Video Game Market Update Q3 2026

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Q3 2026
Video Game Market Update

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Disclaimer
Aream & Co . is a shared trading name with Aream Group LLP, Aream Advisors LLC and Aream Advisors
GmbH . Aream Group LLP is a Limited Liability Partnership registered in England and Wales, Registered
Number : OC 426365, Registered Office Address : 1 Cavendish Place, London, England, W 1G 0QF, United
Kingdom . Aream Group LLP (FRN 839407) is an Appointed Representative of Sentinel Regulatory Services
Ltd (FRN 1007903) which is authorized and regulated by the Financial Conduct Authority. Aream Advisors
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Authority (FINRA). Aream Advisors GmbH operates in the European Union as a Tied Agent of NFS
Netfonds Financial Services GmbH (NFS). NFS is authorized and regulated by the Bundesanstalt für
Finanzdienstleistungsaufsicht (BaFin) .
This report is provided for general information and discussion purposes only and is intended solely
for subscribers. It does not constitute a financial promotion, investment advice, or a
recommendation to engage in any investment activity.
The content reflects the views of the authors at the time of publication and may be subject to
change without notice . Nothing in this report should be construed as an offer, invitation, or

solicitation to buy or sell any financial instruments or to engage in investment activity, as defined by
the Financial Services and Markets Act 2000 (FSMA) .
This presentation is intended solely for the use of the recipient and may not be distributed to any
other company or person without the prior written consent of Aream & Co .
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SAN FRANCISCO
LONDON
BERLIN
COMPANY SNAPSHOT
M&A AND FINANCING TRANSACTIONS
110+
TRANSACTION VALUE
$40 bn+
GAMING BANKERS
23
global, independent investment bank specialized in
gaming and interactive entertainment
WORLDWIDE COVERAGE
SINGAPORE
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
OUR STRENGTH

4
Acquisition of
up to $820 million February 2025
TRANSACTIONS ADVISED BY AREAM & CO.
recent deal activity
Note: (1) Transaction values are based on the 100% enterprise value incl. upfront and earnout considerations
GAMING
TRANSACTIONS
2025 – 2026 YTD
14
CUMULATIVE
DEAL VALUE
2025 – 2026 YTD
1
$ 9 bn+
Sale to
$303 million
August 2026 Acquisition of
$100 million+
Pending
Management team’s Acquisition of
$120 million May 2026
Sale to
$289 million April 2026 Sale to
$ 168 million
June 2026 Financing
$75 million
August 2026 Sale to
$ 40 million
August 2026
Sale to
$800 million July 2025
Apps Business
Investment from
$53 million+
November 2025 Debt financing to
August 2025 Sale to
$1.0 billion+ April 2026 Acquisition of
March 2026

Executive Summary 1
Video Game Market Update
Q3 2026

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• Steam continued double-digit growth (LTM revenue +14% YoY), fuelled by new IP such as Wardogs, which topped Q3 -26 releases
• Console revenue fell 12% YoY to $14.1bn in the latest reported period, the steepest quarterly drop in two years, as all three pl atforms declined
• Mobile IAP spend slipped 7% YoY to $19.6bn in Q3- 26 on a smaller installed base, while Turkish and Asian publishers continue to gain market share
Q3-26 executive summary
GAMING
MARKET
ENVIRONMENT
DEALMAKING
ACTIVITY
• Private investment more than tripled YoY to $2.8bn across 137 deals, as late -stage rounds hit $2.0bn, the highest since Q4 -21, and AI companies VAST,
Meshy and General Intuition raised $1.2bn between them . UA financing became a mainstream alternative to equity in mobile gaming, reaching 27 deals
worth $374m over the last twelve months
• Public offerings rose 122% YoY to $1.3bn across 13 deals, after a strong Q2 that included Liftoff’s $503m Nasdaq IPO. More listings are coming, with
Catalyst’s $212m gaming SPAC already priced and PlaySimple and Fellowship preparing to go public
• PC & Console focussed g aming stocks have performed well in Q 3-26 on the back of strong launches
CAPITAL
MARKETS
• M&A deal count held near its post -pandemic high with 54 deals worth $57.8bn in Q3 -26, including the $55bn EA take -private, closed in August
• Content- focused M&A accelerated, with 18 control deals for developers and publishers valued above $100m in 2026 YTD, nearly as m any as in 2023-25
combined
• Deal activity concentrated in Asia, including Alibaba’s sale of Lingxi Games to Trustar Capital ($1.5bn+), Netmarble’s founder ’s acquisition of Tencent’s stake
in Netmarble ($270m), and Sony Music Entertainment’s minority stake in GungHo ($180m)
• Private equity momentum continued: besides Trustar’s Lingxi deal, Digital Alpha committed up to $215m to cloud -gaming platform Blacknut and CVC
invested in Chess.com in June

7
M&A and private financings post a strong quarter
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 and private debt
Dealmaking activity in Q3 -26
$57.8bn
DEAL VALUE
5 4
# OF DEALS
MERGERS & ACQUISITIONS 1
$1.3bn
DEAL VALUE
13
# OF DEALS
PUBLIC OFFERINGS 2
$2.8bn
DEAL VALUE
137
# OF DEALS
PRIVATE INVESTMENTS 3
$1.9
$4.1 $4.1
$6.5
$0.6
$2.7
$0.7
$2.8
$1.3
16 19 14 17
10 14
8
25
13
-8 0
-6 0
-4 0
-2 0
0
20
0.0
1.0
2.0
3.0
4.0
5.0
6.0
7.0
8.0
9.0
Q3-24 Q4-24 Q1-25 Q2-25 Q3-25 Q4-25 Q1-26 Q2-26 Q3-26
Closed Deal V a lue ($ bn ) Ann ounc ed Deal V alu e ($ bn) # of Deals
$0.7
$1.8
$0.4 $0.9 $0.8 $1.0 $1.3
$3.0 $2.8
118 103 128 119 126 109 101 110
137
-2 80
-2 30
-1 80
-1 30
-8 0
-3 0
20
70
120
170
0.0
1.0
2.0
3.0
4.0
5.0
6.0
7.0
8.0
9.0
Q3-24 Q4-24 Q1-25 Q2-25 Q3-25 Q4-25 Q1-26 Q2-26 Q3-26
Q 3-26 STATS
$0.6
$4.9
$2.5
$3.7 $4.3
$0.4
$6.3
$2.6
$57.8
43
31
55
41
51
38
47 54 54
-8 0
-6 0
-4 0
-2 0
0
20
40
0.0
2.0
4.0
6.0
8.0
10.0
12.0
14.0
16.0
Q3-24 Q4-24 Q1-25 Q2-25 Q3-25 Q4-25 Q1-26 Q2-26 Q3-26

8
$303m 1
$1.5bn+
$ 270m
2
Asian companies are behind most notable deals this quarter
Most notable gaming transactions in Q3 -26
MERGERS & ACQUISITIONS PUBLIC OFFERINGS PRIVATE INVESTMENTS
TARGET BUYERVALUECATEGORY COMPANYINVESTOR CATEGORY
COMPANY DEAL TYPE CATEGORY
VALUE VALUE
$700m 4 $596m 6
Source: InvestGame
Notes: (1) Electronic Arts announced in Sep -25 and Bluetile in Mar- 26; both completed in Aug -26 and shown in Q3 -26 based on completion date; (2) Deal value for a 13.4% minority stake; (3) Deal value for a 22.9% minority stake; (4) $500m closed 9 Sep; $200m
announced; (5) New SEK 2.0bn revolving credit facility; (6) Sum of Series A ($150m) and Series B ($446m) rounds; (7) Rumoured
$400m 7
$297m Hardware
AdTech
$400m AI Tech
$55bn 1 Diversified
Mobile
Fixed
Income AI Tech
Undisclosed
Tech
Mobile SPAC $
212m
$220m
AI Tech
Bang
Jun -hyuk
$ 204m 5 Fixed
Income Diversified
$
77m PIPE Mobile
IPO
AdTech $22m
Qianhe
Yibang
Undisclosed
Gaming
$180m 3 Mobile
Mobile

Gaming Market Backdrop 2
Video Game Market Update
Q3 2026

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INCREMENTAL IAP REVENUE 2(Q3-26 vs. Q 2-2 6)
$66m
$55m
$16m
$15m
$14m
$10m
$10m
$9m
$9m
$8m
$7m
$7m
Mobile IAP spend declines on a smaller installed base
Source: Sensor Tower (as of 30-Sep -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 (China: 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)
GLOBAL MOBILE GAMING CONSUMER SPEND (GROSS IAP REVENUE) 1 TOP -GROWING PUBLISHERS IN U.S.
Q3 -26 revenue down 7% YoY; LTM down 2% on a 10% drop in installs
APAC
Western
$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 $19.6
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 11.4
$3 . 0
$5 . 0
$7 . 0
$9 . 0
$1 1. 0
$1 3. 0
$1 5. 0
$1 7. 0
$1 9. 0
$2 1. 0
5 . 0
7 . 0
9 . 0
1 1. 0
1 3. 0
1 5. 0
1 7. 0
1 9. 0
2 1. 0
Q3-21 Q4-21 Q1-22 Q2-22 Q3-22 Q4-22 Q1-23 Q2-23 Q3-23 Q4-23 Q1-24 Q2-24 Q3-24 Q4-24 Q1-25 Q2-25 Q3-25 Q4-25 Q1-26 Q2-26 Q3-26
Gross IAP Revenue ($bn) Downloads (b n)
Leiting Games
FUNFINITY

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Garden-
scapes Last Z:
Survival
Shooter PUBG
MOBILE Delta Force Royal
Kingdom
Garena
Free Fire Coin
Master Royal
Match Whiteout Survival Honor of Kings
2017
Kingshot
2016
Gossip
Harbor:
Merge & Story
2025
2023
$2.0
$1.9 $1.8 $1.8 $1.7 $1.6 $1.5
$1.4 $1.3
$1.0 $1.0 $0.9 $0.8 $0.8 $0.8 $0.8 $0.7 $0.7 $0.7 $0.6
$0 m
$1 m
$1 m
$2 m
$2 m
$3 m
$3 m
Hon or of K ing s La s t W a r : Su r v i v a l Wh iteo ut S urv iva l Roy al Ma tch MONOP OL Y GO! Gos sip Harb or : Mer ge & St ory Can dy Cr us h S ag a King shot Coin Mas ter Rob lox 和平精英 Gare na F ree F ire Pokémon GO Delt a F or ce eF oo t b al l Towns hip Gard en sc ap es La s t Z: Su r v i v a l Sh o ot e r Roy al Kin gd om PUBG MOBILE
Source: Sensor Tower ( as of 30-Sep -26)
Notes: (1) Represents top -grossing IAP revenue (incl. 30% store commission); (2) LTM revenue for the period Oct-25 to Sep -26; (3) PUBG Mobile version developed for China market
4 years
TOP -20 GROSSING 1 IAP MOBILE GAMES WORLDWIDE LTM 2 ($BN)
APP AGE # OF APPS
3 (15%)
4 (20%)
13 (65%)
Last War: Survival Monopoly GO! Candy
Crush Saga Pokémon GO eFootball
2023
2015 2023
2021 2012
2022
Roblox
2012
Game for
Peace 3
2019 2016 2024
2025 2013 2024
2016
2017 2018
RELEASE DATE
Township
No 2026 launches have broken into the top -grossing chart
Only 3 of the top -20 grossing mobile games are under 2 years old

12SingaporeHong Kong4Mobile growth turns selective; only Türkiye and Asian hubs gainPublisher HQ countries ranked by Revenue and MAU over the last twelve months1ANNUAL GROSS IAP REVENUE BY PUBLISHER HQ2ANNUAL COMBINED AVG. MAU BY PUBLISHER HQ3REVENUE LTM ($BN)YoY (%)1(0.4%)2(13%)3(12%)4+10%5+17%6(12%)+7%10(0.1%)AVG. MAU LTM (BN)YoY (%)(7%)(1%)+1%+10%(8%)+13%+15%+1%(6%)(5%)– fastest-growing countries by publisher HQRANKRANKPUBLISHER HQ(5%)9(7%)87Vietnam1PakistanUS23Cyprus4567Türkiye8France9United Kingdom10China$25.5$10.2$7.5$5.5$4.6$3.5$3.4$2.7$2.6$2.51.8bn1.8bn1.8bn1.5bn1.3bn1.0bn0.9bn0.6bn0.6bn0.5bnUnited KingdomHong Kong4ChinaUSJapanSingaporeTürkiyeSouth KoreaIrelandPUBLISHER HQIsraelSource: Sensor Tower (as of 30-Sep-26)Notes: (1) Q4-25 to Q3-26, YoY vs. Q4-24 to Q3-25; (2) All games in Sensor Tower Game IQ, App Store and Google Play (China: iOS only), incl. 30% store commission;(3) Top 10,000 games by average MAU in each period; (4) Special Administrative Region (SAR) of China. Publisher HQ as classified by Sensor Tower

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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 1.3
2.0 2.5 2.8
1.9 2.0
2.6 2.8
2.3 2.7 2.9
3.5 3.0
3.7 3.7
4.1
3.6
3.8 4.4 4.3 4.3 4.1
$2.7
$3.2
$3.5
$2.6 $2.6
$3.2
$3.5
$2.9
$3.3 $3.4
$4.1
$3.8
$4.6 $4.6
$5.1
$4.5
$4.9
$5.4 $5.6 $5.5 $5.4
25.9
29.1 31.3
38.4 40.5 41.7
– 25 . 0
– 15 . 0
– 5. 0
5. 0
15 . 0
25 . 0
35 . 0
$ 0. 0 Bn
$ 1. 0 Bn
$ 2. 0 Bn
$ 3. 0 Bn
$ 4. 0 Bn
$ 5. 0 Bn
$ 6. 0 Bn
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 Q3-26
F2P games ($bn) Paid games ($bn) Peak online CCU (m)
Steam delivers solid double -digit growth
Source: Alinea Analytics (as of 30-Sep -26)
Notes: (1) Concurrent users; (2) Estimated worldwide full -games revenue in Q3 -26, incl. revenue from F2P games (IAP purchases); (3) Release date on Steam
STEAM GROSS REVENUE & PEAK ONLINE USER ACTIVITY TOP-GROSSING RELEASES Q3 -26 2
LTM revenue up 14% YoY, as new IP leads the top -grossing releases this quarter
CAGR Q 3-21 – Q 3-26 :
12% F2P | 15% Paid | 10% Peak CCU 1
$33m
0.5m
24- Sep
$35m
0.6m
3- Sep
$53m
11m
20- Aug
NEW IP
$55m
1.1m
9- Jul
FRANCHISE
$103m
3.2m
10- Sep
NEW IP
LT REVENUE
LT UNITSRELEASE
3
LT REVENUE LT UNITSRELEASE
3
$32m
0.8m
27- Aug
FRANCHISE FRANCHISE FRANCHISE

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CO-OP GAMES ¹ REVENUE ($BN)
Co-op and indie games remain the main engines of Steam’s growth
Source: Alinea Analytics (as of 30 -Sep -26)
Notes: (1) Steam Game Modes Co -op, Online Co -op, Shared/Split Screen Co -op or LAN Co- op, incl. free-to -play titles; (2) Steam Ge nres “Indie”; (3) Games first available on Steam between Oct -25 and Sep -26 (Early Access incl.), ranked by lifetime (LT)
Steam gross revenue to 30 -Sep -26; each game shown once; excl. Forza Horizon 6 (racing title tagged co -op) and Where Winds Meet ( free-to -play title by NetEase’s Everstone Studio tagged indie)
INDIE GAMES 2 REVENUE ($BN)
CAGR Q3’23 – Q3’26: + 21%
$1.5 $1.6
$2.2
$1.7
$1.9
$2.1
$2.4
$1.9
$2.2 $2.2 $2.3 $2.4 $2.3
$0 . 0 0
$0 . 5 0
$1 . 0 0
$1 . 5 0
$2 . 0 0
$2 . 5 0
$3 . 0 0
Q3-23 Q4-23 Q1-24 Q2-24 Q3-24 Q4-24 Q1-25 Q2-25 Q3-25 Q4-25 Q1-26 Q2-26 Q3-26
$0.8
$1.0
$1.4
$1.0 $1.0 $1.1 $1.2 $1.1 $1.2 $1.4 $1.4 $1.3 $1.4
$0 . 0 0
$0 . 5 0
$1 . 0 0
$1 . 5 0
$2 . 0 0
$2 . 5 0
$3 . 0 0
Q3-23 Q4-23 Q1-24 Q2-24 Q3-24 Q4-24 Q1-25 Q2-25 Q3-25 Q4-25 Q1-26 Q2-26 Q3-26
CAGR Q3’23 – Q3’26: +15%
LTM revenue up 7% YoY for co- op and 20% for indie
TOP RELEASES LTM 3
LT REVENUE
LT UNITS
RELEASE $346m
11.1m
Oct -2025
$141m
5 .9m
May -2026
$62m
2 .7m
Apr -2026
$152m
7 .6m
Mar -2026
$103m
3.2m
Sep -2026
$68m
2 .9m
Oct -2025

15
Western hubs extend Steam lead, taking 75% of top-10 revenue
STEAM TOP GROSSING 3 RELEASES BY DEVELOPERS
Developer HQ countries ranked by Steam gross revenue over the last twelve months
China +5%
+32% +9%
+ 15%
+2%
+25%
Japan
United Kingdom
France
Germany
+ 19%
+14% +32% +9%
South Korea Sweden
USA
1.
2.
3.
4.
6.
7.
9.
10. 5.
Canada
Poland
8.
GROSS REVENUE BY DEVELOPER HQ
REVENUE LTM 2
($BN) YoY (%)
DEVELOPER HQ 1 RANK
$6.4
$0.4
$0.6
$0.7
$0.8
$1.1
$1.7
$1.8
$1.8
$2.8
LTM 2
RELEASE YEAR
LTM -1
RELEASE YEAR
DEVELOPER: RELEASE:
LT REVENUE: DEV. HQ:
DEVELOPER:
Oct
-2025
$480m
Sweden
Oct -2025
$346m
Sweden
May -2026
$210m
United Kingdom
Mar -2026
$ 211m
South Korea
Feb -2026
$206m
Japan
Mar -2026
$152m
United States
Oct -2024
$264m
United States
Feb -2025
$211m
Sweden
Feb -2025
$ 460m
Japan
Dec -2024
$384m
China
Dec -2024
$203m
New Zealand
Feb -2025
$ 193m
Czech Republic
Source: Alinea Analytics (as of 30 -Sep -26)
Notes: (1) Each game is credited once to every country where a developer studio is headquartered; studios with no HQ are excl uded; (2) Steam gross revenue between Oct -25 and Sep -26; YoY against Oct -24 to Sep -25; (3) Games first available on Steam
(Early Access included) in the period, ranked by lifetime Steam revenue to 30 -Sep -26; Call of Duty: Black Ops 6 combines two Ste am listings
RELEASE:
LT REVENUE: DEV. HQ:

16
FRANCHISE
2.1m
9- Jul
FRANCHISE
2.1m
15- Sep
FRANCHISE
2.4m
28- Aug
FRANCHISE
4.9m
18- Sep
FRANCHISE
1.4m
13- Aug
Console market declines as all three platforms post YoY drops
Source: Company earnings reports, Alinea Analytics (as of 30-Sep -26)
Notes: (1) All financial results are reported in the local currency; (2) Estimated full -games units sold on PlayStation in Q3 -26; (3) Release date on PlayStation

MAJOR CONSOLE PLATFORMS: QUARTERLY GAMING DIVISION REVENUE ($BN) TOP-GROSSING RELEASES Q3 -26 2
5.6 6.6
9.8
7.4 5.6 7.2
11.1
6.9 6.5 7.5
10.5
6.5 5.9
3.5
3.9
7.1
5.5
5.0
5.6
6.6
5.7 5.5
5.5
6.0
5.3 5.0
3.4 2.3
4.0
1.9
1.6
1.9
2.8
1.4 4.0 3.6
5.2
2.6 3.2
$12.5 $12.8
$20.9
$14.7
$12.2
$14.6
$20.5
$14.0
$16.0 $16.6
$21.7
$14.5 $14.1
$0bn
$5bn
$10bn
$15bn
$20bn
$25bn
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
Sony (G&NS) Mic ro s of t (G am ing ) Nin tend o
Q4 FY26 Gaming revenue
decreased 10% YoY
, as Xbox
content & services fell 10% against
strong prior -year first -party content
Q1 FY27 G&NS revenue
decreased 9% YoY
in USD due to
yen depreciation; in JPY, sales were
flat as Network Services offset
weaker hardware and software
Q1 FY27 revenue
decreased 18% YoY
in USD, driven
by lower hardware sales against the
Switch 2 launch -quarter comp, partly
offset by digital and IP growth
EARNINGS NOTES 1 CAGR Q2 -23 – Q 2-26 :
1% SONY | 13% M SFT | -1% NTDO
PUBLISHER
UNITS
RELEASE
3
PUBLISHER UNITS
RELEASE
3
Q2- 26 platform revenue fell 12% YoY to $14.1bn, the steepest drop in two years
FRANCHISE
1.6m
9- Jul

17
10m
2- Sep -26
NEW IP
12m
29- Jul-26
NEW IP
24m
24- Sep -26
FRANCHISE FRANCHISE
13m
9- Jul -26 13m
3- Sep -26
FRANCHISE
48m
10- Sep -26
NEW IP
0.4bn
0.7bn
1.0bn
1.3bn
1.6bn
1.9bn
2.2bn
Sep-20 Ma r-2 1 Sep-21 Ma r-2 2 Sep-22 Ma r-2 3 Sep-23 Ma r-2 4 Sep-24 Ma r-2 5 Sep-25 Ma r-2 6 Sep-26
HOURS WATCHED ON MAJOR STREAMING PLATFORMS 1 (BN) TWITCH TOP STREAMING GAMING EXPERIENCES IN Q3 -26
Streaming hours hit a record high, lifted by Kick
Sources: Sullygnome (Twitch); StreamsCharts (Kick)
Note: (1) Approximate values based on publicly available information and research; (2) Release date on Steam PUBLISHER
HOURS
WATCHED
RELEASE
2
PUBLISHER
HOURS
WATCHED
RELEASE
2
Kick’s share of hours watched rises to 30% as Twitch holds flat YoY
8m
8- Sep -26
NEW IP
9m
20- Aug -26
FRANCHISE

18
4bn
7.2m
BLOX FRUITS STEAL A
BRAINROT RIVALS ANIMAL HOSPITAL (ANOMALY)
2bn
2.2m 3bn
1.6m
+1 SPEED KEYBOARD ESCAPE MURDER
MYSTERY 2
–
3m
6m
9m
12m
15m
18m
21m
Ja n- 22 Ma y -2 2 Sep-22 Ja n- 23 Ma y -2 3 Sep-23 Ja n- 24 Ma y -2 4 Sep-24 Ja n- 25 Ma y -2 5 Sep-25 Ja n- 26 Ma y -2 6 Sep-26
CONCURRENT USERS ON MAJOR PLATFORMS (M)
Sources: Rotrends Stats (Roblox), Fortnite.gg Stats (Fortnite), SteamDB (Steam); Rolimons.com (Roblox games stats)
Notes: (1) Concurrent users running a game at a specific moment
STEAM
IN -GAME 1
PUBLISHER
NEW VISITS PEAK CCU
PUBLISHER
NEW VISITS PEAK CCU
2bn
1.2m 2bn
674k
99 NIGHTS IN THE FOREST
6bn
14.2m
STEAL AN EGG
TOP ROBLOX GAMES BY VISITS IN Q3- 26
Engagement remains solid, with Steam growing and Roblox off
its summer peak
4bn
956k
BROOKHAVEN RP
Gamer Robot
4bn
1.3m
and Collect Rare Pets
Brazilian Spyder Nikilis

Mergers & Acquisitions 3
Video Game Market Update
Q3 2026

20M&A deal count stays near its post-pandemic highSource: InvestGameNote: (1) Incl. earnout considerationQuarterly activity including both minority & majority stake transactions$5.0$7.6$9.1$17.2$6.6$5.6$0.6$0.2$6.9$69.6$1.2$1.8$0.6$4.9$2.5$3.7$4.3$0.4$6.3$2.6$57.8857990526543413625333646433155415138475454-1 00-5 00501000.05.010.015.020.0Q3-21Q4-21Q1-22Q2-22Q3-22Q4-22Q1-23Q2-23Q3-23Q4-23Q1-24Q2-24Q3-24Q4-24Q1-25Q2-25Q3-25Q4-25Q1-26Q2-26Q3-26Closed Deal V a lue ($ bn )Ann ounc ed Deal V alu e ($ bn)# of DealsPANDEMIC BOOSTPOST-PANDEMIC$57.8bnQ3-2026DEAL VALUE1VALUE SPIKES ON ONE LARGE TRANSACTIONRECENT ACTIVITY54# OF DEALS IN Q3-20261SECOND-HIGHEST COUNT OF THE POST-PANDEMIC PERIODCLOSEDANNOUNCEDCLOSED$0.9

21
Content-focused M&A is accelerating after a quiet post -pandemic period
Control sale transactions across game developers & publishers
GAMING CONTENT CONTROL M&A DEALS (UPFRONT VALUATION >$100M 1) BY CLOSING DATE
# OF DEALS
PANDEMIC BOOST POST -PANDEMIC PRE -PANDEMIC
LARGEST
DEAL
–
Source: InvestGame
Notes: (1) Incl. game developer and publisher acquisitions at estimated upfront enterprise value above $100m ; (2) Incl. IndyGo, Wemade deal
2
ANNOUNCED
8
4
2
4
2 2
5
11 11
17
13
11
9
5 4
2
5
3
10
8
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 Q3-26
ANNOUNCED
ANNOUNCED

22$1.8$1.8$0.4$0.8$0.9$2.4$5.1$18.1$7.1$18.9$4.2$75.2$1.9$3.5$5.5$3.4$8.3$57.2 0 . 0 2 . 0 4 . 0 6 . 0 8 . 0 1 0. 0 1 2. 0 1 4. 0H2-18H1-19H2-19H1-20H2-20H1-21H2-21H1-22H2-22H1-23H2-23H1-24H2-24H1-25H2-25H1-26Q3-26Scaled publishers still account for most content M&A valueControl sale transactions across game developers & publishersGAMING CONTENT CONTROL M&A DEALS (UPFRONT VALUATION >$100M1) BY CLOSING DATEUPFRONT DEAL VALUE ($BN)LARGEST DEALSource: InvestGameNote: (1) Incl. game developer and publisher acquisitions at estimated upfront enterprise value above $100m ; (2) Incl. IndyGo deal, Wemade deal ANNOUNCEDPANDEMIC BOOSTPOST-PANDEMICPRE-PANDEMIC2-ANNOUNCED

23
$171m
3.7x 0.3x
Aug-26(announced)
MOBILE
$ 289m
15.1x 7
1.7x
Jun -26
MOBILE
$ 1.5bn
n/m 6
3.6x
Jun -26(announced)
NeoPulse
MOBILE
Asian companies take the lead in gaming M&A on both sides of the table
Source: InvestGame
Notes: (1) Reported or implied upfront enterprise value incl. earnout consideration; (2) Reported as more than $1.5bn; not confirmed by the parties; (3) Deal value for a 13.4% minority stake; (4) MBO by Xianlai Huyu chairman Xiong Liang via Xinglan Huyu ;
(5) Deal value for a 22.9% minority stake ; (6) Not meaningful, implied LTM EBITDA multiple of 30.2x; (7 ) Implied EV/ adj. EBIT
Selected gaming acquisitions over the last twelve months
TARGET
ACQUIRER
EV

1
SALES
EBITDA LTM MULTIPLES
DATE
+
$55.0bn
21.2x 7.4x
Aug
-26
DIVERSIFIED
+
$ 1.5bn+ 2
n/a
n/a
Aug -26(announced)
MOBILE
+
$ 303m
10.9×2.0x
Aug
-26
MOBILE
$ 176m
n/a
n/a
MOBILE
RI Games Holdings
Aug -26(announced)
$2bn
5.8x
0.9x
Sep -26
MOBILE
Bang
Jun- hyuk
+
$112m
n/a
n/a
Aug-26(announced)
MOBILE
Xinglan Huyu
(MBO)
4
($270m
3 deal value)
($180m 5 deal value)

24
Mar-2026
$ 6bn
ANNOUNCED Feb -2026
n/a
Apr -2026
$40.9m
Private equity momentum in gaming continues into 2026
Sponsor- backed gaming transactions surpass $87 .6bn in cumulative deal value
Source: InvestGame
Note: (1) Incl. earnout consideration
M&A BUYOUTS (CONTROL)
GROWTH EQUITY (MINORITY) $87.6bn+
TOTAL DEAL VALUE 1
126
TOTAL # OF DEALS
$2.9
$1.6 $1.6
$4.7
$3.4
$5.8
$4.8
$62.8
11 9
28
21
11 13 17 16
0 . 5
1 . 5
2 . 5
3 . 5
4 . 5
5 . 5
6 . 5
7 . 5
8 . 5
9 . 5
2019 2020 2021 2022 2023 2024 2025 2026
Closed Deal V a lue ($ bn ) # of Deals
SELECT RECENT SPONSOR TRANSACTIONS SPONSOR -BACKED GAMING TRANSACTIONS
ANNOUNCED
2026
YTD
Aug -2026
$1.5bn
Aug -2026
$215m
ANNOUNCED
Jun -2026
n/a

Public Markets 4
Video Game Market Update
Q3 2026

26ACTIVE IPO MARKETLimited public equity offerings in Q3-26POST-PANDEMIC DROUGHT4.02.30.92.63.02.71.11.12.00.71.40.71.03.91.55.20.51.60.93.61.11.03.10.61.31.4$10.2$4.7$0.8$3.8$0.2$1.1$0.5$1.2$2.3$0.8$1.5$3.8$1.9$4.1$4.1$6.5$0.6$2.7$0.7$2.8$1.3111010757710131091616191417101482513-7 0-1 0 0 . 0 2 . 0 4 . 0 6 . 0 8 . 0 1 0. 0 1 2. 0 1 4. 0Q3-21Q4-21Q1-22Q2-22Q3-22Q4-22Q1-23Q2-23Q3-23Q4-23Q1-24Q2-24Q3-24Q4-24Q1-25Q2-25Q3-25Q4-25Q1-26Q2-26Q3-26Listin g ( IP O/SP AC) ($b n)Fixed Income ($bn)Share issuances/PIPEs ($ bn)# of DealsCHANGE VS. Q3-2025GRADUAL RECOVERYRECENT ACTIVITYCHANGE VS. Q3-202513# OF DEALS INQ3-2026$1.3bnQ3-2026DEAL VALUESource: InvestGameNote: (1) Stillfront’s €60m (~$68m) term loan extension (Jul 7, 2026; original facility Sep 9, 2022) excluded as no new capital was raised1

27
SPAC
$204m
Feb -26
Fixed
Income
$700m 1
Sep -26
Investors continue to back SPACs targeting the gaming sector
Source: InvestGame
Note: (1) $500m closed 9 Sep; $200m announced, subject to EGM 28 Oct; (2) Consists of two separate $500m transactions; (3) SEK 1.0bn bo nds ($107m) and amended SEK 2.0bn RCF ($216m), gross incl. refinancing; excludes Jul -26 extension of existing
€60m (~$68m) term loan
Selected public market transactions over the last twelve months
COMPANY
CAPITAL
RAISED
DEALTYPE
DATE
Fixed
Income
$ 323m 3
Apr -26

IPO
$350m
Apr -26
(announced)
$ 400m
Ma r-26
Fixed
Income
$ 503m
Jun -26
IPO
PIPE
Fixed Income
$ 278m
$ 160m
$40m
$78m
Fixed Income
Jun
-26/Oct -25
PIPE PIPE
Fixed
Income
$ 1bn 2
Jun -26
$ 107m
$216m Fixed
Income
$212m
Jul -26
SPAC

28
Gaming stocks rebound in Q3, led by PC & Console
CHANGE IN INDEX STOCK PRICE
1
DIVERSIFIED / LARGE-CAP
Source: FactSet as of 30 -Sep -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) Electronic Arts was excluded from the index
calculation starting the day of first takeover rumors (26 -Sep -25); (4) Incl. Coffee Stain Group after its IPO on Stockholm Nasda q on 11-Dec -25
40%
60%
80%
100%
120%
140%
160%
180%
200%
220%
240%
260%
Ja n- 23 Ma y -2 3 Sep-23 Ja n- 24 Ma y -2 4 Sep-24 Ja n- 25 Ma y -2 5 Sep-25 Ja n- 26 Ma y -2 6 Sep-26
PC/CONSOLE 4
+1 59%
+28%
+8 %
( 36%)
( 48%)
MOBILE -FIRST (ASIA)
MOBILE -FIRST (WESTERN)
index
+260% MAGNIFICENT 7
+ 88% OTHER STOCKS 2
3

29
PC & Console multiples re-rate on the back of strong releases
EV/NTM EBITDA MULTIPLE (EV WEIGHTED)
MOBILE -FIRST (ASIA)
Source: FactSet as of 30 -Sep -26
Notes: (1) Electronic Arts was excluded from the index calculation starting the day of first takeover rumors (26 -Sep -25); take -p rivate completed 4 -Aug -26 (2) Excl. 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
Ja n- 23 Ma y -2 3 Sep-23 Ja n- 24 Ma y -2 4 Sep-24 Ja n- 25 Ma y -2 5 Sep-25 Ja n- 26 Ma y -2 6 Sep-26
7.2x
4.4x
PC/CONSOLE 2
12.6x
9.1x
DIVERSIFIED / LARGE -CAP 1

30Mixed share price performance across the sectorYEAR-TO-DATE SHARE PRICE PERFORMANCE AS OF 30 SEPTEMBER 202637%( 7%)( 12%)( 19%)( 25%)( 28%)-5 0%0%42%19%5%1%(6%)(13%)(18%)4%(14%)(21%)(29%)(31%)-5 0%0%98%79%77%78%54%63%61%75%64%59%54%97%48%92%14%11%(46%)DIVERSIFIED / LARGE-CAPPC/CONSOLEMOBILE-FIRST (ASIA)MOBILE-FIRST (WESTERN)% 52W HIGH2026 YTD SHARE PRICE CHANGE99%96%86%87%80%75%51%1 Source: FactSet as of 30-Sep-26 (in local currency)Notes: (1) Nexon share price fell on 29-Sep-26 following a one-off special dividend of ¥415 per share. Including the dividend, YTD performance would be (20%)

31
Games
2
1
G&NS
Sources: Companies reported financial results, FactSet as of 30-Sep -26 (applying average USD exchange rate for respective periods)
Notes: (1) Game & Network Services revenue; (2) Gaming domestic and international revenue
Most companies continue to deliver revenue growth
6%
( 4%)
10%
15%
46%
19%
-3 0%
20%
( 4%)
14%
27%
( 2%)
20%
10%
( 12%)
29%
( 15%)
49%
6%
11%
-3 0%
20%
56%
(4%)
6%
-3 0%
20%
REPORTED LTM REVENUE GROWTH, YOY (LATEST REPORTED PERIOD)
DIVERSIFIED / LARGE -CAP PC/CONSOLE MOBILE -FIRST (ASIA) MOBILE -FIRST
(WESTERN)
YoY LTM REVENUE GROWTH

Private Investments 5
Video Game Market Update
Q3 2026

33Private investment concentrated in late-stage roundsSource: InvestGamePANDEMIC BOOSTPOST-PANDEMIC0.60.81.71.10.80.70.60.40.40.40.50.70.30.50.30.30.30.50.30.90.43.22.71.61.51.10.50.50.20.30.40.30.20.40.40.40.91.02.00.70.32.10.31.61.11.10.4$4.5$3.6$3.6$4.7$2.2$1.4$1.1$0.7$0.7$0.7$2.5$1.0$0.7$1.8$0.4$0.9$0.8$1.0$1.3$3.0$2.815020622816413313616611110294136137118103128119126109101110137-1 50-1 00-5 00501001502002500.01.02.03.04.05.06.07.0Q3-21Q4-21Q1-22Q2-22Q3-22Q4-22Q1-23Q2-23Q3-23Q4-23Q1-24Q2-24Q3-24Q4-24Q1-25Q2-25Q3-25Q4-25Q1-26Q2-26Q3-26Ea rly St ag e VC ($ bn)La te Sta g e VC / PE ( $b n)Strategic-led ($bn)Private Debt ($bn)# of Deals$2.8bnDEAL VALUE INQ3-2026CHANGE VS. Q3-2025137# OF DEALS INQ3-2026RECENT ACTIVITYCHANGE VS. Q3-2025

34Seed funding falls to a five-year low as capital shifts to Series ASource: InvestGameNote: (1) Venture rounds ≥ $250K (disclosed), excluding grants, strategic/CVC, and esports; (2) Incl. unclassified early-stage roundsVC-led early-stage rounds 10.31.00.50.30.30.40.20.20.40.20.20.20.20.20.30.50.50.70.60.60.40.20.20.20.20.20.50.10.30.10.10.20.20.20.80.3$0.6$0.8$1.7$1.1$0.8$0.7$0.6$0.4$0.4$0.4$0.5$0.7$0.3$0.5$0.3$0.3$0.3$0.4$0.3$0.9$0.4751191441088685897059568692696367535053394441- 100- 500501001500.00.51.01.52.02.5Q3-21Q4-21Q1-22Q2-22Q3-22Q4-22Q1-23Q2-23Q3-23Q4-23Q1-24Q2-24Q3-24Q4-24Q1-25Q2-25Q3-25Q4-25Q1-26Q2-26Q3-26Series A ($ bn)Pre-Seed & Seed ($bn)# of DealsRECENT ACTIVITYPANDEMIC BOOSTPOST-PANDEMIC DECLINESETTLING AT NEW BASELINEPre-Seed & Seed(42%)CHANGE VS. Q3-2025$0.1bnDEAL VALUE INQ3-2026Series A2$0.3bnDEAL VALUE INQ3-2026+48%CHANGE VS. Q3-2025

35
UA financing becomes a mainstream alternative for mobile gaming
Non-dilutive capital becomes a growth tool for the gaming sector
$116
$157 $145
$82
$123 $112
$141
$48 $63
$100
$140
$155
$135
$63
1 1
10
4
7 9 7
-4 0
-3 0
-2 0
-1 0
0
10
0.0
50.0
100.0
150.0
200.0
250.0
300.0
350.0
Q3-24 Q4-24 Q1-25 Q2-25 Q3-25 Q4-25 Q1-26 Q2-26 Q3-26
Ea rly- sta ge in vestm ent ($m ) UA financing ($m) UA financing (# of deals)
MOBILE GAMING EARLY -STAGE CAPITAL VS. UA 1 FINANCING
# FUND NAME DEALS # DISCLOSED
VALUE SELECTED INVESTMENTS
1 15$269m
2 5$37m
3 4$30m
TOP-3 2 BY NUMBER OF LED DEALS (LTM)
Hitwicket
Source: InvestGame
Note: (1) User Acquisition; (2) UA financing deals for Mobile Gaming Content only . Disclosed value excludes undisclosed deals
SELECT FUNDS WITH UA FINANCING CAPABILITIES
SPECIALIZED UA FUNDS

36
Dec-25
$30m
MOBILE
SERIES A
May -26
PC/CONSOLE
$100m
UNDISCLOSED
EARLY -STAGE
UNDISCLOSED
Feb -26
$70m
MOBILE
SERIES A
Apr -26
$30m
PC/CONSOLE
GROWTH
May -26
$70m
MOBILE
SERIES B
Large rounds are the exception in gaming content
Largest gaming content fundraisings over the last twelve months
COMPANY
CAPITAL
RAISED LEAD
INVESTORS
DATE SEGMENT
Source: InvestGame
Notes: (1) Cumulative: three late -stage rounds of $10m, $10m and $9m
Sep -26
MOBILE
$25m
SERIES A
Jan -26/
May -26/Aug -26
DIVERSIFIED
$29m 1
UNDISCLOSED LATE -STAGE
Aug -26
PC/CONSOLE
$27m
UNDISCLOSED
EARLY -STAGE
UNDISCLOSED
Oct -25
MOBILE
$30m
SERIES A

37
Feb-26
AI TECH
$315m
SERIES E
Mar -26/Jun -26/
Jul -26/Sep -26
AI TECH
$846m
SERIES A
SERIES A+, A++
SERIES A+++
SERIES B/B+ $50m
$200m
$150m
$446m
AI tech companies take most of the largest private rounds
Largest private investments over the last twelve months
COMPANY
CAPITAL
RAISED
DATE SEGMENT
May-26
AI TECH
$300m
SERIES B
Jun -26
AI TECH
$310m
SERIES B
Jul -26
AI TECH
$400m
SERIES B
Oct -25/
Jun -26/Sep -26
AI TECH
$674m
SEED
SERIES A $134m
$
320m
$220m
Mar -26/Jul -26
AI TECH
$439m
SERIES C $300m
SERIES C+ $139m
Jun -26/Aug -26
ADTECH
$1.4bn
SERIES E
DEBT 1 $1bn
$400m
Sep
-26
HARDWARE
$150m
SERIES E
PRIVATE DEBT
Source: InvestGame
Notes: (1) Rumoured
LATE STAGE
LEAD
INVESTORS

38
# FUND NAME DEALS
LED
DEALS
TOTAL SELECTED INVESTMENTS
1 16 19
2 15 17
3 11 11
4/5 7 11
4/5 7 7
6/7 6 6
6/7 6 6
5 9
5 9
5 8
# FUND NAME VALUE OF
DEALS LED
TOTAL VALUE
OF DEALS SELECTED INVESTMENTS
1 $474m $474m
2
$217 m $581m
3/4
$200 m $35 0m
3/4
$20 0m $20 0m
5
$105m $168m
6
$68m $74m
7
$67m $67m
8
$5 0m $50m
9 $41m $41m
10 $38m $57m
Most active early -stage gaming VCs
Fundraising activity over the last twelve months 1
TOP-10 BY NUMBER OF LED DEALS (LTM) TOP-10 BY LED DEAL VALUE (LTM)
Source: InvestGame
Note: (1) Early -stage fundraisings excl. blockchain, esports, and accelerator grants
8/9/10
8/9/10
8/9/10

Appendix
Aream & Co. Credentials
Video Game Market Update
Q3 2026

40
Trusted by leading digital entertainment, media and consumer
entrepreneurs across the globe
Sale to
$247 million
March 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
$27 million
August 2024
Sale of selected assets to
July 2025 Sale to
January 2025 Sale to
$700 million
November 2024 Acquisition of
August 2024
€ 15 million
September 2024
Convertible Loan Issuance to Sale to
$1.2 billion
January 2025 Acquisition of
up to $820 million February 2025 Acquisition of
May 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
$303 million
August 2026 Acquisition of
March 2026
Management team’s Acquisition of
$120 million May 2026
Sale to
$ 168 million
June 2026 Sale to
$40 million
August 2026

41
Trusted by leading digital entertainment, media and consumer
entrepreneurs across the globe
(cont’d)
Sale to
$400 million
August 2021 Sale to
August 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
December 2021
Minority Investment from
Sale to
January 2022
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 billionJuly 2023 Sale to
$42 million
October 2023 Sale to
$97 million
December 2023 Sale to
February 2024

42
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
$200 million+
December 2018 Strategic Advisory
April 2019 Strategic AdvisoryApril 2019 Sale to
August 2019 Sale to
$90 million June 2019
€43 million
September 2019
Series C Preferred
Stock
Sale to
$1.8 billion July 2020 Sale to
January 2020 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 Acquisition of
July 2021

43
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
Acquisition of April 2017 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 billionJuly 2016 Subordinated Debt
$60 million
December 2016 Sale to
$250 million
January 2017
January 2018 Acquisition of
Preferred Stock
$20 millionJune 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 Sale of stake in
$272 million
March 2018 Acquisition of
April 2018 Sale to
$250 million May 2018

44
LONDON
1 Cavendish Place
W1G 0QF
[email protected]
+44 20 3111 7500
LinkedIn
BERLIN
Str. 3-5 Neue
Schönhauser
10178 SAN FRANCISCO
535 Mission St.
94105
SINGAPORE
36 Robinson Road,
068877