Video Game Market Update Q1 2026

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Q1 2026
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
110+
T R A N S A C T I O N
V A L U E
$39 bn+
G A M I N G B A N K E R S
2 5
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 1 3+ 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
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 . 1
recent deal activity
Note: (1) Transaction values are based on the 100% enterprise value incl. upfront and earnout considerations
Apps Business

Debt financing to
August 2025
Sale to
$201 million
Pending
Investment from
$53 million+
November 2025

$1.2 billion

up to $820 million
Acquisition of
March 2026
Sale to
$1.0 billion+
Pending

GAMING
TRANSACTIONS
2025 – 2026 YTD
12
CUMULATIVE
DEAL VALUE
2025 – 2026 YTD
$ 6 bn+
Sale to Sale of selected
assets to
$800 million
July 2025 July 2025 May 2025 February 2025 January 2025 January 2025
Acquisition of Acquisition of Sale to Sale to
Sale to
$289 million
Pending

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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
Q1 2026

6
• PC gaming on Steam set new all -time highs in both quarterly revenue ($5.6bn) and peak concurrent users (42.7m), sustaining doubl e-digit
LTM growth of +12% YoY on the back of a balanced mix of franchise sequels and breakout new IPs
• Console revenue hit a record $21.7bn, driven by the Nintendo Switch 2 hardware cycle, more than offsetting YoY declines at
PlayStation ( -4%) and Xbox ( -9%)
• Mobile IAP spend held steady at ~$20.5bn, while download volumes hit multi -year lows
Q1 -26 executive summary
GAMING
MARKET
ENVIRONMENT
• M&A value reached $7.7bn across 52 transactions in Q1 -26, highlighting sustained demand for scaled assets, led by Savvy’s acquis ition of
Moonton (~$6bn) and Scopely’s (subsidiary of Savvy) purchase of Loom Games at ~$1bn valuation
• Mid -market activity was equally robust, with Q1 -26 being the most active quarter in $100m+ gaming content M&A since the pandemic
and new strategic buyers (Behaviour, NCSOFT, Nazara) driving the current round of consolidation
• Notable financial investor activity in the gaming content space included Haveli’s acquisition of Budge Studios and General Ca tal yst’s $70m
Series A investment in Ares Interactive
• Chinese developers of immersive AR/XR technology (e.g., Viture , Xreal , RayNeo )attracted outsized financing rounds, backed by state –
linked telecoms and strategic investors, reflecting accelerating consumer adoption in China’s smart glasses market
DEALMAKING
ACTIVITY
• Broader macroeconomic headwinds and AI -driven market rotation weighed on public equities across the board, with gaming stocks
declining in line with the wider software stocks sell -off
• As a result, public capital offerings remained subdued with $1.0bn across 11 deals in Q1 -26, concentrated in mid -sized fixed inc ome deals
(Hasbro, Stillfront ), Xsolla’s newly formed SPAC, and LY Corporation’s strategic investment in Kakao Games
• Private investment totalled $0.8bn across 101 deals, with early -stage activity falling further to just 43 deals this quarter, its lowest level in
recent years
CAPITAL
MARKETS

7
M&A activity accelerates while financing stays subdued
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
Dealmaking activity in Q1 -26
$ 7 .7 bn
DEAL VALUE
52
# OF DEALS
M E R G E R S & A C Q U I S I T I O N S 1
$ 1b n
DEAL VALUE
11
# OF DEALS
P U B L I C O F F E R I N G S 2
$0.8 bn
DEAL VALUE
101
# OF DEALS
P R I V A T E I N V E S T M E N T S 3
$0.5
$3.8
$1.7
$4.0
$3.3
$5.6
$0.6
$1.7 $1.0
6
15 14
19 16 15
10 12 11
– 50
– 40
– 30
– 20
– 10
0
10
20
0. 0
1. 0
2. 0
3. 0
4. 0
5. 0
6. 0
7. 0
8. 0
Q1-24 Q2-24 Q3-24 Q4-24 Q1-25 Q2-25 Q3-25 Q4-25 Q1-26
Closed Deal Value ($bn) Announced Deal Value ($bn) # of Deals
$2.3
$1.1
$0.7 $0.7
$0.5 $0.5
$0.7
$0.9 $0.8
134 146 124
98
125 113 122 106 101
– 280
– 230
– 180
– 130
– 80
– 30
20
70
120
170
0. 0
0. 5
1. 0
1. 5
2. 0
2. 5
3. 0
Q1-24 Q2-24 Q3-24 Q4-24 Q1-25 Q2-25 Q3-25 Q4-25 Q1-26
Q1
-26 STATS
$2.1 $1.8
$0.6
$4.9
$2.4
$3.7
$59.4
$0.4
$7.7
37
45 45
29
52
34
52
37
52
– 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
Q1-24 Q2-24 Q3-24 Q4-24 Q1-25 Q2-25 Q3-25 Q4-25 Q1-26

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$143 m AR
Mobile leads M&A flow as immersive tech draws private capital
Most notable gaming transactions in Q1 -26
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 1 CATEGORY COMPANY INVESTOR CATEGORY COMPANY DEAL TYPE CATEGORY VALUE VALUE
$202 m
Fixed
Income $400m
SPAC
$70m
Tech
$100 m
$50m
Mobile
$204 m Mobile $1bn 2
$6bn 1 Mobile
$159m
(market cap at listing)
Mobile
Mobile
AR/XR Undisclosed
Tech
Gaming IP
Fixed
Income $107 m Mobile
$100m Mobile
$200m 4 XR
Source: InvestGame Note: (1) Disclosed upfront deal value; (2) Announced total valuation; (3) Comprises PIPE (~$160m) and convertible notes (~$40m) su bscribed by LAAA Investment (LY Corporation); secondary share purchase price not yet disclosed; (4) The total amount includes a $100m growth round completed on Feb -26, 2026 and a $100m Series B round completed on Sep -2, 2025
PIPE $53m Mobile
PIPE &
Fixed Income $200 m3 Mobile

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2. F o r m a t B a c k g r o u n d . . .
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t h e c e n t e r o f
t h e pa l e t t e .
February 2025
Gaming Market Backdrop 2
Video Game Market Update
Q1 2026

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$43.1m
$26.5m
$16.5m
$14.4m
$12.3m
$10.4m
$9.6m
$9.4m
$8.5m
$8.0m
$7.5m
$7.1m
0.0
Loom Games
Microfun
Century Games
Bandai Namco
Voodoo
GameTree
XD inc
Happibits
SEA Limited
Grand Games
Hypergryph
Sony
I N C R E M E N T A L I A P R E V E N U E 2( Q 1 -26 vs. Q 4 -25)
Mobile IAP spend plateaus as install volumes hit multi -year lows
Source: SensorTower (as of 31-Mar -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 .
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
Revenue resilience (+1% LTM YoY) driven by monetization efficiency
APAC
Western
P A N D E M I C
B O O S T
$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 $20.6 $20.5
14.4 14.2 14.1 14.1 14.6 14.3 13.9 13.7
14.7 14.4 14.4
13.5 13.9 13.6 13.3 13.1 13.4 12.8 12.3 11.7 11.8
$12. 0
$13. 0
$14. 0
$15. 0
$16. 0
$17. 0
$18. 0
$19. 0
$20. 0
$21. 0
$22. 0
5. 0
7. 0
9. 0
11. 0
13. 0
15. 0
17. 0
19. 0
21. 0
Q1-21 Q2-21 Q3-21 Q4-21 Q1-22 Q2-22 Q3-22 Q4-22 Q1-23 Q2-23 Q3-23 Q4-23 Q1-24 Q2-24 Q3-24 Q4-24 Q1-25 Q2-25 Q3-25 Q4-25 Q1-26
Gross IAP Revenue ($bn) Downloads (bn)

11
Clash
Royale
2016
Kingshot
2025
Gossip
Harbor
2022 2015
Honor of
Kings
$2.4
$2.0 $2.0 $2.0 $1.9
$1.6
$1.3
$1.2 $1.1 $1.0 $1.0 $0.9 $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 Hono r o f K ing s MO NO PO LY GO ! R oy al Ma tc h C andy C rush S ag a C oi n Ma ster Gossi p Ha rbor K ing shot Gam e fo r Peac e R obl ox C la sh R oy al e Garena F ree Fi re Po kémo n GO Po kémo n TC G Poc ket Townshi p Gardensc apes PU BG MO BILE Delt a Fo rce Last Z: S urvi va l S ho ot er
Source: SensorTower (as of 31 -Mar -26) Notes: (1) Represents top -grossing IAP revenue (incl. 30% store commission); (2) LTM revenue for the period Apr -25 to Mar -26; (3) 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 L T M 2 ( $ B N )
APP AGE # OF APPS
4 (20%)
4 (20%)
12 (6 0%)
Last War:
Survival
Whiteout
Survival
Monopoly
GO!
Candy
Crush
Saga
Coin
Master
Pokémon
GO
Garden –
scapes
PUBG
MOBILE
Delta
Force
2023 2023
Royal
Match
2021 2023 2012 2016
Roblox
2014
Game for
Peace 3
2019
Pokémon
TCG Pocket
2024
Garena
Free Fire
2017 2016 2013 2016 2018 2025 2024
Last Z:
Survival
Shooter
RELEASE DATE
Township
Established titles continue to dominate the top -grossing charts
6 0% of top -20 grossing mobile games are 4+ years old

12
Mobile studios in Asia and Türkiye continue gaining revenue share
Source: SensorTower (as of 31 -Mar -26) Notes: (1) Q2 -25 to Q1 -26; 2) Based on the top 10,000 mobile games by IAP gross revenue (incl. 30% store commission) in 2025; (3 ) Based on the top 10,000 mobile games by MAU in 2025; (4) Special Administrative Region (SAR) of China
Publisher HQ countries ranked by Revenue and MAU over the last twelve months 1
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 2 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 3
REVENUE LTM ($BN) YoY (%)
China 1 +0.6%
US 2 (14 %)
Japan 3 (0.1%)
Singapore 4 +22%
Türkiye 5 +28%
South Korea 6 (7%)
+39 %
Finland 10 (11%)
AVG. MAU LTM (BN) YoY (%)
+19%
+16%
+16 %
+4 %
+48 %
+43 %
+31 %
+1 8%
+6%
+10%
– fastest -growing countries by publisher HQ
$25.6
$10.9
$8.1
$4.5
$4.4
$3.8
$3.5
$3.3
$2.8
$2.6
PUBLISHER HQ RANK RANK PUBLISHER HQ
2.3bn
2.1bn
2.0bn
1.5bn
1.4bn
1.0bn
1.0bn
0.7bn
0.7bn
0.6bn
(1%)
United Kingdom 9 (3%)
Hong Kong 4
Israel
8
7
Vietnam 1
Pakistan
Singapore
US
2
3
Cyprus 4
Hong Kong 4 5
6
7
Türkiye 8
France 9
United Kingdom 10
China

13
–
4m
8m
12m
16m
20m
24m
28m
32m
36m
40m
Jan-21 Mar-21 May-21 Jul-21 Sep-21 Nov-21 Jan-22 Mar-22 May-22 Jul-22 Sep-22 Nov-22 Jan-23 Mar-23 May-23 Jul-23 Sep-23 Nov-23 Jan-24 Mar-24 May-24 Jul-24 Sep-24 Nov-24 Jan-25 Mar-25 May-25 Jul-25 Sep-25 Nov-25 Jan-26 Mar-26
Source: SensorTower (as of 31-Mar -26)
Rewarded platforms gain traction as a proven alternative 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 increasingly adopt rewarded engagement to acquire users outside traditional ad networks
CAGR Q1’21 – Q1’26: +58%
S E L E C T O T H E R P L A Y E R S

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0.6 0.6 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 1.1 0.9 1.1 1.0 1.3
2.2 2.1 2.0 2.6 2.8
1.9 2.0
2.6 2.8
2.3 2.7 2.9
3.5 3.0
3.7 3.7
4.1
3.6
3.8 4.4
4.3
$2.8 $2.7 $2.7
$3.2
$3.5
$2.7 $2.6
$3.2
$3.5
$2.9
$3.3 $3.4
$4.1
$3.8
$4.6 $4.6
$5.2
$4.5
$4.9
$5.4
$5.6
26.9
29.8
33.6
36.4
41.2 42.7
– 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
$6. 0Bn
Q1-21 Q2-21 Q3-21 Q4-21 Q1-22 Q2-22 Q3-22 Q4-22 Q1-23 Q2-23 Q3-23 Q4-23 Q1-24 Q2-24 Q3-24 Q4-24 Q1-25 Q2-25 Q3-25 Q4-25 Q1-26
F2P games ($bn) Paid games ($bn) Peak online CCU (m)
Steam extends its growth streak, hitting new all -time highs
Source: Alinea Analytics (as of 31 -Mar -26) Notes: (1) Concurrent users; (2) Estimated worldwide full -games revenue in Q1 -26, 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 1 -26 2
+12% YoY LTM growth driven by a mix of franchise sequels and new IP releases
C A G R Q1 -20 – Q 1-26 :
26% F2P | 19 % Paid | 10% Peak CCU 1
$46m
2.1m
10 -Feb
NEW IP
$105m
5.2m
5-Mar
FRANCHISE
LT REVENUE
UNITS
RELEASE
LT REVENUE
UNITS
RELEASE
$168m
2.9m
26 -Feb
FRANCHISE
FRANCHISE
$37 m
0.7m
5-Feb
$101m
1.8m
19 -Mar
NEW IP
FRANCHISE
$27 m
0.8m
5-Mar

15
France
+6%
(1%)
+10%
+37%
+10 %
+21%
Japan
Canada
China
Germany
+44%
(37%)
+73%
+12 %
South Korea
Sweden
USA 1.
2.
3.
4.
6.
7.
9.
10.
5. United Kingdom
Poland 8.
Western developer hubs drive Steam’s revenue 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
LTM 1
RELEASE YEAR
Developer HQ countries ranked by Steam gross revenue over the last twelve months
REVENUE LTM 1 ($BN) YoY (%) DEVELOPER HQ RANK
Source: Alinea Analytics (as of 31 -Mar -26) Note: (1) Steam revenue between Apr -25 and Mar -26
Aug -2024
$835 M
China
Dec -2024
$273 M
China
Sep -2024
$225 M
USA
Feb -2025
$437M
Japan
Feb -2025
$186M
Sweden
Dec -2024
$180 M
New Zealand
Oct -2025
$435M
Sweden
Oct -2025
$315M
Sweden
Feb -2026
$166M
Japan
Sep -2025
$145M
USA
May -2025
$137M
Japan
Apr -2025
$168M
France
$0.5
$0.6
$0.8
$0.8
$0.9
$1.7
$1.7
$2.0
$3.3
$7.6
LTM -1
RELEASE YEAR
DEVELOPER:
RELEASE:
LT REVENUE:
DEV. HQ:
DEVELOPER:
RELEASE:
LT REVENUE:
DEV. HQ:

16
Console market hits record $21.7bn, powered by Nintendo momentum
Source: Company earnings reports, Alinea Analytics (as of 31 -Mar -26) Notes: (1) All financial results are reported in the local currency; (2) Estimated full -games units sold on PlayStation in Q1 -26
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 1 -26 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
10.5
4.8
3.6
3.5
3.9
7.1
5.5
5.0
5.6
6.6
5.7 5.5
5.5
6.0
4.5
2.3
3.4 2.3
4.0
1.9
1.6
1.9
2.8
1.4 4.0 3.6
5.2 $18.1
$13.8
$12.5 $12.8
$20.9
$14.7
$12.2
$14.6
$20.5
$14.0
$16.0 $16.6
$21.7
$0bn
$5bn
$10bn
$15bn
$20bn
$25bn
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
Sony (G&NS) Microsoft (Gaming) Nintendo
Q2 FY 26 Gaming revenue
decreased 9% YoY , driven by
both hardware ( -32%) and
Content & Services ( -5%) revenue
decline
Q3 FY2 6 G&NS revenue
decreased 4% YoY , driven by PS5
hardware weakness, partially offset
by continued growth in PSN services
(+12%) and digital software (+6%)
Q3 FY26 revenue
increased 86% YoY , driven by the
first holiday season of Nintendo
Switch 2 and strong first -party
titles
E A R N I N G S N O T E S 1 C A G R Q4 -22 – Q 4-25 :
6% SONY | 8% M SFT | 5% NTDO
PUBLISHER
UNITS
RELEASE
PUBLISHER
UNITS
RELEASE
FRANCHISE FRANCHISE
0.5m
13 -Feb
NEW IP
0.5m
5-Mar
FRANCHISE
1.0m
19 -Mar
NEW IP
0.4m
12 -Mar
2.7m
27 -Feb
FRANCHISE
0.2m
5-Mar
NS2’s first Christmas season lifts sector as Sony and Microsoft post YoY declines

17
NEW IP
23 m
19 -Mar -26
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 W A T C H E D O N M A J O R S T R E A M I N G 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 Q 1 -26
Streaming engagement holds steady as new releases sustain viewership
Sources: Sillygnome (Twitch); StreamsCharts (Kick) Note: (1) Approximate values based on publicly available information and research
PUBLISHER
HOURS WATCHED
RELEASE
PUBLISHER
HOURS WATCHED
RELEASE
FRANCHISE
21 m
5-Mar -26
15 m
13 -Jan -26
NEW IP
Kick continues to gain ground on Twitch as gaming viewership stabilizes
14 m
5-Mar -26
FRANCHISE
47 m
27 -Feb -26
39 m
26 -Sep -25
27m
14 -No v-25
126m
30 -Oct -25
FRANCHISE FRANCHISE FRANCHISE NEW IP
Mar
-26

18
12bn
3m
–
3m
6m
9m
12m
15m
18m
21m
Jan-22 May-22 Sep-22 Jan-23 May-23 Sep-23 Jan-24 May-24 Sep-24 Jan-25 May-25 Sep-25 Jan-26
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 )
Sources: RoMonitor Stats (Roblox & Fortnite); SteamDB (Steam); Rolimons.com(Roblox games stats)
Steam in -game activity trends upward while Roblox normalizes from peak growth
STEAM
IN-GAME 1
PUBLISHER
NEW VISITS
PEAK CCU
PUBLISHER
NEW VISITS
PEAK CCU
Voldex
4bn
920k
2bn
960k
1bn
571 k
5bn
1.6m
3bn
440k
4bn
80 0k
Nikilis
1.5bn
255k
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STEAL A BRAINROT BLOX FRUITS ESCAPE TSUNAMI FOR BRAINROTS 99 NIGHTS IN THE FOREST
Nosniy Games Uplift Games
Grandma’s Favourite Games Gamer Robot Brazilian Spyder Wave of Brainrots
T O P R O B L O X G A M E S B Y V I S I T S I N Q 1 -26 1
Mar
-26
Hit titles remain the primary driver of UGC platform engagement

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 3
Video Game Market Update
Q1 2026

20
M&A activity sustains momentum across both deal count and value
Source: InvestGame Note: (1) I ncl. earnout consideration
Quarterly activity including both minority & majority stake transactions
$0.9
$4.4
$14.7
$9.5
$4.0
$7.6
$10.0
$18.5
$7.3
$5.3
$0.6 $0.3
$6.2
$69.6
$2.1 $1.8
$0.6
$4.9
$2.4
$3.7
$59.4
$0.4
$7.7
84 82 80 78
96
46
65
45 42 34
24 30 37 45 45
29
52
34
52
37
52
– 130
– 80
– 30
20
70
0. 0
5. 0
10. 0
15. 0
20. 0
Q1-21 Q2-21 Q3-21 Q4-21 Q1-22 Q2-22 Q3-22 Q4-22 Q1-23 Q2-23 Q3-23 Q4-23 Q1-24 Q2-24 Q3-24 Q4-24 Q1-25 Q2-25 Q3-25 Q4-25 Q1-26
Closed Deal Value ($bn) Announced Deal Value ($bn) # of Deals
PANDEMIC BOOST POST -PANDEMIC
$ 7.7 bn
Q1 -2026
DEAL VALUE 1
HIGHEST QUARTERLY
DEAL VALUE IN POST –
PANDEMIC PERIOD
(excl. ATVI & EA deals)
RECENT ACTIVITY
52
# OF DEALS IN
Q1 -2026
1
STRONG SUSTAINABLE
DEALMAKING ACTIVITY
OVER THE LAST
TWELVE MONTHS
ANNOUNCED CLOSED
ANNOUNCED

21
Content -focused M&A hits highest level since the pandemic boom
Control sale transactions 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 3 1
5
6
2 2
4
11 11
16
14
9 9
0
4 5
2
5
3
8
0
2
4
6
8
10
12
14
16
18
20
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 Q1-26
Source: InvestGame Notes: (1) Incl. game developer and publisher acquisitions at estimated upfront enterprise value above $100m ; (2) Incl. EA and Indy Go deal
2
ANNOUNCED
ANNOUNCED
ANNOUNCED

22
PANDEMIC BOOST
$2.0
$0.4 $0.7 $0.8
$2.2
$5.0
$17.9
$7.2
$17.6
$4.1
$74.3
$2.8 $3.5
$5.4
$56.0
$7.6
0. 0
2. 0
4. 0
6. 0
8. 0
10. 0
12. 0
14. 0
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 Q1-26
Deal value remains concentrated in scaled, IP -rich publishers
Control sale transactions 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 )
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
–
ANNOUNCED ANNOUNCED
ANNOUNCED

23
+
$318m
n/a
n/a
Feb -26
(announced)
MOBILE
Mobile studios account for the majority of headline acquisitions
Source: InvestGame Notes: (1) Reported or implied upfront enterprise value excl. earnout consideration; (2) Adj. EBIT/implied EV; (3) Total valuation; (4) Core asset: Lihuhu Games; (5) Implied EV based on acquisition of 67% for $104m and $14m cash holdings
Largest gaming acquisitions over the last twelve months
TARGET
ACQUIRER
EV 1
SALES
EBITDALTM MULTIPLES
2
DATE
+
$800m
2.8x
0.6x
GAMING APPS
Jul-25
n/a
n/a
n/a
Equity Debt
Aug -25 +
$55bn
21.2x
7.4x
Sep -25
(announced)
+
$6bn
n/a
n/a
Mar -26
(announced)
$1bn 3
n/a
n/a
Feb -26
(announced)
+
$201m
7.2x
1.3x
Mar -26
(announced)
$289m
15 .1x 2
1.7x
Mar -26
(announced)
+
$142m 5
7.0x
1.7x
Jan -26
4
MOBILE MOBILE MOBILE DIVERSIFIED MOBILE MOBILE MOBILE MOBILE

24
Oct -2025
n/a
Gaming sector continues to attract private equity investments
Sponsor -backed gaming transactions surpass $83 .5 bn in cumulative deal value
Source: InvestGame Note: (1) Incl. earnout consideration
M&A BUYOUTS (CONTROL)
GROWTH EQUITY (MINORITY)
$ 8 3 .5bn+
TOTAL DEAL VALUE 1
86
TOTAL # OF DEALS
$3.0
$0.6
$1.4
$3.8
$3.2
$5.7
$4.8
$58.0
$6.0
6 7
22
14
7 11
16
3
0. 5
1. 5
2. 5
3. 5
4. 5
5. 5
6. 5
7. 5
8. 5
9. 5
2019 2020 2021 2022 2023 2024 2025 2026
Closed Deal Value ($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
Feb -2026
n/a
Sep -2025
$55bn
ANNOUNCED
ANNOUNCED
ANNOUNCED
Sep -2025
n/a
Mar -2026
$6bn
ANNOUNCED
20 26
YTD

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 4
Video Game Market Update
Q1 2026

26
Public capital raising slows amid a challenging macro backdrop
Source: InvestGame
HEIGHT OF GAMING
IPO MARKET
POST -PANDEMIC DROUGHT
5.6 5.3
4.0
0.5 0.5
2.1
1.4 1.2
1.3 2.7
1.1 2.0
0.6 0.7 0.9
3.9 0.7 4.5
0.6
2.0 2.0
0.9
1.0
0.5
3.1
0.5
0.5
1.1
1.4
$9.0 $8.5
$4.2
$2.7
$0.7
$3.8
$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
$1.0
40
21
8 8 9 7 4 4
10 10 13 10 6
15 14 19 16 15 10 12 11
– 100
– 80
– 60
– 40
– 20
0
20
40
0. 0
2. 0
4. 0
6. 0
8. 0
10. 0
12. 0
Q1-21 Q2-21 Q3-21 Q4-21 Q1-22 Q2-22 Q3-22 Q4-22 Q1-23 Q2-23 Q3-23 Q4-23 Q1-24 Q2-24 Q3-24 Q4-24 Q1-25 Q2-25 Q3-25 Q4-25 Q1-26
Listing (IPO/SPAC) ($bn) Fixed Income ($bn) Share issuances/PIPEs ($bn) # of Deals
CHANGE VS.
Q1 -2025
ANNOUNCED
GRADUAL RECOVERY RECENT ACTIVITY
CHANGE VS.
Q1 -2025
11
# OF DEALS IN
Q1 -2026
$ 1bn
Q1 -2026
DEAL VALUE

27
Public market financing remained concentrated in mid -sized deals
Source: InvestGame Notes: (1) Approximate valuation at announcement
Largest public market transactions over the last twelve months
COMPANY
CAPITALRAISED
DEALTYPE
DATE
$1bn 1
Nov -25
Reverse
Merger
Investment
(PIPE)
$1.25bn
Nov -25
Public
spin -off
$616m
Dec -25
(market cap at listing)
Fixed
Income
$107 m
Mar -26
(announced)
SPAC
$204 m
Feb -26
(announced)
$40 0m
Ma r-26
Fixed
Income
PIPE
Fixed Income
$200m
PIPE $ 160 M
$40 M Fixed Income
Mar -26
(announced)
$266 m
Oct -25
Fixed
Income
$2.3 bn
Jun -25
Fixed
Income

28
Broad -based market sell -off weighs on all gaming segments
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
Source: FactSet as of 31 -Mar -26 Note: (1) Market cap -weighted index with chain -linking methodology; (2) Incl. Alphabet (GOOGL), Amazon (AMZN), Apple (AAPL), Met a (META), Microsoft (MSFT), Nvidia (NVDA), and Tesla (TSLA); (3) Incl. Coffee Stain Group after its IPO on Stockholm Nasdaq on 11 -Dec -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 Jan-26
PC/CONSOLE 3
+108%
+32 %
(11 %)
(29%)
(52 %)
Mar -26
MOBILE -FIRST (WESTERN)
MOBILE -FIRST (ASIA)
+172% MAGNIFICENT 7
+50% OTHER STOCKS
2

29
Trading multiples have compressed during Q1 -26
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 31 -Mar -26 Notes: (1) Excl. CD Projekt forward EV/EBITDA values; incl. Coffee Stain Group after its IPO on Stockholm Nasdaq on 11 -Dec -25; ( 2) Electronic Arts was excluded from the index calculation starting the day of first takeover rumors (26 -Sep -25)
MOBILE -FIRST (WESTERN)
3.0x
5.0x
7.0x
9.0x
11.0x
13.0x
15.0x
17.0x
Jan-23 Apr-23 Jul-23 Oct-23 Jan-24 Apr-24 Jul-24 Oct-24 Jan-25 Apr-25 Jul-25 Oct-25 Jan-26
6. 5x
3. 8x
PC/CONSOLE 1
10 .7x
DIVERSIFIED / LARGE -CAP 2
10. 2x
Mar -26
NTM EV/EBITDA
multiple compressed from 15x to
8x driven by MapleStory news
and earnings miss

30 Source: FactSet as of 31 -Mar -26 (in local currency)
Gaming stocks open 2026 under pressure amid macro headwinds and
AI disruption uncertainty
Y E A R -TO -D A T E 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 M A R C H 2 0 2 6
(7%)
(17%) (19%) (19%) (20%) (23%)
– 50%
0%
(2%)
(8%)
(12%)
(23%) (24%) (26%)
(40%)
11%
4% 2%
(10%)
(23%)
– 50%
0%
67% 59 % 70% 71% 67 % 75 % 87% 65% 71% 66% 52% 50% 45 % 71 %
(20%)
(30%)
(42%)
– 50%
0%
DIVERSIFIED / LARGE -CAP PC/CONSOLE MOBILE -FIRST (ASIA) MOBILE -FIRST
(WESTERN) % 52W HIGH
2 0 2 6 Y T D S H A R E P R I C E C H A N G E
80% 67 % 65 % 79% 60% 63% 31%

31
Y o Y G R O W T H (2025CY vs. 2024CY
)
Sources: Companies reported financial results, FactSet as of 31 -Mar -26 (applying average USD exchange rate for respective periods) Note: (1) Gaming domestic and international revenue; (2) Game & Network Services revenue
Despite reporting relatively robust results, share prices remained
under pressure
6%
74%
7%
22%
1%
20%
– 30%
20%
(7%)
46%
(15%) (14%)
9%
(18%)
14%
(9%)
17%
2%
27%
8%
– 30%
20%
109%
8%
(9%)
– 30%
20%
R E P O R T E D 2 0 2 5 C Y R E V E N U E G R O W T H ( 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)
2
G&NS Games
1

32
Tencent
Sony
Nintendo
NetEase
Take -Two
Electronic Arts
Bandai Namco
Capcom
Square Enix
Embracer
Coffee Stain
Ubisoft
Paradox
Krafton
Nexon
NCSoft
Shift Up
Netmarble
Playtika
MTG Stillfront
2.0x
6.0x
10.0x
14.0x
18.0x
22.0x
26.0x
15% 20% 25% 30% 35% 40% 45% 50%
DIVERSIFIED / LARGE-CAP PC & CONSOLE MOBILE-FIRST (ASIA) MOBILE-FIRST (WESTERN)
Valuation premiums remain tied to growth visibility and profitability
Regression analysis: forward -looking valuation vs. growth + profitability
N T M E V / C A S H
E B I T D A
Source: FactSet as of 31 -Mar -26 Notes: (1) Cash EBITDA = EBITDA – Capex; (2) 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 5 -27 A N D C A S H E B I T D A ’ 2 6 1 M A R G I N
2

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 5
Video Game Market Update
Q1 2026

34
Private deal count retreats while capital concentration rises
Source: InvestGame
PANDEMIC BOOST POST -PANDEMIC
0.5 0.8 0.6 0.7
1.8
1.1 0.8 0.8 0.6 0.4 0.5 0.4 0.5 0.8 0.4 0.5 0.3 0.3 0.3 0.5 0.3
1.7 1.4
3.6
2.6
1.6
1.6
0.7 0.3 0.4 0.3 0.2 0.2
0.3 0.4
0.5 0.5
0.3
0.4
0.3 2.1
0.4 1.6
$2.4 $2.5
$4.5
$3.6 $3.7
$4.7
$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
$1.0
$0.8
153 140 144
197 221
163
126 129
161
106 101 88
134 146
124
98
125 113 122 106 101
– 300
– 200
– 100
0
100
200
0. 0
1. 0
2. 0
3. 0
4. 0
5. 0
6. 0
7. 0
Q1-21 Q2-21 Q3-21 Q4-21 Q1-22 Q2-22 Q3-22 Q4-22 Q1-23 Q2-23 Q3-23 Q4-23 Q1-24 Q2-24 Q3-24 Q4-24 Q1-25 Q2-25 Q3-25 Q4-25 Q1-26
Early Stage VC ($bn) Late Stage VC / PE ($bn) Strategic-led ($bn) # of Deals
$0.8bn
DEAL VALUE IN
Q1 -2026
CHANGE VS.
Q1 -2025
101
# OF DEALS IN
Q1 -2026
RECENT ACTIVITY
(19%)
CHANGE VS.
Q1 -2025

35
Early -stage deal flow drops below post -pandemic lows
Source: InvestGame Note: (1) Venture rounds ≥ $250K (disclosed), excluding grants, strategic/CVC, and esports; (2) Incl. unclassified early -stage rounds
VC -led early -stage rounds 1
0.2 0.1 0.3
1.1
0.4 0.3
0.5 0.4 0.2 0.2 0.1 0.3 0.3 0.3 0.2 0.2 0.2 0.1 0.2 0.1
0.4
0.5
0.5
0.4
0.7
0.6
0.6
0.3
0.2
0.1 0.2 0.2
0.2 0.5
0.1 0.2 0.1 0.1 0.2
0.1 0.2
$0.5
$0.8
$0.6
$0.7
$1.8
$1.1
$0.8 $0.8
$0.6
$0.4 $0.5 $0.4
$0.5
$0.8
$0.4 $0.5 $0.3 $0.3 $0.3 $0.4 $0.3
76
97
74
118
148
109
87 86 92
69 64 57
86 98
75 65 70
55 49 52 43
-200
-150
-100
-50
0
50
100
150
0. 0
0. 5
1. 0
1. 5
2. 0
2. 5
Q1-21 Q2-21 Q3-21 Q4-21 Q1-22 Q2-22 Q3-22 Q4-22 Q1-23 Q2-23 Q3-23 Q4-23 Q1-24 Q2-24 Q3-24 Q4-24 Q1-25 Q2-25 Q3-25 Q4-25 Q1-26
Series A ($bn) Pre-Seed & Seed ($bn) # of Deals
RECENT ACTIVITY PANDEMIC BOOST POST -PANDEMIC DECLINE SETTLING AT NEW BASELINE
Pre -Seed & Seed
(50 % )
CHANGE VS.
Q1 -2025
$0. 1bn
DEAL VALUE IN
Q1 -2026
Series A 2
$0.2bn
DEAL VALUE IN
Q1 -2026
+75 %
CHANGE VS.
Q1 -2025

36
Non -dilutive user acquisition financing reaches mainstream adoption
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

37
Largest transactions in gaming developers and publishers
Largest private investments over the last twelve months
COMPANY
CAPITAL RAISED
LEAD
INVESTORS
DATE
SEGMENT
Jul -25 / Mar -25
MOBILE
$83M
SERIES A $60M
SEED $23M
Jun -25
$80M
PC/CONSOLE
LATE STAGE
Jul -25
MOBILE
$36M
SERIES C
Jul -25
MOBILE
$40M
GROWTH
Jul -25
PC/CONSOLE
$31M
SEED
Oct -25
MOBILE
$30M
SERIES A
Jun -25
MOBILE
$25M
SERIES A
Jan -26 / Dec -25
$37M
MOBILE
SERIES A $30M
SEED $7M
Feb -26
$70 M
MOBILE
SERIES A
Source: InvestGame

38
Largest investments in the gaming ecosystem
Largest private investments over the last twelve months
Oct -25
AI TECH
$134M
SEED
Oct -25
AR/XR
HEADSETS
$205M
CORPORATE
Dec -25
AI & CLOUD
SOLUTIONS
$109M
GRANT
Aug -25
AI TECH
$100M
SERIES B
Oct -2025
AI WEB3
TECH
$48m
LATE -STAGE
Nov -25
AI TECH
$50M
Plenitude
Capital
Jan -26
AR /XR
HEADSETS
$100M
GROWTH
Undisclosed
Jan -26
AR
HEADSETS
$143 M
LATE -STAGE
INVESTMENT
Feb -26/Sep -25
XR
HEADSETS
$200M
GROWTH $100M
SERIES B $100M
COMPANY
CAPITAL RAISED
LEAD
INVESTORS
DATE
SEGMENT
GROWTH

39
# FUND NAME DEALS
LED
DEALS
TOTAL
SELECTED
INVESTMENTS
1 13 17
2 11 11
3 10 11
4 8 12
5 8 8
6 7 8
7 6 11
8 6 7
9 6 6
10 5 7
Most active early -stage gaming VCs
Fundraising activity over last twelve months 1
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 VALUE OF
DEALS LED
TOTAL VALUE
OF DEALS
SELECTED
INVESTMENTS
1 $216m $251m
2 $137m $147m
3 $67m $67m
4/5 $60m $60m
4/5 $60m $60m
6 $59m $95m
7 $49m $76m
8 $34m $70m
9 $30m $164m
10 $27m $87m
Source: InvestGame Note: (1) Early -stage fundraisings excl. blockchain, esports, and accelerator grants

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
Q1 2026
Aream & Co. Credentials

41
Trusted by leading digital entertainment, media and consumer
entrepreneurs across the globe
Sale to
$247 million
March 2024
Sale to
February 2024
Sale to
$42 million
October 2023
Beacon Interactive
Sale to
$97 million
December 2023
Sale to
March 2024 April 2024
Minority Investment
from Sale to
April 2024
Sale to
$1.0 billion+
May 2024
Sale to
June 2024
Sale to
January 2025
Sale to
$700 million
November 2024
Acquisition of
August 2024 July 2024
Minority Investment
from
Sale to
June 2024
€15 million
September 2024
Convertible Loan
Issuance to Sale to
$27 million
August 2024
Sale to
$1.2 billion
January 2025
Acquisition of
$620 million
February 2025
Acquisition of
May 2025
Sale to
$800 million
July 2025
Apps Business
Sale of selected assets to
July 2025
Debt financing to
August 2025
Investment from
$53 million+
November 2025
Sale to
$1.0 billion+
Pending
Sale to
$289 million
Pending
Sale to
$201 million
Pending
Acquisition of
March 2026

42
Trusted by leading digital entertainment, media and consumer
entrepreneurs across the globe (cont’d)
Sale to
$400 million
August 2021
Sale to
August 2021
Sale to
€47 million
July 2021
Acquisition of
July 2021
Sale to
August 2021
Sale to
$360 million
July 2021
Sale to
September 2021
Sale to
$205 million
October 2021
Sale to
$525 million
October 2021
Sale to
January 2022
Sale to
November 2021 December 2021
Minority Investment
from Sale to
$750 million
December 2021 January 2022
Minority Investment
from Sale to
$100 million
March 2022
Sale to
$1.5 billion
April 2022
$20 million
June 2022
Series A Investment
from Sale to
July 2022
Sale to
July 2022
Arcade Portfolio
Sale to
September 2022
Sale to
September 2022
Sale to
November 2022
$25 million
December 2022
Minority Investment
from Sale to
January 2023
Hit title Zen Match
Sale to
April 2023
Sale to
June 2023
Hypercasual Portfolio
Acquisition of
$4.9 billion
July 2023

43
Trusted by leading digital entertainment, media and consumer
entrepreneurs across the globe (cont’d)
Investment from
$175 million
March 2019
Sale to
$700 million
December 2018
$80 million
November 2018
Series E Preferred
Stock Sale to
$250 million
May 2018
Sale to
$200 million+
December 2018
Sale of stake in
$272 million
March 2018
Acquisition of
April 2018
Strategic Advisory
April 2019
Strategic Advisory
April 2019
Sale to
$1.8 billion
July 2020
Sale to
January 2020
€43 million
September 2019
Series C Preferred
Stock Sale to
August 2019
Sale to
January 2020
Sale to
$90 million
June 2019
Sale to
$100 million
September 2020
Acquisition of
October 2020
Sale to
$144 million
November 2020
Sale to
$275 million
December 2020
Sale to
December 2020
Sale to
$300 million
December 2020
Sale to
€130 million
December 2020
Sale to
December 2020
Sale to
January 2021 February 2021
Strategic Investment
from Sale to
$640 million
April 2021
Sale to
$33 million
May 2021

44
Trusted by leading digital entertainment, media and consumer
entrepreneurs across the globe (cont’d)
Preferred Stock
$130 million
February 2013
Preferred Stock
July 2013
Sale to
March 2014
Sale to
$100 million
August 2014
$1.5 billion
October 2013
Strategic Investment
from
Investment in
$115 million
June 2015
Sale to
$5.9 billion
February 2016
Sale to
$90 million
May 2016
Sale to
$315 million
June 2016
Acquisition of
$4.4 billion
July 2016
January 2018
Acquisition of Preferred Stock
$20 million
June 2017
Acquisition of
April 2017
Sale to
$200 million
September 2017
Sale to
$100 million
November 2017
Board & Card Assets
Growth Financing
$41 million
January 2018
Sale to
€270 million
January 2018
Subordinated Debt
$60 million
December 2016
Sale to
$250 million
January 2017

45
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