Devolver Digital (DEVO) investor relations material

Executive summary

• Achieved strong financial performance in 2025, with results in line with consensus for the sixth consecutive half-year and marking the third consecutive year of improvement since 2022.

• EBITDA increased 39% year-over-year, driven by a tripling of new release revenue and strong user reviews.

• 15 titles released in 2025, up from 10 in 2024, with a 94% average Steam user review score and over 20 awards won.

• Returned to positive cash flow in the second half of 2025, with expectations for full-year profitability in 2026 and beyond.

• Strategic focus on expandable games and leveraging internal technology investments to drive future growth.

Financial highlights

• Revenue reached $107.9m in 2025, up 3% year-over-year, with nearly $70 million in H2 2025 and gross profit of $33.1m at a 30.7% margin.

• Adjusted EBITDA was $7.1m, up 39% year-over-year; underlying EBITDA before impairments reached $11.3m in H2 2025.

• Net cash at year-end was $36.6m, up $1.9m in 2H 2025, with $37 million in cash and no debt.

• Operating cash flow for 2025 was $29.9m, up 34% year-over-year; free cash flow turned positive in H2 2025.

• Operating expenses (adjusted) fell 1.1% year-over-year; statutory operating expenses decreased 7.9%.

Outlook and guidance

• Expectation to remain free cash flow positive on an annualized basis in 2026, with timing dependent on major game releases.

• Double-digit revenue and EBITDA growth targeted for 2026, with gross margin aiming to exceed 40% and EBITDA margin to reach mid-teens.

• Five major first-party franchise releases expected across 2026 and 2027.

• Net cash forecasted to grow in 2026, with continued revenue and adjusted EBITDA growth expected.

• Conservative forecasting approach maintained, with potential for upside surprises.