Huuuge Games FY2025 Q3 Earnings Release

Q3 2025

PRESENTATION

NOVEMBER 2025

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Wojciech Wronowski

Chief Executive Officer

Maciej Hebda

Treasurer, EVP Finance

To learn more please visit:
https://ir.huuugegames.com/governance

TODAY’S PRESENTERS

$
56
m

Revenue

-5.0% YoY, -5.1% QoQ

$
22
m

Adj. EBITDA

+3.3% YoY, -10.1% QoQ

Q3 2025 HIGHLIGHTS

39%

Adj. EBITDA Margin

+3.2pp YoY, -2.1 pp QoQ

High adj.EBITDA margin and strong cash generation maintained

Strong cash conversion: 85% Net OCF to Adj. EBITDA over the last 12 months

USD 120m SBB executed

Over 15 million Huuuge shares retired (25.4% of share capital)

Gross Profit flat YoY

Positive impact of D2C expansion

Direct-to-Consumer hit another record high in Q3 2025

DTC responsible for 27% of sales in Q3 2025 and 31% in October 2025

STRATEGIC PRIORITIES

Priority #1

Core business longevity

Priority #2

New Market Entry

Priority #3

M&A

Priority #4

Capital Distribution Policy

●
Focus on player retention

over short term

monetization

●
Outperforming the social

casino market in the long

run

●
Doubling down on

successful features and

existing USPs

●
D2C

●
Pursuing strategic entry

into the iGaming market

●
Creating significant new

business vertical for

Huuuge

●
Huuuge has strong USPs

in product, marketing,

content, and infrastructure

●
Build vs Buy vs Rent – all

options are being

considered

●
No longer pursuing

potential acquisitions in the

casual mobile F2P gaming

space

●
Doubling down our M&A

efforts around iGaming

B2C operators

●
Range: 50%–100% of

annual Free Cash Flow

(FCF) to be distributed

●
Timing: Based on FCF of a

given year, distribution

occurs in the subsequent

fiscal year

BUSINESS

UPDATE

Q3 2025 CORE FRANCHISES

The YoY revenue decline in Q3 2025 was consistent with the softening social

casino market, which is now expected to decline by 5.5% YoY in 2025 (according to

the revised Eilers & Krejcik forecast).

●
DAU decreased by 12.4% YoY and by 5.7% QoQ

●
ARPDAU increased by 8.9% YoY and by 0.6% QoQ

●
ARPPU increased by 4.8% YoY by 1.3% QoQ

Marketing spend in Q4 2025 (relative to revenue) should be similar comparing to Q3 2025.

Maintaining stable and long-term profitability across our core portfolio remains our primary focus.

Direct-To-Consumer (Webshop) Revenue as % of Total Revenue

CORE FRANCHISES: DTC CHANNEL GROWTH

●
DTC revenue reached 27% of the total

revenue in Q3 2025 and 34% in October

●
Continued growth supported by Huuuge

Pay release on iOS in September and

Android in November

●
Huuuge remains positive around

overdriving a mid-to-high twenties share by

the year end

FINANCIAL

UPDATE

FINANCIAL PERFORMANCE

Constant focus on profitability; Gross profit dynamics (flat YoY) highlights the impact of D2C expansion

$ m

Q3 25

Q3 24

YoY

Q2 25

QoQ

Revenue

55.8

58.8

-5.0%

58.8

-5.1%

Gross profit/(loss) on sales

42.5

42.7

-0.5%

44.1

-3.7%

Sales and marketing expenses

-12.7

-11.7

8.5%

-11.5

10.3%

Research and development expenses

-3.9

-5.3

-26.4%

-4.1

-3.3%

General and administrative expenses

-6.9

-8.4

-17.9%

-6.9

-0.5%

Other operating income/(expense), net

-0.4

0.2

n/a

-0.9

-55.8%

Operating result

18.6

17.5

6.2%

20.8

-10.4%

Finance income/expense, net

2.1

0.5

339.6%

-0.4

n/a

Profit/(loss) before tax

20.7

18.0

15.1%

20.4

1.7%

Income tax

-5.7

-2.8

105.9%

-3.1

81.8%

Net result for the period

15.0

15.3

-1.4%

17.3

-12.8%

Adjusted EBITDA

21.6

20.9

3.3%

24.0

-10.1%

CASH FLOW STATEMENT

Even after factoring in the recently executed $120m share buyback, we maintain a strong cash balance. This allows us to pursue a wide range of potential growth options

$ m

Q3 2025

Q3 2024

9M 2025

9M 2024

Pre-tax profit

20.8

18.0

64.6

56.5

Net Operating CF

15.6

14.5

63.2

47.3

Net Investing CF

1.2

1.0

4.1

-1.5

Net Financing CF

-1.2

-1.1

-3.8

-73.5

Change in cash

15.6

14.5

63.5

-27.8

Cash End of Period

205.8

125.0

205.8

125.0

2025

MARKET POSITIONING 2025

KEY HIGHLIGHTS

●
We reiterate our full year topline guidance. As for Q4, we

expect some pickup in revenue in November & December

– driven by seasonality and new feature releases

●
Marketing spend in Q4 should remain in the low teens (%

of revenue) and we reiterate our guidance for a significant

decline YoY. Maintaining strict payback discipline
remains

a priority

●
Following recent company-wide restructuring we expect

operating costs (ex-UA) to decline YoY in 2025 and to be

lower by ~$12m on an annualised basis

●
High confidence that these measures will lead to a YoY

increase in Adjusted EBITDA and higher profitability

Revenue

Marketing spend

Opex (non-marketing)

Adjusted EBITDA

Adjusted EBITDA margin (%)

INCREASE

INCREASE

DECLINE

SIGNIFICANT

DECLINE

SLIGHT DECLINE

Guidance for 2025 (% YoY dynamics)

For more information, please visit
ir.huuugegames.com

THANK

YOU

High adj.EBITDA margin and strong cash

generation maintained

Strong cash conversion: 85% Net OCF to Adj. EBITDA over the last

12 months

USD 120m SBB executed

Over 15 million Huuuge shares retired (25.4% of share capital)

Gross Profit flat YoY

Positive impact of D2C expansion

Direct-to-Consumer hit another record high

in Q3 2025

DTC responsible for 27% of sales in Q3 2025 and 31% in October 2025

FINANCIAL DATA

APPENDIX – KPI’S

ARPDAU

Average revenue per daily active user.

ARPPU

Average revenue per paying user.

DAU

The number of individual users who played a game on a particular day.

DPU

The number of players (active users) who made a purchase on a given day.

EPS

Earnings per share

Live Ops

Activities aimed at increasing the player engagement, among others, by adding new features to games, recurring and one-off virtual events in which players can

participate, and active management of promotions within the game.

MAU

The number of individual users who played a game during a particular month.

Monthly Conversion

The percentage of MAU that made at least one purchase in a month during the same period In-app purchases. Payments made by users after downloading a

game, in connection with the purchase of additional game features. In-app purchases can be made through various non-cash payment instruments (e.g.

payment card, transfer), various electronic channels (e.g. e-banking, mobile phone) or using payment service providers (e.g. PayPal).

MPU

MPU is defined as the number of players (active users) who made a purchase at least once in a given month.

Retention

The number of users who continued to use the game after a certain period of time after downloading the application.

UAMC

User acquisition

marketing campaigns

Process of the acquisition of users through paid campaigns or promotional offers

APPENDIX – GLOSSARY