#1Devolver Digital DEVOLVER G ITAL INVESTOR PRESENTATION 1H 2022 RESULTS Investor Presentation#21H 2022 HIGHLIGHTS REVENUE $53.0m +14% vs 1H 2021 GROSS PROFIT (NORMALISED) $19.0m +22% vs 1H 2021 EBITDA (NORMALISED) $6.8m -46% vs 1H 2021 D CASH BALANCES $74.2m TITLES RELEASED 7 Average Metacritic Score: 77 INSCRYPTION: Award Winning PEDIGE GAME DESIGN GAMES AWARDS 2022 K GAME OF THE YEAR NSCRYPTIO Devolver Digital Investor Presentation SUN OPOSSUM EXCELLENCE IN GAME DESIGN Inscryption becomes first game to ever win top prizes at both GDCA and IGF Awards 2#3ZERO MIAMI GRIS Goto Roboto ՄՈՍՈԷ THE INDIE DEVELOPER'S PUBLISHER KATANA FALL GUY'S DEATH'S DOOR INSCRYPTION CARRION ☐ Normalised Revenue Fall Guys Outperformance D POINPY $142m $98m Loop WE'R WEST MY FRIEND PEDRO HERO TREK YOMI BLOOD BULLETS BANANAS $71m OLIJA GUNGE DEVOLVER DIGITAL $42m $59m 37% CAGR (¹) essays on empathy. $46m +14% $53m Founded 2009 2018 2019 2020 2021 1H 2021 1H 2022 ADJ. EBITDA(1) $5.8m $11.6m $15.8m $25.7m $12.6m $6.8m MARGIN (%) 13.6% 19.8% 22.2% 26.2% 27.1% 12.9% (1) Excl. Fall Guys outperformance Devolver Digital Investor Presentation#4RELEASING 10-15 TITLES EACH YEAR RETURN TO SERIOUS SAM 70 71 SIBERIAN MAYHEM TREK YOMI MONAY WEIRD WEST 76 POINPY B7 L 87 ISLAND 88 Metacritic Score MEPIXEL 3 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec SHADOW WARRIOR 71 Card Shark fentacolar 81 Devolver Digital 80 HARD WEST II 78 CULTA LAMB 7+1 Investor Presentation 82 三國 REIGNS -THREE KINGDOMS- D#5BROADENING THE OFFERING PORTING 2021 3 Titles ACTIVITY 3 Platforms H1 22 1 Title 2 Platforms H2 22 11 Titles 20 Platforms D INSCRYPTION Oct'21: Windows Jun'22: MAC & Linux Devolver Digital Investor Presentation B Aug'22: PS4 & PS5 TBC 1-2 more consoles#6BACK CATALOGUE MOMENTUM Game Sales revenue # Titles released (cumulative) New Titles (Front catalogue) Back Catalogue 97 89 79 36% 39% 65 38% 40% Back Catalogue Levers D 104 • Porting to new platforms • Localisation in other languages Capitalising on sequel and franchise release momentum • Platform bundle agreements . 36% Publisher sales 92 64% 23% 61% 62% 64% 60% 77% 2018 2019 2020 Note: Excludes Fall Guys | 2018-2020 calculated on a cash accounting basis Devolver Digital 2021 H1 2021 H1 2022 Investor Presentation · Firefly and Good Shepherd acquisitions added 37 additional titles 2021 Devolver Group Back Catalogue contribution was c.70%.#7BACK CATALOGUE QUALITY Back Catalogue revenue # Tier 1 Back Catalogue titles (revenue $1m+) 15 Tier 2 (<$1m) Back Catalogue % Tier 1 Back Catalogue % 16 31% 10 22% 9 26% 19% 17 17 23% 29% 69% 78% 74% 81% 77% 71% 2018 2019 2020 2021 H1 2021 H1 2022 Note: Excludes Fall Guys | Calculated on a part accruals basis | Tier 1 = revenue $0.5m+ for H1 2021 and H1 2022 Devolver Digital Investor Presentation Back Catalogue D • Consistent and strong increase in total dollar quantum of back catalogue sales, year over year and half over half. Tier 1 titles generate over US$1 million per year in sales. In 1H 2022 there were 17 Tier 1 titles, at record levels for Devolver. • Tier 2 titles generate less than US$1 million per year in sales, and this 'rump' of titles accounts for around 25% of total back catalogue sales each year. 7#8EVERGREEN BACK CATALOGUE TITLES 17 Tier 1 titles generate 77% of back catalogue revenues Tier 1 super titles are 'Evergreen' to reflect consistent, above-average material contribution, year after year Loop DEATH'S HERO DOOR IEN1ER 1HEI GUNG KATANA ZKRO GRIS SERIOUS SAM SHADOWS WORKKICK ABSOLVER. MY FRIEND PEDRO BLOOD BULLETS BANANAS DEATH'S HOTLINE GORN FORCE MIAMI D Devolver Digital Investor Presentation#9け ※手 RETURN TO MONKEY CULT LAMB MOSTARY 1st week stats over 1m sales 14.1m streaming hours watched video views: 27.8m OF THE It feels good to be baaad" PC Gamer 326k mentions Metacritic Scores trended #1 on 82 85 Billibilli in China B 89 78 "Eerie Triumph" The Guardian SLAND Metacritic Scores 88 84 "Everything I TM "A deft and heartfelt journey through nostalgia" Eurogamer wanted and more" TheGamer 1 st week stats 0.9m video views mentions: 12k "The game is just filled with joy" The Verge "A monumental masterclass in metatextual mischief" NME Devolver Digital Investor Presentation#10EXCITING PIPELINE FOR 2023 & 2024 TERRA NIL RECLAIM THE WASTELAND Top 10 Wishlist Steam Next Fest 535k Trailer views 9.1m Video views SKATE STORY by Son Eng Streaming hours 219k 2.6k Mentions "Not your average skating game" The Guardian D 217k 330 Trailer views Articles 5.0m 10.1k The PUCKY SQUIRE "I can't stop thinking about The Plucky Squire❞ Games Radar 183k 517 Trailer views Articles 00 STICK IT STICKMAN Trailer views Mentions Coming 2024 Early Access 2023 223k Sep 1 Trailer views Announced Devolver Digital 6.9m 22.4k 3.7m Video views 1.5k Mentions FOO Video views Mentions Top 10 Wishlist Steam Next Fest 177k Trailer views 8.1m Video views 445k Streaming hours 6.2k Mentions DEVOLVER DIGITAL MARKETING. COUNTDOWN TO MARKETING Total Coverage For these 5 titles 1.3m 662k Trailer views Streaming hours 32m Video views Mentions 42.8k Investor Presentation 10#11OUT EET UT OUT AT GET OUT THE BAC GET DUY GET OUT BEY OF FINANCIALS Devolver Digital Investor Presentation EM FIXE 11 ULTRA SIES D#12$'M PROFIT & LOSS – STATUTORY REPORTING - FY20 FY21 1H 2021 1H 2022 FY20 Statutory Normalised Net revenue 212.7 71.1 98.2 46.4 53.0 Cost of Sales (121.0) (48.0) (58.9) (30.7) (34.7) Gross profit 91.7 23.1 39.2 15.7 18.3 Gross margin 43.1% 32.5% 40.0% 33.8% 34.5% Operating expenses (13.9) (10.1) (105.3) (27.4) (29.9) Other Income (0.6) 116.1 115.3 Operating Profit 77.2 12.3 50.0 103.6 (11.6) Pre tax Profit/(Loss) 77.2 12.3 50.0 103.6 (11.6) Taxation (13.1) (11.5) (19.4) (24.1) Profit/Loss for the period 64.1 0.8 30.6 79.5 (5.0) (16.6) Normalised Adjusted EBITDA 80.5 15.8 25.7 12.6 6.8 Adj. EBITDA margin 37.9% 22.2% 26.2% 27.1% 12.9% Basic Earnings Per Share ($) Diluted Earnings per Share ($) 0.081 0.224 (0.037) 0.075 0.207 (0.037) Devolver Digital Investor Presentation COMMENTARY D Semi-annual net revenues up 14.1% to record high in 1H 2022 (not including Fall Guys windfall in 2020). Revenue growth driven by new title releases and Back Catalogue strength. Gross margin slightly higher than 1H 2021 despite large step-up in amortisation expenses. EBITDA margin compression due to: 1) higher payroll costs (excluding 1H 2021 Fall Guys-related bonus), reflecting the 22% increase in headcount versus 1H 2021; 2) Increases in professional fees for various work streams including audit, accounting, tax and legal fees, and; 3) Listed PLC-related costs (Director's fees, NOMAD fees and D&O insurance). 12#13STATUTORY TO NORMALISED PROFIT & LOSS $'000 2020 2021 1H 2021 1H 2022 Revenue Reported Revenue 212,738 98,152 46,443 53,003 Normalised revenue adjustment (141,635) Normalised Revenue 71,104 98,152 46,443 53,003 Gross Profit Reported gross profit 91,694 39,232 15,716 18,260 Normalised gross profit adjustment (68,613) (175) 721 Normalised Gross Profit 23,080 39,232 15,541 18,981 Adjusted EBITDA Reported Adjusted EBITDA 80,531 110,818 118,332 5,627 Normalised Adjusted EBITDA adjustment (64,748) (85,0899) (105,764) 1,191 Normalised Adjusted EBITDA 15,783 25,729 12,568 6,818 Devolver Digital Investor Presentation This table presents the adjustments to 'normalised' revenue, gross profit and Adjusted EBITDA. The outperformance element in FY20 has been removed (given the significant success of Fall Guys), including initial budget numbers only. The gain on the sale of the publishing rights in April 2021 is also removed from the analysis. The Adjusted EBITDA adjustment also adds back Fall Guys-related founder bonuses in 1H 2021. The $1.2 million add back to Adjusted EBITDA in 1H 2022 is made up of US$0.72 million from the impairment on a cancelled game and US$0.45 million of non-recurring professional fees. D 13#14CASH FLOW STATEMENT $'000 2020 2021 1H 2021 1H 2022 Operating activities Net income 64,093 30,627 79,451 Amortisation & Depreciation 6,978 9,338 4,780 (16,610) 10,873 Share based payments 2,747 55,150 13,638 11,477 Gain on sale of Publishing Rights & IP (115,576) (114,976) Working capital movement (1,030) 140 3,356 468 Other operating activity and FX movement (533) 2,891 Net cashflow from operating activities 72,255 (17,430) (50) (13,801) 1,409 7,617 Investing activities Investment in software development intangibles (22,175) (31,734) (31,761) (15,631) Sale of Publishing Rights & Intellectual Property 127,500 126,900 Acquisitions (net of cash acquired) (3,278) (34,083) (25,797) Other 65 Net cashflow from investing activities (25,387) 61,683 (99) 87,243 (5) (15,636) Financing activities Net change in Borrowings/Others 240 (68) 33 Share capital issuance including option exercise (6,000) 49,362 634 (510) (1,527) Repayment of Shareholder Loan (20,837) (20,837) Dividend (10,000) (30,000) (30,000) • Net cashflow from financing activities (15,761) (1,543) (50,170) (2,037) Net cashflow Closing cash Devolver Digital 31,107 42,710 23,272 (12,063) 43,529 86,239 66,801 74,176 Investor Presentation Cash from operating activities is primarily driven by the trading of the business in addition to the changes in working capital. Investing activities includes the purchase of intellectual property and the acquisitions made in 2020 and 2021. In 1H 2022 investment was entirely into software development. Share based payments in 1H amounted to US$1.5 million from the vesting, and exercise, of options granted under the 2017 Stock Option Plan. Financing cash outflow was principally the net outpayment for settlement of options through the Employee Benefit Trust. Cash at 30 June 2022 amounted to $74.2 million. D 14#15BALANCE SHEET $'000 2020 2021 1H 2021 1H 2022 Non-Current Assets Intellectual property 23,254 53,382 40,117 49,640 Capitalised developments costs 28,319 44,441 56,829 52,960 Goodwill 159 66,820 40,117 66,820 Deferred tax assets and others 1,708 2,639 1,820 237 Total Non-Current Assets 53,440 167,281 122,639 169,657 Current Assets Cash in bank 43,529 86,239 66,801 Accounts Receivable & prepaid expenses 16,208 19,355 9,712 74,176 19,989 Prepaid Income tax 8,512 569 4,705 Total Current Assets 59,737 114,106 77,072 TOTAL ASSETS 113,177 281,387 199,711 98,870 268,527 Current Liabilities Trade, other payables and accrued expenses 18,305 17,835 9,479 Deferred revenue 599 4,482 1,913 13,956 5,047 Amounts due to shareholders 20,837 Deferred Tax Payable & Other 983 1,434 6,916 Total Current Liabilities 40,744 23,751 18,308 19,003 Non-Current Liabilities TOTAL LIABILITIES 920 10,883 10,406 10,883 41,664 34,634 28,714 29,866 TOTAL EQUITY 71,513 246,753 170,997 238,641 TOTAL EQUITY & LIABILITIES 113,177 281,387 199,711 268,527 Devolver Digital Investor Presentation • The Group's net asset position was $238.6 million at 30 June 2022 reflecting: Capitalised development costs of US$53.0 million reflecting ongoing development of the games pipeline. 。 IP balances of US$49.6 million, reducing due to amortisation of IP. Goodwill from acquisitions recorded at US$66.8 million. Cash holdings of US$74.2 million after 1H development expense of US$15.6 million. Accounts payable and accounts receivable largely balanced throughout the year, dependent on cash collection timing. Deferred Revenue increased to US$5.0 million, reflecting revenues from bundled deals not yet released. D 15#16STRENGTHENING THE BENCH - SCALING FOR GROWTH • Operating subsidiaries in the UK, Netherlands, Croatia, Poland and the United States. 。 Adding talent: production, QA, marketing, finance & legal. Raising the level of ‘polish' for new titles, driving unit sales. Focus specifically on gameplay, marketing & user engagement. Strengthening bench has positive effect on cost control: bringing expertise in-house delivers cost savings, reducing third-party payments such as professional fees. Total Group Headcount - 225 at end 1H 2022, up from 185 one year ago. Devolver Group Headcount 1H 2022 49% Game Development D 3% IT 3% 16% Publishing, Production & QA Business 7% 15% Marketing 1% Legal, HR & Finance Management Development Devolver Digital Investor Presentation D 16#17$'M Operating expenses - Trends 2021 1H 2021 2H FY21 2022 1H Trend Headcount - up 22% YOY due to: Payroll 8.7 5.8 15.5 6.3 Slow rise Stock compensation expense 12.9 42.3 55.2 11.5 Steady fall 1) acquisitions 2) scaling for growth Professional fees 2.4 7.1 9.5 2.9 Slow fall Travel and entertainment 0.0 0.3 0.3 0.3 Slow rise Office 0.1 0.2 0.3 0.1 Steady Insurance 0.0 0.2 0.2 0.5 Slight fall Administration and other costs 1.9 17.6 19.5 2.6 Steady Foreign exchange movements (0.4) 0.6 0.2 2.0 Possible rise Amortisation of intellectual property 1.8 3.8 5.7 3.8 Slow fall and depreciation of PPE Total Operating Expenses 27.4 77.9 105.3 29.9 Steady Professional fees - M&A-related, company building blocks (EBT, LTIP, IP trademarking etc) New additions ensure quality & reduce third-party expenses, including: Bringing professional fees in-house (tax, legal), building QA oversight team etc PLC-related fees - D&O insurance, directors fees, Nomad Fees, Exchange Fees, RSN etc Cash operating expenses 16.4 32.4 48.8 12.6 Steady Excluding FG special bonus 1H 2021 10.4 32.4 48.8 12.6 Steady Devolver Digital Investor Presentation D 17#18SUMMARY AND OUTLOOK OUT EET UT OUT AT GET OUT THE BAL COT DUY GET OUT KEY ON Devolver Digital Maintaining FY22 guidance: 30% revenue growth, 15% EBITDA growth. Momentum in H2 2022: quality of new titles and back catalogue. Strong balance sheet: supports investment in long-term growth. Healthy pipeline: 30+ titles for 2023-2025. Investor Presentation 5ZR BE D ULTRA SIES 18#19OUT EET UT OUT AT GET OUT THE BAL COT DUY GET OUT KEY ON THANK YOU ULTRA SIES Devolver Digital Investor Presentation 19 D#20OUT EET UT OUT AT GET OUT THE BAL COT DUY GET OUT KEY ON Appendix - Background Information Devolver Digital ULTRA SIES Investor Presentation 20 D#21DIVERSIFICATION ACROSS THE BOARD BY DEVELOPER BY TITLE* 64 Development partners worked on the existing portfolio... ...29 development partners are working on pipeline games... ...of which 9 are repeat partners Top 10 categorised only #1, 12.2% BY GEOGRAPHY 4% 11% BY PLATFORM* 4% 6% #2, 11.3% Other, 41.3% 2021 Revenue 97 Titles 2021 41% 25% 2021 21% #3, 8.6% Steam Unit Sales Revenue* 65% #4. 5.4% #10, 2.3% #5, 5.1% #9, 2.9% #8, #7. #6, 2.9% 3.4% 4.6% 23% North America Asia Other Europe LatAm □ PC Console Mobile Other UNDERPINNED BY ANNUAL BACK CATALOGUE CONTRIBUTIONS OF C.63% (FY18 – FY21)* *Calculated on a Normalised basis; all game level financials are calculated on a cash accounting basis Devolver Digital Investor Presentation D 21#22GROWTH STRATEGY + B Release 10 - 15 unique titles per year Devolver Digital Mine our back catalogue Organic Growth Improving our craft increases margins Selective studio & IP acquisitions Investor Presentation D 22#23IMPROVING OUR CRAFT INCREASES OUR RETURNS More gameplay testing Better game selection Improved localisation services Devolver Digital 8888 Investor Presentation $ Greater investment More talent Wider & increased marketing 23 D#24SELECTIVE STUDIO & IP ACQUISITIONS ACQUISITION SHADQUL WARRIOR CROTEAM Good Shepherd ENTERTAINMENT ARTIFICER DATE ACQUIRED COUNTRY TYPE OF ACQUISITION HEADCOUNT FRANCHISES 2015 (50%) 2018 (100%) n/a IP N/A 1 Oct-2020 Croatia Developer 38 Total 32 Devs 2 # of own IP franchises Jan-2021 Netherlands & Poland (Artificer) Publisher & Studio 56 Total 35 Devs1 3rd party contracts 2019 17 Total May-2021 UK Developer 2 16 Devs NERIAL Jun-2021 UK Developer 36 Total 26 Devs 3 D FIREFLY studios DODGE ROLL Acquired 5 studios in 9 months Jul-2021 USA Developer 4 Total (all Devs) 1 c.$130m* cost (combination of cash & shares) Incremental margin improvements Low integration risk Current Devolver Digital *Includes contingent consideration estimated at the time of acquisition Investor Presentation 9 D 24#25D BOARD OF DIRECTORS OUT EET UT OUT AT GET OUT THE BAL COT DUY GET OUT KEY ON Devolver Digital Investor Presentation ULTRA SIES 25 25#26INDEPENDENT DIRECTORS • • . KATE MARSH SENIOR INDEPENDENT NON-EXECUTIVE DIRECTOR Remuneration Committee Chair Audit Committee Member 30 years of experience in digital and media businesses Non-executive director at Games Workshop, Elstree Film Studios & Mediahuis Ireland (previously INM plc) Leads international development for MGM Studios' digital networks Previously held senior roles with Sky, GroupM, the BBC, and Sony Pictures Television • • • JANET ASTALL INDEPENDENT NON-EXECUTIVE DIRECTOR Audit Committee Chair Nomination Committee Member Over 20 years of experience working in finance Currently the FD, Financial Control and COO Business Partnering, at mobile network Three Previously held financial controller and similar roles at BT, British Gas and O2 Previously a NED at Telefonica Qualified as a Chartered Accountant at KPMG in 1998 . • • JO GOODSON INDEPENDENT NON-EXECUTIVE DIRECTOR Nomination Committee Chair Remuneration Committee Member Managing Partner of tech M&A boutique Hampleton Partners Technology entrepreneur with over 25 years of experience Co-founded software publisher Mediagold, which later exited to Euronext-listed Avanquest Has been an adviser and/or early stage investor in a range of games businesses including Mediatonic (now Tonic Games), Playmob, Indigo Pearl, a games industry PR company, and Six to Start, recently exited to OliveX Devolver Digital . • • JEFF LYNDON KO INDEPENDENT NON-EXECUTIVE DIRECTOR Audit Committee Member Remuneration Committee Member Over 20 years of experience in the video games sector President of iDreamsky Technology, a company he co-founded in 2009. iDreamsky is a Chinese headquartered video games company, listed on the Hong Kong Stock Exchange President of the Shenzhen ESports Association Previously Honorary Advisor of Hong Kong Esports Club and the Honorary President of Macau E-Sports Federation Investor Presentation D 26#271H 2022 Tax 1H 2022 Tax Provision, $'m 1H 2022 YTD Pre tax profit / (Loss) (11.6) Estimated Annual Effective Tax Rate (44.6)% YTD Tax before Adjustments 5.2 Tax Adjustments (0.2) YTD Tax Expense / (Benefit) 5.0 ➤ Around 25% of FY 2022 estimated Share Based Payment expenses are related to foreign employees. ➤ For tax calculation purposes, this amount is added to estimated full year PBT which increases the taxable position. ➤ Because overall PBT (before taking PBT-related tax additions) is low, the addition of taxable SBP-related amounts increases the relative overall taxable quantum. This is then taxed at the prevailing rate of 21%. The total taxable amount is then applied to the actual PBT for 1H, resulting in a higher tax ratio. Devolver Digital Investor Presentation Tax for 1H 2022 has been calculated by applying the FY22 effective tax rate as required by IAS 34 ‘Interim Financial Reporting'. "The effective rate of (44.6)% varies from the statutory rate of 21% due to permanent book to tax differences related to stock compensation deductions for foreign entities, which is not deductible for US income taxes." The Group expects the tax expense to unwind in 2H 2022. D 27