#1GDEV Inc. GDEU Q3'23 Financial Results 21 November 2023#2Disclaimer GDEU Forward-looking statements Certain statements in this presentation may constitute "forward-looking statements" for purposes of the federal securities laws. Such statements are based on current expectations that are subject to risks and uncertainties. In addition, any statements that refer to projections, forecasts or other characterizations of future events or circumstances, including any underlying assumptions, are forward-looking statements. The forward-looking statements contained in this press release are based on the Company's current expectations and beliefs concerning future developments and their potential effects on the Company. There can be no assurance that future developments affecting the Company will be those that the Company has anticipated. Forward-looking statements involve a number of risks, uncertainties (some of which are beyond the Company's control) or other assumptions. You should carefully consider the risks and uncertainties described in the "Risk Factors" section of the Company's 2022 Annual Report in Form 20-F, filed by the Company on June 26, 2023, and other documents filed by the Company from time to time with the Securities and Exchange Commission. Should one or more of these risks or uncertainties materialize, or should any of the Company's assumptions prove incorrect, actual results may vary in material respects from those projected in these forward-looking statements. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward- looking statements, and the Company undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws Presentation of Non-IFRS Financial Measures In addition to the results provided in accordance with IFRS throughout this press release, the Company has provided the non-IFRS financial measure "Adjusted EBITDA" (the "Non-IFRS Financial Measure"). The Company defines Adjusted EBITDA as profit for the period, net of tax, as presented in the Company's financial statements in accordance with IFRS, adjusted to exclude (i) goodwill and investments in equity accounted associates' impairment, (ii) loss on disposal of subsidiaries, (iii) income tax expense, (iv) finance income, (v) financial assets measured at fair value through profit or loss, (vi) interest expense, (vii) unwinding of discount on the put option liability, (viii) change in fair value of share warrant obligations and other financial instruments, (ix) share of loss of equity-accounted associates, (x) depreciation and amortization, (xi) share-based payments and (xii) certain non-cash or other special items that we do not consider indicative of our ongoing operating performance. The Company uses this Non-IFRS Financial Measure for business planning purposes and in measuring its performance relative to that of its competitors. The Company believes that this Non-IFRS Financial Measure is a useful financial metric to assess its operating performance from period-to-period by excluding certain items that the Company believes are not representative of its core business. This Non-IFRS Financial Measure is not intended to replace, and should not be considered superior to, the presentation of the Company's financial results in accordance with IFRS. The use of the Non-IFRS Financial Measure terms may differ from similar measures reported by other companies and may not be comparable to other similarly titled measures. Due to the rounding the numbers presented throughout this document may not precisely add up to the totals. The period-over-period percentage changes are based on the actual numbers and may therefore differ from the percentage changes if those would be calculated based on the rounded numbers The figures in this document are unaudited. Our audited consolidated financial statements for the year ended December 31, 2022, and the notes thereto, are included in our 2022 Annual Report in Form 20-F, filed with the Securities and Exchange Commission on June 26, 2023 2#3Key operating metrics used in the presentation In this presentation, we use a number of key operating and non-IFRS financial metrics which we believe accurately, in material aspects, reflect the principal parameters of our historic and projected performance. For further information, regarding our operating metrics, see our 2022 Annual Report in Form 20-F filed with the SEC. GDEU Operating metrics Monthly Paying Users (MPUs) are the number of individuals who made a purchase of a virtual item at least once on a particular platform in the 30-day period ending with the measurement date Non-IFRS measure 3 Average Bookings Per Paying User (ABPPU) is the total Bookings attributable to in-game purchases in a given period, divided by the number of months in that period, divided by the average number of MPUS during the period Bookings are sales contracts generated from in-game purchases and sales of advertisement in a given period Adjusted EBITDA. The Company defines Adjusted EBITDA as profit for the period, net of tax, as presented in the Company's financial statements in accordance with IFRS, adjusted to exclude (i) goodwill and investments in equity accounted associates' impairment, (ii) loss on disposal of subsidiaries, (iii) income tax expense, (iv) finance income, (v) financial assets measured at fair value through profit or loss, (vi) interest expense, (vii) unwinding of discount on the put option liability, (viii) change in fair value of share warrant obligations and other financial instruments, (ix) share of loss of equity-accounted associates, (x) depreciation and amortization, (xi) share-based payments and (xii) certain non-cash or other special items that we do not consider indicative of our ongoing operating performance. Adjusted EBITDA is a non-IFRS financial measure and should not be construed as an alternative to net income/loss as an indicator of operating performance as determined in accordance with IFRS.#4Q3'23 Summary 4 HEROWARS HERO WARS ALLIANCE DOMINION ERA PINEL GUN ED ISLAND HOPPERS other Bookings by geo Asia 23% 16% 26% Product update Our flagship global mid-core franchise celebrates the 7th anniversary of its mobile version (Hero Wars: Alliance) and the 5th anniversary of its PC version (Hero Wars: Dominion Era). Since their respective launches, HW:A has accumulated over $1.2 billion in bookings, while HW:DE has exceeded $350 million Pixel Gun 3D announced planned release on Steam in Q1'24 with about 260,000 fans having already added it to their wishlists! PG3D is celebrating 10th anniversary in 2023, accumulating 185 min downloads and $200 mln in bookings. Island Hoppers, our casual farming adventure franchise, was launched into global release. The game accumulated over $30 mln in bookings and more than 12 min downloads, placing 7th in the Farming games category by revenue and 4th by downloads during its soft launch period". USA 35% Europe Source: Company information, data.ai, Appmagic. Total wishlists in Steam as of November 2023 "October 2023, AppMagic data Bookings by platform PC 37% Mobile 63%/ Revenue $128m Q3'22 Financial highlights 24% $31m $121m Q3'23 Total comprehensive income margin 20% $24m Q3'22 Q3'23 Selling & marketing expenses $21m GDEU $43m Q3'22 Q3'23 Adj. EBITDA 36% $45m margin 24% $29m Q3'22 Q3'23#5Key financial highlights (1/2) $m Revenue 128 Q3 2022 5 381 9M 2022 Source: -5% -7% 121 Q3 2023 355 9M 2023 Company information $m Profit for the period, net of tax 32 Q3 2022 84 9M 2022 -25% -58% 24 Q3 2023 35 9M 2023 $m Total comprehensive Income/ Loss 31 Q3 2022 87 9M 2022 -22% -58% 24 Q3 2023 36 9M 2023 $m Adjusted EBITDA 45 Q3 2022 100 9M 2022 -35% -67% 29 Q3 2023 33 9M 2023 GDEU In the third quarter of 2023, our revenue decreased by $7 million (or 5%) YoY and amounted to $121 million, driven primarily by a decrease of $6 million in bookings in the third quarter of 2023 vs the same period in 2022 Total comprehensive income of $24 million vs. $31 million in Q3 2022 considerably more investments into new players in the first nine months of 2023 compared to the substantial decrease in marketing investments in 2022 Adjusted EBITDA amounted to $29 million, a decrease of $16 million compared to the respective period of 2022.#6Key financial highlights (2/2) $m Selling and Marketing Expenses 6 21 Q3 2022 112 9M 2022 Source: >100% +53% 43 Company information Q3 2023 172 9M 2023 $m G&A Expenses 13 Q3 2022 28 9M 2022 -45% -21% 7 Q3 2023 22 9M 2023 $m Total Costs and Expenses, excl. D&A 82 Q3 2022 281 9M 2022 +10% +14% 91 Q3 2023 320 9M 2023 GDEU Selling and marketing expenses in the second quarter of 2023 increased by $22 million, amounting to $43 million. General and administrative expenses decreased by $6 million in the third quarter of 2023 vs. the same period in 2022. The decrease was primarily driven by the loss on disposal of our former Russian subsidiaries in the amount of $5 million in the third quarter of 2022 vs. nil in the third quarter of 2023.#7Key operating highlights $m Bookings 108 Q3 2022 347 9M 2022 7 Source: (1) (2) -6% -9% 102 Q3 2023 316 9M 2023 '000 users Monthly Paying Users (1) 305 Q3 2022 341 9M 2022 +23% +13% 375 Q3 2023 383 9M 2023 $/month Average Bookings Per Paying User (2) 113 Q3 2022 108 9M 2022 -26% -22% 84 Q3 2023 85 9M 2023 Company information The Company defines Monthly Paying Users, or MPUS, as the number of individuals who made a purchase of a virtual item at least once on a particular platform in the 30-day period ending with the measurement date; Quarterly MPU is the average of MPUS for each month for the respective quarter The Company defines Average Bookings Per Paying User, or ABPPU, as its total Bookings attributable to in-game purchases in a given period, divided by the number of months in that period, divided by the average number of MPUS during the period GDEU Bookings of $102 million declined by 6% YoY Increase in MPU by 23% and 13% in the third quarter and first nine months of 2023, respectively, which in turn is expected to positively impact our bookings in the future. Average Bookings per Paying User of $84 declined in Q3'23 by 26% YoY#8Balance Sheet ($ in thousands) Assets Non-current assets Property and equipment Intangible assets Goodwill Long-term deferred platform commission fees Right-of-use assets Deferred tax asset Other non-current investments Other non-current assets Loans receivable - non-current Total non-current assets Current assets Indemnification asset Trade and other receivables Loans receivable Other investments Cash and cash equivalents Prepaid tax Total current assets TOTAL ASSETS Liabilities and shareholders' equity Equity Other reserves Accumulated deficit Equity attributable to equity holders of the Company Total equity Non-current liabilities Lease liabilities - non-current Long-term deferred revenue Share warrant obligations Put option liabilities Other non-current liabilities Total non-current liabilities Current liabilities Lease liabilities - current Trade and other payables Put option liabilities - current Provisions for non-income tax risks Tax liability Deferred revenue Total current liabilities TOTAL LIABILITIES TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY 8 Source: Company information Dec 31, 2022 786 12,977 1,836 94,682 1,462 108 17,903 107 3,317 133,178 2,512 45,372 517 50,365 86,774 3,326 188,866 322,044 171,418 (320,194) (148,776) (148,776) 444 96,887 13,035 27,475 577 138,418 743 30,521 O 1,336 4,250 295,552 332,402 470,820 322,044 Sep 30, 2023 943 9,611 1,836 76,872 3,214 103 16,211 107 O 108,897 2,435 47,541 410 83,930 61,003 3,300 198,619 307,516 173,656 (285,168) (111,512) (111,512) 966 113,693 3,038 O O 117,697 1,242 25,287 28,637 1,342 5,833 238,990 301,331 419,028 307,516 GDEU#9Profit and Loss Statement ($ in thousands) Revenue Costs and expenses, excluding depreciation and amortization Cost of revenue: Platform commissions Game operation cost Selling and marketing expenses General and administrative expenses Other operating income Goodwill and investments in equity accounted associates impairment Impairment loss on trade receivables and loans receivable Total costs and expenses, excluding depreciation and amortization Depreciation and amortization Profit/ (loss) from operations Finance income/ (expense), net Change in fair value of share warrant obligations and other financial instruments Share of loss of equity-accounted associates Profit/(loss) before income tax Income tax expense Profit/(loss) for the period, net of tax Attributable to equity holders of the Company Attributable to non-controlling interest Items that are or may be reclassified subsequently to profit or loss Total comprehensive income/(loss) for the period, net of tax Attributable to equity holders of the Company Attributable to non-controlling interest Earnings/(loss) per share: Basic and diluted earnings/(loss) per share, US$(¹) Q3 2023 121,295 (1) (27,721) (12,199) (42,599) (7,356) 497 O (1,211) (90,589) (1,749) 28,957 (2,848) (843) O 25,266 (1,583) 23,683 23,683 338 24,021 24,021 O 0.12 Q3 2022 128,015 (35,830) (10,273) (20,914) (13,264) 86 O (1,949) (82,144) (1,742) 44,129 (1,190) (4,783) (4,205) 33,951 (2,319) 31,632 31,200 432 (869) 30,763 30,331 432 0.16 9M 2023 355,434 (84,149) (38,984) (171,734) (22,152) 2,036 O (5,507) (320,490) (4,652) 30,292 (1,798) 9,704 (515) 37,683 (2,657) 35,026 35,026 O 1,345 36,371 36,371 O 0.18 GDEU 9M 2022 380,795 (104,669) (30,813) (112,203) (28,072) 462 O (5,868) (281,163) (5,359) 94,273 (2,134) 2,485 (5,845) 88,779 (4,409) 84,370 84,263 107 2,308 86,678 86,571 107 0.43 9 Source: Company information. Reflects a correction to the amount reported in the Company's unaudited interim condensed consolidated financials statements for the nine months ended September 30, 2023 in order to correct the classification of the financial results of the Russian subsidiaries to the continuing operations. For further information, see Note 4 (Accounting judgments, estimates and assumptions Correction of errors) to the Company's unaudited interim condensed consolidated financials statements for the nine months ended September 30, 2023. Based on a weighted average number of ordinary shares for basic and diluted earnings per share of 20,000#10Cash Flow Statement ($ in thousands) Operating activities Profit/(loss) for the period, net of tax Adjustments for: Depreciation and amortization Share-based payments expense Income from share option forfeiture and cancellation Share of loss of equity-accounted associates Expected credit losses Property and equipment write-off Impairment of intangible assets Change in fair value of share warrant obligations and other financial instruments Change in fair value of other investments Unwinding of discount on the put option liability Trade and loan receivables write-off Interest income Interest expense Lease modification gain/(loss) Loss on sale of subsidiaries Dividend income Foreign exchange loss Income tax expense Changes in working capital: Decrease in deferred platform commissions Decrease in deferred revenue Decrease/(increase) in trade and other receivables Increase/(decrease) in trade and other payables Income tax paid Net cash flows generated from/(used in) operating activities Investing activities Acquisition of intangible assets Acquisition of property and equipment Acquisition of right of use Acquisition of subsidiary net of cash acquired Investments in equity accounted associates Loans granted Proceeds from repayment of loans Disposal of subsidiaries, net of cash disposed of Acquisition of other investments. Proceeds from redemption of investments Interest received Dividends received Net cash flows used in investing activities Financing activities Payments of lease liabilities Proceeds from borrowings Interest on lease Net cash flows used in financing activities Net (decrease)/increase in cash for the period Cash at the beginning of the period Effect of changes in exchange rates on cash held Cash at the end of the period 10 Source: Company information Q3 2023 23,683 1,749 678 (449) O 1,211 O O 843 2,138 86 6 (1,101) 29 216 O (268) 1,876 1,583 32,280 6,325 (19,390) (7,737) (2,895) (23,697) (368) 8,215 O (161) O O O (749) 142 O (44,008) 29,900 237 268 (14,371) (1,174) O (22) (1,196) (7,352) 68,581 (226) 61,003 Q3 2022 31,632 1,742 978 0 4,205 1,949 89 251 4,783 O 71 O (536) 25 (27) 4,969 O 1,559 2,319 54,009 9,019 (20,066) 10,980 6,208 6,141 (431) 59,719 16 (324) O (4,090) (2,970) (13,703) 182 (4,529) 0000 (25,418) (462) 209 (25) (278) 34,023 99,077 (1,574) 131,526 9M 2023 35,026 4,652 1,722 (608) 515 5,507 O C (9,704) 1,574 290 56 (3,110) 51 47 O (737) 3,471 2,657 41,409 17,810 (39,756) (5,344) (5,526) (32,816) (633) 7,960 (16) (372) oo (515) (1,196) 612 O (97,648) 65,446 406 737 (32,546) (1,939) O (44) (1,983) (26,569) 86,774 798 61,003 GDEU 9M 2022 84,370 5,359 3,007 O 5,845 5,868 402 492 (2,485) O 172 O (871) 102 (27) 4,969 O 2,338 4,409 113,950 20,112 (33,440) 8,852 (9,560) (14,036) (633) 99,281 (91) (840) O (54,112) (17,970) (31,489) 307 (4,529) o o o o (108,724) (1,900) 374 (102) (1,628) (11,071) 142,802 (205) 131,526#11Reconciliation of the profit for the period to the Adjusted EBITDA (US$ million) Profit for the period, net of tax Adjust for: Income tax expense Finance income Financial assets at FVTPL - net change in fair value Interest expense Unwinding of discount on the put option liability Change in fair value of share warrant obligations and other financial instruments Share of loss of equity-accounted associates Depreciation and amortization Share-based payments Impairment of intangible assets Adjusted EBITDA 11 Source: Company information Q3 2023 24 2 (0.8) 2 O 0.1 0.8 O 2 0.7 29 Q3 2022 32 2 (0.5) 0.1 5 4 2 1 0.3 45 9M 2023 35 3 (4) 0.1 0.3 (10) 0.5 5 2 33 GDEU 9M 2022 84 4 (0.9) O 0.1 0.2 (2) 6 5 3 0.5 100