tinyBuild FY2025 Annual Results

FY 2025

RESULTS PRESENTATION

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PRESENTING TODAY

Alex Nichiporchik
–
CEO, Founder

20+ years’ industry experience. Pro-gamer,

shipped tens of titles as Producer,

discovered pillar titles and built

relationships with key inﬂuencers.

Giasone (Jaz) Salati
–
CFO

20+ years’ ﬁnance experience. Top ranked

equity research analyst, and Chief

Innovation Officer for tech and media

companies.

AGENDA – FY 2025

OPERATIONAL REVIEW

FINANCIAL REVIEW

STRATEGY

APPENDIX

OPERATIONAL REVIEW

Alex Nichiporchik, CEO

▪
Investments in new IP bearing fruits (e.g.

The King is Watching)

▪
Strong operating leverage resulting from

Own-IP strategy

▪
Growth ambitions supported by strong

pipeline (seven games in the top 200

Steam global wishlist)

▪
Data-driven capital allocation boost

investments in high-potential games

▪
Cost management and focus on cash

generation here to stay

FY 2025 – BACK IN THE GAME

$35.5m

consolidated revenues

86%

of sales from Own-IP

>100

games portfolio

$4.6m

cash at the end of Dec ‘25

FY 25 HIGHLIGHTS

$5.6m

Adj. EBITDA
1

88%

of sales from catalogue

1 Adjusted EBITDA is presented net of amortisation of development costs, excluding impairment of intangible

assets, depreciation, share-based compensation expenses, releases of accrued royalties and other signiﬁcant

one-off other income or expense items

DIVERSIFIED PORTFOLIO/ OWN-IP

* Gaming revenues exclude revenues from Development Services and Events

86%
OWN-IP

AS % OF GAMING

REVENUE*

FY24

OVER
100
GAMES

FOR A DIVERSIFIED PORTFOLIO

FY25

BACK CATALOGUE / FRONT LIST

88%
BACK CATALOGUE*

AS % OF GAMING REVENUES**

* Back catalogue is deﬁned as any games released in the prior ﬁnancial year and before

** Gaming revenues exclude revenues from Development Services and Events

FINANCIAL REVIEW

Giasone (Jaz) Salati, CFO

FY 25 – SUMMARY

▪
Investments in software development

decreased to $11.8m, or 33% of revenues, in

line with pre-pandemic trend

NOTE: results are presented on a continuing basis, excluding Red Cerberus (April 2025 disposal)

1 Net Game Revenues exclude Events revenues; 2022-2023 include Red Cerberus

2 Adjusted EBITDA excludes expenses related to the IPO, one-off legal fees and share based compensation expenses;

includes amortisation of Development costs2022-2023 – H1.2025 include Red Cerberus

Software Development

▪
Adj. EBITDA was $5.6m in FY 2025 ($6.1m

loss in FY 2024) demonstrating high

operating leverage

Adj. EBITDA

Net Game Revenues

▪
Net game revenue returned to growth in

FY 2025 were $33.9m (+16.5% y-o-y)

thanks to strong catalogue performance,

including Deadside launch on console.

ADJ. EBITDA

$5.6m
Adj. EBITDA in FY 2025

▪
Swing to positive Adj. EBITDA in

2025 primarily driven by more

favourable revenue mix (own-IP)

▪
Continued cost control enhances

operating leverage

▪
Impairments also includes a $1.8m

charge for the Versus Evil brand

▪
Revenue from game sales (including Licensing)

increased 7%; DevGAMM continued to perform well

with a 19% increase

▪
Cost of sales dropped 10% in spite of higher

revenues, primarily due to a favourable revenue mix

(own-IP)

▪
G&A decreased due to the direct impact of cost

action taken at the end of 2023-24

▪
Adj. EBITDA improved to $5.6m ($6.1m loss in FY
24),

demonstrating strong operating leverage

PROFIT & LOSS

1. Excluding platform deals

2. Including platform deals

3 Excluding share based payments, Excluding amortisation of acquired IP

(12m to 12/31/2025, audited, $’000)

2024

2025

Change

Game and merchandise royalties

29,861

31,965

Development Services

(805)

1,896

n.a.

Events

1,382

1,650

19%

Total Revenue

30,438

35,511

17%

Growth

-24%

17%

41%

Cost of Sales

(18,672)

(16,821)

-10%

Impairments of development costs

(13,663)

(3,927)

-71%

Administrative Expenses

(19,235)

(14,804)

-23%

Impairments of intangible assets

(3,305)

Exceptional costs

1,024

500

-51%

Operating proﬁt

(20,108)

(2,845)

Margin

-66.1%

-8.0%

58%

Add back:

Impairments

13,663

7,231

-47%

Other Operating Income

(1,024)

Share-based payment expenses

147

231

57%

Amortisation of purchased IP & Intangibles

3,471

3,181

-8%

Other

(2,207)

(2,200)

Adj. EBITDA

(6,058)

5,597

Margin

-19.9%

15.8%

36%

DEVELOPMENT COSTS

▪
Software development investments decreased in FY

2025 while the budget for a number of games increase

signiﬁcantly to reﬂect growing audience validation

▪
9 projects have an annual spend of over $500k, including catalogue
and

unreleased titles. Spending on a single game rarely accounts for over

10% of the total, maintaining a well diversiﬁed pipeline of new games

40
PROJECTS UNDER DEVELOPMENT

$11.8m
DEVELOPMENT INVESTMENTS

CASH FLOW

(12m to 12/31/2025, audited, $’000)

2024

2025

Change

Proﬁt/ Loss for the period

(20,594)

(4,180)

Share-based payments

147

231

57%

Amortisation of intangible assets

13,892

10,497

-24%

Impairment of goodwill & intangible assets

13,663

7,231

-47%

Depreciation of tangible ﬁxed assets

522

165

-68%

Finance costs/ Interest received

144

-97%

Income Tax (credit)/ expense

333

531

59%

(Increase)/ decrease in receivables

5,691

596

-90%

Increase/ (decrease) in payables

(6,469)

(2,054)

-68%

Gain on disposal of intangible assets

(500)

(Proﬁt)/loss on disposal of operations

707

Income tax paid

(559)

Other

(1,039)

(4)

-100%

Net Cash Generated from operations

6,290

12,665

101%

Software development

(19,315)

(11,784)

-39%

Proceeds from disposal of intangible assets

2,594

763

-71%

Purchase of property plant and equipment

(22)

(55)

150%

Net cash used in investing activities

(16,743)

(11,076)

-34%

Proceeds for share issue

11,409

Purchase of own shares

(69)

Lease Payments

(299)

(64)

-79%

Net cash used in ﬁnancing activities

11,041

(64)

Cash (at end of period)

3,088

4,615

49%

▪
Net cash generated from operations doubled to

$12.7m (FY24: $6.3m), as higher adjusted EBITDA

more than offset the adverse working capital

movement.

▪
Investment in software development decreased to

$11.8m (FY24: $19.3m), while the Group continues to

maintain a strong development pipeline.

▪
Net cash at the end of the period increased by

$1.5m, strengthening the Group’s ﬁnancial position.

CASH UTILISATION

$4.6m
CASH

AT 30 DECEMBER 2025

▪
Cash position improved to $4.6m at the

end of December 2025 thanks to a

strong operational performance

▪
$11.8m investments in development of

new games

▪
M&A generated $0.8m net proceeds

(disposal of Red Cerberus)

BALANCE SHEET

▪
Intangible assets decreased as a result of impairment

charges, including a $1.8m impairment of the Versus

Evil brand.

▪
Receivables decreased by $1.9m, primarily due to the

timing of receipts on several large contracts.

▪
Accounts payable decreased by $5.1m, primarily due to

a reduction in accrued royalties.

▪
Deferred revenue increased to $1.9m, primarily

reﬂecting cash received in advance under larger

contracts for which revenue recognition is deferred.

(12m to 12/31/2025, audited, $’000)

2024

2025

Change

Intangible Assets

41,750

35,301

-15%

Property, Plant and Equipment

661

133

-80%

Other Assets

408

412

Total non-current assets

42,819

35,847

-16%

Trade and Other Receivables

7,951

6,031

-24%

Cash

3,088

4,615

49%

Total Current Assets

11,039

10,646

-4%

Total Assets

53,858

46,493

-14%

Lease Liabilities

218

-100%

Provisions for Liabilities

154

236

53%

Total Non-Current Liabilities

372

236

-37%

Accounts Payable

14,441

9,320

-35%

Other Current liabilities

164

-57%

Deferred Revenue

1,878

Total current Liabilities

14,605

11,268

-23%

Total Liabilities

14,977

11,504

-23%

Equity

38,881

34,989

-10%

Total liabilities & Equity

53,858

46,493

-14%

Net Cash Position

3,088

4,615

49%

STRATEGIC REVIEW

Alex Nichiporchik (CEO, Founder)

CASE STUDY: THE KING IS WATCHING

▪
from jam prototype to stronger roguelike

▪
1 million+ players on free Itch.io and Opera GX

▪
Steam Next Fest key breakout (60k wishlists)

▪
11-hour playtime boosted Steam’s algorithm

▪
Localisation led to ~40% of sales from China

-> top 3 launch on Steam

CASE STUDY: HOZY

▪
Revealed at tinyBuild Connect 2025 + demo

▪
Hit 150k wishlists within ~4 months of reveal

▪
Steam Next Fest Feb 2026 breakout, top cozy demo lists

▪
300k wishlists milestone (Feb 18, 2026)

▪
400k wishlists (Mar 11, 2026)

-> March 30, 2026 launch

CASE STUDY: D-SIDE

▪
Dead
side console launch after 5y early access PC

▪
150k new players in 2 weeks (trial conversion)

▪
Duck
side from April’s fool to real survival game

▪
Traction exploded as big survival inﬂuencers jumped in

▪
Systems cross
‑
pollination: progression, base
‑
building, etc.

-> “engine franchise” based on HN blueprint

ANNOUNCED PIPELINE

1.
ALL WILL FALL

(#167)
– a physics based city builder

2.
Hello Neighbor 3
– a physics-powered heist / home-alone game by the creator of Hello Neighbor

3.
Hozy

(#135)
– a cozy renovation and decorating sim

4.
Kingmakers
(#7)

– an action/strategy sandbox to change history with time travel

5.
Restory

(#175)
– cozy, narrative-driven shop management simulation game

6.
Sand
(#49)

– a multiplayer sandbox shooter from the developers of Secret Neighbor

7.
SpeedRunners 2
– highly anticipated sequel to tinyBuild’s competitive platformer and ﬁrst published game

8.
Streets of Rogue 2
(#81)

– an immersive RPG sandbox set in a vast randomly generated open world

9.
The Lift

(#142)
– First-person puzzle simulator / Atmospheric exploration

10.
Trainfort
– unique physics-powered co-op survival crafting game

FRANCHISE EXPANSION

▪
Hello Neighbor 3 devlogs traction

▪
Season 3 Animated series + movie

▪
Modding relaunched Hello Neighbor

▪
Portfolio effect expands brand reach

-> full multimedia development

CLOSING REMARKS

Alex Nichiporchik (CEO, Founder)

CORE STRATEGY

Global

developer

publisher…

…focused on IP

ownership…

…creating long

term scalable

franchises…

…across

multiple

media

formats

OUTLOOK

The Board remains conﬁdent the Company has adopted

the right strategy and is on track to deliver

results at least in line with expectations

Q&A