Keywords Studios FY2023 Earnings Release

Keywords Studios
FY 2023 Results
March 2024

012023 Summary
02 Financial Review
03 Strategy Update
04 M&A Update
05 Outlook
06 Appendix
Keywords Studios plc – 2023 Full Year Results 2
Contents

Extending our market leadership position

Keywords Studios plc – 2023 Full Year Results 3
Organic Revenue
growth
~9% (1)
before US strikes & FX
Revenue
€780m
+13% growth
Adj. Operating Profit
€122m
15.6% margin
M&A
€225m
Total maximum
consideration
• Resilient performance, growing ahead of
industry in a tougher year
• Good revenue growth, with robust organic
growth led by Create
• Operating margins have remained strong,
ahead of guidance
• Record year for M&A and strong pipeline ahead
• Continued strong strategic execution, with
major focus on Strategic Partnerships and
Technology
(1) ~6% reported organic growth

Expect strong revenue and profit growth in 2024 despite
near-term market volatility, with medium- term trends
overwhelmingly positive
• Streamlined content pipeline, focused on larger IPs
• Good demand for high -quality Create talent
• Clients continue to be highly cost conscious
• Job losses ongoing at the beginning of 2024
• Post strike Hollywood ramp -up slowly taking place
• Clients looking at business models and variable costs
• High-quality talent remains in short supply
• Games seen as a must have channel for owners of IP
(Disney/Epic)
• Scaled platform increasingly important to client needs
• Viewers and player numbers continue to rise requiring
increased content generation
Scaled and diversified enabler of the industry – able to meet evolving client
requirements and navigate current industry headwinds
Near- term Medium-term
Keywords Studios plc – 2023 Full Year Results 4

Market leader gaining share in a fragmented, large and growing
market with plenty to go after
Video games content creation market is growing rapidly
Overall spend on video game content
~8% five -year CAGR
(1)
Externalised services
market
>9% five -year CAGR
(1)
(1) Source: IDG Consulting (2023 -2028)
Note – numbers may not add due to rounding
$ 25 bn
66%
$
13 bn
34% $ 36 bn
63%
$
20 bn
37%
2023 TAM
$38bn 2028 TAM
$56bn
Internal spend on content creation External spend on content creation
Keywords Studios plc – 2023 Full Year Results 5
Clear market leader,
3x size of next competitor…
Market share versus competitors (%)

28%
58%
14%
Agile business evolving to meet market growth & client needs
Track record of successfully transforming the business to add shareholder value
100%
43%
36% 21%
Transformed from 100% localization business to well balanced portfolio with
> 40% of revenues and >50% of profits coming from high -end Create services
Keywords Studios plc – 2023 Full Year Results 6
2013 Revenue
2023 Revenue
2018 Revenue
Engage Create
Globalize

We have a resilient medium-term compounding growth
model with a long -track record of value creation
D
+10%
Organic Growth
~15%
Adjusted Operating margin
+80%
Cash conversion
~€100m
Acquisition spend per year
Focus on Game Dev, Marketing,
Technology and Adjacencies
Firmly on track to becoming a + €1bn revenue business
Keywords Studios plc – 2023 Full Year Results 7

Financial Review 02

Keywords Studios plc – 2023 Full Year Results
Good performance in a tougher market
• Continued revenue growth, both reported and organic
• Disciplined cost focus, whilst investing for the future
• Operating margins ahead of guidance
• Allocating capital to growth, technology and M&A
• Enhanced financial strength and liquidity
More challenging backdrop than recent years
9

10
Adj. Operating Margin
15.6%
Ahead of guidance
Adj. Operating Profit
€122m
+6% growth
Cash Conversion
82%
In line with guidance
Net (Cash) / Debt
€68 m
Driven by M&A activity
Organic Revenue Growth
~9 %
before the impact of US
strikes (~6% reported)
Revenue
€780m
+13% growth
M&A Investment
~€ 225 m
Max consideration across 5
high -quality transactions
Capex
~4.5%
of sales, with investment in
the business H1 weighted
Key KPIs on track
Keywords Studios plc – 2023 Full Year Results

691780
43 76
29
2022
Organic
growth M&A growth
FX impact 2023
Revenue analysis
2023 Revenue bridge
€m
Maintained track record of double -digit revenue growth in every year since IPO, with
revenue growth of 13% in 2023, despite a meaningful FX headwind
16 780
2013
2014 20152016 2017201820192020 20212022 2023
Revenue growth since IPO
€m
Keywords Studios plc – 2023 Full Year Results 11

Create
2023 key takeaways
•Performed strongly during year, with total revenues up
by 22% and org anic revenue growth of 17%
• Won a number of larger engagements with key clients,
both single studio and wider collaborative efforts
• Increased collaboration within the division
• Very strong growth in Adj EBITDA
• Welcomed three new game development studios in
2023, The Multiplayer Group, Hardsuit Labs and
Playboss Interactive
Production focused services with around 4,500 people across 18 countries
% of Group Adj EBITDA
% of Group revenue
43% 59%
2023 2022Change
Revenue €m
336.1275.522.0%
Organic Revenue Growth (%) 17.3%25.9%
Adjusted EBITDA ( €m)
94.169.735.0%
Adjusted EBITDA margin (%) 28.0%25.3% 2.7%
Keywords Studios plc – 2023 Full Year Results 12

Globalize
2023 key takeaways
• Revenues impacted by market conditions, US strikes
and FX
• Organic Revenue excluding US strikes, would have been
slightly down, well ahead of the post-production market
• Solid result given elevated level of project cancellations,
delays and reduced scopes as publishers focus on core
languages and IP
• Margins lower, as expected, following exceptional
demand in 2022
• Rightsized headcount and rationalised footprint, whilst
driving efficiencies through technology and improved
operating model
% of Group Adj EBITDA
% of Group revenue
36% 31%
Testing, localization and audio focused services with around 5,000 people across 18 countries
20232022Change
Revenue €m
279.5300.9 (7.1)%
Organic Revenue Growth (%) (4.3)%23.4%
Adjusted EBITDA ( €m)
48.561.6(21.3%)
Adjusted EBITDA margin (%) 17.4%20.5% (3.1%)
Keywords Studios plc – 2023 Full Year Results 13

Engage
2023 key takeaways
• Good overall growth during the year with revenues
up, driven by acquisition.
• Organic Revenue would have been ~9% without the
impact of the US strikes
• Good growth in Helpshift which has transformed
Player Engagement into a digital first solution
• Margins lower due to utilisation rates and US strikes,
actions taken for a more positive margin trajectory
for 2024
• Acquisitions of Digital Media Management and 47
Communications enhanced our social media /
influencer and PR offerings
Marketing and player engagement focused services with over 2,500 people across 14 countries
% of Group Adj EBITDA
% of Group revenue
21% 10%
2023 2022Change
Revenue €m
164.8114.344.2%
Organic Revenue Growth (%) 2.3%9.7%
Adjusted EBITDA ( €m)
15.715.60.6%
Adjusted EBITDA margin (%) 9.5%13.6%
Keywords Studios plc – 2023 Full Year Results 14

Carefully managing costs, whilst taking advantage of the
downturn to invest in long-term value creation
Managing costs
• Maintained profitability despite operating expenses
returning to more normal levels post Covid
• Tight control of all admin costs across Group
• Enhanced collaboration, with 30% of projects in
Create multi- studio
• Globalize restructure with 5% of its headcount
leaving the business
• Property footprint and IT spend rationalisation with
one -time charge of €10m
• Reduced Marketing Services headcount by 8%
Investing for future growth
•Added talent where demand is strong, average
headcount +11% YoY
• Accelerated investment in tech platform doubling
up on R&D activity in Mighty, Kantan, and Helpshift
• Built out Innovation team and AI Centre of
Excellence delivering partnerships and research
projects
• Enhanced IT resilience and back -office systems in
HR and finance to drive efficiency going forward
• Delivered more than double M&A guidance as we
build out our platform
Keywords Studios plc – 2023 Full Year Results 15
2024: launched multi-year efficiency programme to create more capacity to invest in future growth

Operating margins in line with guidance
15.5%13.2% 15.3%
17.3%
16.6%
15.6%
2018 20192020 20212022 2023
Adjusted Operating margins
%
~15%
medium term
guidance
Margins normalised post Covid as we invest in the business, but taking action to actively
manage costs across the Group
Keywords Studios plc – 2023 Full Year Results 16

Summary Profit and Loss
• Reported revenue up 13%, 17% in constant currency
• Organic Revenue of 6% would have been ~9%
excluding the impact of FX and the US strikes
• Adjusted Operating margins stronger than guided,
due to good cost control
• Adjusted EPS flat, reflecting margin normalisation
post-Covid and increased interest costs
• Final dividend recommendation increased by 10% in
line with progressive dividend policy
2023
€m 2022
€m %
change
Revenue 780.4
690.7+ 13.0%
Organic Revenue Growth + 5.6%
Adjusted EBITDA 158.3
146.9+ 7.8%
Margin 20.3%
21.3%
EBITDA 109.2
120.9(9.7%)
Adjusted operating profit 122.0
114.6+ 6.5%
Margin 15.6%
16.6%
Operating profit 46.8
71.8(34.8%)
Adjusted EPS ( € cents per share) 112.9c
113.5c(0.5%)
Final Dividend per share 1.76p
1.60p+ 10.0%
Total Dividend per share 2.61p
2.37p+ 10.0%
Keywords Studios plc – 2023 Full Year Results 17

Operating and Free cash flow
• MMTC, VGTR and similar incentives receivable
increased to €8m, primarily due to timing of payments
in new jurisdictions
• Good H2 working capital performance
• Capex of €34m was H1 weighted, and ~4.5% of sales
• Adjusted cash conversion rate of 82%, in line with
guidance
2023
€m 2022
€m Change
€m
Adjusted EBITDA 158.3
146.9 11.4
MMTC, VGTR and similar incentives (11.3)
(3.6)(7.7)
Working capital and other items (4.3)
0.6(4.9)
Capex – PPE (30.7)
(27.0) (3.7)
Capex – intangible assets (3.1)
(0.5) (2.6)
Payments of principal on lease liabilities (15.0)
(11.4)(3.6)
Operating cash flows 93.9
105.0 (11.1)
Net Interest paid (7.1)
(1.5)(5.6)
Free cash flow before tax 86.8
103.5 (16.7)
Tax (20.9)
(17.5)(3.4)
Free cash flow 65.9
86.0(20.1)
Adjusted free cash flow 94.4
112.1(17.7)
Adjusted cash conversion rate 82.3%
100.1%
Keywords Studios plc – 2023 Full Year Results 18

Financial strength and liquidity
RCF increased to $400m, with maturity extended to 2027, cementing our long-term liquidity
and flexibility to pursue our strong M&A pipeline
* Net debt to Last Twelve Months Adjusted EBITDA reported in APMs
82%
Adjusted cash conversion
(82)
203 68
34 16
158 17
732
2022 Net
Debt (Cash) Adj EBITDA
CapexWorking
Capital M&A
EBT &
Dividend Interest
Leases &
Other 2023 Net
Debt
0.4x
Net leverage*
$260m
Undrawn facility
Keywords Studios plc – 2023 Full Year Results 19

Disciplined use of capital to drive shareholder value creation
M&A
Whilst maintaining balance sheet strength
Net debt to Adj. EBITDA ratio to remain below 2x
Shareholder
cash returns
Organic growth
1
• Invest for profitable growth:
– Technology and
automation
– Strategic partnerships
– Talent, particularly in Game
Development
• ~4 -5% of sales annual capex
• Strategy and culture
alignment
• Attractive financial profile
– Enhances organic growth
– Achieve group margins or
above
– 5-7x EBITDA multiple
• ~€100m of annual spend
• Progressive ordinary
dividend
• EBT share re -purchase
programme
• May consider additional
shareholder returns if have
excess capital
2 3
Keywords Studios plc – 2023 Full Year Results
20

Guidance
Keywords Studios plc – 2023 Full Year Results 21
•
Expect to deliver strong revenue and profit growth in
2024 driven by improving organic growth and recent
M&A
• Organic growth is expected to progressively improve
from H2 23 levels as we move through the year
• Driven by the industry’s appetite for new content
returning and allowing time for the output from
Hollywood to increase post the 2023 strikes
• Adjusted operating profit margins expected to
remain above 15%, as we manage costs carefully •
Adjusted cash conversion rate expected to be at
least 80%
• Capex expected to be 4.5 -5% of revenues, in line
with 2023
• Adjusted Effective Tax rate of ~22%
• Net finance charge based on year -end debt levels
broadly €10m, subject to change depending on M&A
Headline Technical
Outlook unchanged from January
trading update

Strategy 03

We form part of the backbone of the gaming industry,
enabling our clients to captivate players across the globe
Exposed to hit or miss title risk and overall engagement levels of playersSupport publishers in getting games to market across range of technology-led verticals
Cloud Security Analytics Payments Content
Creation
~40% spend
in this vertical
3 Example providers
Developers/ Publishers (1)
•Same end market
• Access to >3 billion players
• Leveraged to the success of IP
• Revenue growth: ~5%
• EBITDA margin: ~38%
Tech Services Businesses (2)
•Reputable best-in-class across verticals
• Sticky customer base – mission critical
services for clients
• Resilient business model
• Similar M&A bolt-on strategy
• Revenue growth: ~12%
• EBITDA margin: ~20%
(1) Includes: EA, Take -Two, Ubisoft, Capcom, Square Enix, CD Projekt, Embracer, Paradox, Stillfront, average revenue growth and EBITDA margin (2) Accenture, Capgemini, Cognizant, Epam, Globant, Reply, Endava, Netcompany, average revenue growth and EBITDA margin (3) Combination of inhouse and external spend
Developers/Publishers – Consumer facing
Specialist Technology Providers – B2B
Keywords Studios plc – 2023 Full Year Results 23

Continuing to deliver against our strategy
• Broadened AI
capabilities, through
AI Centre of
Excellence
• Project Ava
launched as an R&D
initiative to assess
current Gen AI tools
• Meaningful increase
in revenues enabled
by digital product
platform
• Meaningful increase
in collaboration
within Create, with
30% of projects
multi-studio
• IT & Digital team
transformation
• One KWS team
supported transition
of Sperasoft out of
Russia
• Supported 11%
increase in
employees inc. over
600 through
acquisition
• Expanded the
ambassador
programme Women
in Games by 31%
• Global talent
acquisition team
accelerated growth
in Create
• Increased CXO
access, Top 25
revenues grew
faster than Group
• Building end- to-end
white glove game
development
services for new
entrants
• Several large
agreements with
AAA publishers
• First virtual
production/
animation client
wins across both
Create and Engage
• DMM broadened
reach into film and
TV marketing and
cross -selling into
gaming
• LiveOps continues
to be in high
demand
Strategic
Partnerships Technology One
Keywords Talent &
Capabilities Adjacent
Markets
Keywords Studios plc – 2023 Full Year Results 24

Client B
Retention and expansion
25
Deepening relationships with our largest clients
Client A
Fixed to variable
Leading publisher moved
from an in-house testing
model in higher-cost
locations, to a variable cost
partnership with our FQA
teams across the globe
Keywords Studios plc – 2023 Full Year Results
0 testers in H1
2022, ramped up to a peak of nearly 500 in 2023
Annual revenues
increased by 5x since 2020 30x increase in
gaming revenues
since 2021
Client C
Scaling new entrants
Worked on gaming titles for a
global entertainment client for
the first time in 2021. Initially
focused on a few, smaller
games, but scaled to +60 titles
and multiple Divisions in 2023
Continued engagement with
publisher since 2017 on a
major live service title, grown
from a single game dev’t

studio, to 6 studios and into
Globalize and Engage
Long -term relationships with key industry players, with very strong retention and track
record of growing our share of wallet

Our approach to Technology and AI
Globalize
Engage
Create
Production
Post-production
•Long -track record of adopting
latest technology to support
clients ’ in “race to the top”
• 4,500 creative technologists
• Limited utilisation of Gen AI in
AAA due to quality and lack of
legal frameworks
• Ideally placed to be the industry
aggregator for AI and tech tools
due to broad view and access to
the industry •
Building proprietary technology
platform and integrating Gen AI
to augment solutions
• Opportunity to offer “publisher
services” to scaling developers
• Clients looking to us to invest as
they focus on Production
• Building technology moat vs
smaller competitors in the
market
We take a differentiated approach to win in both the production and post -production value chains
(1) Note: Diagram shows 2023 revenue mix Keywords Studios plc – 2023 Full Year Results 26

27
•Global team across 7 studios collaborating on a R&D
project to build a “shippable” game with Gen AI
• Designed to test real-world strengths and limitations of
over 400 tools, to educate and inform our teams, and
support clients
• Quickly became apparent that the tools were unable to
replace the skills of highly trained people
• Highest potential results come when Gen AI tools are
placed in the hands of production domain experts
• Continuing to invest in multiple areas of AI R&D to better
guide our clients and drive learning across the Group
• Leading to tangible and scalable AI partnerships
Production – Gen AI R&D
Keywords Studios plc – 2023 Full Year Results 27

Establishing partnerships with AI solution providers
• xxx
Deepened relationship with
Havok , a leading provider
of middleware for AAA
titles
Multi -faceted approach, guided by our Innovation team research to form implementation
partnerships with trusted technology solution providers for the benefit of our clients
Create Create Engage Engage
Launched partnership with
CharismaAI – which
enables creation of more
immersive in -game non-
player -characters Helpshift
has enabled
launch of VIP Services, that
we are now augmenting
through partnership with
SurgeROI Trust & Safety formed
enhanced partnership with
Modulate
, a leading voice
moderation platform and
central to yesterday’s
launch of the Gaming
Safety Coalition with tech
partners
Keywords Studios plc – 2023 Full Year Results 28

Post-production – Gaining traction with our integrated
technology platform…
• Scaled Mighty Build & Test footprint & offering
• Working with a range of leading developers
• Increasingly becoming our internal testing
solution across our game dev’t studios
• Launched Language AI
• Powered by KantanMT technology
• Enables more languages to be supported
within Helpshift at a lower client cost
• Refreshed and relaunched XLOC, our game
asset management environment
• Connected with Mighty Build & Test
Keywords Studios plc – 2023 Full Year Results 29

Our tools act together
at all stages of the process driving
efficiencies
Kantan
Audiomate Language AI
Helpshift Mighty
Build & Test
XLOC
KantanStream
/ KantanMT

Player Support Services VIP Engagement Services Trust and
Safety
AI Technology Platform
Acquisition of Helpshift has transformed our Player
Engagement offering
Keywords Studios plc – 2023 Full Year Results
Client Case Study:
Large gaming company with an
emphasis on AI -guided support:
• 1.9m monthly engagements
• 68% are fully AI automated
• $5m estimated annual savings
• 5% increase in CSAT, after
combining agents and AI
• Fully integrated and built upon the 2022 Helpshift acquisition,
creating a unique end-to -end digital first solution for clients
• Delivering over 60% AI automation for clients on average
• Enabled creation of VIP Engagement offering for high-value players
• Drives personalised experiences with specialised, AI enabled
human agents
• Major mobile player transitioned 23 games and five studios to
Helpshift in 2023
• Vision to turn a client cost centre into a revenue generator by
keeping players engaged and in the game for longer
Over 6 million automated conversations per month, freeing up agents and saving
clients tens of millions of dollars
Keywords Studios plc – 2023 Full Year Results 30

M&A 04

Core part of strategy to build out platform through M&A
2023 was a record year of M&A delivering significant inorganic growth
• 65+ deals in 10 years provides track record of
deal execution, integration and value
accretion
• Strong pipeline of opportunities from which
only highest quality opportunities selected
• Focus on culture, quality and performance
• Seen as preferred buyer in the sector
• Targeting 5-7x EBITDA multiples (based on
achieving earn-out targets)
• Extensive M&A pipeline of opportunities in
2024 and beyond
13 43
39 4190
20 97
126
140 225
0 50
100 150 200
250
0
20
40 60 80
100
120
2019
2020 20212022 2023
Pro-forma revenue €m
Total Maximum Potential Consideration €m
Last 5-year pro -forma revenue added ( €m)
8 6 6 5 5 No. of deals
(1) Pro-forma revenue includes both pre and post acquisition revenues in the year
(2) Total Maximum spend rather than cash spend in the year Keywords Studios plc
– 2023 Full Year Results 32
1
2

Five high-quality acquisitions continuing our track record
of building out our platform in our core focus areas
Create
16
Engage

Globalize
0Tech
3 M&E
2
5-year M&A Focus areas (number of deals) (1)
(1) Helpshift included in technology rather than Engage
Game Dev’t Marketing Technology Adj Markets
 

 

Focus Areas

2023
Acquisitions

Keywords Studios plc – 2023 Full Year Results 33

• Acquired Tantalus Media in March 2021 as part of a strategic
objective to create a foothold in Australia given its strong
reputation for game development talent and proximity to the Asia
Pacific gaming market
• At acquisition Tantalus had a single location with 37 employees
• In three years, the Australian business has completed two studio
acquisitions and launched two new satellite studios
• Grown to an integrated group of six game development studios
with over 300 people working with many of the biggest games
companies globally and a reputation for deep technical and
production capabilities
Adelaide
Brisbane
Melbourne
Revenues
4x
Strategy in action: Landing and expanding in Australia
AAA projects
8x
Keywords Studios plc – 2023 Full Year Results 34

Outlook 05

Continuing to drive forward
and gaining momentum
• Resilient 2023 performance against a tough backdrop

• Benefitted from our diversified platform and business model
• Strong growth with leading clients
• Delivering against strategy, executing on healthy M&A pipeline ,
and extending market leadership position
• Confident in our medium -term compounding growth model
Agile business investing to leverage our unique
position at the heart of the largest entertainment industries in the world
Keywords Studios plc – 2023 Full Year Results 36

Over 70% of the winners at the recent 2023 Game Awards
partnered with Keywords…
Questions?
Keywords Studios plc – 2023 Full Year Results 37

Appendix 06

Track record of
organic and
inorganic growth
since IPO
Built leading post
–
production tech
product suite
Keywords snapshot
Clear market
leader across
content creation
cycle… …in a large and
growing
addressable
marketStrong customer
relationships
and recurring
revenues Working with
customers across
all platforms,
without IP risk
Industry leader, with a global reach, increasingly seen as the partner of record for the
leading players in the market across the game development cycle
International
scale brings
solutions to
global clientsDiverse and
skilled workforce
with sought
-after
expertise
We are a critical enabler of a massive and growing ecosystem
Keywords Studios plc – 2023 Full Year Results 39

Our Responsible Business priorities
Setting the highest standards of behaviour,
honesty and integrity underpins everything we do
Governance
Our largest and most valuable asset
People
At the heart of everything
Client
Minimising our impact on the planet
Planet
Making a positive impact
Community
• MSCI increased rating from A to AA, the joint highest rating in our
category
• Made solid progress against our main priorities, including:
• Increased proportion of women across the group to 27% from
26% in 2022, with 34% of senior leadership roles held by women
(1)
• Supported the expansion of the ambassador programme with
Women in Games, with now over 1,700 ambassadors globally in
77 countries
• Excellent engagement across the Group on the new Leadership
Principle
• Stepped up employee engagement ranging from group wide
townhalls to small bespoke sessions with the CEO
• Celebrated 25 years of Keywords by planting 25,000 trees across
the world
• Continued to win a range of Best Company to work for awards in
a number of locations
Keywords Studios plc – 2023 Full Year Results 40 (1) Includes Executive Committee and Company Secretariat and their direct reports

0
50
100 150
200 250
300
2004 2007 201020132016 20192022
Evolution of tech in gaming has historically increased jobs in
the industry and meant more is possible in games…
People employed in US video gaming industry (‘000s ) (1)
3 2019
3.0
2.0
Growth in AAA budgets over time (2)
5
Console
launches
(1)Source: IbisWorld
(2) Jefferies (Business Insider, Critical Hit Gaming, Digital Spy, Motley Fool, Game Designing, Game Dev Reports, GameFAQS , GamesIndustry.biz, Gamers Nexus, GGRecon,
Games Spot, Game World Observer, Jefferies, LA Times, Push Square, The Icon, Tech Times, USA Today)
0 200 400 600 8001000
Horizon
Final Fantasy
Witcher/Cyberp’k Tomb Raider Halo
Call of Duty GTARDR
God of War
$47m (2017)
$212m (2022)
$45m (2006)
$300m (2023)
$10m (2011)
$315m (2020)
$60m (2011)
$500m (2021)
$100m (2013) $125m (2018)
$15m (2005)
$1,000m (2023)
$100m (2008)
$1,000m (2023+)
$90m (2010)
$200m (2018)
$44m (2010)
$200m (2022)
1st release in franchise
2
nd release in franchise
3rd release in franchise
Latest release in franchise
Keywords Studios plc – 2023 Full Year Results 41

Technology already underpins our entire service offering*
We CreateWe GlobalizeWe Engage
Pre-production Early
-stage
Development Mid
-stage
Development Later
-stage
Development Launch & Ongoing
Live OperationsNew Content
for Games
Our
Services
Game Development
Art Services
Audio Services
Functional Testing
Localization (Text & Audio) Localization TestingMarketing Services
Player Engagement
Underpinning Technologies*
KWS Products & Partners
External tools
KRAST
Memferret
Proprietary
game engines
** **
** ** ** **
* Not all technologies listed
** Used for Insight, Ideation & Operations and not production
Keywords Studios plc – 2023 Full Year Results 42

Our global footprint
13,000 people, working in 26 countries, on 5
continents, providing global workflow capability
Keywords Studios plc – 2023 Full Year Results 43