Drake Star Global Gaming Report Q1 2025

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SALE TO
Mobile / Online Gaming
Video Game / Content Streaming
SALE TO
AAA Game Developer
Power Rangers
Mobile / Console Games
Mobile Games
Game Review and Advertising
SALE TO
* Transactions executed by current Drake Star Partners employees while employed at other firms 2 www.drakestar.com
* * *
* * *
Principal
Los Angeles
mohit.pareek@drakestar.com
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Partner
Berlin
julian.riedlbauer@drakestar.com
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Managing Partner
Los Angeles
michael.metzger@drakestar.com
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Source: CapIQ , Pitchbook & DSP Research Note: Drake Star did not act as financial advisor on transactions listed on this page. Deal count includes announced and / or closed M&A, private placement, IPOs, SPACs, and public financing deals. Public Markets include IPOs, SPACs, and Public Financin gs.
Public Markets PP M&A
• We anticipate a gradual uptick in M&A activity over the rest of the year . Key buyers to watch include Savvy / Scopely , Tencent,
KRAFTON, Keywords Studios / EQT, Jagex / CVC, Infinite Reality, Sony and Asmodee .
• Private equity firms are expected to remain very active, with several publicly traded gaming companies potentially being taken private .
• Key growth segments are expected to include AI, tech platforms, and blockchain . Later stage financings will likely continue to be
challenging .
• If public markets stabilize, Coffee Stain is expected to go public soon as part of a spin -out from Embracer . Other gaming companies,
including Discord, are also reportedly preparing for IPOs .
• Gaming M&A activity rebounded in Q1 2025 , with 48 announced deals totaling $4.4 billion in disclosed value . This marks the highest
quarterly deal value in nearly two years and a strong recovery from the dip seen in Q4 2024 .
• Scopely’s $3.5B acquisition of Niantic’s games division was the largest gaming deal of Q1 and the biggest since Scopely itself was
acquired by Savvy for $4.9B in 2023 . Other notable mobile M&A activity this quarter included Tripledot’s reported $900 M acquisition of
AppLovin’s games division, Miniclip’s acquisition of German mobile studio Lessmore , and Krafton’s purchase of Nautilus Mobile .
• Voldex strengthened its position as a leading Roblox games operator with the acquisition of Brookhaven, while EA acquired TRACAB
to integrate its motion tracking technology into future game development .
• Q1 saw 149 private placements totaling $3.5B in disclosed deal value . The largest was a reported $3B investment received by Infinite
Reality at a valuation exceeding $12 B. Other notable financings included rounds for Turkish mobile developers Grand Games and
Good Job Games . As part of the Scopely transaction, Niantic Spatial secured $50 M, while mobile adtech firm Bigabig raised $25 M from
MobilityWare , and AI game developer BeyondOS closed a $20 M round . Later stage financings for gaming studios continue to be
challenging .
• New gaming funds announced in Q1’25 included Tilting Point’s UA fund ($150 M), Arcadia Gaming Advisors ($100 M), Skillz ($75M) and
Laton Ventures ($50 M) .
• Most active investors over the past year included BITKRAFT, Play Ventures, and Andreessen for larger funds and TIRTA, The Games
Fund, and GEM Capital at the seed stage . Krafton, Tencent, and Samsung led strategic activity, while Animoca , Spartan, and Big Brain
were the most active in blockchain gaming . Top acquirers included Savvy/ Scopely , Tencent, Playtika , Tripledot , Infinite Reality, and
MTG .
• Asmodee had a successful IPO post -Embracer spin -off, while Ubisoft raised $1.25 B from Tencent following speculations of a full sale .
AMD, GameStop, and Logitech announced major debt deals .
• The Drake Star Index rose 16.4% since the end of 2023 . SEA/Garena, DeNA , and Konami were the top performers, while Ubisoft,
Unity, and WeMade lost most in value .
48
149
20
$4.4B
$3.5B
$5.1B

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M&A
Public
Markets
• AMD, whose microprocessors are used in the Playstation and Xbox consoles, announced a $1.5B debt offering to help repay a term loan.
• Video games retailer Gamestop , announced a $1.3B debt offering to raise funds for general corporate purposes.
• Tencent will invest $1.25B to obtain a minority stake in a new Ubisoft subsidiary that will oversee 3 of the French developer’s top franchises.
• Logitech, a maker of gaming peripherals, entered into a new unsecured $750M revolving credit facility.
• Asmodee, a French publisher of tabletop games, became a publicly listed company as part of a spin -off from the Embracer Group.
Fundraising
• Infinite Reality raised a reported $3B from a private investor, reaching a $12.25B valuation.
• Niantic Spatial, a geospatial AI company, received a $50M investment from mobile gaming company Scopely .
• Turkish games studio Grand Games raised $30M in Series A funding led by Balderton, with backing from Bek Ventures, Laton, and Mert Gür.
• Bigabid , an adtech company specializing in user acquisition and engagement for mobile apps, raised $25M in a Series A round led by the
mobile games company MobilityW are .
• Turkish mobile games developer Good Job Games raised $23M in a Seed round led by Menlo Ventures and Arcadia.
• BeyondOS raised $20M from a group of investors that included Makers Fund, Atinum Investment, and Play Ventures.
• Scopely , a subsidiary of Savvy Games Group, acquires the games division of Niantic, including Pokémon GO, Pikmin Bloom, Monster Hunt er
Now games and companion apps and services Campfire and W ayfarer, for $3.5B .
• AppLovin will spin off its games business, consisting of 10 studios to Tripledot , for $900M – $400M in cash and $500M in equity.
• Miniclip , a subsidiary of Tencent, acquired German mobile games developer Lessmore for an undisclosed amount.
• Roblox games company Voldex acquired Brookhaven , one of the top titles on the Roblox platform, for an undisclosed amount.
• EA acquired Swedish motion tracking company TRACAB to enhance its sports game development.
• Krafton acquired over 75% of Nautilus Mobile, maker of Real Cricket, for $14M .
• Jam City sold Canadian mobile developer Ludia to a group of investors and Ludia’s senior management team.
Games Division
Games Division
Source: CapIQ , Pitchbook & DSP Research Note: Drake Star did not act as financial advisor on transactions listed on this page
Investors & Senior Management

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48 DEALS AND $4.4B IN ANNOUNCED DEALS
Source: CapIQ , Pitchbook & DSP Research Note: Voodoo’s acquisition of BeReal is excluded from deal volume and deal value in Q224. Drake Star did not act as financial advisor on transactions listed on this page
15
11
8
0
4
2
8
PC/Console Mobile Platform/Tools
Hardware Esports Blockchain
Others
16
22
10
North America Europe
Asia and Others
43 44
33
44 48 53 57
40
48
(1 00 )
(8 0)
(6 0)
(4 0)
(2 0)
–
2 0
4 0
6 0
8 0
$0
$1
$2
$3
$4
$5
$6
$7
$8
Q123 Q223 Q323 Q423 Q124 Q224 Q324 Q424 Q125
Value ($B) Deal Count

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Source: CapIQ , Pitchbook & DSP Research Note: Drake Star did not act as financial advisor on transactions listed on this page
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48 ANNOUNCED DEALS AND $4.4B IN DISCLOSED DEAL VALUE
• Electronic Arts acquired Swedish motion tracking
company TRACAB for an undisclosed amount.
• The company will join EA Sports, the division of EA
known for licensed sports games, such as those in
the EA Sports FC and Madden NFL franchises.
• EA aims to leverage TRACAB’s technology to
improve animations within its games and better
simulate real -world sports.
• AppLovin will spin off its games business, consisting
of 10 studios, for $900M. The buyer is reportedly UK
mobile games company Tripledot .
• The deal will consist of $400M in cash and $500M in
equity.
• The divestment allows AppLovin to focus on its
high -growth and high -margin adtech business.
• Miniclip , a subsidiary of Tencent, acquired German
mobile games developer Lessmore for an
undisclosed amount.
• Lessmore is known for its hybrid casual games
Eatventure and We Are Warriors.
• The acquisition is the latest in a string of deals for
Miniclip that includes Easybrain , FuturLab , and
SYBO.
• Scopely , a subsidiary of Savvy Games Group, will
acquire the games division of Niantic, most well –
known for its mobile AR game Pokémon GO, for
$3.5B.
• Niantic’s games division has 30M+ monthly active
users and took in $1B+ in revenue in 2024.
• Along with the sale of its games business, Niantic will
spin off its technology platform into a new company
called Niantic Spatial.
• Krafton acquired a 75%+ stake in Indian mobile
games studio Nautilus Mobile for $14M.
• Nautilus Mobile is known for its Real Cricket
franchise, which has licensing partnerships with top
cricket teams.
• Krafton sees the Indian market as a key avenue of
growth and has invested heavily in Indian companies.
• Roblox games company Voldex acquired
Brookhaven, one of the top titles on the Roblox
platform, for an undisclosed amount.
• Brookhaven is a life simulation game with 120M
monthly active users and 60M lifetime visits.
• The acquisition was enabled by an equity financing
led by Raine Partners and a debt financing led by
Shamrock Capital.
Games Division Games Division

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$0.4B $0.0B
$3.1B
141
6
2
$0.0B$0.1B
$3.2B
$0.0B
$0.0B
$0.0B $0.2B $0.0B
Hardware Others Platform/Tools
7
149 DEALS AND $3.5B IN DISCLOSED PRIVATE PLACEMENTS
Late Mid Early
VR / AR Esports Mobile PC / Console Blockchain
20
30
35
0
6
9
42
7
212 202 189 170 192 187 181
152 149
$0.0
$0.5
$1.0
$1.5
$2.0
$2.5
$3.0
$3.5
$4.0
Q123 Q223 Q323 Q423 Q124 Q224 Q324 Q424 Q125
Value ($B) Deal Count
Source: CapIQ , Pitchbook & DSP Research Note: Drake Star did not act as financial advisor on transactions listed on this page

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Platform/Tools Jan -25 3,000 12,250 Undisclosed
Platform/Tools Mar -25 50 — Scopely
Mobile Jan -25 30 — Balderton Capital, Bek Ventures, Laton Ventures
Platform/Tools Feb -25 25 — MobilityW are
Mobile Mar -25 23 — Menlo Ventures, Arcadia
Platform/Tools Mar -25 20 — Makers Fund, Atinum Investment, Play Ventures
Blockchain Mar -25 16 — Dragonfly Capital, Animoca Brands
Blockchain Feb -25 14 — BITKRAFT, P2 Ventures
Platform/Tools Mar -25 13 — Square Enix, Greylock Partners
Blockchain Jan -25 12 — Spartan, Animoca Brands, Yield Guild Games
TOP PRIVATE PLACEMENTS
Source: CapIQ , Pitchbook & DSP Research Note: Drake Star did not act as financial advisor on transactions listed on this page
8 www.drakestar.com

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149 DEALS AND $3.5B IN DISCLOSED PRIVATE PLACEMENTS
Source: CapIQ , Pitchbook & DSP Research Note: Drake Star did not act as financial advisor on transactions listed on this page
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• Turkish mobile gaming startup, Grand Games,
raised $30M in a Series A round led by Balderton
Capital and with participation from Bek Ventures,
Laton Ventures, and Mert Gür.
• The developer plans to use the new investment on
expanding into new markets and launching a
game in 2025.
• BeyondOS raised $20M from a group of investors
that included Makers Fund, Atinum Investment,
and Play Ventures.
• The company aims to develop and scale AI
entertainment experiences. Its first product is
Decor Society, an interior design app that
leverages generative AI.
• Niantic Spatial, a geospatial AI company, received
a $50M investment from mobile gaming company
Scopely .
• The company is being spun out of Niantic in
conjunction with Scopely’s acquisition of Niantic’s
games business.
• Infinite Reality, a company that provides tools for
building virtual experiences, raised $3B from an
undisclosed private investor and achieved a
valuation of $12.25B.
• The company plans to use its new funding on
acquisitions, partnerships, and product launches.
• Bigabid , an adtech company specializing in user
acquisition and engagement for mobile apps,
raised $25M in a Series A round led by the mobile
games company MobilityW are .
• The investment will be used to help develop
machine learning models that can better target
specific audiences.
• Turkish mobile games developer Good Job
Games raised $23M in a Seed round led by Menlo
Ventures and Arcadia, Tripledot co -founder Akin
Babayigit’s new games fund.
• The company developed the game Zen Match,
which it sold to Moon Active. It is now focused on
the Match -3 genre with the game Match Villains.

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VC DEALS SELECT INVESTMENTS LOCATION
8
6
6
5
5
5
4
4
4
3
10
Source: CapIQ , Pitchbook & DSP Research Note: Drake Star did not act as financial advisor on transactions listed on this page. The league tables above do not include accelerator investments.
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VC DEALS SELECT INVESTMENTS LOCATION
18
15
11
11
8
4
4
4
3
3
TOP INVESTORS BY LTM DEAL COUNT

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VC DEALS SELECT INVESTMENTS LOCATION
33
16
14
10
10
9
8
8
7
6
11
INVESTOR DEALS SELECT INVESTMENTS LOCATION
12
8
8
5
5
4
4
3
3
3
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TOP INVESTORS BY LTM DEAL COUNT
Source: CapIQ , Pitchbook & DSP Research Note: Drake Star did not act as financial advisor on transactions listed on this page. The league tables above do not include accelerator investments.

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TOP 10 STRATEGIC BUYERS LTM
COMPANY DISCLOSED DEAL
VALUE ($M) # OF DEALS SELECT DEALS
$3,534.5 3
$1,200.0 6
$1,950.0 1
$900.0 2
$710.0 4
$820.0 1
$542.2 1
— 4
— 2
— 4
Source: CapIQ , Pitchbook & DSP Research Note: Drake Star did not act as financial advisor on transactions listed on this page. Deal value only includes publicly disc losed transaction values.
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Games Division
Games Division

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ONLINE / MOBILE GAME DEVELOPERS & PUBLISHERS
COMPANY NAME TICKER COUNTRY LTM PRICE MCAP EV REVENUE EBITDA EV/REVENUE EV/EBITDA PRICE/EARNINGS REVENUE GROWTH EBITDA GROWTH EBITDA / REV North America / Europe – Mobile Focused LTM LTM LTM NTM LTM NTM LTM NTM LTM NTM LTM NTM LTM Light & W onder LNW US 31-Dec -24 $86.61 $7,308.3 $11,029.3 $3,188.0 $1,045.0 3.5x 3.2x 10.3x 7.8x 23.5x 15.1x 10% 9% 8% 35% 32.8% Playtika PLTK IL 31-Dec -24 $5.17 $1,940.4 $3,852.4 $2,549.3 $619.9 1.5x 1.4x 6.0x 5.2x 11.9x 9.5x -1% 11% -10% 19% 24.3% Modern Times Group MTG B SE 31-Dec -24 $11.30 $1,329.4 $1,051.4 $543.5 $133.3 1.8x 0.9x 7.2x 3.3x NM 11.9x 3% 106% 3% 117% 24.5% Huuuge HUG US 30-Sep -24 $4.94 $276.9 $161.5 $260.4 $77.9 0.6x 0.7x 2.0x 2.3x 4.8x 5.6x -10% -10% -22% 10% 29.9% Stillfront Group SF SE 31-Dec -24 $0.47 $232.1 $630.1 $652.4 $131.1 0.9x 0.9x 4.4x 2.8x NM 2.5x -5% -7% -3% 54% 20.1% GDEV GDEV CY 31-Dec -24 $11.60 $210.3 $72.5 $420.9 $45.1 0.2x 0.2x 1.9x 1.8x 8.4x 6.5x -9% 7% 4% 10% 10.7% Ten Square Games TEN PL 31-Dec -24 $23.10 $146.6 $111.5 $93.5 $20.3 1.1x 1.1x 5.0x 4.6x 9.2x 7.8x -11% 2% -14% 13% 21.7% G5 Entertainment G5EN SE 31-Dec -24 $12.19 $95.1 $67.8 $102.5 $10.9 0.6x 0.6x 5.6x 2.8x 8.0x 9.1x -14% -1% 1% 98% 10.6% East Side Games EAGR CA 31-Dec -24 $0.29 $22.5 $17.2 $57.8 $6.4 0.3x 0.3x 2.7x 1.7x NM 8.3x -4% 12% -24% 57% 11.1%
Average 1.2x 1.0x 5.0x 3.6x 11.0x 8.5x -5% 14% -6% 46% 20.6% Median 0.9x 0.9x 5.0x 2.8x 8.8x 8.3x -5% 7% -3% 35% 21.7%
North America / Europe – PC / Console Focused Electronic Arts EA US 31-Dec -24 $144.52 $37,664.5 $36,788.5 $7,347.0 $1,896.0 5.0x 5.0x 18.7x 15.4x 36.8x 20.8x -4% 0% -4% 26% 25.8%
Take -Two Interactive TTWO US 31-Dec -24 $207.25 $36,578.7 $39,472.3 $5,450.5 $354.5 7.2x 5.1x 94.3x 20.5x NM 32.7x 1% 41% -37% NM 6.5% CD Projekt CDR PL 31-Dec -24 $54.67 $5,462.5 $5,161.0 $238.3 $92.9 20.3x 25.7x 52.1x 55.4x 45.3x 80.3x -20% -21% -18% 6% 39.0% Embracer Group EMBRAC B SE 31-Dec -24 $10.54 $2,373.0 $2,880.0 $3,404.3 -$557.4 0.8x 1.2x NM 4.4x NM 10.7x NA -35% NA NM -16.4% Asmodee ASMDEE B FR 31-Dec -24 $9.12 $2,130.2 $3,085.3 $1,350.9 $134.0 2.1x NA 18.8x NA NM NA 0% NA 0% 81% 9.9% Paradox Interactive PDX SE 31-Dec -24 $18.15 $1,917.1 $1,777.2 $198.9 $86.8 8.1x 6.3x 12.5x 9.3x 32.9x 26.4x -17% 29% -1% 99% 43.7% Ubisoft UBI FR 30-Sep -24 $12.06 $1,577.0 $3,102.0 $2,383.2 -$177.1 1.3x 1.4x NM 3.3x NM 23.4x 11% -4% NA NM -7.4% everplay group EVPL GB 31-Dec -24 $3.59 $517.2 $439.7 $208.6 $51.1 2.0x 2.0x 8.2x 7.6x 19.9x 11.6x 5% 2% 12% 10% 24.5% PlayW ay PLW PL 30-Sep -24 $70.99 $468.5 $430.2 $81.2 $48.3 5.3x 5.1x 8.9x 8.8x 12.3x 11.1x 24% 5% 20% 2% 59.5% Remedy Entertainment REMEDY FI 31-Dec -24 $15.13 $205.6 $178.2 $52.4 $0.7 3.3x 2.5x 81.4x 13.5x NM 65.1x 49% 31% NA NM 1.3% Pullup Entertainment ALPUL FR 30-Sep -24 $20.26 $166.8 $320.8 $375.4 $149.9 0.9x 0.9x 2.2x 2.4x 9.5x 4.2x 58% -2% 113% 7% 39.9% Digital Bros DIB IT 31-Dec -24 $10.98 $156.7 $197.0 $117.9 $46.4 1.6x 1.6x 4.1x 4.9x NM 75.3x 8% -2% 27% 17% 39.3% Bloober Team BLO PL 30-Sep -24 $7.60 $146.6 $144.1 $21.2 $7.0 6.8x NA 19.6x NA 48.5x NA -5% NA NM NA 33.1% Devolver Digital DEVO US 31-Dec -24 $0.27 $128.7 $96.9 $104.8 $5.0 0.9x 0.9x 34.4x 11.6x NM 19.2x 13% 8% NA 67% 4.8% People Can Fly PCF PL 30-Sep -24 $3.36 $120.6 $114.8 $44.5 -$2.5 2.6x 1.2x NM 17.1x NM NA 12% 110% NA NM -5.5% Frontier Developments FDEV GB 30-Nov -24 $2.84 $109.8 $100.9 $112.9 $12.8 0.9x 0.9x 6.5x 2.5x 5.4x NM -7% -1% NA NM 11.3% EG7 EG7 SE 31-Dec -24 $1.15 $102.3 $77.1 $173.8 $39.2 0.4x 0.4x 1.8x 1.7x NM 8.3x -7% 4% -5% 3% 22.6% CI Games CIG PL 30-Sep -24 $0.43 $82.2 $82.7 $66.3 $16.6 1.3x 5.0x 5.0x 8.9x 16.8x NA NM -75% NM 44% 25.1% Nacon NACON FR 30-Sep -24 $0.64 $69.5 $190.0 $197.4 $11.8 1.0x 0.9x 12.9x 2.6x 3.8x 6.3x 21% 6% -3% NM 6.0% Skonec Entertainment A276040 KR 31-Dec -24 $2.77 $34.8 $23.4 $3.0 -$4.6 7.8x NA NM NA NM NA -28% NA NA NA -153.8% Snail Games SNAL US 31-Dec -24 $0.88 $32.7 $27.1 $84.5 $4.2 0.3x 0.3x 4.7x 18.1x 17.6x NM 39% 20% NA 64% 5.0% tinyBuild TBLD US 30-Jun-24 $0.07 $29.2 $20.1 $40.2 -$34.2 0.5x 0.5x NM NM NM NM -30% -6% NA 91% -85.0% Starbreeze AB STAR B SE 31-Dec -24 $0.02 $27.1 $9.8 $16.8 $10.0 0.5x 0.5x 0.9x 0.9x NM NA -71% 12% -48% 4% 59.3%
Average 3.5x 3.4x 21.5x 11.0x 22.6x 28.2x 2% 6% 5% 37% 8.2% Median 1.6x 1.3x 10.7x 8.8x 17.6x 20.0x 1% 3% -2% 22% 11.3%
Source: CapIQ , As of March 31, 2025, in $M except share price. EV/EBITDA and P/E multiples less than 0 and greater than 100 are denoted as NM. Growth ra tes showing a greater than 200% change are denoted as NM.

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DEVELOPERS IN JAPAN / KOREA AND CHINA (SHENZHEN LISTED)
COMPANY NAME TICKER COUNTRY LTM PRICE MCAP EV REVENUE EBITDA EV/REVENUE EV/EBITDA PRICE/EARNINGS REVENUE GROWTH EBITDA GROWTH EBITDA / REV Japan/Korea LTM LTM LTM NTM LTM NTM LTM NTM LTM NTM LTM NTM LTM BANDAI NAMCO 7832 JP 31-Dec -24 $33.42 $21,863.0 $19,226.0 $7,847.8 $1,527.3 2.3x 2.4x 11.8x 13.0x 19.3x 25.2x 21% -4% 97% 8% 19.5% Konami Holdings 9766 JP 31-Dec -24 $117.40 $15,914.0 $14,515.9 $2,659.0 $896.4 5.2x 4.7x 15.4x 14.8x 30.6x 27.1x 23% 11% 41% 5% 33.7% NEXON 3659 JP 31-Dec -24 $13.62 $11,401.2 $7,732.7 $2,838.1 $944.3 2.6x 2.6x 8.1x 9.5x 12.7x 17.7x 5% -2% 5% 18% 33.3% Krafton A259960 KR 31-Dec -24 $227.14 $10,326.6 $7,846.3 $1,834.3 $872.1 4.3x 3.7x 9.5x 8.1x 11.8x 14.4x 42% 14% 47% 11% 47.5% Capcom 9697 JP 31-Dec -24 $24.47 $10,233.9 $9,448.6 $859.2 $286.2 10.5x 6.6x 31.5x 17.8x 48.2x 27.3x -11% 59% -35% 77% 33.3% Square Enix 9684 JP 31-Dec -24 $46.44 $5,575.2 $3,990.2 $2,208.7 $248.4 1.7x 1.8x 15.3x 11.4x 64.9x 26.5x 1% -6% -12% 34% 11.2% Koei Tecmo 3635 JP 31-Dec -24 $13.13 $4,147.6 $3,967.6 $483.5 $160.3 7.8x 6.6x 23.6x 19.4x 19.2x 19.4x -16% 18% -34% 22% 33.1% Sega Sammy 6460 JP 31-Dec -24 $19.21 $4,103.2 $3,775.6 $2,796.4 $405.7 1.3x 1.3x 8.7x 7.4x 18.2x 13.6x -6% -2% -15% 19% 14.5% DeNA 2432 JP 31-Dec -24 $23.44 $2,610.4 $2,495.9 $949.7 $313.8 2.5x 2.2x 7.3x 13.0x 21.4x 15.5x 8% 14% NM 42% 33.0% SHIFT UP A462870 KR 31-Dec -24 $37.82 $2,206.4 $1,782.0 $158.3 $110.7 11.3x 8.6x 16.1x 11.7x 17.0x 17.1x 33% 31% 38% 38% 69.9% NetMarble A251270 KR 31-Dec -24 $26.58 $2,178.2 $2,897.1 $1,803.2 $245.3 1.6x 1.6x 7.0x 11.1x NM 18.3x 6% 3% NM 6% 13.6% Ncsoft A036570 KR 31-Dec -24 $101.45 $1,967.8 $1,225.0 $1,068.3 -$0.1 1.1x 1.1x NM 7.4x 31.6x 17.7x -11% 4% NA NM 0.0% Pearl Abyss A263750 KR 31-Dec -24 $20.37 $1,251.2 $1,072.4 $231.8 $8.6 4.6x 3.0x 64.5x 12.1x 30.5x 18.6x 3% 52% 32% NM 3.7% GungHo Online 3765 JP 31-Dec -24 $19.50 $1,056.7 $523.4 $658.9 $117.3 0.8x 0.7x 4.2x 4.3x 16.2x 15.3x -17% 4% -37% 1% 17.8% Kakao Games A293490 KR 31-Dec -24 $9.76 $800.3 $1,120.2 $424.6 $58.3 2.6x 2.1x 31.4x 15.7x NM 29.3x -14% 28% -49% 22% 13.7% Gree 3632 JP 31-Dec -24 $3.93 $672.5 $372.0 $380.4 $40.3 0.9x 0.9x 8.8x NA 20.9x 22.2x -17% 8% -45% NA 10.6% DOUBLEUGAMES A192080 KR 31-Dec -24 $33.85 $671.1 $428.6 $428.8 $176.8 1.0x 0.9x 2.4x 2.3x 5.3x 6.0x 9% 10% 18% 6% 41.2% W eMade Entertainment A112040 KR 31-Dec -24 $19.62 $661.9 $850.3 $481.9 $17.1 1.8x 1.5x 8.9x 9.2x 6.6x 13.2x 18% 17% NA NM 3.6% DoubleDown Interactive DDI KR 31-Dec -24 $9.90 $490.6 $116.4 $315.2 $131.0 0.4x 0.3x 0.9x 0.9x 4.3x 4.4x 15% -100% 21% 100% 41.6% NHN Entertainment A181710 KR 31-Dec -24 $11.92 $378.9 $297.2 $1,662.6 $38.3 0.2x 0.2x 9.8x 1.9x NM 7.3x 8% 10% -57% NM 2.3% Com2uS A078340 KR 31-Dec -24 $28.42 $324.6 $415.0 $469.8 $18.2 0.9x 0.8x NM 8.5x NM 13.1x -6% 16% NA 167% 3.9% GAMEVIL Inc. A063080 KR 31-Dec -24 $14.50 $95.6 $171.8 $101.1 -$5.5 1.7x NA NM NA NM NA -2% NA NA NA -5.4% JOYCITY A067000 KR 31-Dec -24 $0.99 $69.1 $125.0 $96.7 $10.9 1.3x 1.1x 11.1x 9.7x NM 10.4x -5% 23% -46% 19% 11.2% T3 Entertainment Inc. A204610 KR 31-Dec -24 $1.16 $64.8 $17.2 $40.2 $8.3 0.4x NA 1.8x NA 9.2x NA 16% NA 43% NA 20.6% Me2on A201490 KR 31-Dec -24 $1.15 $35.8 $59.9 $63.8 $12.7 0.9x NA 4.7x NA 95.7x NA -13% NA -32% NA 19.9% BANDAI NAMCO 7832 JP 31-Dec -24 $33.42 $21,863.0 $19,226.0 $7,847.8 $1,527.3 2.3x 2.4x 11.8x 13.0x 19.3x 25.2x 21% -4% 97% 8% 19.5% Konami Holdings 9766 JP 31-Dec -24 $117.40 $15,914.0 $14,515.9 $2,659.0 $896.4 5.2x 4.7x 15.4x 14.8x 30.6x 27.1x 23% 11% 41% 5% 33.7%
Average 2.9x 2.6x 14.3x 10.6x 25.7x 17.8x 3% 9% 83% 105% 21.0% Median 1.7x 1.9x 9.7x 11.0x 19.3x 17.7x 3% 11% 5% 24% 17.8% China (Shenzhen listed)
Quihoo 360 601360 CN 30-Sep -24 $1.43 $10,012.5 $6,860.0 $1,130.0 -$104.7 6.3x 6.0x NM NM NM NM -15% NM NA NA -9.3% Zhejiang Century Huatong 002602 CN 30-Sep -24 $0.89 $6,516.5 $6,529.7 $2,712.4 $415.6 2.5x 2.1x 15.5x 10.8x 53.6x 16.1x 57% 17% 75% 51% 15.3% Beijing Kunlun 300418 CN 30-Sep -24 $4.75 $5,848.2 $6,074.1 $721.7 -$63.5 8.7x 8.1x NM NM NM NM 1% 7% NA NM -8.8% Kingnet Network 002517 CN 30-Sep -24 $2.21 $4,706.5 $4,304.9 $740.4 $235.6 6.0x 5.0x 18.7x 13.9x 20.6x 14.8x 32% 19% 17% 36% 31.8% 37Games 002555 CN 30-Sep -24 $2.05 $4,505.2 $3,803.2 $2,543.8 $374.3 1.5x 1.5x 10.4x 8.0x 13.9x 11.0x 6% 1% -16% 31% 14.7% Giant Network 002558 CN 30-Sep -24 $1.94 $3,596.2 $3,409.0 $409.9 $123.0 8.6x 7.1x 28.3x 14.6x 24.3x 17.4x 5% 21% 22% 96% 30.0% Perfect W orld 002624 CN 30-Sep -24 $1.58 $3,143.7 $2,923.7 $808.0 -$60.9 3.7x 3.4x NM 27.8x NM NM -30% 11% NA NM -7.5% Ourpalm 300315 CN 30-Sep -24 $0.74 $1,998.1 $1,655.5 $132.3 $9.9 12.9x 11.3x NM 28.0x 66.6x 49.9x -4% 14% 178% NA 7.5% Dalian Zeus 002354 CN 30-Sep -24 $0.85 $1,400.0 $1,361.3 $228.8 $0.5 6.2x 5.1x NM NA NM NM -10% 21% NA NA 0.2% Youzu Interactive 002174 CN 30-Sep -24 $1.28 $1,152.6 $1,073.9 $205.8 $39.8 5.4x 4.7x 26.8x 16.4x 86.1x 28.3x -15% 16% NM 71% 19.3% ZQ Games 300052 CN 30-Sep -24 $1.50 $392.6 $406.2 $34.2 -$3.6 12.3x 10.1x NM NM NM NM -2% 22% NA 78% -10.6%
Average 6.7x 5.9x 19.9x 17.1x 44.2x 22.9x 2% 15% 55% 60% 7.5% Median 6.2x 5.1x 18.7x 14.6x 38.9x 16.8x -2% 16% 22% 61% 7.5%
Source: CapIQ , As of March 31, 2025, in $M except share price. EV/EBITDA and P/E multiples less than 0 and greater than 100 are denoted as NM. Growth ra tes showing a greater than 200% change are denoted as NM.

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ONLINE/MOBILE GAME DEVELOPERS IN CHINA/INDIA/SE ASIA AND HARDWAR E/PLATFORMS/ADVERTISING/TOOLS/ESPORTS
COMPANY NAME TICKER COUNTRY LTM PRICE MCAP EV REVENUE EBITDA EV/REVENUE EV/EBITDA PRICE/EARNINGS REVENUE GROWTH EBITDA GROWTH EBITDA / REV China, South East Asia (US and HKG listed) & India LTM LTM LTM NTM LTM NTM LTM NTM LTM NTM LTM NTM LTM Tencent Holdings 700 CN 31-Dec -24 $63.88 $578,114.3 $591,149.5 $90,457.3 $31,523.3 6.5x 5.9x 16.4x 14.0x 22.8x 17.7x 8% 9% 25% 33% 34.8% Sea Limited SE SG 31-Dec -24 $130.49 $74,945.6 $70,540.9 $16,819.9 $1,051.8 4.2x 3.4x 51.8x 25.5x NM 34.3x 29% 25% 34% 163% 6.3% NetEase NTES CN 31-Dec -24 $102.92 $65,441.9 $48,817.7 $14,425.8 $4,384.4 3.4x 3.1x 11.2x 9.8x 0.0x NA 2% 8% 4% 13% 30.4% International Games System 3293 TW 31-Dec -24 $23.20 $6,538.2 $6,135.0 $564.8 $320.0 11.0x 9.2x 19.5x 26.8x 24.3x 19.7x 31% 19% 37% 27% 56.7% Kingsoft 3888 HK 31-Dec -24 $4.84 $6,415.3 $4,007.5 $1,413.6 $469.7 2.8x 2.5x 9.9x 8.0x 31.8x 22.0x 21% 13% 70% 6% 33.2% G-bits Network 603444 CN 31-Dec -24 $30.73 $2,205.1 $1,802.0 $506.3 $171.1 3.5x 3.2x 10.5x 8.5x 17.0x 15.3x -12% 11% -24% 23% 33.8% JOYY JOYY CN 31-Dec -24 $41.98 $2,185.4 $454.6 $2,237.8 $167.6 0.2x 0.2x 2.3x 1.9x NM 10.5x -1% -6% 8% 39% 7.5% XD 2400 CN 31-Dec -24 $4.15 $2,003.8 $1,655.0 $686.7 $134.4 2.4x 2.3x 12.2x 10.4x 18.0x 16.4x 48% 3% NM 17% 19.6% Nazara 543280 IN 31-Dec -24 $11.09 $972.0 $929.7 $160.1 $9.4 5.8x 4.0x 96.9x 43.5x 0.0x NA 18% 45% -27% 128% 5.9% HUYA HUYA CN 31-Dec -24 $3.21 $730.9 $16.4 $832.9 -$12.1 0.0x 0.0x NM 0.3x NM 27.2x -13% 1% NA NM -1.5% NetDragon 777 CN 31-Dec -24 $1.31 $693.8 $650.5 $828.5 $138.9 0.8x 0.7x 4.7x 2.7x 16.3x 4.9x -15% 16% -9% 72% 16.8% Gamania Digital Entertainment 6180 IN 31-Dec -24 $2.17 $380.8 $337.0 $337.9 $27.3 1.0x NA 11.6x NA 6.2x NA 13% NA -25% NA 8.1% Zengames Technology 2660 IN 31-Dec -24 $0.29 $296.4 -$0.3 $227.1 $74.7 NM NA NM NA 5.1x NA -20% NA -34% NA 32.9% iDreamSky 1119 CN 31-Dec -24 $0.13 $212.3 $377.9 $207.4 -$20.3 1.8x NA NM NA NM NA -21% NA NA NA -9.8% FriendTimes 6820 IN 31-Dec -24 $0.08 $159.4 $72.3 $159.3 -$0.7 0.5x 0.4x NM 3.1x NM 7.8x 10% 15% NA NM -0.4% CMGE Technology Group 302 IN 31-Dec -24 $0.05 $153.9 $195.8 $264.4 -$46.2 0.7x 0.9x NM 9.5x NM 37.3x -26% -19% NA 144% -17.5% Archosaur Games Inc. 9990 CN 31-Dec -24 $0.18 $138.4 -$75.9 $156.3 -$42.4 NM NM NM NM NM 11.6x 26% 21% NA 128% -27.1% W inking Studios Limited W KS SG 31-Dec -24 $0.21 $91.8 $54.4 $31.9 -$1.1 1.7x 1.2x NM 16.6x NM 41.7x 9% 38% NA NM -3.5% Ourgame 6899 KY 30-Jun-23 $0.02 $26.3 $0.0 $42.4 -$6.7 NM NA NM NA NM NA 95% NA NA NA -15.8%
Average 2.9x 2.6x 22.4x 12.9x 14.1x 20.5x 11% 13% 5% 66% 11.1% Median 2.1x 2.4x 11.6x 9.7x 16.6x 17.7x 9% 13% 4% 36% 7.5% Hardware, Platforms, Advertising & ToolsNVIDIA NVDA US 26-Jan-25 $108.38 $2,644,472.0 $2,611,532.0 $130,497.0 $83,317.0 20.0x 12.8x 31.2x 20.0x 36.9x 23.9x 114% 57% 142% 56% 63.8% Applovin APP US 31-Dec -24 $264.97 $90,078.7 $92,893.7 $4,709.2 $2,323.0 19.7x 16.3x 39.6x 24.1x 58.4x 40.1x 43% 21% 104% 66% 49.3% Dell DELL US 31-Jan-25 $91.15 $63,608.2 $85,412.2 $95,567.0 $9,728.0 0.9x 0.8x 8.5x 7.1x 14.3x 9.6x 8% 8% 9% 24% 10.2% Roblox RBLX US 31-Dec -24 $58.29 $38,896.9 $38,279.9 $3,602.0 -$819.0 10.6x 7.3x NM 35.8x NM NM 29% 46% NA NM -22.7% Hewlett Packard HPE US 31-Jan-25 $15.43 $20,268.5 $25,594.5 $31,226.0 $5,057.0 0.8x 0.8x 4.7x 4.9x 7.4x 8.5x 11% 6% 3% 4% 16.2% ASUS 2357 TW 31-Dec -24 $18.30 $13,594.4 $12,204.3 $17,909.9 $961.4 0.7x 0.6x 11.7x 10.3x 14.5x 13.0x 22% 13% 144% 26% 5.4% Logitech LOGN CH 31-Dec -24 $83.62 $12,476.8 $11,033.4 $4,556.0 $767.1 2.4x 2.4x 13.7x 12.8x 19.2x 22.0x 7% 3% 25% 13% 16.8% Unity U US 31-Dec -24 $19.59 $8,025.3 $9,097.9 $1,813.3 -$132.0 5.0x 5.1x NM 25.6x NM 31.1x -17% -2% NA NM -7.3% MSI 2377 TW 31-Dec -24 $4.87 $4,113.3 $3,415.4 $6,036.4 $246.5 0.6x 0.5x 13.4x 7.8x 20.3x 12.3x 8% 17% -18% 80% 4.1% Acer 2353 TW 31-Dec -24 $1.07 $3,202.8 $2,710.1 $8,074.5 $176.6 0.3x 0.3x 13.1x 11.2x 19.3x 17.8x 10% 5% 15% 40% 2.2% Corsair Gaming CRSR US 31-Dec -24 $8.86 $929.0 $1,074.2 $1,316.4 $1.9 0.8x 0.7x 44.4x 12.0x NM 17.1x -10% 14% -97% NM 0.1% Atari ALATA FR 30-Sep -24 $0.14 $62.3 $111.6 $31.1 -$3.1 3.7x NA NM NA NM NA 129% NA NA NA -10.0% Flexion Mobile FLEXM GB 31-Dec -24 $0.61 $34.8 $17.2 $95.8 $1.2 0.2x 0.2x 12.6x 1.9x NM 11.8x 9% 15% -66% NM 1% GLOE 9565 JP 31-Jan-25 $6.40 $17.7 $16.8 $15.0 $0.4 1.1x NA 43.6x NA 0.0x NA 0% NA 0% NA 2.5% Enthusiast Gaming EGLX CA 31-Dec -24 $0.07 $10.5 $35.0 $50.4 -$2.7 0.7x 0.6x NM 8.6x NM NM -59% 14% NA NM -5.4%
Average 4.5x 3.7x 21.5x 14.0x 21.1x 18.9x 20% 17% 24% 482% 8.4% Median 0.9x 0.8x 13.4x 11.2x 19.2x 17.1x 9% 14% 9% 66% 2.5%
Source: CapIQ , As of March 31, 2025, in $M except share price. EV/EBITDA and P/E multiples less than 0 and greater than 100 are denoted as NM. Growth ra tes showing a greater than 200% change are denoted as NM.

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PERFORMANCE OF THE TOP 35 GAMING COMPANIES ON NATIVE EXCHANGES
16
*Drake Star Gaming index is not a fund. It an equal weighted index of 35 public gaming companies (listed on the chart above).Source: CapIQ as of April 11, 2025 Note: The percentages provided in the legend are as of the end of Q1 2025.
Jan 24 Feb 24 Mar 24 Apr 24 May 24 Jun 24 Jul 24 Aug 24 Sep 24 Oct 24 Nov 24 Dec 24 Jan 25 Feb 25 Mar 25 Apr 25
End of Q1
-70%
-35%
0%
35%
70%
105%
140%
175%
210%
245%
280% Sea, 223.32%
DeNA, 141.66%
Konami, 125.21%
CD Projekt, 84.76%
Tencent, 70.38%
BANDAI NAMCO, 67.82%
KRAFTON, 51.08%
Capcom, 50.56%
Sega, 37.26%
Nintendo, 33.54%
Sony, 32.61%
MTG, 31.81%
Square Enix, 28.4%
Take-Two, 28.35%
Roblox, 25.54%
GungHo Online, 18.25%
S&P 500, 17.32%
Drake Star Gaming Index, 16.37%
NetEase, 15.25%
Koei Tecmo, 15.12%
Nazara, 7.91%
EA, 5.67%
Asmodee, -5.08%
Logitech, -11.44%
Paradox Interactive, -18.21%
SHIFT UP, -26.98%
NEXON, -27.58%
Pearl Abyss, -32.31%
Embracer Group, -36.3%
Corsair, -38.39%
Playtika, -40.02%
Netmarble, -41.08%
NCSoft, -45.68%
Kakao Games, -51.39%
Ubisoft, -52.86%
Unity, -54.1%
Wemade, -58.51%

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