK
Partner
Los Angeles
mohit.pareek@drakestar.com
Linkedin – Free social media icons JULIAN RIEDLBAUER
Partner
Berlin
julian.riedlbauer@drakestar.com
Linkedin – Free social media icons
*
*
MICHAEL METZGER
Managing Partner
Los Angeles
michael.metzger@drakestar.com
Linkedin – Free social media icons

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RECORD YEAR FOR GAMING M&A
3
Deal Count
Note: Public Markets include IPOs, SPACs, and Public FinancingsSource: CapIQ , Pitchbook & DSP Research Note: Deal count includes announced M&A, private placement, IPOs, SPACs, and public financing deals.
Deal Value ($B)
• Q4 saw two gaming -related M&A announcements from streaming giant Netflix: Warner Bros. and Ready Player Me
(Drake Star was advisor), marking a notable shift given Netflix’s relatively limited M&A activity in recent years. Other
significant transactions included Kakao Games’ $150M divestment of its golf simulation subsidiary, NCSoft’s $104M
acquisition of mobile developer Indygo Group, SUD’s $72M purchase of game engine company COCOS, and
Nintendo’s acquisition of Bandai Namco Studios Singapore.
• Q4 saw strong growth in private company financings, with 136 rounds. Highlights included Luma AI’s $900M Series
C, General Intuition’s $135M seed, and multiple $30M rounds from CloudX , Cypher Games, and TaleMonster
Games, plus Lexip’s $22.4M raise.
• In public markets, Embracer spun off Coffee Stain, Asmodee announced a $371M debt raise, and Kakao Games
announced a $78M capital increase.
Q4’25 Summary
202 5 Summary
Public Markets PP M&A
$161B
Disclosed Value (Announced)
759
Deals (Announced)
• 2025 was a landmark year for gaming M&A with two mega deals: the $55B leveraged buyout of Electronic Arts (EA)
by a consortium led by PIF and the Netflix’s $82.7B announced acquisition of Warner Bros., including Warner Bros.
Games! In parallel, Paramount –Skydance launched a hostile $108.4B bid for Warner Bros. Discovery, underscoring
the scale and intensity of consolidation across media and gaming.
• Other notable M&A deals included the $3.5B acquisition of Niantic’s gaming business by Savvy / Scopely and the
$800M sale of Applovin’s gaming division to Tripledot . Netflix also acquired the avatar tech company Ready Player
Me in Q4’25 (Drake Star was the exclusive financial adviser on the deal).
• Private financings were led by mobile and AI. Major mobile deals included CVC/Blackstone’s $2.5B investment in
Dream Games, alongside raises by Lingokids ($120M), Good Job Games ($60M), and Million Victories ($40M). On
the AI side, companies building AI world models with the potential to transform how games are made raised large
rounds, including Luma AI ($900M), Runway ($308M), General Intuition ($134M), and Decart ($100M).
• Overall financing activity bottomed out in Q2’25 at 105 rounds, then rebounded strongly in the second half of the
year, rising to 118 rounds in Q3 and 137 rounds in Q4.
• Most active investors in 2025 included Play Ventures, BITKRAFT, and Griffin Gaming Partners among larger funds,
while Impact46, Merak Capital, and TIRTA were the leading seed -stage investors. On the strategic side, Tencent,
KRAFTON, and Smilegate drove the most activity, while Animoca , Arbitrum Gaming Ventures, and Spartan were
the most active players in blockchain gaming.
• The most notable public deals included Embracer’s spin -outs of Asmodee and Coffee Stain, and Ubisoft’s $1.25B
raise from Tencent. Take -Two completed a $1.19B equity offering, and GameStop raised $3.75B in debt.
• The Drake Star Gaming Index, which tracks the top 35 global gaming companies on an equal -weighted basis, rose
12% for the year, driven by strong performances from Unity (up 92%), NEXON (up $63%) and Netease (up 57%).
$143.6B
$6.2B $11.4B
189
509
61

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2025 WAS A LANDMARK YEAR IN GAMING M&A
4
Note: Column chart shows announced deals only
2025 Private Placements ($B) 2025 M&A ($B)
Note: Column chart shows announced deals only
Source: CapIQ , Pitchbook & DSP Research Note: Drake Star did not act as financial advisor on transactions listed on this page
14x
Growth in Deal Value in 2025
5
$500M+ M&A Deals in 2025
38%
Growth in Deal Value in 2025
10
$50M+ Private Placements in 2025
$28.7B
$52.9B
$10.5B $10.5B
$63.6B
295 315
164 197 189
2021 2022 2023 2024 2025
Deal Value Deal Count
$143.6B
$97.9B
Games Division
$13.1B
$11.1B
$3.7B
$4.5B
$6.2B
696
939
773 712
509
2021 2022 2023 2024 2025
Deal Value Deal Count

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TARGET ACQUIRER SEGMENT DATE DEAL SIZE ($M) TARGET
COUNTRY
BUYER
COUNTRY
PC/Console Dec -25 82,700
PC/Console Sep -25 55,000
Mobile Mar -25 3,500
Mobile Feb -25 800
Others Jun -25 516
Platform/Tools Sep -25 250
Others Oct -25 150
Mobile Mar -25 123
Mobile Dec -25 104
PC/Console Jul -25 96
GAMING M&A TRANSACTIONS: 2025
TOP 10 ANNOUNCED DEALS
Source: CapIQ , Pitchbook & DSP Research Note: Drake Star did not act as financial advisor on transactions listed on this page 5
Games Division
Games Division
Indygo Group
MC Partners
IVG

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GAMING M&A TRANSACTIONS: 2025
6
189 DEALS ANNOUNCED AND $144B IN DISCLOSED DEAL ACTIVITY
# OF DEALS BY SEGMENT
DEAL VALUE ($B) BY SEGMENT
Source: CapIQ , Pitchbook & DSP Research Note: Pie charts show announced deals
Asia and Other
North America
# OF DEALS BY REGION
DEAL VALUE ($B) BY REGION
$1.4B
$6.1B
$3.0B
47
32
30
6
29
20
25
68
70
50
$137.9B
$4.7B $0.3B$0.0B$0.0B$0.0B$0.7B
$142.4B
$0.1B$1.1B
PC / Console
Mobile
Platform/Tools
Hardware
Esports
Blockchain
Others
Europe

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TARGET SEGMENT DATE DEAL VALUE
($M)
VALUATION
($M)
SELECT INVESTORS TARGET
COUNTRY
Mobile May -25 2,500 5,000 CVC, Blackstone
Platform/Tools Nov -25 900 — HUMAIN, AMD Ventures
Platform/Tools Apr -25 308 — General Atlantic, Nvidia
Platform/Tools Oct -25 134 — Khosla Ventures, General Catalyst
Mobile Sep -25 120 — General Catalyst
Platform/Tools Aug -25 100 3,100 Sequoia Capital, Benchmark
VR/AR Sep -25 100 — Undisclosed
PC/Console Jun -25 80 508 Tencent
Mobile Jul -25 60 — Menlo Ventures, Anthos Capital
Platform/Tools Aug -25 58 — IVP, Playrix, vgames
Platform/Tools Mar -25 50 — Scopely
Mobile Jul -25 40 — Haveli Investments
Mobile Jul -25 36 — Atinum Investment, Smilegate
Investment
Blockchain Jul -25 31 — BITKRAFT, Brevan Howard Digital
Mobile Oct -25 30 — Play Ventures, The Raine Group
GAMING PRIVATE PLACEMENTS: 2025
7
TOP 15 PRIVATE PLACEMENTS
Source: CapIQ , Pitchbook & DSP Research Note: Drake Star did not act as financial advisor on transactions listed on this page

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# of Deals by Amount Raised
GAMING PRIVATE PLACEMENTS: 2025
8
509 DEALS AND $6.2B IN DISCLOSED PRIVATE PLACEMENTS
# of Deals by Stage
Deal Value by Stage
# of Deals by Segment
Deal Value by Segment Deal Value by Amount Raised Late
Mid
Early
$10M -$50M
$5M -$10M
$100M+
$50M -$100M
$0 -$5M
Undisclosed
Source: CapIQ , Pitchbook & DSP Research
467
32 10
$1.7B
$1.7B
$2.8B
91
107
128
11
28
18
110
16
$0.2B
$3.1B $2.0B
$0.0B$0.1B $0.1B $0.5B
$0.0B
196
181
58
63
7
$0.0B
$0.3B $0.4B
$1.1B
$0.2B $4.2B
PC / Console
Mobile
Platform/Tools
Hardware
Esports
Blockchain
Others
VR / AR

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FUND FUND AMOUNT
($M) FOCUS SEGMENT LOCATION
850.0 UA
250.0 UA
150.0 UA
150.0 UA
100.0 Mobile
86.0 Diversified
75.0 Mobile
59.2 European Developers
50.0 Esports
50.0 Diversified
NEW GAMING -FOCUSED FUNDS ANNOUNCED IN 2025
$1.5B+ OF CAPITAL RAISED FOR NEW FUNDS
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VC AND UA FUNDS ANNOUNCED IN 2025
Source: DSP ResearchNote: Drake Star did not act as financial advisor on transactions listed on this page

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GAMING KEY HEADLINES: Q4 2025
10
M&A
Public
Markets
• Coffee Stain Group debuted as a standalone public company in December with a $615M valuation. Embracer Group had announced in
May its intention to carry out this spin -off.
• Asmodee, which spun out of Embracer Group earlier this year, announced the pricing of a $371M debt offering that will be used refinance
existing borrowings.
• Kakao Games announced it had received an investment of $78M , which will help the company expand its presence in PC and console
gaming.
Fundraising
• Luma AI, the multimodal AI company behind Dream Machine, which can be used to create and edit video game cinematics, raised $900M in
a Series C round.
• General Intuition, an AI research lab leveraging data generated from video games, raised $134M in a seed round led by Khosla Ventures and
General Catalyst.
• CloudX , a new advertising platform for mobile publishers that integrates AI, raised $30M in a Series A round led by Addition.
• Cypher Games, a mobile games developer, raised a $30M Series A round led by Play Ventures and The Raine Group.
• TaleMonster Games, a casual mobile games company based in Istanbul, raised $30M from undisclosed investors.
• Lexip , a provider of gaming peripherals, including mouses and controllers, raised a $22.4M funding round. The company announced the
fundraise in conjunction with a rebranding from its previous name, Pixmind .
• Netflix entered into an agreement with W arner Bros. Discovery to acquire Warner Bros., including its gaming division, at an e nte rprise
value of $82.7B . Following the announcement of this deal, Paramount made hostile takeover bid for all of W BD at an enterprise value of
$108.4B .
• Netflix acquired Ready Player Me , a leading digital avatar technology company backed by prominent investors, including Andreessen
Horowitz and Konvoy Ventures. Drake Star advised Ready Player Me on the deal.
• Kakao Games sold its golf simulation subsidiary Kakao VX to IVG, a subsidiary of Kakao Investment, for $149.5M .
• NCSoft acquired 67% of the mobile gaming company Indygo , which owns the Vietnamese casual game developer Lihuhu , for $103.8M .
• SUD, a provider of distribution and development tools for mini -games, purchased the COCOS, a game engine, for $72M .
• Nintendo agreed to acquire Bandai Namco Studios Singapore from Bandai Namco for an undisclosed amount.
Source: CapIQ , Pitchbook & DSP Research Note: Drake Star did not act as financial advisor on transactions listed on this page except the Ready Player Me / Netflix transact ion
Indygo Group

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GAMING M&A TRANSACTIONS Q4 2025
11
43 DEALS AND $83B IN ANNOUNCED DEALS
# OF DEALS BY SEGMENT
Q4 2025
# OF DEALS BY REGION
Q4 2025
Note: Voodoo’s acquisition of BeReal is excluded from deal volume and deal value in Q224. Drake Star did not act as financial advisor on transactions listed on th is page. Source: CapIQ , Pitchbook & DSP Research
ANNOUNCED M&A DEALS BY QUARTER
14
6 9
1
7
4
2
Hardware Others
Platform/Tools
Esports
Mobile PC / Console
Blockchain
13
17
13
Asia and Others Europe North America
43 44
33
44 48 53 57
39
49 46 51 43
(1 70 )
(1 20 )
(7 0)
(2 0)
3 0
$0
$1
$2
$3
$4
$5
$6
$7
$8
$9
$10
Q123 Q223 Q323 Q423 Q124 Q224 Q324 Q424 Q125 Q225 Q325 Q425
Value ($B) Deal Count
$55
$83
$84

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GAMING M&A TRANSACTIONS Q4 2025
12
Source: CapIQ , Pitchbook & DSP Research
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43 ANNOUNCED DEALS AND $83B IN DISCLOSED DEAL VALUE
• SUD, a provider of distribution and development
tools for mini -games, purchased the COCOS, a
game engine, for $72M.
• The acquisition expands SUD’s offerings and allows
for synergies with SUD’s existing services and
products. As part of the deal, the team behind
COCOS will be integrated into SUD.
• Kakao Games sold its golf simulation subsidiary
Kakao VX to IVG for $149.5M.
• The sale took place after Kakao Games acquired a
minority stake in Kakao VX held by a financial
investor to gain full ownership of the subsidiary.
Proceeds from the sale will help Kakao Games
expand its presence in PC online and console.
• NCSoft acquired 67% of the mobile gaming
company Indygo , which owns the Vietnamese
casual game developer Lihuhu , for $103.8M.
• The move is part of NCSoft’s strategy to expand its
presence in casual mobile games. Earlier this year,
the company established its Mobile Casual Center
and made key hires to strengthen its mobile gaming
capabilities.
• Netflix entered into an agreement with W arner Bros.
Discovery to acquire Warner Bros., including its
gaming division, at an enterprise value of $82.7B.
This deal prompted a hostile takeover bid from
Paramount for all of WBD at an enterprise value of
$108.4B.
• The transaction grants Netflix a vast portfolio of
valuable Ips. W arner Bros.’ game division also
expands Netflix’s game development capabilities.
• Netflix acquired Ready Player Me, a leading digital
avatar technology company backed by prominent
investors, including Andreessen Horowitz and
Konvoy Ventures. Drake Star advised Ready Player
Me on the deal.
• Netflix will leverage Ready Player Me’s
development tools and infrastructure to power
cross -game avatars, enabling players to carry their
personalities and fandom across multiple games.
• Nintendo agreed to acquire Bandai Namco Studios
Singapore from Bandai Namco.
• Bandai Namco Studios Singapore helped in the
development of past Nintendo games, such as
Splatoon 3. The studio will be renamed Nintendo
Studios Singapore.
$82.7B
Indygo Group $103.8M
$149.5M
$72.0M Singapore
Note: Drake Star did not act as financial advisor on transactions listed on this page except the Ready Player Me / Netflix transact ion
IVG

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130
7
0
$0.6B
$0.9B
GAMING PRIVATE PLACEMENTS Q4 2025
13
137 DEALS AND $1.5B IN DISCLOSED PRIVATE PLACEMENTS PRIVATE PLACEMENTS ($B): BY QUARTER
Source: CapIQ , Pitchbook & DSP Research Note: Drake Star did not act as financial advisor on transactions listed on this page
DEAL VALUE BY SEGMENT
Late Mid Early
Q4 2025: $1.5B RAISED Q4 2025: 137 DEALS
# OF DEALS BY SEGMENT
29
27
41
9
4
1
23
3
$0.0B
$0.1B
$1.2B
$0.0B
$0.0B$0.0B
$0.1B
$0.0B
Hardware Others Platform/Tools VR / AR Esports Mobile PC / Console Blockchain
212 202 189
170
192 187 180
153 149
105 118
137
$0.0
$0.5
$1.0
$1.5
$2.0
$2.5
$3.0
$3.5
$4.0
$4.5
$5.0
Q123 Q223 Q323 Q423 Q124 Q224 Q324 Q424 Q125 Q225 Q325 Q425
Value ($B) Deal Count

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TARGET SEGMENT DATE DEAL VALUE
($M)
VALUATION
($M) SELECT INVESTORS TARGET
COUNTRY
Platform/Tools Nov -25 900.0 – HUMAIN, AMD Ventures
Platform/Tools Oct -25 133.7 – Khosla Ventures, General Catalyst
Platform/Tools Nov -25 30.0 – Addition, Terrain
Mobile Oct -25 30.0 – Play Ventures, The Raine Group
Mobile Dec -25 30.0 – Undisclosed
Hardware Nov -25 22.4 – Undisclosed
Platform/Tools Nov -25 20.0 – Garry Tan, Aydin Senkut , George Bousis
Blockchain Nov -25 18.9 – Undisclosed
PC/Console Dec -25 16.7 – Undisclosed
Hardware Dec -25 15.3 – Unless
GAMING PRIVATE PLACEMENTS: Q4 2025
TOP PRIVATE PLACEMENTS
Source: CapIQ , Pitchbook & DSP Research Note: Drake Star did not act as financial advisor on transactions listed on this page
14 www.drakestar.com

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GAMING PRIVATE PLACEMENTS Q4 2025
15
137 ANNOUNCED DEALS AND $1.5B IN DISCLOSED VALUE
Source: CapIQ , Pitchbook & DSP Research
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Note: Drake Star did not act as financial advisor on transactions listed on this page
• Cypher Games, a mobile games developer, raised
a $30M Series A round led by Play Ventures and
The Raine Group.
• The company plans to use the funding to assist in
the continued development of its debut game,
Match Squad, ahead of its launch in the United
States.
• TaleMonster Games, a casual mobile games
company based in Istanbul, raised $30M from
undisclosed investors.
• So far, the company has released one title, the
match 3 puzzle game Match Valley. Earlier this
year, the company raised a $7M seed round led by
General Catalyst.
• Luma AI, the multimodal AI company behind
Dream Machine, which can be used to create and
edit video game cinematics, raised $900M in a
Series C round.
• The round was led by HUMAIN with participation
from AMD Ventures, Andreessen Horowitz,
Amplify Partners, and Matrix Partners.
• General Intuition, an AI research lab leveraging
data generated from video games, raised $134M
in a seed round led by Khosla Ventures and
General Catalyst.
• The company spun out of the video game clip
sharing platform Medal with the goal of training AI
models and agents using Medal’s library of video
game footage.
$134M Raised
• CloudX, a new advertising platform for mobile
publishers that integrates AI, raised $30M in a
Series A round led by Addition.
• The company has developed a new ad auction
infrastructure that operates in a Trusted Execution
Environment with the goal of ensuring fair and
transparent auctions.
• Lexip, a provider of gaming peripherals, including
mouses and controllers, raised a $22.4M funding
round. The company announced the fundraise in
conjunction with a rebranding from its previous
name, Pixmind .
• Lexip has partnered with game developers, such
as Ubisoft and EA, to produce products utilizing
their IP.
$30M Raised
$30M Raised
$22.4M Raised $30M Raised
$900M Raised

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VC DEALS SELECT INVESTMENTS LOCATION
9
5
5
4
4
4
4
3
3
3
MOST ACTIVE INVESTORS
16
Source: CapIQ , Pitchbook & DSP Research
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SEED FOCUSED GAMING VC FUNDS
Note: The league tables above do not include accelerator investments. Drake Star did not act as financial advisor on transact ions listed on this page.
VC DEALS SELECT INVESTMENTS LOCATION
12
11
9
7
6
5
4
4
4
3
LARGE VC FUNDS: SERIES A AND B FOCUSED
TOP INVESTORS BY LTM DEAL COUNT

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VC DEALS SELECT INVESTMENTS LOCATION
11
6
6
4
4
3
3
3
3
3
MOST ACTIVE INVESTORS
17
INVESTOR DEALS SELECT INVESTMENTS LOCATION
8
4
4
4
3
3
2
2
2
2
Source: CapIQ , Pitchbook & DSP Research
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STRATEGIC GAMING INVESTORS BLOCKCHAIN INVESTORS
Note: The league tables above do not include accelerator investments. Drake Star did not act as financial advisor on transact ions listed on this page.
TOP INVESTORS BY LTM DEAL COUNT

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GAMING LEAGUE TABLES: TOP BUYERS
18
TOP 10 STRATEGIC BUYERS LTM
COMPANY DISCLOSED DEAL
VALUE ($M) # OF DEALS SELECT DEALS
$58,500 3
$82,700 2
$900 1
$626 3
$250 1
$104 2
– 3
$5 3
– 3
– 2
BUYERS LEAGUE TABLE
Source: CapIQ , Pitchbook & DSP Research
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Note: Deal value only includes publicly disclosed transaction values. Drake Star did not act as financial advisor on transactions listed on this page except the Ready Player Me / Netflix transact ion.
Games Division
Games Division
Indygo Group

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PUBLIC MARKET VALUATIONS
19
ONLINE / MOBILE GAME DEVELOPERS & PUBLISHERS
COMPANY NAME TICKER COUNTRY LTM PRICE MCAP EV REVENUE EBITDA EV/REVENUE EV/EBITDA PRICE/EARNINGS REVENUE GROWTH EBITDA GROWTH EBITDA / REV North America / Europe – Mobile Focused LTM LTM LTM NTM LTM NTM LTM NTM LTM NTM LTM NTM LTM Light & W onder LNW US 30-Sep -25 $105.10 $8,367.3 $13,165.6 $3,221.0 $1,142.0 4.1x 3.7x 11.2x 8.5x 22.7x 14.0x 2% 10% 6% 35% 35.5% Playtika PLTK IL 30-Sep -25 $3.95 $1,485.4 $3,376.6 $2,726.9 $603.3 1.2x 1.2x 5.3x 4.5x 17.1x 7.3x 7% 2% -2% 24% 22.1% Modern Times Group MTG B SE 30-Sep -25 $12.44 $1,443.9 $1,778.2 $1,077.1 $217.7 1.6x 1.4x 8.0x 5.7x NM 16.5x 72% 19% 40% 40% 20.2% Stillfront Group SF SE 30-Sep -25 $0.71 $365.3 $796.0 $682.7 $119.5 1.1x 1.3x 6.3x 4.5x NM 4.2x -12% -10% -6% 45% 17.5% Huuuge HUG US 30-Sep -25 $6.65 $272.3 $69.7 $238.7 $81.8 0.3x 0.3x 0.8x 0.8x 5.3x 5.0x -8% -9% 8% 1% 34.3% GDEV GDEV CY 30-Sep -25 $15.00 $272.0 $183.0 $412.0 $72.2 0.4x 0.4x 2.9x 2.0x 4.9x 3.8x -5% 1% 77% 27% 17.5% Ten Square Games TEN PL 30-Sep -25 $25.32 $161.0 $132.9 $100.6 $25.5 1.3x 1.3x 5.1x 4.9x 7.3x 8.2x -9% 1% -29% 5% 25.3% G5 Entertainment G5EN SE 30-Sep -25 $9.94 $77.3 $50.6 $106.1 $6.5 0.5x 0.5x 7.5x 2.6x 10.8x 9.7x -15% -2% -43% 189% 6.1% East Side Games EAGR CA 30-Sep -25 $0.22 $17.1 $16.2 $56.1 $0.1 0.3x 0.2x NM 3.9x NM NM -6% 19% -99% NM 0.2%
Average 1.2x 1.1x 5.9x 4.2x 11.3x 8.6x 3% 3% -5% 46% 19.9% Median 1.1x 1.2x 5.8x 4.5x 9.0x 7.7x -6% 1% -2% 31% 20.2%
North America / Europe – PC / Console Focused Electronic Arts EA US 30-Sep -25 $204.33 $50,960.8 $51,899.8 $7,288.0 $1,567.0 7.1x 6.2x 29.8x 15.6x 59.2x 20.8x -2% 15% -17% 112% 21.5%
Take -Two Interactive TTWO US 30-Sep -25 $256.03 $47,308.9 $48,705.1 $6,219.9 $768.5 7.8x 7.3x 56.7x 50.3x NM 76.7x 14% 7% 114% 26% 12.4% CD Projekt CDR PL 30-Sep -25 $67.06 $6,700.4 $6,435.1 $309.3 $144.5 20.6x 24.9x 43.7x 56.7x 42.6x 72.6x 1% -17% 22% 22% 46.7% Asmodee ASMDEE B FR 30-Sep -25 $11.49 $2,789.4 $3,304.4 $1,786.7 $235.6 1.8x 1.8x 12.9x 10.5x NM 13.4x 0% 5% 0% 34% 13.2% Paradox Interactive PDX SE 30-Sep -25 $17.64 $1,863.3 $1,771.6 $215.0 $77.2 8.1x 6.4x 21.3x 9.8x 27.0x 26.9x -19% 25% -16% 129% 35.9% Embracer Group EMBRAC B SE 30-Sep -25 $6.58 $1,469.3 $1,080.2 $2,124.5 $602.9 0.5x 0.6x 1.6x 2.1x 2.9x 47.0x NA -10% NA 15% 28.4% Ubisoft UBI FR 30-Sep -25 $7.56 $1,018.1 $2,689.1 $2,211.8 -$191.6 1.2x 1.2x NM 3.7x NM NM -12% 1% NA NM -8.7% everplay group EVPL GB 30-Jun-25 $4.50 $647.7 $571.2 $216.9 $56.0 2.7x 2.4x 10.2x 8.7x 22.0x 12.8x -5% 10% -1% 19% 25.8% PlayW ay PLW PL 30-Sep -25 $71.24 $470.2 $437.5 $80.1 $43.4 5.4x 5.2x 10.0x 8.1x 14.5x NA -6% 4% -15% 23% 54.2% Remedy Entertainment REMEDY FI 30-Sep -25 $17.85 $242.7 $220.2 $63.5 -$16.7 3.5x 3.4x NM 32.9x NM NM 13% 3% NA 140% -26.3% Digital Bros DIB IT 30-Sep -25 $15.50 $221.1 $219.7 $138.0 $59.5 1.6x 1.3x 3.7x 3.3x NM 12.3x -1% 19% 14% 13% 43.1% Frontier Developments FDEV GB 31-May -25 $5.96 $211.9 $180.4 $122.1 $13.5 1.5x 1.4x 11.1x 3.5x 10.9x 18.9x 1% 7% NA NM 11.0% Devolver Digital DEVO US 30-Jun-25 $0.32 $153.6 $120.2 $92.0 $4.6 1.3x 1.1x 25.3x 13.6x NM 19.3x -8% 18% 32% 92% 5.0% Pullup Entertainment ALPUL FR 30-Sep -25 $18.39 $145.1 $268.5 $338.3 $90.2 0.8x 0.8x 3.0x 2.2x NM 5.8x -14% -6% -41% 32% 26.7% CI Games CIG PL 30-Sep -25 $0.73 $139.7 $149.5 $17.5 -$10.2 8.4x 16.5x NM 4.4x NM NA -74% -49% NA NM -58.0% Bloober Team BLO PL 30-Sep -25 $6.78 $130.6 $144.6 $36.5 $14.1 3.9x NA 9.9x NA 9.3x NA 63% NA 182% NA 38.6% EG7 EG7 SE 30-Sep -25 $1.47 $130.2 $128.2 $213.3 $37.7 0.6x 0.6x 3.0x 2.8x NM NM 6% -9% 68% 18% 17.7% Nacon NACON FR 30-Sep -25 $0.62 $67.2 $214.1 $198.3 $3.2 1.1x 0.9x 32.3x 2.5x NM 5.7x -4% 15% -74% NM 1.6% People Can Fly PCF PL 30-Jun-25 $1.09 $39.3 $51.5 $63.5 -$44.0 0.8x NA NM NA NM NA 45% NA NA NA -69.2% tinyBuild TBLD US 30-Jun-25 $0.09 $37.1 $32.2 $34.9 -$11.7 0.9x 0.9x NM NM NM NM -8% 3% NA 101% -33.6% Snail Games SNAL US 30-Sep -25 $0.89 $33.6 $26.6 $82.3 -$11.5 0.3x 0.2x NM 7.7x NM NM -5% 32% NA 130% -14.0% Skonec Entertainment A276040 KR 30-Sep -25 $1.02 $22.1 $16.1 $4.2 -$5.2 3.9x NA NM NA NM NA 38% NA NA NA -123.4% Starbreeze AB STAR B SE 30-Sep -25 $0.01 $18.5 $8.5 $24.0 -$36.1 0.3x 0.4x NM 1.6x NM 13.7x 8% -8% NA 115% -150.4%
Average 3.7x 4.2x 18.3x 12.6x 23.5x 26.6x 1% 3% 21% 64% -4.4% Median 1.6x 1.4x 11.1x 7.7x 18.3x 18.9x -1% 4% 0% 33% 12.4%
Source: CapIQ , As of December 31, 2025, in $M except share price. EV/EBITDA and P/E multiples less than 0 and greater than 100 are denoted as NM. Growth rates showing a greater than 200% change or less than -200% change are denoted as NM.

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PUBLIC MARKET VALUATIONS
20
DEVELOPERS IN JAPAN / KOREA AND CHINA (SHENZHEN LISTED)
COMPANY NAME TICKER COUNTRY LTM PRICE MCAP EV REVENUE EBITDA EV/REVENUE EV/EBITDA PRICE/EARNINGS REVENUE GROWTH EBITDA GROWTH EBITDA / REV Japan/Korea LTM LTM LTM NTM LTM NTM LTM NTM LTM NTM LTM NTM LTM Sony 6758 JP 30-Sep -25 $25.67 $153,134.0 $155,926.9 $88,858.0 $13,504.0 1.9x 2.0x 11.7x 10.8x 20.1x 21.5x 3% -5% 22% 13% 15.2% Nintendo 7974 JP 30-Sep -25 $67.58 $78,675.2 $65,192.0 $11,765.7 $2,182.1 5.9x 4.7x 26.2x 25.4x 33.4x 32.6x 24% 25% -16% 25% 18.5% NEXON 3659 JP 30-Sep -25 $24.41 $19,365.1 $15,134.6 $2,913.9 $910.7 5.5x 4.4x 17.8x 14.7x 27.5x 25.9x -4% 24% -5% 20% 31.3% Konami Holdings 9766 JP 30-Sep -25 $136.04 $18,441.6 $17,059.0 $3,124.3 $1,050.8 5.8x 5.3x 17.2x 15.2x 34.1x 27.8x 18% 8% 23% 13% 33.6% BANDAI NAMCO 7832 JP 30-Sep -25 $26.61 $17,225.9 $14,853.6 $8,608.3 $1,467.3 1.8x 1.9x 10.5x 10.4x 21.3x 20.3x 10% -2% 20% 3% 17.0% Capcom 9697 JP 30-Sep -25 $23.29 $9,740.3 $8,906.5 $1,313.3 $603.8 7.2x 6.8x 15.6x 16.0x 25.2x 26.2x 45% 5% 84% 2% 46.0% KRAFTON A259960 KR 30-Sep -25 $170.42 $7,607.0 $5,910.8 $2,152.9 $989.6 2.8x 2.4x 6.4x 5.4x 9.0x 10.1x 15% 20% 12% 13% 46.0% Square Enix 9684 JP 30-Sep -25 $18.24 $6,575.9 $5,025.6 $2,032.7 $375.2 2.6x 2.7x 14.2x 13.4x 45.4x 31.2x -12% -5% 26% 6% 18.5% Koei Tecmo 3635 JP 30-Sep -25 $12.15 $4,060.3 $3,788.8 $535.3 $211.9 7.5x 6.4x 18.9x 16.7x 17.4x 18.1x -1% 17% 15% 13% 39.6% Sega Sammy 6460 JP 30-Sep -25 $15.61 $3,282.8 $3,303.0 $2,827.2 $299.5 1.2x 1.0x 10.6x 7.2x 30.0x 12.3x -9% 27% -33% 62% 10.6% NetMarble A251270 KR 30-Sep -25 $33.43 $2,738.7 $3,233.8 $1,912.4 $286.5 1.7x 1.6x 9.3x 9.5x 39.0x 16.3x 0% 11% 16% 22% 15.0% NCSoft A036570 KR 30-Sep -25 $139.59 $2,707.0 $1,537.2 $1,076.4 -$18.7 1.5x 1.1x NM 7.2x 11.4x 15.7x -6% 29% NA NM -1.7% DeNA 2432 JP 30-Sep -25 $16.19 $1,802.6 $1,560.8 $1,195.3 $398.9 1.4x 1.6x 3.7x 6.9x 6.4x 10.3x 34% -13% NM 40% 33.4% Pearl Abyss A263750 KR 30-Sep -25 $25.91 $1,591.3 $1,400.8 $260.4 $14.3 5.5x 3.4x NM 15.1x 43.3x 15.6x 10% 62% NM NM 5.5% SHIFT UP A462870 KR 30-Sep -25 $24.59 $1,450.0 $984.2 $209.0 $138.8 4.8x 6.2x 7.3x 10.2x 10.9x 14.9x 42% -22% 37% 29% 66.4% Kakao Games A293490 KR 30-Sep -25 $10.32 $918.0 $1,178.2 $355.5 $11.9 3.4x 3.0x NM 22.8x NM 43.6x -12% 12% -85% NM 3.3% GungHo Online 3765 JP 30-Sep -25 $16.05 $872.4 $184.9 $680.5 $58.0 0.3x 0.3x 3.4x 4.0x 33.2x 21.3x -3% 4% -59% 15% 8.5% DOUBLEUGAMES A192080 KR 30-Sep -25 $37.13 $726.3 $543.3 $481.1 $174.6 1.2x 1.0x 3.2x 2.9x 6.6x 6.9x 7% 19% -7% 9% 36.3% NHN Entertainment A181710 KR 30-Sep -25 $20.12 $628.8 $206.7 $1,761.5 $135.8 0.1x 0.1x 1.6x 1.3x NM 13.9x 3% 10% NM 19% 7.7% W eMade Entertainment A112040 KR 30-Sep -25 $17.28 $584.3 $717.0 $417.9 $29.5 1.8x 1.7x 7.6x 12.2x 5.3x 14.6x -12% 4% NA 104% 7.1% Gree 3632 JP 30-Sep -25 $2.55 $437.9 $85.6 $384.7 $43.0 0.2x 0.2x 2.1x NA 17.7x 17.4x -3% -3% 0% NA 11.2% DoubleDown Interactive DDI KR 30-Sep -25 $8.63 $427.6 $29.6 $346.1 $136.6 0.1x 0.1x 0.2x 0.2x 3.8x 3.6x 1% 14% -3% 11% 39.5% Com2uS A078340 KR 30-Sep -25 $20.12 $229.9 $321.6 $501.4 $1.2 0.7x 0.6x NM 8.7x NM 11.5x 6% 3% -84% NM 0.2% JOYCITY A067000 KR 30-Sep -25 $1.42 $99.5 $154.5 $89.3 $6.8 1.8x NA 24.0x NA NM NA -18% NA -64% NA 7.6% Me2on A201490 KR 30-Sep -25 $2.50 $81.5 $99.2 $64.2 $11.8 1.6x NA 9.3x NA NM NA -10% NA -23% NA 18.4% GAMEVIL A063080 KR 30-Sep -25 $11.04 $72.8 $140.3 $65.2 -$11.2 2.2x NA NM NA NM NA -43% NA NA NA -17.2% T3 Entertainment A204610 KR 30-Sep -25 $1.28 $71.8 $28.2 $47.2 $11.3 0.6x NA 2.3x NA 7.4x NA 23% NA 84% NA 23.9%
Average 2.6x 2.5x 10.1x 10.7x 21.3x 18.8x 4% 11% -2% 23% 20.0% Median 1.8x 1.9x 9.3x 10.3x 20.1x 16.3x 1% 10% 0% 14% 17.0% China (Shenzhen listed)
Zhejiang Century Huatong 002602 CN 30-Sep -25 $2.44 $17,797.4 $16,864.9 $4,819.9 $1,021.3 3.4x 2.6x 15.9x 11.3x 32.5x 16.6x 80% 30% 147% 43% 21.2% Giant Network 002558 CN 30-Sep -25 $6.19 $11,700.1 $10,984.5 $572.1 $159.2 18.9x 10.6x 67.1x 21.3x 44.5x 24.3x 42% 79% 29% NM 27.8% Quihoo 360 601360 CN 30-Sep -25 $1.60 $11,178.2 $8,130.2 $1,180.8 -$31.4 6.8x 6.8x NM NM NM NM 6% NM NA NA -2.7% Beijing Kunlun 300418 CN 30-Sep -25 $5.96 $7,484.3 $7,634.6 $1,073.0 -$149.0 7.0x 7.5x NM NM NM NM 51% -7% NA 41% -13.9% 37Games 002555 CN 30-Sep -25 $3.37 $7,422.1 $6,753.3 $2,326.4 $457.6 2.9x 2.9x 14.4x 12.4x 16.6x 16.1x -7% 0% 23% 17% 19.7% Kingnet Network 002517 CN 30-Sep -25 $3.13 $6,680.2 $6,164.6 $739.6 $260.5 8.2x 6.4x 22.9x 15.4x 24.0x 16.3x 1% 28% 11% 51% 35.2% Perfect W orld 002624 CN 30-Sep -25 $2.34 $4,646.5 $4,189.1 $971.2 $27.4 4.2x 3.5x NM 15.3x NM 23.4x 22% 22% NA NM 2.8% Ourpalm 300315 CN 30-Sep -25 $0.71 $1,912.3 $1,562.1 $98.7 -$4.1 15.6x 16.1x NM 76.1x NM NM -24% -3% NA NA -4.2% Youzu Interactive 002174 CN 30-Sep -25 $1.75 $1,696.9 $1,552.8 $204.6 $26.2 7.5x 7.0x 54.8x 17.4x NM 28.9x 1% 6% -36% NM 12.8% Dalian Zeus 002354 CN 30-Sep -25 $0.91 $1,506.9 $1,471.1 $265.0 $8.5 5.5x 5.6x NM NM NM NM 18% -3% NM 61% 3.2% ZQ Games 300052 CN 30-Sep -25 $1.80 $470.2 $498.5 $27.1 $2.2 18.1x 16.9x NM NA NM NM -20% 7% NA NA 8.3%
Average 8.9x 7.8x 35.0x 24.2x 29.4x 20.9x 15% 16% 35% 43% 10.0% Median 7.0x 6.8x 22.9x 15.4x 28.2x 20.0x 6% 6% 23% 43% 8.3%
Source: CapIQ , As of December 31, 2025, in $M except share price. EV/EBITDA and P/E multiples less than 0 and greater than 100 are denoted as NM. Growth rates showing a greater than 200% change or less than -200% change are denoted as NM.

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PUBLIC MARKET VALUATIONS
21
ONLINE/MOBILE GAME DEVELOPERS IN CHINA/INDIA/SE ASIA AND HARDWAR E/PLATFORMS/ADVERTISING/TOOLS/ESPORTS
COMPANY NAME TICKER COUNTRY LTM PRICE MCAP EV REVENUE EBITDA EV/REVENUE EV/EBITDA PRICE/EARNINGS REVENUE GROWTH EBITDA GROWTH EBITDA / REV China, South East Asia (US and HKG listed) & India LTM LTM LTM NTM LTM NTM LTM NTM LTM NTM LTM NTM LTM Tencent Holdings 700 CN 30-Sep -25 $76.96 $693,847.9 $704,390.1 $102,517.3 $36,261.1 6.9x 6.1x 17.3x 13.5x 23.5x 17.8x 14% 10% 16% 41% 35.4% NetEase NTES CN 30-Sep -25 $137.62 $87,344.9 $68,098.6 $15,707.8 $5,276.1 4.3x 4.0x 12.8x 13.9x 0.0x NA 6% 6% 21% 9% 33.6% Sea Limited SE SG 30-Sep -25 $127.57 $75,524.0 $69,973.8 $21,037.0 $1,792.1 3.3x 2.7x 32.5x 18.3x 55.6x 29.8x 36% 25% 139% 114% 8.5% International Games System 3293 TW 30-Sep -25 $22.96 $6,470.3 $6,077.2 $702.1 $417.7 8.9x 7.9x 15.0x 13.1x 19.7x 16.8x 24% 13% 32% 14% 59.5% Kingsoft 3888 HK 30-Sep -25 $3.65 $5,040.9 $2,260.2 $1,384.6 $301.3 1.6x 1.4x 9.3x 4.7x 24.6x 20.0x 0% 15% -29% 58% 21.8% G-bits Network 603444 CN 30-Sep -25 $60.60 $4,348.3 $3,803.1 $753.3 $301.7 5.0x 4.3x 12.3x 11.3x 20.3x 15.9x 45% 15% 68% 10% 40.1% XD 2400 CN 30-Jun-25 $8.33 $4,034.3 $3,635.6 $819.9 $216.9 4.4x 3.8x 16.2x 12.7x 21.3x 17.7x 52% 14% NM 29% 26.5% JOYY JOYY CN 30-Sep -25 $64.76 $3,301.4 $2,122.6 $2,091.8 $133.8 1.0x 0.9x 13.2x 11.4x 2.0x 15.7x -7% 7% 8% 39% 6.4% Nazara 543280 IN 30-Sep -25 $3.04 $1,127.8 $1,075.1 $234.2 $18.9 4.6x 4.4x NM 32.0x 0.0x NA 80% 5% 76% 80% 8.1% NetDragon 777 CN 30-Jun-25 $1.34 $706.1 $751.9 $715.7 $95.1 1.0x 1.1x 6.8x 5.0x NM 12.0x -24% -3% -37% 54% 13.3% HUYA HUYA CN 30-Sep -25 $2.88 $643.7 $117.9 $879.3 -$15.0 0.1x 0.1x NM 4.8x NM 20.8x 2% 11% NA NM -1.7% Zengames Technology 2660 IN 30-Jun-25 $0.32 $324.2 $2.8 $200.0 $53.3 0.0x NA 0.1x NA 7.7x NA -27% NA -49% NA 26.7% Gamania Digital Entertainment 6180 IN 30-Sep -25 $1.67 $292.3 $280.3 $299.0 $8.2 1.0x 1.1x 25.4x 3.9x NM 67.9x -17% -9% -75% NM 2.8% Archosaur Games 9990 CN 30-Jun-25 $0.21 $163.2 -$42.1 $186.5 -$37.1 NM NA NM NA NM 20.7x 41% NA NA NA -19.9% iDreamSky 1119 CN 30-Jun-25 $0.07 $149.5 $323.1 $189.0 -$10.6 1.7x NA NM NA NM NA -18% NA NA NA -5.6% CMGE Technology Group 302 IN 30-Jun-25 $0.05 $148.2 $173.2 $203.8 -$99.1 0.8x 0.8x NM NA NM NA -37% 6% NA NA -48.6% FriendTimes 6820 IN 30-Jun-25 $0.06 $122.9 $27.8 $175.9 $8.8 0.2x 0.1x 3.1x 1.1x 13.6x 5.9x 31% 12% NA 187% 5.0% W inking Studios W KS SG 30-Jun-25 $0.19 $82.5 $60.6 $36.1 -$0.8 1.7x 1.4x NM 14.5x NM 37.3x 19% 21% NA NM -2.3% Ourgame 6899 KY 30-Jun-25 $0.03 $30.5 $29.6 $11.9 -$5.9 2.5x NA NM NA NM NA -7% NA NA NA -49.5%
Average 2.7x 2.7x 13.7x 11.4x 17.1x 23.0x 11% 10% 15% 58% 8.4% Median 1.7x 1.4x 13.0x 12.0x 19.7x 17.8x 6% 11% 16% 41% 8.1% Hardware, Platforms, Advertising & ToolsNVIDIA NVDA US 26-Oct-25 $186.50 $4,531,763.5 $4,481,977.5 $187,142.0 $112,696.0 23.9x 15.0x 39.6x 21.3x 46.2x 26.7x 65% 60% 55% 87% 60.2% Applovin APP US 30-Sep -25 $673.82 $227,720.8 $229,565.9 $6,307.5 $3,913.9 36.4x 32.4x 58.3x 39.3x 81.8x 50.4x 98% 12% 123% 49% 62.1% Dell DELL US 31-Oct-25 $125.88 $83,419.4 $105,887.4 $104,090.0 $10,498.0 1.0x 0.9x 9.8x 8.1x 16.8x 10.9x 11% 17% 13% 25% 10.1% Roblox RBLX US 30-Sep -25 $81.03 $56,877.0 $55,763.6 $4,463.7 -$885.8 12.5x 7.2x NM 30.7x NM NM 33% 74% NA NM -19.8% Hewlett Packard HPE US 31-Oct-25 $24.02 $32,055.5 $51,152.5 $34,296.0 $4,491.0 1.5x 1.3x 10.5x 7.5x NM 10.2x 14% 19% -11% 52% 13.1% Unity U US 30-Sep -25 $44.17 $18,900.9 $19,583.1 $1,803.7 -$54.8 10.9x 9.7x NM 39.0x NM 50.9x -8% 12% NA NM -3.0% Logitech LOGN CH 30-Sep -25 $102.83 $15,101.5 $13,813.8 $4,684.4 $794.0 2.9x 2.8x 16.9x 16.0x 23.2x 21.5x 5% 5% 5% 9% 16.9% ASUS 2357 TW 30-Sep -25 $17.45 $12,962.0 $12,494.8 $22,631.7 $1,110.7 0.6x 0.5x 10.3x 10.2x 11.8x 11.5x 25% 10% 1% 13% 4.9% MSI 2377 TW 30-Sep -25 $3.06 $2,585.5 $2,012.1 $7,350.6 $209.1 0.3x 0.3x 9.3x 6.5x 17.8x 12.1x 15% 4% -28% 52% 2.8% Acer 2353 TW 30-Sep -25 $0.84 $2,527.4 $2,993.1 $8,768.2 $171.5 0.4x 0.3x 14.0x 10.2x 19.2x 15.9x 2% 5% -15% 76% 2.0% Corsair Gaming CRSR US 30-Sep -25 $5.94 $633.1 $765.2 $1,449.2 $34.9 0.5x 0.5x 13.1x 7.9x NM 10.5x 10% 6% NM 179% 2.4% Atari ALATA FR 31-Mar -25 $0.14 $77.7 $137.0 $36.3 $13.0 3.5x NA 9.7x NA NM NA 63% NA NM NA 35.7% Flexion Mobile FLEXM GB 30-Sep -25 $0.28 $16.1 -$2.3 $98.9 -$1.5 NM NM NM NM NM NA -6% 3% NA 127% -2% GLOE 9565 JP 31-Oct-25 $5.17 $14.3 $14.8 $18.4 $0.4 0.8x NA 34.2x NA NM NA 26% NA 28% NA 2.4% Enthusiast Gaming EGLX CA 30-Sep -25 $0.03 $4.6 $34.1 $46.3 -$2.9 0.7x NA NM NA NM NA -19% NA NA NA -6.3%
Average 6.8x 6.4x 20.5x 17.9x 31.0x 22.0x 22% 19% 19% 67% 12.1% Median 1.3x 1.3x 13.1x 10.2x 19.2x 14.0x 14% 11% 5% 52% 2.8%
Source: CapIQ , As of December 31, 2025, in $M except share price. EV/EBITDA and P/E multiples less than 0 and greater than 100 are denoted as NM. Growth rates showing a greater than 200% change or less than -200% change are denoted as NM.

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2025 PERFORMANCE & NTM EBITDA MULTIPLES
GAMING COMPANY PERFORMANCE RANKINGS
22
Source: CapIQ as of December 31, 2025 Note: Drake Star Gaming index is not a fund. It an equal weighted index of 35 public gaming companies (listed on the tables above).
Company Year -end Multiple Company Year -end Multiple
56.7x 12.2x
50.3x 10.8x
39.0x 10.4x
32.0x 10.2x
30.7x 9.8x
25.4x 9.5x
22.8x 8.7x
18.3x 7.9x
16.7x 7.2x
16.0x 7.2x
16.0x 6.9x
15.6x 5.7x
15.2x 5.4x
15.1x 4.5x
14.0x 4.0x
13.9x 3.7x
13.5x 2.1x
13.4x Gaming Index 15.7x
Company Stock Return Company Stock Return
96.2% 10.2%
63.2% 7.3%
57.1% 6.2%
54.3% 5.7%
45.5% -6.7%
44.2% -9.0%
42.4% -10.0%
40.1% -10.4%
38.7% -17.6%
38.6% -18.8%
35.0% -19.0%
26.3% -21.3%
26.0% -22.7%
20.9% -29.0%
18.7% -38.2%
15.6% -44.0%
12.2% -50.1%
11.1% Gaming Index 12.0%
2025 PERFORMANCE VALUATION: END OF 2025 NTM EBTIDA MULTIPLES

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PERFORMANCE OF TOP GAMING COMPANIES BY TYPE AND GEO
MODEST RECOVERY OF PUBLIC STOCKS IN 2025
23 Source: CapIQ as of December 31, 2025 Note: Drake Star Gaming index is not a fund. It an equal weighted index of 35 public gaming companies (listed on the table above). Dra ke Star Gaming Indices by region and platform are equally weighted indices using the relevant Drake Star Gaming Index constituents. Stock return is based on the local currency of the stock exchange and adjusts for dividends. S&P 500 performance is given in terms of total return. The percentages provided in the legend are as of the end of Q 4 2025.
Jan 25 Feb 25 Mar 25 Apr 25 May 25 Jun 25 Jul 25 Aug 25 Sep 25 Oct 25 Nov 25 Dec 25
-20%
0%
20%
40%
Drake Star Gaming Index, 12.0% Drake Star Gaming Index – PC/Console, 17.3% Drake Star Gaming Index – Western, 15.2%
Drake Star Gaming Index – Mobile, -0.5% Drake Star Gaming Index – Asia, 10.0% S&P 500, 17.4%

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TOP COMPANIES IN DRAKE STAR GAMING INDEX
24
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Western Top 10
Company YTD Stock
Performance
63.2%
57.1%
45.5%
44.2%
42.4%
35.0%
26.0%
18.7%
15.6%
12.2%
Drake Star Gaming
Index – Asia 10.0%
Asia Top 10
YTD PERFORMANCE BY REGION AND PLATFORM
Company YTD Stock
Performance
96.2%
54.3%
40.1%
38.7%
38.6%
26.3%
20.9%
10.2%
-10.0%
-10.4%
Drake Star Gaming
Index – Western 15.2%
Company YTD Stock
Performance
63.2%
54.3%
45.5%
44.2%
42.4%
40.1%
38.7%
35.0%
26.3%
26.0%
Drake Star Gaming
Index – PC/Console 17.3%
PC / Console Top 10 Mobile Top 10
Company YTD Stock
Performance
57.1%
38.6%
20.9%
18.7%
11.1%
7.3%
-6.7%
-9.0%
-17.6%
-21.3%
Drake Star Gaming
Index – Mobile -0.5%
Source: CapIQ as of December 31, 2025 Note: Top 10 by region or platform out of the 35 companies in the Drake Star index based on 2025 YTD performance. Drake Star Gaming index is not a fund. It an equal weighted index of 35 public gaming companies (listed on pg. 22 ). Drake Star Gaming Indices by region and platform are equally weighted indices using the relevant Drake Star Gaming Index constituents. Stock return is based on the local currency of the stock exchange and adjusts for dividends.

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2026 MARKET OUTLOOK
SIGNIFICANT INCREASE IN M&A ACTIVITY ACROSS GAMING AND TECH IN 2 026
• We have a very positive outlook of the gaming & tech M&A market in 2026, following a year of
several mega deals.
• Key buyers to watch include PIF / Scopely , Netflix, Paramount, Tencent, KRAFTON, NCSoft ,
MTG, Take -Two, everplay , Sony, Keywords Studios / EQT, and Jagex / CVC. Private equity is
expected to remain a major force in the market, with several publicly listed gaming companies
increasingly viewed as attractive take -private opportunities.
• We anticipate a healthy number of seed and early -stage financings, following the positive trend in
the last quarters, along with select mid -to-late -stage rounds. Several new UA funds are expected
to help scale mid -stage mobile studios. For financings, AI, UGC, tools and tech platforms are
expected to continue to be shining stars.
• We expect to finally see the launch of GTA 6, likely the biggest game release ever, now targeted
for Nov’26. Other highly anticipated titles include Marvel’s Wolverine, Resident Evil: Requiem,
Lords of the Fallen II, and 007: First Light.
• With public markets recovering, we anticipate IPO -ready gaming companies like Discord,
Animoca Brands and MTG’s SimplePlay to go public this year.
25 www.drakestar.com
BUYERS TO WATCH

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GLOBAL REACH COMBINED WITH LOCAL PRESENCE
26
ONE OF THE LARGEST TECH TEAMS ACROSS NORTH AMERICA, EUROPE AND ASIA
5
countries
+70%
cross -border
transactions
500+
transactions
+30
Partners &
Senior Advisors
+45
Deal of the Year
Awards
8
offices

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Drake Star is an award -winning global tech investment bank that has completed over 500 transactions
since 2013. Drake Star team of senior professionals across offices in New York, London, Paris, Munich,
San Francisco, Los Angeles, Berlin, and Dubai* focuses on mergers & acquisitions and corporate finance
services worldwide in Consumer & Retail Technology, Digital Media, FinTech, Mobility &Sustainability,
Software/SaaS, Digital Services, and Industrial Tech sectors..
This report is published solely for informational purposes and is not to be construed as an offer to sell or
the solicitation of an offer to buy any security. The information herein in based on sources we believe to
be reliable but is not guaranteed by us, and we assume no liability for its use. Any opinions expressed
herein are statements of our judgment on this date and are subject to change without notice.
All product and company names are trademarks or registered trademarks of their respective holders. Use
of them does not imply any affiliation with or endorsement by them.
Drake Star did not act as a financial advisor for the transactions in this report if not stated otherwise.
Drake Star is the marketing name for the global investment bank Drake Star Partners Limited and its
subsidiaries and affiliates. In the USA, all securities are transacted through Drake Star Securities LLC. In
the USA, Drake Star Securities LLC is regulated by FINRA and is a member of SIPC .. Drake Star UK
Limited (FRN 942020) is an appointed representative of Razlin Ltd (FRN 730805), which is authorized
and regulated by the FCA . © 2026 Drake Star Partners Limited.
For more information, visit www.drakestar.com.
For more information on awards and criteria, consult: maadvisor.com, globalmanetwork.com or world –
congress.tmtfinance.com/awards/.
*Partner Office
For Institutional Use Only.
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