Video Game Market Update Q1 2025

2
S A N F R A N C I S C O
L O N D O N
B E R L I N
C O M P A N Y S N A P S H O T
GAMING M&A AND FINANCING
TRANSACTIONS
TRANSACTION VALUE
GAMING BANKERS
Passionate about Video Games
and our craft – core deal team
together for 12+ years
Expert execution underpinned by
our heritage in global financial
institutions and constant market
participation
Unparalleled relationships with
strategic acquirers and financial
investors interested in the sector
Broad transaction experience
across PC, console, mobile and the
wider gaming ecosystem
Deep institutional knowledge of
sector, current market trends and
strategic capital allocation among
buyer universe
W O R L D W I D E C O V E R A G E O U R S T R E N G T H

3 Note: (1) based on upfront transaction value
Acquisition of
Pending
Acquisition of
up to $820 million
February 2025
Sale to
$1.2 billion
January 2025
Sale to
January 2025
Sale to
up to $2.0 billion
November 2024 November 2024
Acquisition of
August 2024
Sale to
August 2024 July 2024
Sale to
June 2024
Sale to
May 2024
Sale to
May 2024
Sale to
April 2024 April 2024
Minority Investment
from
Strategic Consolidator
European Mobile
Gaming Studio
Convertible Loan
Issuance to
Minority Investment
from
LTM
GAMING
TRANSACTIONS
LTM
TRANSACTION
VALUE 1
European PC & Console
Gaming Studio
T R A N S A C T I O N S A D V I S E D B Y A R E A M & C O . ( Q 2 ’ 2 4 – Q 1 ’ 2 5 )

4

February 2025 | Confidential
1

6
• PC gaming momentum continues, with Steam hitting record CCUs and solid performance from a mix of established franchises and i ndi es
• Mobile consumer spend returns to growth (+3% YoY 1), driven by strong performance from Asian publishers
• Console market remains steady, with 2025 expected to be a defining year in terms of hardware (Switch II) and software (GTA VI )
Note: (1) LTM (Q2’24 – Q1’25) gross IAP revenue growth
CAPITAL
MARKETS
GENERAL
MARKET
ENVIRONMENT
DEALMAKING
ACTIVITY
• M&A hits $6.6bn in Q1 – the highest in two years – and exceeds pre -pandemic levels, with mobile continuing to dominate headline activity
• Deal activity driven by strategics taking a more active role in reshaping their portfolios, select group of private consolida tor s pursuing
acquisitions and growing private -equity interest in the space
• Private financings remain challenging, particularly in later stage rounds
• Ecosystem continues to grow, with new managers emerging and existing funds raising follow -on funds
• Debt markets remain open for business, driven largely by refinancing activity
• Strong Q1 performance by large -cap diversified publishers and persisting valuation gap between PC/Console and Mobile publishers
• Gaming software weathers tariff storm, shedding 2025 YTD gains but outperforming broader market declines in Nasdaq and S&P in dic es

7 Source: InvestGame Notes: (1) incl. equity offerings (IPOs, SPACs, direct listings), private investment in public equity (PIPE), and fixed incom e offerings; (2) incl. VC/PE – and CVC -led financing rounds; (3) incl. announced deals
DEAL VALUE 3 # OF DEALS
M E R G E R S & A C Q U I S I T I O N S
DEAL VALUE # OF DEALS
P U B L I C O F F E R I N G S 1
DEAL VALUE # OF DEALS
P R I V A T E I N V E S T M E N T S 2
$0.6
$1.2
$2.3
$0.7 $0.5
$1.7 $1.3
$4.0
$5.1
12 9 13 10 6
14 11
18
12
– 50
– 40
– 30
– 20
– 10
0
10
20
0. 0
1. 0
2. 0
3. 0
4. 0
5. 0
6. 0
7. 0
8. 0
Q1-23 Q2-23 Q3-23 Q4-23 Q1-24 Q2-24 Q3-24 Q4-24 Q1-25
Closed deal value ($bn) Number of deals
$1.0
$0.5
$0.8
$0.5
$1.8
$1.0
$0.7 $0.6
$0.4
151
102 95 84
128 135 122
89 81
– 280
– 230
– 180
– 130
– 80
– 30
20
70
120
170
0. 2
0. 7
1. 2
1. 7
2. 2
2. 7
Q1-23 Q2-23 Q3-23 Q4-23 Q1-24 Q2-24 Q3-24 Q4-24 Q1-25
$0.7 $0.6
$6.2
$69.1
$3.2
$0.7 $0.6
$4.9
$6.6
42
32
22 27
33
39 40
28
42
– 50
– 40
– 30
– 20
– 10
0
10
20
30
40
50
0. 0
2. 0
4. 0
6. 0
8. 0
10. 0
12. 0
14. 0
16. 0
Q1-23 Q2-23 Q3-23 Q4-23 Q1-24 Q2-24 Q3-24 Q4-24 Q1-25
Q1
-25 STATS
ANNOUNCED
ANNOUNCED

8
M E R G E R S & A C Q U I S I T I O N S P U B L I C O F F E R I N G S 2 P R I V A T E I N V E S T M E N T S 3
TARGET BUYER VALUE 1 CATEGORY TARGET INVESTORS CATEGORY
Public spin -off
PIPE
PIPE
TARGET DEAL TYPE CATEGORY VALUE VALUE
Tabletop $3.5bn Mobile $2.1bn
n/a Mobile
PC &
Console
$1.2bn Mobile
$0.4bn
$900 m Mobile
Mobile &
Esports $57 m
$620m Mobile
Tech $25m
Mobile $30m
UGC n/a equity
debt
Tech $50m
Source: InvestGame Notes: (1) upfront enterprise value excl. earn -out consideration; (2) excl. the Asmodee restructuring deals cumulatively worth $2.4bn over the last twelve months; (3) excl. $2.5bn rumored deal of Dream Games
n/a
Mobile $23m
Retail $1.3bn
PC &
Console $1.3bn
Convertible
senior notes
PIPE
ANNOUNCED
GAMES
GAMING APPS
ANNOUNCED
ANNOUNCED

February 2025 | Confidential
2

10
$35.7m
$24.6m
$17.8m
$17.0m
$16.2m
$15.4m
$13.7m
$13.6m
$12.8m
$12.8m
0.0
HABBY 海彼 …
Dream Games,…
Florere GameFlorere…
DevsistersDevsisters…
FUNFLY PTE.…
Microsoft…
Microfun 柠檬微趣 …
苏州叠纸网络科技有 …
BANDAI NAMCO…
Century GamesWePlay…
I N C R E M E N T A L I A P R E V E N U E 1 ( Q 1 ’ 2 5 vs. Q 4 ’ 2 4 )
Source: SensorTower
Note: (1) incremental gross IAP revenue growth in the United States (incl. 30% store commission)
M O B I L E G A M I N G I A P G R O S S R E V E N U E C O N S U M E R S P E N D ( G L O B A L ) T O P G R O W I N G P U B L I S H E R S I N U . S .
$17.8
$20.2
$20.7 $20.7
$22.1
$21.6
$22.2
$21.5 $21.2
$19.6 $19.3 $19.1
$19.7
$19.1
$19.9 $19.9
$20.5
$20.1
$20.7 $20.4 $20.7
13.7
15.4
14.5
14.0
14.4 14.2 14.1 14.0
14.5
14.1
13.8 13.5 13.7
13.4 13.2
12.4 12.7
12.4 12.2 11.9
12.4
12. 0
14. 0
16. 0
18. 0
20. 0
22. 0
11. 0
12. 0
13. 0
14. 0
15. 0
16. 0
17. 0
18. 0
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21 Q3-21 Q4-21 Q1-22 Q2-22 Q3-22 Q4-22 Q1-23 Q2-23 Q3-23 Q4-23 Q1-24 Q2-24 Q3-24 Q4-24 Q1-25
Gross IAP Revenue ($bn) Downloads (bn)
P A N D E M I C B O O S T I D F A & M A C R O
T U R B U L E N C E
S T A B I L I Z A T I O N G R A D U A L R E C O V E R Y

11
0.9 0.9 1.0
1.5
1.0 0.8 1.0 1.1 1.0 0.9 0.9 1.2 1.0 0.9
1.4 1.4 1.7
1.3
2.1
1.6 1.4
0.8 0.7 0.7
0.7
0.7 0.8
0.9
1.1 1.1
0.6 0.7
1.3 1.3
0.8
0.9 0.9
1.2
0.9
0.8
1.0 1.5
$1.7 $1.6 $1.7
$2.3
$1.7 $1.6
$1.8
$2.2 $2.1
$1.5 $1.6
$2.4 $2.3
$1.7
$2.3 $2.3
$2.9
$2.2
$2.9
$2.6
$2.9
23.6
26.9
29.8
33.6
36.4
41.2
– 10.0
–
1 0.0
2 0.0
3 0.0
4 0.0
–
0 .5
1 .0
1 .5
2 .0
2 .5
3 .0
3 .5
4 .0
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21 Q3-21 Q4-21 Q1-22 Q2-22 Q3-22 Q4-22 Q1-23 Q2-23 Q3-23 Q4-23 Q1-24 Q2-24 Q3-24 Q4-24 Q1-25
AA/Indie ($bn) AAA ($bn) Peak online CCU (m)
$3 64 m
6.5m
28 -Feb -25
Source: VG Insights
Note: (1) concurrent users; (2) estimated full -games revenue in Q1 -25, excl. revenue from free -to-play games (IAP purchases)
S T E A M G R O S S F U L L G A M E R E V E N U E & P E A K O N L I N E U S E R A C T I V I T Y T O P -G R O S S I N G R E L E A S E S ( Q 1 -25 2)
SALES
UNITS
RELEASE
$141m
2.9m
4-Feb -25
$57m
1.0m
10 -Feb -25
$50m
1.1m
23 -Jan -25
$39m
0.7m
17 -Jan -25
$125m
3.1m
6-Mar -25
+11.8% P E A K O N L I N E C C U 1 C A G R I N Q 1 ’ 2 0 –Q 1 ’ 2 5
FRANCHISE FRANCHISE NEW IP
FRANCHISE FRANCHISE FRANCHISE
SALES
UNITS
RELEASE

12
Publisher logo
Publisher logo
Publisher logo
Publisher logo Publisher logo
C O N S O L E P L A T F O R M S ’ A C T I V E U S E R B A S E S E L E C T M A J O R T I T L E S T O B E R E L E A S E D I N 2 0 2 5
Source: Company earnings reports
Note: (1) announced during a Nintendo Direct event on April 2, 2025
Fall 2025 Content & Services
Q4’24CY revenue
increased by 2% YoY
driven by growth in Xbox
Game Pass
Game & Network
services Q4’24CY revenue
increased 16% YoY driven
by digital game sales
(particularly Spider -Man 2
and Helldivers 2)
Q1 -Q3’25FY
revenue decreased by
31% YoY , affected by a
decline in unit sales of
both Nintendo Switch
hardware and software
GRAND THEFT AUTO VI
F R A N C H I S E S E Q U E L S & N E W T I T L E S
MindsEye
Mafia: The Old
Country
Death Stranding 2 The Outer
Worlds 2
Publisher logo Publisher logo Publisher logo Publisher logo
Publisher logo Publisher logo
Call of Duty NFL 2026 FC26 NBA26
Ghost of Yotei Doom:
The Dark Ages
A N N U A L F R A N C H I S E S E R I E S
40
50
60
70
80
90
100
110
120
130
2019YE 2020YE 2021YE 2022YE 2023YE 2024YE
PlayStation Network monthly average users (m)
Nintendo annual playing users (m)
Q2 2025
Summer 2025 Q2 2025 TBA
TBA Q3 2025 Q3 2025 Q3 2025 Q3 2025
TBA Q2 2025
C A G R 2 0 1 9 -24:
+5% PSN +21% NES
Publisher logoSports College
Football
5th June 2025
NS2 launch date 1
E A R N I N G S N O T E S Q 4 ’ 2 4

13
0m
2m
4m
6m
8m
10m
12m
Jan-20 Jul-20 Jan-21 Jul-21 Jan-22 Jul-22 Jan-23 Jul-23 Jan-24 Jul-24 Jan-25
Fortnite CCU (m) Roblox CCU (m)
15k
21k
27k
33k
39k
45k
51k
0.4bn
0.7bn
1.0bn
1.3bn
1.6bn
1.9bn
2.2bn
Jan-20 Jul-20 Jan-21 Jul-21 Jan-22 Jul-22 Jan-23 Jul-23 Jan-24 Jul-24 Jan-25
Hours watched (bn) Games streamed (k)
C O N C U R R E N T U S E R S O N M A J O R U G C P L A T F O R M S 1 G A M I N G V I E W E R S H I P A N D S T R E A M I N G S T A T S
Source: Sillygnome (Twitch); RoMonitor Stats (Roblox & Fortnite)
Note: (1) average monthly values
Mar
-25
Mar
-25

14
# O F M O B I L E G A M E S L A U N C H E D O N A P P S T O R E # O F P C G A M E S R E L E A S E D O N S T E A M
0k
5k
10k
15k
20k
2018 2019 2020 2021 2022 2023 2024 Q1-2025
0k
5k
10k
15k
20k
2018 2019 2020 2021 2022 2023 2024 Q1-2025
Source: SensorTower , VG Insights
run -rate run -rate

15 Source: NewZoo , SensorTower
P C & C O N S O L E P L A Y T I M E C O N C E N T R A T I O N M O B I L E R E V E N U E C O N C E N T R A T I O N
% O F T O T A L H O U R S P L A Y E D B Y R E L E A S E D A T E
11% 10% 10% 7% 9% 9%
18% 14% 12% 12% 11% 11%
33%
30%
24%
21% 19% 17%
37%
46%
54% 60% 61% 64%
2019 2020 2021 2022 2023 2024
Current year 1 Year 2-3 Years 4+ Years
21% 19% 23%
34%
24% 16%
45%
57% 61%
2021 2022 2023
<3 years 3-5 years 6+ years
NEW TITLES: 8%
% O F T O T A L M O B I L E R E V E N U E B Y Y E A R S I N C E R E L E A S E
ANNUAL FRANCHISES: 15%

February 2025 | Confidential
3

17 Source: InvestGame
Note: (1) incl. earn -out consideration; (2) excl. sale of Activision Blizzard to Microsoft announced in Jan -2022 and completed on Oct -2023
$2.4
$1.4
$4.5 $4.2
$14.7
$8.2
$5.2
$10.1 $11.1
$16.3
$7.1
$4.9
$0.7 $0.6
$6.2
$69.1
$3.2
$0.7 $0.6
$4.9
$6.6
48 39
53
77 84 76 81 80 89
43
64
38 42
32
22 27 33 39 40
28
42
– 150
– 100
– 50
0
50
0. 0
5. 0
10. 0
15. 0
20. 0
25. 0
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21 Q3-21 Q4-21 Q1-22 Q2-22 Q3-22 Q4-22 Q1-23 Q2-23 Q3-23 Q4-23 Q1-24 Q2-24 Q3-24 Q4-24 Q1-25
Deal Value ($bn) # of Deals
PANDEMIC BOOST POST -PANDEMIC
ANNOUNCED
L6M DEAL VALUE
GROWTH VS.
Q1 -Q3 2024
RECENT ACTIVITY
# OF DEALS IN Q1 -25
LARGEST QUARTERLY
DEAL VOLUME OF THE
LAST TWO YEARS 2
1

18 Source: InvestGame
Note: (1) upfront enterprise value excl. earn -out consideration; (2) based on upfront enterprise value; (3) incl. $20m deferred payment
+ +
TARGET
ACQUIRER
EV1 $3.5bn $2.7bn $1.2bn $900m $700m $620m 3 $460m n/a n/a
SALES
EBITDALTM MULTIPLES
2
n/a 15.9x 9.3x n/a n/m 4.5x n/m n/a n/a
3.5x 3.2x 3.8x 0.6x 2.6x 1.0x 2.9x n/a n/a
GAMING APPS GAMES
deals advised by Aream & Co.
SERVICES MOBILE MOBILE MOBILE MOBILE PC & CONSOLE UGC MOBILE
n/a
MOBILE

19
MOBILE PC & CONSOLE ECOSYSTEM
PREMIUM GAME -AS -A-SERVICE IN -APP ADS IN -APP PURCHASES SERVICES UGC, TECH & OTHERS
deals advised by Aream & Co.
(team spin -off)
GAMES
Source: InvestGame
GAMING APPS

20
$6.4
$2.9
$0.8
$1.9
$0.6 $0.8 $0.5
$2.7
$4.8
$18.3
$7.4
$18.5
$5.1
$0.0
$74.2
$2.7
$3.5
$6.2
0. 0
2. 0
4. 0
6. 0
8. 0
10. 0
12. 0
14. 0
H1-17 H2-17 H1-18 H2-18 H1-19 H2-19 H1-20 H2-20 H1-21 H2-21 H1-22 H2-22 H1-23 H2-23 H1-24 H2-24 Q1-25
Source: InvestGame
Note: (1) incl. deals with game developers & publishers at estimated upfront enterprise value above $100m
G A M I N G C O N T E N T M & A T R A N S A C T I O N S ; U P F R O N T V A L U A T I O N I N E X C E S S O F $ 1 0 0 M 1
# O F D E A L S
5
U P F R O N T D E A L V A L U E ( $ B N )
PANDEMIC BOOST POST -PANDEMIC PRE -PANDEMIC HISTORICAL LEVELS
2 6 2 2 2 10 10 17 12 10 7 0 3 4 2 5
L A R G E S T D E A L
ANNOUNCED
–

21 Source: InvestGame
Note: (1) announcement date; (2) estimated transaction value; (3) Bloomberg source
CONTROL TRANSACTIONS
MINORITY TRANSACTIONS
Feb -2024 1
~$1.1bn 2
Sep -2024
n/a
Oct -2024
$2. 7bn
Feb -2025
n/a
Equity
Debt
Jan -2024
$110m
Nov -2024 / Jan -2025
n/a 3
(team spin -off) TARGET
BUYER
DATE Mar -2025 1
$3.5bn
Dec -2024
~$159m
GAMES PORTFOLIO
VALUE
TARGET
BUYER
DATE
VALUE

February 2025 | Confidential
4

23 Source: InvestGame
HEIGHT OF GAMING IPO MARKET POST -PANDEMIC DROUGHT
2.2 1.1 3.0 5.3 4.0 1.2 2.1 0.7
2.4
3.3
1.4
1.2
1.3 2.7
1.1 2.0
0.7 0.9
3.9
1.3 3.9
1.0
4.6
2.0
1.0
1.7
$0.3
$4.6 $4.7
$5.4
$9.0 $8.5
$4.2
$3.4
$0.7
$3.7
$0.1 n/a
$0.6
$1.2
$2.3
$0.7 $0.5
$1.7 $1.3
$4.0
$5.1
13
20 22
29
39
20
5 8 9 7 4 4
12 9 13 10 6
14 11
18
12
– 100
– 80
– 60
– 40
– 20
0
20
40
0. 0
2. 0
4. 0
6. 0
8. 0
10. 0
12. 0
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21 Q3-21 Q4-21 Q1-22 Q2-22 Q3-22 Q4-22 Q1-23 Q2-23 Q3-23 Q4-23 Q1-24 Q2-24 Q3-24 Q4-24 Q1-25
Public listings ($bn) Debt issuances ($bn) Share issuances/PIPEs ($bn) # of Deals
L6M DEAL VALUE
GROWTH VS.
Q1 -Q3 2024
# OF L6M DEALS
THE LARGEST
HALF -YEAR DEAL
VOLUME OF THE
LAST THREE YEARS
ANNOUNCED
GRADUAL RECOVERY RECENT ACTIVITY

24 Source: InvestGame
Note: (1) convertible senior note; (2) first day of trading vs. IPO price; (3) revolving credit facility; (4) approximate val ue based on Kadokawa’s market capitalization at the announcement date
Senior note Public
spin -off
Convertible note
& PIPE RCF 3 Senior note Credit facility
& bond
$50m RCF
$652m RCF $77m Bond
$227m RCF
COMPANY
CAPITALRAISED
DEALTYPE
$3. 55 bn $0. 70 bn $0. 60 bn $0. 30 bn $2.23bn
+10% debut price 2
$2.1 0bn
Investment
(PIPE)
$1.25bn
Mar -25 DATE Nov -24 Feb -25 Mar -25 / May -24 Aug -24 / Jul -24 Jun -24 Dec -24 / Nov -24
$0.9bn ATM equity
$1.3bn Note 1 (market cap at listing)
PIPE
$0. 36 bn
Jan -25 / Mar -25
~$39m 4 $320m
IPO
$0. 32 bn
Jul-24
+18% debut price 2
(IPO proceeds raised)
ANNOUNCED

25
75
80
85
90
95
100
105
110
115
120
125
130
3-Jan 10-Jan 17-Jan 24-Jan 31-Jan 7-Feb 14-Feb 21-Feb 28-Feb 7-Mar 14-Mar 21-Mar 28-Mar 4-Apr
Source: FactSet as of April 9, 2025
Notes: (1) market cap -weighted gaming indices; (2) incl. all gaming stocks from composite indices on p.26 and excl. Tencent, Net Ease
• Recent U.S. tariffs triggered broad –
based market declines, driven by
investor concerns of escalating global
trade tensions and disruptions to
physical supply chains
• Video game companies came under
pressure as tariffs impacted consumer
markets and Asian manufacturing hubs
– highlighted by Nintendo’s recent
decision to suspend U.S. preorders for
the Nintendo Switch 2
• Gaming stocks outperformed broader
markets YTD, benefiting from digital
distribution and lower exposure to
supply chain risks
• Tencent and NetEase experiencing
more pronounced stock declines amid
escalated trade tensions with the U.S.
Y T D I N D I C E S 1 P E R F O R M A N C E
“Liberation Day”
U.S. tariffs took effect
(13%)
(8%) S&P 500
9-Apr
+5.1% CHINA GAMING
+5.1% GAMING INDEX 2
(excl. China Gaming)

26
C H A N G E I N I N D E X S T O C K P R I C E
1
DIVERSIFIED / LARGE -CAP
PC & CONSOLE
MOBILE -FIRST (WESTERN)
60
80
100
120
140
160
180
200
Dec-22 Mar-23 Jun-23 Sep-23 Dec-23 Mar-24 Jun-24 Sep-24 Dec-24 Mar-25
MOBILE -FIRST (ASIA)
Source: FactSet as of March 31, 2025
Note: (1) market cap -weighted index with chain -linking methodology
INDEX +65%
+51%
+5%
(20%)
(28%)

27
E V / N T M E B I T D A M U L T I P L E ( E V W E I G H T E D )
DIVERSIFIED / LARGE -CAP
PC & CONSOLE 1
13.8x
11.9x
8.4x
4.7x
3.0x
5.0x
7.0x
9.0x
11.0x
13.0x
15.0x
Dec-22 Mar-23 Jun-23 Sep-23 Dec-23 Mar-24 Jun-24 Sep-24 Dec-24 Mar-25
MOBILE -FIRST (ASIA)
Source: FactSet as of March 31, 2025
Note: (1) excl. CD Projekt forward EV/EBITDA values; (2) MTG’s enterprise value adjusted for Plarium acquisition
MOBILE -FIRST (WESTERN) 2

28 Source: FactSet as of March 31, 2025 (in local currency)
S H A R E P R I C E P E R F O R M A N C E A S O F 3 1 ST M A R C H 2 0 2 5
32%
19% 15% 13% 12% 9%
(1%)
– 50%
0%
50%
13% 11%
5% 2%
(11%) (15%)
7%
(12%) (14%) (18%)
(24%)
– 50%
0%
50%
94% 91% 93% 94% 96% 86% 86% 95% 89% 89% 71% 75% 47% 86% 62% 59% 54% 60% 56% 35% 89%
19%
(26%)
(43%) – 50%
0%
50%
DIVERSIFIED / LARGE -CAP PC & CONSOLE MOBILE -FIRST (ASIA) MOBILE -FIRST
(WESTERN) % 52W HIGH
YTD
-2025
P R I C E C H A N G E

29
A N N U A L G R O W T H ( 2 0 2 4 C Y v s . 2 0 2 3 C Y )
Source: FactSet as of March 31, 2025 (applying average USD exchange rate for respective periods)
Note: (1) Gaming domestic and international revenue; (2) Game & Network Services revenue
R E P O R T E D 2 0 2 4 C Y R E V E N U E G R O W T H
13%
8%
0.2% 1%
5%
(32%)
(3%)
– 40%
10%
(7%)
(16%) (18%)
(14%) (17%)
6%
36%
27%
(3%)
(15%)
2%
– 40%
10%
4%
(1%) (2%)
– 40%
10%
1
2
Games
G&NS
DIVERSIFIED / LARGE -CAP PC & CONSOLE MOBILE -FIRST (ASIA) MOBILE -FIRST
(WESTERN)

30
Tencent
Sony
Nintendo
NetEase
Take -Two
Electronic Arts Bandai Namco
Capcom
Square Enix
Embracer
Ubisoft
Paradox
Krafton Nexon
NCSoft
Shift Up
Netmarble Playtika
MTG
Stillfront
0.0x
5.0x
10.0x
15.0x
20.0x
25.0x
(10%) 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%
DIVERSIFIED / LARGE-CAP PC & CONSOLE MOBILE-FIRST (ASIA) MOBILE-FIRST (WESTERN)
EV
/N T M
E B I T D A
Source: FactSet as of March 31, 2025
Notes: (1) Cash EBITDA = EBITDA – Capex; (2) MTG’s organic revenue growth adjusted for Plarium ; (3) Playtika’s pro-forma revenue growth adjusted for SuperPlay ; (4) Embracer’s revenue growth adjusted for Asmodee spin -off
N T M S A L E S G R O W T H + C A S H E B I T D A 1 M A R G I N
2
3
4

February 2025 | Confidential
5

32 Source: InvestGame
PANDEMIC BOOST POST -PANDEMIC
0.4 0.6 0.8 0.6 0.9 1.9 1.1 0.9 0.9 0.6 0.4 0.4 0.4 0.5 0.7 0.4 0.4 0.3
0.6 0.6
2.9
0.6
1.7 1.5
3.5
2.3
1.6
1.0 1.0
0.3 0.4 0.3 0.3
2.2
1.5
$0.9 $0.8
$3.6
$1.2
$2.4 $2.4
$4.4
$3.2
$3.6
$4.3
$2.1
$1.3 $1.0
$0.5 $0.8 $0.5
$2.3
$1.0
$0.7 $0.6 $0.4
89 78
104 102
149 134 133
172
197
150
121 124
151
102 95 84
128 135 122
89 81
– 200
– 150
– 100
– 50
0
50
100
150
200
250
0. 0
1. 0
2. 0
3. 0
4. 0
5. 0
6. 0
7. 0
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21 Q3-21 Q4-21 Q1-22 Q2-22 Q3-22 Q4-22 Q1-23 Q2-23 Q3-23 Q4-23 Q1-24 Q2-24 Q3-24 Q4-24 Q1-25
Early Stage VC ($bn) Late Stage VC/PE($bn) Strategic-led ($bn) # of Deals
L6M DEAL VALUE
CHANGE VS.
Q2 -Q3 2024
# OF L6M DEALS
THE LOWEST
HALF -YEAR DEAL
VOLUME OF THE
LAST FIVE YEARS
RECENT ACTIVITY

33 Source: InvestGame
Note: (1) based on fundraisings with disclosed deal value above $250k (excl. accelerators/incubators -led rounds)
0.4 0.6 1.7 1.0 0.7 0.4 0.6 0.5 0.2 0.3 0.5
0.9 0.9
1.3
0.7
0.3
0.4
0.6
0.4 $0.4
$0.6
$1.3 $1.4
$3.0
$1.7
$1.0 $0.8
$1.3
$0.9
$0.3
62 74
122 140
195
130 120
89
139
107
47
45 40 44 50 61 36 31 26 42 27 7
-450
-350
-250
-150
-50
50
150
0. 0
1. 0
2. 0
3. 0
4. 0
5. 0
H1-20 H2-20 H1-21 H2-21 H1-22 H2-22 H1-23 H2-23 H1-24 H2-24 Q1-25
Series A ($bn) Pre-Seed & Seed ($bn) # of Pre-Seed & Seed deals # of Series A deals
RECENT ACTIVITY
Pre -Seed & Seed
L6M DEAL VALUE
(Q4’24 – Q1’25)
# OF L6M DEALS
Series A
L6M DEAL VALUE
(Q4’24 – Q1’25)
# OF L6M DEALS
PANDEMIC BOOST POST -PANDEMIC

34 Source: InvestGame
Note: ( 1) excl. blockchain -related startups; ( 2) angel investors via Republic, investment platform
DATE TARGET INVESTOR LEAD DEAL TYPE AMOUNT
Jan -25 Series A $30.0m
Mar -25 Seed $23.0m
Feb -25 Seed $12.0m
Jan -25 Corporate $10.0m
Mar -25 Seed $10.0m
Jan -25 Series B+ $6.8m
Mar -25 Seed $5.8m
Mar -25 Series A $5.7m
Mar -25 Seed $5.7m
Mar -25 Seed $4.7m
G A M I N G C O N T E N T 1 P L A T F O R M & T E C H 1
DATE TARGET INVESTOR LEAD DEAL TYPE AMOUNT
Mar -25 Corporate $50.0m
Feb -25 Corporate $25.0m
Mar -25 Corporate/VC $12.8m
Mar -25 Seed $10.5m
Feb -25 Seed $10.0m
Jan -25 Seed $9.0m
Jan -25 Seed $6.0m
Feb -25 Seed $4.3m
Feb -25 Seed $4.0m
Mar -25 Seed $3.0m 2

35 Source: InvestGame
Note: (1) last twelve months fundraisings excl. blockchain and esports related startups
T O P -1 0 B Y T O T A L N U M B E R O F L T M D E A L S 1 T O P -1 0 B Y T O T A L V A L U E O F L T M D E A L S 1
# FUND NAME DEALS
TOTAL
DEALS
LED
SELECTED
INVESTMENTS
1 24 15
2 21 7
3 11 8
4 11 6
5-6 9 6
5-6 9 6
7 8 4
8 8 3
9-10 7 2
9-10 7 2
# FUND NAME DEALS
TOTAL
DEALS
LED
SELECTED
INVESTMENTS
1 $169m $47m
2 $154m $68m
3 $98m $11m
4 $76m $5m
5 $69m $69m
6 $66m $5m
7 $65m $20m
8 $60m $8m
9 $54m $36m
10 $47m $33m

36 Source: InvestGame
4
5
4 4
6
2
4
2
6
0
1
2
3
4
5
6
before 2015 2015-2017 2018 2019 2020 2021 2022 2023 2024-25 YTD
F O L L O W -O N V C F U N D S
$275m
$75m
$140m
$142m
N E W G A M I N G V C F U N D S R A I S E D
$40m
$80m
G A M I N G -F O C U S E D V C F U N D S ( $ 2 5 M + A U M ) B Y F O U N D I N G Y E A R
G E N E R A L V C s S U P P O R T I N G E C O S Y S T E M
$100m
$150m

37
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