9 February 2026

Devolver Digital, Inc.

("Devolver", the "Group" or the "Company")

Trading Update

FY 2025: Another sequential Improvement in financial performance owing to strong H2 trading

Devolver Digital, Inc. (AIM: DEVO), an award-winning digital publisher and developer of indie video games, announces a trading update for the financial year ended 31^st December 2025.  All financial figures relate to that period unless otherwise stated.

2025 full year performance showed improvement over 2024 with growth in both revenues and Adjusted EBITDA¹. Revenue performance in 2H 2025 was strong and in-line with expectations, bolstered by the timing of platform deals and the Steam Publisher Sale in September, resulting in management meeting guidance of more than US$100m in full year revenues. Underlying Adjusted EBITDA pre-impairments is expected to reach USD double-digit millions, marginally higher than consensus expectations, while an initial unaudited estimate of impairments for released title underperformance is c. $3.5 million.

New games released in 2025 maintained very high-quality levels with a full-year average Metacritic score of 78. Notable successes such as Monster Train 2 released by publisher subsidiary Big Fan, Stronghold: Crusader released by subsidiary studio Firefly, and recent sensation Ball x Pit all garnered high-quality scores and user reviews and collectively bolstered front catalogue revenues. Lower cost titles Mycopunk and Look Outside garnered favourable user reviews and performed ahead of expectations. System Era also continued making a solid contribution, with Astroneer releasing its second PDLC Megatech in November 2025. 

Devolver has continued its disciplined approach to cost control, with FY25 operating expenses falling slightly compared to FY24. The Board remain committed to delivering efficiencies across the Group, with a continued focus on cost management going into 2026. Devolver has a robust balance sheet with c.US$36.4 million net cash as of 31 December 2025.

2026 has started strongly with Quarantine Zone: The Last Check exceeding expectations in the first weeks of its release, and Cult of the Lamb's highly anticipated PDLC Woolhaven receiving rave reviews. Notably, Devolver recorded a historic milestone in January with three titles (Woolhaven, Cult of the Lamb and Quarantine Zone: The Last Check) all featuring in the Steam² Global Best Sellers Top 10 list, the first time in Devolver's history.

Harry Miller, Chief Executive Officer at Devolver, said: "We are pleased to have delivered revenues that grew year-over-year, in a gaming market that was flat overall, and met our guidance in 2025, driven by a string of successful new launches by Devolver and its subsidiary companies. And seeing three Devolver titles ranking in Steam's Top 10 Global Best Sellers is a huge historic milestone for us.

An overall solid portfolio performance, coupled with sustained operating cost control, resulted in another year of steady improvement in both revenues and Adjusted EBITDA. Additionally, a very strong early start to 2026 gives us good momentum to deliver further profit improvement this year.

The calculated strategies that we began 3 years ago, including an improved greenlight process, in-house developed technologies, cost cutting, improved store management, among others, continue to lead us out of the trough of 2023. The continued adoption and maturation of these strategies, along with cycling through products initiated prior to such efforts, give us visibility to reaching higher sustainable profitability in the coming years."

The Group will announce its results for the year ended 31 December 2025 in April 2026.

-ENDS-

Notes:

1.    Adjusted EBITDA ("EBITDA") makes the following adjustments: it excludes: 1) stock compensation (share-based payment) expenses and revaluation of contingent consideration; 2) one-time expenses and other non-recurring items; 3) amortisation of IP (but does not exclude amortisation of capitalised software development costs), and; 4) impairments of goodwill and acquired IP.  Title performance impairments are included in Adjusted EBITDA.

2.    Steam is the world's largest one-stop-shop platform for gamers to buy, store and play video games. 

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.

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