GDEV Inc FY2026 Q1 Earnings Release

E xh ib it
99.1

G DEV
an nou nces
re su lt s
fo r
th e
fir st
quarte r
of
2026

M ay
19,
2026
– Lim asso l,
Cypru s
– GDEV
In c.
(N ASD AQ :
GDEV ),
an
in te rn atio nal
gam in g
an d
en te rta in m en t
co m pan y
(“ G DEV ”

o r
th e
“C om pan y”)
re le ase d
its
unau dite d
fin an cia l
an d
opera tio nal
re su lts
fo r
th e
th re e-m onth
perio d
en ded
Marc h
31,
2026.

F ir st
quarte r
2026
fin an cia l
hig h lig h ts :

● Rev en ue
of
$99
millio n
in cre ase d
by
2%
yea r- o ver- y ear.

● Sellin g
an d
mark etin g
ex pen se s
of
$37
mill io n
dec re ase d
by
13%
yea r- o ver- y ear.

● Pro fit
fo r
th e
perio d,
net
of
ta x ,
of
$17
mill io n
in
Q1
2026
in cre ase d
vs.
$14
mill io n
in
Q1
2025.

● Adju ste d
EB IT D A
1
of
$18
millio n
in
Q1
20 26
in cre ase d
vs.
$16
mill io n
in
Q1
2025.

F ir st
quarte r
of
2026
fin an cia l
perfo rm an ce
in
co m paris o n

U S$
millio n

Q 1 2 026

Q 1 2 025

C han ge ( % )

R ev en ue

9 9

9 7

2
%
P la tf o rm
co m mis sio ns

( 2 0)

( 2 )

%
G am e
opera tio n
co st

( 1 4)

1
%
S ellin g
an d
mark etin g
ex pen se s

( 3 7)

( 4 2)

( 1 3)

%
G en era l
an d
ad m in is tr a tiv e
ex pen se s

( 1 0)

( 8 )

2 3

P ro fit
fo r
th e
perio d,
net
of
ta x

1 7

1 4

2 2

%
A dju ste d
EB IT D A

1 8

1 6

1 5

C ash
flo w s
gen era te d
fro m
opera tin g
activ itie s

( 2 7)

F ir st
quarte r
2026
fin an cia l
perfo rm an ce

I n
th e
fir s t
quarte r
of
2026,
our
re v en ue
in cre ase d
by
$2
mill io n
(o r
2% )
yea r- o ver- y ear
an d
am ounte d
to
$99
mill io n.
The
in cre ase

w as
prim arily
driv en
by
an
in cre ase
in
in -a p p
purc h ase s
mad e
by
pla y ers .

P la tf o rm
co m mis sio ns
re m ain ed
sta b le
at
$20
mil lio n
in
th e
fir s t
quarte r
of
2026
vs.
2025.

G am e
opera tio n
co sts
re m ain ed
sta b le
at
$14
milli o n
in
th e
fir s t
quarte r
of
2026
vs.
2025.

S ellin g
an d
mark etin g
ex pen se s
in
th e
fir s t
quarte r
of
2026
dec re ase d
by
$5
mill io n
vs.
th e
sa m e
perio d
in
2025,
am ountin g
to
$37

m illio n.
This
decre ase
is
driv en
by
our
co ntin ued
fo cu s
on
im pro vin g
th e
eff ic ie n cy
of
use r
acq uis iti o n
activ itie s.
The
decre ase
re fle cts

a more
se le ctiv e
ap pro ach
to
perfo rm an ce
mark etin g,
prio ritiz in g
ch an nels
th at
attr a c t
pla y ers
with
hig her
lo ng-te rm
valu e
over

b ro ad -s c ale
cam paig ns
aim ed
at
sh ort- te rm
gro w th .

G en era l
an d
ad m in is tr a tiv e
ex pen se s
in cre ase d
by
$2
mill io n
in
th e
fir s t
quarte r
of
2026
vs.
th e
sa m e
perio d
of
prio r
yea r
an d

a m ounte d
to
$10
millio n
prim arily
due
to
in cre ase
in
le g al
ex pen se s.

A s
a re su lt
of
th e
fa cto rs
ab ove,
to geth er
with
th e
eff e c t
of
th e
net
fo re ig n
ex ch an ge
lo ss
in
th e
fir s t
quarte r
of
2026
in
th e
am ount
of

$ 1
millio n
vs.
th e
net
fo re ig n
ex ch an ge
gain
in
th e
am ount
of
$1
mill io n
in
th e
sa m e
perio d
of
prio r
year,
we
re co rd ed
a pro fit
fo r
th e

p erio d,
net
of
ta x ,
of
$17
millio n
in
th e
fir s t
quarte r
of
2026
co m pare d
wit h
$14
mill io n
in
th e
sa m e
perio d
of
2025.
Adju ste d
EB IT D A

i n
th e
fir s t
quarte r
of
2026
am ounte d
to
$18
mill io n,
an
in cre ase
of
$2
mill io n
co m pare d
wit h
th e
sa m e
perio d
in
2025
driv en
prim arily

b y
th e
sa m e
fa cto rs
as
th ose
aff e ctin g
th e
pro fit.

C ash
flo w s
gen era te d
fro m
opera tin g
activ itie s
were
positi v e
$4
mill io n
in
th e
fir s t
quarte r
of
2026
co m pare d
with
positiv e
$6
mill io n

i n
th e
sa m e
perio d
in
2025.

1
For
more
in fo rm atio n,
se e
se ctio n
title d
“P re se n ta tio n
of
Non-I F R S
Fin an cia l
Measu re s”
on
th e
la st
tw o
pag es
of
th is
re p ort,

i n 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
EB IT D A.

F ir st
quarte r
2026
op era tio n al
perfo rm an ce
co m paris o n

Q 1 2 026

Q 1 2 025

C han ge ( % )

B ookin gs
($
millio n)

8 3

8 1

2
%
B ookin gs
fro m
in -a p p
purc h ase s

7 8

7 6

3
%
B ookin gs
fro m
ad vertis in g

1
%
S hare
of
ad vertis in g

5 .8

5 .9

( 0 .1 )

p .p .

M PU
(th ousa n d)

2 69

2 84

( 5 )

%
A BPPU
($ )

9 7

9 0

8
%

B ookin gs
in cre ase d
in
th e
fir s t
quarte r
of
2026
to
re ach
$83
mill io n
co m pare d
wit h
$81
mill io n
in
th e
sa m e
perio d
in
2025.
The

i n cre ase
was
prim arily
due
to
an
in cre ase
in
ABPPU
of
8%
partia lly
off s e t
by
a decre ase
in
MPU
of
5%
in
th e
fir s t
quarte r
of
2026
as

c o m pare d
with
th e
sa m e
perio d
of
prio r
year.

T he
sh are
of
ad vertis e m en t
sa le s
as
a perc en ta g e
of
to ta l
bookin gs
re m ain ed
re la ti v ely
sta b le
at
5.8 %
in
th e
fir s t
quarte r
of
2026
vs.

5 .9 %
in
th e
re sp ectiv e
perio d
in
2025.

S plit
of
bookin gs
by
pla tf o rm

Q 1 2 026

Q 1 2 025

M obile

6 4

5 9

P C

3 6

4 1

I n
th e
fir s t
quarte r
of
2026
we
re co rd ed
an
in cre a se
in
sh are
of
mobile
to
re ach
64%
vs.
59%
in
th e
sa m e
perio d
in
2025
an d
a
c o rre sp ondin g
decre ase
in
sh are
of
PC
whic h
was
fe ll
to
36%
vs.
41%
in
th e
sa m e
perio d
in
2025.

S plit
of
bookin gs
by
geo gra p hy

Q 1 2 026

Q 1 2 025

U S

3 1

3 4

%
A sia

1 8

2 0

E uro pe

3 2

3 1

O th er

1 9

1 5

O ur
sp lit
of
bookin gs
by
geo gra p hy
in
th e
fir s t
quarte r
of
2026
vs.
th e
sa m e
perio d
in
2025
sa w
a decre ase
in
th e
sh are
of
bookin gs

d eriv ed
fro m
th e
US
an d
Asia
an d
an
in cre ase
in
bookin gs
deriv ed
fr o m
Euro pe
an d
Oth er.

N ote :

D ue
to
ro undin g,
th e
num bers
pre se n te d
th ro ughout
th is
re le ase
may
not
pre cis e ly
ad d
up
to
th e
to ta ls .
The
perio d-o ver- p erio d

p erc en ta g e
ch an ges
are
base d
on
th e
actu al
num bers
an d
may
th ere fo re
dif f e r
fr o m
th e
perc en ta g e
ch an ges
if
th ose
were
to
be

c alc u la te d
base d
on
th e
ro unded
num bers .

A bou t
GDEV

G DEV
is
a gam in g
an d
en te rta in m en t
hold in g
co m pan y,
fo cu se d
on
dev elo pm en t
an d
gro w th
of
its
fra n ch is e
portf o lio
acro ss
vario us

g en re s
an d
pla tf o rm s.
With
a div ers e
ra n ge
of
su bsid ia rie s
in clu din g
Nex te rs
an d
Cubic
Gam es,
am ong
oth ers ,
GD EV
str iv es
to
cre ate

g am es
th at
will
in sp ir e
an d
en gag e
millio ns
of
pla y ers
fo r
yea rs
to
co m e.
Its
fr a n ch is e s,
su ch
as
Hero
Wars ,
Is la n d
Hoppers ,
Pix el
Gun

3 D
an d
oth ers
hav e
accu m ula te d
over
550
mill io n
in sta ll s
an d
$2.5
bil lio n
of
bookin gs
world w id e.
For
more
in fo rm atio n,
ple ase
vis it

w ww.g dev.i n c

C on ta cts :

I n vesto r
Rela tio ns

R om an
Safiy ulin
| Chie f
Corp ora te
Dev elo pm en t
Off ic e r

i n vesto r@ gdev.i n c

C au tio n ary
sta te m en t
re g ard in g
fo rw ard -lo ok in g
sta te m en ts

C erta in
sta te m en ts
in
th is
pre ss
re le ase
may
co nsti tu te
“fo rw ard -lo okin g
sta te m en ts ”
fo r
purp ose s
of
th e
fe d era l
se c u riti e s
la w s.
Such

s ta te m en ts
are
base d
on
cu rre n t
ex pecta tio ns
th at
are
su bje ct
to
ris k s
an d
unce rta in ti e s.
In
ad ditio n,
an y
sta te m en ts
th at
re fe r
to

p ro je ctio ns,
fo re casts
or
oth er
ch ara cte riz atio ns
of
fu tu re
ev en ts
or
cir c u m sta n ces,
in clu din g
an y
underly in g
ass u m ptio ns,
are

f o rw ard -lo okin g
sta te m en ts .

T he
fo rw ard -lo okin g
sta te m en ts
co nta in ed
in
th is
pre ss
re le ase
are
base d
on
th e
Com pan y’s
cu rr e n t
ex pecta tio ns
an d
belie fs

c o ncern in g
fu tu re
dev elo pm en ts
an d
th eir
pote n tia l
eff e c ts
on
th e
Com pan y.
There
can
be
no
ass u ra n ce
th at
fu tu re
dev elo pm en ts

a ff e ctin g
th e
Com pan y
will
be
th ose
th at
th e
Com pan y
has
an tic ip ate d .
Forw ard -lo okin g
sta te m en ts
in volv e
a num ber
of
ris k s,

u ncerta in tie s
(s o m e
of
whic h
are
bey ond
th e
Com pan y’s
co ntr o l)
or
oth er
assu m ptio ns.
You
sh ould
care fu lly
co nsid er
th e
ris k s
an d

u ncerta in tie s
desc rib ed
in
th e
“R is k
Facto rs ”
se ctio n
of
th e
Com pan y’s
2025
Annual
Rep ort
on
Form
20-F ,
file d
by
th e
Com pan y
on

M arc h
31,
2026,
an d
oth er
docu m en ts
file d
by
th e
Com pan y
fro m
tim e
to
tim e
with
th e
Secu ritie s
an d
Exch an ge
Com mis s io n.
Should

o ne
or
more
of
th ese
ris k s
or
uncerta in tie s
mate ria liz e,
or
sh ould
an y
of
th e
Com pan y’s
assu m pti o ns
pro ve
in co rre ct,
actu al
re su lt s

m ay
vary
in
mate ria l
re sp ects
fro m
th ose
pro je cte d
in
th ese
fo rw ard -lo okin g
sta te m en ts .
Forw ard -lo okin g
sta te m en ts
sp ea k
only
as
of

t h e
date
th ey
are
mad e.
Read ers
are
cau tio ned
no t
to
put
undue
re li a n ce
on
fo rw ard -lo okin g
sta te m en ts ,
an d
th e
Com pan y
underta k es

n o
oblig atio n
to
update
or
re v is e
an y
fo rw ard -lo okin g
sta te m en ts ,
wheth er
as
a re su lt
of
new
in fo rm atio n,
fu tu re
ev en ts
or
oth erw is e ,

e x cep t
as
may
be
re q uir e d
under
ap plic ab le
se cu riti e s
la w s.

P re se n ta tio n
of
Non -I F R S
Fin an cia l
Mea su re s

I n
ad ditio n
to
th e
re su lts
pro vid ed
in
acco rd an ce
wit h
IF R S
th ro ughout
th is
pre ss
re le ase ,
th e
Com pan y
has
pro vid ed
th e
non-IF R S

f in an cia l
measu re
“A dju ste d
EB IT D A”
(th e
“N on-IF R S
Fin an cia l
Measu re ”).
The
Com pan y
defin es
Adju ste d
EB IT D A
as
th e

p ro fit/lo ss
fo r
th e
perio d,
net
of
ta x
as
pre se n te d
in
th e
Com pan y’s
fin an cia l
sta te m en ts
in
acco rd an ce
wit h
IF R S,
ad ju ste d
to
ex clu de

( i)
goodw ill
an d
in vestm en ts
in
eq uity -a cco unte d
asso cia te s’
im pair m en t,
(ii)
lo ss
on
dis p osa l
of
su bsid ia rie s,
(iii)
in co m e
ta x
ex pen se ,

( iv )
oth er
fin an cia l
in co m e,
fin an ce
in co m e
an d
ex pen se s
oth er
th an
fo re ig n
ex ch an ge
gain s
an d
lo sse s
an d
ban k
ch arg es,
(v )
ch an ge
in

f a ir
valu e
of
sh are
warra n t
oblig atio ns
an d
oth er
fin an cia l
in str u m en ts ,
(v i)
sh are
of
lo ss
of
eq uity -a cc o unte d
ass o cia te s,
(v ii)

d ep re cia tio n
an d
am ortiz atio n,
(v iii)
sh are -b ase d
pay m en ts
ex pen se
an d
(ix )
ce rta in
non-c ash
or
oth er
sp ec ia l
ite m s
th at
we
do
not

c o nsid er
in dic ativ e
of
our
ongoin g
opera tin g
perf o rm an ce .
The
Com pan y
use s
th is
Non-IF R S
Fin an cia l
Mea su re
fo r
busin ess
pla n nin g

p urp ose s
an d
in
measu rin g
its
perfo rm an ce
re la tiv e
to
th at
of
its
co m petit o rs .
The
Com pan y
belie v es
th at
th is
Non-IF R S
Fin an cia l

M easu re
is
a use fu l
fin an cia l
metr ic
to
asse ss
its
opera tin g
perfo rm an ce
fr o m
perio d-to -p erio d
by
ex clu din g
certa in
ite m s
th at
th e

C om pan y
belie v es
are
not
re p re se n ta tiv e
of
its
co re
busin ess.
This
Non-I F R S
Fin an cia l
Measu re
is
not
in te n ded
to
re p la ce,
an d
sh ould

n ot
be
co nsid ere d
su perio r
to ,
th e
pre se n ta tio n
of
th e
Com pan y’s
fin an cia l
re su lts
in
ac co rd an ce
with
IF R S.
The
use
of
th e
Non-IF R S

F in an cia l
Measu re
te rm s
may
dif f e r
fro m
sim ila r
measu re s
re p orte d
by
oth er
co m pan ie s
an d
may
not
be
co m para b le
to
oth er
sim ila rly

t itle d
measu re s.

R eco n cilia 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 1 2 026

Q 1 2 025

P ro fit
fo r
th e
perio d,
net
of
ta x

1 7

1 4

A dju st
fo r:

I n co m e
ta x
ex pen se

A dju ste d
fin an ce
in co m e
2

( 0 .5 )

( 1 )

S hare
of
lo ss
of
eq uity -a cco unte d
asso cia te s

( 0 .5 )

—

C han ge
in
fa ir
valu e
of
sh are
warra n t
oblig atio ns
an d
oth er
fin an cia l
in str u m en ts

( 0 .1 )

0 .1

D ep re cia tio n
an d
am ortiz atio n

0 .5

S hare -b ase d
pay m en ts

—

0 .1

A dju ste d
EB IT D A

1 8

1 6

2
A dju ste d
fin an ce
in co m e/e x pen se s
co nsis t
of
fin an ce
in co m e
an d
ex pen se s
oth er
th an
fo re ig n
ex ch an ge
gain s
an d
lo sse s
an d
ban k

c h arg es,
net.