GDEV Inc FY2025 Q3 Earnings Release

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

2 Q3 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 Q3 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 Q3 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
13% 100
14%
71 89 82
25%
-9% 93
13%
-11%
2%
-9%
15%
(1 )
Othe r
Sellin g and
ma rketing
expe nses
Platform
commissions
16% 12% 16% 27% 18%
111 98 97
120 98
3Q24 4Q24 1Q25 2Q25 3Q25
3Q24
2
4Q24
14 15 17
2Q25
24
3Q25 1Q25
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%
55%
3Q24
23%
24%
53%
4Q24
24%
25%
19%
1Q25
23%
25%
52%
2Q25
29%
29%
42%
3Q25
51%
17 12 16 22 26
3Q24 4Q24 1Q25 2Q25 3Q25
-12%

5 Q3 2025 Financial Res ults
Operating highlights
Average bookings per paying user, $ Bookings, $MLN Monthly paying users, ‘000
-14% -4% -8% -11% -25% -18% -16% -16% -19% -26% 5% 16% 10 % -10% 2%
93 94
81
92 90
3Q2 4 4Q24 1Q2 5 2Q25 3Q2 5
314 292 284
312
263
3Q2 4 4Q24 1Q2 5 2Q25 3 Q2 5
92
102
90 93
107
3Q2 4 4Q24 1Q2 5 2Q25 3Q2 5
Sour ce : C ompany Information (unaud ited )

6 Q3 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
53% 54%
37% 41%
7%
3Q24
2% 3%
3Q25
3%
62% 59%
38% 41%
3Q24 3Q25
34% 32%
30% 34%
22% 19%
14% 15%
3Q24 3Q25
Sour ce : C ompany Information (unaud ited )( 1) Include g ames in ope ratio n
(1 )

7 Q3 2025 Financial Res ults
APPENDIX

8 Q3 2025 Financial Res ults
Unaudited Interim Condensed Consolidated Statement of Profit or Loss and
Other Comprehensive Income
S our ce : C om pany Inform ation (unaud ited )1) D uring the three and nine months e nded Se ptembe r 30, 2 024 loss es for POC I lo ans wer e erro neous ly clas sified as Impairment los s on trade and lo an r eceivab les and change in fair value of loans r eceivab le. Fo r such loans or ig inate d in resp ect to the as sociates, the Co m pany d eterm ined that they hav e zer o fair value upo n recog nitio n. T here fore, the differ ence betw een the fair v alue at r eco g nition and the cash p aid was consid ered as an ad ditional inv es tm ent in the equity o f the ass ociate ( see N ote 16 and No te 3 3 of 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 housands of U S$)

9 Q3 2025 Financial Res ults
Unaudited Interim Condensed Consolidated Statement of Financial Position
Sour ce : C ompany Information (unaud ited )

10 Q3 2025 Financial Res ults
Unaudited Interim Condensed Consolidated Statement of Cash Flows
Sour ce : C ompany Information (unaud ited )
(2 ,3 1 5)
(1 2 ,2 17 )

11 Q3 2025 Financial Res ults
Reconciliation of the profit/loss for the period
to the Adjusted EBITDA
Sour ce : C ompany Information (unaud ited )1) Ad justed finance inco me/ex pe nses cons ist of finance income and ex p enses o ther than fo reig n e xchange g ains and loss es and b ank charg es, net. 2) The financial infor mation p rese nte d for the comp arativ e p eriod s of 2024 may no t r econcile exactly with the amo unts pr evio u sly p ublished for thos e per io ds . T his is due to the r eclas sification of the Impairment los s on loan receiv ables fr om Royal Ar k to the Share of los s of eq uity -accounted ass ociate s line.
US$ million Q3 2 025 Q3 2 024
Pro fit fo r the pe riod , ne t of ta x 24 15
Adju st fo r:
Income tax expen se 2 1
Adju sted fina nce income (1)
( 1) ( 2)
Sha re of loss of equ ity -accoun te d
associates (2) 3 1
Chan ge in fair valu e of sha re war ran t
ob ligation s an d other fin ancial
instru ments
(4) –
Depreciation a nd amo rtization 2 2
Sha re -ba se d payme nts 0.1 0.7
Adju sted EBITDA 26 17