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Q1FY27 Results Building a Global Gaming Operating Platform
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2 Nazara: A Step-Change in Scale and Operating Capability Q1FY27 marks a significant step forward in Nazara’s evolution into a global gaming operating platform. Our shared capabilitie s across user acquisition, data, product and growth are translating into stronger performance across the gaming portfolio, while the proposed acquisition of 100% of Bluetile and BestPlay materially expands the Group’s scale and operating capabilities. Consolidated revenue was INR 429 crore and EBITDA was INR 46 crore. Reported PAT was a loss of INR 82 crore, largely attribut able to share of loss from associates (INR 62 crore) and impairment loss (INR 22 crore). Excluding the impact of NODWIN’s deconsolidation, comparable revenue grew approxim ately 9% YoY. Gaming revenue increased 14% YoY to INR 275 crore, with an EBITDA margin of 19.5%, and all gaming businesses remained EBITDA -positive. Kiddopia revenue grew 19% YoY as user acquisition was scaled behind improving unit economics. Fusebox revenue increased 12% YoY to INR 82 crore, while Animal Jam revenue grew 11% YoY. The Board - on the recommendation of its Investment Committee - has approved an amendment to the previously announced transactio n structure to acquire 100% of Bluetile and BestPlay for fixed all -cash consideration of USD 303 million. The businesses reported INR 518 crore of revenue and INR 55 crore of EBITD A in Q1FY27 and, subject to closing, are expected to be consolidated from Q2FY27. The Board has also approved the appointment of Raymond A. Stauffer as Chief Executive Officer, effective 1 September 2026, su bject to relevant regulatory approvals. Raymond brings a founder’s mindset and a proven record of AI -enabled development, operating discipline and capital -efficient growth. As Founder and Managing Director, I will continue to shape Nazara’s long -term strategy, portfolio direction and key relationship s, working closely with Raymond and the Board. Nazara enters its next phase with greater scale, stronger leadership and significantly deeper operating capability. Nitish Mittersain MD and CEO
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3 100% Acquisition of Bluetile and BestPlay Accelerated Original Structure (As Announced)Revised Structure (As Completed) • Approximately 50% at closing for USD 100.3 million • Earn-outs of up to USD 98.2 million • Put/call over the remaining approximately 50% at 6.6x trailing CY EBITDA • Shared ownership and phased integration • 100% to be acquired at closing for fixed all-cash consideration of USD 303 million • USD 89 million payable at first close; balance USD 214 million payable in agreed tranches by 1 April 2027 • Full economics accrue to Nazara shareholders from day one • Single-owner governance and immediate integration from closing • Maxime Loppin appointed CEO of Bluetile and BestPlay Certainty of ownership. Certainty of price. Simplicity of governance Why We Amended the Transaction • Eliminated future valuation uncertainty • Full economics from day one • Immediate operating integration • Simplified governance • Greater strategic flexibility
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4 Q2FY27 Onwards: Scale Up through Bluetile and BestPlay Consolidation Nazara: 429 Bluetile and BestPlay: 518 Illustrative Consol. 1: 947 Q1FY27 Revenues (INR Crore) Nazara: 46 Bluetile and BestPlay: 55 Q1FY27 EBITDA (INR Crore) The consolidation materially increases scale; gaming represents approximately 84% of illustrative consolidated revenue 1. Illustrative arithmetic aggregation of Q1FY27 reported figures; not a forecast or pro forma financial statement. Bluetile and BestPlay will be consolidated from Q2FY27 Illustrative Consol.1: 101
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5 Strengthening Leadership for Nazara’s Next Phase of Global Scale “Having led the Company through two distinct phases of its evolution and seen it grow from an entrepreneurial gaming company into a significantly larger and increasingly global gaming platform, I believe this is the right time to strengthen its leadership structure with a dedicated CEO who brings deep international operating experience to lead day -to-day execution across the Group.” Nitish Mittersain Founder and Managing Director • Founded Nazara in 1999 and led its evolution into a scaled global gaming platform. • Continues to shape long -term strategy, portfolio direction and key stakeholder relationships. • Works closely with Raymond and the Board on Nazara’s long -term direction and entrepreneurial culture. “Nazara has built a strong portfolio of global gaming IPs and entrepreneurial businesses. My focus will be to strengthen execution across product, AI, user acquisition and monetisation, while preserving entrepreneurial ownership within each business.” Raymond A. Stauffer Chief Executive Officer • Founder and former CEO of Bluetile and BestPlay. • Built the business to INR 254 crore of EBITDA in CY25 with a 65 - person team. • Leads day-to-day Nazara Group operations, integration, portfolio performance and shared operating capabilities, effective 1 September 2026. Raymond A. Stauffer Appointed Chief Executive Officer, Effective 1 September20261; Nitish Mittersain Continues as Founder and Managing Director 1. Subject to relevant regulatory approvals 2. Prior to September 1 2026, Raymond A. Stauffer serves as CEO-Designate - Nazara Technologies, and Nitish Mittersainserves as MD and CEO - Nazara Technologies
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6 Independent review. Disciplined capital allocation. Board accountability Independent Investment Committee Oversight of Bluetile and BestPlay and Future Capital Allocation The amended Bluetile and BestPlay transaction structure was evaluated under the supervision of the newly constituted Investment Committee and approved by the Board • Supervised the evaluation of the amended Bluetile and BestPlay transaction structure, including consideration, funding, governance and strategic rationale. • Reviewed the transaction against expected returns, downside risks, funding capacity and long -term shareholder value. • Will oversee the consideration payments, material integration -related capital deployment and performance against the approved investment case. • Will review and recommend all material future acquisitions, follow -on investments, divestments and other capital -allocation prop osals. • The Board retains final approval in accordance with the Company's governance framework. Committee Oversight Muraarie Rajan Independent Director 35+ years across corporate strategy, investment banking, M&A, capital raising and investor relations. Senior roles at McKinsey, Credit Suisse, J.P. Morgan, Piramal Enterprises and JSW Group Mithun Padam Sacheti Non-Executive Director Founder of CaratLane, with deep experience in entrepreneurship, consumer brands, digital commerce and building scaled omnichannel businesses Vivek Chopra Non-Executive Director 19+ years across investments, consulting, corporate strategy and operating leadership, including senior roles at Phab, Havmor Ice Cream and Accenture Strategy
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7 Q1FY27: Gaming IPs-Led Growth and Profitability Revenue: INR 429 Cr EBITDA: INR 46 Cr EBITDA Margin: 10.8% Q1FY27 Consolidated Strategic Developments: • Accelerated the 100% acquisition of Bluetile and BestPlay; consolidation begins from Q2FY27 • Raymond A. Stauffer appointed CEO of Nazara Technologies, effective 1 September 20261; Nitish Mittersain continues as Founder and Managing Director Gaming-Led P&L: • Gaming contributed INR 54 Cr of EBITDA • Consolidated EBITDA was INR 46 Cr after INR 11 Cr of unallocated corporate costs • Gaming EBITDA margin of 19.5% • All gaming businesses were EBITDA- positive Business Updates: • Fusebox revenue grew 12% YoY to INR 82 Cr • Kiddopia revenue grew 19% YoY to INR 54 Cr • Animal Jam revenue grew 11% YoY to INR 29 Cr Revenue: INR 275 Cr EBITDA: INR 54 Cr EBITDA Margin: 19.5% Q1FY27 Gaming Segment 1. Subject to relevant regulatory approvals
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8 Gaming Revenue Grew 14% YoY at a 19.5% EBITDA Margin in Q1FY27 Revenue: 275 Cr(+14% YoY) EBITDA: 54 Cr (-9% YoY) EBITDA Margin: 19.5% Consolidated (Before Unallocated Corporate Costs): Revenue: 429 Cr (-14% YoY)1 EBITDA: 58 Cr (+4% YoY) Margin: 13.5% Revenue: 154Cr (-41% YoY)1 EBITDA: 4 Cr EBITDA Margin: 2.9% Gaming Others Unallocated Corporate Costs: (11)Cr Consolidated (After Unallocated Corporate Costs): Revenue: 429 Cr(-14% YoY) EBITDA: 46 Cr (-2% YoY) Margin: 10.8%(All figures in INR Cr) 1. Reported consolidated revenue declined 14% YoY due to NODWIN deconsolidation from August 2025. Excluding NODWIN, comparable consolidated revenue grew approximately 9% YoY; Others revenue was broadly flat on a comparable basis 2. Figures may not add due to rounding
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9 Gaming
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Bluetile and BestPlay: Revenue Grew 54% YoY in Q1FY27 (In INR Cr) 336 518 263 438 56 55 Q1FY26 Q1FY27 Revenue UA EBITDA Note: The financials of Bluetile and BestPlay have been converted into INR using the relevantexchange rates for the corresponding periods. Bluetile and BestPlay will be consolidated into Nazara from Q2FY27 54% REVENUE +54% • Several new games launched • BestPlay engagement and monetisationimproved through new features and LiveOps • Data, ad monetisation and marketing operations improved UA Spend +67% • The revenue gains were reinvested into user acquisition • UA rose from 78% to 85% of revenue. EBITDA • Held at INR ~55 Cr in both quarters • Margin moved from 16.6% to 10.7%, but revenue less UA spend still rose from INR 73 Cr to INR 80 Cr Flat
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Bluetile: AI-Powered Game Production Platform Block Blitz Sort Journey Hole Rush Solitaire …and 23 more live titles, all running on the same core. 1 One production platform behind every game 2 Game Crafting Through AI Agents 3 AI-led Data and Operations Figma Unity Faster launches Weeks from concept to store Leaner operations Low incremental operating headcount for additional titles Shared learning across titles Every game makes the next one better
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BestPlay: Beyond Rewarded Gaming
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Fusebox: Revenue Increased 12% YoY as User Acquisition Scaled; EBITDA Maintained 13 (In INR Cr) Fusebox Ranks #1 in Free Apps and #5 in Top Grossing Apps Category in the US 73 82 27 36 10 10 Q1FY26 Q1FY27 Revenue UA EBITDA 12% In Q1FY27, Fusebox continued to scale Love Island while investing in the growth ofBig Brother and the development of Traitors
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14 Kiddopia: Returning to Growth with Improving Unit Economics (In INR Cr3) 1. Key metrics in the table relate to iOS only 2. A monthly churn assumption of 6.0% has been used to calculate 24-month LTV 3. UA in the financial chart includes Android-linked and iOS-linked spend Q1FY27 revenue grew 19% YoY; higher UA spend, deployed against improving unit economics, moderated near-term EBITDA 24-Month LTV/CAC2 45 54 22 28 8 7 Q1FY26 Q1FY27 Revenue UA EBITDA 19% Growth coming at better unit economics 1.77 1.76 1.80 1.92 2.08 Q1FY26 Q2FY26 Q3FY26 Q4FY26 Q1FY27
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Animal Jam: Revenue Increased 11% YoY Supported by Content Cadence and Growth Investment 15 (In INR Cr) 26 29 3 3 6 5 Q1FY26 Q1FY27 Revenue UA EBITDA New Content Drops Supporting Revenue Growth 11%
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Curve Games: Remaining Strongly Profitable While Funding the Next Release Slate 16 Q1FY27 Revenue INR 53 Cr Q1FY27 EBITDA INR 14 Cr EBITDA Margin 27% • Curve remained strongly profitable while investing in its future release slate • More than 60% of development investment during the quarter was allocated to new signings • New releases from Q2FY27 • Q1FY26 benefited from the first-party studio release of Badlands Crew, leading to healthier margins in the comparative period • Overheads increased 15% in Q1FY27 to support recent signings and the growth plan • Transactional sales for Human: Fall Flat and For The King IIincreased YoY • Investment in owned IP supported higher transactional revenue for For The King II; Q1FY27 cost of sales also included concept work for new content
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Smaaash and Funky Monkeys: Expanding Offline IPs Through a Proven Operating Playbook Q1FY27 Revenue INR 34 Cr Q1FY27 EBITDA INR 11 Cr EBITDA Margin 33% 1. EBITDA for both Smaaash and Funky Monkeys is reported under Ind AS and reflects Ind AS 116 (Leases) treatment 2. Q1FY27 Smaaash – INR 27 Cr in Revenue and INR 7 Cr in EBITDA; Q1FY27 Funky Monkeys – INR 8 Cr in Revenue and INR 4 Cr in EBITDA; components may not add due to rounding Funky Monkeys Revenue in INR Cr 5 8 Q1FY26 Q1FY27 New Smaaash 2.0 under development Smaaash 2.0 will be anchored in social, competitive, immersive and technology-led experiences for groups to play, compete and celebrate 17 58% YoY revenue growth is driven by same-store sales growth as well as store expansion
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19 Others: Lower Revenue Following NODWIN Deconsolidation; Improved EBITDA Profile Absolute Sports Q1FY27 Revenue INR 28 Cr Q1FY27 EBITDA INR 1 Cr • Continued focus on optimising costs: Sportskeeda delivered positive EBITDA at a lower cost base, with the full effect of cost actions to be visible from Q2 onward • New distribution channels are being opened up through content syndication partnerships. Combined with the US sports season, this is expected to support healthier EBITDA in Q2 and Q3 • Pro Football Network (PFN) delivered its best-performing Q1 yet, with EBITDA margin of 19% vs (0.1%) in Q1FY26 - underscoring the value of Sportskeeda's diversified portfolio Datawrkz (including Space & Time) Q1FY27 Revenue INR 126 Cr Q1FY27 EBITDA INR 3 Cr • Datawrkz's Q1FY27 performance supported by continued operating discipline and an improving earnings profile • Space & Time grew EBITDA year-on-year, demonstrating margin resilience and cost discipline through a softer demand environment across its UK/EU client base • Across both businesses, operating discipline supported EBITDA. The next focus is scaling higher-margin products such as Vizibl and expanding into new markets.
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20 NODWIN: Youth Media Strategy and IPO Readiness in Full Flow Business model ● Two interconnected arms: ○ Live (In-person events and activations) and ○ Content (Scripted, Broadcast, Digital) ● Content stickiness leads to discovery of interests ● Live creates super fandom, a monetization multiplier ● Both work recursively with each other thereby creating a flywheel effect Focus • Global South with offices across the world. Global North as revenue. Global South as execution Live: ● Comic Con: ○ Mumbai was a sold -out show with peak capacity reached multiple times over the weekend ○ Based on its successes, Comic Con is launching 14 events in India this FY ○ Comic Con India registers its Global IP - Comic Con World and plans at least 2 international launches ○ NODWIN X Comic Con X Govt of Maharashtra sign an MoU to start a new IP called ‘Space Fest’ for a minimum of 3 years, to be held in Mumbai ● Esports ○ Middle East continues the CS Clutch Series and signs a monetisation deal with Kick (OTT platform) for 2 additional years ○ Starladder continues integration and executes Pubg Mobile Club Open Eastern Europe 2026 in Q1 and announces Star series in this FY ○ NODWIN X Krafton partnerships continue scaling and BMPS hits highest viewership for BGMI esports ever ○ NODWIN X Garena agree to partner on Freefire Max in India ○ NODWIN X Tencent agree to conduct a big PMGO in South Asia this year ○ NODWIN has announced EVO Singapore in this FY
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• Q1 has traditionally been the slowest quarter for NODWIN and this trend remains • Revenue growth has been stable, and losses are substantially lower due to corporate actions undertaken in the past year: • Post Freaks4u, NODWIN pressed pause on new acquisitions to fine-tune its M&A playbook. Another objective of the planned pause is to showcase NODWIN's organic growth, which is poised to be at 30% for this FY • Basis the refined M&A playbook, NODWIN is looking to restart its acquisition engine soon • NODWIN has seen movements of IPs across quarters: • One of the global Pubg mobile IPs that is highly profitable for NODWIN has shifted from Q1 in FY26 to Q2 in FY27 • NH7 has moved to a license model for India; the license fee will go straight to the bottom line • NODWIN ended the MG deals for Comic Con as the IP has grown big enough whereby direct ticket sales should generate higher revenue and higher footfalls. Revenue and costs would be more in line with the actual events • NODWIN made in-house investments in AI for the entire workforce to enable team-led innovations. This has led to 10+ tool deployments across Finance, HR, Legal, Sales and Production workflows. This is expected to drive cost reductions of ~INR 12 cr over the next 3 years • NODWIN's ESOP plan continues to be a valuable retention tool for employees and has been offered to all the employees of NODWIN resulting in to sub-5% attrition • Founder retention post-earnouts has had ZERO attritions as the group continues to have founders lead existing and newer initiatives that drive growth across the world. This is a clear indicator to the stated integration strategy of NODWIN NODWIN: Live and Content Verticals' Synergy Leading to Operational Profitability 21 In INR Cr Content ● NODWIN has initiated 3 new initiatives in Content: ○ Trading cards and board games ○ High-value pop-culture merchandise ○ The National Math Bee with Bhanzu ● Playground IP is expanding to America in addition to the India edition this year ● NODWIN X Rusk IPs announced 2026-27 editions: ○ I-Popstar ○ Engaged ○ Battleground ● NODWIN’s partner support services division did work with the Saudi Football federation and the Belgian Football Association 9%
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22 Gaming
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23 10.8% EBITDA Margin in Q1FY27 (All figures in INR Cr) Q1FY27 Q1FY26 YoY Revenue from operations 429 499 (14%)1 Purchase, Content, event and web server 68 134 Advertising and promotion 153 125 Commission 43 40 Employee benefits 80 94 Others 39 58 Total expenses 382 451 EBITDA 46 47 (2%) EBITDA margin 10.8% 9.5% Impairment loss 22 0 Finance costs 4 5 Depreciation and amortisation 48 65 Other income 9 77 PBT before share of profit / (loss) from associates (18) 55 NM Tax write-back / (expenses) (2) 6 Exceptional items 0 0 PAT before share of profit / (loss) from associates (20) 61 NM Share of profit / (loss) from associates (62) (24) PAT from continuing operations (82) 36 NM 1. Reported revenue declined 14% YoY due to NODWIN deconsolidation from August 2025. Excluding NODWIN, comparable Q1FY27 revenuegrew approximately 9% 2. Figures may not add due to rounding
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24 Contact Us Mr. Rakesh Shah Chief Financial Officer Ms. Anupriya Sinha Das Head of Corporate Development Nazara Technologies Limited CIN: L72900MH1999PLC122970 investors@nazara.com www.nazara.com