GDEV Inc FY2025 Q4 Earnings Release

G DEV
an nounces
pre lim in ary ,
unau dit e d
re su lt s
fo r
th e
fo urth
quarte r
an d
tw elv e
month s
of

2 025

M arc h
5,
2026
– Lim asso l,
Cyp ru s
– GDEV
In c.
(N ASD AQ :
GDEV),
an
in te rn atio nal
gam in g
and

e nte rta in m ent
co m pany
(“G DEV”
or
th e
“C om pany”)
re le ase d
it s
pre li m in ary ,
unaudit e d
fin ancia l
and

o pera tio nal
re su lt s
fo r
th e
fo urth
quarte r
and
tw elv e
month s
ended
Dece m ber
31,
2025.

F ourth
quarte r
2025
fin an cia l
hig hlig hts :

● Reve nue
of
$90
millio n
decre ase d
by
8%
ye ar- o ve r-y e ar.

● Sellin g
and
mark e tin g
exp ense s
of
$35
mill io n
decre ase d
by
25%
ye ar- o ve r-y e ar.

● Pro fit
fo r
th e
perio d,
net
of
ta x,
of
$14
millio n
in
Q4
2025
in cre ase d
vs.
$2
mill io n
in
Q4
2024.

● Adju ste d
EBIT D A
1
of
$15
millio n
in
Q4
2025
in cre ase d
vs.
$9
mil li o n
in
Q4
2024.

F ourth
quarte r
an d
tw elv e
month s
2025
fin an cia l
perfo rm an ce
in
co m paris o n

2
The
fin ancia l
in fo rm atio n
pre se nte d
fo r
th e
co m para tiv e
perio ds
of
2024
may
not
re co ncile
exa ctly
wit h

t h e
am ounts
pre vio usly
publis h ed
fo r
th ose
perio ds.
This
is
due
to
th e
re cla ssif ic a tio n
of
th e
Im pair m ent

l o ss
on
lo an
re ce iv a ble s
fr o m
Roya l
Ark
to
th e
Share
of
lo ss
of
equit y -a cco unte d
asso cia te s
li n e.

1
For
more
in fo rm atio n,
se e
se ctio n
tit le d
“P re se nta tio n
of
Non-IF R S
Fin ancia l
Measu re s”
on
th e
la st
tw o

p ages
of
th is
re port,
in clu din g
th e
re co ncilia tio n
of
th e
pro fit
fo r
th e
perio d,
net
of
ta x
to
th e
Adju ste d

E BIT D A.

U S$
millio n

Q 4

2025

Q 4
2024

C hange

( % )

1 2M
2025

1 2M
2024

C hange

( % )

R eve nue

9 0

9 8

( 8 % )

4 04

4 21

( 4 % )

P la tfo rm
co m mis sio ns

( 1 8)

( 2 1)

( 1 3% )

( 8 5)

( 9 1)

( 7 % )

G am e
opera tio n
co st

( 1 5)

( 1 3)

1 3%

( 5 7)

( 5 1)

1 2%

S ellin g
and
mark e tin g

e xp ense s

( 3 5)

( 4 7)

( 2 5% )

( 1 59)

( 2 09)

( 2 4% )

G enera l
and

a dm in is tr a tiv e

e xp ense s

( 9 )

( 8 )

1 4%

( 3 5)

( 3 2)

1 0%

P ro fit /lo ss
fo r
th e

p erio d,
net
of
ta x

1 4

2
N /M

6 9

N /M

A dju ste d
EBIT D A
2

1 5

9
6 6%

7 9

4 2

8 7%

C ash
flo w s
(u se d

i n )/g enera te d
fr o m

o pera tin g
activ it ie s

1 8

5
N /M

2 9

3 %

F ourth
quarte r
2025
fin an cia l
perfo rm an ce

I n
th e
fo urth
quarte r
of
2025
our
re ve nue
de cre ase d
by
$8
mill io n
(o r
8% )
ye ar- o ve r-y e ar
and
am ounte d

t o
$90
millio n,
re fle ctin g
a declin e
in
re co gnit io n
of
re ve nue
fr o m
both
cu rr e nt- p erio d
and
prio r-p erio d

b ookin gs.
This
was
main ly
due
to
declin in g
co nsu m er
sp endin g
le ve ls
in
th e
cu rr e n t
and
pre ce din g

y e ars ,
whic h
re duce d
th e
am ount
of
re ve nue
re co gniz e d
durin g
th e
quarte r.
The
decre ase
is
co nsis te nt

w it h
our
str a te gy
to
purs u e
more
dis cip lin ed
mark e tin g
sp endin g
and
fo cu s
on
attr a ctin g
hig her-q uali t y ,

b ette r-p ayin g
use rs
ra th er
th an
maxim iz in g
sh ort- te rm
vo lu m e.

P la tfo rm
co m mis sio ns
decre ase d
by
$3
millio n
(o r
13% )
in
th e
fo urth
quarte r
of
2025
to
re ach
$18

m illio n,
genera lly
pro portio nate
to
th e
decre ase
in
re ve nues.

G am e
opera tio n
co st
in cre ase d
by
$2
millio n
in
th e
fo urth
quarte r
of
2025
and
am ounte d
to
$15
mill io n,

m ain ly
driv e n
by
an
in cre ase
in
in ve stm ents
in
our
IT
in fr a str u ctu re .

S ellin g
and
mark e tin g
exp ense s
decre ase d
by
$12
mil li o n
in
th e
fo urth
quarte r
of
2025,
am ountin g
to

$ 35
millio n.
This
decre ase
was
driv e n
by
our
co ntin ued
fo cu s
on
im pro vin g
th e
eff ic ie ncy
of
use r

a cq uis it io n
activ it ie s.
The
decre ase
re fle cts
a more
se le ctiv e
appro ach
to
perfo rm ance
mark e tin g,

p rio rit iz in g
ch annels
th at
attr a ct
pla ye rs
wit h
hig her
lo ng-te rm
va lu e
ove r
bro adsca le
ca m paig ns
aim ed

a t
sh ort- te rm
gro w th .

G enera l
and
adm in is tr a tiv e
exp ense s
re m ain ed
re la tiv e ly
sta ble
at
$9
mill io n
in
th e
fo urth
quarte r
of

2 025
vs.
$8
millio n
in
th e
fo urth
quarte r
of
2024.

W e
re co rd ed
a pro fit
fo r
th e
perio d,
net
of
ta x,
of
$14
mill io n
in
th e
fo urth
quarte r
of
2025
co m pare d
wit h

$ 2
millio n
in
th e
sa m e
perio d
of
2024,
driv e n
prim aril y
by
th e
fa cto rs
above
and
i. )
decre ase
of
net

f in ancia l
exp ense s
in
Q4
2025
vs
Q4
2024
in
th e
am ount
of
$3
mill io n
and
ii. )
decre ase
of
sh are
of
lo ss

o f
equit y
acco unte d
asso cia te s
by
$6
milli o n
in
Q4
2025
as
co m pare d
wit h
th e
sa m e
perio d
of
prio r

y e ar.
Adju ste d
EBIT D A
am ounte d
to
$15
mil li o n
in
th e
fo urth
quarte r
of
2025,
an
in cre ase
of
$6
mill io n

c o m pare d
wit h
th e
sa m e
perio d
in
2024
driv e n
prim arily
by
th e
sa m e
fa cto rs
as
th ose
aff e ctin g
th e

p ro fit ,
exce pt
fo r
th e
decre ase
of
sh are
of
lo ss
of
equit y
acco unte d
asso cia te s,
whic h
does
not
im pact

A dju ste d
EBIT D A.

C ash
flo w s
genera te d
fr o m
opera tin g
activ it ie s
were
posit iv e
$18
mill io n
in
th e
fo urth
quarte r
of
2025

c o m pare d
wit h
posit iv e
$5
millio n
in
th e
sa m e
perio d
in
2024.

T w elv e
month s
2025
fin an cia l
perfo rm an ce

I n
th e
ye ar
ended
Dece m ber 3 1,
2025,
our
re ve nue
decre ase d
by
$17
mill io n
(o r
4% )
ye ar-o ve r-y e ar

a nd
am ounte d
to
$404
millio n,
re fle ctin g
a declin e
in
re co gnit io n
of
re ve nue
fr o m
both
cu rre nt- p erio d

a nd
prio r-p erio d
bookin gs.
This
was
main ly
due
to
declin in g
co nsu m er
sp endin g
le ve ls
in
th e
cu rre nt

a nd
pre ce din g
ye ars ,
whic h
re duce d
th e
am ount
of
re ve nue
re co gniz e d
durin g
th e
ye ar.
The
decre ase

i s
co nsis te nt
wit h
our
str a te gy
to
purs u e
more
dis cip lin ed
mark e tin g
sp endin g
and
fo cu s
on
attr a ctin g

h ig her-q ualit y ,
bette r-p ayin g
use rs
ra th er
th an
maxim iz in g
sh ort- te rm
vo lu m e.

P la tfo rm
co m mis sio ns
decre ase d
by
$7
millio n
(o r
7% )
in
th e
ye ar
ended
Dece m ber 3 1,
2025
to
re ach

$ 85
millio n,
genera lly
pro portio nate
to
th e
de cre ase
in
re ve nues.

G am e
opera tio n
co st
in cre ase d
by
$6
milli o n
in
th e
ye ar
ended
Dece m ber 3 1,
2025
and
am ounte d
to

$ 57
millio n,
main ly
driv e n
by
an
in cre ase
in
in ve stm ents
in
our
IT
in fr a str u ctu re .

S ellin g
and
mark e tin g
exp ense s
decre ase d
by
$50
mil li o n
in
th e
ye ar
ended
Dece m ber 3 1,
2025,

a m ountin g
to
$159
millio n.
This
decre ase
was
driv e n
by
our
co ntin ued
fo cu s
on
im pro vin g
th e
eff ic ie ncy

o f
use r
acq uis it io n
activ it ie s.
The
decre ase
re fle cts
a more
se le ctiv e
appro ach
to
perfo rm ance

m ark e tin g,
prio rit iz in g
ch annels
th at
attr a ct
pla ye rs
wit h
hig her
lo ng-te rm
va lu e
ove r
bro adsca le

c a m paig ns
aim ed
at
sh ort- te rm
gro w th .

G enera l
and
adm in is tr a tiv e
exp ense s
in cre ase d
by
$3
mill io n
in
th e
ye ar
ended
Dece m ber 3 1,
2025

a nd
am ounte d
to
$35
millio n
vs.
$32
millio n
in
th e
ye ar
ended
Dece m ber 3 1,
2024.
The
in cre ase
was

p rim arily
driv e n
by
hig her
sa la ry
and
re la te d
pers o nnel
exp ense s,
re fle ctin g
th e
exp ansio n
of

d eve lo pm ent
activ it ie s
and
in cre ase d
sca le
of
opera tio ns
acro ss
our
gam e
deve lo pm ent
stu dio s.

W e
re co rd ed
a pro fit
fo r
th e
perio d,
net
of
ta x,
of
$69
mill io n
in
th e
ye ar
ended
Dece m ber 3 1,
2025

c o m pare d
wit h
$26
millio n
in
th e
sa m e
perio d
of
2024,
driv e n
prim arily
by
th e
fa cto rs
above
and
i. )

d ecre ase
of
net
fin ancia l
exp ense s
in
th e
ye ar
ended
Dece m ber 3 1
2025
vs
th e
sa m e
perio d
in
2024
in

t h e
am ount
of
$7
millio n,
ii. )
in cre ase
in
gain
re su lt e d
fr o m
th e
ch ange
in
fa ir
va lu e
of
sh are
warra nt

o blig atio n
and
oth er
fin ancia l
in str u m ents
by
$3
mill io n
in
th e
ye ar
ended
Dece m ber 3 1
2025
as

c o m pare d
wit h
th e
sa m e
perio d
of
prio r
ye ar
and
iii. )
decre ase
of
sh are
of
lo ss
of
equit y
acco unte d

a sso cia te s
by
$4
millio n
in
th e
ye ar
ended
Dece m ber 3 1,
2025
as
co m pare d
wit h
th e
sa m e
perio d
of

p rio r
ye ar.
Adju ste d
EBIT D A
am ounte d
to
$79
mill io n
in
th e
ye ar
ended
Dece m ber 3 1,
2025,
an

i n cre ase
$37
millio n
co m pare d
wit h
th e
sa m e
perio d
in
2024
driv e n
prim aril y
by
th e
sa m e
fa cto rs
as

t h ose
aff e ctin g
th e
pro fit ,
exce pt
fo r
th e
in cre ase
in
gain
re su lt e d
fr o m
th e
ch ange
in
fa ir
va lu e
of
sh are

w arra nt
oblig atio n
and
oth er
fin ancia l
in str u m ents
and
th e
decre ase
of
sh are
of
lo ss
of
equit y
acco unte d

a sso cia te s,
whic h
do
not
im pact
Adju ste d
EBIT D A.

C ash
flo w s
genera te d
fr o m
opera tin g
activ it ie s
re m ain ed
th e
sa m e,
at
$29
mill io n,
in
th e
ye ar
ended

D ece m ber 3 1,
2025
vs.
th e
sa m e
perio d
of
2024.
The
div e rg ence
in
earn in gs
and
ca sh
flo w
dyn am ic s

r e fle cts
th e
sig nif ic a nt
im pact
of
defe rre d
re ve nue
re co gnit io n
on
cu rre nt- p erio d
in co m e,
whic h
did
not

h ave
a mate ria l
eff e ct
on
cu rre nt- p erio d
ca sh
flo w s.

F ourth
quarte r
an d
tw elv e
month s
2025
opera tio nal
perfo rm an ce
co m paris o n

Q 4

2025

Q 4
2024

C hange

( % )

1 2M

2 025

1 2M

2 024

C hange

( % )

B ookin gs
($

m illio n)

8 8

9 4

( 7 % )

3 51

4 04

( 1 3% )

B ookin gs
fr o m

i n -a pp
purc h ase s

8 3

8 9

( 6 % )

3 31

3 77

( 1 2% )

B ookin gs
fr o m

a dve rtis in g

4
5
( 1 8% )

2 0

2 7

( 2 5% )

S hare
of

a dve rtis in g

5 .1 %

5 .8 %

( 0 .7 )
p.p

5 .7 %

6 .7 %

( 1 .0 )
p.p .

M PU
(th ousa nd)

2 62

2 92

( 1 0% )

2 81

3 42

( 1 8% )

A BPPU
($ )

1 06

1 02

4 %

9 8

9 2

7 %

B ookin gs
declin ed
in
th e
fo urth
quarte r
and
tw elv e
month s
of
2025
to
re ach
$88
mil li o n
and
$351

m illio n,
re sp ectiv e ly ,
co m pare d
wit h
$94
mil li o n
and
$404
mill io n
in
th e
sa m e
perio d
in
2024.
The

d eclin e
is
prim arily
due
to
a declin e
in
month ly
payin g
use rs
by
10%
in
th e
fo urth
quarte r
of
2025
vs.
th e

s a m e
perio d
in
2024
a nd
by
18%
in
th e
ye ar
ended
Dece m ber 3 1,
2025
vs.
th e
sa m e
perio d
in
2024,

w hic h
we
attr ib ute
to
th e
decre ase
of
th e
use r
acq uis it io n
in ve stm ents
th ro ughout
2024
and
2025,

p artia lly
off s e t
by
an
in cre ase
in
ABPPU .

T he
sh are
of
adve rtis e m ent
sa le s
as
a perc e nta ge
of
to ta l
bookin gs
decre ase d
in
th e
fo urth
quarte r
of

2 025
to
re ach
5.1 %
co m pare d
to
5.8 %
in
th e
sa m e
re sp ectiv e
perio d
in
2024
and
decre ase d
in
th e
ye ar

e nded
Dece m ber 3 1,
2025
to
re ach
5.7 %
co m pare d
to
6.7 %
in
th e
sa m e
perio d
in
2024.
This
declin e

w as
prim arily
driv e n
by
a glo bal
tr e nd
of
declin in g
CPM
ra te s
fo r
adve rtis in g
th ro ughout
2024
and
2025.

S plit
of
bookin gs

b y
pla tfo rm

Q 4

2025

Q 4
2024

1 2M
2025

1 2M
2024

M obile

5 8%

5 7%

6 0%

P C

4 2%

4 3%

4 0%

I n
th e
fo urth
quarte r
of
2025
we
re co rd ed
an
in cre ase
in
sh are
of
mobile
to
re ach
58%
vs.
57%
in
th e

s a m e
perio d
in
2024
and
decre ase
in
sh are
of
PC
to
re ach
42%
vs.
43%
in
th e
sa m e
perio d
in
2024.
In

t h e
ye ar
ended
Dece m ber 3 1,
2025
th e
sh a re
in
mobile
and
PC
re m ain ed
th e
sa m e
co m pare d
to
sa m e

p erio d
in
2024.

S plit
of
bookin gs

b y
geogra phy

Q 4

2025

Q 4
2024

1 2M
2025

1 2M
2024

U S

3 0%

3 4%

3 3%

3 4%

A sia

1 8%

2 1%

1 9%

2 2%

E uro pe

3 4%

3 2%

3 3%

3 0%

O th er

1 8%

1 3%

1 5%

1 4%

O ur
sp lit
of
bookin gs
by
geogra phy
in
th e
fo urth
quarte r
and
tw elv e
month s
of
2025
vs.
th e
sa m e

r e sp ectiv e
perio ds
in
2024
sa w
a decre ase
in
th e
sh are
of
bookin gs
deriv e d
fr o m
th e
US
and
Asia
and

a n
in cre ase
in
bookin gs
deriv e d
fr o m
Euro pe
and
Oth er.

N ote :

D ue
to
ro undin g,
th e
num bers
pre se nte d
th ro ughout
th is
re le ase
may
not
pre cis e ly
add
up
to
th e
to ta ls .

T he
perio d-o ve r-p erio d
perc e nta ge
ch anges
are
base d
on
th e
actu al
num bers
and
may
th ere fo re
dif f e r

f r o m
th e
perc e nta ge
ch anges
if
th ose
were
to
be
ca lc u la te d
base d
on
th e
ro unded
num bers .

T he
fig ure s
in
th is
re le ase
are
pre lim in ary
an d
unaudit e d.
The
Com pany’s
2025
Annual
Report
on
Form

2 0-F ,
whic h
will
in clu de
th e
Com pany’s
audit e d
fin ancia l
sta te m ents
as
of
fo r
th e
ye ar
ended

D ece m ber 3 1,
2025,
is
exp ecte d
to
be
publi s h ed
wit h in
th e
pre scrib ed
fil in g
perio d.

A bout
GDEV

G DEV
is
a gam in g
and
ente rta in m ent
ho ld in g
co m pany,
fo cu se d
on
deve lo pm ent
and
gro w th
of
it s

f r a nch is e
portfo lio
acro ss
va rio us
genre s
an d
pla tf o rm s.
Wit h
a div e rs e
ra nge
of
su bsid ia rie s
in clu din g

N exte rs
and
Cubic
Gam es,
am ong
oth ers ,
GDEV
str iv e s
to
cre ate
gam es
th at
will
in sp ir e
and
engage

m illio ns
of
pla ye rs
fo r
ye ars
to
co m e.
Its
fr a nch is e s,
su ch
as
Hero
Wars ,
Is la nd
Hoppers ,
Pix e l
Gun
3D

a nd
oth ers
have
accu m ula te d
ove r
550
millio n
in sta lls
and
more
th an
$2.5
billio n
of
boo kin gs
world w id e.

F or
more
in fo rm atio n,
ple ase
vis it
www.g dev.in c
.

C onta cts :

I n ve sto r
Rela tio ns

R om an
Safiy u lin
| Chie f
Corp ora te
Deve lo pm ent
Off ic e r

i n ve sto r@ gdev.in c

C au tio nary
sta te m en t
re g ard in g
fo rw ard -lo okin g
sta te m en ts

C erta in
sta te m ents
in
th is
pre ss
re le ase
may
co nstit u te
“fo rw ard -lo okin g
sta te m ents ”
fo r
purp ose s
of
th e

f e dera l
se cu rit ie s
la w s.
Such
sta te m ents
are
base d
on
cu rr e nt
exp ecta tio ns
th at
are
su bje ct
to
ris ks
and

u nce rta in tie s.
In
addit io n,
any
sta te m ents
th at
re fe r
to
pro je ctio ns,
fo re ca sts
or
oth er
ch ara cte riz a tio ns

o f
fu tu re
eve nts
or
cir c u m sta nce s,
in clu din g
any
underly in g
assu m ptio ns,
are
fo rw ard -lo okin g

s ta te m ents .

T he
fo rw ard -lo okin g
sta te m ents
co nta in ed
in
th is
pre ss
re le ase
are
base d
on
th e
Com pany’s
cu rr e nt

e xp ecta tio ns
and
belie fs
co nce rn in g
fu tu re
deve lo pm ents
and
th eir
pote ntia l
eff e cts
on
th e
Com pany.

T here
ca n
be
no
assu ra nce
th at
fu tu re
deve lo pm ents
aff e ctin g
th e
Com pany
will
be
th ose
th at
th e

C om pany
has
antic ip ate d.
Forw ard -lo okin g
sta te m ents
in vo lv e
a num ber
of
ris ks,
unce rta in tie s
(s o m e
of

w hic h
are
beyo nd
th e
Com pany’s
co ntr o l)
or
oth er
assu m ptio ns.
You
sh ould
ca re fu lly
co nsid er
th e
ris ks

a nd
unce rta in tie s
describ ed
in
th e
“R is k
Facto rs ”
se ctio n
of
th e
Com pany’s
2024
Annual
Report
on

F orm
20-F ,
file d
by
th e
Com pany
on
Marc h
31,
2025,
and
oth er
docu m ents
fil e d
by
th e
Com pany
fr o m

t im e
to
tim e
wit h
th e
Secu rit ie s
and
Exch ange
Com mis sio n.
Should
one
or
more
of
th ese
ris ks
or

u nce rta in tie s
mate ria liz e ,
or
sh ould
any
of
th e
Com pany’s
assu m ptio ns
pro ve
in co rre ct,
actu al
re su lt s

m ay
va ry
in
mate ria l
re sp ects
fr o m
th ose
pro je cte d
in
th ese
fo rw ard -lo okin g
sta te m ents .

F orw ard -lo okin g
sta te m ents
sp eak
only
as
of
th e
date
th ey
are
made.
Readers
are
ca utio ned
not
to
put

u ndue
re lia nce
on
fo rw ard -lo okin g
sta te m ents ,
and
th e
Com pany
underta ke s
no
oblig a tio n
to
update
or

r e vis e
any
fo rw ard -lo okin g
sta te m ents ,
wheth er
as
a re su lt
of
new
in fo rm atio n,
fu tu re
eve nts
or

o th erw is e ,
exce pt
as
may
be
re quir e d
under
applic a ble
se cu rit ie s
la w s.

P re sen ta tio n
of
Non-IF R S
Fin an cia l
Meas u re s

I n
addit io n
to
th e
re su lt s
pro vid ed
in
acco rd a nce
wit h
IF R S
th ro ughout
th is
pre ss
re le ase ,
th e
Com pany

h as
pro vid ed
th e
non-IF R S
fin ancia l
measu re
“A dju ste d
EBIT D A”
(th e
“N on-IF R S
Fin a ncia l
Measu re ”).

T he
Com pany
defin es
Adju ste d
EBIT D A
as
th e
pro fit /lo ss
fo r
th e
perio d,
net
of
ta x
as
pre se nte d
in
th e

C om pany’s
fin ancia l
sta te m ents
in
acco rd ance
wit h
IF R S,
adju ste d
to
exclu de
(i)
goodw ill
and

i n ve stm ents
in
equit y -a cco unte d
asso cia te s’
im pair m ent,
(ii)
lo ss
on
dis p osa l
of
su bsid ia rie s,
(iii )
in co m e

t a x
exp ense ,
(iv )
oth er
fin ancia l
in co m e,
fin ance
in co m e
and
exp ense s
oth er
th an
fo re ig n
exch ange

g ain s
and
lo sse s
and
bank
ch arg es,
(v )
ch ange
in
fa ir
va lu e
of
sh are
warra nt
oblig atio ns
and
oth er

f in ancia l
in str u m ents ,
(v i)
sh are
of
lo ss
of
equit y -a cco unte d
asso cia te s,
(v ii)
depre cia tio n
and

a m ortiz a tio n,
(v iii)
sh are -b ase d
paym ents
exp ense
and
(ix )
ce rta in
non-c a sh
or
oth er
sp ecia l
it e m s
th at

w e
do
not
co nsid er
in dic a tiv e
of
our
ongoin g
opera tin g
perfo rm ance .
The
Com pany
use s
th is
Non-IF R S

F in ancia l
Measu re
fo r
busin ess
pla nnin g
purp ose s
and
in
measu rin g
it s
perfo rm ance
re la tiv e
to
th at
of

i t s
co m petit o rs .
The
Com pany
belie ve s
th at
th is
Non-IF R S
Fin ancia l
Measu re
is
a use fu l
fin ancia l
metr ic

t o
asse ss
it s
opera tin g
perfo rm ance
fr o m
perio d-to -p erio d
by
exclu din g
ce rta in
it e m s
th at
th e
Com pany

b elie ve s
are
not
re pre se nta tiv e
of
it s
co re
busin ess.
This
Non-IF R S
Fin ancia l
Measu re
is
not
in te nded

t o
re pla ce ,
and
sh ould
not
be
co nsid ere d
su perio r
to ,
th e
pre se nta tio n
of
th e
Com pany’s
fin ancia l

r e su lt s
in
acco rd ance
wit h
IF R S.
The
use
of
th e
Non-IF R S
Fin ancia l
Measu re
te rm s
may
dif f e r
fr o m

s im ila r
measu re s
re porte d
by
oth er
co m panie s
and
may
not
be
co m para ble
to
oth er
sim il a rly
tit le d

m easu re s.

R eco ncilia tio n
of
th e
pro fit
fo r
th e
perio d,
net
of
ta x
to
th e
Adju ste d
EB IT D A

U S$
millio n

Q 4

2025

Q 4
2024

1 2M
2025

1 2M
2024

P ro fit
fo r
th e
perio d,

n et
of
ta x

1 4

2
6 9

2 6

A dju st
fo r:

I n co m e
ta x

e xp ense

0 .9

1
5
5

A dju ste d
fin ance

i n co m e/e xp ense s
3
( 0 .2 )

0 .7

( 3 )

( 2 )

3
A dju ste d
fin ance
in co m e/e xp ense s
co nsis t
of
fin ance
in co m e
and
exp ense s
oth er
th an
fo re ig n
exch ange

g ain s
and
lo sse s
and
bank
ch arg es,
net.

S hare
of
lo ss
of

e quit y -a cco unte d

a sso cia te s
2

( 1 )

5
4
8

C hange
in
fa ir
va lu e

o f
sh are
warra nt

o blig atio ns
and

o th er
fin ancia l

i n str u m ents

( 0 .2 )

( 0 .6 )

( 4 )

( 0 .9 )

D epre cia tio n
and

a m ortiz a tio n

2
2
7
6

S hare -b ase d

p aym ents

0 .1

0 .2

0 .6

1
A dju ste d
EBIT D A

1 5

9
7 9

4 2