GDEV Inc FY2025 Q2 Earnings Release

© GD EV 202 5
Q 3 2024
FINANCIAL
RESULTS
November 14 , 2024

2 Q2 2025 Financial Res ults
Disclaimer
Due to the rounding the numbers presented throughout this document may not precisely add up to t he totals. The period -over -perio d percentage changes are based on the actual
numbers and may therefore differ from the percentage changes if those would be calculat ed based on t he rounded numbers
The figures in this presentation are unaudited.
Forward -looking statements
Certain 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 presentation 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 2024 Annual Report on Form 20 -F, filed by the Company on March 31,
2025, 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 N on -IFRS Financial Measures
In addition to the results provided in accordance with IFRS throughout this
presentation , 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.

3 Q2 2025 Financial Res ults
Key operating metrics and financial measure used in the presentation
In this presentation, we use a number of key operating metrics and a non -IFRS financial measure which we believe accurately, in material aspects, reflect the principal parameters of our historic
performance. For further information, regarding our operating metrics, see our 2024 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 period
Non -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.

4 Q2 2025 Financial Res ults
Financial highlights
Revenue, $MLN Total costs and expenses, excl. D&A, $MLN
Profit/(loss) for the period net of tax, $MLN Adj EBITDA, $MLN
-9% 82
15%
100 94 89
14%
-8% 89
14%
-9%
13%
-11%
2%
(1 )
Othe r
Sellin g and
ma rketing
expe nses
Platform
commissions
16% 14% 12% 18% 16%
106 111 98 97
120
2Q24 3Q24 4Q24 1Q25 2Q25
2Q24
15
3Q24
2
15 14
1Q25
17
2Q25 4Q24
Sour ce : C ompany Information (unaud ited )( 1) See s lid e #3 for d efinitio n and slide #11 fo r reco nciliatio n to pro fit/ (los s) fo r the per iod, net of tax
26%
53%
2Q24
20 %
25%
55%
3Q24
23%
24%
21%
4Q24
24%
25%
51%
1Q25
23%
25%
2Q25
52% 53%
17 16 12 16
22
2Q24 3Q24 4Q24 1Q25 2Q25
13%

5 Q2 2025 Financial Res ults
Operating highlights
Average bookings per paying user, $ Bookings, $MLN Monthly paying users, ‘000
-25% -14% -3% -8% -11% -26% -18% -3% -16% -19% 2% 5% 2% 10 % -10%
108
93 94
81
92
2Q24 3 Q2 4 4Q24 1Q2 5 2Q25
3 81
3 14 292 284 312
2Q24 3Q2 4 4Q24 1Q2 5 2Q25
88 92
102
90 93
2Q24 3Q2 4 4Q24 1Q2 5 2Q25
Sour ce : C ompany Information (unaud ited )

6 Q2 2025 Financial Res ults
By games By platforms By geography
Pixel Gun 3D Othe r PC
Island H oppers As ia Mobile
He ro Wars: Dominion Era Europe
He ro Wars: Allian ce US
Diversification
51% 57%
38%
37%
5%
6%
2Q24
3%
2Q25
3%
59% 63%
41% 37%
2Q24 2Q25
35% 34%
29% 32%
22% 19%
14% 15%
2Q24 2Q25
Sour ce : C ompany Information (unaud ited )

7 Q1 2025 Financial Res ults
APPENDIX

8 Q2 2025 Financial Res ults
Consolidated statement of comprehensive income 1
S our ce : C om pany Inform ation (unaud ited )1) D uring the three and s ix months end ed June 3 0, 2024 los ses fo r POCI loans w ere er roneo usly classified as Imp airment lo ss o n t rad e and loan re ce iv ables and chang e in fair v alue of loans re ce iv able. Fo r such loans or ig inate d in resp ect to the as sociates, the C om pany d eterm ined that they hav e zer o fair value up on recog nitio n. T her efore , the d iffe rence be tw een the fair value at r ecog nition and the cash paid w as consid ered as an ad ditional inv estm ent in the e quity of the ass ociate ( see N ote 16 and No te 3 3) to the C ompany ’s aud ited cons olidated financial statements for the fis cal ye ar ended Decemb er 31 , 2 024 , includ ed in our 20 24 Annual Rep or t o n Form 20 -F.
(in t hous ands of U S$) Six mon ths ended
June 30, 2025
Six mon ths ended
June 30, 2024
Th ree month s en ded
June 30, 2025
Th ree month s en ded
June 30, 2024
Revenue 216,934 212,755 119,911 105,824
Costs an d expenses
Cost of revenue:
Plat form commissions (45, 662) (46, 408) (25, 208) (22, 993)
Game operation cost (27, 860) (25, 208) (14, 221) (12, 395)
Ot her operating income 470 720 54 720
Selling and marketing expenses (94, 565) (110,541) (52, 503) (47, 373)
General and administrative expenses (16, 770) (16, 130) (9,016) (8,571)
Impairment loss on trade and loan receivables and change in f air value of loans receivable (2) — (378) —
To tal costs an d expenses (184,389) (197,567) (101,272) (90, 612)
Profit fro m operati ons 32, 545 15, 188 18, 639 15, 212
Ot her f inancial income 0 0
Finance income 3,101 1,721 1,202 852
Finance expenses (220) (3,926) (118) (583)
Change in fair value of share warrant obligation and other financial inst ruments 100 265 213 405
Share of loss of equit y -accounted associat es (1,715) (2,073) (1,715) (186)
Profit before income tax 33, 811 11, 175 18, 221 15, 700
Income tax expense (2,920) (1,864) (1,596) (986)
Profit for the year n et of tax 30, 891 9,311 16, 625 14, 714
Att ributable to equity holders of the Company 30, 891 9,311 16, 625 14, 714
Att ributable to non -cont rolling int erest — — — —
Oth er comprehensive income
Items that are o r may be recl assified su bseq uently to profi t or l oss 803 623 816 339
Foreign currency t ranslat ion dif ference 869 761 800 394
Ot her (66) (138) 16 (55)
To tal compreh en si ve i ncome for the year, net of tax 31, 694 9,934 17, 441 15, 053
Att ributable to equity holders of the Company 31, 694 9,934 17, 441 15, 053
Att ributable to non -cont rolling int erest — — — —
Earn ing s per sh are:
Earnings at tributable t o ordinary equity holders of the parent , US$ – basic 1.70 0.51 0.92 0.81
Earnings at tributable t o ordinary equity holders of the parent , US$ – diluted 1.68 0.50 0.90 0.81

9 Q2 2025 Financial Res ults
Consolidated statement of financial position
Sour ce : C ompany Information (unaud ited )
June 30, 2025 Decemb er 31, 2024
ASSETS
Non -current assets
Property and equipment 1,019 1,065
Right -of-use assets 2,112 1,846
Intangible assets 2,271 4,418
Goodwill 1,836 1,836
Def erred platf orm commission f ees 57, 459 67, 110
Def erred tax asset 104 103
Ot her non -current investment s 16, 603 16, 115
Ot her non -current assets 107 107
Loans receivable – non -current — —
To tal no n -current assets 81, 511 92, 600
Current assets
Indemnificat ion asset 2,001 2,232
Trade receivables and other current assets 49, 967 42, 131
Loans receivable 501 226
Ot her invest ments 34, 418 23, 757
Prepaid tax 226 201
Cash and cash equivalents 41, 553 111,049
To tal current assets 128,666 179,596
To tal assets 210,177 272,196
June 30, 2025 Decemb er 31, 2024
LI ABIL ITI ES AND SHAREHOL DERS’ EQ UI TY
Equ ity
Share capit al — —
Additional paid -in capital 29, 869 29, 831
Share -based payments reserve 144,708 144,399
Treasury share reserve (33, 104) (33, 104)
Translation reserve 6,759 5,890
Accumulated deficit (277,665) (248,545)
Equ ity attri butabl e to equ ity ho lders of th e
Company (129,433) (101,529)
Non -cont rolling int erest — —
To tal equi ty (129,433) (101,529)
Non -current liabi liti es
Lease liabilities – non -current 557 18
Long -term deferred revenue 88, 803 109,891
Share warrant obligations 265 365
To tal no n -current liabi liti es 89, 625 110,274
Current liabi liti es
Lease liabilities – current 1,720 1,282
Trade and other payables 28, 483 20, 212
Provisions for non -income tax risks 998 1,233
Put option liabilities – current 15, 002 15, 002
Tax liability 3,757 3,029
Def erred revenue 200,025 222,693
To tal current liabi liti es 249,985 263,451
To tal li ab ili ties 339,610 373,725
To tal li ab ili ties an d shareh old ers’ equi ty 210,177 272,196

10 Q2 2025 Financial Res ults
Consolidated cash flow statement
Sour ce : C ompany Information (unaud ited )1) D uring the three and s ix months end ed June 3 0, 2024 los ses fo r POCI loans w ere er roneo usly classified as Imp airment lo ss o n t rad e and loan re ce iv ables and chang e in fair v alue of loans re ce iv able. Fo r such loans or ig inate d in resp ect to the as sociates, the C ompany d etermined that they hav e zer o fair value up on recog nitio n. T her efore , the d iffe rence be tw een the fair value at r ecog nition and the cash paid w as consid ered as an ad ditional inv estment in the e quity of the ass ociate ( see N ote 16 and No te 3 3) to the C ompany ’s aud ited cons olidated financial statements for the fis cal ye ar ended Decemb er 31 , 2 024 , includ ed in our 2024 Annual Rep or t o n Form 20 -F.
Six mon ths ended
June 30, 2025
Six mon ths ended
June 30, 2024
Op erating acti vi ties
Profit f or the year, net of tax 30, 891 9,311
Adjustments f or:
Depreciation and amort ization 3,272 2,942
Share -based payments expense 463 390
Share of loss of equit y -accounted associat es (1) 1,715 2,073
Impairment loss on trade and loan receivables and
change in f air value of loans receivable 2 —
Change in fair value of share
warrant obligat ions and other financial instruments (100) (265)
Change in fair value of other investments (182) 1,002
Unwinding of discount on t he put option liability — 129
Trade and loan receivables writ e -off — 41
Interest income (898) (1,059)
Interest expense 44 40
Dividend income (408) (662)
Foreign exchange gain/loss (1,613) 2,582
Income tax expense 2,920 1,864
36, 106 18, 388
Changes in working capital:
Decrease in deferred plat form commissions 9,651 853
Decrease in deferred revenue (44, 271) 3,454
Decrease/ (increase) in trade and other receivables (6,819) (1,029)
(Decrease)/ increase in trade and other payables 1,991 (8,321)
(39, 448) (5,043)
Income tax paid (422) (1,647)
Net cash fl ows (u sed in)/ generated from
op erating acti vi ties (3,764) 11, 698
Six mon ths ended
June 30, 2025
Six mon ths ended
June 30, 2024
In vesting acti vi ties
Acquisition of intangible assets (3) —
Acquisition of propert y and equipment (194) (138)
Acquisition of right -of-use assets — (11)
Investment s in equit y accounted associat es (1,715) —
Loans granted (368) (2,569)
Proceeds from repayment of loans 316 164
Disposal of intangible assets and propert y and equipment 15 —
Acquisition of ot her invest ments (14, 147) (62, 614)
Proceeds from redemption of investments 4,085 75, 166
Interest received 275 66
Dividends received 408 662
Net cash fl ows (u sed in)/ generated from
in vesting acti vi ties (11, 328) 10, 726
Fi nancing acti vi ties
Payments of lease liabilities (342) (399)
Proceeds from loans receivable — —
Dividends paid (55, 990) —
Interest on lease (44) (40)
Buy -back of the shares result ed f rom Tender offer — (33, 109)
Payments from exercise of put option liability of Cubic
Games Studio Ltd’s previous shareholders — (10, 160)
Net cash fl ows u sed in financin g activities (56, 376) (43, 708)
Net decrease in cash an d cash equi valents fo r the
period (71, 468) (21, 284)
Cash and cash equivalents at the beginning of t he period 111,049 71, 798
Eff ect of changes in exchange rates on cash held 1,972 240
Cash an d cash equi valents at th e en d o f the p erio d 41, 553 50, 754

11 Q2 2025 Financial Res ults
Reconciliation of the profit/loss for the period
to the Adjusted EBITDA
Sour ce : C ompany Information (unaud ited )( 1)A djusted finance income/e xp enses co nsist of finance inco me and exp ense s other than fore ig n ex chang e gains and los ses and bank charg es, net.
US$ million Q2 20 25 Q2 20 24
Pro fit fo r the pe riod , ne t of ta x 17 15
Adju st fo r:
Income tax expen se 2 1
Adju sted fina nce income (1)
( 0.2) ( 0.4)
Sha re of loss of equ ity -accoun te d
associates 2 0.2
Chan ge in fair valu e of sha re war ran t
ob ligation s an d other fin ancial
instru ments
(0.2) (0.4)
Depreciation a nd amo rtization 2 1
Sha re -ba se d payme nts 0.4 0.2
Adju sted EBITDA 22 17