Video Game Market Update Q3 2025

1
Q3 2025
Video Game Market Update

2
Disclaimer
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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
79
TRANSACTION VALUE
$38 bn
GAMING BANK ERS
24
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
the sector, current market trends
and strategic capital allocation
among buyer universe
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 O U R S T R E N G T H

4 Note: Transaction values include upfront and earnout considerations
LTM
GAMING
TRANSACTIONS
12
LTM
TRANSACTION
VALUE
$ 6 bn+
Sale to
$1.2 billion
January 2025
Sale to
$800 million
July 2025
Sale of selected assets to
July 2025
Acquisition of
up to $820 million
February 2025
Debt financing to
August 2025
Apps Business
Acquisition of
May 2025
Sale to
January 2025
Sale to
up to $2.0 billion
November 2024
Sale to
$27 million
August 2024
€15 million
November 2024
Acquisition of
August 2024
Convertible Loan
Issuance to
Investment from
$53+ million
Pending
last twelve months deal activity
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 . ( F R O M Q 4 -2 4 T O Q 3-25)

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February 2025
Executive Summary 1
Video Game Market Update
Q3 2025

6
• Mobile gaming IAP spend returns to growth reaching $21.0bn in Q3 -25, with Asian mobile publishers driving the majority of gains
• PC gaming maintains strong performance with +18% YoY growth, powered by successful franchise releases on Steam
• Console gaming delivers a robust quarter following the Nintendo Switch 2 launch; Nintendo’s revenue grew 2.5x YoY while
Sony and Microsoft posted double -digit growth in console content
Q 3 -25 in a nutshell
GAMING
MARKET
ENVIRONMENT
DEALMAKING
ACTIVITY
• Transaction volume remains stable, with three notable announcements this quarter:
I. Public takeover of Electronic Arts for $55bn led by a consortium comprising PIF, Silver Lake, and Affinity Partners
II. Two strategic -led deals: Bandai Namco’s minority stake sale to Sony and Prime Insights acquisition by Aonic
• Institutional investors are accelerating gaming industry consolidation, with 12 transactions announced in 2025, including
the Electronic Arts acquisition – the largest all -cash sponsor -led leveraged buyout in history
• Asian strategics are increasing investment activity, pursuing transmedia opportunities (incl. anime) and expanding internatio nal portfolios
CAPITAL
MARKETS
• Public market fundraising slowed in Q3 -25 with only $0.3bn raised vs. $10.1bn in H1 -25
• Private investment activity remained subdued at 82 deals in Q3 -25. Series A rounds declined for the fifth consecutive quarter
• Startup funding concentrated in gaming tech (AI, web -shop, VR) and mobile studios, with the latter primarily in Turkey

7
M&A holds steady as public and private investments face pressure
Source: InvestGame Note: (1) incl. minority and majority stake deals; (2) incl. equity offerings (IPOs, direct listings), private investment in pub lic equity (PIPE), and fixed income offerings; (3) incl. VC/PE – and CVC -led financing rounds
Dealmaking activity in Q3 -25
$56.9 bn
DEAL VALUE
49
# OF DEALS
M E R G E R S & A C Q U I S I T I O N S 1
$0.3 bn
DEAL VALUE
5
# OF DEALS
P U B L I C O F F E R I N G S 2
$0.6 bn
DEAL VALUE
82
# OF DEALS
P R I V A T E I N V E S T M E N T S 3
$2.3
$0.7 $0.5
$3.8
$1.7
$4.0
$5.8
$4.3
$0.3
13 10 6
15 12
18 16
10
5
– 50
– 40
– 30
– 20
– 10
0
10
20
0. 0
1. 0
2. 0
3. 0
4. 0
5. 0
6. 0
7. 0
8. 0
Q3-23 Q4-23 Q1-24 Q2-24 Q3-24 Q4-24 Q1-25 Q2-25 Q3-25
Closed Deal Value ($bn) Announced Deal Value ($bn) # of Deals
$0.8
$0.5
$2.4
$1.1
$0.7 $0.6
$0.4 $0.5
$0.6
94 87
130 136 124
91 95 88 82
– 280
– 230
– 180
– 130
– 80
– 30
20
70
120
170
0. 0
0. 5
1. 0
1. 5
2. 0
Q3-23 Q4-23 Q1-24 Q2-24 Q3-24 Q4-24 Q1-25 Q2-25 Q3-25
Q3
-25 STATS
ANNOUNCED
$6.2
$69.1
$3.2
$0.7 $0.6
$4.9
$2.5
$6.0
$56.9
23 27 33
41 43
28
49
32
49
– 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
Q3-23 Q4-23 Q1-24 Q2-24 Q3-24 Q4-24 Q1-25 Q2-25 Q3-25

8
Broad -based deal flow across multiple segments
Most notable gaming transactions in Q3 -25
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 1 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
Source: InvestGame Note: (1) excl. Azerion €225m bond placement announced on September 17 th and closed on October 2 nd; (2) Revolving Credit Facility
$800m Mobile
$464 m Diversified
GAMING APPS
$115 m Mobile
$250 m Tech
RCF 2 &
Loan Facility
Gaming
Hardware $225m
IPO $12 m Web
PIPE $0. 1 m Tech
Common
stock issuance Esports $70 m
PIPE $15 m Esports
Tech $100 m
Tech $58 m
Mobile $60 m
Mobile $40m
VR
Hardware $100 m n/a
ANNOUNCED
$55bn Diversified

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t h e pa l e t t e .
February 2025
Gaming Market Backdrop 2
Video Game Market Update
Q3 2025

10
P A N D E M I C
B O O S T
$65m
$51m
$45m
$40m
$36m
$33m
$30m
$24m
$18m
$15m
$13m
$10m
0.0 50.0
Century Games
Florere Game
CyberAgent
Supercell
Garena Games
Dream Games
Roblox
Microfun
Scopely
BANDAI NAMCO
NetEase
FUNFLY
I N C R E M E N T A L I A P R E V E N U E 2 (Q 3-25 vs. Q 2-25)
Mobile gaming IAP spend returns to growth
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 .
$19.9 $19.9
$21.2
$20.5
$21.0
$20.4 $20.5
$18.7 $18.4 $18.4
$19.2
$18.6
$19.4 $19.6
$20.3 $19.9
$20.5 $20.4 $20.4 $20.3
$21.0
14.5
14.0
14.4 14.2 14.1 14.1
14.6
14.3
13.9 13.7
14.3 14.1 14.0
13.1
13.5 13.2
12.9 12.6 12.9
12.3
11.9 12. 0
14. 0
16. 0
18. 0
20. 0
22. 0
11. 0
12. 0
13. 0
14. 0
15. 0
16. 0
17. 0
18. 0
Q3-20 Q4-20 Q1-21 Q2-21 Q3-21 Q4-21 Q1-22 Q2-22 Q3-22 Q4-22 Q1-23 Q2-23 Q3-23 Q4-23 Q1-24 Q2-24 Q3-24 Q4-24 Q1-25 Q2-25 Q3-25
Gross IAP Revenue ($bn) Downloads (bn)
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
Asian publishers lead the US spending recovery as Western studios catch up

11
Asian mobile publishers continue to lead the mobile gaming market
Source: SensorTower
Publisher HQ countries ranked by key performance metrics (2025 YTD)
NET IAP REVENUE BY PUBLISHER HQ INSTALLS BY PUBLISHER HQ AVERAGE MAU BY PUBLISHER HQ
INSTALLS (M) YoY (%)
China 3,877 1 +9%
Vietnam 3,758 2 +10%
Cyprus 3,151 3 -10%
US 2,980 4 +2%
Hong Kong 2,425 5 +12%
Pakistan 1,780 6 +27%
France 1,3 63 7 -16%
Singapore 1,313 8 +20%
Turkey 1,237 9 +4%
India 1,216 10 +12%
REVENUE ($M) YoY (%)
China 12,266 1 +7%
US 5,855 2 -13%
Japan 3,163 3 +16%
Singapore 2,235 4 +22%
Turkey 2,123 5 +20%
Israel 1,695 6 +4%
UK 1,525 7 +1%
Ireland 1,359 9 -2%
Hong Kong 1,196 10 +35%
AVG. MAU (M) YoY (%)
US 1,897 1 +6%
Vietnam 1,737 2 +22%
China 1,685 3 +11%
Cyprus 1,284 4 -3%
Hong Kong 1,041 5 +29%
Pakistan 658 6 +35%
Singapore 640 7 +19%
France 582 8 +1%
Turkey 554 9 +12%
UK 523 10 +3%
Finland 1,372 8 -21%
– Fastest -growing countries by publisher HQ location

12
FRANCHISE FRANCHISE
$32m
0.8 m
23 -Jul-25
NEW IP
$64 m
4.0m
4-Sep -25
FRANCHISE
$65 m
1.3m
18 -Sep -25
FRANCHISE
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 1.1
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
3.7
$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
$4.1
$4.8
22.0
25.9
29.1 31.3
38.4 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
$5. 0Bn
Q3-20 Q4-20 Q1-21 Q2-21 Q3-21 Q4-21 Q1-22 Q2-22 Q3-22 Q4-22 Q1-23 Q2-23 Q3-23 Q4-23 Q1-24 Q2-24 Q3-24 Q4-24 Q1-25 Q2-25 Q3-25
F2P games ($bn) Paid games ($bn) Peak online CCU (m)
PC gaming maintains strong performance trajectory
Source: Alinea AnalyticsNote: (1) concurrent users; (2) estimated worldwide full -games revenue in Q3 -25, incl. revenue from free -to-play games (IAP purc hases)
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 3-25 2
+18% YoY growth over the last twelve months on Steam
C A G R Q 3’ 2 0 – Q 3’ 2 5 :
22 % F2P | 19 % Paid | 13% CCU 1
$30 m
0.5 m
25 -Sep -25
SALES
UNITS
RELEASE
SALES
UNITS
RELEASE
$104 m
1.7m
11 -Sep -25
FRANCHISE
$21 m
0.9 m
29 -Jul-25

13
ANNUAL
SPORT SERIES
1.8m
7-Jul-25
1.3m
7-Aug -25
ANNUAL
SPORT SERIES FRANCHISE FRANCHISE
Consoles demonstrate a strong quarter amid new hardware launch
Source: Company earnings reports, Alinea AnalyticsNote: (1) estimated full -games units sold on PlayStation in Q3 -25
Nintendo Switch 2 launch drives +31% YoY market revenue growth
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 Q3 -25 1
4.7 5.2
8.8 7.9
5.6 6.6
9.8
7.4 5.6 7.2
11.1
6.9 6.5
3.5 3.6
4.8
3.6
3.5
3.9
7.1
5.5
5.0
5.6
6.6
5.7 5.5 2.4 2.5
4.5
2.3
3.4 2.3
4.0
1.9
1.6
1.9
2.8
1.4 4.0
$10.5 $11.4
$18.1
$13.8
$12.5 $12.8
$20.9
$14.7
$12.2
$14.6
$20.5
$14.0
$16.0
$0bn
$5bn
$10bn
$15bn
$20bn
$25bn
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
Sony (G&NS) Microsoft (Gaming) Nintendo
FY25 Gaming revenue
increased 9% YoY driven by
growth in Xbox content and
services (+16% YoY) , offset in
part by a decline in Xbox
hardware ( -25% YoY)
Q1 -FY25 G&NS sales
increased 17 % YoY , driven by
increase in sales of non -first -party
game software titles and increase
in sales from network services.
MAU increased by 6% YoY
Q1 -FY 25 sales
increased by 1 49 % YoY , with
Nintendo Switch 2 sales totaling
5.8m units
E A R N I N G S N O T E S C A G R Q 2’ 2 2 – Q 2’ 2 5 :
12% SONY | 17% MSFT | 19% NTDO
0.8 m
8-Sep -25
0.8 m
12 -Sep -25
PUBLISHER
UNITS
RELEASE
PUBLISHER
UNITS
RELEASE
ANNUAL
SPORT SERIES
5.5m
26 -Sep -25
ANNUAL
SPORT SERIES
3.5 m
5-Sep -25

14
15k
21k
27k
33k
39k
45k
51k
0.4bn
0.7bn
1.0bn
1.3bn
1.6bn
1.9bn
2.2bn
Mar-20 Sep-20 Mar-21 Sep-21 Mar-22 Sep-22 Mar-23 Sep-23 Mar-24 Sep-24 Mar-25 Sep-25
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 ( H O U R S W A T C H E D )
UGC and streaming platforms reach record engagement levels
Source: RoMonitor Stats (Roblox & Fortnite); SteamDB (Steam); Sillygnome (Twitch); StreamsCharts (Kick) Note: (1) average monthly values ; Approximate values based on publicly available information and research
Roblox breakout hits drive platform growth, while Kick challenges Twitch’s market share
–
3m
6m
9m
12m
15m
18m
21m
Mar-20 Sep-20 Mar-21 Sep-21 Mar-22 Sep-22 Mar-23 Sep-23 Mar-24 Sep-24 Mar-25 Sep-25
STEAM
IN-GAME

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February 2025
Mergers & Acquisitions 3
Video Game Market Update
Q3 2025

16
M&A volume holds steady, with value driven by megadeals
Source: InvestGame Note: (1) incl. earnout consideration
Quarterly activity incl. both minority & majority stake transactions
$4.7 $4.6
$14.7
$8.0
$5.0
$10.9 $11.1
$16.4
$7.3
$5.0
$0.8 $0.6
$6.2
$69.1
$3.2
$0.7 $0.6
$4.9
$2.5
$6.0
$56.9
56
78 84 79 80 80
92
44
64
39 42
32 23 28 33 41 43
29
49
32
49
– 140
– 90
– 40
10
60
0. 0
5. 0
10. 0
15. 0
20. 0
Q3-20 Q4-20 Q1-21 Q2-21 Q3-21 Q4-21 Q1-22 Q2-22 Q3-22 Q4-22 Q1-23 Q2-23 Q3-23 Q4-23 Q1-24 Q2-24 Q3-24 Q4-24 Q1-25 Q2-25 Q3-25
Closed Deal Value ($bn) Announced Deal Value ($bn) # of Deals
PANDEMIC BOOST POST -PANDEMIC
$65.5bn
9M 2025
DEAL VALUE 1
LARGEST
QUARTERLY DEAL
VALUE SINCE Q4 -23
RECENT ACTIVITY
130
# OF DEALS IN
9M 2025
1
GROWTH VS.
9M 2024

17
$0.8
$1.9
$0.6 $0.8 $0.5
$2.7
$4.8
$18.3
$7.4
$18.5
$5.1
–
$74.2
$2.7
$3.5
$5.6
$55.8
0. 0
2. 0
4. 0
6. 0
8. 0
10. 0
12. 0
14. 0
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 H2-25
Buyers target scaled gaming publishers with established IPs
Source: InvestGame Note: (1) incl. game developer and publisher acquisitions at estimated upfront enterprise value above $100m
M&A activity 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
U P F R O N T D E A L V A L U E ( $ B N )
PANDEMIC BOOST POST -PANDEMIC PRE -PANDEMIC
L A R G E S T D E A L –
2 2 6 2 2 2 10 10 17 12 10 7 – 3 4 2 5
ANNOUNCED
CLOSED

18
MOBILE
+
$800m
n/a
0.6x
GAMING APPS
Jul-25
$464m 3
(deal value)
10.4x
1.9x
Jul-25
DIVERSIFIED MOBILE
$3. 5bn
n/a
3.5x
GAMES
May -25
MOBILE
n/a
n/a
n/a
Equity Debt
May -25
(announced)
MOBILE
$620m 4
4.5x
1.0x
Feb -25
MOBILE
+
$1. 2bn
9.3x
3.8x
Jan -25
MOBILE
$700m
n/a
2.6x
Nov -24
Transactions involving public entities have dominated recent M&A
Source: InvestGame Note: (1) upfront enterprise value excl. earnout consideration; (2) based on upfront enterprise value; (3) minority M&A deal at $16bn enterprise value; (4) incl. $20m deferred payment
Largest gaming acquisitions of the last twelve months
TARGET
ACQUIRER
EV
1
SALES
EBITDALTM MULTIPLES
2
DATE
DIVERSIFIED
+
$55. 0bn
21 .2x
7.4x
Sep -25
(announced)
SERVICES
$2. 7bn
15.9x
3.2x
Oct -24

19
Largest public gaming takeovers side -by -side
Source: FactSet; press releases
$55
$65
$75
$85
$95
$105
Dec-19 Apr-20 Aug-20 Dec-20 Apr-21 Aug-21 Dec-21
$80
$100
$120
$140
$160
$180
Dec-19 Nov-20 Oct-21 Sep-22 Aug-23 Jul-24 Jun-25
ATH p rice: $179 ATH price: $104
B U Y E R ( S )
A N N O U N C E D O N 2 9 -S E P -2025 A N N O U N C E D O N 1 8 -J A N -2022
$210
OFFER PRICE
PER SHARE
$95
OFFER PRICE PER SHARE
$55.0 bn
6 4 % C A S H / 3 6 % D E B T
E V /
R E V E N U E
E V /
E B I T D A
S H A R E
P R I C E
D Y N A M I C S
V A L U A T I O N &
S T R U C T U R E
+25%
UNAFFECTED 1D PREMIUM
+45%
UNAFFECTED 1D REMIUM
+22%
PREMIUMTO 30D VWAP
+50%
PREMIUMTO 30D VWAP
S P O N S O R -L E D C O N G L O M E R A T E P U B L I C L Y -L I S T E D S T R A T E G I C
DEAL
M U L T I P L E S
H E A D C O U N T
7.2x
N T M
7.4x
L T M /
19.0x
N T M
21.2x
L T M /
~14,500
~ $ 4 m / F T E
$68.7 bn
1 0 0 % C A S H
7.3x
N T M
7.6x
L T M /
17.9x
N T M
20.8x
L T M /
~10,000
~ $ 7 m / F T E

20
Aug -2025
$52m
Jul-2025
n/a
May -2025 2
n/a
Equity
Debt
May -2025
$3.5bn
GAMES
Institutional investments in gaming at all -time high
PE -backed transactions surge as institutional capital targets opportunities in gaming
Source: InvestGame Note: (1) incl. earnout consideration; (2) date of announcement
M&A BUYOUTS (CONTROL)
GROWTH EQUITY (MINORITY)
$77.5bn+
TOTAL DEAL VALUE 1
74
TOTAL # OF DEALS
$2.0
$1.3 $1.4
$3.2
$2.5
$5.3
$4.2
$57.6
7 6 7
20
9
5
8
12
0. 5
1. 5
2. 5
3. 5
4. 5
5. 5
6. 5
7. 5
8. 5
2018 2019 2020 2021 2022 2023 2024 2025
Closed Deal Value ($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
YTD Jul-2025
$40m
Sep -2025 2
$55bn
ANNOUNCED
ANNOUNCED

21
$96m
$80m
$67 m
$29m
$27m
n/a
n/a
Asian gaming strategics accelerate dealmaking activity
Source: InvestGame
Convertible Notes &
Common Shares Issue $690m
IPO $320m
Convertible
Notes Issue $203m
Preferred
Shares Issued $57m
IPO $12m
IPO $10m
I N V E S T I N G I N W E S T E R N T A L E N T A C C E S S I N G C A P I T A L M A R K E T S
ISSUER VALUE DEAL TYPE TARGET INVESTOR VALUE
$517m
$464m
$358m
P U R S U I N G T R A N S M E D I A A S S E T S
TARGET INVESTOR VALUE

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 .
February 2025
Public Markets 4
Video Game Market Update
Q3 2025

23
Public capital raising slows in Q3 -25 after strong H1 -25 performance
Source: InvestGame
HEIGHT OF GAMING IPO MARKET POST -PANDEMIC DROUGHT
1.1
3.0
5.3
4.0
1.2 0.5
2.1
2.4
3.3
1.4
1.2
1.3 2.7
1.1 2.0
0.6 0.9
3.9
2.0
2.6
1.0
4.6
2.0
0.9 1.0
0.5
3.1
1.7
$4.7
$5.4
$9.0 $8.5
$4.2
$3.4
$0.7
$3.7
$0.1
$1.2
$2.3
$0.7 $0.5
$3.8
$1.7
$4.0
$5.8
$4.3
$0.3
22
29
39
20
5 8 9 7 4 4
12 10 13 10 6
15 12
18 16
10 5
– 100
– 80
– 60
– 40
– 20
0
20
40
0. 0
2. 0
4. 0
6. 0
8. 0
10. 0
12. 0
Q3-20 Q4-20 Q1-21 Q2-21 Q3-21 Q4-21 Q1-22 Q2-22 Q3-22 Q4-22 Q1-23 Q2-23 Q3-23 Q4-23 Q1-24 Q2-24 Q3-24 Q4-24 Q1-25 Q2-25 Q3-25
Public listings ($bn) Debt issuances ($bn) Share issuances/PIPEs ($bn) Announced Deal Value ($bn) # of Deals
$10.4bn
9M 2025
DEAL VALUE
GROWTH VS.
9M 2024
31
# OF DEALS IN
9M 2025
ANNOUNCED
GRADUAL RECOVERY RECENT ACTIVITY
GROWTH VS.
9M 2024

24
Convertible
senior note s
$0.69bn
May -25
Convertible
senior note s
$3.55bn
Jun -25 / Mar -25
$1.3bn Notes
$2.3bn Notes
PIPE
$0. 36 bn
Mar -25 / Jan -25
~$39m 3
$320m
Investment
(PIPE)
$1.25bn
Mar -25
(announced)
Convertible
senior note s
$0. 60 bn
Feb -25
Common stock
$1.04bn
May -25
Credit facility
& bond
$77m Bond
$227m RCF 2
$0. 30 bn
Limited public market activity in Q3 -25 with one debt transaction
Source: InvestGame Note: (1 ) excl. Azerion €225m bond placement announced on September 17 th and closed on October 2 nd; (2) Revolving Credit Facility; (3) approximate value based on Kadokawa’s market capitalization at the announcement date
Largest public market transactions over the last twelve months 1
COMPANY
CAPITALRAISED
DEALTYPE
DATE
Senior note
$3. 55 bn
Nov -24 Dec -24 / Nov -24
RCF 2 &
Loan Facility
$0.23bn
Jul-25

25
Large -cap publishers continue to outperform gaming peers
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 2
Source: FactSet as of September 30, 2025Note: (1) market cap -weighted index with chain -linking methodology; (2) Electronic Arts was excluded from the index calculation starting the day of first takeover rumors (September 26, 2025)
INDEX
40%
60%
80%
100%
120%
140%
160%
180%
200%
220%
Jan-23 Apr-23 Jul-23 Oct-23 Jan-24 Apr-24 Jul-24 Oct-24 Jan-25 Apr-25 Jul-25
PC/CONSOLE
+118%
+84%
+22%
(2%)
(38 %)
Sep -25
MOBILE -FIRST (WESTERN)
MOBILE -FIRST (ASIA)

26
Diversified and PC/console publishers maintain a valuation premium
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 September 30, 2025Note: (1) excl. CD Projekt forward EV/EBITDA values; (2) Electronic Arts was excluded from the index calculation starting the day of first takeover rumors (September 26, 2025)
MOBILE -FIRST (WESTERN)
3.0x
5.0x
7.0x
9.0x
11.0x
13.0x
15.0x
17.0x
19.0x
Jan-23 Apr-23 Jul-23 Oct-23 Jan-24 Apr-24 Jul-24 Oct-24 Jan-25 Apr-25 Jul-25
10. 1x
4. 5x
PC/CONSOLE 1
14 .2x
DIVERSIFIED / LARGE -CAP 2
16. 2x
Sep -25

27 Source: FactSet as of September 30, 2025 (in local currency)
Company -specific execution, not broader segment trends, drives share
price performance
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 TH S E P T E M B E R 2 0 2 5
70%
59%
44% 40% 38% 33% 30%
– 55%
– 5%
45%
55%
41%
16%
1%
(15%)
(26%)
37%
19% 18%
(6%)
(35%) – 55%
– 5%
45%
95% 99% 118% 99% 87% 93% 86% 82% 94% 80% 70% 72% 63% 93% 89% 87% 58% 74% 72% 44% 87%
16%
(24%)
(44%) – 55%
– 5%
45%
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
Based on tak eover bid
price of $210/share

28
Games
Y o Y G R O W T H
(Q2
-25 LTM vs. Q2
-24 LTM
)
Source: FactSet as of September 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
Diversified publishers sustain revenue growth while most mid -cap peers
experience revenue headwinds regardless of platform
3%
20%
3%
7%
2%
7%
14%
– 30%
20%
(9%)
(22%)
33%
(14%) (15%) (17%)
3%
(6%)
(9%)
16%
39%
– 30%
20%
50%
(7%)
5%
– 30%
20%
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 2 -2 5 C Y
DIVERSIFIED / LARGE -CAP PC/CONSOLE MOBILE -FIRST (ASIA) MOBILE -FIRST
(WESTERN)
3
Reported 8% organic
YoY growth in H1 -25

29
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%
DIVERSIFIED / LARGE-CAP PC & CONSOLE MOBILE-FIRST (ASIA) MOBILE-FIRST (WESTERN)
Growth and Profitability drive premium valuations
Regression analysis: forward -looking valuation vs. growth + profitability
EV
/E B I T D A ’ 2 6
Source: FactSet as of September 30, 2025 Note: (1) Cash EBITDA = EBITDA – Capex; (2) MTG’s organic revenue growth adjusted for Plarium ; (3) Playtika’s revenue growth adjusted for SuperPlay ; (4) Embracer’s revenue growth adjusted for Asmodee and Coffee Stain spin -off; (5) Electronic Arts’ EV is based on a takeover bid price of $210 (25% premium)
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
5

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 .
February 2025
Private Investments 5
Video Game Market Update
Q3 2025

31
Gaming private investments facing continued pressure
Source: InvestGame
PANDEMIC BOOST POST -PANDEMIC
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 0.3
2.9
0.8
1.7 1.7
3.4 2.5
1.6
1.2
1.0
0.3 0.4
0.3 0.3
0.7
2.1
1.5
$3.3
$1.2
$2.4 $2.5
$4.4
$3.3
$3.6
$4.4
$1.8
$1.3 $1.1
$0.5
$0.8
$0.5
$2.4
$1.1
$0.7 $0.6 $0.4 $0.5 $0.6
102 103
149 135 133
177
201
152
122 126
154
104 94 87
130 136 124
91 95 88 82
– 200
– 150
– 100
– 50
0
50
100
150
200
250
0. 0
1. 0
2. 0
3. 0
4. 0
5. 0
6. 0
7. 0
Q3-20 Q4-20 Q1-21 Q2-21 Q3-21 Q4-21 Q1-22 Q2-22 Q3-22 Q4-22 Q1-23 Q2-23 Q3-23 Q4-23 Q1-24 Q2-24 Q3-24 Q4-24 Q1-25 Q2-25 Q3-25
Early Stage VC ($bn) Late Stage VC / PE ($bn) Strategic-led ($bn) # of Deals
$1.5bn
DEAL VALUE IN
9M 2025
CHANGE VS.
9M 2024
265
# OF DEALS IN
9M 2025
LOWEST
QUARTERLY DEAL
VOLUME IN 5Y
RECENT ACTIVITY

32
Early -stage funding decline persists with Series A at five -year low
Source: InvestGame Note: (1) based on fundraisings with disclosed deal value above $250k (excl. accelerators/incubators -led rounds)
VC -led early -stage rounds (excl. web3 and esports) 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 0.1
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 0.1
$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 $0.2
36 38 54 68 49
92 117 82 66 66 70 53 48 43
70 71 65 45 53 37 35
21 19 21 22 21 31 32 27 21 16 18 14 9 16 15 28 15 13 9 8 5
-550
-450
-350
-250
-150
-50
50
0. 0
0. 5
1. 0
1. 5
2. 0
2. 5
Q3-20 Q4-20 Q1-21 Q2-21 Q3-21 Q4-21 Q1-22 Q2-22 Q3-22 Q4-22 Q1-23 Q2-23 Q3-23 Q4-23 Q1-24 Q2-24 Q3-24 Q4-24 Q1-25 Q2-25 Q3-25
Series A ($bn) Pre-Seed & Seed ($bn) # of Pre-Seed & Seed deals # of Series A deals
Pre -Seed & Seed
$0.5bn
DEAL VALUE IN
9M 2025
125
# OF DEALS IN
9M 2025
Series A
$0.3bn
DEAL VALUE IN
9M 2025
22
# OF DEALS IN
9M 2025
RECENT ACTIVITY PANDEMIC BOOST POST -PANDEMIC

33
Largest VC -led deals in Q3 -25
Source: InvestGame Note: ( 1) excl. blockchain -related startups
DATE TARGET INVESTOR LEAD DEAL TYPE AMOUNT
Jul -25 Series A $60.0m
Jul -25 Seed $30.5m
Aug -25 Series B $15.0m
Sep -25 Series A $15.0m
Aug -25 Seed $8.0m
Jul -25 Seed $7.3m
Aug -25 Seed $5.0m
Aug -25 Seed $3.1m
Jul -25 Seed $2.5m
Sep -25 Seed $2.0m
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
Sep -25 n/a Series B $100 .0m
Aug -25 Series B $100 .0m
Aug -25 Series B $58.0m
Aug -25 Series A $33.0m
Aug -25 Seed $5.4m
Jul -25 Seed $5.0m
Aug -25 Seed $5.0m
Sep -25 Seed $4.0m
Aug -25 Seed $3.3m
Aug -25 Seed $2.2m
Born
n/a
MATIKS

34
Most active early -stage gaming VCs
Last twelve months activity 1
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 16 14
2 15 4
3 14 3
4 11 10
5 11 7
6 9 5
7 9 2
8 8 4
9 7 7
10 7 6
# FUND NAME DEALS
TOTAL
DEALS
LED
SELECTED
INVESTMENTS
1 $113 m $81 m
2 $97 m $15 m
3 $83m $83 m
4 $82m $24m
5 $82 m $9m
6 $81m $20m
7 $79m $18m
8 $64 m $50m
9 $60 m $60 m
10 $48 m $48 m
Born
Born

35
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