#1GDEU 2022 Financial Results GDEV Inc. 26 June 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 on 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 the total comprehensive income/(loss) as presented in the Company's financial statements in accordance with IFRS, adjusted to exclude (i) other comprehensive income/loss, (ii) goodwill and investments in equity accounted associates' impairment, (iii) loss on disposal of subsidiaries, (iv) income tax expense, (v) net finance income/expense, (vi) change in fair value of share warrant obligations and other financial instruments, (vii) share of loss of equity-accounted associates, (viii) depreciation and amortization, (ix) share-based payments and (x) 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 on 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 on 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 the net income/loss as presented in the Company's financial statements in accordance with IFRS, adjusted to exclude (i) other comprehensive income/loss, (ii) goodwill and investments in equity accounted associates' impairment, (iii) loss on disposal of subsidiaries, (iv) income tax expense, (v) net finance income/expense, (vi) change in fair value of share warrant obligations and other financial instruments, (vii) share of loss of equity-accounted associates, (viii) depreciation and amortization, (ix) share-based payments and (x) 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.#41000000 COINS C STO. Key Highlights FDE DER 6187 - SHIT 7111 100 M#52022 Summary Record high 2022 performance EU top-5 848 ind. mobile game developer¹ Total headcount Strong portfolio of franchises HERO WARS ne 33% USA LO Other 20% 5 PINEL ISLAND QUESTAHAY GUM ED 2022 revenue diversification by geo 21% Europe Source: Company information, AppMagic 1) based on Data.ai (2022) Record high 2022 performance Asia 26% +11% $11m $480m Revenue Total comprehensive income >100% $98m Adj. EBITDA Global footprint with diversification across geographies and different platforms >100% $87m Cash & cash equivalents Mobile 63% +3% PC 37% 48mln Downloads +29% 2022 revenue diversification by platform 7.6mln MAU GDEU GDEV adapted to new global and market reality, proving its resiliency GDEU Closed all Russian subsidiaries and relocated all employees to safe- harbor locations Improved corporate governance by adding three new independent directors with diverse backgrounds Resumed trading on Nasdaq stock exchange Rebuilt business processes, focusing on products with the highest potential Maintained Hero Wars success, launched new Island Questaway title, and completed our first M&A deal (Pixel Gun 3D)#6Key franchise performance HERO WARS Blockbuster mid-core multi-platform RPG Mobile/PC Target audience: men 25+ nexxters Studio 2016 >150 mln Launched Cumulative installs 6 Ranked 10th on Android and 8th on iOS RPG top grossing charts (USA) Key markets The game allows players to fight epic multiplayer PvP battles, collect heroes, and communicate 1) Source - Data.ai (2022) Mobile/PC SLAND QUESTAWAY Farming game with puzzles >8mln 2021 Launched Cumulative installs Target audience: women 25+ Key markets Expansion of GDEV's portfolio into casual gaming. Offers fresh and unique gameplay through a blend of different genres with a farming game that features an engaging storyline as well as a variety of puzzles CUBICGAMES Studio 19 YEARS PINEL GUN ED GDEU Mobile first-person shooter May 2013 launched 00 000 iOS/Android >180mln Cumulative installs Target audience: Key markets under 25 World's No. 3 mobile FPS by monthly audience¹ Pixel Gun 3D brings nonoverlapping target audience, art style and monetization models. Offers a thrilling array of game modes, an impressive arsenal of over 1,000 unique weapons, and 100+ various maps.#7Key financial highlights (1/2) $m Revenue 123 Q4 2021 7 434 2021 -19% +11% 99 Q4 2022 480 2022 Source: Company information $m Total comprehensive Income/ Loss 18 Q4 2021 -117 2021 -76 Q4 2022 11 2022 $m Adjusted EBITDA 27 Q4 2021 8 2021 >100% -10 Q4 2022 98 2022 GDEU In 2022 our revenue increased by $46 million (or 11%) year-over-year and amounted to $480 million, driven primarily by a decrease of $158 million in change of deferred revenues during 2022 vs. 2021 and partially offset by a decrease in bookings in the amount of $113 million (or 20%) YOY. Total comprehensive income for 2022 increased by $128 million and amounted to $11 million vs. a total comprehensive loss of $117 million in 2021 Adjusted EBITDA amounted to $98 million, an increase of $89 million compared to 2021#8Key financial highlights (2/2) $m Selling and Marketing Expenses 8 51 Q4 2021 270 2021 -21% -43% 40 Q4 2022 153 2022 Source: Company information $m G&A Expenses 9 Q4 2021 23 2021 -14% +57% 8 Q4 2022 36 2022 $m Total Costs and Expenses, excl. D&A 99 Q4 2021 555 2021 +75% -18% 173 Q4 2022 454 2022 GDEU Selling and marketing expenses in 2022 decreased by $117 million and amounted to $153 million. The decrease was mainly due to the massive scaling of the investments into new players in 2021, amplified by a substantial decrease in the marketing investments in 2022 driven by the challenging marketing environment as well as the suspension of our marketing activities in Russia and Belarus due to geopolitical events. Starting from December 2022, the Company has successfully scaled its investments in new players acquisition, which are expected to support the bookings growth X General and administrative expenses increased by $13 million in 2022 vs. 2021.#9Key operating highlights $m Bookings 9 144 Q4 2021 562 2021 -29% -20% 102 Q4 2022 449 2022 '000 users Monthly Paying Users (¹) 363 Q4 2021 362 2021 -13% -8% 316 Q4 2022 335 2022 $/month Average Bookings Per Paying User (2) 125 Q4 2021 123 2021 -18% -13% 103 Q4 2022 107 2022 Source: Company information The Company defines Monthly Paying Users, or MPUS, as the number of individuals who made a purchase of a virtual item at least once on a particular platform in the 30-day period ending with the measurement date; Quarterly MPU is the average of MPUS for each month for the respective quarter (1) (2) The Company defines Average Bookings Per Paying User, or ABPPU, as its total Bookings attributable to in-game purchases in a given period, divided by the number of months in that period, divided by the average number of MPUS during the period GDEU The decrease in bookings is primarily driven by significantly reduced marketing investments in the second and the third quarters of 2022 while scaling of investments during December 2022 has not had a meaningful effect on bookings in the fourth quarter of 2022 due to its delayed impact on bookings#10Appendix dark 4#11Balance Sheet ($ 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 assets Other non-current investments 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 Share capital Other reserves Accumulated deficit Equity attributable to equity holders of the Company Non-controlling interest 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 Provisions for non-income tax risks Tax liability Deferred revenue Total current liabilities TOTAL LIABILITIES TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY Source: Company information Dec 31, 2022 786 12,977 1,836 94,682 1,462 108 107 17,903 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 1,336 4,250 295,552 332,402 470,820 322,044 Dec 31, 2021 1,352 266 1,501 116,533 2,050 25 107 121,834 45,087 123 142,802 3,137 191,149 312,983 166,405 (327,497) (161,092) 44 (161,048) 1,103 128,074 22,029 151,206 831 26,573 814 294,607 322,825 474,031 312,983 GDEU#12Profit 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 Goodwill and investments in equity accounted associates impairment Other operating income Share listing expense 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 from continuing operations, net of tax Attributable to equity holders of the Company Attributable to non-controlling interest Other comprehensive income/(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$(¹) 12 Source: Company information (1) Based on a weighted average number of ordinary shares for basic and diluted earnings per share of 20,000 4Q 2022 98,893 (24,954) (13,223) (40,383) (8,047) (62,828) 865 (24,207) (172,777) (1,542) (75,426) 1,811 281 (4,276) (77,610) 651 (76,959) (76,959) 1,030 (75,929) (75,929) O (0.39) 4Q 2021 122,584 (32,522) (5,948) (50,911) (9,379) 43 (102) (98,819) (827) 22,938 (1,047) (3,557) 18,333 (282) 18,051 18,040 11 403 18,454 18,443 11 0.09 FY 2022 479,688 (129,623) (44,036) (152,674) (36,119) (62,828) 1327 (29,987) (453,940) (6,901) 18,847 (323) 2,767 (10,121) 11,170 (3,760) 7,410 7,303 107 3,338 10,748 10,641 107 0.04 GDEU FY 2021 434,094 (117,229) (18,945) (270,065) (23,031) (125,438) (102) (554,810) (2,540) (123,256) (3,141) 10,080 (116,317) (1,127) (117,444) (117,455) 11 11 (117,433) (117,444) 11 (0.64)#13Cash Flow Statement ($ in thousands) Operating activities Profit/(loss) for the period, net of tax Adjustments for: Depreciation and amortization Share-based payments expense Goodwill and investment impairment Gain on acquisition 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 fin. instr. Unwinding of discount on the put option liability Transaction costs Loss on sale of disposal group Dividend on ETFS accrued Trade receivables write-off Foreign exchange loss/(gain) Interest income Lease modification gain Interest expense Income tax expense Changes in working capital: Decrease/(increase) in deferred platform commissions (Decrease)/increase in deferred revenue (Increase)/decrease in trade and other receivables (Decrease)/increase in trade and other payables Income tax (paid)/received Interest paid Net cash flows generated from/(used in) operating activities Investing activities Acquisition of intangible assets Acquisition of property and equipment Acquisition of subsidiary net of cash acquired Proceeds from repayment of loans Investments in equity accounted associates Loans granted Acquisition of other investments. Net cash flows used in investing activities Financing activities Payments of lease liabilities Proceeds from loans receivable Interest on lease Repayment of borrowings Dividends paid and distribution to shareholders Proceeds from borrowings Interest paid Cash acquired in the Transaction Net cash flows used in financing activities Net (decrease)/increase in cash and cash equivalents for the period Cash and cash equivalents at the beginning of the period Effect of changes in exchange rates on cash held Cash and cash equivalents at the end of the period Source: Company information FY 2022 7,410 6,901 3,751 62,828 O 10,121 29,987 454 547 (2,767) 366 104 4,969 (231) 81 1,020 (1,639) (11) 116 3,760 127,767 21,851 (30,242) (4,498) 2,282 (10,607) (1,078) 116,082 (64) (994) (54,113) 746 (17,970) (31,659) (67,729) (171,783) (2,013) 224 (115) O O O O (1,904) (57,605) 142,802 1,577 86,774 FY 2021 (117,444) 2,540 129,199 O (79) O 102 O 0 (10,080) O o o o o 2,809 оо 91 1,127 8,265 (26,946) 127,899 (12,682) 9,600 97,871 (617) 7 105,526 (338) (1,099) (1,159) o c 0 (123) O (2,719) (2,132) O (90) (49) (160,366) 00 119,659 (42,978) 59,829 84,557 (1,584) 142,802 Q4 2022 (76,959) 1,542 744 62,828 O 4,276 24,119 52 55 (281) 194 104 O (231) 81 (1,318) (768) 16 14 (649) 13,819 1,739 3,198 (8,821) 11,842 7,958 (445) O 21,332 27 (154) (1) 439 O (170) (67,729) (67,588) (113) 224 (13) O O (374) O O (276) (46,532) 131,526 1,780 86,774 GDEU Q4 2021 18,055 827 2,850 ܪܐ ܘ ܘ ܘ ܘ ܘ ܘ ܘ ܘ ܘ ܘ ܘ O (79) O 102 O O 3,557 O O 0 O 988 O 37 282 26,619 (3,349) 21,187 2,579 (2,880) 17,537 (482) 7 43,681 (193) (389) 81 (290) O 159 O (632) (765) O (36) O (4,682) ooo (5,483) 37,564 105,453 (216) 142,802#14Reconciliation of the net income/loss to the Adjusted EBITDA (US$ million) Total comprehensive income/(loss) for the year, net of tax Add back: Other comprehensive (income)/loss Goodwill and investment impairment Loss on disposal of subsidiaries Tax expense Finance (income)/expense, net Change in fair value of share warrant obligations and other financial instruments Share of loss of equity-accounted associates Listing expense D&A Share based payments Impairment of intangible assets Adjusted EBITDA 14 Source: Company information Q4 2022 (76) (1) 63 (0.7) (2) (0.3) 4 2 0.7 0.1 (10) Q4 2021 18 (0.4) 0.3 1 4 0.8 3 27 FY 2022 11 63 5 4 0.3 (3) 10 7 4 0.5 98 GDEU FY 2021 (117) O 1 3 (10) 125 3 4 T 8