**Summary of Winking Studios Limited Preliminary Results for the Year Ended 31 December 2025**
**Financial Performance**
**Revenue Growth** Winking Studios reported a 42.6% increase in revenue to US$45.5 million in FY2025, driven by the acquisition of Mineloader (US$11.4 million contribution) and organic growth of 8.6%. Excluding Mineloader, underlying revenue growth was 7.0%.
**Gross Profit** Gross profit rose 43.2% to US$13.5 million, with a stable gross margin of 29.8%.
**Adjusted EBITDA** Increased by 13.2% to US$5.4 million, despite higher public listing costs and expanded operational costs post-acquisitions.
**Adjusted Net Profit** Rose to US$3.0 million from US$0.3 million in FY2024, reflecting improved operational efficiency and scale.
**Cash Position** Ended FY2025 with US$28.8 million in cash, cash equivalents, and bond investments, maintaining a debt-free status.
**Strategic Highlights**
**Acquisition of Mineloader** Successfully integrated Mineloader, adding AAA console capabilities and significantly expanding the studio network.
**Launch of Vertic Studios** Established a new high-end art production brand in Southeast Asia, focusing on AAA projects with English-speaking teams.
**Expansion of AAA Titles** Increased the number of AAA titles worked on from 14 in FY2024 to 117 in FY2025, supported by Mineloader and the expanded studio network.
**Headcount Growth** Employee count increased by 68.6% to 1,426, reflecting the addition of Mineloader and continued investment in Southeast Asia.
**Geographic Performance**
**Mainland China and Hong Kong** Remained the largest revenue contributor, increasing 51.1% to US$16.7 million.
**United States** Revenue more than doubled to US$7.3 million, primarily due to Mineloaders contribution.
**Repeat Revenue** Represented 32.8% of total revenue, down from 41.4% in FY2024, due to the larger mix of console projects post-Mineloader acquisition.
**Outlook**
**Revenue Visibility** Indicative artist bookings of at least US$48.6 million over the next 24 months, with approximately US$34.6 million expected to be recognized as revenue in FY2026.
**Market Conditions** Global games market is entering a recovery phase, with outsourcing demand exceeding earlier expectations, though price sensitivity remains.
**Strategic Priorities** Focus on establishing an operational presence in Western markets and pursuing selective M&A opportunities.
**Board Confidence** Supported by favorable market drivers, strong revenue visibility, increased capacity, and a robust balance sheet, the Board is confident in the Groups positioning for FY2026 and its ability to execute its growth strategy.
**CEOs Statement**
Johnny Jan, CEO, highlighted FY2025 as a standout year with strong growth, meaningful scaling, and successful integration of Mineloader. He emphasized the recovery in organic momentum in the second half and the step-change in AAA delivery. Looking ahead, the focus is on executing the next stage of growth, including investing in Southeast Asia and establishing a Western market presence. The CEO expressed confidence in the Groups strategy and ability to deliver sustainable value for shareholders, supported by a strong balance sheet and favorable market conditions.