Devolver Digital FY2022 Investor Presentation

Apr, 2023 INVESTOR PRESENTATION 2022 RESULTS

Devolver DigitalInvestor Presentation22022 HIGHLIGHTSREVENUE$134.6m+37%vs 2021Critically acclaimed, award winning titlesEBITDA2$23.2m-10%vs 2021GROSS PROFIT1$46.3m+18%vs 2021TITLES RELEASED12Record High Average Metacritic Score: 78CASH BALANCES$79.5mNote: 1) Normalised Gross Profit pre-impairments; 2) Normalised Adjusted EBITDA pre-impairments

Devolver DigitalInvestor Presentation32022 TITLE RELEASESNote: Title scores calculated as simple average of applicable platform scores; half year scores calculated as simple average of titlesJanFebMarAprMayJunJulAugSepOctNovDec706979848687Metacritic Score7780751H Metacritic Average: 762H Metacritic Average: 80N/ARecord HighAverage Metacritic Score: 78AIM-listed Peers: 71-72_7771

Devolver DigitalInvestor Presentation4FOCUS ON OPERATIONS•Acted swiftly to identify, correct and recalibrate issues relating to 1H 2022 releases, and 2H 2022 problems that arose at Good Shepherd•Group COOappointed –Founder Graeme Struthers will oversee group operations•Return to face-to-face interaction•Post-Covid resumption of game-play testing, studio visits, game conference participation•Ta r g e t e d investment in talentto drive growth and improve game qualityDevolver Operations•Re-focusedthe business towards publishing licensed IP•Appointment of a new General Manager•Significant reduction in overall team size•Cancellation of three unreleased titles and two prototypes –future spend re-targetedtoward higher potential opportunitiesGood Shepherd Restructuring

Devolver DigitalInvestor Presentation5IMPAIRMENTS•All impairments are non-recurring and non-cash•Impairments relate to 1) specific title-related impairments –for underperforming released games, and for unreleased cancelled games; 2) impairments to IP and goodwill included in operating expenses. •Impairments to released games totalled $9.3m and relate to five published titles with lower expected unit sales throughout FY22, reducing Normalised Adjusted EBITDA to US$13.9m•Impairments to cancelled, unreleased games totalled $13.5m and relate to five unreleased titles and two prototypes in early development. •Five cancelled titles (three unreleased and two prototypes) relate to Good Shepherd and are principally related to its major restructuring and therefore considered one-time in nature•After reviewing the Group’s acquired intellectual property and goodwill carrying values, we concluded that in many cases, the 2022 performance and current outlook for the subsidiaries’ games were insufficient to support the carrying values held on the Group balance sheet•Impairments of IP resulted in a $22.3m non-cash impairment and impairments of goodwill resulted in non-cash impairment of $47.7mUS$’mFY22Impairments of released games9.3Impairments of cancelled unreleased games13.5To t a l I m p a i r m e n t o f C a p i t a l i s e d D e v e l o p m e n t22.8Impairment of intellectual property22.3Impairment of goodwill47.7To t a l I m p a i r m e n t o f I P & G o o d w i l l70.0To t a l I m p a i r m e n t s92.8

Devolver DigitalInvestor Presentation6$42m$59m$71m$98m$135m20 0920 1820 1920 2020 2120 22THE INDIE DEVELOPER’S PUBLISHER33%Revenue CAGR1Normalised Adj. EBITDA2$5.8m$11 . 6m$15.8m$25.7m$23.2mNorm. Adj. EBITDA Margin13.6%19.8%22.2%26.2%17.2%Note: 1) Revenue CAGR excl. Fall Guys outperformance; 2) 2022: Normalised Adjusted EBITDA pre-impairments+$142m2009-2017Normalised RevenueFall Guys OutperformanceFounded 2009

Devolver DigitalInvestor Presentation760%62%61%64%45%40%38%39%36%55%$0m$20 m$40 m$60 m$80 m$10 0m$12 0m$14 0m$16 0m201 8201 9202 0202 1202 2BACK CATALOGUE STRENGTHNote: Excludes Fall Guys | 2018-2020 calculated on a cash accounting basis, 2021-2022 on an accruals basis | # releases excludessubsidiary titles released prior to acquisition•Back catalogue growth of 15% in 2022 –primarily driven by FY21 release Inscryption•Back Catalogue levers:―Porting to new platforms, including mobile―Localisation in other languages―Capitalising on sequel and franchise release momentum―Platform bundle agreements―Publisher sales Back CatalogueNew Titles (Front catalogue)Back CatalogueGame Sales revenue mix#Title Releases (cumulative)65799789109

Devolver DigitalInvestor Presentation881%74%78%69%72%19%26%22%31%28%$0m$10 m$20 m$30 m$40 m$50 m$60 m$70 m201 8201 9202 0202 1202 2EVERGREEN BACK CATALOGUE TITLESBack Catalogue revenue mixTier 2 Back Catalogue (Revenue <$1m)Tier 1 Back Catalogue (Revenue >$1m)#Tier 1 Back Catalogue Titles•Consistent and strong increase in total dollar quantumof back catalogue sales, year over year•Tier 1 titles are defined as generating over US$1 million per year in sales, and account for over 70% of sales. In FY22 there were 16 Tier 1 titles•Tier 2 titles are defined as generating less than US$1 million per year in sales, and account for around 30% of total back catalogue sales each year•Weaker performance of 1H 2022 games expected to reduce back-catalogue momentum in 2023•Conversely, the 2H 2023 releases will provide back-catalogue momentum for 2024Back CatalogueNote: Excludes Fall Guys | 2018-2021 calculated on a semi-accruals basis, 2022 on an accruals basis 910151616

Devolver DigitalInvestor Presentation9CONTINUING A TRACK RECORD OF HIGH-QUALITY RELEASESReleased 28thMarch 2023PC & Netflix Mobile81Metacritic565kStreaming hours13.3m Video views45.5k Trees plantedReleased August 2022PC, PlayStation, Xbox & Switch84 Metacritic3 BAFTA NominationsIndie Game of the YearGolden Joystick Awardsover 1M sales in 1stweekNote: Metacritic average of all available platformsReleased October 2022PC, PlayStation, Xbox & Switch86 MetacriticPC Game of the YearGolden Joystick Awards“A monumental masterclass in metatextual mischief”NMEBeautiful, complex, and captivatingPC Invasion“”“Bafta Games Awards show ingenuity of smaller developers”Financial Times“Return to Monkey Island recaptures the .original’s swashbuckling magic”Financial Times

Devolver DigitalInvestor Presentation10EXCITING PIPELINE FOR 2023 & 2024“A breakneck door-kicking, enemy smashing blast”Gameshub9.3mvideoviews23.8ksocialengagement473kstreaminghours“I can’t stop thinking about The Plucky Squire”Games Radar8.3mvideoviews23.5ksocialengagement“I already have its name branded on my tongue”Digital Trends1.1mvideoviews77kstreaminghours“If I could wave a magic wand and get my hands on it sooner, I would”PC Gamer5.1mvideoviews1.6ksocialengagementCOMING SOONMultiple title announcements in Q2…PC & SwitchPC & ConsolePCPC & SwitchPC, PlayStation, Xbox & SwitchPC, PlayStation & XboxPC & SwitchPC

Devolver DigitalInvestor Presentation11FINANCIALSDevolver DigitalInvestor Presentation11

Devolver DigitalInvestor Presentation12PROFIT & LOSS –STATUTORY REPORTINGUS$’mFY20FY21FY221H 2022 2H 2022Net revenue212.7 98.2 134.6 53.0 81.6 Cost of sales(121.0) (58.9) (89.4) (34.0) (55.4) Impairment of capitalised development cost–(22.8) (0.7)(22.1) Gross profit91.7 39.2 22.5 18.3 4.2 Gross margin43.1%40.0%16.7%34.5%5.2%Operating expenses (13.9) (105.3) (51.1) (29.9) (21.2) Impairment of goodwill & IP–(70.0) -(70.0)Other income / (loss)-116.1 (0.5) -(0.5) Operating profit / (loss)77.2 50.0 (99.1) (11.6) (87.5) Pre tax profit/(loss)77.2 50.0 (98.7) (11.6) (87.1) Ta x a t i o n(13.1) (19.4) 7.3 (5.0) 12.3 Profit/ (Loss) for the period64.130.6 (91.5) (16.6) (74.9) Normalised adjusted EBITDA115.8 25.7 23.2 6.8 16.4 Adjusted EBITDA margin22.2%26.2%17.2%12.9%20.1%Basic earnings per share ($)-0.081 (0.206) (0.037) (0.169) Diluted earnings per share ($)-0.075 (0.206) (0.037) (0.169) •Annual net revenues up 37% to record high in FY22 (excluding Fall Guys windfall in 2020)•Revenue growth driven by strong new title releases (Cult of the Lamb & Return to Monkey Island) and record bundle deals•Gross margin decline in 2022 driven by a step-up in amortisation and impairments of underperforming and cancelled titles•$70.0 million IP and goodwill impairments following a balance sheet review•FY21 operating expenses included peak stock expense and IPO related exceptional costs•FY22 operating expenses saw a 51% drop from 2021’s peakCOMMENTARYNote: 1) Normalised adjusted EBITDA pre-impairments

Devolver DigitalInvestor Presentation13•This table presents the adjustments to ‘normalised’ revenue, gross profit and Adjusted EBITDA•Record 2H 2022 EBITDA at $16.4M driven by strong H2 releases with an average 80 Metacritic score•The $96.6 million add back to Normalised Adjusted EBITDA in FY22 is made up of: -$22.8 million of impairment and related accrued costs of the underperforming and cancelled games;-$70.0 million IP & goodwill impairments;-$3.2 million of non-recurring items, and;-$0.6 million IPO share-related social security costs•FY20 & FY21 adjustments include Fall Guys revenue outperformance element in FY20, gain on the sale of the publishing rights in FY21 and EBITDA adjustment for Fall Guys-related bonuses in FY21US$’mFY20FY21FY221H 20222H 2022RevenueReported Revenue 212.7 98.2 134.6 53.0 81.6 Normalised revenue adjustment(141.6) —-Normalised Revenue71.1 98.2 134.6 53.0 81.6 Gross ProfitReported gross profit91.7 39.2 22.5 18.3 4.2 Normalised gross profit adjustment(68.6) -23.8 0.7 23.1 Normalised Gross Profit23.1 39.2 46.3 19.0 27.3 Normalised Gross Margin32.5%40.0%34.4%35.8%33.5%Adjusted EBITDAReported Adjusted EBITDA80.5 110.8 (73.4) 5.6 (79.0) Norm. Adj. EBITDA adjustment(64.7) (85.1) 96.6 1.2 95.4 Normalised Adjusted EBITDA115.8 25.7 23.2 6.8 16.4 Normalised Adjusted EBITDA Margin22.2%26.2%17.2%12.9%20.1%STATUTORY TO NORMALISED PROFIT & LOSSNote: 1) Normalised adjusted EBITDA pre-impairments

Devolver DigitalInvestor Presentation14US$’mFY20FY21FY221H 20222H 2022Operating activities Net income 64.1 30.6 (91.5)(16.6)(74.9)Amortisation & depreciation7.0 9.3 112.410.9 101.5 Share based payments2.7 55.2 19.6 11.5 8.1 Gain on sale of Publishing Rights & IP-(115.6)—Wo rking capital movement (1.5)3.9(10.2)1.9(12.1)Net cashflow from operating activities 72.3 (16.5)30.37.6 22.7 Investing activities Investment in software development intangibles (22.2)(31.7)(32.6)(15.6)(17.0)Sale of Publishing Rights & IP-127.5 —Acquisitions (net of cash acquired)(3.3)(34.1)—Other 0.1 (0.2)(0.1)(0.0)(0.1)Net cashflow from investing activities (25.4)61.5 (32.7)(15.6)(17.1)Financing activities Net change in borrowings/others 0.2 (0.1)-(0.5)0.5 Share capital issuance proceeds(6.0)49.4 0.8 0.40.4 Net cash settlement of stock options–(2.5)(1.9)(0.6)Repayment of Shareholder Loan-(20.8)—Dividend (10.0)(30.0)—Net cashflow from financing activities (15.8)(1.5)(1.7)(2.0)0.3Net cashflow31.1 43.4 (4.1)(10.1)6.0Foreign Exchange movements-(0.7)(2.6)(2.0)(0.6)Closing cash43.5 86.2 79.5 74.2 79.5 •Cash from operating activities is primarily driven by the trading of the business in addition to the changes in working capital•FY22 investment was entirely into software development. FY20 & FY21 investment activities included the purchase of intellectual property and the acquisitions•Share based payments in FY22 amounted to US$2.5m from the vesting, and exercise, of options granted under the 2017 Stock Option Plan and 2022 LTIP•Financing cash outflow was principally the net out payment for the settlement of options through the Employee Benefit Trust•Cash at 31 December 2022 amounted to $79.5 millionCASH FLOW

Devolver DigitalInvestor Presentation15•The Group’s net asset position was $172.2 million at 31 December 2022 reflecting: ―Capitalised development costs reduced due to impairment of underperforming and cancelled titles―IP and Goodwill balances reduced due to impairments―Cash holdings of US$79.5 million after 2022 development expense of US$32.6 million•Accounts payable and accounts receivable largely balanced throughout the year, dependent on cash collection timing•“Reset” of the balance sheet offers a strong position for future yearsUS$’mFY20FY21FY22Non-Current Assets Intellectual property 23.3 53.4 25.8 Capitalised developments costs 28.3 44.4 40.1 Goodwill0.2 66.8 19.2 Deferred tax assets and others1.7 2.6 10.2 To t a l N o n-Current Assets 53.4 167.3 95.3 Current Assets Cash in bank 43.5 86.2 79.5 Accounts Receivable & prepaid expenses16.2 19.4 17.8Prepaid Income tax-8.5 2.2 To t a l C u r r e n t A s s e t s 59.7 114.1 99.5TOTAL ASSETS113.2 281.4 194.8 Current Liabilities Trade, other payables and accrued expenses18.3 17.8 16.9 Deferred revenue 0.6 4.5 2.1 Amounts due to shareholders20.8 –Deferred Tax Payable & Other1.0 1.4 2.5 To t a l C u r r e n t L i a b i l i t i e s 40.7 23.8 21.5Non-Current Liabilities 0.9 10.9 1.0TOTAL LIABILITIES41.7 34.6 22.5 TOTAL EQUITY71.5 246.8 172.2 TOTAL EQUITY & LIABILITIES113.2 281.4 194.8 BALANCE SHEET

Devolver DigitalInvestor Presentation16OPERATING EXPENSES -TRENDSUS$’m1FY21FY221H 20221H 2022R2 2H 2022Forward TrendPayroll9.3 13.6 6.36.96.7Slow riseProfessional fees1.6 4.6 2.42.42.2Steady fallTrave l a n d e nte r ta i n m e nt0.3 0.8 0.30.30.5SteadyOffice0.3 0.9 0.10.40.5SteadyInsurance0.2 0.9 0.50.50.4SteadyAdmin and other costs4.5 2.3 1.91.40.9Slow riseTo t a l N o r m a l i s e d O p e r a t i n g Expenses16.223.112.012.011.1Slow riseStock compensation expense55.2 19.6 11.511.58.1 Steady fallForeign exchange movements0.2 0.6 2.02.0(1.4) N/AAmortisation of IP and depreciation of PPE5.7 5.5 3.83.81.7 Slow fallExceptional costs28.1 1.6 0.50.51.1 N/AIPO share-related social security costs-0.6 –0.6 One-timeImpairments-70.0–70.0One-timeTo t a l S t a t u t o r y O p e r a t i n g Expenses105.3121.129.929.981.1Steady fall•Headcount –up 12% year-on-year due to acquisitions and scaling for growth through bringing expertise in-house (finance, tax, legal and QA)•New staff additions ensure quality & reduce third-party expenses•Recurrent professional fees relate to audit and tax costs, legal fees, non-executive director fees, NOMAD and Exchange fees etc•Exceptional costs related to one-off professional fees for M&A and share scheme support•1H 2022 cost re-classes reallocate expenses between admin and other to payroll, travel & entertainment and officeNote: 1) Subtotals may not cast due to rounding; 2) 1H 2022 restated based on year-end cost re-classes

Devolver DigitalInvestor Presentation17SUMMARYStrong revenue growth:37% in FY22 vs FY21Record six monthsEBITDA*in 2H 2022Record high average Metacriticscore of78 in 2022*adjusted normalised EBITDA pre-impairmentsOUTLOOK Balance sheet strength: well positioned to invest in long-term growthShare buyback*: demonstrates value convictionHealthy pipeline: 30+ titles for 2024-2026Buildingfor stronger 2024 and 2025*subject to shareholder approval for purchases made by Devolver outside of the EBT

Devolver DigitalInvestor Presentation18THANK YOU