DoubleU Games FY2025 Q3 Earnings Release

DoubleU Games IR
2025.11.11
3Q 2025 Earnings Presentation

Disclaimer
This presentation has been prepared for investor convenience based on provisional
consolidated financial results for 3Q 2025.
It contains forward -looking statements and subjective assessments that may differ
from actual outcomes due to changes in the business environment or alternative
data aggregation methods. Investors should not rely solely on this presentation
when making investment decisions; investment responsibility rests with the
investor. The company has no obligation to update this material.

Copyright DoubleU Games Co., LTD. All Rights Reserved
01 3Q 2025 Highlight
Revenue
17.6 %
DTC % of revenue 3Q 25 consolidated revenue
3
3Q25 Earnings Presentation
SuprNation
112 %
Y/Y growth Net revenue (NGR)
Expanded market share in the UK and
Sweden; scaled UA via a new brand
Paxie Games
91 %
Y/Y growth Revenue
IP diversification: new title launches
Wiggle Escape, Color Slide Jam
The highest revenue since 2Q20
DTC revenue share up 9.4%p YoY
bn KRW
bn KRW
bn KRW
186.2
22.5
12.4

Copyright DoubleU Games Co., LTD. All Rights Reserved
Item 3Q24 4Q24 1Q25 2Q25 3Q25 Q/Q Y/Y
Revenue 154.1 155.8 162.0 171.9 186.2 8.3% 20.8%
Social casino 143.5 143.2 142.8 138.1 151.2 9.4% 6.2%
iGaming 10.6 12.6 19.2 21.8 22.5 3.3% 111.8%
Casual game – – – 12.0 12.4 4.0% N/A
Operating cost 94.6 95.3 107.2 117.6 127.0 8.0% 34.3%
Operating income 59.5 60.5 54.8 54.3 59.2 8.9% (0.5%)
Margin (%) 39% 39% 34% 32% 32%
EBITDA 62.5 63.5 57.8 58.6 65.3 11.5% 4.6%
Margin (%) 41% 41% 36% 34% 35%
Net income 40.9 77.9 45.8 33.0 56.4 71.0% 38.1%
Margin (%) 27% 50% 28% 19% 30%
Consolidated results
– Revenue: KRW 186.2bn(Y/Y +20.8%, Q/Q +8.3%) – highest revenue since 2Q20
– EBITDA: KRW 65.3bn(Y/Y +4.6%, Q/Q +11.5%, EBITDA Margin 35%) -highest profitability since 1Q24
4
02 Consolidated results (3Q25)
3Q25 Earnings Presentation
Consolidated results (Unit: Billion KRW)

Copyright DoubleU Games Co., LTD. All Rights Reserved
Item 3Q24 4Q24 1Q25 2Q25 3Q25 Q/Q Y/Y
Revenue 154.1 155.8 162.0 171.9 186.2 8.3% 20.8%
Operating cost 94.6 95.3 107.2 117.6 127.0 8.0% 34.3%
Variable cost 46.0 47.1 50.0 50.8 55.5 9.2% 20.7%
Variable cost (%) 30% 30% 31% 30% 30%
Platform fee 40.8 41.1 41.0 41.1 42.5 3.5% 4.2%
Other variable costs 5.2 6.0 9.0 9.7 13.0 33.4% 150.1%
Fixed cost 48.6 48.2 57.2 66.8 71.5 7.0% 47.2%
Fixed cost (%) 32% 31% 35% 39% 38%
Marketing cost 14.0 16.2 23.8 31.9 33.4 4.7% 138.0%
Marketing cost (%) 9% 10% 15% 19% 18%
Salary & Benefit 22.5 22.9 23.7 22.4 23.5 5.0% 4.6%
Other expenses 9.1 6.0 6.7 8.2 8.4 2.0% (7.6%)
D&A 3.0 3.0 3.1 4.3 6.2 44.9% 106.5%
Consolidated costs
– Platform fees: +3.5% Q/Q vs. revenue growth of +8.3% Q/Q, largely attributable to higher DTC mix
– Marketing: +4.7% Q/Q vs. revenue growth of +8.3% Q/Q, indicating improved ROAS/efficiency
5
03 Consolidated costs (3Q25)
3Q25 Earnings Presentation
Consolidated cost (Unit: Billion KRW)

Copyright DoubleU Games Co., LTD. All Rights Reserved 6
04 Social Casino: Market Trends and Outlook
3Q25 Earnings Presentation
Secured new growth drivers and improved marketing efficiency.
– Record Q3 2025 (highest since Q2 2024) ; marketing kept under 8%
– DTC +9.4%p Y/Y; further Q4 upside expected after Apple & Google approve external payment links.
KRW 143.4bn KRW 143.2bn KRW 142.8bn
KRW 138.2bn
KRW 151.2bn
7.9% 8.6%
10.7%
9.1%
7.8%
3Q24 4Q24 1Q25 2Q25 3Q25
Revenue / Marketing % DTC growth outlook
5.8%
8.2%
12.8%
17.6%
23 24 2Q25 3Q25 4Q25
Q/Q + 9.4%

Copyright DoubleU Games Co., LTD. All Rights Reserved 7
05 Social Casino Growth Strategy
Target Q4 uplift driven by peak -season demand and Whow Games synergy.
– Drive seasonal revenue with Halloween, Thanksgiving and Christmas events.
– Share in -house slot IP with WHOW and localize DoubleU Casino for RTL distribution.
Key Q4 Seanal Events
3Q25 Earnings Presentation
Halloween event
DoubleU Casino
Doubledown Casino
Strengthen Service in Europe
Localize DoubleU Casino
Supply to RTL Spiele (online game portal)
Over 400 in -house slot titles
Slot content supply
Provide in -house slot to Whow Games
Cut external -IP reliance; grow with in -house slots.

Copyright DoubleU Games Co., LTD. All Rights Reserved
Growth momentum through brand diversification.
– Q4 organic growth driven by holiday seasonality
– 4th Brand: Leverage social -casino expertise for new titles and jackpot features.
KRW 10.6bn
KRW 12.6bn
KRW 19.2bn
KRW 21.8bn KRW 22.5bn
3Q24 4Q24 1Q25 2Q25 3Q25
Duelz Voodoo Dreams NY Spins
8
06 iGaming
Y/Y + 112%
36%
36%
28%
3Q25 Earnings Presentation
Revenue trend Fourth Brand Differentiator
Multi -mode: Seamless multi -game play
Mega jackpot: Larger jackpots than standard slots
Improves
retention and
conversion to
paying user
Boosts user
playtime
Slot recommendation: New slot promotions & improved UX/UI
Enhances
promotion &
user retention

Copyright DoubleU Games Co., LTD. All Rights Reserved
Marketing & operational efficiency · sustaining casual momentum
– Transition to IAP model underway; focus on marketing and ops efficiency in casual games.
– New momentum — New Merge, Wiggle Escape, CSJ.
9
07 Casual
3Q25 Earnings Presentation
KRW 6.5bn
KRW 8.8bn
KRW 10.7bn
KRW 12.0bn KRW 12.4bn
3Q24 4Q24 1Q25 2Q25 3Q25
Merge Studio ETC. Total
Y/Y + 91%
Revenue trend New Game strategy
AI-driven, solo -developed Merge game with
renovation theme
Block Puzzle — simple,
accessible gameplay
Game Highlights
1.1M downloads,
Top 5 in US puzzle
Upcoming global
launch plan
DUG –PAXIE collaboration
150K downloads
Key Achievements

Copyright DoubleU Games Co., LTD. All Rights Reserved
Type FY2023 FY2024 FY2025
1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q
Revenue 145.3 143.9 139.6 153.5 160.5 163.1 154.1 155.8 162.0 171.9 186.2
Operating cost 99.2 93.6 85.5 90.7 98.8 96.1 94.6 95.3 107.2 117.6 127.0
Variable cost 44.1 43.8 42.1 44.9 49.6 49.8 46.0 47.1 50.0 50.8 55.5
Platform fee 41.6 41.4 40.1 43.0 43.6 44.4 40.8 41.1 41.0 41.1 42.5
Other variable costs 2.6 2.5 2.0 2.0 5.9 5.4 5.2 6.0 9.0 9.7 13.0
Fixed cost 55.1 49.8 43.4 45.7 49.2 46.3 48.6 48.2 57.2 66.8 71.5
Marketing cost 28.2 24.7 18.4 15.3 21.0 15.9 14.0 16.2 23.8 31.9 33.4
Salary and Benefit 18.2 17.8 18.0 21.9 19.2 21.8 22.5 22.9 23.7 22.4 23.5
Other expense 6.7 5.4 5.1 5.6 5.8 5.4 9.1 6.0 6.7 8.2 8.4
D&A 1.9 1.9 1.9 2.9 3.3 3.1 3.0 3.0 3.1 4.3 6.2
Operating income 46.1 50.3 54.1 62.8 61.7 67.1 59.5 60.5 54.8 54.3 59.2
EBITDA 48.0 52.2 56.0 65.8 65.0 70.2 62.5 63.5 57.8 58.6 65.3
Non -operating
income 17.2 11.5 11.5 6.5 16.8 17.5 4.9 34.8 10.7 11.0 7.2
Finance income 17.2 11.5 11.5 6.4 16.8 17.2 4.8 34.7 10.6 10.8 7.2
Other income – – 0.1 0.1 – 0.3 0.1 0.1 0.1 0.2 –
Non -operating
cost (2.8) (4.1) (0.4) (8.3) (2.3) (2.5) (8.9) 5.8 (4.4) (20.8) 5.5
Finance cost (2.7) (4.0) (0.4) (8.3) (2.3) (2.4) (8.8) 6.8 (4.3) (20.5) 5.5
Other expense (0.1) (0.1) (0.1) (0.1) (0.1) (0.1) (0.1) (1.0) (0.1) (0.3) –
Income before tax 60.4 57.7 65.2 61.0 76.2 82.1 55.4 101.1 61.1 44.5 71.9
Tax expense
(income) 10.6 13.3 13.9 13.6 15.7 18.0 14.6 23.2 15.3 11.5 15.5
Net income (loss) 49.8 44.4 51.3 47.4 60.4 64.2 40.9 77.9 45.8 33.0 56.4
Controlling interest 39.3 33.9 39.6 36.2 47.1 49.0 29.9 61.1 34.2 22.7 44.8
Non -controlling
interests 10.5 10.5 11.7 11.2 13.3 15.2 10.9 16.7 11.6 10.3 11.6
10
Appendix Income statement (Consolidated)
3Q25 Earnings Presentation
(Unit: Billion KRW)

Copyright DoubleU Games Co., LTD. All Rights Reserved 11
Appendix Balance sheet (Consolidated)
3Q25 Earnings Presentation
(Unit: Billion KRW)
Type End of 3Q 2025 End of 2024 End of 2023
Assets
Current assets 818.0 893.3 583.3
Cash and cash equivalents 506.7 545.6 298.5
Short -term deposits,
not classified as cash equivalents 218.0 262.3 214.3
Current financial asset designation
as at fair value through profit or loss 5.3 11.2 0.1
Other current assets 88.0 74.3 70.5
Non -current assets 955.8 753.0 705.3
Intangible assets and goodwill 871.4 716.9 636.4
Right -of-use assets 22.4 25.5 29.9
Deferred tax assets 3.2 – 26.1
Other non -current assets 58.8 10.6 13.0
Total assets 1,773.8 1,646.3 1,288.6
Liabilities
Current liabilities 76.8 57.2 63.2
Trade and other current payables 45.0 27.3 23.9
Current portion of bonds – – 20.0
Current lease liabilities 7.6 7.3 8.5
Other current liabilities 24.2 22.7 10.8
Non -current liabilities 106.1 32.7 28.7
Non -current lease liabilities 15.7 18.5 20.8
Bonds issued – – –
Deferred tax liabilities 42.7 8.4 3.6
Other non -current liabilities 47.7 5.8 4.2
Total liabilities 182.8 89.9 91.9
Equity
Equity attributable to owners of parent 1,146.7 1,131.4 871.6
Issued capital 10.8 10.8 9.2
Capital surplus 96.8 296.8 298.5
Elements of other stockholder’s equity (75.6) (62.0) (61.7)
Other Comprehensive income/loss
accumulated amount 137.9 183.9 94.5
Retained earnings 976.7 701.8 531.2
Non -controlling interests 444.2 425.0 325.1
Total stockholder’s equity 1,590.9 1,556.4 1,196.7
Total liabilities and stockholder’s equity 1,773.8 1,646.3 1,288.6

End of Document
DoubleU Games IR