29 October 2025

Devolver Digital, Inc.

("Devolver Digital", "Devolver" or the "Company", and the Company together with all of its subsidiary undertakings "the Group")

Grant of Awards
and PDMR Dealing

Devolver Digital, the award-winning digital publisher and developer of independent ("indie") video games, announces a grant of awards under the new 2025 Equity Incentive Plan ("2025 Plan").

Following on from the Shareholder Meeting held on October 24, 2025 which approved all resolutions, the Board has made awards under the newly established 2025 Equity Inventive Plan. The 2025 awards are designed to incentivise various employees at the leadership level of the Company for performance that delivers value for shareholders in future. The 2025 Plan awards consist of Stock Options ("Options") which are awarded subject to annual vesting over 3 years (1/3 each year), with a 6-month lock up at each vesting period.

The Remuneration Committee recommended the following awards to the Board, laid out in the tables below. These awards amount to, in aggregate, 21,687,070 options (on the assumption that all vest), representing 4.6 per cent. of the issued and outstanding share capital. Total dilution from these awards and all outstanding share options and grants amount to 12.6 per cent. of the issued and outstanding share capital. The Employee Benefit Trust (EBT) currently holds 19,098,865 shares, amounting to 4.0 per cent. of the issued and outstanding capital, which can be used to offset the above dilution. In addition, to satisfy vested awards, treasury shares may be transferred out of treasury by the Company at the Board's discretion.

The following awards have been made to Directors / PDMRs of the Company:

The following awards have been made to other management and employees of the Group:

The effective date for the award of these options is 29^th October 2025, i.e. the third tranche of options (Year 3) will vest on October 29^th, 2028. The exercise price for all the above option grants is £0.255, based on the 5-day Volume Weighted Average Price from October 20^th to October 24^th 2025.

The co-founders of Devolver who are full-time employees at the company, CEO Harry Miller, COO Graeme Struthers and CMO Nigel Lowrie, have not received any Option awards under the 2025 Equity Incentive Plan.

-ENDS-

About Devolver Digital

Devolver is an award-winning video games publisher in the indie games space with a balanced portfolio of third-party and own-IP. Devolver has an emphasis on premium games and has published more than 135 titles, with more than 30 titles in the pipeline scheduled for release over the next three years. Devolver has in-house studios developing first-party IP titles and a complementary publishing brand. Devolver is registered in Wilmington, Delaware, USA.

Enquiries:

The notification set out below is provided in accordance with the requirements of Article 19 of the UK Market Abuse Regulation.

Notification and public disclosure of transactions by persons discharging managerial responsibilities and persons closely associated with them.