Devolver Digital FY2025 Annual Report

INVESTOR PRESENTATION
2025 RESULTS

Devolver Digital Investor Presentation 2
2025 SUMMARY: IN LINE WITH CONSENSUS
• Continued growth in 2025: 39% rise in Adj. EBITDA 1 on 3% increase in revenues
• Significant increase in new release revenue, >3x
• 94% positive Steam user reviews on new releases, up from 91%
• Adjusted operating costs down 1.1%
• Positive free cashflow generation in 2H 2025
• Net cash up to US$36 .6m at FY25
Note: 1) Refer to Glossary

Devolver Digital Investor Presentation 3
2H 2025: STRONG PERFORMANCE DRIVEN BY NEW RELEASES
• Strongest Half Year of Adjusted EBITDA 1 performance since 2022
• New releases include BALL x PIT, Stronghold Crusader: DE and Baby Steps
• 64% of FY revenues recorded in 2H 2025
• Net cash up $1.9m in 2H 2025 to US$36.6M at year end
Note: 1) Refer to Glossary

Devolver Digital Investor Presentation 4
REVENUE
$ 107. 9 m
+3 % vs 2024
ADJUSTED EBITDA 1
$ 7.1 m
+39 % vs 2024
GROSS PROFIT
$ 33.1m
Margin 30.7 %
+197 bps vs 2024
CASH BALANCE
$ 36.6m
$41.6m at FY24
2025 OVERVIEW
Note: 1) Refer to Glossary
20+ AWARDS FROM 70+ NOMINATIONS TITLES RELEASED
15
vs 10
in 2024
94 %
AVERAGE
STEAM USER
REVIEW SCORE

Devolver Digital Investor Presentation 5
Δ Front
Catalogue
REVENUE GROWTH
OPERATING LEVERAGE KICKING IN
$92.4M
$104.8M $107.9M
2023 2024 2025
+13%
+3%
($0.5M)
$5.1M
$7.1M
2023 2024 2025
EBITDA GROWTH
+39%
11x
3.6%
6.6%

Devolver Digital Investor Presentation 6
FRONT CATALOGUE SALES MORE THAN TRIPLED YOY
2025 NEW GAMES T HE RESULT O F
3 YEARS OF PIPELINE INVESTMENT
MO RE CONTENT UPDATES PLANNED
FRONT CATALOGUE SURGE RECHARGES
BACK CAT ALOGUE MOMENTUM
7 NEW
RELEASES
3 NEW
RELEASES
10 NEW
RELEASES
11 NEW
RELEASES
$15.0M
$11.9M
$37.9M
$0M
$5M
$10M
$15M
$20M
$25M
$30M
$35M
$40M
2023 2024 2025
10
NEW RELEASES
11
NEW RELEASES
15
NEW RELEASES
2025 BEST SELLING NEW RELEASES
KEY HIGHLIGHTS
$2.5M
AVERAGE REVENUE PER
NEW RELEASE
>35%
FRONT CATALOGUE
REVENUE FROM EXISTING IP
2023 -2025 FRONT CATALOGUE REVENUE

Devolver Digital Investor Presentation 7
BACK CATALOGUE SPLIT BEGINS TO NORMALISE
Front Catalogue
New Product SKUs from Back Catalogue
Back Catalogue excluding New Product SKUs
2 dominant themes in 2022 -2024:
– Cult of the Lamb release in 2022
significantly skewed back catalogue
mix in 2023 & 2024
– Deep investm ent into the future
catalogue meant the num ber of new
releases in 2023 and 2024 fell
The result was that back catalogue and
associated New Pro duct SKUs were
80% -90% of revenues.
2025’s increase in new releases and
future related content will reinvigo rate
back catalogue in th e coming years.
COMMENT ARY
>30%
FOR
FIRST
TIME
SINCE
2022
54%
43%
73%
81%
59%
10%
11%
8%
6%
36%
55%
17% 12%
36%
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
2021 2022 2023 2024 2025
CULT OF THE LAMB RELEASE IN
2022 + CONTENT RELEASES IN 2023
AND 2024

Devolver Digital Investor Presentation 8
A YEAR OF AWARD SUCCESS
20+ AWARD WINS
IN 2025
50+ ADDITIONAL
AWARD NOMINATIONS
Steam Revenue
Steam Revenue +106% daily
average sales vs
preceding days
+459% daily
average sales vs
preceding days
BAFTA Games Awards
promotional period
The Games Awards
promotional period
CORE PART OF OUR STRATEGY
Awards create increased store presence and opportunity for marketing beats,
leading to sales increases

Devolver Digital Investor Presentation 9
INVESTMENT MIX: STRIKING THE RIGHT BALANCE
Annual Investment Mix
• The acquisition of System Era
Softworks in late 2023 accelerated
our IPO strategy to create a
fo undation in expandable games.
• We are continuing to invest steadily
into long -tail expandable games,
in balance with traditional prem ium
gam es.
• 2025 saw continued investment into
expandable gam es with several
DLC/co ntent updates in 2025, a
trend which will continue in 2026
and beyond.
Expandable
Games
Non -Expandable
Expandable
9% 14%
49% 54%
47%
91% 86%
51% 46%
53%
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
2022 2023 2024 2025 2026F
COMMENT ARY

Devolver Digital Investor Presentation 10
TECHNOLOGY’S GROWING IMPORTANCE AT DEVOLVER
ACQU ISITION OF SY ST EM
ERA IN NOV -23
STARSEEKER developm ent
included a full suite of
backend services including
matchm ak ing, inventories
and telemetry
Support from the internal
engineering team added
features such as a Unity
wrapper and an account
linking website and
service
DEVOLVER
EN GINEERING SUPPORT
TRANSFERABLE SUIT E OF
BACKEND SERVICES
This work has resulted in tools that
can be used across many future
Devolver titles.
A recent example is Mycopunk ’s
use of telemetry collection and the
ability to enable com munity based
meta -goals.
Team Focus Areas
• Greater focus on data collection/analysis
• Various internal tools have been developed to support needs across multiple functions
• Simultaneously continuing to improve game backend services
Example: Game backend services development

FINANCIALS
Devolver Digital Investor Presentation 11

Devolver Digital Investor Presentation 12
PROFIT & LOSS
US$’m FY23 FY24 FY25 1H 25 2H 25
Revenue 92.4 104.8 107.9 38.8 69.1
Cost of sales (65.4) (70.2) (70.0) (26.1) (43.9)
Impairment of capitalised
development cost (2.5) (4.5) (4.8) (0.5) (4.3)
Gross profit (post impairment) 24.5 30.1 33.1 12.1 20.9
Gross margin 26.5% 28.7% 30.7% 31.3% 30.3%
Operating expenses (38.5) (38.7) (35.7) (16.4) (19.3)
Other income / (loss) 1.0 1.5 (0.6) (0.2) (0.4)
Operating profit / (loss) (13.0) (7.2) (3.1) (4.5) 1.3
Pre -tax profit/(loss) 1 (11.7) (6.7) (2.6) (4.1) 1.6
Taxation (1.0) 0.3 (13.4) (7.0) (6.4)
Profit / (Loss) for the period (12.7) (6.4) (16.0) (11.0) (5.0)
Adjusted EBITDA pre -impairments 1.7 9.6 11.4 0.1 11.3
Adjusted EBITDA margin 1.8% 9.2% 10.6% 0.3% 16.4%
Adjusted EBITDA (0.5) 5.1 7.1 0.1 7.0
Adjusted EBITDA margin (0.5%) 4.9% 6.6% 0.3% 11.1%
Adjusted EBIT (4.6) (2.8) 1.4 (2.7) 4.1
Adjusted EBIT margin (5.0%) (2.7%) 1.3% (7.0%) 5.9%
•
• Revenues of $107.9m up 3% YoY .
• Royalty outpayments were 39.6% of
revenue, down from 41.1% in 2024 , driven
by title m ix shift to new releases.
• 2025 im pairments relate to a
combinatio n of released and unreleased
titles.
• Gross m argin increased to 30.7% due to
ro yalty decrease and lo wer impairment.
• Statuto ry o perating expenses down 7.9%
due to lower amortisation o f IP and
tighter cost control.
• Tax charge due to non -cash write -down
of deferred tax assets, relating primarily
to stock options and long -term foreign
cap dev amortisation.
COMMENT ARY
Note: 1) Operating profit / ( loss) less FX and interest; Subtotals may not cast due to rounding

Devolver Digital Investor Presentation 13
•
• The Group’s financial position is healthy,
with net assets of $153.4m as at
31 December 2025 and no debt.
• Acquired Intellectual Property amortises
over its useful life, ranging fro m 5 -10
years (expensed below Adj. EBITDA in the
P&L).
• Capitalised development costs further
increased in 2025, with key releases
appro aching launch including continued
development on STARSEEKER,
System Era’s next title.
• Cash of US$36.6m at 31 December 2025,
down from year -end 2024 due to
ongoing game development investment
particularly in 1H.
US$’m FY23 FY24 FY25
Non -Current Assets
Intellectual property 42.0 34.5 29.2
Capitalised developments costs 53.9 64.8 74.7
Goodwill 32.0 31.9 31.9
Deferred tax assets & others 10.1 9.0 1.2
Total Non -Current Assets 138.0 140.2 137.1 3
Current Assets
Cash in bank 40.4 41.6 36.6
ARs, prepaid expenses & others 16.1 17.8 16.8
Prepaid income tax 2.4 1.6 2.6
Total Current Assets 58.8 61.0 56.0
Total Assets 196.8 201.2 193.1
Current Liabilities
Trade, other payables & accrued expenses 24.6 20.0 29.9
Deferred revenue 0.6 4.0 1.2
Current tax payable & other 0.7 0.6 0.5
Total Current Liabilities 26.0 24.5 31.5
Non -Current Liabilities 12.8 11.4 8.2
Total Liabilities 38.8 36.0 39.7
Total Equity 158.0 165.2 153.4
Total Equity & Liabilities 196.8 201.2 193.1
BALANCE SHEET
COMMENT ARY
Note: Subtotals may not cast due to rounding

Devolver Digital Investor Presentation 14
• Operating cashflow was $29.9m in
2025, up 34% YoY.
• 2H was Free Cash Flo w po sitive
• Continued investment into future
pipeline: $36.5m investment into
capitalised software development in
2025.
• No purchase of intellectual property
or acquisitions in 2025.
• No financing activities in 2025.
COMMENT ARY US$’m FY23 FY24 FY25 1H 25 2H 25
Operating activities
Cash inflow from operations 10.1 23.8 31.8 9.5 22.3
Net tax received/(paid) 1.6 (1.5) (1.9) (1.8) (0.1)
Net cashflow from operating
activities 11.7 22.3 29.9 7.6 22.3
Investing activities
Purchase of assets (28.0) (30.7) (36.5) (15.6) (20.9)
Acquisitions (net of cash acquired) (18.0) – – – –
Net cashflow from investing
activities (46.0) (30.7) (36.5) (15.6) (20.9)
Financing activities
Share capital issuance 0.1 – – – –
Share placement – 9.8 – – –
Share repurchase transactions (6.8) – – – –
Net interest received/(paid) 1.2 0.6 0.3 (0.1) 0.3
Repayment of lease liabilities (0.0) (0.2) (0.4) (0.1) (0.3)
Net cashflow from financing
activities (5.5) 10.2 (0.1) (0.2) 0.0
Net cashflow (39.7) 1.8 (6.7) (8.1) 1.4
Foreign exchange movements 0.7 (0.5) 1.7 1.2 0.5
Closing cash 40.4 41.6 36.6 34.7 36.6
Free Cash Flows (15.4) (8.9) (5.1) (7.1) 1.9
CASH FLOW
Note: Subtotals may not cast due to rounding

Devolver Digital Investor Presentation 15
•
• Continued control of adjusted operating
expenses, decreased 1.1% YoY .
• Inflatio nary salary increases more than
offset by reduced headcount.
• Professional fees increase due to one –
tim e legal work on option plans
conducted in 2025.
• Non -cash share -based payment
expenses increase due to 2025 option
grant and one -off historic 2017 option
reprice.
• Release of Starseeker in mid -2026 will
result in a recalibration of payro ll
expense vs capitalised development
costs.
COMMENT ARY
OPERATING EXPENSES
US$’m FY23 FY24 FY25 1H 25 2H 25
Payroll 17.5 18.7 18.6 9.2 9.3
Professional fees 3.4 3.1 3.7 1.5 2.1
Subtotal payroll &
professional fees 20.9 21.8 22.2 10.7 11.5
Travel and entertainment 1.4 1.2 1.0 0.4 0.6
Admin, office and others 4.1 3.8 3.5 1.5 2.0
Total adjusted opex 26.3 26.8 26.5 12.7 13.8
Stock compensation expense 5.5 3.5 3.7 0.6 3.1
Amortisation of IP and
depreciation of PPE 4.1 7.9 5.7 2.8 2.8
Exceptional costs 2.6 0.7 0.3 0.0 0.1
Foreign exchange
movements 0.0 (0.1) (0.5) 0.3 (0.8)
Total statutory opex 38.5 38.7 35.7 16.4 19.2
Note: Subtotals may not cast due to rounding

Devolver Digital Investor Presentation 16
BUSINESS UPDATE
Devolver Digital Investor Presentation 16

©2025 De volver Digital
Marketing
➔ More first – party collabs
➔ Increased ongoing game
support
➔ Refined campaign strategies
Publishing
➔ Small teams, brilliant ideas
➔ Cultural fits, commercial success
➔ Informed strategic mix of new IP &
lifetime optimisation
2025 – 26 Strategic Refocus

©2025 De volver Digital
83
Released March 2025
From solo dev game jam to genre classic
Ongoing updates and community
collaboration throughout 2026
“This game is actually incredible”
– Steam user review
Steam reviews 98% Overwhelmingly Positive
“beautifully terrifying”
– Vice review
Social Video Views 64 M Stream Hrs 2.9 M

©2025 De volver Digital
87
Released May 2025
Published by new label Big Fan Games,
their first major success
Platform Deal: Game Pass day & date launch
Ongoing DLCs through 2026
“Excellent, one of the best in the genre.”
– Steam user review
Steam user reviews 95% Overwhelmingly Positive
“A fantastic upgrade”
– IGN review
Social Video Views 44 M Stream Hrs 60 K

©2025 De volver Digital
Released Steam Early Access July 2025
Brilliant young NYC team,
originally a school project
Massive ongoing support with
frequent updates through 2026
V1.0 and console launches in 2026
“I don’t leave reviews but this game is amazing”
– Steam user review
Steam user reviews 92% Very Positive
“absolutely INCREDIBLE”
– Shaun Cichacki , Vice contributor
Social Video Views 12 M Stream Hrs 212 K

©2025 De volver Digital
Released July 2025
Developed and published by Firefly, UK
Ongoing DLC support into 2026
Part of Firefly’s ongoing commitment to the
multimillion – selling Stronghold franchise
“Great game, regular updates.”
– Steam user review
Steam user reviews 90% Very Positive
“A masterclass in remastering.”
– Try Hard Guides review
80
Social Video Views 64 M Stream Hrs 2.8 M

©2025 De volver Digital
89
Released October 2025
Solo dev, unique vision, committed to IP
Platform Deal: Game Pass day & date
Ongoing free DLCs through 2026
and more to reveal
Mobile version launched March 2026
“Absurdly good.”
– Steam user review
Steam reviews 95% Overwhelmingly Positive
Metacritic ranked #2 Switch title 2025
Social Video Views 47 M Stream Hrs 4 M

©2025 De volver Digital
Released September 2025
Small team, uncompromising creativity
Platform Deal: PlayStation timed console exclusive
PC Gamer Best Comedy 2025
“Probably the best game I’ve ever played!”
– Steam user Review
Steam reviews 90% Very Positive
“Unlike anything I’ve played this year.”
– TheGamer review, 4.5/5
77
Social Video Views 205 M Stream Hrs 364 K

©2025 De volver Digital
Released December 2025
Solo dev, remarkable creative vision
Platform Deal: PlayStation Plus launch
“Absolutely mesmerizing”
– Steam user reviews
Steam reviews 97% Overwhelmingly Positive
“hands down, my game of the year”
– Eurogamer, 5/5
87
Social Video Views 48 M Stream Hrs 364 K

©2025 De volver Digital
Launched January 2026 on PC
Platform Deal: PC Game Pass
Influencer campaign: 6.8M mins watched,
8.4hr average stream, 9.9M TikTok views
Influencer cameos including CaseOh ,
DieDevDie , DansGaming and more
Over 1M units sold in 3 months
Ongoing in – game events and DLC
“Great game, fun campaign.”
– Steam user review

©2025 De volver Digital
Sold over 7M since August 2022
IP commitment, multiple updates, DLC
Mobile Apple Arcade version Dec 2025,
record 186k downloads in 2 weeks
Jan 2026, huge paid DLC Woolhaven
delivered biggest sales month since launch
“Everything I wanted in a game”
– Steam user Review
Steam reviews 96% Overwhelmingly positive
“A masterpiece”
– Gfinity review
82

©2025 De volver Digital
2026: 10 Year Anniversary
Iconic game and one of Devolver’s
all – time best – sellers to this day,
with over 13 million copies.
Global celebration of the 10 year
anniversary with major store promotions
Sequel in development and …
more to announce in 2026
Steam reviews 95% Overwhelmingly positive
“THIS GAME IS STILL GOOD”
– Steam user review

©2025 De volver Digital
Coming Summer 2026
Successor to the smash hit Astroneer
Developed by System Era Softworks
Huge active player base to tap into
Launching day and date on
Steam, PS5, Switch 2 & Xbox
“NO WAY IT’S REAL”
– YouTube comment

©2025 De volver Digital 32
Coming Summer 2026
Sequel to the hit party game and one of Devolver’s
best – sellers on Switch
Revealed by Nintendo in Indie World Direct, March
2026, with unprecedented global support
In – game character collaborations planned with
popular indie gaming franchises
Influencer – first comms strategy highlighting the
hilarious hands – on experience
“I am SO HYPED!!!”
– YouTube comment

©2025 De volver Digital
Coming Summer 2026
20th game in the legendary multimillion selling
series created by Croteam in 2001
Developed by Behaviour Interactive, creators
of Dead by Daylight (60 million players)
First ever Serious Sam co – op roguelike
Revealed in the Xbox showcase March 26
“Serious Sam is back, baby!”
– YouTube comment

©2025 De volver Digital
Coming 2026
Published by Big Fan Games
Brutal and fast – paced sequel to
the smash hit retro FPS
Continuing publisher strategy of cool
licensed games by indie developers
“The first one was so sick I’m
hyped for a sequel”
– YouTube comment

©2025 De volver Digital 35
Coming Soon
Highly creative small team from Cape Town
Demo released 2025 to great reception
Building on strong early community
and social media traction
“Bro this game slaps.”
– Steam demo review
Steam demo reviews 98% Overwhelmingly positive
“It looks SO GOOD”
– YouTube comment

Devolver Digital Investor Presentation 37
SUMMARY AND OUTLOOK
• 2025 in – line with consensus, third year of improvement from 2022
• Strong start to 2026; 3 Top – 10 Best Sellers on Steam in January
• 5 major 1st – party franchise releases expected across 2026 and 2027
• US$36.6m net cash, forecast to grow in 2026
• Expected continuation of revenue growth and
increase in Adjusted EBITDA in 2026

Devolver Digital Investor Presentation 38
THANK YOU

APPENDIX
Devolver Digital Investor Presentation 39

Devolver Digital Investor Presentation 40
POSITION ON ARTIFICIAL INTELLIGENCE (AI)
Context
• We are continuously assessing the use of AI tools in the industry and in our operations.
• We will continue to adapt our position over time to ensure best practice and keep up with an
evolving landscape.
• Our current position is based on our own real -world use and research, not hype and hyperbole.
Devolver’s Current Position
• AI tools are best utilised by experts on analytical and clerical tasks in ways that help magnify
their expertise and effectiveness.
• Without an area expert overseeing its usage, we would be too reliant on the AI tools to make
correct decisions for the group.
• At present, we do not believe that generative AI should be used for the creative aspects of game
development or marketing.

Devolver Digital Investor Presentation 41
GLOSSARY
Adjusted EBITDA
Adjusted EBITDA (“EBITDA”) m akes the
following adjustments: it excludes: i) stock
compensation (share -based payment)
expenses and revaluation of contingent
consideration; ii) one -time expenses and
other non -recurring items; iii) amortisation of
IP (but does not exclude amortisation of
capitalised software developm ent costs),
and; iv) impairments of goodwill and
acquired IP. Released game performance
im pairments are included in Adjusted
EBITDA.
Back catalogue
titles released by Devolver in periods prior to
the current financial year
Definitive Edition (DE)
a ve rsion of a video game that includes the
base game along with all previously released
downloadable content (DLC) and often
includes additional features or
im proveme nts, such as enhanced graphics
or gam eplay adjustments
DLCs
downloadable content, being digitally
distributed additional c onte nt for already
released video games. It can be downloaded
for no additional cost or it m ay be a form of
vide o gam e monetisation
Expandable Games
Premium games designed to stay relevant
and engaging long after re lease, through
timeless de sign and a steady flow of both
paid and free conte nt, kee ping the
community active and attracting new players
First -party IP
intellectual property that is owned and
developed by Devolver
Franchise
a collection of related game s in which
several derivative works have been produce d
following an original game
IP
intellectual property
New P roduct SKUs from Back
Catalogue
Any new product line of a back catalogue
title, often refers to the title being available
on a new platform or extra paid content.
PDLC (Paid Downloadable
Content)
Downloadable content (DL C) that is available
for purchase. PDLC can include extra levels,
characters, skins, or other content that
enhances the original game
Steam
a video gam e digital distribution service
Third -party IP
IP that is not owned or developed by
Devolver. The Group typically enters into a
commercial contract to publish third -party IP
on behalf of developers

Devolver Digital Investor Presentation 42
2025 TITLE RELEASES
Note: Scores as of 16 Jan 2026 | T itle scores calc ul ated as sim pl e average of appl icable pl atform scor es ; Per iod sc or es calcu lated as si mple average of titles | *M etacr itic does not sc or e Ear ly Access gam es | Percentage of posi tive Steam reviews ac ross 202 5 releases
Metacritic
Score
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
83
83
80
Average Metacritic Score: 78
Weighted Average Steam Positive Reviews: 94%
87 70 65
87
n/a*
97% Steam
67
n/a*
92% Steam
75
87
83
74
69

Devolver Digital Investor Presentation 43
2025 MAJOR UPDATES, DLCs & PORTS
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
Paid DLC
FREE CONTENT UPDATES
PORTS AND PAID DLCs
Paid DLC

Devolver Digital Investor Presentation 44
Focus Area 2025 Update 2026 + Future Plans
1st
Part y
IP
3rd
Part y
IP
New
IP
Exist –
ing IP
Paid DLC (PDLC)
Astroneer : Megatech
Strongh old Crusader: DE -The Canary & Th e
Trader
Cult of th e Lamb: Woolh aven
Monster Train 2: Destiny of the Railforg ed
Neva: Prologue
+ more PDLCs in production
Definitive Ed itions Strongh old Crusader: Defin itive Edition
The Talos Principle: R eawakened
On e definitive edition planned for 2026
Oth er plans across the portfolio
New titles in
successful IP s
GO RN 2 laun ch ed as a best -selling premium
game on M eta.
Monster Train 2 released by Big Fan
with a G ame Pass deal.
STA RSEE KER: Astron eer Ex peditions
Heave Ho 2
+ more sequels in produ ction
Technology
Investment
Investments into 1 stParty development are starting to yield benefits, w ith an increase in title
output from stu dios expected for 2026.
Proprietary in -house insight tools have been developed for u se on the entire portfolio.
Switch 2
Opp ortunity
BALL x PI T
Skate Story
STA RSEE KER an nounced for 2026
Various oth er releases planned for both fron t
and back catalogu e.
KEY STRATEGIC FOCUS AREAS