Video Game Market Update Q2 2026

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Q 2 2026
Video Game Market Update

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Disclaimer
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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
M & A A N D F I N A N C I N G
T R A N S A C T I O N S
110+
T R A N S A C T I O N
V A L U E
$ 40 bn+
G A M I N G B A N K E R S
2 3
global, independent investment bank specialized in
gaming and interactive entertainment
W O R L D W I D E C O V E R A G E
S I N G A P O R E
Passionate about Video Games
and our craft – core deal team
together for 1 3+ 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
the sector, current market trends
and strategic capital allocation
among buyer universe
O U R S T R E N G T H

4
Sale to
$168 million
June 2026
Management buyout
$120 million
May 2026
Apps Business
Sale to Sale of selected
assets to
$800 million
July 2025 July 2025
Debt financing to
August 2025
Sale to
$289 million
April 2026
Sale to
$201 million
Pending
Investment from
$53 million+
November 2025
Acquisition of
March 2026
Sale to
$1.0 billion+
April 2026
up to $820 million
February 2025
Acquisition of
$1.2 billion
January 2025
Sale to
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 .
recent deal activity
Note: (1) Transaction values are based on the 100% enterprise value incl. upfront and earnout considerations
GAMING
TRANSACTIONS
2025 – 2026 YTD
12
CUMULATIVE
DEAL VALUE
2025 – 2026 YTD 1
$ 6 bn+

Change the
background color
1. R i g h t -c l i c k
2. F o r m a t B a c k g r o u n d . . .
3. S e l e c t a c o l o r f r o m
t h e c e n t e r o f
t h e pa l e t t e .
Executive Summary 1
Video Game Market Update
Q2 2026

6
• Steam sustained double -digit LTM growth (+13% YoY), with peak concurrent users near all -time highs in Q2 despite the usual seaso nal
softness, reinforcing PC as one of the most resilient gaming platforms
• Console revenue was broadly flat (+3% YoY), as the Nintendo Switch 2 cycle drove +90% YoY quarterly growth and more than offs et
continued declines at PlayStation (-5% YoY) and Xbox ( -7% YoY)
• Mobile IAP spend posted softer results, with quarterly gross revenue down 4% YoY and installs down 12% YoY, hitting multi -year l ows
Q2 -26 executive summary
GAMING
MARKET
ENVIRONMENT
• M&A activity continued to improve, reaching 5 4 transactions with $2. 3bn of capital deployed, led by the closing of ~$1bn Loom acquisition
and the announcement of ~$0.6bn We made founder’s stake sale
• Mid -market activity remained the major driver, with $100m+ gaming content acquisitions reaching their highest level since the pa ndemic
boom, led by PC gaming ( Playstack , Fenris Creations/CCP) and casual mobile studios (Loom, JustPlay , Bluetile )
DEALMAKING
ACTIVITY
• Public capital deal count surged (+67% YoY) with major announcements being Liftoff’s ~$0.5bn IPO, ~$0.35bn PlaySimple listing plan, and
public spin -off intention from Fellowship Entertainment
• Public gaming stocks remained under pressure, posting year -to -date declines across the board despite relatively robust reported results
• Private investment surged ~6x YoY to $3.1bn on broadly stable deal count, led by mega -rounds in AdTech ( AppsFlyer ~$1bn) and AI tech
(General Intuition, Odyssey, Decart )
CAPITAL
MARKETS

7
Strong recovery in deal volume
Source: InvestGame Notes: (1) Incl. minority and majority stake deals; (2) Incl. equity offerings (IPOs, direct listings), private investments i n public equity (PIPE), and fixed income offerings; (3) Incl. VC/PE – and CVC -led financing rounds
Dealmaking activity in Q 2-26
$ 2 .3 bn
DEAL VALUE
5 4
# OF DEALS
M E R G E R S & A C Q U I S I T I O N S 1
$ 1.7 bn
DEAL VALUE
25
# OF DEALS
P U B L I C O F F E R I N G S 2
$ 3 .1bn
DEAL VALUE
10 8
# OF DEALS
P R I V A T E I N V E S T M E N T S 3
$3.8
$1.7
$4.0
$3.6
$5.8
$0.6
$1.7
$0.7
$1.7
15 14
19 16 15
10 12 8
25
– 60
– 50
– 40
– 30
– 20
– 10
0
10
20
0. 0
1. 0
2. 0
3. 0
4. 0
5. 0
6. 0
7. 0
8. 0
Q2-24 Q3-24 Q4-24 Q1-25 Q2-25 Q3-25 Q4-25 Q1-26 Q2-26
Closed Deal Value ($bn) Announced Deal Value ($bn) # of Deals
$1.0 $0.7 $0.7 $0.5 $0.5 $0.7
$1.1 $0.8
$3.1
141 125
97
123 110 121 105 102 108
– 280
– 230
– 180
– 130
– 80
– 30
20
70
120
170
0. 0
0. 5
1. 0
1. 5
2. 0
2. 5
3. 0
3. 5
4. 0
4. 5
5. 0
Q2-24 Q3-24 Q4-24 Q1-25 Q2-25 Q3-25 Q4-25 Q1-26 Q2-26
Q2-26 STATS
$1.8
$0.6
$4.9
$2.5
$3.7
$59.4
$0.4
$6.4
$2.3
46 44
30
52
36
50
38 45 54
– 80
– 60
– 40
– 20
0
20
40
0. 0
2. 0
4. 0
6. 0
8. 0
10. 0
12. 0
14. 0
16. 0
Q2-24 Q3-24 Q4-24 Q1-25 Q2-25 Q3-25 Q4-25 Q1-26 Q2-26
AI Tech

8
$120m
$142 m1 PC &
Console
$41 m Platform
PC &
Console
MBO
Gaming -adjacent tech sees largest share of public & private investments
Most notable gaming transactions in Q 2-26
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 COMPANY DEAL TYPE CATEGORY VALUE VALUE
IPO $35 0m
$323m 2
$1bn
Source: InvestGame Note: (1) Deal size for 84.5% stake; ( 2) Incl. Fixed income deals: $107m (ann. Q1 -26, cl. Q2 -26); $216m (ann./cl. Q2 -26)
$310 m AI Tech
$20 0m
$3 00 m
AI Tech
AI Tech
AdTech
Fixed
Income
Mobile
Mobile
Fixed
Income
Web3
Tech
$320 m
IPO $503 m AdTech
AI Tech
$100 m Fixed
Income AdTech
PIPE $26 m
$15 m
$59 7m Mobile NeoPulse
$39 m Mobile
(announced)
(announced)

Change the
background color
1. R i g h t -c l i c k
2. F o r m a t B a c k g r o u n d . . .
3. S e l e c t a c o l o r f r o m
t h e c e n t e r o f
t h e pa l e t t e .
Gaming Market Backdrop 2
Video Game Market Update
Q2 2026

10
$21m
$16m
$14m
$14m
$13m
$11m
$10m
$7m
$6m
$6m
$6m
$5m
0.0 10.0 20.0 I N C R E M E N T A L I A P R E V E N U E 2(Q 2-2 6 vs. Q 1-26)
Softer mobile IAP spend against a continuously falling install base
Source: SensorTower (as of 30-Jun-26) Notes: (1) Gross IAP Revenue inclusive of platform fees (30% store commission) and covers app store receipts for iOS App Store and Google Play Store only (Ch ina: iOS only). Excludes web store transactions and third -party payment systems ; (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 .
LTM revenue nearly flat despite a 10 % drop in installs
APAC
Western
$20.5 $21.0 $20.4 $20.5
$18.6 $18.4 $18.4
$19.2 $18.6
$19.4 $19.6
$20.4 $19.9 $20.6 $20.5 $20.5 $20.3 $21.0 $20.7 $20.6
$19.4
14.2 14.1 14.1 14.6 14.3 13.9 13.7
14.7 14.4 14.4
13.5 13.9 13.6 13.3 13.1 13.4 12.8 12.3 11.7 11.8 11.3
$3. 0
$5. 0
$7. 0
$9. 0
$11. 0
$13. 0
$15. 0
$17. 0
$19. 0
$21. 0
5. 0
7. 0
9. 0
11. 0
13. 0
15. 0
17. 0
19. 0
21. 0
Q2-21 Q3-21 Q4-21 Q1-22 Q2-22 Q3-22 Q4-22 Q1-23 Q2-23 Q3-23 Q4-23 Q1-24 Q2-24 Q3-24 Q4-24 Q1-25 Q2-25 Q3-25 Q4-25 Q1-26 Q2-26
Gross IAP Revenue ($bn) Downloads (bn)

11
Garden –
scapes
Last Z:
Survival
Shooter
PUBG
MOBILE
Delta Force Clash
Royale
Garena
Free Fire
Coin
Master
Royal
Match
Whiteout
Survival
Honor of
Kings
2017
Kingshot
2016
Gossip Harbor:
Merge & Story
2025 2023
$2.2
$2.0 $2.0 $1.9 $1.8
$1.6
$1.4 $1.3 $1.3
$1.0 $1.0 $0.9 $0.8 $0.8 $0.7 $0.7 $0.7 $0.7 $0.7 $0.7
$0m
$1m
$1m
$2m
$2m
$3m
$3m
Last W ar: Surv iv al Hono r o f K ing s W hit eout S urvi val R oy al Ma tc h MO NO PO LY GO ! C andy C rush S ag a Gossi p Ha rbor: Merge & S to ry K ing shot C oi n Ma ster 和平精英 R obl ox Garena F ree Fi re C la sh R oy al e Delt a Fo rce Po kémo n GO Townshi p Last Z: S urvi va l S ho ot er Gardensc apes eFo ot ba ll PU BG MO BILE
Source : SensorTower (as of 30-Jun-26) Notes: (1) Represents top -grossing IAP revenue (incl. 30% store commission ); (2) LTM revenue for the period Jul -25 to Jun -26; (3 ) PUBG Mobile version developed for China market
4 years
T O P -2 0 G R O S S I N G 1 I A P M O B I L E G A M E S W O R L D W I D E L T M 2 ( $ B N )
APP AGE # OF APPS
2 (10%)
5 (25%)
13 (6 5%)
Last War:
Survival
Monopoly
GO!
Candy
Crush Saga
Pokémon
GO
eFootball
2023 2015 2023 20 21 2012 2022
Roblox
2012
Game for
Peace 3
2019 2016 2016 2025 2013 2024 2016 2017 2018
RELEASE DATE
Township
Established titles continue to dominate the top -grossing charts
6 5% of top -20 grossing mobile games are 4+ years old

12
Singapore
Hong Kong 4
Finland
United Kingdom
Asian and Turkish studios continue gaining share
Source: SensorTower (as of 30 -Jun-26) Notes: (1) Q3 -25 to Q2 -26; (2) Based on the top 10,000 mobile games by IAP gross revenue (incl. 30% store commission); (3) Based on the top 10,000 mobile games by MAU; (4) Special Administrative Region (SAR) of China
Publisher HQ countries ranked by Revenue and MAU over the last twelve months 1
A N N U A L G R O S S I A P R E V E N U E B Y P U B L I S H E R H Q 2 A N N U A L C O M B I N E D A V G . M A U B Y P U B L I S H E R H Q 3
REVENUE LTM ($BN) YoY (%)
China 1 +1%
US 2 (14 %)
Japan 3 (8%)
Singapore 4 +32%
Türkiye 5 +25%
South Korea 6 (13%)
(5%)
Ireland 10 (3%)
AVG. MAU LTM (BN) YoY (%)
+0.5 %
+2%
+3%
+25%
(8%)
+16 %
+22 %
+4%
(7%)
(3%)
– fastest -growing countries by publisher HQ
$25.9
$10.4
$7.8
$5.8
$4.6
$3.6
$3.5
$2.7
$2.6
$2.5
PUBLISHER HQ RANK RANK PUBLISHER HQ
2.0bn
1.8bn
1.7bn
1.3bn
1.3bn
0.9bn
0.9bn
0.6bn
0.6bn
0.5bn
(3%)
9 (5%)
Israel
8
7
Vietnam 1
Pakistan
US
2
3
Cyprus
4
5
6
7
Türkiye 8
France 9
United Kingdom 10
China

13
NEW IP
$58 m
12 m
9-Jun
NEW IP
$58m
1.2 m
16 -Apr
$60 m
1.0m
26 -May
FRANCHISE
$13 2m
5.5m
14 -May
FRANCHISE
$1 91 m
3.4m
18 -Ma y
FRANCHISE
0.6 0.7 0.7 0.7 0.7 0.6 0.6 0.7 0.6 0.5 0.5 0.6 0.8 0.8 0.9 1.0 0.9 1.1 1.0 1.3 1.2
2.1 2.0 2.6 2.8
1.9 2.0
2.6 2.8
2.3 2.7 2.9
3.5 3.0
3.7 3.7
4.2
3.6
3.8 4.4 4.3 4.3
$2.7 $2.8
$3.2
$3.5
$2.7 $2.6
$3.2
$3.5
$2.9
$3.3 $3.4
$4.1
$3.9
$4.6 $4.6
$5.2
$4.5
$4.9
$5.4 $5.6 $5.5
26.9
30.0
33.4
36.9
40.5 42.4
– 25.0
– 15.0
– 5.0
5 .0
1 5.0
2 5.0
3 5.0
$0. 0Bn
$1. 0Bn
$2. 0Bn
$3. 0Bn
$4. 0Bn
$5. 0Bn
$6. 0Bn
Q2-21 Q3-21 Q4-21 Q1-22 Q2-22 Q3-22 Q4-22 Q1-23 Q2-23 Q3-23 Q4-23 Q1-24 Q2-24 Q3-24 Q4-24 Q1-25 Q2-25 Q3-25 Q4-25 Q1-26 Q2-26
F2P games ($bn) Paid games ($bn) Peak online CCU (m)
Steam sustains growth momentum
Source: Alinea Analytics (as of 30-Jun-26) Notes: (1) Concurrent users; (2) Estimated worldwide full -games revenue in Q 2-26, incl. revenue from F2P 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 2-26 2
+13% YoY LTM growth despite seasonality, driven by a balanced mix of franchise sequels and new IP
C A G R Q 2-21 – Q 2-26 :
13% F2P | 16% Paid | 9% Peak CCU 1
LT REVENUE
LT UNITS
RELEASE
LT REVENUE
LT UNITS
RELEASE
NEW IP
$56m
2.5m
14 -Apr

14
China
+9%
+26 %
+6%
(37% )
+3%
+32 %
Japan
United K ingdom
Poland
Germany
(8%)
+22 %
+60 %
+11%
South K orea
Sweden
USA 1.
2.
3.
4.
6.
7.
9.
10.
5. Canada
France 8.
Western studios continue to dominate Steam charts
G R O S S R E V E N U E B Y D E V E L O P E R H Q S T E A M T O P G R O S S I N G R E L E A S E S B Y D E V E L O P E R S
LTM 1
RELEASE YEAR
Developer HQ countries ranked by Steam gross revenue over the last twelve months
REVENUE LTM 1 ($BN) YoY (%) DEVELOPER HQ RANK
Source: Alinea Analytics (as of 3 0-Jun-26) Note: (1) Steam revenue between Jul -25 and Jun -26
$7.6
Oct -2025
$457M
Sweden
Oct -2025
$339M
Sweden
May -2026
$19 2M
United Kingdom
Mar -2026
$189M
South Korea
Sep -2025
$151M
USA
Feb -2026
$194M
Japan
Feb -2025
$451 M
Japan
Dec -2024
$332M
China
Jul-2024
$452M
USA
Sep -2024
$240M
USA
Sep -2024
$219M
Sweden
Aug -2024
$844 M
China
$0.5
$0.6
$0.8
$0.9
$0.9
$1.8
$1.9
$2.0
$3.4
LTM -1
RELEASE YEAR
DEVELOPER:
RELEASE:
LT REVENUE:
DEV. HQ:
DEVELOPER:
RELEASE:
LT REVENUE:
DEV. HQ:

15
NEW IP
0.7m
17 -Apr
FRANCHISE
0.9m
19 -May
1.9m
27 -May
FRANCHISE
Console market stays broadly flat in a seasonally soft quarter
Source: Company earnings reports, Alinea Analytics (as of 30-Jun-26) Notes: (1) All financial results are reported in the local currency; (2) Estimated full -games units sold on PlayStation in Q 2-26
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 R 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 ) T O P -G R O S S I N G R E L E A S E S Q 2 -26 2
7.9
5.6 6.6
9.8
7.4 5.6 7.2
11.1
6.9 6.5 7.5
10.5
6.5
3.6
3.5
3.9
7.1
5.5
5.0
5.6
6.6
5.7 5.5
5.5
6.0
5.3
2.3
3.4 2.3
4.0
1.9
1.6
1.9
2.8
1.4 4.0 3.6
5.2
2.6
$13.8
$12.5 $12.8
$20.9
$14.7
$12.2
$14.6
$20.5
$14.0
$16.0 $16.6
$21.7
$14.5
$0bn
$5bn
$10bn
$15bn
$20bn
$25bn
Q1-23 Q2-23 Q3-23 Q4-23 Q1-24 Q2-24 Q3-24 Q4-24 Q1-25 Q2-25 Q3-25 Q4-25 Q1-26
Sony (G&NS) Microsoft (Gaming) Nintendo
Q3 FY26 Gaming revenue
decreased 7% YoY, driven by
both hardware ( -33%) and
Content & Services ( -5%) decline
Q4 FY26 G&NS revenue
decreased 5% YoY due to PS5
hardware weakness, partially offset
by growth in PSN services and
digital software
Q4 FY26 revenue
increased 90% YoY , driven by
strong Switch 2 hardware and
software results against a pre –
Switch 2 prior -year base
E A R N I N G S N O T E S 1 C A G R Q1 -23 – Q 1-26 :
-6% SONY | 14 % M SFT | 5% NTDO
PUBLISHER
UNITS
RELEASE
PUBLISHER
UNITS
RELEASE
Nintendo’s Switch 2 supported quarterly sales as PlayStation and Xbox posted YoY declines
NEW IP
0.8m
28 -Ma y
FRANCHISE
0.4m
12-Jun
NEW IP
0.4m
28 -Apr

16
FRANCHISE
14 m
8-Apr -26
0.4bn
0.7bn
1.0bn
1.3bn
1.6bn
1.9bn
2.2bn
Jun-20 Dec-20 Jun-21 Dec-21 Jun-22 Dec-22 Jun-23 Dec-23 Jun-24 Dec-24 Jun-25 Dec-25 Jun-26
H O U R S W A T C H E D O N M A J O R S T R E A M I N G P L A T F O R M S 1 ( B N ) T W I T C H T O P S T R E A M I N G G A M I N G E X P E R I E N C E S I N Q 2-26
Streaming viewership stabilizes, supported by new franchise series
Sources: Sullygnome (Twitch); StreamsCharts (Kick) Note: (1) Approximate values based on publicly available information and research
PUBLISHER
HOURS WATCHED
RELEASE
PUBLISHER
HOURS WATCHED
RELEASE
NEW IP
13 m
14 -Apr -26
15 m
26 -May -26
FRANCHISE
Kick keeps gaining share, weakening Twitch viewership
14 m
16 -Apr -26
NEW IP
LEMORION
21 m
9-Jun -26
19 m
15 -May -26
15 m
14 -May -26
22 m
16 -Apr -26
FRANCHISE NEW IP FRANCHISE FRANCHISE
Windrose Crew

17
MURDER MYSTERY 2 99 NIGHTS IN THE FOREST THE STRONGEST BATTLEGROUNDS ADOPT ME!
2bn
241k
3bn
440k
RIVALS
Nosniy Games
2bn
373k
3bn
418k
RIVALS BROOKHAVEN
–
3m
6m
9m
12m
15m
18m
21m
Jan-22 May-22 Sep-22 Jan-23 May-23 Sep-23 Jan-24 May-24 Sep-24 Jan-25 May-25 Sep-25 Jan-26 May-26
C O N C U R R E N T U S E R S O N M A J O R P L A T F O R M S ( M )
Sources: Rotrends Stats (Roblox), Fortnite.gg Stats (Fortnite), SteamDB (Steam); Rolimons.com (Roblox games stats)
STEAM
IN-GAME 1
PUBLISHER
NEW VISITS
PEAK CCU
PUBLISHER
NEW VISITS
PEAK CCU
1bn
663 k
1bn
910 k
4bn
80 0k
99 NIGHTS IN THE FOREST
Grandma’s Favourite Games
6bn
413 k
STEAL A BRAINROT
Brazilian Spyder
T O P R O B L O X G A M E S B Y V I S I T S I N Q 2-26
Player engagement holds up across major platforms
Jun
-26
2bn
420 k
BLOX FRUITS
Gamer Robot
4bn
645 k
Nikilis

Change the
background color
1. R i g h t -c l i c k
2. F o r m a t B a c k g r o u n d . . .
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t h e c e n t e r o f
t h e pa l e t t e .
Mergers & Acquisitions 3
Video Game Market Update
Q2 2026

19
M&A deal count hits a post -pandemic high as deal value stabilizes
Source: InvestGame Note: (1) I ncl. earnout consideration
Quarterly activity including both minority & majority stake transactions
$0.9
$9.5
$3.8
$7.6
$9.1
$15.9
$7.3
$5.3
$0.6 $0.2
$6.2
$69.6
$2.1 $1.8
$0.6
$4.9
$2.5
$3.7
$59.4
$0.4
$6.4
$2.3
88 81 78
95
47
65
44 41 34
24 31 36
46 44
30
52
36
50
38 45
54
– 130
– 80
– 30
20
70
0. 0
5. 0
10. 0
15. 0
20. 0
Q2-21 Q3-21 Q4-21 Q1-22 Q2-22 Q3-22 Q4-22 Q1-23 Q2-23 Q3-23 Q4-23 Q1-24 Q2-24 Q3-24 Q4-24 Q1-25 Q2-25 Q3-25 Q4-25 Q1-26 Q2-26
Closed Deal Value ($bn) Announced Deal Value ($bn) # of Deals
PANDEMIC BOOST POST -PANDEMIC
$ 2 .3 bn
Q2-2026
DEAL VALUE 1
CONTINUED HEALTHY
M&A VALUE DEPLOYMENT
ON PAR WITH
PREVIOUS PERIODS
RECENT ACTIVITY
5 4
# OF DEALS IN
Q2-2026
1
DEAL ACTIVITY
REACHED ITS HIGHEST
LEVEL SINCE 2022
ANNOUNCED CLOSED
ANNOUNCED

20
Content -focused M&A hits its highest level since the pandemic boom
Control sale transactions across game developers & publishers
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) B Y C L O S I N G D A T E
# O F D E A L S
PANDEMIC BOOST POST -PANDEMIC PRE -PANDEMIC
L A R G E S T D E A L –
Source: InvestGame Notes: (1) Incl. game developer and publisher acquisitions at estimated upfront enterprise value above $100m ; (2) Incl. Indy Go deal , Wemade deal
2
ANNOUNCED
ANNOUNCED
ANNOUNCED
2
8
1
4
2 2
5
11 11
16
13
10 9
0
4 5
2
5
3
12
0
2
4
6
8
10
12
14
16
18
20
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 H2-25 H1-26

21
$0.4 $0.7 $0.9
$2.4
$5.0
$18.0
$7.1
$17.7
$4.1
$74.3
$2.8
$3.5
$5.5
$56.0
$8.3
0. 0
2. 0
4. 0
6. 0
8. 0
10. 0
12. 0
14. 0
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 H2-25 H1-26
Deal value stays concentrated in scaled, IP -rich publishers
Control sale transactions across game developers & publishers
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) B Y C L O S I N G D A T E
U P F R O N T D E A L V A L U E ( $ B N )
L A R G E S T D E A L
ANNOUNCED
Source: InvestGame Note: (1) Incl. game developer and publisher acquisitions at estimated upfront enterprise value above $100m ; (2) Incl. Indy Go deal , Wemade deal
ANNOUNCED
–
ANNOUNCED ANNOUNCED
PANDEMIC BOOST POST -PANDEMIC PRE -PANDEMIC
2

22
Largest deals are driven by PC/console and casual mobile studios
Source: InvestGame Notes: (1) Reported or implied upfront enterprise value incl. earnout consideration; (2) Not meaningful, reported LTM EBITDA multiple of 25.5x ; (3) Implied EV/ a dj. EBIT ; (4) Total valuation including upfront and earn -out considerations
Selected gaming acquisitions over the last twelve months
TARGET
ACQUIRER
EV 1
SALES
EBITDALTM MULTIPLES
DATE
+
$318 m
n/a
n/a
Mar -26
MOBILE
+
$6bn
n/a
n/a
Mar -26
(announced)
MOBILE
$1bn 4
n/a
n/a
Apr -26
MOBILE
+
$201m
7.2x
1.3x
Mar -26
(announced)
MOBILE
$289m
15 .1x 3
1.7x
Apr -26
MOBILE
n/a
n/a
n/a
Mar -26
PC/CONSOLE
$168m
9.4x
2.3x
Jun -26
PC/CONSOLE
$120m
n/a
1.7x
May -26
PC/CONSOLE
MBO
$1. 3bn
n/m 2
3.0 x
Jun -26
(announced)
MOBILE
NeoPulse

23
Apr -2026
$40.9m
Apr -2026
$30m
Mar -2026
$6bn
ANNOUNCED Feb -2026
n/a
Gaming keeps drawing private -equity capital
Sponsor -backed gaming transactions surpass $84 .7bn in cumulative deal value
Source: InvestGame Note: (1) Incl. earnout consideration
M&A BUYOUTS (CONTROL)
GROWTH EQUITY (MINORITY)
$ 8 4 .7bn +
TOTAL DEAL VALUE 1
96
TOTAL # OF DEALS
$3.0
$0.1
$1.3 $1.4
$4.1
$3.2
$5.7
$4.8
$58.0
$6.1
7 7
23
14
8 11
17
9
0. 5
1. 5
2. 5
3. 5
4. 5
5. 5
6. 5
7. 5
8. 5
9. 5
2019 2020 2021 2022 2023 2024 2025 2026
Closed Deal Value ($bn) # of Deals
S E L E C T R E C E N T S P O N S O R T R A N S A C T I O N S S P O N S O R -B A C K E D G A M I N G T R A N S A C T I O N S
ANNOUNCED
ANNOUNCED
20 26
YTD
May -2026
n/a
Jun -2026
n/a

Change the
background color
1. R i g h t -c l i c k
2. F o r m a t B a c k g r o u n d . . .
3. S e l e c t a c o l o r f r o m
t h e c e n t e r o f
t h e pa l e t t e .
Public Markets 4
Video Game Market Update
Q2 2026

25
Public activity rebounds, driven by growth in PIPE deals
ACTIVE
IPO MARKET
POST -PANDEMIC DROUGHT
5.3
4.0
0.6 0.5
2.4
0.9
1.2
1.3 2.7
1.1 2.0
0.6 0.4 0.7 0.9
3.9
0.7 4.5
0.4 0.5
0.5
2.0
0.9
1.0
0.5
3.1
0.5
0.5
1.3
1.4
$8.5
$4.2
$2.8
$0.7
$3.8
$0.1 $0.0
$0.6
$1.2
$2.3
$0.7 $0.5
$3.8
$1.7
$4.0 $3.6
$5.8
$0.6
$1.7
$0.7
$1.7
21
8 9 9 7 5 4
10 10 13 10 6
15 14 19 16 15 10 12 8
25
– 100
– 80
– 60
– 40
– 20
0
20
40
0. 0
2. 0
4. 0
6. 0
8. 0
10. 0
12. 0
Q2-21 Q3-21 Q4-21 Q1-22 Q2-22 Q3-22 Q4-22 Q1-23 Q2-23 Q3-23 Q4-23 Q1-24 Q2-24 Q3-24 Q4-24 Q1-25 Q2-25 Q3-25 Q4-25 Q1-26 Q2-26
Listing (IPO/SPAC) ($bn) Fixed Income ($bn) Share issuances/PIPEs ($bn) # of Deals
CHANGE VS.
Q2-2025
GRADUAL RECOVERY RECENT ACTIVITY
CHANGE VS.
Q2-2025
25
# OF DEALS IN
Q2-2026
$ 1.7 bn
Q2-2026
DEAL VALUE
Source: InvestGame

26
n/a
May -26
(announced)
Public
spin -off
Fellowship
Entertainment
Public listing announcements lead the headlines
Source: InvestGame
Largest public market transactions over the last twelve months
COMPANY
CAPITALRAISED
DEALTYPE
DATE
Fixed
Income
$323m
Apr -26
$107 M
$216M Fixed Income
IPO
$350m
Apr -26
(announced)
Investment
(PIPE)
$1.25bn
Nov -25
Public
spin -off
$616m
Dec -25
(market cap at listing)
SPAC
$204 m
Feb -26
PIPE
Fixed Income
$278m
$160 M
$40 M
$78M
Fixed Income
Jun -26/Oct -25
PIPE
PIPE
$40 0m
Ma r-26
Fixed
Income
$503m
Jun -26
IPO

27
Broad gaming sell -off continues, with large -cap holding up strongest
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
Source: FactSet as of 30 -Jun-26 Note: (1) Market cap -weighted index with chain -linking methodology; (2) Incl. Alphabet (GOOGL), Amazon (AMZN), Apple (AAPL), Met a (META), Microsoft (MSFT), Nvidia (NVDA), and Tesla (TSLA); (3) Incl. Coffee Stain Group after its IPO on Stockholm Nasdaq on 11 -Dec -25
40%
60%
80%
100%
120%
140%
160%
180%
200%
220%
240%
260%
Jan-23 Apr-23 Jul-23 Oct-23 Jan-24 Apr-24 Jul-24 Oct-24 Jan-25 Apr-25 Jul-25 Oct-25 Jan-26 Apr-26
PC/CONSOLE 3
+1 52 %
+2 4%
(13%)
(42%)
(37%)
Jun -26
MOBILE -FIRST (ASIA)
MOBILE -FIRST (WESTERN)
index
+2 21% MAGNIFICENT 7
+86% OTHER STOCKS
2

28
Trading multiples compress across segments, with mobile trading at a
notable discount
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 )
MOBILE -FIRST (ASIA)
Source: FactSet as of 30 -Jun-26 Notes: (1) Electronic Arts was excluded from the index calculation starting the day of first takeover rumors (26 -Sep -25); (2) Ex cl. CD Projekt forward EV/EBITDA values; incl. Coffee Stain Group after its IPO on Stockholm Nasdaq on 11 -Dec -25
MOBILE -FIRST (WESTERN)
3.0x
5.0x
7.0x
9.0x
11.0x
13.0x
15.0x
17.0x
Jan-23 Apr-23 Jul-23 Oct-23 Jan-24 Apr-24 Jul-24 Oct-24 Jan-25 Apr-25 Jul-25 Oct-25 Jan-26 Apr-26
4. 7x
4. 5x
PC/CONSOLE 2
9. 0x
9. 4x
Jun -26
DIVERSIFIED / LARGE -CAP 1

29 Source: FactSet as of 30-Jun-26 (in local currency)
Gaming stocks remain under pressure, with most posting double -digit
year -to -date declines
Y E A R -TO -D A T E 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 30 J U N E 2 0 2 6
(2%)
(7%) (9%)
(18%)
(28%)
(36%)
– 50%
0%
4%
(7%)
(16%) (17%) (19%) (22%) (24%)
22%
(4%) (7%)
(23%)
(44%) – 50%
0%
94 % 80 % 66 % 69 % 63% 46% 75 % 63% 66 % 48 % 54% 74% 58% 86%
11%
(6%)
(35%)
DIVERSIFIED / LARGE -CAP PC/CONSOLE MOBILE -FIRST (ASIA) MOBILE -FIRST
(WESTERN) % 52W HIGH
2 0 2 6 Y T D S H A R E P R I C E C H A N G E
83 % 76 % 62 % 52 % 69% 60% 65 %

30
Games
1
Sources: Companies reported financial results, FactSet as of 30-Jun-26 (applying average USD exchange rate for respective periods) Note: (1) Gaming domestic and international revenue; (2) Game & Network Services revenue
Share prices stay under pressure despite reported revenue growth
18%
9% 10%
1%
20%
101%
– 30%
20%
(16%)
(8%) (8%)
9%
(11%)
16%
(0%)
7%
27% 28%
3%
15%
– 30%
20%
93%
7%
(5%)
– 30%
20%
R E P O R T E D L T M R E V E N U E G R O W T H , Y O Y ( L A T E S T R E P O R T E D P E R I O D )
DIVERSIFIED / LARGE -CAP PC/CONSOLE MOBILE -FIRST (ASIA) MOBILE -FIRST
(WESTERN)
2
G&NS
Y o Y L T M R E V E N U E G R O W T H

31
Tencent
Sony
Nintendo
NetEase
Electronic Arts
Bandai Namco
Capcom
Square Enix
Embracer
Coffee Stain
Ubisoft
Paradox
Krafton
Nexon
NCSoft
Shift Up
Playtika
MTG
Stillfront
2.0x
4.0x
6.0x
8.0x
10.0x
12.0x
14.0x
16.0x
18.0x
20.0x
12% 16% 20% 24% 28% 32% 36% 40% 44% 48% 52%
DIVERSIFIED / LARGE-CAP PC & CONSOLE MOBILE-FIRST (ASIA) MOBILE-FIRST (WESTERN)
Growth and profitability drive valuation premiums
Regression analysis: forward -looking valuation vs. growth + profitability
N T M E V / C A S H
E B I T D A
Source: FactSet as of 30-Jun-26 Notes: (1) Cash EBITDA = EBITDA – Capex; (2) Electronic Arts’ EV is based on a takeover bid price of $210 (25% premium)
S U M O F R E V E N U E C A G R ’ 2 5 -27 A N D C A S H E B I T D A ’ 2 6 1 M A R G I N
2

Change the
background color
1. R i g h t -c l i c k
2. F o r m a t B a c k g r o u n d . . .
3. S e l e c t a c o l o r f r o m
t h e c e n t e r o f
t h e pa l e t t e .
Private Investments 5
Video Game Market Update
Q2 2026

33
Private investment value jumps ~6x YoY on AdTech and AI
mega -rounds, with deal count holding flat
Source: InvestGame
PANDEMIC BOOST POST -PANDEMIC
0.8 0.6 0.8
1.7
1.0 0.8 0.7 0.6 0.4 0.5 0.4 0.5 0.8 0.4 0.5 0.3 0.3 0.3 0.5 0.3
0.9
1.5
3.5
2.6
1.6
1.6
1.1
0.4 0.4 0.3 0.3 0.3 0.4
0.5 0.5
1.1
0.3
0.4
0.3 2.1
0.2
1.6
1.1
$2.6
$4.5
$3.6 $3.6
$4.7
$2.0
$1.3 $1.0
$0.5 $0.8 $0.6
$2.4
$1.0 $0.7 $0.7 $0.5 $0.5 $0.7
$1.1 $0.8
$3.1
142 144
196 221
159
128 130
157
108 101 88
134 141 125
97
123 110 121 105 102 108
– 300
– 200
– 100
0
100
200
0. 0
1. 0
2. 0
3. 0
4. 0
5. 0
6. 0
7. 0
Q2-21 Q3-21 Q4-21 Q1-22 Q2-22 Q3-22 Q4-22 Q1-23 Q2-23 Q3-23 Q4-23 Q1-24 Q2-24 Q3-24 Q4-24 Q1-25 Q2-25 Q3-25 Q4-25 Q1-26 Q2-26
Early Stage VC ($bn) Late Stage VC / PE ($bn) Strategic-led ($bn) # of Deals
$3.1bn
DEAL VALUE IN
Q2-2026
CHANGE VS.
Q2-2025
10 8
# OF DEALS IN
Q2-2026
RECENT ACTIVITY
(2 %)
CHANGE VS.
Q2-2025

34
AI -tech mega -rounds drive Series A value to a multi -year high
Source: InvestGame Note: (1) Venture rounds ≥ $250K (disclosed), excluding grants, strategic/CVC, and esports; (2) Incl. unclassified early -stage rounds
VC -led early -stage rounds 1
0.2 0.3
1.0
0.4 0.3 0.3 0.4 0.2 0.2 0.3 0.3 0.3 0.2 0.2 0.2 0.3
0.5
0.5
0.4
0.7
0.6
0.6 0.3 0.2
0.1 0.2 0.2
0.2 0.5
0.1 0.3 0.1 0.1 0.2
0.1
0.2
0.8
$0.8
$0.6
$0.8
$1.7
$1.0
$0.8
$0.7 $0.6
$0.4 $0.5 $0.4
$0.5
$0.8
$0.4
$0.5
$0.3 $0.3 $0.3 $0.4 $0.3
$0.9
97
76
118
144
105
87 84 89
69 64 56
85 96
74 65 69
53 50 51 41 44
-200
-150
-100
-50
0
50
100
150
0. 0
0. 5
1. 0
1. 5
2. 0
2. 5
Q2-21 Q3-21 Q4-21 Q1-22 Q2-22 Q3-22 Q4-22 Q1-23 Q2-23 Q3-23 Q4-23 Q1-24 Q2-24 Q3-24 Q4-24 Q1-25 Q2-25 Q3-25 Q4-25 Q1-26 Q2-26
Series A ($bn) Pre-Seed & Seed ($bn) # of Deals
RECENT ACTIVITY PANDEMIC BOOST POST -PANDEMIC DECLINE SETTLING AT NEW BASELINE
Pre -Seed & Seed
(5 6% )
CHANGE VS.
Q2-2025
$0. 1bn
DEAL VALUE IN
Q2-2026
Series A 2
$0.8bn
DEAL VALUE IN
Q2-2026
+ 530 %
CHANGE VS.
Q2-2025

35
Large gaming content rounds remain scarce
Largest gaming content fundraisings over the last twelve months
COMPANY
CAPITAL RAISED
LEAD
INVESTORS
DATE
SEGMENT
Source: InvestGame
Jun -25
$80M
PC/CONSOLE
LATE STAGE
Jul -25 / Mar -25
MOBILE
$83M
SERIES A $60M
SEED $23M
Jul -25
MOBILE
$40M
GROWTH
Jul -25
MOBILE
$36M
SERIES C
Jul -25
PC/CONSOLE
$31M
SEED
Feb -26
$70 M
MOBILE
SERIES A
Jan -26 / Dec -25
$37M
MOBILE
SERIES A $30M
SEED $7M
May -26
$70 M
MOBILE
SERIES B
May -26
PC/CONSOLE
$10 0M
UNDISCLOSED
EARLY -STAGE
UNDISCLOSED

36
AI tech and immersive hardware lead gaming ecosystem rounds
Largest private investments over the last twelve months
COMPANY
CAPITAL RAISED
LEAD
INVESTORS
DATE
SEGMENT
Oct -25
AR/XR
HEADSETS
$205M
CORPORATE
Feb -26/Sep -25
XR
HEADSETS
$200M
GROWTH $100M
SERIES B $100M
May -26/Aug -25
AI TECH
$400M
SERIES B $300M
SERIES B $ 100M
Jun -26
ADTECH
$1BN
SERIES E
Jun -26
AI TECH
$31 0M
SERIES B
Mar -26/Jun -26
AI TECH
$2 50M
May -26
HARDWARE
$145 M
UNDISCLOSED
LATE -STAGE
Undisclosed
Oct -25/Jun -26
AI TECH
$45 4M
SEED
SERIES A
$134M
$320 M
SERIES A
SERIES A+, A++
Jan -26
AR
HEADSETS
$143 M
LATE -STAGE
INVESTMENT
$50M
$200M

37
# FUND NAME VALUE OF
DEALS LED
TOTAL VALUE
OF DEALS
SELECTED
INVESTMENTS
1 $480 m $480 m
2 $209 m $574 m
3/4 $200 m $200 m
3/4 $20 0m $20 0m
5 $96 m $140 m
6 $75 m $75m
7/8 $60 m $60 m
7/8 $60 m $60m
9 $57 m $57 m
10 $50 m $50 m
# FUND NAME DEALS
LED
DEALS
TOTAL
SELECTED
INVESTMENTS
1 12 12
2 10 14
3 9 9
4/5 7 11
4/5 7 11
6 7 8
7 6 8
6 6
6 6
6 6
Most active early -stage gaming VCs
Fundraising activity over last twelve months 1
T O P -1 0 B Y N U M B E R O F L E D D E A L S ( L T M ) T O P -1 0 B Y L E D D E A L V A L U E ( L T M )
Source: InvestGame Note: (1) Early -stage fundraisings excl. blockchain, esports, and accelerator grants
8/9/10
8/9/10
8/9/10

Change the
background color
1. R i g h t -c l i c k
2. F o r m a t B a c k g r o u n d . . .
3. S e l e c t a c o l o r f r o m
t h e c e n t e r o f
t h e pa l e t t e .
Appendix
Aream & Co. Credentials
Video Game Market Update
Q2 2026

39
Trusted by leading digital entertainment, media and consumer
entrepreneurs across the globe
Sale to
$247 million
March 2024
Sale to
February 2024
Beacon Interactive
Sale to
March 2024 April 2024
Minority Investment
from Sale to
April 2024
Sale to
$1.0 billion+
May 2024
Sale to
June 2024 July 2024
Minority Investment
from
Sale to
June 2024
Sale to
January 2025
Sale to
$700 million
November 2024
Acquisition of
August 2024
€15 million
September 2024
Convertible Loan
Issuance to Sale to
$27 million
August 2024
Sale to
$1.2 billion
January 2025
Acquisition of
up to $820 million
February 2025
Acquisition of
May 2025
Sale of selected assets to
July 2025
Sale to
$800 million
July 2025
Apps Business
Debt financing to
August 2025
Investment from
$53 million+
November 2025
Sale to
$1.0 billion+
April 2026
Sale to
$289 million
April 2026
Sale to
$201 million
Pending
Acquisition of
March 2026
Management team’s
Acquisition of
$120 million
May 2026
Sale to
$168 million
June 2026

40
Trusted by leading digital entertainment, media and consumer
entrepreneurs across the globe (cont’d)
Sale to
$400 million
August 2021
Sale to
August 2021
Acquisition of
July 2021
Sale to
August 2021
Sale to
September 2021
Sale to
$205 million
October 2021
Sale to
$525 million
October 2021
Sale to
November 2021
Sale to
$750 million
December 2021
Sale to
January 2022 December 2021
Minority Investment
from
January 2022
Minority Investment
from Sale to
$100 million
March 2022
Sale to
$1.5 billion
April 2022
$20 million
June 2022
Series A Investment
from Sale to
July 2022
Sale to
July 2022
Arcade Portfolio
Sale to
September 2022
Sale to
September 2022
Sale to
November 2022
$25 million
December 2022
Minority Investment
from Sale to
January 2023
Hit title Zen Match
Sale to
April 2023
Sale to
June 2023
Hypercasual Portfolio
Acquisition of
$4.9 billion
July 2023
Sale to
$42 million
October 2023
Sale to
$97 million
December 2023

41
Trusted by leading digital entertainment, media and consumer
entrepreneurs across the globe (cont’d)
Investment from
$175 million
March 2019
Sale to
$700 million
December 2018
$80 million
November 2018
Series E Preferred
Stock Sale to
$250 million
May 2018
Sale to
$200 million+
December 2018
Strategic Advisory
April 2019
Strategic Advisory
April 2019
Sale to
August 2019
Sale to
$90 million
June 2019
Sale to
$1.8 billion
July 2020
Sale to
January 2020
€43 million
September 2019
Series C Preferred
Stock Sale to
January 2020
Sale to
$100 million
September 2020
Acquisition of
October 2020
Sale to
$144 million
November 2020
Sale to
December 2020
Sale to
$300 million
December 2020
Sale to
$275 million
December 2020
Sale to
€130 million
December 2020
Sale to
December 2020
Sale to
January 2021 February 2021
Strategic Investment
from Sale to
$640 million
April 2021
Sale to
$33 million
May 2021
Sale to
€47 million
July 2021
Sale to
$360 million
July 2021

42
Trusted by leading digital entertainment, media and consumer
entrepreneurs across the globe (cont’d)
Preferred Stock
$130 million
February 2013
Preferred Stock
July 2013
$1.5 billion
October 2013
Strategic Investment
from
Sale to
March 2014
Sale to
$100 million
August 2014
Investment in
$115 million
June 2015
Sale to
$5.9 billion
February 2016
Sale to
$90 million
May 2016
Sale to
$315 million
June 2016
Acquisition of
$4.4 billion
July 2016
January 2018
Acquisition of Preferred Stock
$20 million
June 2017
Acquisition of
April 2017
Sale to
$200 million
September 2017
Sale to
$100 million
November 2017
Board & Card Assets
Growth Financing
$41 million
January 2018
Sale to
€270 million
January 2018
Subordinated Debt
$60 million
December 2016
Sale to
$250 million
January 2017
Sale of stake in
$272 million
March 2018
Acquisition of
April 2018

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