Q3 2024 FINANCIAL RESULTS
November 14, 2024
© GDEV 2025
Key operating metrics and financial measure used in the presentation
Operating metricsMonthly Paying Users (MPUs) are the number of individuals who made a purchase
of avirtual item at least once on a particular platform in a calendar month
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 thatperiod, 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
Non-IFRS measureAdjusted EBITDA. The Company defines Adjusted EBITDA as the profit/lossfor 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 warrantobligations andother financial instruments, (vi) share
of loss ofequity-accounted associates, (vii) depreciation andamortization, (viii) share-based paymentsexpense and (ix) certain non-cash or other special items that we do notconsider indicative ofour ongoing operating performance. Adjusted EBITDA is a non-IFRS financial measure and should not be construedas an alternative to net income/loss as an indicator of operating performance as determined in accordance with IFRS.
In this presentation, we use a number of key operating metrics and a non-IFRS financial measure which we believe accurately, in material aspects, reflect the principal parameters of our historic performance. For further information, regarding our operating metrics, see our 2024 Annual Report in Form 20-F filed with the SEC.Q3 2025 Financial Results 3
Financial highlights
Revenue, $MLN Total costs and expenses, excl. D&A, $MLN
-11%
89
-9%
82
13%
100
-9%
93
-12%
71
120
111
98
97
98
19%
23%
23%
24%
26%
24%
25%
29%
25%
29%
55%
53%
51%
52%
42%
3Q24 4Q24 1Q25 2Q25 3Q25
3Q24
4Q24
1Q25
2Q25
3Q25
(1)Profit/(loss) for the period net of tax, $MLN
13%
2%
15%
14%
25%
16%
12%
16%
18%
27%
26
22
17
16
12
3Q24
2
15
14
17
24
4Q24
1Q25
2Q25
3Q25
3Q24 4Q24 1Q25 2Q25 3Q25
Source: Company Information (unaudited)
(1) See slide #3 for definition and slide #11 for reconciliation to profit/(loss) for the period, net of tax
Q3 2025 Financial Results 4
Operating highlights
Bookings, $MLN Monthly paying users, '000 Average bookings per paying user, $
-8%
-11%
-25%
-14%
-4%
-16%
-19%
-26%
-18%
-16%
10%
-10%
2%
5%
16%
81
90
92
94
93
263
284
292
312
314
90
92
93
102
107
3Q24 4Q24 1Q25 2Q25 3Q25
3Q24 4Q24 1Q25 2Q25 3Q25
3Q24 4Q24 1Q25 2Q25 3Q25
Source: Company Information (unaudited)
Q3 2025 Financial Results 5
Diversification
(1)
By games
54%
53%
37%
41%
3% 2%
7%
3%
Pixel Gun 3D
Hero Wars: Dominion Era
PC
62%
59%
41%
38%
Other
34%
32%
30%
34%
19%
22%
15%
14%
3Q24
3Q25
3Q24 3Q25
3Q24 3Q25
Source: Company Information (unaudited)
(1) Include games in operation
Q3 2025 Financial Results 6
APPENDIX
Q3 2025 Financial Results 7
Unaudited Interim Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income
(in thousands of US$)
Source: Company Information (unaudited)
1) During the three and nine months ended September 30, 2024 losses for POCI loans were erroneously classified as Impairment los s on trade and loan receivables and change in fair value of loans receivable. Fo r such loans originated in respect to the associates, the Company determined that they have zero fair value upon recognition. Therefore, the difference between the fair value at recognition and the cash paid was considered as an additional investment in the equity of the associate (see Note 16 and Note 33 of the Company's audited consolidated financial statements for the fiscal year ended December 31 , 2024, included in our 2024 AnnualReport on Form 20-F).
Q3 2025 Financial Results 8
Unaudited Interim Condensed Consolidated Statement of Financial Position
Source: Company Information (unaudited)
Q3 2025 Financial Results 9
(2,315)
(12,217)
Unaudited Interim Condensed Consolidated Statement of Cash Flows
Source: Company Information (unaudited)
Q3 2025 Financial Results 10
Reconciliation of the profit/loss for the period to the Adjusted EBITDA
US$ million | Q3 2025 | Q3 2024 |
Profit for the period, net of tax | 24 | 15 |
Adjust for: | ||
Income tax expense | 2 | 1 |
Adjusted finance income(1) | (1) | (2) |
Share of loss of equity-accounted associates(2) | 3 | 1 |
Change in fair value of share warrant obligations and other financial instruments | (4) | - |
Depreciation and amortization | 2 | 2 |
Share-based payments | 0.1 | 0.7 |
Adjusted EBITDA | 26 | 17 |
Source: Company Information (unaudited)
Adjusted finance income/expenses consist of finance income and expenses other than foreign exchange gains and losses and b ank charges, net.
The financial information presented for the comparative periods of 2024 may not reconcile exactly with the amounts previously published for those periods. This is due to the reclassification of the Impairment loss on loan receivables from Royal Ark to the
Share of loss of equity-accounted associates line.
Q3 2025 Financial Results 11
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Gdev Inc. published this content on November 25, 2025, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on November 25, 2025 at 10:30 UTC.
