CORPORATEPRESENTATIONNOVEMBER 2022

D I S C L A I M ER
References to “Keywords”, “Keywords Studios” or the “Group” are to Keywords Studios Plc (the “Company”) and its subsidiaries unless otherwise stated. The “Keywords
Studios” word and logo marks are trademarks owned by Keywords International Limited, a member of the Group. Other product and company names mentioned herein may
be the trademarks of their respective owners.
This report contains “forward-looking statements” with respect to the Group’s financial condition, results of operations and businesses and certain of the Group’s plans andobjectives. In particular, such forward-looking statements include, but are not limited to, statements with respect to: expectations regarding the Group’s financial condition or
results of operations and the guidance for a financial year; the Group’s sustainable business strategy and targets; expectations for the Group’s future performance generally;
expectations regarding the operating environment and market conditions and trends, including customers, new game launches and next generation consoles, adjacentmarkets, games-as-a-service, competitive position and macroeconomic pressures, price trends, commercial momentum and opportunities in specific geographic markets;
expectations regarding the integration or performance of current and future investments and newly acquired businesses. Forward-looking statements are sometimes, but notalways, identified by their use of a date in the future or such words as “will”, “anticipates”, “could”, “may”, “should”, “expects”, “believes”, “anticipates”, “estimates”, “intends”,“plans” “projects” or “targets” (in each case including in their negative form or other variations or their comparable terminology). By their nature, forward-looking statements
include matters that are not historical facts and are inherently predictive, speculative and involve risk and uncertainty because they relate to events, and depend on
circumstances, that may or may not occur in the future. No reliance whatsoever should be placed on any forward-looking statements.

There are a number of factors that could cause actual results and developments to differ materially from those expressed or implied by these forward-looking statements.
These factors include, but are not limited to, the following: changes in economic, financial, political and regulatory conditions; factors that contribute to uncertainty andvolatility, including natural and man-made disasters, civil unrest, pandemics (e.g. the coronavirus (COVID-19) pandemic (the “COVID-19 pandemic”)) and geopoliticaluncertainty; the ability of the Group to successfully recover from a disaster, force majeure event or other business continuity problem including, but not limited to, due to ahurricane, flood, earthquake, terrorist attack, war, pandemic, security breach, cyber-attack, insider threats or supplier breach, power loss, telecommunications failure or othernatural or man-made event; any governmental or other third party policies or actions to maintain the functioning of national or global economies and markets; changes tolegal, regulatory and tax environments; increased competition; the Group’s ability to generate and grow revenue; slower than expected customer growth, reduced customer
retention, reductions or changes in customer spending and increased pricing pressure; the Group’s ability to attract and retain talent and wage inflation; the Group’s ability torealise expected benefits or synergies from acquisitions; acquisitions and divestments of Group businesses and assets and the pursuit of new, unexpected strategic
opportunities; the Group’s ability to integrate acquired business or assets; the extent of any future write-downs or impairment charges on the Group’s assets, or restructuring
charges incurred as a result of an acquisition or disposition; developments in the Group’s financial condition, earnings and distributable funds and other factors that the Board
takes into account in determining the level of dividends; the Group’s ability to satisfy working capital requirements; and changes in foreign exchange rates.

Keywords Studios - Corporate Presentation November 2022

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AGENDA

01

Introduction & Strategy

02

H1 Review

03

Outlook

04

Appendix

Keywords Studios - Corporate Presentation November 2022

3

K E Y W O RD S S N A P S H O T#1technical& creative solutions
provider to the video
games industry

23 out of top 25

gaming companies
are clients*Sources: Market sizing conducted by IDG Consulting Inc.

3 service lines

covering entire
gaming value chain

10 out of top 10
mobile games
companies areclients

26 countries
and more thanstudios

70

$35bn

c.
Video game
services market*

$11bn

c.
Video game
services market ofwhich outsourced*

12,000~employees that speak
languages

50

€595m
LTM revenue€101m
LTM adj. PBTKeywords Studios - Corporate Presentation November 2022

4

S E R V I C I N G E N T I R E C O N T E N T D E V E L O P M E N T L I F E C Y C LE
Game Development

Audio Services

Includes full & co-development, porting &remastering, tool development and consulting
services

Multi-language voiceover recording, original
language voice production, music management,sound effects

Functional Testing

Art Services
Creation of video game graphical art, including
concept, 2D and 3D asset production & animation

Player Support
365/24/7, multilingual support delivered in game,on digital community and social platforms

Content
Development
Lifecycle

Quality assurance, testing for defects, compliancewith hardware/platform specifications, as well as
test automation tools and services

Localization
Translation of in-game text, audio scripts, culturaland local adaptation, accreditation, packaging andmarketing materials in 50+ languages

Localization Testing
Marketing Services
Creation of game trailers, marketing art andmaterials, PR and full brand campaign strategies

Testing for out of context translations,
truncations, overlaps, spelling, grammar,
geopolitical and cultural sensitivities andcompliance requirements
Keywords Studios - Corporate Presentation November 2022

5

STRONG TRACK RECORD OF GROWTH

Revenue – 5 year CAGR of 31%€m

Strong Organic Revenue growth
%

600
500

20

400

19.0

300

10

200
0

15.5

15.0

11.7

10.1

100

21.7

0
2017

2018

2019

2020

2021

LTM

2017

2018

2019

2020

Adjusted PBT – 5 year CAGR of 34%€m

Adjusted EPS – 5 year CAGR of 27%
c

100

100

80

80

60

60

40

40

20

20

0

2021

H1 2022

2021

LTM

0
2017

2018

2019

* LTM represents the trailing twelve months from 30 June 2022

2020

2021

LTM

2017

2018

2019

2020

Keywords Studios - Corporate Presentation November 2022

6

C L E A R M A R K ET L E A D E R
5%Clear market leader,but only 5% of market
Balanced business across content
development lifecycle

Market share versus competitors (%)

1

c.3x

17%

Create38%

LTM Revenue€595m

Globalize
Engage

45%
#2

#3

#4

#5

Unrivalled global scale in a market
with large white space

Market share of outsourced game services* LTM represents the trailing twelve months from 30 June 2022

#6

#7

#8

#9

#10

Only full-scale service platform
across the entire content
development lifecycle

Highly fragmented industry
provides opportunities forselective consolidation
Keywords Studios - Corporate Presentation November 2022

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I N T E R N A T I O N A L S C A L E A N D D I V E R S I F I C A T I O N A C R O SS
MARKETS
Liverpool

ChicagoMexico City
Vancouver

Orlando

Leamington Spa

Cincinnati

Beijing

Dublin (HQ)

Raleigh

Newcastle

Montreal

BerlinDalian

YerevanLondonAustinKatowice

ValettaSeattleBrighton
Quebec CIty
Saint Jerome
OttawaNew Orleans

AdelaideGame Development

ManilaArt Services

Melbourne

Audio
Functional Testing
Localization

New Delhi

Los Angeles

Pune

Portland

TaipeiMadridLocalization Testing
Marketing Services~12,000 people, working in over 50
languages, more than 70 studios, in
26 countries, on 5 continents,
providing follow the sun capability

ChengduBarcelona

Player Support

Paris
Rio de JaneiroSão Paulo

Zhengzhou
Saint Petersburg

The Hague
Hamburg

Belgrade
Milan

Singapore

ShanghaiKrakow

Rome

Yogyakarta

Tokyo

Keywords Studios - Corporate Presentation November 2022

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LARGE, DYNAMIC & EXPANDING ADDRESSABLE MARKET
Video Game Services TAM*
01c.$240bn
Video game market
5% CAGR†2026 TAM$48bn

Outsourced %2021 TAM$35bn
10% CAGR

02c.$35bn*
Spend on video gamecontent

$18bn
37%

$11bn
31%
$25bn
69%

03

$30bn
63%

c.$11bn*
Video game services market
of which outsourced
10% CAGR†*Source: IDG Consulting.
† CAGR from 21-26 except for Video game market where CAGR is from 21-24.
Estimates range 5 to 8.7% CAGR, we took most conservative.

Keywords Studios - Corporate Presentation November 2022

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K E Y W O RD S ’ I N O R G A N I C G R O W T H E N G I N E

€600m

€500m

€282m

Total consideration and number of acquisitions€595m

Average organic growth

+15%

6

€120m

11

€100m

6

€80m
€400m

€60m
€297m

€40m

€300m

3

9

4

€20m

7

9

4

€0m

€200m

2014

2015

2016

2017

2018

2019

2020

2021

YTD
2022

€100m
€16m
2013 revenue

Acquired revenue*

Organic revenue

LTM Pro Forma
Revenue

59€271m

Value creating acquisitions
since IPO

in net cash and undrawn RCF
at end of H1 22

Art Services

Marketing Services

Game Development

Audio Services

Functional Testing

Localization

Localization Testing

Player Support

Keywords Studios - Corporate Presentation November 2022
* Only includes acquisitions completed before 30 June 2022

10

F I V E S T R A T E G I C F O C U S A R E A S T O C A P I T A L I ZE O N O U RMARKET OPPORTUNITY
01

02

03

Developing strategic customer
partnerships to create and capture
more value together

Harnessing technology to worksmarter, do more and stay at theforefront of our industry

Galvanising our "One Keywords"
culture of entrepreneurialism andcollaboration

04

05

Establishing Keywords as thedestination for talent and careerdevelopment

Leveraging our capabilities inadjacent markets increasingly
requiring games expertise

Supported by delivering value accretive M&A to develop our platform
Keywords Studios - Corporate Presentation November 2022

11

H1 REVIEWH1 SUMMARY

01

02

03

Strong revenue growth driven by healthy levelsof demand and supported by the industry drivefor new content

Continued profitable growth and cash
generation underpinning strong balance sheet
and liquidity

Launched evolved strategy to further unlock
Keywords’ potential and deliver an ever-morecompelling proposition for our partners

04

05

06

Delivering on our acquisition strategy andengaging with an extensive pipeline ofopportunities

Tangible progress against our responsible
business agenda across the period

Trading has continued to be encouraging in H2,
and remain confident of delivering aperformance in line with recently upgradedmarket expectations

Continue to further cement our position as the partner of choice for the
global video games industry and beyond
Keywords Studios - Corporate Presentation November 2022

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STRONG REVENUE AND PROFIT GROWTHREVENUE

ADJUSTED PBTADJUSTED EPS+ 34.5%+ 38.0%+ 34.4%

Revenue up to €321.1m

Adjusted PBT €54.8m

Adjusted EPS 55.89c(H1 2021: €238.7m)(H1 2021: €39.7m)(H1 2021: 41.57c)

ORGANIC REVENUE GROWTH

ADJUSTED PBT MARGIN

INTERIM DIVIDEND+ 21.7%

17.1%

0.77p

(H1 2021: 22.9%)

Increased by 0.5% pts(H1 2021: 16.6%)

10% increase over 2021
interim dividend(H1 2021: 0.7p)

Definitions of the performance measures are provided in the Alternative performance measures chart in the Appendix

Keywords Studios Corporate Presentation - November 2022

14

D E L I V E R I N G O N A C Q U I SI T I O N S T R A T EG Y

3

€67m

Acquisitions
signed in 2022

Total maximum
consideration

Extensive pipeline with a primary focus
on Game Development, Marketing
Services and technology

Keywords Studios Corporate Presentation - November 2022

15

A R E S P O N S I B LE B U S I NE SS

KEYWORDS’ FIVE PRIORITIES MSCI ESG Ratings assessment improved to a rating of ‘A’, up
from BBB previously

PEOPLE*CLIENT Strengthened partnership with Women in Games, hosting a
number of events including our second internal #Breakthebias
Women’s Summit in Asia

 Sustainable Studios initiative progressed following completionof an internal review of energy and recycling practices
GOVERNANCE
 Initiatives making Keywords a great place to work increasingly
recognised with studios in Mexico, Philippines and the UK all
receiving industry awards

COMMUNITY

PLANET* Including Diversity, Equality, Inclusion and Belonging
Keywords Studios Corporate Presentation - November 2022

16

I N I T I A L P R O G R E SS A G A I N S T E V O L V E D S T R A T E G Y

01 Strategic customer
partnerships

02 Technology

03 One Keywords

04 Talent and Capabilities

05 Adjacent Markets

Obsessive focus on
deepening key client
relationships

Incorporating automation
where appropriate (i.e.
Kantan AI)

New simplified structure
facilitating internal
collaboration

New Culture leadershipteam in place andbuilding capacity

Focus on markets thatnaturally fit our current
offering including Media& Entertainment

Introduced Annual Business
Reviews with key clients

Acquisition of Mighty
Games brings a proprietary
AI-based Testing techplatform

Amplifying the voice of thestudios and investing in
the “spine”

Expanded initiatives todevelop talent throughour Academies andBootcamps

Building our GAAS &LiveOps offerings

Investing in our StrategicPartnering Capability

Focus on enhancing
internal systems

Launch of studio hub
model

MOU with Gov’t of India
to expand Keywords
inGame Academy as partof Destination India
initiative

Preparing for longer term
opportunities such as
Web 3 / the metaverse

Keywords Studios - Corporate Presentation November 2022

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OUTLOOKGROUP OUTLOOK

01

02

03

Strong organic revenue growthin H1 and encouraging start tothe second half,
complemented by a healthy
M&A pipeline

Confident of FY22 performancein line with recently raised
expectations

Well positioned to takebusiness to the next level andcontinue to drive growth in2023 and beyond

Expect to further cement our position as the partner of choicefor technical and creative solutions to a global client base

Keywords Studios - Corporate Presentation November 2022

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APPENDIXIGNITING GROWTH
Most Compelling Solutions‘GAME MAKERS’
GlobalExcellence

Best Clientsand Titles

Best People

Targets
Keywords Studios - Corporate Presentation November 2022

21

L O N G - S T A N D I N G R E L A T I O N S HI P S W I T H S I G N I F I C A N T
C R O S S - SE LL I N G P O T E N T I A L
We work with 23 of the top 25 games companies by revenue and 10 of the top 10 mobile games publishers by revenue** Newzoo, Top 25 public companies by game revenues in Q3 2021 and App Annie, Top publishers of 2021

Keywords Studios - Corporate Presentation November 2022

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LARGE, DYNAMIC & EXPANDING ADDRESSABLE MARKET
Video Game Services TAM*
01c.$240bn

Outsourced %

17%

38%

70%

47%

46%

Video game market
5% CAGR†

$40bn

02

c.$35bn*
Spend on video gamecontent$2.7bn$0.7bn$1.8bn$20bn$3.0bn03

c.$11bn*
Video game services market
of which outsourced
10% CAGR†$0bn*Source: IDG Consulting.
† CAGR from 21-26 except for Video game market where CAGR is from 21-24.
Estimates range 5 to 8.7% CAGR, we took most conservative.
1. Post Production includes Functional Testing, Localization Testing and Localization.

$2.9bnGame
Development

Art
Services

Audio

PlayerSupport

Post
Production1

Keywords Studios - Corporate Presentation November 2022

23

H1 2022 FINANCIAL HIGHLIGHTS

H1 2022€m

H1 2021€m%changeRevenue

321.1

238.7

+ 34.5%

Organic Revenue Growth

21.7%

22.9%

70.1

50.7

Margin

21.8%

21.2%

EBITDA

61.0

40.8+ 49.5%Adjusted PBT

54.8

39.7

+ 38.0%

17.1%

16.6%

PBT

39.1

21.9

+ 78.2%Adjusted EPS (€ cents per share)

55.89

41.57

+ 34.4%

Adjusted EBITDA+ 38.3%

 Reported revenue up 34.5% with Organic Revenue up 21.7%

 Adjusted EBITDA up 38.3% with margin improving 0.6%
pts to 21.8%•

MarginMargin reflected the strong growth in revenues whilst
managing costs, together with a ~1% benefit from afavourable foreign exchange impact Adjusted PBT up 38.0% with margin improving 0.5% pts to
17.1%; due to the favourable foreign exchange impact andcontinuing management of the return of certain costs post
COVID restrictions

 Statutory PBT increased by 78.2%

Keywords Studios Corporate Presentation - November 2022

24

SERVICE LINE REVIEWCREATE - combines Game Development and Art Services and represents 3,000+ people in 24 studios across 46 locations% ofGroup revenue% of Group
Adj EBITDA

 Create performed well in the first half with revenues up by
44.5% to €124.3m
 Organic Revenue grew by 23.3%

39%

Revenue €m

44%

H1 2022

H1 2021

Change

124.3

86.0

44.5%
23.3%

Organic Revenue growth %Adjusted EBITDA €m
Adjusted EBITDA margin %

30.9

23.0

24.9%

26.7%

•

Very strong performance in Art Services, with record
performance in certain studios, while Game Development
performed well•

Transition from Russia began in H1, with increased impact
expected in H2. Making transition as smooth as possible
for both our people and international clients Adjusted EBITDA up 34.3% at €30.9m with margin slightly
lower due to sales mix and investing ahead of demand 3 new Game Development studios added so far this year Expect continued strong demand across our Create service
line

34.3%

Keywords Studios Corporate Presentation - November 2022

25

SERVICE LINE REVIEWGLOBALIZE - combines Audio, Testing and Localization with nearly 5,000 people in 35 studios across 45 locations% ofGroup revenue% of Group
Adj EBITDA Globalize performed well in the first half with revenues up by
31.8% to €141.5m
 Organic Revenue grew by 25.7%

44%

44%

•

All of the lines of business within Globalize performed wellas the benefits from the current levels of content creation
flowed through to the later stages of the development cyclethat Globalize serves Adjusted EBITDA in Globalize grew 47.4% to €31.1m

Revenue €m

H1 2022

H1 2021

Change

141.5

107.4

31.8%
25.7%

Organic Revenue growth %Adjusted EBITDA €m
Adjusted EBITDA margin %

31.1

21.1

22.0%

19.6%

•

Adjusted EBITDA margin increased to 22.0% due tooperating leverage from the strong growth and the strengthof the US dollar

 Activity levels across the service line remain high and we arecontinuing to recruit aggressively and distribute work acrossstudios to ensure client needs are met

47.4%

Keywords Studios Corporate Presentation - November 2022

26

SERVICE LINE REVIEWENGAGE - combines Marketing and Player Experience services with 2,000+ people in 28 studios across 30 locations% ofGroup revenue% of Group
Adj EBITDA

 Engage performed well in the first half with revenues up by
22.1% to €55.3m
 Organic Revenue grew by 9.8%

17%

Revenue €m12%

H1 2022

H1 2021

Change

55.3

45.3

22.1%
9.8%

Organic Revenue growth %Adjusted EBITDA €m
Adjusted EBITDA margin %

8.1

6.6

14.6%

14.6%

22.7%

•

Player Support performed strongly with the addition of anumber of new clients and good growth across our top
clients•

Our Marketing studios delivered a more modest
performance in part due to the exceptional performance in
H1 2021, during which the business experienced significant
organic growth of over 50%

 Adjusted EBITDA grew 22.7% to €8.1m (H1 2021: €6.6m)•

Adjusted EBITDA margin of 14.6% was in line with H1 2021

 Continue to broaden our Marketing service range and positive
first half trends in Player Support are expected to continue in
H2

Keywords Studios Corporate Presentation - November 2022

27

OPERATING AND FREE CASH FLOW
H1 2022€m

H1 2021€m

Change€m

Adjusted EBITDA

70.1

50.7

19.4

MMTC and VGTR

(10.4)

(3.8)

(6.6)

Working capital and other items(12.7)

1.7(14.4)

Capex – PPE(10.0)

(9.4)

(0.6)

Capex - intangible assets

(0.2)

(0.2)

-

Payments of principal on lease liabilities

(5.5)

(4.6)

(0.9)

Operating cash flows

31.3

34.4

(3.1)

Net Interest paid

(0.8)

(0.8)

-

Free cash flow before tax

30.5

33.6

(3.1)

Tax
Free cash flow

(6.2)
24.3

(9.8)
23.8

Adjusted free cash flow before tax

31.7

37.7

Adjusted cash conversion rate

57.9%

94.9%

3.6
0.5

(15.7)%

 €0.5m increase in Free Cash Flow year on year as the €19.4m
increase in Adjusted EBITDA and €3.6m reduction in tax
payments due to timing differences were largely offset by:•

Working capital and other items outflow of €12.7m due tothe growth in the business and the timing of payments•€6.6m increase in MMTC and VGTR credits accrued as they
returned to the regular H2 collection cycle•€0.6m increase in capex as we continued to invest in thegrowth of the business Adjusted cash conversion rate of 57.9% in H1 2022•

Capex expected to increase in H2 with the opening of new
facilities•

Full year Adjusted cash conversion expectations remain at~80%

Keywords Studios Corporate Presentation - November 2022

28

M O V E M EN T I N N E T C A S H / D E B T

H1 2022€m

H1 2021€m

Change€mFree cash flow

24.3

23.8

0.5

M&A - acquisition spend(13.6)(44.7)

31.1

M&A - acquisition and integration costs

(1.3)

(1.5)

0.2

Other income

1.1

-

1.1

Dividends paid

(1.3)

-

(1.3)

Shares issued for cash

2.4

2.3

0.1

Underlying increase / (decrease) in net
cash / (debt)

11.6(20.1)

31.7

FX and other items

4.1

1.3

2.8

Increase in net cash / (debt)

15.7(18.8)

34.5

Opening net cash / (debt)

105.6

102.9

Closing net cash / (debt)

121.3

84.1

 Acquisition spend of €14.9m:•€13.6m on acquisitions in respect of the cash component ofprior year acquisitions•€1.3m of acquisition and integration costs

 Increase in net cash in H1 2022 driven by good free cash flow
and timing of M&A

 Increase in net cash of €15.7m versus decrease of €18.8m in
H1 2021

 Net cash at 30 June 2022 of €121.3m (H1 21: €84.1m)

Keywords Studios Corporate Presentation - November 2022

29

F U N D I NG P O S I T I O N A N D G U I D A NC E

Robust financial position to enable strategy

Full year guidance
Cash generative business withan adjusted free cash flow of€31.7m in H1 2022
(H1 2021: €37.7m)€271m of liquidity throughcash and undrawn
committed RCF headroom#

Reviewing an extensive
pipeline of acquisition
opportunities

Revolving Credit Facility (RCF)of €150m with a €50m
accordion

Balance sheet capacity to:Provide flexibility to executeacquisition strategy



Invest to support future growthDeliver returns for shareholders

Following a strong H1, we areseeing an encouraging start to H2and experiencing healthy demandacross our three service lines

Capex at a higher % of revenue
than in 2021, reflecting
expansionary capex

Expect organic growth rates tomoderate in the second half, with
margins moving to historic levels of~15% as we invest in the business,transition from Russia, and as morecosts return with the easing of
COVID restrictions.

Adjusted cash conversion rate
expected to be ~80%, in linewith guidance

Adjusted effective tax rate in linewith the H1 2022 rate of ~22%

* As at 20th September 2022, company compiled analysts' forecasts gave a consensus for FY 2022 of €642m of revenue and €102m of adjusted profit before tax.
# RCF matures in December 2024 with an option to extend the term by two further one-year periods.

We are confident of delivering aperformance for the full year inline with recently raised market
expectations*

Keywords Studios Corporate Presentation - November 2022

30

A C Q U I SI T I O N H I S T O RY
Year

Art Services

2014

Marketing
services

Game
Development

Audio

Functional
Testing

Localization

Localization
Testing

Lakshya Digital

Liquid Violet
Binari Sonori

Babel MediaBabel Media
Binari Sonori

Babel Media

2015

Liquid Development

ReverbKite Team2016

Mindwalk
Volta

Synthesis
Sonox

EnzymePlayer Research

Synthesis
Sonox

2017

RedHot

VMC

VMC
XLOC
Around the Word
La Marque Rose
Dune Sound
AsRec
LOLA

SPOV

GameSimd3t
Sperasoft

La Marque Rose
Dune Sound
AsRec

2018

Fire Without Smoke
Trailer Farm

Snowed In
Studio Gobo
Electric Square
Yokozuna Data

MaximalCord
Laced
Blindlight2019

Sunny Side Up
Ichi Worldwide

GetSocial
Wizcorp

Descriptive VideoWorks
TV+SYNCHRON
Syllabes

2020

Maverickg-Net
Indigo Pearl

Coconut Lizard
High Voltage

Jingle Bell

Waste Creative

Heavy Iron
Tantalus***
ClimaxWicked Witch

2021

AMC

2022

Forgotten Empires,
Mighty Games
Smoking Gun

ReverbKite Team

PlayerSupport

Total Cost*€19.0mAlchemic Dream€10.9mSynthesis
EnzymeAnkama€32.6m

VMC

VMC€101.4m€61.7mAppSecTest**

Kantan€22.5m€80.7m€126m

Mighty Games€67.2m* Includes all cash, deferred and equity portions of consideration** 48.8% subsidiary interest*** 85.0% interest

Keywords Studios Corporate Presentation - November 2022

31

A L T E R N A T I V E P E R F O R M A N C E M E A S U R ES
The Group reports a number of alternative performance measures (APMs) to present the financial performance of the business which are not GAAP measures as
defined by International Financial Reporting Standards (IFRS). The Directors believe these measures provide valuable additional information for the users of thefinancial information to understand the underlying trading performance of the business. In particular, adjusted profit measures are used to provide the users of theaccounts a clear understanding of the underlying profitability of the business over time. For full definitions and explanations of these measures and a reconciliation
to the most directly referenceable IFRS line item, please refer to the APMs section at end of the Group’s Interim Results announcement.

Organic Revenue at constant exchange rates is calculated by adjusting the prior year revenues, adding pre-acquisition revenues for the corresponding period ofownership, and applying the prior year foreign exchange rates to both years, when translating studio results into the Euro reporting currency.
EBITDA comprises Operating profit as reported in the Consolidated statement of comprehensive income, adjusted for amortisation and impairment of intangible
assets, depreciation, and deducting bank charges. Adjusted EBITDA comprises EBITDA, adjusted for share option expense, costs of acquisition and integration andnon-controlling interest.
Adjusted profit before tax comprises Profit before taxation as reported in the Consolidated statement of comprehensive income, adjusted for share-based payment
expense, costs of acquisition and integration, amortisation and impairment of intangible assets, non-controlling interest, foreign exchange gains and losses, andunwinding of discounted liabilities. In order to present the measure consistently year-on-year, other income is excluded.
Adjusted earnings per share comprises the adjusted profit after tax divided by the non-diluted weighted average number of shares as reported. The adjusted profit
after tax comprises the adjusted profit before tax, less the tax expense as reported in the Consolidated statement of comprehensive income, adjusted for the tax
impact of the adjusting items in arriving at adjusted profit before tax.
Adjusted cash conversion rate is the adjusted free cash flow as a percentage of the adjusted profit before tax.

Adjusted free cash flow is a measure of cash flow adjusting for capital expenditure that is supporting growth in future periods (as measured by capital expenditure inexcess of maintenance capital expenditure).
Pro Forma Revenue is calculated by adding pre-acquisition revenues of current year acquisitions to the current year revenue numbers, to illustrate the size of theGroup had the acquisitions been included for a full financial year.

Keywords Studios Corporate Presentation - November 2022

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