Drake Star Global Gaming Report Q3 2025

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Partner
Los Angeles
mohit.pareek@drakestar.com
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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 financings .
Public Markets PP M&A
• The rebound in public gaming equities is paving the way for a surge in gaming M&A through 2026 , as strategics are seizing the
opportunity to capitalize on higher valuations and fuel bold inorganic growth to sustain investor momentum .
• PE momentum in gaming shows no signs of slowing, with major funds eyeing public gaming companies for take -privates and
top private studios becoming prime acquisition targets for growth -focused investors . W ith the resurgence of growth financing for
mobile game studios in Q3’25 , we are optimistic that funding activity across the gaming sector will continue gaining momentum
in the coming quarters . AI and tools continue to be hot sectors .
• We expect Coffee Stain Group to complete its IPO following the spin -off from Embracer by year -end and remain optimistic
about the prospects for a strong Discord listing in 2026 .
• EA’s announced $55 B buyout by the Saudi Arabia’s PIF / Silver Lake consortium, the largest leveraged buyout in history, made
Q3’25 a landmark quarter for gaming M&A .
• Overall gaming M&A activity increased to 50 deals in Q3’25 , the highest count in four quarters! Notable transactions included
Aonic’s $250 M acquisition of Prime Insights, KRAFTON’s $96 M purchase of Eleventh Hour Games, DoubleDown’s $76 M deal
for WHOW Games, and Impact 46 ’s $53 M buyout of Kammelna .
• After a year -long slowdown, Q3’25 saw a recovery with 11 5 private financing rounds, the first increase since Q1’24 . Notable
rounds included Lingokids ($120 M), Good Job Games ($60 M), Appcharge ($58 M), Million Victories ($40 M), Kong Studio
($36 M), and Distinct Possibility Studios ($31 M) .Interest in growth financings for mobile studios surged again in Q3, with five of
the largest rounds going to mobile game developers .
• Most active investors over the past year included BITKRAFT, Play Ventures, and Griffin Gaming Partners among larger funds,
while Impact 46 , 1AM Gaming , and 1UP Ventures were the leading seed -stage investors . On the strategic side, Tencent,
KRAFTON, and Smilegate drove the most activity, while Animoca , Spartan, and Arbitrum Gaming Venture s were the most
active players in blockchain gaming .
• Western public gaming equities performed exceptionally well in Q3’25 , with the Drake Star Western Gaming Index up 31 .3% for
the year . Top performers included Roblox (+136 .9%), Unity (+77 .9%), and everplay (+75 .0%). The broader Drake Star Index,
tracking the top 35 global public gaming companies, is up 23 .7% YTD, far outperforming the S&P 500 ’s 14 .3% gain .
• Light & Wonder, including its social casino arm SciPlay , announced the pricing of $1B in new debt financing . Azerion Group
issued $260 M in new bonds, while Turtle Beach secured a $150 M senior credit facility .
50
115
11
$55.5B
$0.7B $1.6B

4
M&A
Public
Markets • Light & Wonder announced the pricing of $1B of senior unsecured notes with the primary goal of repaying outstanding debt.
• Azerion Group announced the successful placement of more than $260M of new bonds to help pay outstanding debt.
• Turtle Beach, the American gaming accessories company, replaced its previous debt arrangements with a new $150M senior secured credit
facility to reduce its cost of capital and help provide the resources to fuel future growth.
Fundraising
• Lingokids , a platform that provides interactive educational entertainment for children, raised a $120M round.
• Mobile games developer Good Job Games raised $60M in a Series A round led by Menlo Ventures and Anthos Capital, bringing the total
investment in the company to $83M.
• Appcharge , which provides DTC stores to mobile publishers, raised $58M in a Series B funding round led by IVP and brings the total investment in
the company to $89M.
• Mobile developer Million Victories, known for the game Million Lords, raised nearly $40M in a funding round led by Haveli Investments.
• Kong Studio, a mobile games developer, raised $36M in a round led by Atinum Investment.
• Distinct Possibility Studios, which is developing a shooter game with W eb3 elements, raised $31M in a funding round led by BITKRAFT and
Brevan Howard Digital.
• EA, the American developer and publisher known for its sports game franchises, announced its acquisition by PIF, Silver Lake, an d Affinity
Partners in the largest ever leveraged buyout for $55B .
• Prime Insights, a research technology company known for its rewards app Hey Cash, which pays users to play games, has been ac qui red by
Aonic , in a deal valued at over $250M , Aonic’s largest acquisition to date.
• Eleventh Hour Games, known for the ARPG Last Epoch, was acquired by KRAFTON for an initial consideration of $96M .
• WHOW Games, a former subsidiary of Azerion and social casino developer, was sold to DoubleDown Interactive for up to $76M .
• Kammelna , the gaming studio that developed a popular digital version of the card game Baloot , was acquired by Impact46, a technology
investment firm.
• Take -Two Interactive made two acquisitions this quarter: Color Block Jam , a popular mobile puzzle game, and the team at YOOM who
developed a markerless performance capture solution.
Source: CapIQ, Pitchbook & DSP ResearchNote: Drake Star did not act as financial advisor on transactions listed on this page

33
44 48 53 57
39
49 46 50
(1 40 )
(1 20 )
(1 00 )
(8 0)
(6 0)
(4 0)
(2 0)
–
2 0
4 0
6 0
$0
$1
$2
$3
$4
$5
$6
$7
$8
Q323 Q423 Q124 Q224 Q324 Q424 Q125 Q225 Q325
Value ($B) Deal Count
Hardware Others
Platform/Tools
Esports
Mobile PC / Console
Blockchain
5
Source: CapIQ, Pitchbook & DSP ResearchNote: 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
Asia and Others Europe North America
9
9
6 3
12
6
5
18
19
11
$55
$56

6
Source: CapIQ, Pitchbook & DSP ResearchNote: Drake Star did not act as financial advisor on transactions listed on this page
• EA, the American developer and publisher known
for its sports game franchises, announced its
acquisition by PIF, Silver Lake, and Affinity Partners
in the largest ever leveraged buyout for $55B.
• Through the transaction, shareholders will receive a
25% premium to unaffected share price, and current
CEO Andrew W ilson will stay on. The transaction is
expected to close in Q2 2026.
• Eleventh Hour Games, known for the ARPG Last
Epoch, was acquired by KRAFTON for an initial
consideration of $96M.
• The acquisition strengthens KRAFTON’s games
portfolio through the addition of a popular IP on PC.
The company intends to use its resources to help
the Eleventh Hour Games grow its audience and put
out more content.
• WHOW Games, a former subsidiary of Azerion and
social casino developer, was sold to DoubleDown
Interactive for up to $76M.
• With this acquisition, DoubleDown Interactive aims to
grow its presence in the European market and
capitalize on synergies through its operational
expertise, marketing capabilities, and IP.
• The research technology company Prime Insights
was acquired by Aonic , a group of gaming and
technology companies, for over $250M, signifying
Aonic’s largest acquisition to date.
• Among Prime Insights’ offerings is HeyCash , an app
that allows users to earn real money by playing
games. The acquisition builds on Aonic’s existing
capabilities in user acquisition and insights.
• Take -Two Interactive made two acquisitions this
quarter: Color Block Jam, a popular mobile puzzle
game, and the team at YOOM who developed a
markerless performance capture solution.
• The Color Block Jam acquisition gives Take -Two full
ownership of the hit mobile game. Through the
YOOM acquihire, Take -Two hopes to leverage the
team’s expertise to strengthen its development
capabilities.
• Kammelna, the gaming studio that developed a
popular digital version of the card game Baloot , was
acquired by Impact46, a technology investment firm.
• Through the partnership, Kammelna hopes to expand
its reach and develop more games. The acquisition is
also part of Saudi Arabia’s strategy to grow its
presence in gaming and entertainment.

$347M $295M
$36M
103
10 2
189
170
192 187 181
153 150
110 115
$0.0
$0.5
$1.0
$1.5
$2.0
$2.5
$3.0
$3.5
$4.0
$4.5
$5.0
Q323 Q423 Q124 Q224 Q324 Q424 Q125 Q225 Q325
Value ($B) Deal Count
Hardware Others Platform/Tools VR / AR Esports Mobile PC / Console Blockchain
7
Late Mid Early
Source: CapIQ, Pitchbook & DSP ResearchNote: Drake Star did not act as financial advisor on transactions listed on this page
22
26
28
1
9
5
19
5 $40M
$324M
$140M
$0M $40M
$7M $121M
$5M

Mobile Sep -25 120 — General Catalyst
Mobile Jul -25 60 — Menlo Ventures, Anthos Capital
Platform/Tools Aug -25 58 — IVP, Playrix , BITKRAFT
Mobile Jul -25 40 — Haveli Investments
Mobile Jul -25 36 — Atinum Investment, Smilegate Investment
Blockchain Jul -25 31 — BITKRAFT, Brevan Howard Digital
Blockchain Jul -25 20 — Rollman Management
Blockchain Aug -25 20 — Gala Games, Griffin Gaming Partners
Esports Aug -25 16 — Rewired.GG
Mobile Sep -25 15 — Accel, Tencent
Source: CapIQ, Pitchbook & DSP ResearchNote: Drake Star did not act as financial advisor on transactions listed on this page
8

9
Source: CapIQ, Pitchbook & DSP ResearchNote: Drake Star did not act as financial advisor on transactions listed on this page
• Distinct Possibility Studios, which is developing a
shooter game with W eb3 elements, raised $31M in
a funding round led by BITKRAFT and Brevan
Howard Digital.
• The studio is working on the open -world shooter
game REAPER ACTUAL that will be released on
PC.
• Mobile developer Million Victories, known for the
game Million Lords, raised nearly $40M in a
funding round led by Haveli Investments.
• The investment will help the studio double its team
size by 2027 as well as fund user acquisition
efforts in Europe, North America, and Asia.
• Mobile games developer Good Job Games raised
$60M in a Series A round led by Menlo Ventures
and Anthos Capital, bringing the total investment
in the company to $83M.
• The investment will be used to scale the
company’s hit game Match Villains across the
globe.
• Lingokids , a platform that provides interactive
educational entertainment for children, raised a
$120M round
• The investment will help Lingokids expand its
content offerings and harness AI to increase both
the speed of content production and the variety of
content available on its platform.
• Kong Studio, a mobile games developer, raised
$36M in a round led by Atinum Investment with
participation from other investors, including
Smilegate Investment and SV Investment.
• The funds will be used in the development of a
new game. The studio’s existing games include
Guardian Tales and Dungeon Link.
• Appcharge, which provides DTC stores to mobile
publishers, raised $58M in a Series B funding
round led by IVP and brings the total investment in
the company to $89M.
• The company has been expanding rapidly, and the
new funding will be used to further grow its
platform through new products.

VC DEALS SELECT INVESTMENTS LOCATION
8
5
5
4
4
4
4
4
3
3
10
Source: CapIQ, Pitchbook & DSP ResearchNote: Drake Star did not act as financial advisor on transactions listed on this page. The league tables above do not include accelerator investments.
VC DEALS SELECT INVESTMENTS LOCATION
15
14
9
6
5
4
4
3
3
3

VC DEALS SELECT INVESTMENTS LOCATION
15
7
6
5
5
4
4
4
4
4
11
INVESTOR DEALS SELECT INVESTMENTS LOCATION
9
8
6
5
3
3
3
3
3
2
Source: CapIQ, Pitchbook & DSP ResearchNote: Drake Star did not act as financial advisor on transactions listed on this page. The league tables above do not include accelerator investments.

12
COMPANY DISCLOSED DEAL
VALUE ($M) # OF DEALS SELECT DEALS
$58,535 4
$1,200 4
$900 1
$820 1
$626 3
$250 1
— 3
— 3
— 2
— 4
Source: CapIQ, Pitchbook & DSP ResearchNote: Drake Star did not act as financial advisor on transactions listed on this page. Deal value only includes publicly disc losed transaction values.
Games Division
Games Division

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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 30-Jun-25 $83.94 $6,992.3 $11,761.3 $3,195.0 $1,087.0 3.7x 3.3x 10.6x 7.6x 21.3x 12.7x 4% 12% 4% 43% 34.0% Playtika PLTK IL 30-Jun-25 $3.89 $1,461.9 $3,383.2 $2,673.1 $581.6 1.3x 1.2x 5.6x 4.5x 16.8x 7.2x 5% 2% -6% 28% 21.8% Modern Times Group MTG B SE 30-Jun-25 $11.70 $1,369.7 $1,706.0 $904.3 $191.5 1.9x 1.3x 8.8x 5.7x NM 15.9x 45% 40% 19% 54% 21.2% GDEV GDEV CY 30-Jun-25 $27.35 $495.9 $418.5 $425.1 $62.7 1.0x 1.0x 7.3x 6.8x 10.7x 11.0x -4% -5% 10% 2% 14.7% Huuuge HUG US 30-Jun-25 $6.43 $361.0 $179.9 $241.7 $80.9 0.7x 0.8x 2.2x 2.2x 5.2x NA -11% -9% -4% 0% 33.5% Stillfront Group SF SE 30-Jun-25 $0.68 $349.9 $793.8 $701.8 $117.0 1.1x 1.2x 6.5x 3.4x NM 4.2x -10% -10% -12% 99% 16.7% Ten Square Games TEN PL 30-Jun-25 $23.48 $149.3 $128.3 $102.3 $25.9 1.3x 1.2x 4.8x 5.0x 7.3x NA -10% 1% -4% 0% 25.4% G5 Entertainment G5EN SE 30-Jun-25 $9.70 $75.5 $49.4 $109.5 $10.2 0.4x 0.5x 4.8x 2.5x 9.3x 9.7x -15% -7% -6% 92% 9.3% East Side Games EAGR CA 30-Jun-25 $0.31 $24.0 $21.1 $58.3 $4.3 0.4x 0.3x 5.0x 1.9x NM 12.4x -4% 17% -57% 158% 7.4%
Average 1.3x 1.2x 6.2x 4.4x 11.8x 10.4x 0% 5% -6% 53% 20.4% Median 1.1x 1.2x 5.6x 4.5x 10.0x 11.0x -4% 1% -4% 43% 21.2%
North America / Europe – PC / Console Focused Electronic Arts EA US 30-Jun-25 $201.70 $50,292.7 $50,871.7 $7,474.0 $1,842.0 6.8x 6.3x 25.4x 16.8x 50.3x 22.9x 2% 8% 3% 64% 24.6%
Take -Two Interactive TTWO US 30-Jun-25 $258.36 $47,659.7 $49,131.5 $5,799.2 $600.7 8.5x 5.9x 71.2x 32.0x NM 48.0x 7% 43% 20% 156% 10.4% CD Projekt CDR PL 30-Jun-25 $74.38 $7,431.2 $7,128.2 $277.8 $113.6 25.8x 28.6x 63.2x 63.0x 59.9x 82.2x -25% -10% -23% 0% 40.9% Asmodee ASMDEE B FR 30-Jun-25 $12.79 $2,988.5 $3,454.4 $1,706.9 $220.5 2.0x 1.9x 14.4x 11.7x NM 15.8x 0% 5% 0% 34% 12.9% Embracer Group EMBRAC B SE 30-Jun-25 $11.06 $2,487.9 $2,041.5 $2,197.5 $645.3 0.9x 1.1x 3.1x 4.2x 5.4x 52.0x NA -12% NA 26% 29.4% Paradox Interactive PDX SE 30-Jun-25 $18.57 $1,961.6 $1,858.3 $217.2 $83.0 8.5x 6.9x 21.2x 10.5x 27.9x 27.6x -17% 23% -6% 111% 38.2% Ubisoft UBI FR 31-Mar -25 $11.42 $1,514.4 $2,897.9 $2,052.7 $669.9 1.3x 1.3x 4.3x 3.5x NM NM -17% -1% -43% 25% 32.6% everplay group EVPL GB 30-Jun-25 $5.09 $734.0 $657.7 $216.9 $56.0 3.1x 2.8x 11.7x 10.1x 25.0x 14.5x -5% 10% -1% 19% 25.8% PlayW ay PLW PL 31-Mar -25 $77.68 $512.7 $454.4 $77.9 $46.9 5.5x 5.0x 8.9x 9.5x 11.3x NA 8% 11% 9% 4% 60.2% Remedy Entertainment REMEDY FI 30-Jun-25 $18.14 $247.4 $235.7 $70.3 $9.2 3.4x 3.1x 21.9x 14.0x NM NM 52% 9% NA 84% 13.1% Pullup Entertainment ALPUL FR 31-Mar -25 $28.63 $229.0 $331.8 $421.5 $143.8 0.7x 1.0x 2.1x 2.8x 9.8x 9.2x 108% -30% 121% 24% 34.1% Frontier Developments FDEV GB 31-May -25 $6.16 $222.4 $191.0 $122.1 $13.5 1.6x 1.5x 11.8x 4.2x 11.3x 33.5x 1% 4% NA NM 11.0% Digital Bros DIB IT 30-Jun-25 $13.02 $185.8 $209.4 $109.9 $39.3 1.9x 1.3x 5.3x 2.4x NM 5.8x -21% 46% -18% 121% 35.7% Devolver Digital DEVO US 31-Dec -24 $0.36 $172.2 $127.9 $104.8 $5.7 1.1x 1.2x 20.0x 14.5x NM 21.6x 13% 5% NA 54% 5.5% CI Games CIG PL 30-Jun-25 $0.86 $164.8 $170.3 $17.6 -$7.4 9.7x 3.9x NM 14.8x NM NA -77% 150% NA NM -42.2% EG7 EG7 SE 30-Jun-25 $1.54 $136.3 $129.4 $223.3 $42.0 0.6x 0.6x 2.8x 3.1x NM 38.2x 11% -10% 41% 2% 18.8% Bloober Team BLO PL 30-Jun-25 $6.85 $132.0 $139.4 $23.8 $4.2 5.9x NA 30.7x NA 30.0x NA -1% NA -30% NA 17.8% Nacon NACON FR 31-Mar -25 $0.85 $92.2 $226.3 $181.5 -$1.4 1.1x 1.0x NM 2.9x NM 13.8x 0% 12% NA NM -0.8% tinyBuild TBLD US 30-Jun-25 $0.14 $55.5 $50.7 $34.9 -$11.7 1.5x 1.4x NM NM NM NM -8% 3% NA 101% -33.6% Snail Games SNAL US 30-Jun-25 $1.09 $41.0 $39.9 $91.0 -$1.7 0.4x 0.4x NM 9.1x NM NM 24% 17% NA NM -1.9% People Can Fly PCF PL 31-Mar -25 $0.90 $32.3 $39.5 $50.7 -$47.0 0.7x NA NM NA NM NA 14% NA NA NA -92.7% Starbreeze AB STAR B SE 30-Jun-25 $0.02 $29.9 $18.5 $22.1 -$35.3 0.8x 0.5x NM 1.0x NM NM -68% 59% NA 150% -159.5% Skonec Entertainment A276040 KR 30-Jun-25 $1.22 $26.4 $22.1 $3.6 -$5.6 6.4x NA NM NA NM NA 0% NA NA NA -155.2%
Average 4.3x 3.8x 19.9x 12.1x 25.7x 29.6x 0% 17% 6% 61% -3.3% Median 1.9x 1.5x 13.1x 9.5x 25.0x 22.9x 0% 8% 0% 44% 13.1%
Source: CapIQ , As of September 30, 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 or less than -200% change are denoted as NM.

14
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 Sony 6758 JP 30-Jun-25 $28.78 $172,175.8 $174,225.6 $90,197.4 $13,308.3 2.0x 2.1x 12.8x 12.1x 21.7x 23.9x 3% -7% 23% 11% 14.8% Nintendo 7974 JP 30-Jun-25 $86.53 $100,738.6 $87,845.4 $10,331.9 $2,077.3 8.7x 6.1x 36.6x 33.3x 50.7x 43.5x 2% 43% -28% 30% 20.1% BANDAI NAMCO 7832 JP 30-Jun-25 $33.28 $21,539.1 $19,373.6 $8,742.4 $1,603.9 2.3x 2.3x 12.2x 13.0x 24.0x 24.9x 14% -1% 54% 5% 18.3% Konami Holdings 9766 JP 30-Jun-25 $144.27 $19,556.4 $18,175.6 $2,970.2 $966.6 6.3x 5.5x 19.2x 16.4x 38.4x 29.9x 13% 15% 16% 18% 32.5% NEXON 3659 JP 30-Jun-25 $21.94 $17,508.6 $13,807.2 $3,105.9 $1,067.7 4.6x 4.2x 13.5x 13.9x 26.2x 25.1x 3% 9% 17% 5% 34.4% Capcom 9697 JP 30-Jun-25 $27.18 $11,370.8 $10,379.6 $1,285.8 $570.1 8.3x 7.9x 18.7x 18.2x 30.2x 30.0x 0% 5% 0% 3% 44.3% KRAFTON A259960 KR 30-Jun-25 $208.21 $9,291.4 $6,695.0 $2,122.9 $1,002.4 3.3x 2.7x 7.2x 6.9x 13.3x 11.8x 22% 20% 23% 1% 47.2% Square Enix 9684 JP 30-Jun-25 $21.50 $7,751.3 $6,187.6 $2,175.5 $328.9 2.9x 3.1x 19.3x 16.8x 61.6x 34.8x -8% -7% -1% 15% 15.1% Sega Sammy 6460 JP 30-Jun-25 $21.06 $4,424.7 $4,457.1 $2,808.6 $307.7 1.6x 1.3x 14.0x 9.1x 39.0x 15.6x -13% 23% -37% 63% 11.0% Koei Tecmo 3635 JP 30-Jun-25 $13.01 $4,302.8 $4,260.8 $556.9 $221.2 7.8x 6.8x 19.8x 18.3x 20.9x 20.1x -4% 15% 12% 8% 39.7% NetMarble A251270 KR 30-Jun-25 $43.92 $3,598.6 $4,184.3 $1,949.1 $284.2 2.2x 1.9x 12.1x 12.1x 57.7x 15.9x -1% 15% 44% 26% 14.6% NCSoft A036570 KR 30-Jun-25 $153.76 $2,981.8 $2,214.7 $1,148.2 -$14.8 2.0x 1.7x NM 12.1x NM 27.9x -5% 19% NA NM -1.3% DeNA 2432 JP 30-Jun-25 $15.67 $1,747.1 $1,539.8 $1,190.4 $351.5 1.3x 1.4x 4.2x 5.8x 8.0x 9.3x 28% -7% NM 23% 29.5% SHIFT UP A462870 KR 30-Jun-25 $29.22 $1,726.4 $1,264.8 $204.0 $133.7 6.4x 5.9x 9.8x 9.0x 15.1x 14.1x 0% 9% 0% 8% 65.5% Pearl Abyss A263750 KR 30-Jun-25 $25.23 $1,549.9 $1,380.3 $250.1 $0.4 5.7x 3.2x NM 21.2x NM 24.8x 1% 77% -97% NM 0.2% GungHo Online 3765 JP 30-Jun-25 $18.29 $993.6 $244.0 $696.8 $76.6 0.4x 0.4x 3.3x 2.7x 28.0x 18.5x -10% 2% -55% 23% 11.0% Kakao Games A293490 KR 30-Jun-25 $11.11 $911.3 $1,292.7 $395.1 $26.9 3.4x 3.1x NM 31.7x NM NM -15% 10% -74% 57% 6.8% DOUBLEUGAMES A192080 KR 30-Jun-25 $37.02 $738.2 $482.5 $475.7 $178.3 1.1x 0.9x 2.8x 2.6x 7.0x 7.2x 4% 21% -6% 8% 37.5% W eMade Entertainment A112040 KR 30-Jun-25 $18.97 $640.2 $770.5 $471.3 $44.7 1.7x 1.7x 6.7x 16.6x 6.3x 30.9x -7% 2% NA 7% 9.5% NHN Entertainment A181710 KR 30-Jun-25 $19.22 $600.5 $494.0 $1,815.7 $38.3 0.3x 0.3x 15.5x 3.0x NM 10.4x 4% 7% -67% NM 2.1% Gree 3632 JP 30-Jun-25 $2.97 $508.3 $212.4 $395.8 $35.8 0.6x 0.5x 6.1x NA 63.6x 16.7x -7% 15% -18% NA 9.0% DoubleDown Interactive DDI KR 30-Jun-25 $9.34 $462.8 $23.1 $333.3 $136.8 0.1x 0.1x 0.2x 0.2x 4.4x 3.9x 0% 15% 1% 8% 41.1% Com2uS A078340 KR 30-Jun-25 $26.02 $297.2 $434.0 $529.0 $19.6 0.9x 0.8x NM 10.6x NM 14.2x 7% 13% NM 118% 3.7% Me2on A201490 KR 30-Jun-25 $4.02 $122.2 $141.3 $66.3 $11.3 2.2x NA 14.1x NA NM NA -14% NA -43% NA 17.1% GAMEVIL A063080 KR 30-Jun-25 $14.70 $96.9 $187.4 $86.6 -$10.3 2.2x NA NM NA NM NA -29% NA NA NA -11.9% JOYCITY A067000 KR 30-Jun-25 $1.24 $86.8 $145.0 $98.2 $10.4 1.5x 1.3x 14.5x NA NM NA -14% 19% -50% NA 10.6% T3 Entertainment A204610 KR 30-Jun-25 $1.37 $76.6 $31.0 $47.7 $12.1 0.7x NA 2.4x NA 7.9x NA 22% NA 81% NA 25.4%
Average 3.0x 2.7x 12.0x 13.0x 27.6x 20.6x 0% 14% -9% 23% 20.3% Median 2.2x 2.0x 12.5x 12.1x 24.0x 19.3x 0% 14% -1% 11% 15.1% China (Shenzhen listed)
Zhejiang Century Huatong 002602 CN 30-Jun-25 $2.91 $21,393.5 $20,571.4 $4,264.6 $844.7 4.8x 3.3x 23.7x 16.1x 54.3x 23.0x 85% 45% 125% 50% 19.8% Giant Network 002558 CN 30-Jun-25 $6.35 $11,996.8 $11,604.5 $440.8 $112.4 26.2x 14.2x NM 29.3x 55.8x 31.6x 9% 84% -17% NM 25.5% Quihoo 360 601360 CN 30-Jun-25 $1.59 $11,119.9 $7,953.9 $1,128.3 -$78.5 7.0x 6.9x NM NM NM NM -2% NM NA NA -7.0% Beijing Kunlun 300418 CN 30-Jun-25 $6.83 $8,568.1 $8,709.1 $962.3 -$140.8 9.0x 9.3x NM NM NM NM 38% -4% NA 54% -14.6% Kingnet Network 002517 CN 30-Jun-25 $3.94 $8,426.7 $7,989.0 $717.6 $244.1 11.1x 9.0x 31.9x 22.5x 33.4x 24.4x 5% 23% 11% 45% 34.0% 37Games 002555 CN 30-Jun-25 $3.05 $6,708.0 $5,955.3 $2,330.5 $416.6 2.5x 2.4x 14.2x 12.3x 17.0x 16.0x -7% 8% -1% 15% 17.9% Perfect W orld 002624 CN 30-Jun-25 $2.69 $5,336.6 $4,900.4 $907.6 -$24.8 5.4x 4.5x NM 20.4x NM 32.8x 7% 20% NA NM -2.7% Ourpalm 300315 CN 30-Jun-25 $0.75 $2,023.3 $1,694.2 $99.0 -$0.1 17.0x 17.8x NM 84.0x NM NM -28% -4% NA NA -0.1% Dalian Zeus 002354 CN 30-Jun-25 $0.99 $1,633.9 $1,589.6 $251.9 $4.7 6.3x 6.5x NM NM NM NM 19% -3% 51% 114% 1.9% Youzu Interactive 002174 CN 30-Jun-25 $1.63 $1,578.6 $1,499.2 $198.3 $21.5 7.5x 6.9x 64.6x 18.1x NM 30.7x -4% 8% -64% NM 10.9% ZQ Games 300052 CN 30-Jun-25 $1.68 $440.3 $470.2 $28.5 $1.2 16.4x 16.3x NM NA NM NM -19% 1% NA NA 4.3%
Average 10.3x 8.8x 33.6x 29.0x 40.1x 26.4x 9% 18% 18% 56% 8.2% Median 7.5x 6.9x 27.8x 20.4x 43.9x 27.5x 5% 8% 5% 50% 4.3%
Source: CapIQ , As of September 30, 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 or less than -200% change are denoted as NM.

15
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 30-Jun-25 $85.21 $771,596.8 $788,532.4 $98,294.9 $34,305.3 8.0x 7.2x 20.3x 16.2x 27.2x 20.4x 12% 11% 15% 41% 34.9% Sea Limited SE SG 30-Jun-25 $178.73 $105,811.7 $100,700.2 $19,379.2 $1,835.0 5.2x 4.1x 46.2x 24.4x 91.7x 36.1x 34% 26% NM 125% 9.5% NetEase NTES CN 30-Jun-25 $151.99 $96,415.2 $77,980.6 $15,310.0 $5,108.7 5.0x 4.7x 15.0x 13.3x 0.0x NA 3% 7% 16% 14% 33.4% International Games System 3293 TW 30-Jun-25 $25.82 $7,275.2 $6,624.8 $708.4 $421.3 9.7x 8.6x 16.4x 15.2x 22.9x 19.0x 28% 14% 39% 8% 59.5% Kingsoft 3888 HK 30-Jun-25 $4.45 $6,179.8 $3,496.0 $1,445.1 $422.0 2.4x 2.2x 11.4x 7.4x 25.9x 23.3x 15% 9% 33% 11% 29.2% G-bits Network 603444 CN 30-Jun-25 $79.78 $5,725.0 $5,175.8 $593.8 $213.1 8.7x 7.3x 24.0x 19.1x 38.1x 25.3x 12% 19% 12% 26% 35.9% XD 2400 CN 30-Jun-25 $10.44 $5,056.0 $4,657.1 $819.9 $216.9 5.6x 4.9x 20.8x 16.1x 26.7x 22.1x 52% 15% NM 32% 26.5% JOYY JOYY CN 30-Jun-25 $58.61 $3,010.4 $1,474.3 $2,110.2 $137.9 0.7x 0.7x 8.8x 8.5x 1.8x 14.9x -7% 2% 4% 26% 6.5% Nazara 543280 IN 30-Jun-25 $2.87 $1,061.9 $1,055.2 $218.3 $17.0 5.0x 4.2x 82.1x 32.2x 0.0x NA 65% 20% 14% 100% 7.8% NetDragon 777 CN 30-Jun-25 $1.99 $1,052.5 $1,098.2 $715.7 $95.1 1.5x 1.5x 9.9x 8.3x NM 20.2x -24% -1% -37% 39% 13.3% HUYA HUYA CN 30-Jun-25 $3.33 $758.2 $273.1 $852.8 -$16.5 0.3x 0.3x NM 3.2x NM 28.9x -2% 8% NA NM -1.9% Gamania Digital Entertainment 6180 IN 30-Jun-25 $2.01 $352.9 $290.2 $343.7 $23.1 0.9x 1.0x 11.1x 3.9x 55.8x 92.9x -4% -16% -22% NM 6.7% Zengames Technology 2660 IN 30-Jun-25 $0.30 $302.1 -$19.5 $200.0 $53.3 NM NA NM NA 7.2x NA -27% NA -49% NA 26.7% iDreamSky 1119 CN 30-Jun-25 $0.15 $262.1 $435.9 $189.0 -$10.6 2.3x NA NM NA NM NA -18% NA NA NA -5.6% Archosaur Games 9990 CN 30-Jun-25 $0.32 $259.8 $54.4 $186.5 -$37.1 0.3x NA NM NA NM 32.9x 41% NA NA NA -19.9% CMGE Technology Group 302 IN 30-Jun-25 $0.06 $188.6 $213.7 $203.8 -$99.1 1.0x 1.0x NM NA NM NA -37% 6% NA NA -48.6% FriendTimes 6820 IN 30-Jun-25 $0.08 $162.1 $67.0 $175.9 $8.8 0.4x 0.3x 7.4x 2.6x 17.9x 7.8x 31% 12% NA 187% 5.0% W inking Studios W KS SG 30-Jun-25 $0.20 $88.7 $66.9 $36.1 -$0.8 1.9x 1.5x NM 16.0x NM 40.3x 19% 21% NA NM -2.3% Ourgame 6899 KY 30-Jun-25 $0.02 $26.3 -$0.6 $11.9 -$5.9 NM NA NM NA NM NA -7% NA NA NA -49.4%
Average 3.5x 3.3x 22.8x 13.3x 26.3x 29.6x 10% 10% 3% 55% 8.8% Median 2.3x 2.2x 15.7x 14.2x 24.4x 23.3x 12% 11% 13% 32% 7.8% Hardware, Platforms, Advertising & ToolsNVIDIA NVDA US 27-Jul-25 $186.58 $4,533,894.0 $4,487,701.0 $165,218.0 $98,281.0 27.2x 18.2x 45.5x 29.1x 53.1x 32.8x 72% 49% 61% 57% 59.5% Applovin APP US 30-Jun-25 $718.54 $243,046.1 $245,364.4 $5,737.6 $3,430.5 42.8x 39.3x 71.1x 47.4x 98.7x 61.0x 79% 9% 129% 51% 59.8% Roblox RBLX US 30-Jun-25 $138.52 $96,028.5 $95,170.9 $4,023.0 -$854.9 23.7x 14.2x NM 57.7x NM NM 27% 66% NA NM -21.2% Dell DELL US 1-Aug -25 $141.77 $95,014.3 $116,387.3 $101,451.0 $10,139.0 1.1x 1.1x 11.1x 9.4x 20.6x 13.8x 10% 8% 12% 22% 10.0% Hewlett Packard HPE US 31-Jul-25 $24.56 $32,405.7 $52,290.7 $33,075.0 $4,756.0 1.6x 1.3x 10.4x 7.5x 28.5x 10.6x 14% 20% -1% 46% 14.4% Unity U US 30-Jun-25 $40.04 $16,917.6 $17,814.3 $1,779.6 -$85.4 10.0x 9.5x NM 41.0x NM 52.0x -14% 6% NA NM -4.8% ASUS 2357 TW 30-Jun-25 $22.01 $16,349.3 $14,598.0 $22,438.2 $1,219.7 0.7x 0.6x 11.2x 13.5x 13.6x 14.5x 26% 11% 16% 7% 5.4% Logitech LOGN CH 30-Jun-25 $108.83 $15,164.8 $13,774.2 $4,614.4 $758.6 3.0x 2.9x 17.8x 17.9x 26.0x 24.8x 5% 3% 1% 2% 16.4% MSI 2377 TW 30-Jun-25 $3.81 $3,214.9 $2,508.9 $7,469.2 $229.6 0.4x 0.3x 10.7x 6.4x 21.4x 10.7x 14% 9% -26% 77% 3.1% Acer 2353 TW 30-Jun-25 $1.02 $3,052.2 $2,907.7 $9,115.8 $179.0 0.3x 0.3x 13.5x 9.1x 20.5x 15.6x 4% 4% -14% 85% 2.0% Corsair Gaming CRSR US 30-Jun-25 $8.92 $945.8 $1,043.3 $1,407.7 $18.9 0.7x 0.7x 24.8x 10.6x NM 15.2x 2% 14% -30% NM 1.3% Atari ALATA FR 31-Mar -25 $0.17 $93.9 $153.2 $36.3 $13.0 3.9x NA 10.9x NA NM NA 63% NA NM NA 35.7% Flexion Mobile FLEXM GB 30-Jun-25 $0.46 $26.2 $8.2 $102.2 $0.2 0.1x 0.1x 19.3x 2.8x NM NA -1% 6% -96% NM 0% GLOE 9565 JP 31-Jul-25 $5.99 $16.6 $18.0 $15.3 -$0.1 1.2x NA NM NA NM NA 0% NA 0% NA -0.9% Enthusiast Gaming EGLX CA 30-Jun-25 $0.05 $8.0 $35.1 $41.6 -$6.6 0.9x NA NM NA NM NA -57% NA NA NA -15.9%
Average 7.8x 7.4x 22.4x 21.0x 35.3x 25.1x 16% 17% 5% 43% 11.0% Median 1.2x 1.2x 13.5x 12.0x 23.7x 15.4x 10% 9% 0% 48% 3.1%
Source: CapIQ , As of September 30, 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 or less than -200% change are denoted as NM.

16 Source: CapIQ as of September 30, 2025 Note: Drake Star Gaming index is not a fund. It an equal weighted index of 35 public gaming companies (listed on the table above). Dra ke Star Gaming Indices by region and platform are equally weighted indices using the relevant Drake Star Gaming Index constituents. Stock return is based on the local currency of the stock exchange and adjusts for dividends. S&P 500 performance is given in terms of total return. The percentages provided in the legend are as of the end of Q3 2025.
Jan 25 Feb 25 Mar 25 Apr 25 May 25 Jun 25 Jul 25 Aug 25 Sep 25
Company YTD Stock
Return Company YTD Stock
Return
136.9% 19.0%
77.9% 17.3%
75.0% 17.1%
72.6% 16.1%
66.3% 6.8%
59.6% 6.0%
58.5% 3.1%
45.6% -0.2%
41.8% -4.7%
40.0% -6.4%
39.8% -12.6%
38.2% -18.8%
37.3% -24.2%
35.2% -24.5%
33.3% -24.7%
32.5% -35.3%
28.0% -40.7%
19.3% Gaming Index 23.7%
-20%
0%
20%
40%
Drake Star Gaming Index, 23.7% Drake Star Gaming Index – PC/Console, 26.4%
Drake Star Gaming Index – Western, 31.3% Drake Star Gaming Index – Mobile, 15.4%
Drake Star Gaming Index – Asia, 19.3% S&P 500, 14.3%

17
Company YTD Stock
Performance
72.6%
66.3%
59.6%
58.5%
45.6%
39.8%
37.3%
33.3%
32.5%
28.0%
Drake Star Gaming
Index – Asia 19.3%
Company YTD Stock
Performance
136.9%
77.9%
75.0%
41.8%
40.0%
38.2%
35.2%
17.3%
16.1%
6.0%
Drake Star Gaming
Index – Western 31.3%
Company YTD Stock
Performance
75.0%
59.6%
58.5%
45.6%
41.8%
40.0%
39.8%
38.2%
37.3%
33.3%
Drake Star Gaming
Index – PC/Console 26.4%
Company YTD Stock
Performance
136.9%
72.6%
66.3%
19.3%
19.0%
16.1%
-0.2%
-4.7%
-6.4%
-18.8%
Drake Star Gaming
Index – Mobile 15.4%
Source: CapIQ as of September 30, 2025 Note: Top 10 by region or platform out of the 35 companies in the Drake Star index based on 2025 YTD performance. Drake Star Gaming index is not a fund. It an equal weighted index of 35 public gaming companies (listed on the previous page). Drake Star Gaming Indices by region and platform are equal ly weighted indices using the relevant Drake Star Gaming Index constituents. Stock return is based on the local currency of the stock exchange and adjusts for dividends.

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