Annual revenue grew by 14.3%, rising from $420 million in 2023 to $480 million in 2024, supported by expansion across mobile and PC platforms.

According to "Q3 2024 GDEU Financial Results": Annual revenue grew by 14.3%, rising from $420 million in 2023 to $480 million in 2024, supported by expansion across mobile and PC platforms.

Net income before tax increased significantly from $30 million to $50 million, while adjusted EBITDA rose to $49 million.

According to "Q3 2024 GDEU Financial Results": Net income before tax increased significantly from $30 million to $50 million, while adjusted EBITDA rose to $49 million.

Selling and marketing expenses decreased from $209 million to $153 million, indicating a successful shift toward more efficient customer acquisition strategies.

According to "Q3 2024 GDEU Financial Results": Selling and marketing expenses decreased from $209 million to $153 million, indicating a successful shift toward more efficient customer acquisition strategies.

Monthly paying users grew from 359k in Q4 2023 to 381k in Q4 2024, though average bookings per paying user saw a slight decline from $294 to $278.

According to "Q3 2024 GDEU Financial Results": Monthly paying users grew from 359k in Q4 2023 to 381k in Q4 2024, though average bookings per paying user saw a slight decline from $294 to $278.

Cash and cash equivalents improved from $72 million to $111 million, bolstered by $28.5 million in operating cash flow during 2024.

According to "Q3 2024 GDEU Financial Results": Cash and cash equivalents improved from $72 million to $111 million, bolstered by $28.5 million in operating cash flow during 2024.

Platform commission costs increased by 42.9%, rising from $91 million to $130 million over the fiscal year.

According to "Q3 2024 GDEU Financial Results": Platform commission costs increased by 42.9%, rising from $91 million to $130 million over the fiscal year.

Total assets declined from $321 million to $272 million, primarily driven by reductions in deferred revenue and trade receivables.

According to "Q3 2024 GDEU Financial Results": Total assets declined from $321 million to $272 million, primarily driven by reductions in deferred revenue and trade receivables.

Financial · January 1, 2024

Q3 2024 GDEU Financial Results

Published by GDEU

Summary

The presentation reports the company’s financial performance for 2024, focusing on revenue growth, cost structure, and profitability metrics. Revenue increased from $420 million in 2023 to $480 million in 2024, driven by higher bookings and a broader user base across mobile and PC platforms. Platform commissions rose from $91 million to $130 million, while game operation costs grew modestly. Selling and marketing expenses fell from $209 million to $153 million, reflecting a shift toward more efficient customer acquisition. Net income before tax surged from $30 million to $50 million, and adjusted EBITDA rose from $42 million to $49 million after excluding non‑core items such as goodwill impairments, share‑based payments, and fair‑value adjustments. Key operating metrics show monthly paying users at 359 k in Q4 2023, rising to 381 k by Q4 2024, with average bookings per paying user declining slightly from $294 to $278. Bookings grew from $106 million to $109 million, while average bookings per user fell by 3 %. Geographic diversification is evident, with Asia contributing 15 % of bookings and the US 13 %. The company’s balance sheet reflects a reduction in total assets from $321 million to $272 million, largely due to lower deferred revenue and a decline in trade receivables. Cash and cash equivalents rose from $72 million to $111 million, supported by strong operating cash flow of $28.5 million in 2024. The methodology relies on unaudited IFRS‑compliant financial statements and a non‑IFRS Adjusted EBITDA measure that excludes items deemed non‑representative of core operations. The report covers the full 2024 fiscal year, with quarterly comparisons to 2023, and provides reconciliations between net income and Adjusted EBITDA.

Key insights

Annual revenue grew by 14.3%, rising from $420 million in 2023 to $480 million in 2024, supported by expansion across mobile and PC platforms.
Net income before tax increased significantly from $30 million to $50 million, while adjusted EBITDA rose to $49 million.
Selling and marketing expenses decreased from $209 million to $153 million, indicating a successful shift toward more efficient customer acquisition strategies.
Monthly paying users grew from 359k in Q4 2023 to 381k in Q4 2024, though average bookings per paying user saw a slight decline from $294 to $278.
Cash and cash equivalents improved from $72 million to $111 million, bolstered by $28.5 million in operating cash flow during 2024.
Platform commission costs increased by 42.9%, rising from $91 million to $130 million over the fiscal year.
Total assets declined from $321 million to $272 million, primarily driven by reductions in deferred revenue and trade receivables.

From the report

Disclaimer Forward-looking statements Certain statements in this presentation may constitute “forward-looking statements” for purposes of U.S. 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 presentation 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 2024 Annual Report in Form 20-F, filed by the Company on March 31, 2025, 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.

ion. 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 presentation, the Company has provided the non-IFRS financial measure “Adjusted EBITDA” (the “Non-IFRS Financial Measure”). The Company defines Adjusted EBITDA as the profit/loss 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) other financial income, finance income and expenses other than foreign exchange gains and losses and bank charges, (v) change in fair value of share warrant obligations and other financial instruments, (vi) share of loss of equity-accounted associates, (vii) depreciation and amortization, (viii) share-based payments expense and (ix) certain non-cash or other special items that we do not consider indicative of our ongoing operating performance.

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warrant obligations and other financial instruments, (vi) share of loss of equity-accounted associates, (vii) depreciation and amortization, (viii) share-based payments expense and (ix) 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 presentation are unaudited. FY 2024 Financial Results 2

Key operating metrics and financial measure used in the presentation Operating metrics Non-IFRS measure • Monthly Paying Users (MPUs) are the number of individuals who made a purchase Adjusted EBITDA. The Company defines Adjusted EBITDA as the profit/loss for the period, of a virtual item at least once on a particular platform in a calendar month net of tax as presented in the Company's financial statements in accordance with IFRS, • Average Bookings Per Paying User (ABPPU) is the total Bookings attributable to in- adjusted to exclude (i) goodwill and investments in equity accounted associates' impairment, (ii) loss on disposal of subsidiaries, (iii) income tax expense, (iv) other financial income, finance game purchases in a given period, divided by the number of months in that period, income and expenses other than foreign exchange gains and losses and bank charges, (v) divided by the average number of MPUs during the period change in fair value of share warrant obligations and other financial instruments, (vi) share • Bookings are sales contracts generated from in-game purchases and sales of loss of equity-accounted associates, (vii) depreciation and amortization, (viii) share-based of advertisement in a given period payments expense and (ix) 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.

Q3 2024 GDEU Financial Results

Q3 2024 GDEU Financial Results

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