> **来源：[研报客](https://pc.yanbaoke.cn)** # GLOBAL GAMING REPORT 2025 LOS ANGELES | SAN FRANCISCO | NEW YORK | LONDON | PARIS | MUNICH | BERLIN | DUBAI # PROVEN TRACK RECORD IN GAMING M&A AND GROWTH FINANCING ADVISORY # MICHAEL METZGER Managing Partner Los Angeles michael.metzger@drakestar.com # JULIAN RIEDLBAUER Partner Berlin julian.riedlbauer@drakestar.com # MOHIT PAREEK Partner Los Angeles mohit.pareek@drakestar.com SALE TO DAYBREAK NAD GLOBAL EUBAE Video Gaming # tastypill SALE TO AZUR GAMES Mobile Games nWay Power Rangers SALE TO animoca BRANDS Mobile / Console Games # spiketrap SALE TO reddit Gaming Audience AI Analytics WILDWORKS SALE TO Nazara Video Games Developer Stronghold Kinggous SALE TO DIGITAL PC/Mobile Games SALE TO zynga AAA Games WGT MEDIA SALETO TOPGOLF Mobile / Online Gaming SALE TO ND Mobile Gaming www.drakestar.com # RECORD YEAR FOR GAMING M&A \$161B Disclosed Value (Announced) 759 Deals (Announced) Deal Value ($B) Deal Count Note: Public Markets include IPOs, SPACs, and Public Financings Source: CapIQ, Pitchbook & DSP Research Note: Deal count includes announced M&A, private placement, IPOs, SPACs, and public financing deals. # 2025 Summary - 2025 was a landmark year for gaming M&A with two mega deals: the $55B leveraged buyout of Electronic Arts (EA) by a consortium led by PIF and the Netflix's$ 82.7B announced acquisition of Warner Bros., including Warner Bros. Games! In parallel, Paramount-Skydance launched a hostile $108.4B bid for Warner Bros. Discovery, underscoring the scale and intensity of consolidation across media and gaming. - Other notable M&A deals included the $3.5B acquisition of Niantic's gaming business by Savvy / Scopely and the$ 800M sale of Applovin's gaming division to Tripledot. Netflix also acquired the avatar tech company Ready Player Me in Q4'25 (Drake Star was the exclusive financial adviser on the deal). - Private financings were led by mobile and AI. Major mobile deals included CVC/Blackstone's $2.5B investment in Dream Games, alongside raises by Lingokids ($ 120M), Good Job Games ( $60M), and Million Victories ($ 40M). On the AI side, companies building AI world models with the potential to transform how games are made raised large rounds, including Luma AI ( $900M), Runway ($ 308M), General Intuition ( $134M), and Decart ($ 100M). - Overall financing activity bottomed out in Q2'25 at 105 rounds, then rebounded strongly in the second half of the year, rising to 118 rounds in Q3 and 137 rounds in Q4. - Most active investors in 2025 included Play Ventures, BITKRAFT, and Griffin Gaming Partners among larger funds, while Impact46, Merak Capital, and TIRTA were the leading seed-stage investors. On the strategic side, Tencent, KRAFTON, and Smilegate drove the most activity, while Animoca, Arbitrum Gaming Ventures, and Spartan were the most active players in blockchain gaming. - The most notable public deals included Embracer's spin-outs of Asmodee and Coffee Stain, and Ubisoft's $1.25B raise from Tencent. Take-Two completed a$ 1.19B equity offering, and GameStop raised $3.75B in debt. - The Drake Star Gaming Index, which tracks the top 35 global gaming companies on an equal-weighted basis, rose $12\%$ for the year, driven by strong performances from Unity (up $92\%$ ), NEXON (up $\$63\%$ ) and Netease (up $57\%$ ). # Q4'25 Summary - Q4 saw two gaming-related M&A announcements from streaming giant Netflix: Warner Bros. and Ready Player Me (Drake Star was advisor), marking a notable shift given Netflix's relatively limited M&A activity in recent years. Other significant transactions included Kakao Games' $150M divestment of its golf simulation subsidiary, NCSoft's$ 104M acquisition of mobile developer Indygo Group, SUD's $72M purchase of game engine company COCOS, and Nintendo's acquisition of Bandai Namco Studios Singapore. - Q4 saw strong growth in private company financings, with 136 rounds. Highlights included Luma AI's $900M Series C, General Intuition's$ 135M seed, and multiple $30M rounds from CloudX, Cypher Games, and TaleMonster Games, plus Lexip's $22.4M raise. - In public markets, Embracer spun off Coffee Stain, Asmodee announced a $371M debt raise, and Kakao Games announced a$ 78M capital increase. # 2025 WAS A LANDMARK YEAR IN GAMING M&A 14x Growth in Deal Value in 2025 5 $500M+ M&A Deals in 2025 2025 M&A ($B) Note: Column chart shows announced deals only 38% Growth in Deal Value in 2025 10 \$50M+ Private Placements in 2025 2025 Private Placements (\$B) Note: Column chart shows announced deals only # GAMING M&A TRANSACTIONS: 2025 # TOP 10 ANNOUNCED DEALS <table><tr><td>TARGET</td><td>ACQUIRER</td><td>SEGMENT</td><td>DATE</td><td>DEAL SIZE ($M)</td><td>TARGET COUNTRY</td><td>BUYER COUNTRY</td></tr><tr><td>WARNER BROS.</td><td>NETFLIX</td><td>PC/Console</td><td>Dec-25</td><td>82,700</td><td></td><td></td></tr><tr><td>EA</td><td>PIF SILVER LAKE AFFINITY PARTNERS</td><td>PC/Console</td><td>Sep-25</td><td>55,000</td><td></td><td></td></tr><tr><td>Games Division NIANTIC</td><td>SAVvy GAMES GROUP SCOPELY</td><td>Mobile</td><td>Mar-25</td><td>3,500</td><td></td><td></td></tr><tr><td>APPLOVIN Games Division</td><td>tripledot</td><td>Mobile</td><td>Feb-25</td><td>800</td><td></td><td></td></tr><tr><td>ADK<</td><td>KRAFTON</td><td>Others</td><td>Jun-25</td><td>516</td><td></td><td></td></tr><tr><td>Prime Insights</td><td>AONIC®</td><td>Platform/Tools</td><td>Sep-25</td><td>250</td><td></td><td></td></tr><tr><td>kakaoVX</td><td>IVG</td><td>Others</td><td>Oct-25</td><td>150</td><td></td><td></td></tr><tr><td>SUPERCENT</td><td>MC Partners</td><td>Mobile</td><td>Mar-25</td><td>123</td><td></td><td></td></tr><tr><td>Indygo Group</td><td>NC</td><td>Mobile</td><td>Dec-25</td><td>104</td><td></td><td></td></tr><tr><td>ELEVENTH HOUR GAMES</td><td>KRAFTON</td><td>PC/Console</td><td>Jul-25</td><td>96</td><td></td><td></td></tr></table> # GAMING M&A TRANSACTIONS: 2025 # 189 DEALS ANNOUNCED AND $\$ 144$ B IN DISCLOSED DEAL ACTIVITY OF DEALS BY SEGMENT DEAL VALUE ($B) BY SEGMENT OF DEALS BY REGION DEAL VALUE ($B) BY REGION North America Europe Asia and Other # GAMING PRIVATE PLACEMENTS: 2025 TOP 15 PRIVATE PLACEMENTS <table><tr><td>TARGET</td><td>SEGMENT</td><td>DATE</td><td>DEAL VALUE ($M)</td><td>VALUATION ($M)</td><td>SELECT INVESTORS</td><td>TARGET COUNTRY</td></tr><tr><td>dream</td><td>Mobile</td><td>May-25</td><td>2,500</td><td>5,000</td><td>CVC, Blackstone</td><td></td></tr><tr><td>Luma AI</td><td>Platform/Tools</td><td>Nov-25</td><td>900</td><td>--</td><td>HUMAN, AMD Ventures</td><td></td></tr><tr><td>R runway</td><td>Platform/Tools</td><td>Apr-25</td><td>308</td><td>--</td><td>General Atlantic, Nvidia</td><td></td></tr><tr><td>x general intuition</td><td>Platform/Tools</td><td>Oct-25</td><td>134</td><td>--</td><td>Khosla Ventures, General Catalyst</td><td></td></tr><tr><td>LingokIDS</td><td>Mobile</td><td>Sep-25</td><td>120</td><td>--</td><td>General Catalyst</td><td></td></tr><tr><td>Decart</td><td>Platform/Tools</td><td>Aug-25</td><td>100</td><td>3,100</td><td>Sequoia Capital, Benchmark</td><td></td></tr><tr><td>VITURE</td><td>VR/AR</td><td>Sep-25</td><td>100</td><td>--</td><td>Undisclosed</td><td></td></tr><tr><td>ARROWHEAD</td><td>PC/Console</td><td>Jun-25</td><td>80</td><td>508</td><td>Tencent</td><td></td></tr><tr><td>goodjob</td><td>Mobile</td><td>Jul-25</td><td>60</td><td>--</td><td>Menlo Ventures, Anthos Capital</td><td></td></tr><tr><td>appcharge</td><td>Platform/Tools</td><td>Aug-25</td><td>58</td><td>--</td><td>IVP, Playrix, videogames</td><td></td></tr><tr><td>NIANTIC SPATIAL</td><td>Platform/Tools</td><td>Mar-25</td><td>50</td><td>--</td><td>Scopely</td><td></td></tr><tr><td>MILLION VICTORIES</td><td>Mobile</td><td>Jul-25</td><td>40</td><td>--</td><td>Haveli Investments</td><td></td></tr><tr><td>KONG STUDIOS</td><td>Mobile</td><td>Jul-25</td><td>36</td><td>--</td><td>Atinum Investment, Smilegate Investment</td><td></td></tr><tr><td>DIEINET POSSIBILITY</td><td>Blockchain</td><td>Jul-25</td><td>31</td><td>--</td><td>BITKRAFT, Brevan Howard Digital</td><td></td></tr><tr><td>cypher</td><td>Mobile</td><td>Oct-25</td><td>30</td><td>--</td><td>Play Ventures, The Raine Group</td><td></td></tr></table> # GAMING PRIVATE PLACEMENTS: 2025 509 DEALS AND $6.2B IN DISCLOSED PRIVATE PLACEMENTS # NEW GAMING-FOCUSED FUNDS ANNOUNCED IN 2025 $1.5B+ OF CAPITAL RAISED FOR NEW FUNDS VC AND UA FUNDS ANNOUNCED IN 2025 <table><tr><td>FUND</td><td>FUND AMOUNT ($M)</td><td>FOCUS SEGMENT</td><td>LOCATION</td></tr><tr><td>vgamesGENERAL CATALYST</td><td>850.0</td><td>UA</td><td>空</td></tr><tr><td>PvX Partners</td><td>250.0</td><td>UA</td><td></td></tr><tr><td>SHARP ALPHA ADVISORS</td><td>150.0</td><td>UA</td><td></td></tr><tr><td>TILTINGPOINT RAISE YOUR GAME</td><td>150.0</td><td>UA</td><td></td></tr><tr><td>Arcadia</td><td>100.0</td><td>Mobile</td><td></td></tr><tr><td>R E V O</td><td>86.0</td><td>Diversified</td><td></td></tr><tr><td>skillz</td><td>75.0</td><td>Mobile</td><td></td></tr><tr><td>BEHOLD VENTURES</td><td>59.2</td><td>European Developers</td><td></td></tr><tr><td>ESPORTSGEOBAL</td><td>50.0</td><td>Esports</td><td></td></tr><tr><td>LATON</td><td>50.0</td><td>Diversified</td><td></td></tr></table> # GAMING KEY HEADLINES: Q4 2025 <table><tr><td>M&A</td><td>·Netflix entered into an agreement with Warner Bros. Discovery to acquire Warner Bros., including its gaming division, at an enterprise value of $82.7B. Following the announcement of this deal, Paramount made hostile takeover bid for all of WBD at an enterprise value of $108.4B. ·Netflix acquired Ready Player Me, a leading digital avatar technology company backed by prominent investors, including Andreessen Horowitz and Konvoy Ventures. Drake Star advised Ready Player Me on the deal. ·Kakao Games sold its golf simulation subsidiary Kakao VX to IVG, a subsidiary of Kakao Investment, for $149.5M. ·NCSoft acquired 67% of the mobile gaming company Indygo, which owns the Vietnamese casual game developer Lihuhu, for $103.8M. ·SUD, a provider of distribution and development tools for mini-games, purchased the COCOS, a game engine, for $72M. ·Nintendo agreed to acquire Bandai Namco Studios Singapore from Bandai Namco for an undisclosed amount.</td><td rowspan="2">WARNER BROS. READY PLAYER ME kakaoVX Indygo Group LEUCO BANDAI NAMCO Singapore Luma AI general intuition CloudX cypher CASTALE MONSTER LEXIP</td></tr><tr><td>Fundraising</td><td>·Luma AI, the multimodal AI company behind Dream Machine, which can be used to create and edit video gamecinematics, raised $900M in a Series C round. ·General Intuition, an AI research lab leveraging data generated from video games, raised $134M in a seed round led by Khosla Ventures and General Catalyst. ·CloudX, a new advertising platform for mobile publishers that integrates AI, raised $30M in a Series A round led by Addition. ·Cypher Games, a mobile games developer, raised a $30M Series A round led by Play Ventures and The Raine Group. ·TaleMonster Games, a casual mobile games company based in Istanbul, raised $30M from undisclosed investors. ·Lexip, a provider of gaming peripherals, including mouses and controllers, raised a $22.4M funding round. The company announced the fundraise in conjunction with a rebranding from its previous name, Pixmind.</td></tr><tr><td>Public Markets</td><td>·Coffee Stain Group debuted as a standalone public company in December with a $615M valuation. Embracer Group had announced in May its intention to carry out this spin-off. ·Asmodee, which spun out of Embracer Group earlier this year, announced the pricing of a $371M debt offering that will be used refinance existing borrowings. ·Kakao Games announced it had received an investment of $78M, which will help the company expand its presence in PC and console gaming.</td><td>Coffee Stain Asmodee kakao games asmodee kakao games kakao games kakao games kakao games kakao games kakao games kakao games kakao games kakao games kakao games kakao games kakao games kakao games kakao games kakao games kakao games kakao games kakao games kakao games kakao games kakao kakao kakao kakao kakao kakao kakao kakao kakao kakao kakao kakao kakao kakao kakao kakao kakao kakao kakao kakao kakao kakao kakao kakao kakao kakAO kakao kakao kakao kakao kakao kakao kakao kakao kakao kakao kakao kakao kakao kakao kakao kakao kakao kakao kakao kakao kakao kakao kakao kakao kak AO kakao kakao kakao kakao kakao 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kacOO kacOO kacOO kacOO kacOO kacOO kacOO kacOO kacOO kacOO kacOO kacOO kacOO kacOO kacOO kacOO kacOO kacOO kacoo kacOO kacOO kacoo kacoo kacoo kacOO kacOO kacOO kacOO kacOO kacOO kacOO kacOO kacOO kacOO kacOO kacOO kacOO kacOO kacOO kacOO kacOO kacOO kacOO kacoo kacOO kacoo kacOO kacOO kacoo kacOO kacOO kacOO kacOO kacOO kacOO kacOO kacOO kacOO kacOO kacOO kacOO kacOO kacOO kacOO kacOO kacOO kacOO kacOO kacoo kacOO kacoo kacOO kacoo kacoo kacOO kacOO kacOO kacOO kacOO kacOO kacOO kacOO kacOO kacOO kacOO kacOO kacOO kacOO kacOO kacOO kacOO kacOO kacOO kacoo kacOO kacoo kacoo kacOO kacoo kacOO kacOO kacOO kacOO kacOO kacOO kacOO kacOO kacOO kacOO kacOO kacOO kacOO kacOO kacOO kacOO kacOO kacOO kacOO kacoo kacOO kacoo kacoo kacoo kacoo kacOO kacOO kacOO kacOO kacOO kacOO kacOO kacOO kacOO kacOO kacOO kacOO kacOO kacOO kacOO kacOO kacOO kacOO kacOO kacoo kacoo kacOO kacOO kacOO kacoo kacOO kacOO kacOO kacOO kacOO kacOO kacOO kacOO kacOO kacOO kacOO kacOO kacOO kacOO kacOO kacOO kacOO 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OAUUOLUOLUOLUOLUOLUOLUOLUOLUOLUOLUOLUOLUOLUOLUOLUOLUOLUOLUOLUOLUOLUOLUOLUOLUOLUOLUOLUOLUOLUOLUOLUOLUOLUOLUOLUOLUOLUOLUOLUOLUOLUOLUOLUOLUOLUOLUOLUOLUOLUOLUUSUOLUOLUOLUOLUOLUOLUOLUOLUOLUOLUOLUOLUOLUOLUOLUOLUOLUOLUOLUOLUOLUOLUOLUOLUOLUOLUOLUOLUOLUOLUOLUOLUOLUOLUOLUOLUOLUOLUOLUOLUOLUOLUOLUOLUOLUOLUOLUOLUOLUOKUOLUOLUOLUOLUOLUOLUOLUOLUOLUOLUOLUOLUOLUOLUOLUOLUOLUOLUOLUOLUOLUOLUOLUOLUOLUOLUOLUOLUOLUOLUOLUOLUOLUOLUOLUOLUOLUOLUOLUOLUOLUOLUOLUOLUOLUOLUOLUOLUOLUCLUOLUOLUOLUOLUOLUOLUOLUOLUOLUOLUOLUOLUOLUOLUOLUOLUOLUOLUOLUOLUOLUOLUOLUOLUOLUOLUOLUOLUOLUOLUOLUOLUOLUOLUOLUOLUOLUOLUOLUOLUOLUOLUOLUOLUOLUOLUOLUOLUOLU</td></tr></table> # GAMING M&A TRANSACTIONS Q4 2025 43 DEALS AND $83B IN ANNOUNCED DEALS OF DEALS BY SEGMENT Q4 2025 OF DEALS BY REGION Q4 2025 ANNOUNCED M&A DEALS BY QUARTER # GAMING M&A TRANSACTIONS Q4 2025 # 43 ANNOUNCED DEALS AND $83B IN DISCLOSED DEAL VALUE WARNER BROS. # NETFLIX $82.7B - Netflix entered into an agreement with Warner Bros. Discovery to acquire Warner Bros., including its gaming division, at an enterprise value of $82.7B. This deal prompted a hostile takeover bid from Paramount for all of WBD at an enterprise value of$ 108.4B. - The transaction grants Netflix a vast portfolio of valuable Ips. Warner Bros.' game division also expands Netflix's game development capabilities. # Indygo Group # # $103.8M - NCSOFT acquired $67 \%$ of the mobile gaming company Indygo, which owns the Vietnamese casual game developer Lihuhu, for $103.8M. - The move is part of NCSoft's strategy to expand its presence in casual mobile games. Earlier this year, the company established its Mobile Casual Center and made key hires to strengthen its mobile gaming capabilities. # READY PLAYER ME # NETFLIX # - Netflix acquired Ready Player Me, a leading digital avatar technology company backed by prominent investors, including Andreessen Horowitz and Konvoy Ventures. Drake Star advised Ready Player Me on the deal. - Netflix will leverage Ready Player Me's development tools and infrastructure to power cross-game avatars, enabling players to carry their personalities and fandom across multiple games. # SUD # \$72.0M - SUD, a provider of distribution and development tools for mini-games, purchased the COCOS, a game engine, for $72M. - The acquisition expands SUD's offerings and allows for synergies with SUD's existing services and products. As part of the deal, the team behind COCOS will be integrated into SUD. # kakaoVX # IVG $149.5M - Kakao Games sold its golf simulation subsidiary Kakao VX to IVG for $149.5M. - The sale took place after Kakao Games acquired a minority stake in Kakao VX held by a financial investor to gain full ownership of the subsidiary. Proceeds from the sale will help Kakao Games expand its presence in PC online and console. # Singapore # (Nvidia) # - Nintendo agreed to acquire Bandai Namco Studios Singapore from Bandai Namco. - Bandai Namco Studios Singapore helped in the development of past Nintendo games, such as Splatoon 3. The studio will be renamed Nintendo Studios Singapore. # GAMING PRIVATE PLACEMENTS Q4 2025 # 137 DEALS AND $1.5B IN DISCLOSED PRIVATE PLACEMENTS Early Mid Late Q4 2025: 137 DEALS Q4 2025: $1.5B RAISED OF DEALS BY SEGMENT DEAL VALUE BY SEGMENT PC / Console Mobile ■ Platform/Tools Hardware Esports VR/AR Blockchain Others PRIVATE PLACEMENTS (\(B): BY QUARTER # GAMING PRIVATE PLACEMENTS: Q4 2025 # TOP PRIVATE PLACEMENTS <table><tr><td>TARGET</td><td>SEGMENT</td><td>DATE</td><td>DEAL VALUE ($M)</td><td>VALUATION ($M)</td><td>SELECT INVESTORS</td><td>TARGET COUNTRY</td></tr><tr><td>Luma AI</td><td>Platform/Tools</td><td>Nov-25</td><td>900.0</td><td>-</td><td>HUMAN, AMD Ventures</td><td></td></tr><tr><td>general intuition</td><td>Platform/Tools</td><td>Oct-25</td><td>133.7</td><td>-</td><td>Khosla Ventures, General Catalyst</td><td></td></tr><tr><td>CloudX</td><td>Platform/Tools</td><td>Nov-25</td><td>30.0</td><td>-</td><td>Addition, Terrain</td><td></td></tr><tr><td>cypher</td><td>Mobile</td><td>Oct-25</td><td>30.0</td><td>-</td><td>Play Ventures, The Raine Group</td><td></td></tr><tr><td>TALE MONSTER</td><td>Mobile</td><td>Dec-25</td><td>30.0</td><td>-</td><td>Undisclosed</td><td></td></tr><tr><td>LEXIP</td><td>Hardware</td><td>Nov-25</td><td>22.4</td><td>-</td><td>Undisclosed</td><td></td></tr><tr><td>Fifth Door</td><td>Platform/Tools</td><td>Nov-25</td><td>20.0</td><td>-</td><td>Garry Tan, Aydin Senkut, George Bousis</td><td></td></tr><tr><td>AZRA GAMES</td><td>Blockchain</td><td>Nov-25</td><td>18.9</td><td>-</td><td>Undisclosed</td><td></td></tr><tr><td>IIFICTIONS</td><td>PC/Console</td><td>Dec-25</td><td>16.7</td><td>-</td><td>Undisclosed</td><td></td></tr><tr><td>AFFERENCE</td><td>Hardware</td><td>Dec-25</td><td>15.3</td><td>-</td><td>Unless</td><td></td></tr></table> # GAMING PRIVATE PLACEMENTS Q4 2025 137 ANNOUNCED DEALS AND $1.5B IN DISCLOSED VALUE # Luma AI $900M Raised - Luma AI, the multimodal AI company behind Dream Machine, which can be used to create and edit video gamecinematics, raised $900M in a Series C round. - The round was led by HUMAN with participation from AMD Ventures, Andreessen Horowitz, Amplify Partners, and Matrix Partners. # cypher \$30M Raised - Cypher Games, a mobile games developer, raised a $30M Series A round led by Play Ventures and The Raine Group. - The company plans to use the funding to assist in the continued development of its debut game, Match Squad, ahead of its launch in the United States. # $\times$ general intuition - General Intuition, an AI research lab leveraging data generated from video games, raised $134M in a seed round led by Khosla Ventures and General Catalyst. - The company spun out of the video game clip sharing platform Medal with the goal of training AI models and agents using Medal's library of video game footage. # TALE MONSTER - TaleMonster Games, a casual mobile games company based in Istanbul, raised $30M from undisclosed investors. - So far, the company has released one title, the match 3 puzzle game Match Valley. Earlier this year, the company raised a \(7M seed round led by General Catalyst. \$134M Raised $30M Raised CloudX \$30M Raised CloudX, a new advertising platform for mobile publishers that integrates AI, raised $30M in a Series A round led by Addition. - The company has developed a new ad auction infrastructure that operates in a Trusted Execution Environment with the goal of ensuring fair and transparent auctions. # EXIP - Lexip, a provider of gaming peripherals, including mouses and controllers, raised a $22.4M funding round. The company announced the fundraising in conjunction with a rebranding from its previous name, Pixmind. - Lexip has partnered with game developers, such as Ubisoft and EA, to produce products utilizing their IP. # MOST ACTIVE INVESTORS # TOP INVESTORS BY LTM DEAL COUNT LARGE VC FUNDS: SERIES A AND B FOCUSED <table><tr><td>VC</td><td>DEALS</td><td>SELECT INVESTMENTS</td><td>LOCATION</td></tr><tr><td>PL AY VENTURES</td><td>12</td><td>BIG GER</td><td>beyondOS.</td></tr><tr><td>BITKRAFT</td><td>11</td><td>appcharge</td><td>DYNAMIC POSSIBILITY STUDIOS</td></tr><tr><td>GRIFFIN GAMING PARTNERS</td><td>9</td><td>AMPLITUDE STUDIOS</td><td>PUS MAJOR</td></tr><tr><td>GENERAL CATALYST</td><td>7</td><td>LINGOKIDS</td><td>TALE MONSTER</td></tr><tr><td>Arcadia</td><td>6</td><td>goodjob games</td><td>BIG GER</td></tr><tr><td>MAKERS FUND</td><td>5</td><td>VOY</td><td>beyondOS.</td></tr><tr><td>Accel</td><td>4</td><td>GEN</td><td>cartwheel</td></tr><tr><td>ANDREESSEN Horowitz</td><td>4</td><td>HALLIDAY</td><td>Luma AI</td></tr><tr><td>Bessemer Venture Partners</td><td>4</td><td>SETT</td><td>goodjob games</td></tr><tr><td>khosla ventures</td><td>3</td><td>cartwheel</td><td>general intuition</td></tr></table> SEED FOCUSED GAMING VC FUNDS <table><tr><td>VC</td><td>DEALS</td><td colspan="2">SELECT INVESTMENTS</td><td>LOCATION</td></tr><tr><td>impact46</td><td>9</td><td>SPEKTER</td><td>SPOILZ</td><td>成都</td></tr><tr><td>Merak.Capital</td><td>5</td><td>CLASSY GAMES</td><td>STAR VANIA</td><td>成都</td></tr><tr><td>TIRTA</td><td>5</td><td>cartwheel</td><td>VOLDEX</td><td></td></tr><tr><td>VENTURES</td><td>4</td><td>TORPOR GAMES</td><td>180000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000</td><td></td></tr><tr><td>forsVC</td><td>4</td><td>TWIRLBOUND</td><td>arcanix</td><td></td></tr><tr><td>LUDUS</td><td>4</td><td>TARK</td><td>TALE MONSTER</td><td></td></tr><tr><td>GAME VENTURES</td><td>4</td><td></td><td>SCORE SPACE</td><td></td></tr><tr><td>IAM GAMING</td><td>3</td><td>hydra</td><td>emptyvessel.</td><td></td></tr><tr><td>GFRFUND</td><td>3</td><td>Cloud Games</td><td>STAN</td><td></td></tr><tr><td>LATON</td><td>3</td><td>Born</td><td>grand</td><td></td></tr></table> # MOST ACTIVE INVESTORS # TOP INVESTORS BY LTM DEAL COUNT # STRATEGIC GAMING INVESTORS <table><tr><td>INVESTOR</td><td>DEALS</td><td>SELECT INVESTMENTS</td><td>LOCATION</td></tr><tr><td>Tencent</td><td>8</td><td>Born</td><td>ARROWHEAD</td></tr><tr><td>RIOT GAMES</td><td>8</td><td></td><td></td></tr><tr><td>KRAFTON</td><td>4</td><td>JetSynthesys</td><td>TORPORS GAMES</td></tr><tr><td>Smilegate</td><td>4</td><td>appcharge</td><td>KONG STUDIOS</td></tr><tr><td>SQUARE ENIX</td><td>4</td><td>pragma</td><td>STAN</td></tr><tr><td>BANDAI NAMCO</td><td>3</td><td>STAN</td><td>SUPER GAMING</td></tr><tr><td>MIXI</td><td>3</td><td>elooelo</td><td>gameramp</td></tr><tr><td>NC</td><td>2</td><td>empty vessel.</td><td>GPUN</td></tr><tr><td>SAMSUNG</td><td>2</td><td>Players’Lounge</td><td>Audiomob</td></tr><tr><td>SONY</td><td>2</td><td>STAN</td><td>VAULTN smart distribution</td></tr><tr><td>WEBZEN</td><td>2</td><td>GPUN</td><td>GAME IGATHER</td></tr></table> # BLOCKCHAIN INVESTORS <table><tr><td>VC</td><td>DEALS</td><td>SELECT INVESTMENTS</td><td>LOCATION</td></tr><tr><td>animca BRANDS</td><td>11</td><td>WOODS</td><td>PIXION</td></tr><tr><td>Arbitrum Gaming Ventures</td><td>6</td><td>HYVE LABS</td><td>ProofofPlay</td></tr><tr><td>SPARTAN</td><td>6</td><td>ZKANDY</td><td>PIXION</td></tr><tr><td>tbv</td><td>4</td><td>EVE&REACHLABS</td><td>GROKADE</td></tr><tr><td>YIELD GUILD GAMES</td><td>4</td><td>d e l a b s</td><td>PIXION</td></tr><tr><td>1k(x)</td><td>3</td><td>OGC</td><td>GONZIL</td></tr><tr><td>BIG BRAIN HOLDING</td><td>3</td><td>IIIIO</td><td>FrodoBots AI</td></tr><tr><td>DELPHI VENTURES</td><td>3</td><td>MagicBlock</td><td>DISTINCT POSSIBILITY STUDIES</td></tr><tr><td>GAM3GIRL VENTURES</td><td>3</td><td>SONZAI°</td><td>YIELD GUILD GAMES</td></tr><tr><td>MECHANISM CAPITAL</td><td>3</td><td>KAPKAP</td><td>MagicBlock</td></tr></table> # GAMING LEAGUE TABLES: TOP BUYERS TOP 10 STRATEGIC BUYERS LTM BUYERSLEAGUETABLE <table><tr><td>COMPANY</td><td>DISCLOSED DEAL VALUE ($M)</td><td># OF DEALS</td><td>SELECT DEALS</td></tr><tr><td>PIF SAVVY SCOPELY</td><td>$58,500</td><td>3</td><td>EA NIANTIC Games Division</td></tr><tr><td>NETFLIX</td><td>$82,700</td><td>2</td><td>READY PLAYER ME</td></tr><tr><td>triplodot</td><td>$900</td><td>1</td><td>APPROVIN Games Division</td></tr><tr><td>KRAFTON</td><td>$626</td><td>3</td><td>ELEVENTH HOURGAMES nauliUs mobile</td></tr><tr><td>AONIC</td><td>$250</td><td>1</td><td>Prime Insights</td></tr><tr><td>NC</td><td>$104</td><td>2</td><td>Indygo Group springcomes</td></tr><tr><td>T2</td><td>-</td><td>3</td><td>Color Block Jam V YOOM</td></tr><tr><td>ATARI</td><td>$5</td><td>3</td><td>Thunderful Group BREAKOUT SEYOND</td></tr><tr><td>VIRTUOS</td><td>-</td><td>3</td><td>PIPELOORHS STUDIOS abstraction</td></tr><tr><td>Tencent RIOT SUP ERC ELL</td><td>-</td><td>2</td><td>Lessmore.</td></tr></table> # PUBLIC MARKET VALUATIONS ONLINE / MOBILE GAME DEVELOPERS & PUBLISHERS <table><tr><td>COMPANY NAME North America / Europe - Mobile Focused</td><td>TICKER</td><td>COUNTRY</td><td>LTM</td><td>PRICE</td><td>MCAP</td><td>EV</td><td>REVENUE LTM</td><td>EBITDA LTM</td><td>EV/REVENUE LTM</td><td>NTM</td><td>EV/EBITDA NTM</td><td>NTM</td><td>EARNINGS NTM</td><td>NTM</td><td>REVENUE GROWTH NTM</td><td>NTM</td><td>EBITDA GROWTH NTM</td><td>NTM</td><td>EBITDA / REV</td><td></td></tr><tr><td>Light & Wonder</td><td>LNW</td><td>US</td><td>30-Sep-25</td><td>$105.10</td><td>$8,367.3</td><td>$13,165.6</td><td>$3,221.0</td><td>$1,142.0</td><td>4.1x</td><td>3.7x</td><td>11.2x</td><td>8.5x</td><td>22.7x</td><td>14.0x</td><td>2%</td><td>10%</td><td>6%</td><td>35%</td><td>35.5%</td><td></td></tr><tr><td>Playtika</td><td>PLTK</td><td>IL</td><td>30-Sep-25</td><td>$3.95</td><td>$1,485.4</td><td>$3,376.6</td><td>$2,726.9</td><td>$603.3</td><td>1.2x</td><td>1.2x</td><td>5.3x</td><td>4.5x</td><td>17.1x</td><td>7.3x</td><td>7%</td><td>2%</td><td>-2%</td><td>24%</td><td>22.1%</td><td></td></tr><tr><td>Modern Times Group</td><td>MTG B</td><td>SE</td><td>30-Sep-25</td><td>$12.44</td><td>$1,443.9</td><td>$1,778.2</td><td>$1,077.1</td><td>$217.7</td><td>1.6x</td><td>1.4x</td><td>8.0x</td><td>5.7x</td><td>NM</td><td>16.5x</td><td>72%</td><td>19%</td><td>40%</td><td>40%</td><td>20.2%</td><td></td></tr><tr><td>Stillfront Group</td><td>SF</td><td>SE</td><td>30-Sep-25</td><td>$0.71</td><td>$365.3</td><td>$796.0</td><td>$682.7</td><td>$119.5</td><td>1.1x</td><td>1.3x</td><td>6.3x</td><td>4.5x</td><td>NM</td><td>4.2x</td><td>-12%</td><td>-10%</td><td>-6%</td><td>45%</td><td>17.5%</td><td></td></tr><tr><td>Huuge</td><td>HUG</td><td>US</td><td>30-Sep-25</td><td>$6.65</td><td>$272.3</td><td>$69.7</td><td>$238.7</td><td>$81.8</td><td>0.3x</td><td>0.3x</td><td>0.8x</td><td>0.8x</td><td>5.3x</td><td>5.0x</td><td>-8%</td><td>-9%</td><td>8%</td><td>1%</td><td>34.3%</td><td></td></tr><tr><td>GDEV</td><td>GDEV</td><td>CY</td><td>30-Sep-25</td><td>$15.00</td><td>$272.0</td><td>$183.0</td><td>$412.0</td><td>$72.2</td><td>0.4x</td><td>0.4x</td><td>2.9x</td><td>2.0x</td><td>4.9x</td><td>3.8x</td><td>-5%</td><td>1%</td><td>77%</td><td>27%</td><td>17.5%</td><td></td></tr><tr><td>Ten Square Games</td><td>TEN</td><td>PL</td><td>30-Sep-25</td><td>$25.32</td><td>$161.0</td><td>$132.9</td><td>$100.6</td><td>$25.5</td><td>1.3x</td><td>1.3x</td><td>5.1x</td><td>4.9x</td><td>7.3x</td><td>8.2x</td><td>-9%</td><td>1%</td><td>-29%</td><td>5%</td><td>25.3%</td><td></td></tr><tr><td>G5 Entertainment</td><td>G5EN</td><td>SE</td><td>30-Sep-25</td><td>$9.94</td><td>$77.3</td><td>$50.6</td><td>$106.1</td><td>$6.5</td><td>0.5x</td><td>0.5x</td><td>7.5x</td><td>2.6x</td><td>10.8x</td><td>9.7x</td><td>-15%</td><td>-2%</td><td>-43%</td><td>189%</td><td>6.1%</td><td></td></tr><tr><td>East Side Games</td><td>EAGR</td><td>CA</td><td>30-Sep-25</td><td>$0.22</td><td>$17.1</td><td>$16.2</td><td>$56.1</td><td>$0.1</td><td>0.3x</td><td>0.2x</td><td>NM</td><td>3.9x</td><td>NM</td><td>NM</td><td>-6%</td><td>19%</td><td>-99%</td><td>NM</td><td>0.2%</td><td></td></tr><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>Average</td><td>1.2x</td><td>1.1x</td><td>5.9x</td><td>4.2x</td><td>11.3x</td><td>8.6x</td><td>3%</td><td>3%</td><td>-5%</td><td>46%</td><td>19.9%</td></tr><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>Median</td><td>1.1x</td><td>1.2x</td><td>5.8x</td><td>4.5x</td><td>9.0x</td><td>7.7x</td><td>-6%</td><td>1%</td><td>-2%</td><td>31%</td><td>20.2%</td></tr><tr><td colspan="20">North America / Europe - PC / Console Focused</td><td></td></tr><tr><td>Electronic Arts</td><td>EA</td><td>US</td><td>30-Sep-25</td><td>$204.33</td><td>$50,960.8</td><td>$51,899.8</td><td>$7,288.0</td><td>$1,567.0</td><td>7.1x</td><td>6.2x</td><td>29.8x</td><td>15.6x</td><td>59.2x</td><td>20.8x</td><td>-2%</td><td>15%</td><td>-17%</td><td>112%</td><td>21.5%</td><td></td></tr><tr><td>Take-Two Interactive</td><td>TTWO</td><td>US</td><td>30-Sep-25</td><td>$256.03</td><td>$47,308.9</td><td>$48,705.1</td><td>$6,219.9</td><td>$768.5</td><td>7.8x</td><td>7.3x</td><td>56.7x</td><td>50.3x</td><td>NM</td><td>76.7x</td><td>14%</td><td>7%</td><td>114%</td><td>26%</td><td>12.4%</td><td></td></tr><tr><td>CD Projekt</td><td>CDR</td><td>PL</td><td>30-Sep-25</td><td>$67.06</td><td>$6,700.4</td><td>$6,435.1</td><td>$309.3</td><td>$144.5</td><td>20.6x</td><td>24.9x</td><td>43.7x</td><td>56.7x</td><td>42.6x</td><td>72.6x</td><td>1%</td><td>-17%</td><td>22%</td><td>22%</td><td>46.7%</td><td></td></tr><tr><td>Asmodee</td><td>ASMDEE B</td><td>FR</td><td>30-Sep-25</td><td>$11.49</td><td>$2,789.4</td><td>$3,304.4</td><td>$1,786.7</td><td>$235.6</td><td>1.8x</td><td>1.8x</td><td>12.9x</td><td>10.5x</td><td>NM</td><td>13.4x</td><td>0%</td><td>5%</td><td>0%</td><td>34%</td><td>13.2%</td><td></td></tr><tr><td>Paradox Interactive</td><td>PDX</td><td>SE</td><td>30-Sep-25</td><td>$17.64</td><td>$1,863.3</td><td>$1,771.6</td><td>$215.0</td><td>$77.2</td><td>8.1x</td><td>6.4x</td><td>21.3x</td><td>9.8x</td><td>27.0x</td><td>26.9x</td><td>-19%</td><td>25%</td><td>-16%</td><td>129%</td><td>35.9%</td><td></td></tr><tr><td>Embracer Group</td><td>EMBRAC B</td><td>SE</td><td>30-Sep-25</td><td>$6.58</td><td>$1,469.3</td><td>$1,080.2</td><td>$2,124.5</td><td>$602.9</td><td>0.5x</td><td>0.6x</td><td>1.6x</td><td>2.1x</td><td>2.9x</td><td>47.0x</td><td>NA</td><td>-10%</td><td>NA</td><td>15%</td><td>28.4%</td><td></td></tr><tr><td>Ubisoft</td><td>UBI</td><td>FR</td><td>30-Sep-25</td><td>$7.56</td><td>$1,018.1</td><td>$2,689.1</td><td>$2,211.8</td><td>-$191.6</td><td>1.2x</td><td>1.2x</td><td>NM</td><td>3.7x</td><td>NM</td><td>NM</td><td>-12%</td><td>1%</td><td>NA</td><td>NM</td><td>-8.7%</td><td></td></tr><tr><td>everplay group</td><td>EVPL</td><td>GB</td><td>30-Jun-25</td><td>$4.50</td><td>$647.7</td><td>$571.2</td><td>$216.9</td><td>$56.0</td><td>2.7x</td><td>2.4x</td><td>10.2x</td><td>8.7x</td><td>22.0x</td><td>12.8x</td><td>-5%</td><td>10%</td><td>-1%</td><td>19%</td><td>25.8%</td><td></td></tr><tr><td>PlayWay</td><td>PLW</td><td>PL</td><td>30-Sep-25</td><td>$71.24</td><td>$470.2</td><td>$437.5</td><td>$80.1</td><td>$43.4</td><td>5.4x</td><td>5.2x</td><td>10.0x</td><td>8.1x</td><td>14.5x</td><td>NA</td><td>-6%</td><td>4%</td><td>-15%</td><td>23%</td><td>54.2%</td><td></td></tr><tr><td>Remedy Entertainment</td><td>REMEDY</td><td>FI</td><td>30-Sep-25</td><td>$17.85</td><td>$242.7</td><td>$220.2</td><td>$63.5</td><td>-$16.7</td><td>3.5x</td><td>3.4x</td><td>NM</td><td>32.9x</td><td>NM</td><td>NM</td><td>13%</td><td>3%</td><td>NA</td><td>140%</td><td>-26.3%</td><td></td></tr><tr><td>Digital Bros</td><td>DIB</td><td>IT</td><td>30-Sep-25</td><td>$15.50</td><td>$221.1</td><td>$219.7</td><td>$138.0</td><td>$59.5</td><td>1.6x</td><td>1.3x</td><td>3.7x</td><td>3.3x</td><td>NM</td><td>12.3x</td><td>-1%</td><td>19%</td><td>14%</td><td>13%</td><td>43.1%</td><td></td></tr><tr><td>Frontier Developments</td><td>FDEV</td><td>GB</td><td>31-May-25</td><td>$5.96</td><td>$211.9</td><td>$180.4</td><td>$122.1</td><td>$13.5</td><td>1.5x</td><td>1.4x</td><td>11.1x</td><td>3.5x</td><td>10.9x</td><td>18.9x</td><td>1%</td><td>7%</td><td>NA</td><td>NM</td><td>11.0%</td><td></td></tr><tr><td>Devolver Digital</td><td>DEVO</td><td>US</td><td>30-Jun-25</td><td>$0.32</td><td>$153.6</td><td>$120.2</td><td>$92.0</td><td>$4.6</td><td>1.3x</td><td>1.1x</td><td>25.3x</td><td>13.6x</td><td>NM</td><td>19.3x</td><td>-8%</td><td>18%</td><td>32%</td><td>92%</td><td>5.0%</td><td></td></tr><tr><td>Pullup Entertainment</td><td>ALPUL</td><td>FR</td><td>30-Sep-25</td><td>$18.39</td><td>$145.1</td><td>$268.5</td><td>$338.3</td><td>$90.2</td><td>0.8x</td><td>0.8x</td><td>3.0x</td><td>2.2x</td><td>NM</td><td>5.8x</td><td>-14%</td><td>-6%</td><td>-41%</td><td>32%</td><td>26.7%</td><td></td></tr><tr><td>CI Games</td><td>CIG</td><td>PL</td><td>30-Sep-25</td><td>$0.73</td><td>$139.7</td><td>$149.5</td><td>$17.5</td><td>-$10.2</td><td>8.4x</td><td>16.5x</td><td>NM</td><td>4.4x</td><td>NM</td><td>NA</td><td>-74%</td><td>-49%</td><td>NA</td><td>NM</td><td>-58.0%</td><td></td></tr><tr><td>Bloober Team</td><td>BLO</td><td>PL</td><td>30-Sep-25</td><td>$6.78</td><td>$130.6</td><td>$144.6</td><td>$36.5</td><td>$14.1</td><td>3.9x</td><td>NA</td><td>9.9x</td><td>NA</td><td>9.3x</td><td>NA</td><td>63%</td><td>NA</td><td>182%</td><td>NA</td><td>38.6%</td><td></td></tr><tr><td>EG7</td><td>EG7</td><td>SE</td><td>30-Sep-25</td><td>$1.47</td><td>$130.2</td><td>$128.2</td><td>$213.3</td><td>$37.7</td><td>0.6x</td><td>0.6x</td><td>3.0x</td><td>2.8x</td><td>NM</td><td>NM</td><td>6%</td><td>-9%</td><td>68%</td><td>18%</td><td>17.7%</td><td></td></tr><tr><td>Nacon</td><td>NACON</td><td>FR</td><td>30-Sep-25</td><td>$0.62</td><td>$67.2</td><td>$214.1</td><td>$198.3</td><td>$3.2</td><td>1.1x</td><td>0.9x</td><td>32.3x</td><td>2.5x</td><td>NM</td><td>5.7x</td><td>-4%</td><td>15%</td><td>-74%</td><td>NM</td><td>1.6%</td><td></td></tr><tr><td>People Can Fly</td><td>PCF</td><td>PL</td><td>30-Jun-25</td><td>$1.09</td><td>$39.3</td><td>$51.5</td><td>$63.5</td><td>-$44.0</td><td>0.8x</td><td>NA</td><td>NM</td><td>NA</td><td>NM</td><td>NA</td><td>45%</td><td>NA</td><td>NA</td><td>-69.2%</td><td></td><td></td></tr><tr><td>tinyBuild</td><td>TBLD</td><td>US</td><td>30-Jun-25</td><td>$0.09</td><td>$37.1</td><td>$32.2</td><td>$34.9</td><td>-$11.7</td><td>0.9x</td><td>0.9x</td><td>NM</td><td>NM</td><td>NM</td><td>NM</td><td>-8%</td><td>3%</td><td>NA</td><td>101%</td><td>-33.6%</td><td></td></tr><tr><td>Snail Games</td><td>SNAL</td><td>US</td><td>30-Sep-25</td><td>$0.89</td><td>$33.6</td><td>$26.6</td><td>$82.3</td><td>-$11.5</td><td>0.3x</td><td>0.2x</td><td>NM</td><td>7.7x</td><td>NM</td><td>NM</td><td>-5%</td><td>32%</td><td>NA</td><td>130%</td><td>-14.0%</td><td></td></tr><tr><td>Skonec Entertainment</td><td>A276040</td><td>KR</td><td>30-Sep-25</td><td>$1.02</td><td>$22.1</td><td>$16.1</td><td>$4.2</td><td>-$5.2</td><td>3.9x</td><td>NA</td><td>NM</td><td>NA</td><td>NA</td><td>NA</td><td>38%</td><td>NA</td><td>NA</td><td>-123.4%</td><td></td><td></td></tr><tr><td>Starbreeze AB</td><td>STAR B</td><td>SE</td><td>30-Sep-25</td><td>$0.01</td><td>$18.5</td><td>$8.5</td><td>$24.0</td><td>-$36.1</td><td>0.3x</td><td>0.4x</td><td>NM</td><td>1.6x</td><td>NM</td><td>13.7x</td><td>8%</td><td>-8%</td><td>NA</td><td>115%</td><td>-150.4%</td><td></td></tr><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>Average</td><td>3.7x</td><td>4.2x</td><td>18.3x</td><td>12.6x</td><td>23.5x</td><td>26.6x</td><td>1%</td><td>3%</td><td>21%</td><td>64%</td><td>-4.4%</td><td></td></tr><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td></td><td></td><td></td><td></td><td></td><td></td><td>Median</td><td>1.6x</td><td>1.4x</td><td>11.1x</td><td>7.7x</td><td>18.3x</td><td>18.9x</td><td>-1%</td><td>4%</td><td>0%</td><td>33%</td><td>12.4%</td><td></td><td></td><td></td></tr></table> # PUBLIC MARKET VALUATIONS DEVELOPERS IN JAPAN / KOREA AND CHINA (SHENZHEN LISTED) <table><tr><td>COMPANY NAME Japan/Korea</td><td>TICKER</td><td>COUNTRY</td><td>LTM</td><td>PRICE</td><td>MCAP</td><td>EV</td><td>REVENUE LTM</td><td>EBITDA LTM</td><td>EV/REVENUE LTM</td><td>EV/EBITDA NTM</td><td>EV/EBITDA LTM</td><td>EV/EBITDA NTM</td><td>PRICE/EARNINGS LTM</td><td>REVENUE GROWTH LTM</td><td>EBITDA GROWTH LTM</td><td>EBITDA / REV NTM</td><td>EBITDA / REV NTM</td><td></td><td></td></tr><tr><td>Sony</td><td>6758</td><td>JP</td><td>30-Sep-25</td><td>$25.67</td><td>$153,134.0</td><td>$155,926.9</td><td>$88,858.0</td><td>$13,504.0</td><td>1.9x</td><td>2.0x</td><td>11.7x</td><td>10.8x</td><td>20.1x</td><td>21.5x</td><td>3%</td><td>-5%</td><td>22%</td><td>13%</td><td>15.2%</td></tr><tr><td>Nintendo</td><td>7974</td><td>JP</td><td>30-Sep-25</td><td>$67.58</td><td>$78,675.2</td><td>$65,192.0</td><td>$11,765.7</td><td>$2,182.1</td><td>5.9x</td><td>4.7x</td><td>26.2x</td><td>25.4x</td><td>33.4x</td><td>32.6x</td><td>24%</td><td>25%</td><td>-16%</td><td>25%</td><td>18.5%</td></tr><tr><td>NEXON</td><td>3659</td><td>JP</td><td>30-Sep-25</td><td>$24.41</td><td>$19,365.1</td><td>$15,134.6</td><td>$2,913.9</td><td>$910.7</td><td>5.5x</td><td>4.4x</td><td>17.8x</td><td>14.7x</td><td>27.5x</td><td>25.9x</td><td>-4%</td><td>24%</td><td>-5%</td><td>20%</td><td>31.3%</td></tr><tr><td>Konami Holdings</td><td>9766</td><td>JP</td><td>30-Sep-25</td><td>$136.04</td><td>$18,441.6</td><td>$17,059.0</td><td>$3,124.3</td><td>$1,050.8</td><td>5.8x</td><td>5.3x</td><td>17.2x</td><td>15.2x</td><td>34.1x</td><td>27.8x</td><td>18%</td><td>8%</td><td>23%</td><td>13%</td><td>33.6%</td></tr><tr><td>BANDAI NAMCO</td><td>7832</td><td>JP</td><td>30-Sep-25</td><td>$26.61</td><td>$17,225.9</td><td>$14,853.6</td><td>$8,608.3</td><td>$1,467.3</td><td>1.8x</td><td>1.9x</td><td>10.5x</td><td>10.4x</td><td>21.3x</td><td>20.3x</td><td>10%</td><td>-2%</td><td>20%</td><td>3%</td><td>17.0%</td></tr><tr><td>Capcom</td><td>9697</td><td>JP</td><td>30-Sep-25</td><td>$23.29</td><td>$9,740.3</td><td>$8,906.5</td><td>$1,313.3</td><td>$603.8</td><td>7.2x</td><td>6.8x</td><td>15.6x</td><td>16.0x</td><td>25.2x</td><td>26.2x</td><td>45%</td><td>5%</td><td>84%</td><td>2%</td><td>46.0%</td></tr><tr><td>KRAFTON</td><td>A259960</td><td>KR</td><td>30-Sep-25</td><td>$170.42</td><td>$7,607.0</td><td>$5,910.8</td><td>$2,152.9</td><td>$989.6</td><td>2.8x</td><td>2.4x</td><td>6.4x</td><td>5.4x</td><td>9.0x</td><td>10.1x</td><td>15%</td><td>20%</td><td>12%</td><td>13%</td><td>46.0%</td></tr><tr><td>Square Enix</td><td>9684</td><td>JP</td><td>30-Sep-25</td><td>$18.24</td><td>$6,575.9</td><td>$5,025.6</td><td>$2,032.7</td><td>$375.2</td><td>2.6x</td><td>2.7x</td><td>14.2x</td><td>13.4x</td><td>45.4x</td><td>31.2x</td><td>-12%</td><td>-5%</td><td>26%</td><td>6%</td><td>18.5%</td></tr><tr><td>Koei Tecmo</td><td>3635</td><td>JP</td><td>30-Sep-25</td><td>$12.15</td><td>$4,060.3</td><td>$3,788.8</td><td>$535.3</td><td>$211.9</td><td>7.5x</td><td>6.4x</td><td>18.9x</td><td>16.7x</td><td>17.4x</td><td>18.1x</td><td>-1%</td><td>17%</td><td>15%</td><td>13%</td><td>39.6%</td></tr><tr><td>Sega Sammy</td><td>6460</td><td>JP</td><td>30-Sep-25</td><td>$15.61</td><td>$3,282.8</td><td>$3,303.0</td><td>$2,827.2</td><td>$299.5</td><td>1.2x</td><td>1.0x</td><td>10.6x</td><td>7.2x</td><td>30.0x</td><td>12.3x</td><td>-9%</td><td>27%</td><td>-33%</td><td>62%</td><td>10.6%</td></tr><tr><td>NetMarble</td><td>A251270</td><td>KR</td><td>30-Sep-25</td><td>$33.43</td><td>$2,738.7</td><td>$2,333.8</td><td>$1,912.4</td><td>$286.5</td><td>1.7x</td><td>1.6x</td><td>9.3x</td><td>9.5x</td><td>39.0x</td><td>16.3x</td><td>0%</td><td>11%</td><td>16%</td><td>22%</td><td>15.0%</td></tr><tr><td>NCSoft</td><td>A036570</td><td>KR</td><td>30-Sep-25</td><td>$139.59</td><td>$2,707.0</td><td>$1,537.2</td><td>$1,076.4</td><td>-$18.7</td><td>1.5x</td><td>1.1x</td><td>NM</td><td>7.2x</td><td>11.4x</td><td>15.7x</td><td>-6%</td><td>29%</td><td>NA</td><td>NM</td><td>-1.7%</td></tr><tr><td>DeNA</td><td>2432</td><td>JP</td><td>30-Sep-25</td><td>$16.19</td><td>$1,802.6</td><td>$1,560.8</td><td>$1,195.3</td><td>$398.9</t