Financial

Annual Report and Consolidated Financial Statements: 2024

Summary

T New games released er and developer, 10 opers from all over the world $104.8M Annual Report and Consolidated Financial Statements for the year ended 31 December 2024 strategic report financial statements strategic highlights 2 Report of Independent Certified Public Accountants 50 financial highlights 3 Consolidated statement of profit ...

From the report

sted, award-winning T New games released er and developer, 10 try veterans. Annual revenue opers from all over the world $104.8M st original, engaging, and ER DEVOLWER Dmomn IGITAL DIG udios Annual Report and Consolidated Financial Statements for the year ended 31 December 2024

Contents strategic report financial statements strategic highlights 2 Report of Independent Certified Public Accountants 50 financial highlights 3 Consolidated statement of profit or loss 52 who we are 4 Consolidated statement of comprehensive income 52 Non-Executive Chair’s letter to shareholders 6 Consolidated statement of financial position 53 CEO’s statement 8 Consolidated statement of changes in equity 54 awards and nominations 10 Consolidated statement of cash flows ents 55 in the media 12 Notes to the consolidated financial statements 56 future game releases 14 other information strategy and business model 16 risk factors 24 company and shareholder information 79 ESG report 26 glossary 80 CFO’s report 28 corporate governance Non-Executive Chair’s introduction 32 principles of the QCA code 33 board of directors 36 company policies 38 board committees 39 audit committee report 40 remuneration committee report 41 directors’ remuneration report 44 nomination committee report 46 statement of directors’ responsibilities 47 Cult of the Lamb

sted, award-winning Devolver is ahighly T New games released Devolve r Devolver is a highly respected, award-winning New games released indie video game publisher and developer, 10 founded in 2009 by industry veterans. Annual revenue We work with independent developers from all over the world $104.8M to produce and promote the most original, engaging, and entertaining games. Our philosophy is to treat developers Revenue from own IP fairly and prioritise their creativity and brand. 27% Our experienced, pioneering team delivers an exciting gaming experience to the Devolver community. Our games continue Back catalogue revenue to be fan and industry favourites, winning award recognition 88% year after year. Publishing brands Development studios Development studios al Report and Consolidated Financia

strategic highlights strategic highlights INDUSTRY RECOGNITION INDUSTRY RECOGNITION RECORD CRITICAL ACCLAIM 79AVERAGE METACRITIC RATING FOR OUR TITLES AVERAGE METACRITIC RATING FOR OUR TITLES (2023: 76) CONTINUED AWARDS SUCCESS Neva PUBLISHER OF THE YEAR, 2024 NextPlay Game Awards NEVA Winner of Artistic Achievement at the 2025 BAFTA Games A STRONG PLATFORM TO BUILD ON Awards; Winner of Games for Impact and 2x nominated at the 2024 Game Awards; Winner of Emotional Impact at the 2024 Indie TRACK RECORD OF HIGH-QUALITY RELEASES Game Awards; 1x 2025 DICE Awards nomination 130 THE PLUCKY SQUIRE 2x 2025 BAFTA nominations; 2x 2024 Games Awards nominations; 2x 2025 DICE Awards nominations TITLES PUBLISHED ANGER FOOT, CHILDREN OF THE SUN and THE CRUSH HOUSE 2025 Independent Games Festival nominations FUN-FILLED GAMES ESTABLISHED MODEL OF 10 PUBLISHING INDIE GAMES NEW TITLES RELEASED IN 2024 DEVELOPERS REMAIN OUR KEY PARTNERS (2023: 11)NEW TITLES RELEASED IN 2024 INVESTING IN OUR KEY FRANCHISES (2023: 11) SUCCESSFUL PAID CONTENT RELEASES HEALTHY, DIVERSE PIPELINE OF FOR CULT OF THE LAMB, THE TALOS PRINCIPLE 2, EXCITING GAMES SYSTEM ERA’S ASTRONEER, AND FIREFLY’S Terra Nil EXTENDING THE LIFECYCLE OF OUR STRONGHOLD: DEFINITIVE EDITION BACK CATALOGUE TITLES STRONGHOLD: DEFINITIVE EDITION EXTENDING THE LIFECYCLE OF OUR

financial highlights financial highlights INCREASED REVENUESOF INCREASED REVENUES OF $104.8M FINANCIAL PERFORMANCE REFLECTS WELL-RECEIVED NEW TITLES AND STRONG BACK CATALOGUE The Plucky Squire RETURN TO POSITIVE DIVERSIFIED ADJUSTED EBITDA REVENUES $5.1M BACK CATALOGUE REVENUE OF Return to Monkey Island EK STATUTORY 88% BALANCE SHEET STRENGTH NET LOSS CASH HOLDINGS OF OF $6.4M (2023: 83%) 41.6M OF 6.4M DRIVEN BY CONTINUED STRONG DEMAND FOR FAN FAVOURITES CULT OF THE LAMB, INSCRYPTION, CASH HOLDINGS SUPPORT INVESTMENT & ENTER THE GUNGEON, INTO GAME DEVELOPMENT AND PROVIDE THE TALOS PRINCIPLE 2, OPPORTUNITIES FOR M&A AND ASTRONEER INTO GAME DEVELOPMENT AND PROVIDE Cult of the Lamb THE TALOS PRINCIPLE 2, OPPORTUNITIES FOR M&A AND ASTRONEER

who we are Devolver is an award-winning digital publisher 2009 2012 and developer of indie video games. DEVOLVER FOUNDED HOTLINE MIAMI RELEASED Devolver was formed as a digital-only Following the early financial success of the Devolver has been built over 15 years by industry developer-first publisher, which Serious Sam series, the Group branched out principally released titles on PC via and began collaborating on new franchises veterans with deep, wide-ranging relationships in the Steam. Working with original developer and titles with other development studios. Croteam and other small studios, Devolver’s first breakout hit was Hotline Miami gaming sector. Winner of Publisher of the Year at Devolver successfully published several in 2012. It received critical acclaim, putting the 2024 NextPlay Awards, Devolver’s proven model games in the Serious Sam series for Devolver in the indie spotlight. 2016 curates and publishes high-quality premium games. release on PC, mobile and VR. HOTHNE ENTER THE SERIOUS OSAM GUNGEON RELEASED We use our brand, innovative marketing and global network of A fast-paced dungeon partners and platforms to make games discoverable and give them crawler and shooter, profile with gaming audiences. Devolver has published 130 games, released on PC and including a number of indie cult classics. PlayStation. The title was ported to Xbox a year later, Founded by Harry Miller (CEO), Graeme Struthers (Chief Operating and then to Switch at the Officer), Nigel Lowrie (Chief Marketing Officer) together with Rick 2013 end of 2017. The title was SHADOW WARRIOR RELEASED a success for Devolver Stults and Mike Wilson, Devolver is the “developers’ publisher”.

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Type: Financial

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