Nazara Technologies FY2025 Q3 Earnings Release

Nazara Technologies Limited

Nazar aTM

India | Middle East | Africa | Europe
Regd. Office: 51 -54, Maker Chamber III, Nariman Point Mumbai – 400021. Tel. : +91 -22 -40330800 / 22810303 / 22813030
Fax : +91 -22-22810606 E-mail: info@nazara.com Website : www.nazara.com CIN : L72900MH1999PLC122970
February 13 , 202 5

To,
Listing Compliance Department
BSE Limited
Phiroze Jeejeebhoy Towers
Dalal Street,
Mumbai – 400 001.
Scrip Code: 543280

Listing Compliance Department
National Stock Exchange of India Limited
Exchange Plaza, Plot No. C/1. G Block,
Bandra -Kurla Complex, Bandra (East),
Mumbai – 400051.
Scrip Symbol: NAZARA

Dear Sir/Madam,

Subject: Intimation of Investor Present ation for the Quarter ended Dec ember 31 , 2024

In pursuance to Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and
Disclosure Requirements) Regulations, 2015 as amended, please find enclosed herewith the Investor
Presentation for the quarter ended Dec ember 31 , 202 4.

This is for your information and records.

Thanking you,

Yours faithfully,
For Nazara Technologies Limited

Arun Bhandari
Company Secretary & Compliance Officer
Encl. As above

Investor Presentation
Q3FY25 and 9MFY25

Nazara – PGConnects – London
2
This presentation and the accompanying slides (the “Presentation”), which have been prepared by Nazara Technologies Ltd .(the
“Company”), have been prepared solely for information purposes and do not constitute any offer, recommendation or invitation to
purchase or subscribe for any securities, and shall not form the basis or be relied on in connection with any contract or binding
commitment whatsoever .No offering of securities of the Company will be made except by means of a statutory offering document
containing detailed information about the Company .
This Presentation has been prepared by the Company based on information and data which the Company considers reliable, but the
Company makes no representation or warranty, express or implied, whatsoever, and no reliance shall be placed on, the truth,
accuracy, completeness, fairness and reasonableness of the contents of this Presentation .This Presentation may not be all inclusive
and may not contain all of the information that you may consider material .Any liability in respect of the contents of, or any omission
from, this Presentation is expressly excluded .
This presentation contains certain forward -looking statements concerning the Company’s future business prospects and business
profitability, which are subject to a number of risks and uncertainties and the actual results could materially differ from those in such
forward looking statements . The risks and uncertainties relating to these statements include, but are not limited to, risks and
uncertainties regarding fluctuations in earnings, our ability to manage growth, competition (both domestic and international),
economic growth in India and abroad, ability to attract and retain highly skilled professionals, time and cost over runs on contracts,
our ability to manage our international operations, government policies and actions regulations, interest and other fiscal costs
generally prevailing in the economy .The Company does not undertake to make any announcement in case any of these forward –
looking statements become materially incorrect in future or update any forward -looking statements made from time to time by or
on behalf of the Company .
Safe Harbour

Nazara – PGConnects – London
3
Highest -ever EBITDA achieved in Q3FY25
Q3FY 25 marks a milestone quarter for Nazara as we achieved our highest -ever quarterly revenue and EBITDA, reflecting the strength of our
diversified portfolio and disciplined execution .Nazara’s core Gaming segment revenues grew by 53 %,fuelled by strategic acquisitions
including Fusebox Games as well as strong performance by existing games such as Animal Jam .
The recent licensing agreements and upcoming integrations of popular entertainment IPs are further set to enhance user growth and
engagement going forward .Kiddopia’s collaboration with Mattel’s Barbie and Moonbug’s Little Angel will strengthen engagement among
young audiences, while partnerships with well -known franchises including Big Brother and Bigg Boss will enable the gaming vertical to scale .
We also announced the acquisition of popular gaming IPs CATS :Crash Arena Turbo Stars and King of Thieves .These games will be operated
and published by Nazara Technologies Ltd, thereby ensuring revenue and profit from these will accrue directly to the listed entity .We intend
to further scale this model in coming quarters .
With astrong foundation, aclear vision, and an experienced team, we are well -positioned to build atruly globally respected gaming company
from India .
Nitish Mittersain
Joint MD and CEO

4
KEY UPDATES

Nazara – PGConnects – London
5
Fund Raise: Nazara to raise INR 495 crores from existing investors, stake increase to
trigger open offer
1
Preferential
Issue
• Plutus Wealth Management LLP and Axana Estates LLP, along with PACs, will launch a public open offer to acquire an
additional 26% stake in Nazara, as per SEBI (SAST) Regulations, 2011.
• This is subject to regulatory approvals and completion of the open offer process.
• Axana Estates LLP, whose designated partners include Arpit Khandelwal and Mithun Sacheti , will infuse INR 495 crores
into the Company to acquire ~5.40% stake through a preferential issue of equity shares at a price of INR 990 per share.
• This transaction has been approved by the Company’s board and is subject to shareholder and regulatory approvals.
• The issued shares will comply with SEBI (ICDR) Regulations, 2018, including lock in requirements.
• This partnership brings together complementary expertise and resources, creating a powerful alliance enabling Nazara
to access new markets, leverage cutting -edge technologies, and enhance operational efficiencies.
• Nazara will continue to operate independently under the leadership of its Chairman & Managing Director Vikash
Mittersain along with Joint Managing Director & CEO Nitish Mittersain.
Open Offer
Strategic
Benefits and
Leadership
Continuity

Nazara – PGConnects – London
6
Growth Strategy: Driving future growth through integration of popular IPs 2
IP licensing deal signed in January 2025,
integration to take place this year
Little Angel, now
integrated into Kiddopia Collaboration with Banijay Rights to
develop the Bigg Boss Interactive
Fiction Game and Big Brother,
slated for release in 2025
Partnership agreement between Slinky
and Animal Jam signed in Jan’25

Nazara – PGConnects – London
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Growth Strategy: Benefits of IP Licensing 2

Nazara – PGConnects – London
8
M&A – Hybrid Gaming: Nazara’s Expansion into Physical Entertainment Gaming
Leverages a
strong business
model with
positive cash
flows
New centres for
expanded
market reach
Enhanced brand
visibility for
Nazara
Diversification
across gaming
formats
Completes the
gaming
ecosystem by
bridging online
and offline
• The offline gaming space in India has experienced
substantial growth in recent years, despite challenges
from the COVID -19 pandemic .Physical gaming venues
like Funky Monkeys meet a core need by providing
safe and engaging environments for children and
families to play and connect with others .
• Well -managed brands in this sector exhibit strong
EBITDA profiles and significant growth potential,
especially as these centers expand across Tier II and
Tier III cities in India .This growth trend also opens
opportunities for diversifying into other physical
gaming formats
• Beyond the standalone appeal, there are strong
synergies with our online business lines, fostering a
distinctive “hybrid gaming” ecosystem that merges
physical and digital experiences :
o Cross -promotion between online and offline
gaming for children
o Synergies with e-sports and events, creating new
promotional avenues for the offline business
o Enhanced brand visibility across both physical and
digital domains
Nazara’s
Hybrid
Gaming
Thesis
3a

Nazara – PGConnects – London
Overview Financial Summary
9
M&A – Hybrid Gaming: Nazara announces acquisition of 60% stake in Funky Monkeys
for INR 43.7 crores
• Nazara has agreed to acquire 60 % of Funky Monkeys :a leading
indoor soft play gaming and entertainment center company for
kids aged between 2-14 years in top Tier 1 cities in India .Funky
Monkeys was founded in 2012 and currently has 11 centers
across India .
• Nazara will invest a total of INR 43 .7 crores (including 15 crores
of primary investment) for a 60 % stake .
• The founders, Binita Putcha and Sanjay Ghadiali ,will continue
to operate the business
• Nazara shall subsequently purchase additional stakes via 3
further tranches, where the valuation and obligation to
purchase is linked to actual performance Strategic Fit into Nazara Group
• Nazara is expanding into offline entertainment with acquisitions
like Funky Monkeys and assets like Smaaash, aligning with its
vision to go beyond digital gaming .
• These acquisitions will leverage physical presence and customer
bases, creating synergies between online and offline offerings .
• This strategy broadens Nazara’s reach, taps into post -pandemic
demand for immersive experiences, and supports hybrid models
like VR .
• The portfolio approach strengthens Nazara’s position as a
comprehensive entertainment company, appealing to a diverse
customer base .
3a
The transaction is expected to close in February 2025 , with the
business being consolidated into Nazara’s financials thereafter

Nazara – PGConnects – London
10
M&A : Nazara acquires CATS: Crash Arena and King of Thieves from ZeptoLab for
USD 7.7 million
CATS: Crash Arena
Turbo Stars
Download:
App Store & Play Store
King of Thieves
Download: App Store &
Play Store
• Nazara is bolstering its mobile gaming portfolio with the acquisition of
two popular game IPs from ZeptoLab .
• ZeptoLab ,a Barcelona -based developer and publisher, is known for
popular mobile gaming franchises like Cut The Rope, CATS : Crash
Arena, Turbo Stars, and King of Thieves, with over 1.5 billion
downloads globally
• According to App Annie, CATS :Crash Arena ranks as the 11 th highest –
grossing title in the highly competitive Fighting genre, while King of
Thieves stands as the 4th highest -grossing game within the Platformer
category (a subset of Action games) over the past 12 months .
• Nazara has acquired these prominent IPs — CATS : Crash
Arena and King of Thieves — for US $7.7 million and will also take on
their publishing .
3b
The transaction was closed in January 2025 , and revenue will be
booked from that date onwards
This is the first IP purchase into Nazara Technologies Ltd. directly,
strengthening cash flows at the listed parent

11
OUR STRATEGY

Nazara – PGConnects – London
12
Strategy: Disciplined approach to M&A with proven track record of scaling businesses
Strong track record of acquiring, successfully integrating and scaling up
Robust M&A pipeline
Strong M&A pipeline, actively
evaluating strategic acquisitions in
gaming, media, and entertainment;
presence and sponsorships at
leading global gaming events
including GDC, PGC and IGDC
Integration Capabilities
A well -defined integration playbook
to drive operational synergies,
streamline business functions, and
maximize post -acquisition growth
potential
Rigorous Evaluation Framework
A structured, multi -stage evaluation
process, including strategic fit
assessment, financial due diligence,
and risk analysis

Nazara – PGConnects – London
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Strategy: Accelerating Growth Through Centres of Excellence
The Data Analytics COE e nsures
standardized data practices and
access to tools , fosters collaboration,
and enhances decision -making with
data -driven insights. It also invests in
training to boost analytical
capabilities across teams.
The UA COE develops a unified strategy, sets clear
performance metrics, and facilitates knowledge
sharing. It fosters collaboration across marketing
and product teams to optimize acquisition and
retention and leverge economies of scale for UA
channels and tools
The AI COE drives continuous learning
and innovation by integrating AI into
operations, evaluating emerging
tools, and establishing ethical AI
practices. It allows Nazara’s
companies to stay ahead by
leveraging AI -driven advancements
and building relationships with key
ecosystem partners

Nazara – PGConnects – London
14
FY18
Revenues:
17.0 Cr
FY18 FY22 FY20 FY19 FY21
Medi a
Rights
Kick In
South Asi a
Expansion
Investment
by
FY20 FY22 FY21
FY24
Revenues:
426 .5 Cr
FY20
Revenues:
14.2 Cr
FY24
Revenues:
196 .0 Cr
Acquired by
Mar’22
MAU: 68
mn
Mar’20
MAU: 42
mn
Mar’21
MAU: 50
mn
Launched
esports and
MMA
Global l eader
in Wrestling
Launched NBA
and NFL
FY20 FY22 FY21
FY20
Revenues:
58.2 Cr
FY24
Revenues:
219 .4 Cr
Acquired by
Sep’19
Subs: 87k
25x in
6 years
14x in
4 years
4x in
4 years
Among Top 5
grossi ng Apps
Among Top 3
Grossing Apps
in US and
India
Monthly Pri ce
hike
Content
Updates Data driven
UA spends
FY23
Acquired by
FY23
Strong
growth in
US Sports –
NB A,
NFL and MLB
Mar’23
MAU: 71
mn
FY23
Jan -2018 Sep -2019
Jan -2020
Mar’24
Subs: 256K
A track record of successfully scaling assets within the group
$28 mi lli on
fun d rais e i n
Q1FY24
FY24 FY24
Mar’24
MAU:
73 mn
FY24

Nazara – PGConnects – London
15
Business well -diversified across demographics, geographies, and operating models
29%
43%
28%
Revenue by Segment (Q3 FY25)
Adtech Gaming
eSports
Revenue by Geography (Q3 FY25)
19%
35%
46%
Rest of the
World
North
America
India
EBITDA by Segment (Q3 FY25)*
56% 32%
12%
Adtech
Gaming
eSports
Revenue by Business Model (Q3FY25)
12%
31%
Advertising
23%
IAP
14%
Platform Fees
20%
Subscription
Sponsorship,
Media and
Retail
*as a % of EBITDA (Pre -Unallocated
Corporate Costs)

16
FINANCIAL UPDATE

Nazara – PGConnects – London
-13
20
28
11
30
20
30
15
30
21
31 28 33 28
38
29 25 25
52
Q1 FY21 Q2 FY21 Q3 FY21 Q4 FY21 Q1 FY22 Q2 FY22 Q3 FY22 Q4 FY22 Q1 FY23 Q2 FY23 Q3 FY23 Q4 FY23 Q1 FY24 Q2 FY24 Q3 FY24 Q4 FY24 Q1 FY25 Q2FY25 Q3 FY25
91 110 130 123 131 130
186 175
223 264
315 289 254 297 320
266 250
319
535
Q1 FY21 Q2 FY21 Q3 FY21 Q4 FY21 Q1 FY22 Q2 FY22 Q3 FY22 Q4 FY22 Q1 FY23 Q2 FY23 Q3 FY23 Q4 FY23 Q1 FY24 Q2 FY24 Q3 FY24 Q4FY24 Q1FY25 Q2FY25 Q3FY25
17
Continued growth trajectory, highest -ever quarterly EBITDA
Quarterly Revenue
Quarterly EBITDA
(All figures in INR Cr)

Nazara – PGConnects – London
18
~39% EBITDA growth in Q3FY25
(All figures in INR Cr) Q3FY25 Q3FY24 YoY 9MFY25 9MFY24 YoY
Revenue from operations 534.7 320.4 66.9% 1,103.7 872.1 26.6%
Purchase, Content , event and web server 169.2 144.3 384.0 361.1
Advertising and promotion 145.4 41.1 225.8 134.2
Commission 15.1 17.7 49.5 52.2
Employee benefits 88.6 47.5 207.5 141.8
Others 64.0 32.0 134.4 84.1
Total expenses 482.3 282.7 1,001.3 773.4
EBITDA 52.4 37.7 38.9% 102.4 98.7 3.8%
EBITDA% 9.8% 11.8% 9.3% 11.3%
Impairment Loss 15.3 1.4 15.3 2.6
Finance costs 2.8 2.0 5.1 6.0
Depreciation and amortization 30.5 15.2 71.5 45.5
Other income 21.9 17.9 72.8 41.9
PBT before share of profit / (loss) from associate 25.7 37.0 -30.6% 83.3 86.5 -3.7%
Tax expenses 11.7 8.0 25.7 14.1
PAT before share of profit / (loss) from associate 14.0 29.0 -51.7% 57.6 72.4 -20.4%
Share of profit / (loss) from associates (0.4) 0.0 -2.3 0.0
PAT from continued operations 13.7 29.0 -53.7% 55.4 72.4 -23.5%
Note: Depreciation & Amortization expense has risen substantially due to amortization of acquired entities, mainly Freaks4U and Fus ebo x.
PBT and PAT declined in Q3FY25 due to one -time impairment of Brandscale Innovations (Wings)

Nazara – PGConnects – London
19
Q3FY25: Gaming margin at 22.2%, eSports at 8.4%, Adtech at 4.7%
Revenue: 154.9 Cr (+53% YoY)
EBITDA: 34.4 Cr (+107% YoY)
EBITDA Margin: 22.2%
Revenue: 232.7 Cr (+20% YoY)
EBITDA: 19.6 Cr (-20% YoY)
EBITDA Margin: 8.4%
Consolidated
(Pre -Unallocated Corporate Costs):
Revenue: 534.7 Cr (+67% YoY)
EBITDA : 61.0 Cr (+37% YoY)
Margin : 11.4%
Revenue: 147.9 Cr (+467% YoY)
EBITDA: 7.0 Cr (+107% YoY)
EBITDA Margin: 4.7%
Gaming eSports Adtech
Intersegment Revenue : 0.8 Cr
Unallocated Corporate Costs : 8.6 Cr
Consolidated
(Post -Unallocated Corporate Costs):
Revenue: 534.7 Cr (+67% YoY)
EBITDA : 52.4 Cr (+39% YoY)
Margin : 9.8% (All figures in INR Cr)

Nazara – PGConnects – London
20
9MFY25: Gaming margin at 19.2%, eSports at 8.6%, Adtech at 4.8%
Revenue: 361.8 Cr (+15% YoY)
EBITDA: 69.5 Cr (+7% YoY)
EBITDA Margin: 19.2%
Revenue: 546.3 Cr (+13% YoY)
EBITDA: 46.8 Cr (+5% YoY)
EBITDA Margin: 8.6%
Consolidated
(Pre -Unallocated Corporate Costs):
Revenue: 1,103.7 Cr (+67% YoY)
EBITDA : 125.8 Cr (+8% YoY)
Margin : 11.4%
Revenue: 197.7 Cr (+159% YoY)
EBITDA: 9.5 Cr (+44% YoY)
EBITDA Margin: 4.8%
Gaming eSports Adtech
Intersegment Revenue : 2.0 Cr
Unallocated Corporate Costs : 23.4 Cr
Consolidated
(Post -Unallocated Corporate Costs):
Revenue: 1,103.7 Cr (+27% YoY)
EBITDA : 102.4 Cr (+4% YoY)
Margin : 9.3% (All figures in INR Cr)

21
BUSINESS UPDATE

Revenues: INR 154.9 Cr
EBITDA: 22.2%
Gaming
Revenues: INR 232.7 Cr
EBITDA: 8.4%
eSports
Revenues: INR 147.9 Cr
EBITDA: 4.7%
Adtech
Note: Revenue and EBITDA for Q3FY25 22

Nazara – PGConnects – London
23
Gaming: Marquee IPs to capture the large gaming market opportunity
Brand / IP
Note: Revenue and EBITDA d ata is for Moonshine Technologies, which operates Pokerbaazi and SportsBaazi . Moonshine is reported as an associate in the books of Nazara and is not included in
consolidated financial numbers. Nazara owns 46.07% stake in Moonshine.
Demographics Key Market Monetization
Model
Market
Positioning Sub -segment Financials
Q3FY25, INR Cr
Q3FY25: Revenue: INR 154.9 Cr EBITDA Margin: 22.2%
18 -45 years o ld In dia (100%) Platform Fees
Skill -based Real
Money Gaming
(RMG)
Revenue: 151.3
EBITDA: 18.2
Margin : 12.1%
Market leader in
Poker in Ind ia
Kids -2-7 years of
ag e Subscription
Among Top
3Grossing app in
its catego ry 2
US (80%+)
#1 Grossin g app
in its category 3
13 -45 years o ld South Asia
(96%)
Advertisin g, In -App
Purchases
Lead ing simulation
games: cricket /
casual cards
18 -45 years o ld In dia (100%) Platform Fees
Among Top 10
players in Ru mmy in
In dia
Gamified Early
Learn ing
Freemium
Skill -based Real
Money Gaming
(RMG)
Revenue: 47.6
EBITDA: 12.0
Margin : 25.2%
Revenue: 5.0
EBITDA: 0.6
Margin : 12.1%
Revenue: 5.1
EBITDA: 0.0
Margin : 0.2%
Gamified Early
Learn ing
Kids -8-12 years o f
ag e US (70%+) In -App Pu rchases,
Subscription
Revenue: 30.5
EBITDA: 9.2
Margin : 30.3%
18 -45 years o ld In -App Pu rchases ,
Ads
Key player in the
interactive sto ry
genre
US (68%+) Freemium
Revenue :59.4
EBITDA: 12.6
Margin : 21.2%

Nazara – PGConnects – London
5,428.0
8,252.0
Q3FY24 Q3FY25
Gross Traded Value
191.7
320.8
Q3 FY24 Q3 FY25
Gross Gaming Revenue
+67%
24
Gaming -> PokerBaazi: Strong growth in Q3FY25
Key Financials 1, 2 (INR Crores)
Net Revenue EBITDA%
Operating Metrics 1(INR Crores)
EBITDA
86.5
151.3
-4.0
18.2
Q3FY24 Q3FY25
12.1 %
+75%
+52%
362.0
536.0
Q3 FY24 Q3 FY25
+48%
Deposits
• PokerBaazi ,India’s largest online poker platform, is home to
the biggest Poker tournaments in India like the National Poker
Series, Indian Poker Masters, World Poker Tour India, etc ,
through which upcoming Poker talent from different parts of
the country is recognized .
• PokerBaazi’s content -based approach to grow the category has
resulted in engaging Poker shows like The Circuit, which is aired
on the brand’s own in -app OTT called PokerTV and popular
video platform YouTube .
• Nazara currently owns 46 .07 % in Moonshine Technologies, the
operator of Pokerbaazi
Notes:
1. Net Revenue and EBITDA are for Moonshine Technologies, which operates Pokerbaazi , and
operating metrics are for PokerBaazi . Moonshine is reported as an associate in the books and is
not consolidated.
2. All numbers are based on unaudited financials
303.1
357.3
64.2
-26.9 9MFY24 9MFY25
+18%

Nazara – PGConnects – London
Note: Based on Sensor Tower Top Apps for Kids
under 5 in the United States (iPhone)
25
Gaming -> Kiddopia: Among Top Grossing App for Kids (Under 5 years) in the US
Geographies: USA 80%; RoW 20%
Audience: 2 -8 years old
Revenue Model: Subscription
Gamified
Early Learning
Kiddopia Merchandise: Link
Little Angels, now in Kiddopia: Link

Nazara – PGConnects – London
26
Gaming -> Kiddopia: Unlocking growth through IP integrations into Kiddopia
• Paper Boat Apps, owner of Kiddopia has entered into a
licensing agreement with Moonbug Entertainment, owner
of the popular IP, Little Angel to integrate Little Angel into
Kiddopia, and a licensing agreement with Mattel, for
integration of Barbie -branded content with Kiddopia .
• Integration of highly popular brands like Little Angel and
Barbie with Kiddopia can aid stickiness in subscribers along
with organic user acquisition at lower cost, which has the
potential to drive revenue and margins in coming quarters .
Partnerships with Barbie (Mattel) and Little Angel

Nazara – PGConnects – London
27
Gaming -> Kiddopia : Expansion through new IP launches and additional UA channels
expected to drive user growth in the coming quarters
Quarterly KPIs
Key Metrics Q3FY24 Q4FY24 Q1FY25 Q2FY25 Q3FY25
CPT 1($) $40.9 $39.0 $38.6 $40.9 $43.6
Marketing Spend (Mn) $2.3 $2.4 $2.4 $2.3 $2.3
Avg. Activation Rate 67% 66% 67% 67% 66%
Avg. ARPU $6.82 $6.89 $6.92 $6.95 $6.97
Avg. Churn 6.7% 7.3% 6.6% 6.5% 5.7%
Subscribers 273,249 255,382 246,943 237,185 232,295
Notes:
1. Metrics for iOS
2. CPT= Cost per Trial
3. Nazar a has filed the Scheme of Ar rangement with the stock exchanges for the amalgamation of Paper Boat Apps Pvt Ltd with Naza ra, and the appointed date of the scheme would be October 1, 2024.
Q3 FY25: EBITDA margin at 25.2%
Revenue EBITDA EBITDA%
54.7
47.6
15.4 12.0
Q3FY24 Q3FY25
28.2%
Figures in INR Cr
25.2%
168.6
145.5
44.4 34.4
9MFY24 9MFY25
26.3% 23.6%
• ARPU has grown to $6.97 in Q3FY 25 ,up from $6.82 in Q3 FY 24 ,reflecting improved monetization and pricing efficiency
• Churn rate has significantly improved to 5.7% in Q3FY 25 ,down from 6.7% in Q3FY 24 ,indicating stronger retention and better user engagement
• Marketing efficiency remains strong, with astable spend of ~$2.3M -$2.4M per quarter, showcasing disciplined investment in user acquisition
• Expansion through new IP launches and additional UA channels is expected to drive user growth and further optimize acquisition costs
• Application for merger with the parent filed on 24 th Jan 2025

Nazara – PGConnects – London
28
Gaming -> Fusebox: Strong traction in revenue
• In August 2024 ,Nazara had acquired 100 % stake in Fusebox Games, a well –
established IP based gaming studio in the United Kingdom .
• Headquartered in London , Fusebox publishes a successful interactive story
genre game ‘Love Island ’.
• The monetization model for Fusebox Games is primarily through in-app
purchases, which accounted for ~92 % of the total revenues in YTD Dec’ 24 .
• Fusebox has been reporting strong performance, with key financial and
operating metrics witnessing a healthy improvement including revenue, DAU
and active payers .
• The studio recently signed agreements to acquire rights to produce new games
based on popular reality TV shows “Bigg Boss” and “Big Brother”, and these are
expected to launch in 2025 . Revenue EBITDA EBITDA%
25.6
59.4
9.5 12.6
Q3FY24 Q3FY25
21.2%
Figures in INR Cr
+132 %
37.1%
Strong growth in Q3FY25
Note: Fusebox Q3FY24 numbers are unaudited.

Nazara – PGConnects – London
Note: Ranking Based on App Annie Top Grossing rank for Kids between 9 -11 years in the United States (iOS devices)
Gamified Early Learning
29
Geographies: USA 89% RoW 11%
Audience: 8 -12 years old (Majority girls)
Revenue Model: IAP, Subscription
Gaming -> Animal Jam: Among Top Ranked Apps for Kids in Apple App Store (9 -11 years)

Nazara – PGConnects – London
30
Gaming -> Animal Jam: EBITDA boost in Q3FY25
– The core Animal Jam game is profitable and growing at a healthy
pace .Product metrics for retention, engagement and monetization of
users are healthy .
– Revenue grew by 14 % YoY in Q3FY 25 ,with EBITDA margin for the quarter
up over 800 bps vs Q3FY 24 and EBITDA growth at 55 % on operating
leverage led by healthy revenue growth .
– Q3 has traditionally been aseasonally high quarter for Animal Jam, which
was witnessed again this quarter, led by good performance during the
Halloween and Christmas seasons .
– New product launches in Q3 included Pet Ghost Bat, Velociraptor Eggs,
Throwback Bundle and Black Friday weekend sale .
– A partnership agreement between Slinky and Animal Jam has been
signed in Jan’ 25 .WildWorks continues to explore integration of popular
IPs to drive greater organic user acquisition . % of New Users who Monetize
2.2%
2.6%
2.4%
2.6%
2.5%
Q3FY24 Q4FY24 Q1FY25 Q2FY25 Q3FY25
Q3 FY25: Healthy growth
Revenue EBITDA EBITDA%
26.8
30.5
6.0
9.2
Q3FY24 Q3FY25
22.5 % 21.7 %
Figures in Rs. Cr
70.7 78.1
15.9 17.0
9MFY24 9MFY25
30.3%
22.2%
+14% +10%

Nazara – PGConnects – London
31
Gaming -> Classic Rummy: EBITDA break -even achieved aided by operational
efficiency
• EBITDA reached break -even in Q3FY25, marking a significant financial
improvement compared to last year.
• Cost optimization and operational efficiencies have yielded positive
financial impact, even amid revenue challenges.
• While the revenue declined due to lower wagering behaviour of the VIP
Players cohort, the retention & average playing days for the cohort have
remained stable.
• Future focus areas will include new product features for enhancing player
retention and engagement.
Figures
in Rs. Cr
17.3 15.7
7.6
5.1
9.1 7.4
(2.5)
0.0
Q3 FY24 Q3 FY25
GG R Revenue GS T EBITDA
0.2%
16.7
18.6 17.3
15.5 15.6 16.5 15.7
Q1 FY24 Q2 FY24 Q3 FY24 Q4 FY24 Q1 FY25 Q2 FY25 Q3 FY25
Quarterly GGR Trend (INR Crores)

Revenues: INR 154.9 Cr
EBITDA: 22.2%
Gaming
Revenues: INR 232.7 Cr
EBITDA: 8.4%
eSports
Revenues: INR 147.9 Cr
EBITDA: 4.7%
Adtech
Note: Revenue and EBITDA for Q3FY25 32

Nazara – PGConnects – London
133.9
165.1
-2.2 -8.3
Q3FY24 Q3FY25
33
esports -> NODWIN Gaming: Platform positioned for growth
Revenue EBITDA
Figures in INR Cr
Note: Q3FY25 revenue a nd EBI TDA excludes Wings (deconsolidated from Feb 3, 2024)
Revenue (excl. Wings)
111.7
165.1
Q3FY24 Q3FY25
Figures in INR Cr
+48%
336.6 371.9
-7.4 -10.7
9MFY24 9MFY25
+11%
Revenue EBITDA
Figures in INR Cr
Note: 9M FY25 revenue and EB ITDA excludes Wing s, decons olidated from F eb 3. 2024.
Revenue (excl. Wings)
237.3
371.9
9MFY24 9MFY25
Figures in INR Cr
+57%
• Reported Q3 revenue growth is robust at 23 %; accounting for Wings
deconsolidation, the business grew by 48 % in Q3 & by 57 % YTD .
• EBITDA loss of INR 8cr+ driven by one -time Pune NH 7 Weekender which was
cancelled due to last minute permission issues .Adjusting for the NH 7 impact, Q3
EBITDA would be close to break -even .
• We expect NH 7 Weekender to be held in March 2025 ;some artistes have agreed
to join when it is rescheduled, and sponsors are supportive .
• A one -time impairment of INR 15 .3 crores of equity investments in Brandscale
Innovations (Wings) has been taken in Q3FY 25 .There are additional loans and
debentures totaling ~INR 35 crores which will be provisioned in due course based
on their recoverability .
+23%
Huge turnout at the recently –
completed SPS (Snapdragon Pro
Series) IP in Noida
81%
58% 52%
19%
42% 48%
FY24 1HFY25 Q3FY25
India International
Geo Revenue Split –Rising International Revenue Trend

Nazara – PGConnects – London
34
esports -> NODWIN Gaming: Strategy is bearing out of powering the global youth
Dreamhack and Comic Con Integrated as ONE
Event (Hyderabad)
• NODWIN & Comic Con integration
synergies evident at Hyderabad
o Core “Gaming” fans & “Anime / Comic”
fans under one -roof supporting
Timeshare of Mindshare strategy
o Supported by Music, Comedy & wide
selection of Merchandise
• Ensured an enhanced overall fan
experience, better ROI for sponsors
Playground (S4) beats all records
● 32 million Unique Viewers over 45 days (up
from 25 million in Season 3)
● 2 billion + views across platforms
New Markets Entry
(Uzbekistan, Kazakhstan, Nigeria)
● NODWIN continues to be the
Partner of Choice for Tencent,
supporting the PUBG adoption in
new markets – CIS, Africa, and
Middle East
● Uzbekistan is now the host of the
PUBG Mobile Global Open (PMGO)
that NODWIN is doing for Tencent
-phenomenal success within 1 year
of market entry

Nazara – PGConnects – London
• NODWIN acquired 100 % stake in Trinity
Gaming for INR 24 crore, to be paid INR 4.8
crores in cash and remaining via equity swap .
• Co -founded in 2019 by Abhishek Aggarwal &
Shivam Rao, Trinity Gaming empowers
India’s gaming influencer ecosystem .
• The platform is a Creator Service Provider
(CSP) for Meta and a Gaming MCN (Multi –
channel Network) for YouTube managing
over 1,000 creators from across the country .
• NODWIN will leverage Trinity’s expertise in
content creation, digital marketing and
agency activations to enhance ability to
forge impactful partnerships with gaming
creators and brands .
• NODWIN acquired AFK Gaming for INR 7.6
crores (combination of stock & cash) .
• Founded in 2012 , AFK Gaming has
established itself as a gaming and esports
media company, offering services through its
Max Level agency and Pixel P&L newsletter .
The company’s client portfolio includes
major brands such as ASUS ROG, KRAFTON,
and Saudi Esports Federation .
• This acquisition strengthens NODWIN
Gaming’s position in content production,
distribution, & marketing services within the
gaming sector .
35
esports -> NODWIN Gaming: Strengthening the capability stack through strategic M&A
Acquisition of Trinity Gaming
(Influencer/ Talent Management)
Acquisition of AFK Gaming
(Content Management & Distribution)
40M+ Subscribers 70M+ Followers
~700 Managed Influencers
Creating a 2.35B+ Reach
72% between 16 -26 Years of Age
● Free to read industry newsletter
● $3 monthly subscription for deeper analysis
and premium stories
● Insights dashboard (WIP)
● Amplifies existing
content production
capabilities
● Adds PR & Social Media
Management Services
Acquisition of StarLadder
(IP and event production portfolio )
● NODWIN Gaming acquired StarLadder, a
leading eSports IP and services
company, in January 2025.
● The deal is valued at an initial
consideration of USD 5.5 million (INR
46.75 crores).
● This acquisition marks a significant step
in expanding NODWIN’s AAA IP and
event production portfolio worldwide.

Nazara – PGConnects – London
36
esports -> NODWIN Gaming: Other key updates
Co mic C on Expands to 8 Ind ian Cities in the Curr en t Season.
Internation al Cities in FY26
● 3 new cities -Kolkata, Pune & Ahmed abad added -events in Feb /
March
● Hyderabad , Delhi & Bangalore events completed with exceptional
experiences for the fans, as always
● Chennai in early Feb & Mumbai in mid April -fans await in
an ticipation
● Expanding to 3 international cities n ext year -UAE/ Thailand/ CIS
NH7 Weekender Update
● NH7 moved from Q3 to Q4, scheduled to be held in March 2025;
some artistes have ag reed to join an d sponsors are supp ortive
● Expanded from Pune to 3 n ew cities -In dore, Ja ipur an d Noida ;
expanding to more cities in FY26
● Q3 EBITDA impacted d ue to Pu ne cancellatio n
● All sponsors continuing and new spon so rs are b eing added

Nazara – PGConnects – London
81.9 73.2 61.6 64.9 75.1
Q3FY24 Q4FY24 Q1FY25 Q2FY25 Q3FY25
Average Monthly MAU (million)
11.1 8.6
48.7
59.0 59.8
67.6
Q3FY24 Q3FY25
PFN Sportskeeda Total
18.9 16.7
128.1
157.7 147.0
174.4
9MFY24 9MFY25
37
esports -> Sportskeeda : Sustained growth in core Sportskeeda business in Q3FY25
Figures in INR Cr
Note: MAU nos. Include PFN from Q1FY24
▪ Absolute Sports, including Sportskeeda and PFN, grew its revenue and
EBITDA by 19 % and 11 %,respectively in 9MFY 25 .
o The core Sportskeeda business continued to grow well with
revenue and EBITDA increasing by 23 % and 25 %,respectively in
9MFY 25 (21 % and 31 % ,respectively for Q3FY 25 ). It should be
noted that Sportskeeda reported healthy growth despite lack of a
major cricketing event like the Cricket World Cup in Q3FY 24 .
o While PFN revenue declined YoY in 9MFY 25 and Q3FY 25 ,there
are early signs of recovery, with December 2024 revenue higher
YoY, and the month witnessing the highest -ever revenue month
till date post -acquisition .
o SoapCentral saw a robust performance, with Q3FY 25 revenue at
101 % of pre -acquisition annual revenue, reflecting strong
revenue scale -up pos t-acquisition .
Revenue Growth: 13% in Q3 and 19 % in 9M
2.2
-4.5
49.6
62.0
51.8 57.4
9MFY24 9MFY25
PFN Sportskeeda Total
EBITDA: Good margins for core SK business
6.2
1.1
20.5
26.8 26.7 27.9
Q3FY24 Q3FY25
Figures in INR Cr

Revenues: INR 154.9 Cr
EBITDA: 22.2%
Gaming
Revenues: INR 232.7 Cr
EBITDA: 8.4%
eSports
Revenues: INR 147.9 Cr
EBITDA: 4.7%
Adtech
Note: Revenue and EBITDA for Q3FY25 38

Nazara – PGConnects – London
26.1
147.9
3.4 7.0
Q3 FY24 Q3 FY25
4.7% 13.0%
39
Note: 1. Gross Profit Contribution by business line
Revenue for Space and Time is reported as a blend of gross and net revenues depending on client agreements. For transactions whe re the business acts as the principal — bearing
responsibility for delivering the service — revenue is recognized at gross. For transactions where the business acts as an interme diary or agent, revenue is reported on a net basis, reflecting
only the portion retained as a commission or service fee.
Note: All financials are pre intersegment revenue; Space and Time consolidated from October 2024
Adtech -> Datawrkz : Organic growth in Datawrkz coupled with acquisition of Space &
Time driving growth in the segment
Figures in INR Cr
Revenue EBITDA EBITDA%
• Datawrkz through its subsidiary Datawrkz Operations UK acquired 100% stake in Space & Time Media for an equity value of GBP 4.8 million
(~INR 52.3 crores) in October 2024. Since then the business has been consolidated in the books of Nazara
• Datawrkz on a standalone basis posted revenue growth of 38% YoY with EBITDA margin of 14.1% in Q3FY25 as efforts that were being
made in prior quarters to shift towards more profitable business lines in Datawrkz’s independent business are bearing fruit
• The company will be continuing its investment in sales and marketing to sustain the growth witnessed in Q3FY25.
• Post the acquisition of S&T (UK), efforts are in hand for speedy integration of the company into Datawrkz
76.3
197.7
6.6 9.5
9M FY24 9M FY25
8.6% 4.8 %
74% 68% 59% 63% 54% 62%
43% 32% 35%
26% 32% 41% 37% 46% 38%
57% 68% 65%
Q3FY23 Q4FY23 Q1FY24 Q2FY24 Q3FY24 Q4FY24 Q1FY25 Q2FY25 Q3FY25
Increasing Contribution Of High Margin Business
(excluding Space and Time) 1
Demand side services product business
111 .9
36.0
Space and Time
1.9
111 .9
1.9
85.8
5.1 7.6

Nazara – PGConnects – London
40
Nazara – PGConnects – London
Contact Us
Mr. Rakesh Shah
Chief Financial Officer
Ms. Anupriya Sinha Das
Head of Corporate Development
Nazara Technologies Limited
CIN: L72900MH1999PLC122970
investors@nazara.com
www.nazara.com