1德雷克星合伙发布2025全球游戏报告，指出2025年为游戏并购里程碑之年，披露交易价值达1610亿美元。
2Netflix以827亿美元收购华纳兄弟（含游戏部门），PIF牵头财团以550亿美元杠杆收购EA。
3AI与移动游戏引领私募融资，Luma AI获9亿美元C轮融资。
4Drake Star游戏指数全年上涨12%，Unity涨92%。
5展望2026年，预计M&A活动显著增加，GTA 6将于11月发布，Discord等公司有望IPO。
德雷克星合伙_GLOBAL GAMING REPORT 2025_2026-01-14.pdf
摘要
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
ulian.riedlbauer@drakestar.com
MOHIT PAREEK
Partner
Los Angeles
mohit.pareek@drakestar.com
SALE TO
Digital Media
Video Gaming
SALE TO
SALE TO
Mobile Games
Mobile / Console Games
Gaming Audience AI / Analytics
Video Games Developer
SALE TO
PC/Mobile Games
AAA Games
SALE TO
HAS ACQUIRED
PC / Console Games
AAA Game Developer
Video Game / Content Livestreaming
EQUITY SALE
SALE TO
Video Game / Content Streaming
Mobile Games
EQUITY SALE
Asset Managers Hedge Funds
Mobile Game Publisher
SALE TO
Blockchain Gaming
SALE TQ
SALE TO
Video Game / Content Live Streaming
SALE TO
Mobile Games
Gaming Console
Mobile / Online Gaming
ND Mobile Gaming
PRIVATE PLACEMENT
Developer and Publisher of Videogames and Apps
MAJORITY SALE TO
DRAKE STAR
Gaming Advertising
RECORD YEAR FOR GAMING M&A
$161B
Disclosed Value (Announced)
759
Deals (Announced)
Deal Value ($B)
Note: Public Markets include IPOs, SPACs, and Public Financings Source: CapIQ, Pitchbook & DSP Research
2025 Summary
Note: Deal count includes announced M&A, private placement, IPOs, SPACs, and public financing deals.
- 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 Al'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 $78M capital increase.
2025 WAS A LANDMARK YEAR IN GAMING M&A
2025 M&A ($B)
14x
5
2025 Private Placements ($B)
38%
Growth in Deal Value in 2025
10
$50M+ Private Placements in 2025
GAMING M&A TRANSACTIONS: 2025
TOP 10 ANNOUNCED DEALS
TARGET
ACQUIRER
SEGMENT
DATE
DEAL SIZE($M)
TARGET COUNTRY
BUYER COUNTRY
WARNER BROS.
NETFLIX
PC/Console
Dec-25
82,700
EA
PIF SILVER LAKE
AFFINITY PARTNERS
PC/Console
Sep-25
55,000
Games Division
NIANTIC
SAVVY
GAMES GROUP
SCOPELY
Mobile
Mar-25
3,500
APPLOVIN
Games Division
tripledot
Mobile
Feb-25
800
ADK
KRAFTON
Others
Jun-25
516
Prime Insights
AONIC
Platform/Tools
Sep-25
250
kakaoVX
IVG
Others
Oct-25
150
SUPERCENT
MC Partners
Mobile
Mar-25
123
Indygo Group
NC
Mobile
Dec-25
104
ELEVENTH
HOUR
GAMES
KRAFTON
PC/Console
Jul-25
96
DRAKE STAR
Source: CaplQ, Pitchbook & DSP Research Note: Drake Star did not act as financial advisor on transactions listed on this page
GAMING M&A TRANSACTIONS: 2025
189 DEALS ANNOUNCED AND $144B IN DISCLOSED DEAL ACTIVITY
OF DEALS BY SEGMENT
DEAL VALUE ($B) BY SEGMENT
OF DEALS BY REGION
DRAKE STAR
Source: CaplQ, Pitchbook & DSP Research Note: Pie charts show announced deals
GAMING PRIVATE PLACEMENTS: 2025
TOP 15 PRIVATE PLACEMENTS
TARGET
SEGMENT
DATE
DEAL VALUE(M)
SELECT INVESTORS
TARGET COUNTRY
dream
Mobile
May-25
2,500
5,000
CVC, Blackstone
Turkey
Luma AI
Platform/Tools
Nov-25
900
--
HUMAIN, AMD Ventures
USA
runway
Platform/Tools
Apr-25
308
--
General Atlantic, Nvidia
USA
general intuition
Platform/Tools
Oct-25
134
--
Khosla Ventures, General Catalyst
USA
Lingokids
Mobile
Sep-25
120
--
General Catalyst
Spain
Decart
Platform/Tools
Aug-25
100
3,100
Sequoia Capital, Benchmark
USA
VITURE
VR/AR
Sep-25
100
--
Undisclosed
USA
ARROWHEAD
PC/Console
Jun-25
80
508
Tencent
Sweden
goodjob games
Mobile
Jul-25
60
--
Menlo Ventures, Anthos Capital
Turkey
appcharge
Platform/Tools
Aug-25
58
--
IVP, Playrix, vgames
Israel
NIANTIC SPATIAL
Platform/Tools
Mar-25
50
--
Scopely
USA
MILLION VICTORIES
Mobile
Jul-25
40
--
Haveli Investments
France
KONG STUDIOS
Mobile
Jul-25
36
--
Atinum Investment, Smilegate Investment
USA
DISTINCT POSSIBILITY STUDIOS
Blockchain
Jul-25
31
--
BITKRAFT, Brevan Howard Digital
USA
cypher
Mobile
Oct-25
30
--
Play Ventures, The Raine Group
Turkey
DRAKE STAR
Source: CapIQ, Pitchbook & DSP Research
Note: Drake Star did not act as financial advisor on transactions listed on this page
GAMING PRIVATE PLACEMENTS: 2025
509 DEALS AND $6.2B IN DISCLOSED PRIVATE PLACEMENTS
of Deals by Stage
of Deals by Segment
Deal Value by Segment
of Deals by Amount Raised
Deal Value by Amount Raised $10M-$50M
www.drakestar.com
NEW GAMING-FOCUSED FUNDS ANNOUNCED IN 2025
$1.5B+ OF CAPITAL RAISED FOR NEW FUNDS
VC AND UA FUNDS ANNOUNCED IN 2025
FUND
FUND AMOUNT($M)
FOCUS SEGMENT
LOCATION
vgames GENERAL CATALYST
850.0
UA
Israel and USA
PvX Partners
250.0
UA
Singapore
SHARP ALPHA ADVISORS
150.0
UA
USA
TILTING POINT RAISE YOUR GAME
150.0
UA
Spain
Arcadia
100.0
Mobile
UK
REV C
86.0
Diversified
Turkey
skillz
75.0
Mobile
USA
BEHOLD VENTURES
59.2
European Developers
Sweden
ESPORTS GLOBAL
50.0
Esports
UK
LATON
50.0
Diversified
Netherlands
DRAKE STAR
GAMING KEY HEADLINES: Q4 2025
M&A
- 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.
Fundraising
- Luma AI, the multimodal AI company behind Dream Machine, which can be used to create and edit video game cinematics, 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.
- Cypher Games, a mobile games developer, raised a $30M Series A round led by Play Ventures and The Raine Group.
- CloudX, a new advertising platform for mobile publishers that integrates AI, raised $30M in a Series A round led by Addition.
- 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.
- TaleMonster Games, a casual mobile games company based in Istanbul, raised $30M from undisclosed investors.
Public Markets
- 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.
WARNER BROS.
READY
PLAYER
ME
kakaoVX
kakaoinvestment
Indygo Group
SUD
Singapore
general intuition
CloudX
cypher
TALE
MONSTER
LEXIP
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.
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.
kakaoVX
- Kakao Games sold its golf simulation subsidiary Kakao VX to IVG for $149.5M.
- 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.
- 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.
- NCSoft acquired 67% of the mobile gaming company Indygo, which owns the Vietnamese casual game developer Lihuhu, for $103.8M.
IVG
Indygo Group
SUD
- 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.
```markdown
Singapore
- Bandai Namco Studios Singapore helped in the development of past Nintendo games, such as Splatoon 3. The studio will be renamed Nintendo Studios Singapore.
- Nintendo agreed to acquire Bandai Namco Studios Singapore from Bandai Namco.
<div align="center">
GAMING PRIVATE PLACEMENTS Q4 2025 137 DEALS AND $1.5B IN DISCLOSED PRIVATE PLACEMENTS
</div>
<div align="center">
DEAL VALUE BY SEGMENT
</div>
<div align="center">
PRIVATE PLACEMENTS ($B): BY QUARTER
</div>
## GAMING PRIVATE PLACEMENTS: Q4 2025
## TOP PRIVATE PLACEMENTS
<table border="1"><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>HUMAIN, AMD Ventures</td><td>美国</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>美国</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>美国</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>土耳其</td></tr><tr><td>TALE MONSTER</td><td>Mobile</td><td>Dec-25</td><td>30.0</td><td>-</td><td>Undisclosed</td><td>美国</td></tr><tr><td>LEXIP</td><td>Hardware</td><td>Nov-25</td><td>22.4</td><td>-</td><td>Undisclosed</td><td>法国</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>美国</td></tr><tr><td>AZRA GAMES</td><td>Blockchain</td><td>Nov-25</td><td>18.9</td><td>-</td><td>Undisclosed</td><td>美国</td></tr><tr><td>FICTIONS</td><td>PC/Console</td><td>Dec-25</td><td>16.7</td><td>-</td><td>Undisclosed</td><td>美国</td></tr><tr><td>AFFERENCE</td><td>Hardware</td><td>Dec-25</td><td>15.3</td><td>-</td><td>Unless</td><td>美国</td></tr></table>
Source: CapIQ, Pitchbook & DSP Research
Note: Drake Star did not act as financial advisor on transactions listed on this page
<div align="center">
# GAMING PRIVATE PLACEMENTS Q4 2025
</div>
<div align="center">
# 137 ANNOUNCED DEALS AND $1.5B IN DISCLOSED VALUE
</div>
$900M Raised
- Luma AI, the multimodal AI company behind Dream Machine, which can be used to create and edit video game cinematics, raised $900M in a Series C round.
- The round was led by HUMAIN with participation from AMD Ventures, Andreessen Horowitz, Amplify Partners, and Matrix Partners.
## general intuition
$134M Raised
- 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.
$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.
$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.
## TALE
MONSTER
$30M Raised
- 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.
$22.4M Raised
- 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.
- 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 class="table table-bordered"><thead><tr><th>VC</th><th>DEALS</th><th colspan="2">SELECT INVESTMENTS</th><th>LOCATION</th></tr></thead><tbody><tr><td>PLAY VENTURES</td><td>12</td><td>BIG GER</td><td>beyondOS</td><td>Singapore</td></tr><tr><td>BITKRAFT</td><td>11</td><td>appcharge</td><td>DISTINCT POSSIBILITY STUDIOS</td><td>美国</td></tr><tr><td>GRIFFIN GAMING PARTNERS</td><td>9</td><td>AMPLITUDE STUDIOS</td><td>PUS MAJOR</td><td>美国</td></tr><tr><td>GENERAL CATALYST</td><td>7</td><td>lingokids</td><td>TALE MONSTER</td><td>美国</td></tr><tr><td>Arcadia</td><td>6</td><td>goodjob games</td><td>BIG GER</td><td>英国</td></tr><tr><td>MAKERS FUND</td><td>5</td><td>beyondOS</td><td></td><td>美国</td></tr><tr><td>Accel</td><td>4</td><td>KGEN</td><td>cartwheel</td><td>美国</td></tr><tr><td>ANDREESSEN HOROWITZ</td><td>4</td><td>Halliday</td><td>Luma AI</td><td>美国</td></tr><tr><td>Bessemer Venture Partners</td><td>4</td><td>Sett</td><td>goodjob games</td><td>美国</td></tr><tr><td>khosla ventures</td><td>3</td><td>cartwheel</td><td>general intuition</td><td>美国</td></tr></tbody></table>
## SEED FOCUSED GAMING VC FUNDS
<table border="1"><tr><td>VC</td><td>DEALS</td><td>SELECT INVESTMENTS</td><td>LOCATION</td></tr><tr><td>impact46</td><td>9</td><td>SPEKTER SPOILZ</td><td>美国</td></tr><tr><td>Merak.Capital</td><td>5</td><td>CLASSY GAMES STAR VANIA</td><td>美国</td></tr><tr><td>TIRTA</td><td>5</td><td>cartwheel VOLDEX</td><td>美国</td></tr><tr><td>VENTURES</td><td>4</td><td>TORPOR GAMES</td><td>美国</td></tr><tr><td>forsVC</td><td>4</td><td>TWIRLBOUND</td><td> Belgium</td></tr><tr><td>LUDUS</td><td>4</td><td>TARK TALE MONSTER</td><td>Turkey</td></tr><tr><td>GSU GAME VENTURES</td><td>4</td><td>Seven Stars SCORE SPACE</td><td>美国</td></tr><tr><td>IAM GAMING</td><td>3</td><td>emptyvessel</td><td>美国</td></tr><tr><td>GFRFUND</td><td>3</td><td>cloud GAMES STAN</td><td>美国</td></tr><tr><td>LATON</td><td>3</td><td>Born grand</td><td>荷兰</td></tr></table>
## MOST ACTIVE INVESTORS
## TOP INVESTORS BY LTM DEAL COUNT
## STRATEGIC GAMING INVESTORS
<table class="table table-bordered"><thead><tr><th>INVESTOR</th><th>DEALS</th><th>SELECT INVESTMENTS</th><th>LOCATION</th></tr></thead><tbody><tr><td>Tencent<br>RIOT GAMES</td><td>8</td><td>Born</td><td>ARROWHEAD</td></tr><tr><td>KRAFTON</td><td>4</td><td>JetSynthesys</td><td>TORPOR 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>eloelo</td><td>gameramp</td></tr><tr><td>NC</td><td>2</td><td>emptyvessel</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 II GATHER</td></tr></tbody></table>
<div align="center">
BLOCKCHAIN INVESTORS
</div>
<table border="1"><tr><td>VC</td><td>DEALS</td><td colspan="2">SELECT INVESTMENTS</td><td>LOCATION</td></tr><tr><td>animoca BRANDS</td><td>11</td><td>WIZZ WOODS</td><td>PIXION</td><td></td></tr><tr><td>Arbitrum Gaming Ventures</td><td>6</td><td>HYVE LABS</td><td>ProofofPlay</td><td></td></tr><tr><td>SPARTAN</td><td>6</td><td>ZKCANDY</td><td>PIXION</td><td></td></tr><tr><td>tbv</td><td>4</td><td>EVEREACH LABS</td><td>GROKADE</td><td></td></tr><tr><td>YIELD GUILD GAMES</td><td>4</td><td>delabs</td><td>PIXION</td><td></td></tr><tr><td>1k(x)</td><td>3</td><td>OCG</td><td>GUNZilla</td><td></td></tr><tr><td>BIG BRAIN HOLDINGS</td><td>3</td><td>FrodoBots AI</td><td></td><td></td></tr><tr><td>DELPHI VENTURES</td><td>3</td><td>MagicBlock</td><td>DISTINCT POSSIBILITY STUDIOS</td><td></td></tr><tr><td>GAM3GIRL VENTURES</td><td>3</td><td>SONZAI</td><td>YIELD GUILD GAMES</td><td></td></tr><tr><td>MECHANISM CAPITAL</td><td>3</td><td>KAPKAP</td><td>MagicBlock</td><td></td></tr></table>
DRAKE STAR
## GAMING LEAGUE TABLES: TOP BUYERS
## TOP 10 STRATEGIC BUYERS LTM
<div align="center">
BUYERS LEAGUE TABLE
</div>
<table class="table table-bordered"><thead><tr><th>COMPANY</th><th>DISCLOSED DEAL VALUE ($M)</th><th># OF DEALS</th><th>SELECT DEALS</th></tr></thead><tbody><tr><td>PIF SAVVY GAMES GROUP 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>WB WARNER BROS. READY PLAYER ME</td></tr><tr><td>tripledot</td><td>$900</td><td>1</td><td>APPLOVIN Games Division</td></tr><tr><td>KRAFTON</td><td>$626</td><td>3</td><td>ELEVENTH HOUR GAMES nautilus 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 spring comes</td></tr><tr><td>T2</td><td>-</td><td>3</td><td>Color Block Jam YOOM</td></tr><tr><td>ATARI</td><td>$5</td><td>3</td><td>Thunderful Group BREAKOUT BEYOND</td></tr><tr><td>VIRTUOS</td><td>-</td><td>3</td><td>PIPEWORKS STUDIOS abstraction</td></tr><tr><td>Tencent sumo GROUP RIOT GAMES MINICLIP SUPER CELL</td><td>-</td><td>2</td><td>Lessmore.</td></tr></tbody></table>
## DRAKE STAR
## PUBLIC MARKET VALUATIONS
<div align="center">
ONLINE/MOBILE GAME DEVELOPERS & PUBLISHERS
</div>
<table border="1"><tr><td>COMPANY NAME</td><td></td><td></td><td></td><td></td><td></td><td>EV</td><td>REVENUE LTM</td><td>EBITDA LTM</td><td colspan="2">EV/REVENUE</td><td colspan="2">EV/EBITDA</td><td colspan="2">PRICE/EARNINGS</td><td colspan="2">REVENUE GROWTH</td><td colspan="2">EBITDA GROWTH</td><td>EBITDA/REV</td></tr><tr><td>North America/Europe-Mobile Focused</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>LTM</td><td>NTM</td><td>LTM</td><td>NTM</td><td>LTM</td><td>NTM</td><td>LTM</td><td>NTM</td><td>LTM</td><td>NTM</td><td>LTM</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></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></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></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></tr><tr><td>Huuuge</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></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></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></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></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></tr><tr><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>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></table>
<div align="center">
North America / Europe - PC / Console Focused
</div>
<table border="1"><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></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></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></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></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></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></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></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></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></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></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></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></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></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></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></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></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></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></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>NA</td><td>-69.2%</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></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></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>NM</td><td>NA</td><td>38%</td><td>NA</td><td>NA</td><td>NA</td><td>-123.4%</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></tr><tr><td></td><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></tr><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>Median</td><td>1.6x</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></tr></table>
## PUBLIC MARKET VALUATIONS
<div align="center">
DEVELOPERS IN JAPAN/KOREA AND CHINA (SHENZHEN LISTED)
</div>
<table border="1"><tr><td>COMPANY NAME</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 colspan="2">EV/REVENUE</td><td colspan="2">EV/EBITDA</td><td colspan="2">PRICE/EARNINGS</td><td colspan="2">REVENUE GROWTH</td><td colspan="2">EBITDA GROWTH</td><td>EBITDA/REV</td></tr><tr><td>Japan/Korea</td><td></td><td></td><td></td><td></td><td></td><td></td><td>REVENUE LTM</td><td>EBITDA LTM</td><td>LTM</td><td>NTM</td><td>LTM</td><td>NTM</td><td>LTM</td><td>NTM</td><td>LTM</td><td>NTM</td><td>LTM</td><td>NTM</td><td>LTM</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>$3,233.8</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</td><td>1.4x</td><td>1.6x</td><td>3.7x</td><td>6.9x</td><td>6.4x</td><td>10.3x</td><td>34%</td><td>-13%</td><td>NM</td><td>40%</td><td>33.4%</td></tr><tr><td>Pearl Abyss</td><td>A263750</td><td>KR</td><td>30-Sep-25</td><td>$25.91</td><td>$1,591.3</td><td>$1,400.8</td><td>$260.4</td><td>$14.3</td><td>5.5x</td><td>3.4x</td><td>NM</td><td>15.1x</td><td>43.3x</td><td>15.6x</td><td>10%</td><td>62%</td><td>NM</td><td>NM</td><td>5.5%</td></tr><tr><td>SHIFT UP</td><td>A462870</td><td>KR</td><td>30-Sep-25</td><td>$24.59</td><td>$1,450.0</td><td>$984.2</td><td>$209.0</td><td>$138.8</td><td>4.8x</td><td>6.2x</td><td>7.3x</td><td>10.2x</td><td>10.9x</td><td>14.9x</td><td>42%</td><td>-22%</td><td>37%</td><td>29%</td><td>66.4%</td></tr><tr><td>Kakao Games</td><td>A293490</td><td>KR</td><td>30-Sep-25</td><td>$10.32</td><td>$918.0</td><td>$1,178.2</td><td>$355.5</td><td>$11.9</td><td>3.4x</td><td>3.0x</td><td>NM</td><td>22.8x</td><td>NM</td><td>43.6x</td><td>-12%</td><td>12%</td><td>-85%</td><td>NM</td><td>3.3%</td></tr><tr><td>GungHo Online</td><td>3765</td><td>JP</td><td>30-Sep-25</td><td>$16.05</td><td>$872.4</td><td>$184.9</td><td>$680.5</td><td>$58.0</td><td>0.3x</td><td>0.3x</td><td>3.4x</td><td>4.0x</td><td>33.2x</td><td>21.3x</td><td>-3%</td><td>4%</td><td>-59%</td><td>15%</td><td>8.5%</td></tr><tr><td>DOUBLEUGAMES</td><td>A192080</td><td>KR</td><td>30-Sep-25</td><td>$37.13</td><td>$726.3</td><td>$543.3</td><td>$481.1</td><td>$174.6</td><td>1.2x</td><td>1.0x</td><td>3.2x</td><td>2.9x</td><td>6.6x</td><td>6.9x</td><td>7%</td><td>19%</td><td>-7%</td><td>9%</td><td>36.3%</td></tr><tr><td>NHN Entertainment</td><td>A181710</td><td>KR</td><td>30-Sep-25</td><td>$20.12</td><td>$628.8</td><td>$206.7</td><td>$1,761.5</td><td>$135.8</td><td>0.1x</td><td>0.1x</td><td>1.6x</td><td>1.3x</td><td>NM</td><td>13.9x</td><td>3%</td><td>10%</td><td>NM</td><td>19%</td><td>7.7%</td></tr><tr><td>WeMade Entertainment</td><td>A112040</td><td>KR</td><td>30-Sep-25</td><td>$17.28</td><td>$584.3</td><td>$717.0</td><td>$417.9</td><td>$29.5</td><td>1.8x</td><td>1.7x</td><td>7.6x</td><td>12.2x</td><td>5.3x</td><td>14.6x</td><td>-12%</td><td>4%</td><td>NA</td><td>104%</td><td>7.1%</td></tr><tr><td>Gree</td><td>3632</td><td>JP</td><td>30-Sep-25</td><td>$2.55</td><td>$437.9</td><td>$85.6</td><td>$384.7</td><td>$43.0</td><td>0.2x</td><td>0.2x</td><td>2.1x</td><td>NA</td><td>17.7x</td><td>17.4x</td><td>-3%</td><td>-3%</td><td>0%</td><td>NA</td><td>11.2%</td></tr><tr><td>DoubleDown Interactive</td><td>DDI</td><td>KR</td><td>30-Sep-25</td><td>$8.63</td><td>$427.6</td><td>$29.6</td><td>$346.1</td><td>$136.6</td><td>0.1x</td><td>0.1x</td><td>0.2x</td><td>0.2x</td><td>3.8x</td><td>3.6x</td><td>1%</td><td>14%</td><td>-3%</td><td>11%</td><td>39.5%</td></tr><tr><td>Com2uS</td><td>A078340</td><td>KR</td><td>30-Sep-25</td><td>$20.12</td><td>$229.9</td><td>$321.6</td><td>$501.4</td><td>$1.2</td><td>0.7x</td><td>0.6x</td><td>NM</td><td>8.7x</td><td>NM</td><td>11.5x</td><td>6%</td><td>3%</td><td>-84%</td><td>NM</td><td>0.2%</td></tr><tr><td>JOYCITY</td><td>A067000</td><td>KR</td><td>30-Sep-25</td><td>$1.42</td><td>$99.5</td><td>$154.5</td><td>$89.3</td><td>$6.8</td><td>1.8x</td><td>NA</td><td>24.0x</td><td>NA</td><td>NM</td><td>NA</td><td>-18%</td><td>NA</td><td>-64%</td><td>NA</td><td>7.6%</td></tr><tr><td>Me2on</td><td>A201490</td><td>KR</td><td>30-Sep-25</td><td>$2.50</td><td>$81.5</td><td>$99.2</td><td>$64.2</td><td>$11.8</td><td>1.6x</td><td>NA</td><td>9.3x</td><td>NA</td><td>NM</td><td>NA</td><td>-10%</td><td>NA</td><td>-23%</td><td>NA</td><td>18.4%</td></tr><tr><td>GAMEVIL</td><td>A063080</td><td>KR</td><td>30-Sep-25</td><td>$11.04</td><td>$72.8</td><td>$140.3</td><td>$65.2</td><td>-$11.2</td><td>2.2x</td><td>NA</td><td>NM</td><td>NA</td><td>NM</td><td>NA</td><td>-43%</td><td>NA</td><td>NA</td><td>-17.2%</td><td></td></tr><tr><td>T3 Entertainment</td><td>A204610</td><td>KR</td><td>30-Sep-25</td><td>$1.28</td><td>$71.8</td><td>$28.2</td><td>$47.2</td><td>$11.3</td><td>0.6x</td><td>NA</td><td>2.3x</td><td>NA</td><td>7.4x</td><td>NA</td><td>23%</td><td>NA</td><td>84%</td><td>NA</td><td>23.9%</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>2.6x</td><td>2.5x</td><td>10.1x</td><td>10.7x</td><td>21.3x</td><td>18.8x</td><td>4%</td><td>11%</td><td>-2%</td><td>23%</td><td>20.0%</td></tr><tr><td>Zhejiang Century Huatong</td><td>002602</td><td>CN</td><td>30-Sep-25</td><td>$2.44</td><td>$17,797.4</td><td>$16,864.9</td><td>$4,819.9</td><td>$1,021.3</td><td>3.4x</td><td>2.6x</td><td>15.9x</td><td>11.3x</td><td>32.5x</td><td>16.6x</td><td>80%</td><td>30%</td><td>147%</td><td>43%</td><td>21.2%</td></tr><tr><td>Giant Network</td><td>002558</td><td>CN</td><td>30-Sep-25</td><td>$6.19</td><td>$11,700.1</td><td>$10,984.5</td><td>$572.1</td><td>$159.2</td><td>18.9x</td><td>10.6x</td><td>67.1x</td><td>21.3x</td><td>44.5x</td><td>24.3x</td><td>42%</td><td>79%</td><td>29%</td><td>NM</td><td>27.8%</td></tr><tr><td>Qihoo 360</td><td>601360</td><td>CN</td><td>30-Sep-25</td><td>$1.60</td><td>$11,178.2</td><td>$8,130.2</td><td>$1,180.8</td><td>-$31.4</td><td>6.8x</td><td>6.8x</td><td>NM</td><td>NM</td><td>NM</td><td>NM</td><td>6%</td><td>NM</td><td>NA</td><td>NA</td><td>-2.7%</td></tr><tr><td>Beijing Kunlun</td><td>300418</td><td>CN</td><td>30-Sep-25</td><td>$5.96</td><td>$7,484.3</td><td>$7,634.6</td><td>$1,073.0</td><td>-$149.0</td><td>7.0x</td><td>7.5x</td><td>NM</td><td>NM</td><td>NM</td><td>NM</td><td>51%</td><td>-7%</td><td>NA</td><td>41%</td><td>-13.9%</td></tr><tr><td>37Games</td><td>002555</td><td>CN</td><td>30-Sep-25</td><td>$3.37</td><td>$7,422.1</td><td>$6,753.3</td><td>$2,326.4</td><td>$457.6</td><td>2.9x</td><td>2.9x</td><td>14.4x</td><td>12.4x</td><td>16.6x</td><td>16.1x</td><td>-7%</td><td>0%</td><td>23%</td><td>17%</td><td>19.7%</td></tr><tr><td>Kingnet Network</td><td>002517</td><td>CN</td><td>30-Sep-25</td><td>$3.13</td><td>$6,680.2</td><td>$6,164.6</td><td>$739.6</td><td>$260.5</td><td>8.2x</td><td>6.4x</td><td>22.9x</td><td>15.4x</td><td>24.0x</td><td>16.3x</td><td>1%</td><td>28%</td><td>11%</td><td>51%</td><td>35.2%</td></tr><tr><td>Perfect World</td><td>002624</td><td>CN</td><td>30-Sep-25</td><td>$2.34</td><td>$4,646.5</td><td>$4,189.1</td><td>$971.2</td><td>$27.4</td><td>4.2x</td><td>3.5x</td><td>NM</td><td>15.3x</td><td>NM</td><td>23.4x</td><td>22%</td><td>22%</td><td>NA</td><td>NM</td><td>2.8%</td></tr><tr><td>Ourpalm</td><td>300315</td><td>CN</td><td>30-Sep-25</td><td>$0.71</td><td>$1,912.3</td><td>$1,562.1</td><td>$98.7</td><td>-$4.1</td><td>15.6x</td><td>16.1x</td><td>NM</td><td>76.1x</td><td>NM</td><td>NM</td><td>-24%</td><td>-3%</td><td>NA</td><td>NA</td><td>-4.2%</td></tr><tr><td>Youzu Interactive</td><td>002174</td><td>CN</td><td>30-Sep-25</td><td>$1.75</td><td>$1,696.9</td><td>$1,552.8</td><td>$204.6</td><td>$26.2</td><td>7.5x</td><td>7.0x</td><td>54.8x</td><td>17.4x</td><td>NM</td><td>28.9x</td><td>1%</td><td>6%</td><td>-36%</td><td>NM</td><td>12.8%</td></tr><tr><td>Dalian Zeus</td><td>002354</td><td>CN</td><td>30-Sep-25</td><td>$0.91</td><td>$1,506.9</td><td>$1,471.1</td><td>$265.0</td><td>$8.5</td><td>5.5x</td><td>5.6x</td><td>NM</td><td>NM</td><td>NM</td><td>NM</td><td>18%</td><td>-3%</td><td>NM</td><td>61%</td><td>3.2%</td></tr><tr><td>ZQ Games</td><td>300052</td><td>CN</td><td>30-Sep-25</td><td>$1.80</td><td>$470.2</td><td>$498.5</td><td>$27.1</td><td>$2.2</td><td>18.1x</td><td>16.9x</td><td>NM</td><td>NA</td><td>NM</td><td>NM</td><td>-20%</td><td>7%</td><td>NA</td><td>NA</td><td>8.3%</td></tr></tbody></table>
www.drakestar.com
## PUBLIC MARKET VALUATIONS
<div align="center">
ONLINE/MOBILE GAME DEVELOPERS IN CHINA/INDIA/SE ASIA AND HARDWARE/PLATFORMS/ADVERTISING/TOOLS/ESPORTS
</div>
<table border="1"><tr><td>COMPANY NAME</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 colspan="2">EV/REVENUE</td><td colspan="2">EV/EBITDA</td><td colspan="2">PRICE/EARNINGS</td><td colspan="2">REVENUE GROWTH</td><td colspan="2">EBITDA GROWTH</td><td>EBITDA/REV</td></tr><tr><td>China, South East Asia (US and HKG listed) & India</td><td></td><td></td><td></td><td></td><td></td><td></td><td>LTM</td><td>LTM</td><td>LTM</td><td>NTM</td><td>LTM</td><td>NTM</td><td>LTM</td><td>NTM</td><td>LTM</td><td>NTM</td><td>LTM</td><td>NTM</td><td>LTM</td></tr><tr><td>Tencent Holdings</td><td>700</td><td>CN</td><td>30-Sep-25</td><td>$76.96</td><td>$693,847.9</td><td>$704,390.1</td><td>$102,517.3</td><td>$36,261.1</td><td>6.9x</td><td>6.1x</td><td>17.3x</td><td>13.5x</td><td>23.5x</td><td>17.8x</td><td>14%</td><td>10%</td><td>16%</td><td>41%</td><td>35.4%</td></tr><tr><td>NetEase</td><td>NTES</td><td>CN</td><td>30-Sep-25</td><td>$137.62</td><td>$87,344.9</td><td>$68,098.6</td><td>$15,707.8</td><td>$5,276.1</td><td>4.3x</td><td>4.0x</td><td>12.8x</td><td>13.9x</td><td>0.0x</td><td>NA</td><td>6%</td><td>6%</td><td>21%</td><td>9%</td><td>33.6%</td></tr><tr><td>Sea Limited</td><td>SE</td><td>SG</td><td>30-Sep-25</td><td>$127.57</td><td>$75,524.0</td><td>$69,973.8</td><td>$21,037.0</td><td>$1,792.1</td><td>3.3x</td><td>2.7x</td><td>32.5x</td><td>18.3x</td><td>55.6x</td><td>29.8x</td><td>36%</td><td>25%</td><td>139%</td><td>114%</td><td>8.5%</td></tr><tr><td>International Games System</td><td>3293</td><td>TW</td><td>30-Sep-25</td><td>$22.96</td><td>$6,470.3</td><td>$6,077.2</td><td>$702.1</td><td>$417.7</td><td>8.9x</td><td>7.9x</td><td>15.0x</td><td>13.1x</td><td>19.7x</td><td>16.8x</td><td>24%</td><td>13%</td><td>32%</td><td>14%</td><td>59.5%</td></tr><tr><td>Kingsoft</td><td>3888</td><td>HK</td><td>30-Sep-25</td><td>$3.65</td><td>$5,040.9</td><td>$2,260.2</td><td>$1,384.6</td><td>$301.3</td><td>1.6x</td><td>1.4x</td><td>9.3x</td><td>4.7x</td><td>24.6x</td><td>20.0x</td><td>0%</td><td>15%</td><td>-29%</td><td>58%</td><td>21.8%</td></tr><tr><td>G-bits Network</td><td>603444</td><td>CN</td><td>30-Sep-25</td><td>$60.60</td><td>$4,348.3</td><td>$3,803.1</td><td>$753.3</td><td>$301.7</td><td>5.0x</td><td>4.3x</td><td>12.3x</td><td>11.3x</td><td>20.3x</td><td>15.9x</td><td>45%</td><td>15%</td><td>68%</td><td>10%</td><td>40.1%</td></tr><tr><td>XD</td><td>2400</td><td>CN</td><td>30-Jun-25</td><td>$8.33</td><td>$4,034.3</td><td>$3,635.6</td><td>$819.9</td><td>$216.9</td><td>4.4x</td><td>3.8x</td><td>16.2x</td><td>12.7x</td><td>21.3x</td><td>17.7x</td><td>52%</td><td>14%</td><td>NM</td><td>29%</td><td>26.5%</td></tr><tr><td>JOYY</td><td>JOYY</td><td>CN</td><td>30-Sep-25</td><td>$64.76</td><td>$3,301.4</td><td>$2,122.6</td><td>$2,091.8</td><td>$133.8</td><td>1.0x</td><td>0.9x</td><td>13.2x</td><td>11.4x</td><td>2.0x</td><td>15.7x</td><td>-7%</td><td>7%</td><td>8%</td><td>39%</td><td>6.4%</td></tr><tr><td>Nazara</td><td>543280</td><td>IN</td><td>30-Sep-25</td><td>$3.04</td><td>$1,127.8</td><td>$1,075.1</td><td>$234.2</td><td>$18.9</td><td>4.6x</td><td>4.4x</td><td>NM</td><td>32.0x</td><td>0.0x</td><td>NA</td><td>80%</td><td>5%</td><td>76%</td><td>80%</td><td>8.1%</td></tr><tr><td>NetDragon</td><td>777</td><td>CN</td><td>30-Jun-25</td><td>$1.34</td><td>$706.1</td><td>$751.9</td><td>$715.7</td><td>$95.1</td><td>1.0x</td><td>1.1x</td><td>6.8x</td><td>5.0x</td><td>NM</td><td>12.0x</td><td>-24%</td><td>-3%</td><td>-37%</td><td>54%</td><td>13.3%</td></tr><tr><td>HUYA</td><td>HUYA</td><td>CN</td><td>30-Sep-25</td><td>$2.88</td><td>$643.7</td><td>$117.9</td><td>$879.3</td><td>-$15.0</td><td>0.1x</td><td>0.1x</td><td>NM</td><td>4.8x</td><td>NM</td><td>20.8x</td><td>2%</td><td>11%</td><td>NA</td><td>NM</td><td>-1.7%</td></tr><tr><td>Zengames Technology</td><td>2660</td><td>IN</td><td>30-Jun-25</td><td>$0.32</td><td>$324.2</td><td>$2.8</td><td>$200.0</td><td>$53.3</td><td>0.0x</td><td>NA</td><td>0.1x</td><td>NA</td><td>7.7x</td><td>NA</td><td>-27%</td><td>NA</td><td>-49%</td><td>NA</td><td>26.7%</td></tr><tr><td>Gamania Digital Entertainment</td><td>6180</td><td>IN</td><td>30-Sep-25</td><td>$1.67</td><td>$292.3</td><td>$280.3</td><td>$299.0</td><td>$8.2</td><td>1.0x</td><td>1.1x</td><td>25.4x</td><td>3.9x</td><td>NM</td><td>67.9x</td><td>-17%</td><td>-9%</td><td>-75%</td><td>NM</td><td>2.8%</td></tr><tr><td>Archosaur Games</td><td>9990</td><td>CN</td><td>30-Jun-25</td><td>$0.21</td><td>$163.2</td><td>-$42.1</td><td>$186.5</td><td>-$37.1</td><td>NM</td><td>NA</td><td>NM</td><td>NA</td><td>NM</td><td>20.7x</td><td>41%</td><td>NA</td><td>NA</td><td>NA</td><td>-19.9%</td></tr><tr><td>iDreamSky</td><td>1119</td><td>CN</td><td>30-Jun-25</td><td>$0.07</td><td>$149.5</td><td>$323.1</td><td>$189.0</td><td>-$10.6</td><td>1.7x</td><td>NA</td><td>NM</td><td>NA</td><td>NM</td><td>NA</td><td>-18%</td><td>NA</td><td>NA</td><td>NA</td><td>-5.6%</td></tr><tr><td>CMGE Technology Group</td><td>302</td><td>IN</td><td>30-Jun-25</td><td>$0.05</td><td>$148.2</td><td>$173.2</td><td>$203.8</td><td>-$99.1</td><td>0.8x</td><td>0.8x</td><td>NM</td><td>NA</td><td>NM</td><td>NA</td><td>-37%</td><td>6%</td><td>NA</td><td>NA</td><td>-48.6%</td></tr><tr><td>FriendTimes</td><td>6820</td><td>IN</td><td>30-Jun-25</td><td>$0.06</td><td>$122.9</td><td>$27.8</td><td>$175.9</td><td>$8.8</td><td>0.2x</td><td>0.1x</td><td>3.1x</td><td>1.1x</td><td>13.6x</td><td>5.9x</td><td>31%</td><td>12%</td><td>NA</td><td>187%</td><td>5.0%</td></tr><tr><td>Winking Studios</td><td>WKS</td><td>SG</td><td>30-Jun-25</td><td>$0.19</td><td>$82.5</td><td>$60.6</td><td>$36.1</td><td>-$0.8</td><td>1.7x</td><td>1.4x</td><td>NM</td><td>14.5x</td><td>NM</td><td>37.3x</td><td>19%</td><td>21%</td><td>NA</td><td>NM</td><td>-2.3%</td></tr><tr><td>Ourgame</td><td>6899</td><td>KY</td><td>30-Jun-25</td><td>$0.03</td><td>$30.5</td><td>$29.6</td><td>$11.9</td><td>-$5.9</td><td>2.5x</td><td>NA</td><td>NM</td><td>NA</td><td>NM</td><td>NA</td><td>-7%</td><td>NA</td><td>NA</td><td>NA</td><td>-49.5%</td></tr><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>Average Median</td><td>2.7x</td><td>2.7x</td><td>13.7x</td><td>11.4x</td><td>17.1x</td><td>23.0x</td><td>11%</td><td>10%</td><td>15%</td><td>58%</td><td>8.4%</td></tr><tr><td></td><td></td
## GAMING COMPANY PERFORMANCE RANKINGS
## 2025 PERFORMANCE & NTM EBITDA MULTIPLES
## 2025 PERFORMANCE
<table border="1"><tr><td>Company</td><td>Stock Return</td><td>Company</td><td>Stock Return</td></tr><tr><td>Unity</td><td>96.2%</td><td>logitech</td><td>10.2%</td></tr><tr><td>NEXON</td><td>63.2%</td><td>Nazara</td><td>7.3%</td></tr><tr><td>網易NETEASE</td><td>57.1%</td><td>CAPCOM</td><td>6.2%</td></tr><tr><td>everplay</td><td>54.3%</td><td>KT</td><td>5.7%</td></tr><tr><td>KONAMI</td><td>45.5%</td><td>netmarble</td><td>-6.7%</td></tr><tr><td>Tencent</td><td>44.2%</td><td>kakao games</td><td>-9.0%</td></tr><tr><td>SQUARE ENIX</td><td>42.4%</td><td>CORSAIR</td><td>-10.0%</td></tr><tr><td>EA</td><td>40.1%</td><td>EMBRACER+GROUP</td><td>-10.4%</td></tr><tr><td>T2</td><td>38.7%</td><td>:DeNA</td><td>-17.6%</td></tr><tr><td>ROBLOX</td><td>38.6%</td><td>paradoxINTERACTIVE</td><td>-18.8%</td></tr><tr><td>PEARL ABYSS</td><td>35.0%</td><td>SEGA</td><td>-19.0%</td></tr><tr><td>CD PROJEKT RED</td><td>26.3%</td><td>KRAFTON</td><td>-21.3%</td></tr><tr><td>SONY</td><td>26.0%</td><td>GungHo</td><td>-22.7%</td></tr><tr><td>MTC</td><td>20.9%</td><td>WEMADE</td><td>-29.0%</td></tr><tr><td>sea</td><td>18.7%</td><td>Playtika</td><td>-38.2%</td></tr><tr><td>Nintendo</td><td>15.6%</td><td>SHIFT UP</td><td>-44.0%</td></tr><tr><td>BANDAI NAMCO</td><td>12.2%</td><td>UBISOFT</td><td>-50.1%</td></tr><tr><td>NC</td><td>11.1%</td><td>DRAKE STARGaming Index</td><td>12.0%</td></tr></table>
DRAKE STAR
## VALUATION: END OF 2025 NTM EBTIDA MULTIPLES
<table border="1"><tr><td>Company</td><td>Year-end Multiple</td><td>Company</td><td>Year-end Multiple</td></tr><tr><td>CD PROJEKT RED</td><td>56.7x</td><td>WEMADE</td><td>12.2x</td></tr><tr><td>T2</td><td>50.3x</td><td>SONY</td><td>10.8x</td></tr><tr><td>Unity</td><td>39.0x</td><td>BANDAI NAMCO</td><td>10.4x</td></tr><tr><td>Nazara™</td><td>32.0x</td><td>SHIFT UP</td><td>10.2x</td></tr><tr><td>ROBLOX</td><td>30.7x</td><td>paradox INTERACTIVE</td><td>9.8x</td></tr><tr><td>Nintendo</td><td>25.4x</td><td>netmarble</td><td>9.5x</td></tr><tr><td>kakaogames</td><td>22.8x</td><td>everplay</td><td>8.7x</td></tr><tr><td>sea</td><td>18.3x</td><td>CORSAIR</td><td>7.9x</td></tr><tr><td>KT</td><td>16.7x</td><td>NC</td><td>7.2x</td></tr><tr><td>logitech</td><td>16.0x</td><td>SEGA</td><td>7.2x</td></tr><tr><td>CAPCOM</td><td>16.0x</td><td>:DeNA</td><td>6.9x</td></tr><tr><td>EA</td><td>15.6x</td><td>MTG</td><td>5.7x</td></tr><tr><td>KONAMI</td><td>15.2x</td><td>KRAFTON</td><td>5.4x</td></tr><tr><td>PEARL ABYSS</td><td>15.1x</td><td>Playtika</td><td>4.5x</td></tr><tr><td>NEXON</td><td>14.0x</td><td>GungHo</td><td>4.0x</td></tr><tr><td>網易NETEASE</td><td>13.9x</td><td>UBISOFT</td><td>3.7x</td></tr><tr><td>Tencent</td><td>13.5x</td><td>EMBRACER+GROUP</td><td>2.1x</td></tr><tr><td>SQUARE ENIX</td><td>13.4x</td><td>DRAKE STARGaming Index</td><td>15.7x</td></tr></table>
<div align="center">
MODEST RECOVERY OF PUBLIC STOCKS IN 2025 PERFORMANCE OF TOP GAMING COMPANIES BY TYPE AND GEO
</div>
## DRAKE STAR
Source: CapIQ as of December 31, 2025
Note: Drake Star Gaming index is not a fund. It an equal weighted index of 35 public gaming companies (listed on the table above). Drake Star Gaming Indices by region and platform are equally weighted indices using the relevant Drake Star Gaming Index constituents. Stock return is based on the local currency of the stock exchange and adjusts for dividends. S&P 500 performance is given in terms of total return. The percentages provided in the legend are as of the end of Q4 2025.
## TOP COMPANIES IN DRAKE STAR GAMING INDEX
## YTD PERFORMANCE BY REGION AND PLATFORM
## Asia Top 10
<table class="table table-bordered"><thead><tr><th>Company</th><th>YTD Stock Performance</th></tr></thead><tbody><tr><td>NEXON</td><td>63.2%</td></tr><tr><td>網易 NETEASE</td><td>57.1%</td></tr><tr><td>KONAMI</td><td>45.5%</td></tr><tr><td>Tencent</td><td>44.2%</td></tr><tr><td>SQUARE ENIX</td><td>42.4%</td></tr><tr><td>PEARL ABYSS</td><td>35.0%</td></tr><tr><td>SONY</td><td>26.0%</td></tr><tr><td>sea</td><td>18.7%</td></tr><tr><td>Nintendo</td><td>15.6%</td></tr><tr><td>BANDAI NAMCO</td><td>12.2%</td></tr><tr><td>Drake Star Gaming Index - Asia</td><td>10.0%</td></tr></tbody></table>
<table class="table table-bordered"><thead><tr><th>Company</th><th>YTD Stock Performance</th></tr></thead><tbody><tr><td>Unity</td><td>96.2%</td></tr><tr><td>everplay</td><td>54.3%</td></tr><tr><td>EA</td><td>40.1%</td></tr><tr><td>T2</td><td>38.7%</td></tr><tr><td>ROBLOX</td><td>38.6%</td></tr><tr><td>CD PROJEKT RED</td><td>26.3%</td></tr><tr><td>MTO</td><td>20.9%</td></tr><tr><td>logitech</td><td>10.2%</td></tr><tr><td>CORSAIR</td><td>-10.0%</td></tr><tr><td>EMBRACER+ GROUP</td><td>-10.4%</td></tr><tr><td>Drake Star Gaming Index - Western</td><td>15.2%</td></tr></tbody></table>
## PC / Console Top 10
<table class="table table-bordered"><thead><tr><th>Company</th><th>YTD Stock Performance</th></tr></thead><tbody><tr><td>NEXON</td><td>63.2%</td></tr><tr><td>everplay</td><td>54.3%</td></tr><tr><td>KONAMI</td><td>45.5%</td></tr><tr><td>Tencent</td><td>44.2%</td></tr><tr><td>SQUARE ENIX</td><td>42.4%</td></tr><tr><td>EA</td><td>40.1%</td></tr><tr><td>T2</td><td>38.7%</td></tr><tr><td>PEARL ABYSS</td><td>35.0%</td></tr><tr><td>CD PROJEKT RED</td><td>26.3%</td></tr><tr><td>SONY</td><td>26.0%</td></tr><tr><td>Drake Star Gaming Index – PC/Console</td><td>17.3%</td></tr></tbody></table>
<div align="center">
Mobile Top 10
</div>
<table border="1"><tr><td>Company</td><td>YTD Stock Performance</td></tr><tr><td>网易NETEASE</td><td>57.1%</td></tr><tr><td>ROBLOX</td><td>38.6%</td></tr><tr><td>MTG</td><td>20.9%</td></tr><tr><td>sea</td><td>18.7%</td></tr><tr><td>NC</td><td>11.1%</td></tr><tr><td>Nazara™</td><td>7.3%</td></tr><tr><td>netmarble</td><td>-6.7%</td></tr><tr><td>kakaogames</td><td>-9.0%</td></tr><tr><td>:DeNA</td><td>-17.6%</td></tr><tr><td>KRAFTON</td><td>-21.3%</td></tr><tr><td>Drake Star Gaming Index-Mobile</td><td>-0.5%</td></tr></table>
## 2026 MARKET OUTLOOK SIGNIFICANT INCREASE IN M&A ACTIVITY ACROSS GAMING AND TECH IN 2026
- We have a very positive outlook of the gaming & tech M&A market in 2026, following a year of several mega deals.
- Key buyers to watch include PIF / Scopely, Netflix, Paramount, Tencent, KRAFTON, NCSoft, MTG, Take-Two, everplay, Sony, Keywords Studios / EQT, and Jagex / CVC. Private equity is expected to remain a major force in the market, with several publicly listed gaming companies increasingly viewed as attractive take-private opportunities.
- We anticipate a healthy number of seed and early-stage financings, following the positive trend in the last quarters, along with select mid-to-late-stage rounds. Several new UA funds are expected to help scale mid-stage mobile studios. For financings, AI, UGC, tools and tech platforms are expected to continue to be shining stars.
- We expect to finally see the launch of GTA 6, likely the biggest game release ever, now targeted for Nov'26. Other highly anticipated titles include Marvel's Wolverine, Resident Evil: Requiem, Lords of the Fallen II, and 007: First Light.
- With public markets recovering, we anticipate IPO-ready gaming companies like Discord, Animoca Brands and MTG's SimplePlay to go public this year.
## BUYERS TO WATCH
Tencent
everplay
SONY
## GLOBAL REACH COMBINED WITH LOCAL PRESENCE
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DRAKE STAR
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## DRAKE STAR
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