GDEV Inc FY2024 Q1 Earnings Release

May, 2024 1Q’2024 May 28, 2024Financial Results

Disclaimer2Forward-looking statementsCertain statements in this presentation may constitute “forward-looking statements” for purposes of U.S. federal securities laws. Such statements are based on current expectations that are subject to risks and uncertainties. In addition, any statements that refer to projections, forecasts or other characterizations of future events or circumstances, including any underlying assumptions, are forward-looking statements.The forward-looking statements contained in this press release are based on the Company’s current expectations and beliefs concerning future developments and their potential effects on the Company. There can be no assurance that future developments affecting the Company will be those that the Company has anticipated. Forward-looking statements involve a number of risks, uncertainties (some of which are beyond the Company’s control) or other assumptions. You should carefully consider the risks and uncertainties described in the “Risk Factors” section of the Company’s 2023 Annual Report in Form 20-F, filed by the Company on April 29, 2024, and other documents filed by the Company from time to time with the Securities and Exchange Commission. Should one or more of these risks or uncertainties materialize, or should any of the Company’s assumptions prove incorrect, actual results may vary in material respects from those projected in these forward-looking statements. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and the Company undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws.Presentation of Non-IFRS Financial MeasuresIn addition to the results provided in accordance with IFRS throughout this press release, the Company has provided the non-IFRS financial measure “Adjusted EBITDA” (the “Non-IFRS Financial Measure”). The Company defines Adjusted EBITDA as the profit/loss for the period, net of tax as presented in the Company’s financial statements in accordance with IFRS, adjusted to exclude (i) goodwill and investments in equity accounted associates’ impairment, (ii) loss on disposal of subsidiaries, (iii) income tax expense, (iv) other financial income, finance income and expenses other than foreign exchange gains and losses and bank charges, (v) change in fair value of share warrant obligations and other financial instruments, (vi) share of loss of equity-accounted associates, (vii) depreciation and amortization, (viii) share-based payments expense and (ix) certain non-cash or other special items that we do not consider indicative of our ongoing operating performance. The Company uses this Non-IFRS Financial Measure for business planning purposes and in measuring its performance relative to that of its competitors. The Company believes that this Non-IFRS Financial Measure is a useful financial metric to assess its operating performance from period-to-period by excluding certain items that the Company believes are not representative of its core business. This Non-IFRS Financial Measure is not intended to replace, and should not be considered superior to, the presentation of the Company’s financial results in accordance with IFRS. The use of the Non-IFRS Financial Measure terms may differ from similar measures reported by other companies and may not be comparable to other similarly titled measures.Due to the rounding the numbers presented throughout this document may not precisely add up to the totals. The period-over-period percentage changes are based on the actual numbers and may therefore differ from the percentage changes if those would be calculated based on the rounded numbersThe figures in this presentation are preliminary and unaudited.

Key operating metrics used in the presentation3In this presentation, we use a number ofkey operating and non-IFRS financial metrics which we believe accurately, in material aspects, reflect the principal parameters of our historic and projected performance. For further information, regarding our operating metrics, see our 2023 Annual Report in Form 20-F filed with the SEC. Operating metrics •Monthly Paying Users (MPUs) are the number of individuals who made a purchase of a virtual item at least once on a particular platform in a calendar month•Average Bookings Per Paying User (ABPPU) is the total Bookings attributable to in-game purchases in a given period, divided by the number of months in that period, divided by the average number of MPUs during the period•Bookings are sales contracts generated from in-game purchases and sales of advertisement in a given periodNon-IFRS measure •Adjusted EBITDA. The Company defines Adjusted EBITDA as the profit/loss for the period, net of tax as presented in the Company’s financial statements in accordance with IFRS, adjusted to exclude (i) goodwill and investments in equity accounted associates’ impairment, (ii) loss on disposal of subsidiaries, (iii) income tax expense, (iv) other financial income, finance income and expenses other than foreign exchange gains and losses and bank charges, (v) change in fair value of share warrant obligations and other financial instruments, (vi) share of loss of equity-accounted associates, (vii) depreciation and amortization, (viii) share-based payments expense and (ix) certain non-cash or other special items that we do not consider indicative of our ongoing operating performance. Adjusted EBITDA is a non-IFRS financial measure and should not be construed as an alternative to net income/loss as an indicator of operating performance as determined in accordance with IFRS.

Financial highlightsRevenue, $mnProfit/(loss) for the period net of tax, $mnAdj EBITDA(1), $mnTotal costs and expenses, excl. D&A, $mn1191151211091071Q232Q233Q234Q231Q24-10%Year-over-year change, %-5%-9%-5%10%1Q232Q233Q234Q231Q24-8202411-1-1%Margin, %-7%17%20%10%2910-32Q233Q234Q231Q23-12161Q24-3%Margin, %-10%14%24%9%18%22%60%1Q2321%28%51%2Q2322%31%47%3Q2321%25%54%4Q2317%22%60%1Q24131999199105OtherPlatform commissionsSelling and marketing expenses4(1) See slide #3 for definition and slide #11 for reconciliation to profit/(loss) for the period, net of taxSource: Company Information (preliminary and unaudited)

Operating highlightsBookings, $mnMonthly paying users, ‘000Average bookings per paying user, $1041111021061091Q232Q233Q234Q231Q243833923753593811Q232Q233Q234Q231Q2484878492881Q232Q233Q234Q231Q244%Year-over-year change, %-19%-1%-6%4%0%Year-over-year change, %2%15%23%14%4%Year-over-year change, %-23%-16%-26%-11%5Source: Company Information (preliminary and unaudited)

Diversification by games/ platforms/ geographyDiversification by games, %Diversification by platforms, %Diversification by geography, %54%51%36%39%5%7%5%1Q233%1Q24Pixel Gun 3DIsland HoppersHero Wars: AllianceHero Wars: Dominion Era64%62%36%38%1Q231Q24PCMobile36%33%23%29%25%23%16%15%1Q24OtherAsia1Q23US100100EuropeVSVSVS6Source: Company Information (preliminary and unaudited)by bookingsby bookingsby bookings

Appendix7

Consolidated statement of comprehensive income8‘000 $Source: Company Information (preliminary and unaudited)

Consolidated statement of financial position9‘000 $Source: Company Information (preliminary and unaudited)

Consolidated cash flow statement10‘000 $Source: Company Information (preliminary and unaudited)

Reconciliation of the profit/loss for the period to the Adjusted EBITDA11(1)Adjusted finance income/expenses consist of all finance income/expenses other than foreign exchange gains/losses and bank charges, net.(2) Starting from Q1 2024 the company reports D&A expenses by function as a part of game operation cost, selling and marketing expenses and general and administrative expenses in accordance with IAS 1.Source: Company Information (preliminary and unaudited)Mln $