Video Game Market Update Q2 2025

2
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2

3
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 BANK ERS
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 k nowledge 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

4 Note: (1) based on total consideration (incl. earnout)
LTM
GAMING
TRANSACTIONS
LTM
TRANSACTION
VALUE 1
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 3 ’ 2 4 – Q 2 ’ 2 5 )
Sale to
$1.2 billion
January 2025
Sale to
January 2025
Acquisition of
up to $820 million
February 2025
Debt financing from

May 2025
Sale to
$800 million
May 2025
Apps Business
Acquisition of
June 2025
Sale to
June 2024 July 2024
Minority Investment
from
Acquisition of
August 2024
Sale to
$27 million
August 2024
Sale to
up to $2.0 billion
November 2024
€15 million
November 2024
Convertible Loan
Issuance to

February 2025 | Confidential
1

6
• Mobile gaming has stabilized at ~$20bn in quarterly consumer spend, though downloads continue to trend down
• PC gaming continues to grow, with Steam revenue up +20% YoY, powered by several standout indie launches
• Console momentum builds up: Nintendo’s Switch 2 becomes its fastest -selling console, while PlayStation hits 120 m+ MAUs in its most
profitable hardware cycle
CAPITAL
MARKETS
VIDEO GAME
MARKET
ENVIRONMENT
DEALMAKING
ACTIVITY
• Gaming M&A volume reaches $6.2bn, driven by the sale of Niantic and a PE -led strategic round in Dream Games
• Deal activity remains concentrated in mobile, as PC/Console dealmaking lags
• Private gaming investments dip to a five -year quarterly low of $0.4bn, as late -stage VC appetite weakens
• Public offerings raise $4.2bn in Q2, with healthy demand across debt and equity issuance
• Gaming equities deliver robust YTD performance despite macro pressure, with many names trading close to their 52 -week highs
• Valuation spread widens: PC/Console and diversified comps trade at 15x+ EBITDA, while mobile peers lag at historic lows

7 Source: InvestGameNotes: (1) incl. minority and majority stake deals; (2) incl. equity offerings (IPOs, direct listings), private investment in public equity (PIPE), and fixed income offerings; (3) incl. VC/PE – and CVC -led financing rounds
DEAL VALUE # OF DEALS
M E R G E R S & A C Q U I S I T I O N S 1
DEAL VALUE # OF DEALS
P U B L I C O F F E R I N G S 2
DEAL VALUE # OF DEALS
P R I V A T E I N V E S T M E N T S 3
$1.2
$2.3
$0.7 $0.5
$3.8
$1.7
$4.0
$5.8
$4.2
9 13 10 6
15 12
18 16
10
– 50
– 40
– 30
– 20
– 10
0
10
20
0. 0
1. 0
2. 0
3. 0
4. 0
5. 0
6. 0
7. 0
8. 0
Q2-23 Q3-23 Q4-23 Q1-24 Q2-24 Q3-24 Q4-24 Q1-25 Q2-25
Closed Deal Value ($bn) Announced Deal Value ($bn) # of Deals
$0.5
$0.8
$0.5
$2.4
$1.1
$0.7 $0.6
$0.4 $0.4
104 95 86
131 135 124
91 94 83
– 280
– 230
– 180
– 130
– 80
– 30
20
70
120
170
0. 0
0. 5
1. 0
1. 5
2. 0
Q2-23 Q3-23 Q4-23 Q1-24 Q2-24 Q3-24 Q4-24 Q1-25 Q2-25
Q2-25 STATS
$0.6
$6.2
$69.1
$3.2
$0.7 $0.6
$4.9
$3.3
$6.2
32
22 27 33 40 41
28
49
33
– 80
– 60
– 40
– 20
0
20
40
60
0. 0
2. 0
4. 0
6. 0
8. 0
10. 0
12. 0
14. 0
16. 0
Q2-23 Q3-23 Q4-23 Q1-24 Q2-24 Q3-24 Q4-24 Q1-25 Q2-25

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 P R I V A T E I N V E S T M E N T S
TARGET BUYER VALUE CATEGORY COMPANY INVESTOR CATEGORY
IPO
COMPANY DEAL TYPE CATEGORY VALUE VALUE
Retail $3. 5bn Mobile $2. 3bn
$115m Mobile
Mobile
n/a Mobile
$300m
$800 m Mobile
Web $17 m n/a Tech
Mobile $21m
Mobile $25m
PC &
Console $14m
PC &
Console $80m
Source: InvestGameNotes: (1) the deal has been officially closed on July 1 st, 2025
$1. 0bn Common
stock issuance
ANNOUNCED
GAMING APPS
ANNOUNCED 1
equity
debt
Convertible
senior notes
PC &
Console
Convertible
bonds
ANNOUNCED
$29 m PC &
Console
$690m Convertible
senior notes
ANNOUNCED
Mobile

February 2025 | Confidential
2

10
$46m
$38m
$19m
$18m
$16m
$15m
$13m
$11m
$10m
$9m
$8m
$7m
0.0 50.0
Century GamesCentury…
SupercellSupercell
iKameZego Global Pte…
Take-Two…
Florere GameFlorere…
Microfun 柠檬微趣 …
Dream Games,…
FunPlusFunPlus…
Epic Games, Inc.Psyonix…
FUNFLY PTE.…
ScorewarriorScorewarrior
Homa GamesHOMA…
I N C R E M E N T A L I A P R E V E N U E 2 (Q 2-25 vs. Q 1-25)
Source: SensorTower
Note: (1) historical data has been updated due to changes in SensorTower’s methodology following the acquisition of data.ai; ( 2) incremental gross IAP revenue growth in the United States (incl. 30% store commission)
G L O B A L M O B I L E G A M I N G C O N S U M E R S P E N D ( G R O S S I A P R E V E N U E ) 1 T O P G R O W I N G P U B L I S H E R S I N U . S .
$19.6 $19.9 $19.9
$21.2
$20.5
$21.0
$20.4 $20.5
$18.6 $18.5 $18.4
$19.2
$18.6
$19.4 $19.6
$20.4
$19.7 $20.1 $19.8 $19.9 $19.9
15.4
14.5
14.0
14.4 14.2 14.1 14.1
14.6 14.3
13.9 13.7
14.3 14.0 14.0
13.1
13.5 13.2 12.9 12.6 12.9
12.2
12. 0
14. 0
16. 0
18. 0
20. 0
22. 0
11. 0
12. 0
13. 0
14. 0
15. 0
16. 0
17. 0
18. 0
Q2-20 Q3-20 Q4-20 Q1-21 Q2-21 Q3-21 Q4-21 Q1-22 Q2-22 Q3-22 Q4-22 Q1-23 Q2-23 Q3-23 Q4-23 Q1-24 Q2-24 Q3-24 Q4-24 Q1-25 Q2-25
Gross IAP Revenue ($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
0.5 0.4 0.5 0.6 0.7 0.7 0.7 0.7 0.7 0.6 0.6 0.7 0.6 0.6 0.5 0.6 0.8 0.8 0.9 1.0 0.9
1.5 1.5
2.4 2.4 2.4 2.2
3.0
3.3
1.8 1.9
2.5 2.7
2.2 2.7 3.0 3.1 2.7
3.3 3.0
3.6
3.3
$2.0 $2.0
$2.9 $3.0 $3.0 $2.9
$3.7
$4.1
$2.5 $2.5
$3.2
$3.4
$2.8
$3.2
$3.5
$3.8 $3.6
$4.1 $3.9
$4.6
$4.2 24.5 26.9
30.0
33.4
36.9
40.5
– 20.0
– 10.0
–
1 0.0
2 0.0
3 0.0
4 0.0
$0. 0Bn
$1. 0Bn
$2. 0Bn
$3. 0Bn
$4. 0Bn
$5. 0Bn
Q2-20 Q3-20 Q4-20 Q1-21 Q2-21 Q3-21 Q4-21 Q1-22 Q2-22 Q3-22 Q4-22 Q1-23 Q2-23 Q3-23 Q4-23 Q1-24 Q2-24 Q3-24 Q4-24 Q1-25 Q2-25
F2P games ($bn) Paid games ($bn) Peak online CCU (m)
Source: Alinea Analytics
Note: (1) concurrent users; (2) estimated full -games revenue in Q 2-25, incl. revenue from free -to-play games (IAP purchases)
S T E A M G R O S S 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 2-25 2)
C A G R Q 2 ’ 2 0 – Q 2 ’ 2 5 :
17% F2P | 13% Paid | 11% CCU 1
$52m
1.3m
10 -Jun -25
$89m
2.2m
22 -Apr -25
$84m
2.5m
29 -May -25
$67m
1.4m
11 -Jun -25
FRANCHISE
PORTED
REMASTER
3P IP
$81m
2.1m
24 -Apr -25
NEW IP
$29m
1.2m
16 -June -25
NEW IP

12 Source: Company earnings reports
M A J O R C O N S O L E P L A T F O R M S : Q U A R T E L Y G A M I N G D I V I S I O N R E V E N U E ( $ B N ) L A T E S T M A R K E T N E W S
5.9 4.7 5.2
8.8 7.9
5.6 6.6
9.8
7.4 5.6 7.2
11.1
6.9
3.7
3.5 3.6
4.8
3.6
3.5
3.9
7.1
5.5
5.0
5.6
6.6
5.7
3.3
2.4 2.5
4.5
2.3
3.4 2.3
4.0
1.9
1.6
1.9
2.8
1.4 $13.0
$10.5 $11.4
$18.1
$13.8
$12.5 $12.8
$20.9
$14.7
$12.2
$14.6
$20.5
$14.0
$0bn
$5bn
$10bn
$15bn
$20bn
$25bn
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
Sony (G&NS) Microsoft (Gaming) Nintendo
Q1 -25 Gaming revenue
increased 5% YoY , with Xbox
content and services growing
8% YoY (driven by Game Pass,
Call of Duty , Minecraft)
offsetting a 6% hardware decline
FY24 G&NS sales
increased 9% YoY , driven by
growth in third -party software
sales and FX rates impact. PS5
is the most profitable console
generation to-date with over
77m units sold
FY25 sales declined
by 30% , affected by decrease in
hardware and software sales
ahead of Nintendo Switch 2
launch (after reporting period)
• Initially planned for H2 -2025,
postponed to May 2026
• Projected revenue impact of
~$3bn in 2025 CY
• Opportunity for publishers to fill –
in the “shelves” and drive sales Publisher logoGTA VI Delay
• Switch 2 becomes Nintendo’s
fastest -selling console with 3.5m
units sold in four days
• Strong third -party titles lineup
with AAA publishers porting
games to Switch Publisher logoRelease of
Nintendo Switch 2
• No revenue share on the first
$1m revenue annually across all
platforms
• Unreal Engine royalties cut to
3.5% for Epic Store simultaneous
releases Publisher logo Epic Games Store &
Engine Fee Update
E A R N I N G S N O T E S C A G R Q 1 ’ 2 2 – Q 1 ’ 2 5 :
5% SONY | 15% MSFT | (26%) NTDO

13
0m
2m
4m
6m
8m
10m
12m
14m
16m
Mar-20 Dec-20 Sep-21 Jun-22 Mar-23 Dec-23 Sep-24 Jun-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
Mar-20 Dec-20 Sep-21 Jun-22 Mar-23 Dec-23 Sep-24 Jun-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: RoMonitor Stats (Roblox & Fortnite); Sillygnome (Twitch)
Note: (1) average monthly values

14
$317
$352
0
100
200
300
400
500
600
700
2023 2024
+11%
$201
$240
0
100
200
300
400
500
600
700
2023 2024
+19%
Q2 -25
Q2 -25
Q1 -25
Q3 -24
Q3 -24
P A Y O U T S T O C R E A T O R S B Y P L A T F O R M ( $ M ) R E C E N T T R A N S A C T I O N S I N U G C S P A C E ( 2 0 2 4 – 2 0 2 5 Y T D )
Note: ( 1) Approximate values based on publicly available information and research
PAYOUTS
IN 2024
GROWTH
YoY
$741
$923
$0
$100
$200
$300
$400
$500
$600
$700
2023 2024
+25%
INVESTMENTS
INVESTOR TARGET PLATFORM DATE
Q2 -25
Q2 -25
Q1 -25 / Q2 -24
Q1 -25
Q2 -24
ACQUISITIONS
INVESTMENTS

February 2025 | Confidential
3

16 Source: InvestGame
Note: (1) incl. earnout consideration; (2) AppLovin deal has been announced in Q1 -25 and officially closed on July 1 st, 2025
$1.4
$4.7 $4.6
$14.7
$8.0
$5.0
$10.1 $11.1
$16.3
$7.3
$4.9
$0.8 $0.6
$6.2
$69.1
$3.2
$0.7 $0.6
$4.9
$3.3
$6.2
39
55
78 85 78 80 80
90
43
65
38 42
32
22 27 33 40 41
28
49
33
– 150
– 100
– 50
0
50
0. 0
5. 0
10. 0
15. 0
20. 0
25. 0
Q2-20 Q3-20 Q4-20 Q1-21 Q2-21 Q3-21 Q4-21 Q1-22 Q2-22 Q3-22 Q4-22 Q1-23 Q2-23 Q3-23 Q4-23 Q1-24 Q2-24 Q3-24 Q4-24 Q1-25 Q2-25
Closed Deal Value ($bn) Announced Deal Value ($bn) # of Deals
PANDEMIC BOOST POST -PANDEMIC
H1 -25 DEAL VALUE 1
GROWTH VS.
H1 -24
RECENT ACTIVITY
# OF DEALS IN H1 -25
LARGEST HALF YEAR
DEAL VOLUME IN
SINCE H2 -22
1
2

17 Source: InvestGame
Note: (1) upfront enterprise value excl. earnout consideration; (2) based on upfront enterprise value; (3) the deal has been officially closed on July 1 st, 2025; (4) incl. $20m deferred payment; (5) fair value consideration in the reverse merger
TARGET
ACQUIRER
EV
1
SALES
EBITDALTM MULTIPLES
2
MOBILE
$620m 4
4.5x
1.0x
Feb -25
MOBILE
n/a
n/a
n/a
Equity Debt
May -25
(announced) DATE
MOBILE
+
$1. 2bn
9.3x
3.8x
Jan -25
MOBILE
+
$800m
n/a
0.6x
GAMING APPS
May -25
(announced 3)
MOBILE
$700m
n/a
2.6x
Nov -24
SERVICES
$2. 7bn
15.9x
3.2x
Oct -24
MOBILE
$3. 5bn
n/a
3.5x
GAMES
May -25
MOBILE
$160m 5
n/a
2.0x
Feb -25
(announced)
$292m
n/a
3.2x
Apr -25
(announced)
MOBILE

18
May -2025 2
n/a
Source: InvestGame
Note: (1) including equity and debt financing amounts; (2) estimated transaction value
CONTROL TRANSACTIONS
MINORITY TRANSACTIONS
Feb -2024
~ $1.1bn 2
Oct -2024
$2. 7bn
May -2025 2
n/a
May -2025
$3.5bn
GAMES TOTAL DEAL VALUE 1 TOTAL # OF DEALS
$2.0
$1.3 $1.3
$3.2
$2.5
$5.3
$4.2
$2.5
7 6 7
20
9 5 8 6
0. 5
1. 5
2. 5
3. 5
4. 5
5. 5
6. 5
7. 5
2018 2019 2020 2021 2022 2023 2024 2025
Deal Value ($bn) # of Deals
L A R G E S T P E -B A C K E D T R A N S A C T I O N S S I N C E 2 0 2 4 PE -B A C K E D G A M I N G T R A N S A C T I O N S S I N C E 2 0 1 8
YTD Dec -2024
~ $159m
Equity
Debt

19
$5.5 $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
$6.4
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 H1-25
Source: InvestGame
Note: (1) incl. game developer and publisher acquisitions at estimated upfront enterprise value above $100m; (2) AppLovin dea l has been announced in Q1 -25 and officially closed on July 1 st, 2025
G A M I N G C O N T E N T C O N T R O L M & A D E A L S ( U P F R O N T V A L U A T I O N > $ 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
2 6 2 2 2 10 10 17 12 10 7 0 3 4 2 6
L A R G E S T D E A L
ANNOUNCED
2
–

February 2025 | Confidential
4

21 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
0.6 0.7 0.9
3.9
2.0
2.6
3.9
1.0
4.6
2.0
0.9 1.0
0.5
3.1
0.4
1.7
1.7
$4.6 $4.7
$5.4
$9.0 $8.5
$4.2
$3.4
$0.7
$3.7
$0.1 $0.6
$1.2
$2.3
$0.7 $0.5
$3.8
$1.7
$4.0
$5.8
$4.2
20 22
29
39
20
5 8 9 7 4 4
12 9 13 10 6
15 12
18 16
10
– 100
– 80
– 60
– 40
– 20
0
20
40
0. 0
2. 0
4. 0
6. 0
8. 0
10. 0
12. 0
Q2-20 Q3-20 Q4-20 Q1-21 Q2-21 Q3-21 Q4-21 Q1-22 Q2-22 Q3-22 Q4-22 Q1-23 Q2-23 Q3-23 Q4-23 Q1-24 Q2-24 Q3-24 Q4-24 Q1-25 Q2-25
Public listings ($bn) Debt issuances ($bn) Share issuances/PIPEs ($bn) Announced Deal Value ($bn) # of Deals
H1 -25 DEAL VALUE
GROWTH VS.
H1 -24
# OF DEALS IN H1 -25
GRADUAL RECOVERY RECENT ACTIVITY
GROWTH VS.
H1 -24

22 Source: InvestGame
Note: (1) approximate value based on Kadokawa’s market capitalization at the announcement date; (2) first day of trading vs. IPO price; (3) revolving credit facility
COMPANY
CAPITALRAISED
DEALTYPE
DATE
Senior note
$3. 55 bn
Nov -24
Convertible
senior note s
$3.55bn
Jun -25 / Mar -25
$1.3bn Notes
$2.3bn Notes
Public
spin -off
$2.1 0bn
Feb -25
(market cap at listing)
PIPE
$0. 36 bn
Mar -25 / Jan -25
~$39m 1
$320m
Investment
(PIPE)
$1.25bn
Mar -25
(announced)
ANNOUNCED
Convertible
senior note s
$0.69bn
May -25
Convertible
senior note s
$0. 60 bn
Feb -25
RCF 3
$50m RCF
$652m RCF
$0. 70 bn
Aug -24 / Jul -24
Common stock
$1.04bn
May -25
+10% debut price 2

23
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)
MOBILE -FIRST (ASIA)
Source: FactSet as of June 30, 2025
Note: (1) market cap -weighted index with chain -linking methodology
INDEX
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 Jun-25
+95%
+58%
+38%
+2%
(27%)

24
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 )
PC/CONSOLE 1
MOBILE -FIRST (ASIA)
Source: FactSet as of June 30, 2025
Note: (1) excl. CD Projekt forward EV/EBITDA values
MOBILE -FIRST (WESTERN)
DIVERSIFIED / LARGE -CAP
3.0x
5.0x
7.0x
9.0x
11.0x
13.0x
15.0x
17.0x
19.0x
Dec-22 Mar-23 Jun-23 Sep-23 Dec-23 Mar-24 Jun-24 Sep-24 Dec-24 Mar-25 Jun-25
15. 4x
18. 0x
10. 6x
5. 0x

25 Source: FactSet as of June 30, 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 0 ST J U N E 2 0 2 5
51% 50%
37% 32%
21%
11% 9%
– 40%
10%
60% 76%
47% 42%
4%
(7%)
(29%)
22% 20% 16% 13%
(23%)
– 40%
10%
60%
100% 100% 98% 99% 92% 92% 95% 99% 98% 99% 72% 78% 41% 84% 86% 92% 55% 83% 65% 54% 94%
26%
(18%)
(32%) – 40%
10%
60%
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

26
Games
Y o Y G R O W T H
(Q1
-25 LTM vs. Q1
-24 LTM
)
Source: FactSet as of June 30, 2025 (applying average USD exchange rate for respective periods)
Note: (1) Gaming domestic and international revenue; (2) Game & Network Services revenue; (3) LTM revenue includes Plarium results consolidated from February 1, 2025
1%
(34%)
12%
5%
15%
4%
(1%)
– 40%
10%
(13%) (16%)
5%
(16%) (18%) (19%)
5% 3%
35%
(14%)
35%
– 40%
10%
19%
(6%)
2%
– 40%
10%
1
2
G&NS
R E P O R T E D L T M R E V E N U E G R O W T H A S O F Q 1 -2 5 C Y
DIVERSIFIED / LARGE -CAP PC/CONSOLE MOBILE -FIRST (ASIA) MOBILE -FIRST
(WESTERN)
3

27
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
0% 10% 20% 30% 40% 50% 60% 70% 80% 90%
DIVERSIFIED / LARGE-CAP PC & CONSOLE MOBILE-FIRST (ASIA) MOBILE-FIRST (WESTERN)
EV
/E B I T D A ’ 2 6
Source: FactSet as of June 30, 2025
Notes: (1) Cash EBITDA = EBITDA – Capex; (2) MTG’s organic revenue growth adjusted for Plarium; (3) Playtika’s revenue growth ad justed for SuperPlay; (4) Embracer’s revenue growth adjusted for Asmodee and Coffee Stain spin -off
S U M O F S A L E S C A G R ’ 2 4 -26 A N D C A S H E B I T D A ’ 2 6 1 M A R G I N
2
3 4

February 2025 | Confidential
5

29 Source: InvestGame
PANDEMIC BOOST POST -PANDEMIC
0.4 0.6 0.7 0.4 0.9 1.9 1.1 0.9 0.8 0.6 0.4 0.4 0.4 0.6 0.8 0.4 0.5 0.3 0.3
0.6
2.9
0.8
1.7 1.7
3.4 2.3
1.6
1.2
1.0
0.3 0.4 0.3 0.3
0.7
2.2
1.5
$0.8
$3.4
$1.2
$2.4 $2.5
$4.4
$3.2
$3.6
$4.4
$1.8
$1.3 $1.0
$0.5 $0.8 $0.5
$2.4
$1.1
$0.7 $0.6 $0.4 $0.4
79
103 103
149 135 133
176
201
153
122 126
152
104 95 86
131 135 124
91 94 83
– 200
– 150
– 100
– 50
0
50
100
150
200
250
0. 0
1. 0
2. 0
3. 0
4. 0
5. 0
6. 0
7. 0
Q2-20 Q3-20 Q4-20 Q1-21 Q2-21 Q3-21 Q4-21 Q1-22 Q2-22 Q3-22 Q4-22 Q1-23 Q2-23 Q3-23 Q4-23 Q1-24 Q2-24 Q3-24 Q4-24 Q1-25 Q2-25
Early Stage VC ($bn) Late Stage VC/PE($bn) Strategic-led ($bn) # of Deals
H1 -25 DEAL VALUE
CHANGE VS.
H1 -24
# OF DEALS IN H1 -25
LOWEST
HALF -YEAR DEAL
VOLUME IN
FIVE YEARS
RECENT ACTIVITY

30 Source: InvestGame
Note: (1) based on fundraisings with disclosed deal value above $250k (excl. accelerators/incubators -led rounds)
0.1 0.1 0.2 0.2 0.2
0.4
1.2
0.5 0.4 0.6 0.4 0.3 0.3 0.2 0.3 0.3 0.2 0.2 0.2 0.2 0.2
0.3 0.2
0.4 0.5
0.2
0.5
0.7
0.5
0.5 0.3
0.2
0.1 0.2 0.2
0.2 0.5
0.2 0.2 0.1 0.1
$0.2
$0.4
$0.2
$0.6
$0.7
$0.4
$0.9
$1.9
$1.1
$0.9 $0.8
$0.6
$0.4 $0.4 $0.4
$0.5
$0.8
$0.4 $0.4
$0.3 $0.3
25 36 38 54 68 49 93 117 82 67 66 70 52 49 42 71 70 64 45 53 32
26 21 19 21 22 21 30 32 27 20 16 16 15 9 17 15 28 15 13 9 9
-1,250
-1,050
-850
-650
-450
-250
-50
150
0. 0
0. 5
1. 0
1. 5
2. 0
2. 5
Q2-20 Q3-20 Q4-20 Q1-21 Q2-21 Q3-21 Q4-21 Q1-22 Q2-22 Q3-22 Q4-22 Q1-23 Q2-23 Q3-23 Q4-23 Q1-24 Q2-24 Q3-24 Q4-24 Q1-25 Q2-25
Series A ($bn) Pre-Seed & Seed ($bn) # of Pre-Seed & Seed deals # of Series A deals
Pre -Seed & Seed
H1 -25 DEAL VALUE
# OF H1 -25 DEALS
Series A
H1 -25 DEAL VALUE
# OF H1 -25 DEALS
RECENT ACTIVITY PANDEMIC BOOST POST -PANDEMIC

31 Source: InvestGame
Note: ( 1) excl. blockchain -related startups
DATE TARGET INVESTOR LEAD DEAL TYPE AMOUNT
Jun -25 Series A $25.0m
Apr -25 Series B+ $21.0m
May -25 Series A $13.6m
Jun -25 Series A $11.0m
May -25 Series A $7.0m
May -25 Seed $7.0m
Jun -25 Seed $4.6m
May -25 Seed $3.6m
Apr -25 Seed $3.0m
May -25 Seed $2.3m
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
May -25 Series A $15 .0m
Apr -25 Series B $13.5m
May -25 Seed $1 3.0m
May -25 Seed $12.0m
May -25 Seed $10.0m
Jun -25 Seed $9.0m
Jun -25 Seed $8.0m
May -25 Seed $6.5m
Jun -25 Seed $5.8m
Jun -25 Seed $4.2m

32 Source: InvestGame
Note: (1) incl. only investments in gaming infrastructure startups; (2) excl. blockchain -related and esports startups, accelerat ors, and grants
AI gaming startups accounted for 65% of infra deals in
2024 (up from just 4% in 2020) as capital shifts toward
scalable, cross -sector tools
Turkey is now one of the world’s top hubs for mobile
game development, driven by local studio successes and
strong early -stage deal flow
TURK EY EMERGES AS A
MOBILE GAMING POWERHOUSE
INVESTED
2020 -2025 YTD 2 # OF DEALS
2020 -2025 YTD
AI INFRASTRUCTURE DOMINATES
GAMING FUNDING
INVESTED
2020 -2025 YTD 1 # OF DEALS
2020 -2025 YTD
Debt financing providers now fund up to 80% of user
acquisition budgets, offering mobile studios non dilutive
growth capital
COHORT FINANCING RESHAPES
USER ACAQUISITION CAPITAL
8 10
27 28
– 280- 230- 180- 130- 80- 302070120170
0510152025303540
$79
$245
$499
$365
$602
$223
– 280- 230- 180- 130- 80- 302070120170
0100200300400500600700800
2020 2021 2022 2023 2024 2025YTD
D E A L V A L U E O F A I G A M I N G S T A R T U P S ( $ M ) # O F V C -L E D D E A L S I N 2 0 2 4 –2 0 2 5 ’ H 1
S T U D I O S L E V E R A G I N G C O H O R T F I N A N C I N G
SELECT FINANCING PROVIDERS

33 Source: InvestGame
Note: (1) last twelve months fundraisings excl. blockchain and esports related startups
T O P -1 0 B Y N U M B E R O F D E A L S ( L T M ) T O P -1 0 B Y D E A L V A L U E ( L T M )
# FUND NAME DEALS
TOTAL
DEALS
LED
SELECTED
INVESTMENTS
1 20 6
2 19 13
3 11 7
4 11 5
5 10 6
6 9 8
7 8 6
8-9 7 5
8-9 7 5
10 7 3
# FUND NAME DEALS
TOTAL
DEALS
LED
SELECTED
INVESTMENTS
1 $123m $40m
2 $107m $21m
3 $98m $27m
4 $82m $9m
5 $69m $20m
6 $64m $50m
7 $59m $41m
8 $55m $25m
9 $48m $18m
10 $42m $11m

34