Nazara Technologies Limited

INR 255 crore

and a Proven Playbook FY26 was a pivotal year for Nazara. We delivered our highest-ever EBITDA at INR 255 crores, with EBITDA growing 66% year-on-year and Q4 margins reaching 19.5%. The momentum in the business

66%

ivotal year for Nazara. We delivered our highest-ever EBITDA at INR 255 crores, with EBITDA growing 66% year-on-year and Q4 margins reaching 19.5%. The momentum in the business was accompanied by strong

19.5%

ighest-ever EBITDA at INR 255 crores, with EBITDA growing 66% year-on-year and Q4 margins reaching 19.5%. The momentum in the business was accompanied by strong cash generation. Pre-tax operating cash flo

81%

m in the business was accompanied by strong cash generation. Pre-tax operating cash flow (OCF) grew 81% YoY to INR 213 crores, with EBITDA to OCF conversion improving to 84%. More importantly, the shap

INR 213 crore

siness was accompanied by strong cash generation. Pre-tax operating cash flow (OCF) grew 81% YoY to INR 213 crores, with EBITDA to OCF conversion improving to 84%. More importantly, the shape of Nazara has funda

84%

erating cash flow (OCF) grew 81% YoY to INR 213 crores, with EBITDA to OCF conversion improving to 84%. More importantly, the shape of Nazara has fundamentally changed. Gaming contributed 90% of EBITDA

90%

roving to 84%. More importantly, the shape of Nazara has fundamentally changed. Gaming contributed 90% of EBITDA in FY26, up from 56% a year ago, reflecting enchanced focus on core gaming. Nazara is in

56%

y, the shape of Nazara has fundamentally changed. Gaming contributed 90% of EBITDA in FY26, up from 56% a year ago, reflecting enchanced focus on core gaming. Nazara is increasingly converging toward a

25.4%

ofitable Nazara Key Updates: • Kiddopia sustained growth; Animal Jam EBITDA margins expanded to 25.4%; Narrative engine powered 3 live games • • Playbook-based growth for FM; Smaaash 2.0 launch up

58 million

ve games • • Playbook-based growth for FM; Smaaash 2.0 launch upcoming Human Fall Flat crossed 58 million lifetime units Nazara Gaming OS: • UA, Data, Growth & Product COEs now group-level platform infr

22 million

-level platform infrastructure Largest M&A to date: • Bluetile & BestPlay: 17 casual puzzle IPs; 22 million monthly active users • • AI embedded across the full game lifecycle - live tools, in-build init

INR 1,829

y approvals BestPlay rewards network to enable cross-promotion across Nazara portfolio Revenue: INR 1,829 Cr +13% YoY FY26 EBITDA: INR 255 Cr +66% YoY EBITDA Margin: 13.9% +450 bps YoY Revenue: INR 3

“• UA, Data, Growth & Product COEs now group-level platform infrastructure Largest M&A to date: • Bluetile & BestPlay: 17 casual puzzle IPs; 22 million monthly active users • • AI embedded across the full game lifecycle - live tools, in-build initiatives and clear roadmap Every new IP plugs into the same system from day one • • To be consolidated in FY27 subject to regulatory approvals BestPlay rewards network to enable cross-promotion across Nazara portfolio”

“* Adjusted for Nodwin revenues (due to de-consolidation from August ‘25) 3 FY26 At A Glance: Nazara's Gaming Revenue - Diversified Across Titles, Resilient by Design FY26 Nazara-level EBITDA Contribution (pre-Corporate Costs) FY26 Gaming Revenue Contribution by Game 10% 90% Gaming Others Others 30% Love Island 27% Smaaash 7% Human Fall Flat 8% Kiddopia 18% Animal Jam 10% • • EBITDA from Gaming Segment grew to 90% in FY26.”

“• 10 additional centres in FY26 • Deepening presence in Mumbai and Bangalore • Foray into Hyderabad and Surat”

“New Centre Expansion to Continue in FY27 Launch of Smaaash 2.0”

“Metrics for iOS 8 Highlights: How the COE Machine Works 1 3 3 2 2 4 9 Highlights: Narrative Engine Powers a Multi-IP Franchise (In INR CR.) 260 318 60 68 FY25 FY26 Revenue EBITDA At Acquisition Love Island was 100% of Fusebox revenue at acquisition To come in FY27..”

“The Traitors in development for H1FY27 - 4th IP in the studio In FY26 Island Love in led revenues; 2 new games launched; 4th IP signed growth The narrative engine is built.”

“Every new IP is leveraging the same engine to expand faster 10 Highlights: Animal Jam - Margin Expansion in FY26; Platform Extension FY26 Revenue INR 108 Cr +3% YoY FY26 EBITDA INR 27 Cr +23% YoY EBITDA Margin 25.0% +410 bps (from 20.9%) Q4FY26: Trajectory Accelerating +4% Rev +44% EBITDA 25.4% Margin Margin Expansion Growth Initiatives Underway LiveOps & Content Velocity: Consistent cadence of content drops Each drives engagement and monetization without a proportional cost increase.”

“Layering external IP - Monster High as the template - refreshes the universe and opens new revenue surfaces 11 Highlights: PC & Console Publishing - High-Margin Platform With Strong Execution FY26 Revenue INR 261 Cr FY26 EBITDA INR 101 Cr EBITDA Margin ~39.1% Strength of IPs on PC and Console New IPs in Pipeline”

“Over 300,000 units sold since Nintendo Switch 1 launch in FY26”

“Among Top 10 on Steam FY26 marked Nazara's entry into the $90 billion PC-Console gaming market.”

Note

3

Revenue

2

EBITDA

2

EBITDA Margin

2

Funky Monkeys

2

Key Updates

1

Nazara Gaming OS

1

COE playbook

1

Advisor Support

1

Notes

1

Key Updates

• Kiddopia sustained growth; Animal Jam EBITDA margins expanded to 25.4%; Narrative engine powered 3 live games • • Playbook-based growth for FM; Smaaash 2.0 launch upcoming Human Fall Flat crossed 58 million lifetime units

Nazara Gaming OS

• UA, Data, Growth & Product COEs now group-level platform infrastructure Largest M&A to date: • Bluetile & BestPlay: 17 casual puzzle IPs; 22 million monthly active users • • AI embedded across the full game lifecycle - live tools, in-build initiatives and clear roadmap Every new IP plugs into the same system from day one • • To be consolidated in FY27 subject to regulatory approvals BestPlay rewards network to enable cross-promotion across Nazara portfolio

Note

* Adjusted for Nodwin revenues (due to de-consolidation from August ‘25) 3 FY26 At A Glance: Nazara's Gaming Revenue - Diversified Across Titles, Resilient by Design FY26 Nazara-level EBITDA Contribution (pre-Corporate Costs) FY26 Gaming Revenue Contribution by Game 10% 90% Gaming Others Others 30% Love Island 27% Smaaash 7% Human Fall Flat 8% Kiddopia 18% Animal Jam 10% • • EBITDA from Gaming Segment grew to 90% in FY26. Within gaming, Nazara has a multi-title portfolio with no single game exceeding 30% of Revenue in FY26 Consolidation of Bluetile and BestPlay in FY27 (CY25 INR 1,405 Cr in revenue and INR 254 Cr in EBITDA) will significantly scale gaming revenues and EBIDTA in FY27* • Nazara's portfolio mix is converging toward a single, high-margin, global gaming business Note: * Bluetile will be consolidated from FY27 onwards, subject to regulatory approvals 4 Nazara Gaming OS: 40+ IPs across Multiple Gaming Segments, One Operating System Mobile Gaming PC and Console Publishing Offl

Funky Monkeys

• 10 additional centres in FY26 • Deepening presence in Mumbai and Bangalore • Foray into Hyderabad and Surat

Advisor Support

• Rod Cousens, ex-CEO Jagex, Codemasters brings upliftment across mobile IPs • AI enabled across all four COEs appointed as advisor to the business Playbook-based rollout model: standardized store format, city-deepening before city-expansion, & ops playbook proven across 20 FM stores. Smaaash 2.0 will deploy the same framework in a larger format 5 Nazara Gaming OS: AI Embedded Across the Full Game Lifecycle Pillar 1: Time to Market Pillar 2: Go to Market Pillar 3: AI driven LiveOps Build faster. Create cheaper. Launch more. AI connected to live campaign data surfaces Spend smarter, Acquire better. Keep players longer. Spend less to do it. • Bestplay's AI-native platform development provides a faster path to game generation • Using this, Pixel Blast was developed in 2 months vs. a typical 12–18 months cycle • World Cricket Championship 4: Built with AI across engine, content and QA pipelines, opens to public beta mid-May 2026 • Marketing performance AI surfaces CPI and ROAS drop causes

Notes

1. Metrics for iOS 8 Highlights: How the COE Machine Works 1 3 3 2 2 4 9 Highlights: Narrative Engine Powers a Multi-IP Franchise (In INR CR.) 260 318 60 68 FY25 FY26 Revenue EBITDA At Acquisition Love Island was 100% of Fusebox revenue at acquisition To come in FY27.. The Traitors in development for H1FY27 - 4th IP in the studio In FY26 Island Love in led revenues; 2 new games launched; 4th IP signed growth The narrative engine is built. Every new IP is leveraging the same engine to expand faster 10 Highlights: Animal Jam - Margin Expansion in FY26; Platform Extension FY26 Revenue INR 108 Cr +3% YoY FY26 EBITDA INR 27 Cr +23% YoY EBITDA Margin 25.0% +410 bps (from 20.9%) Q4FY26: Trajectory Accelerating +4% Rev +44% EBITDA 25.4% Margin Margin Expansion Growth Initiatives Underway LiveOps & Content Velocity: Consistent cadence of content drops Each drives engagement and monetization without a proportional cost increase.