24 March 2021

DISCLAIMER: This presentation contains forward-looking statements. These statements have been made by
the Directors in good faith based on the information available to them up to the time of their approval of thispresentation. Due to inherent uncertainties, including both economic and business risk factors underlying suchforward-looking information, actual results may differ materially from those expressed or implied by theseforward-looking statements. The Directors undertake no obligation to update any forward-looking statements
contained in this presentation, whether as a result of new information, future events or otherwise.

2

2020 highlights

Financial overview

Strategic overview &Outlook3

Delivered strong revenue growth,
despite COVID-19 disruptions, withhealthy market backdrop

Reacted with agility to fundamental
changes in our ways of working, whilst
continuing to deliver for our clients

Increased profitability and cash
generation driving strong balance
sheet and liquidity

Continued to deliver on ouracquisition strategy following placingin May 2020

Demand outlook is strong in 2021
and beyond, supported by increased
content and new generation console
launches

Development of Responsible
Business priorities, with Board levelcommittee established

Expect to further cement our position as the‘go to’ provider of technical and creative services to a global client base4

+ 14.4%
Reported growth in 2020
to €373.5m (2019: €326.5m)+ 11.7%
Organic Revenue growth(H1 2020: 8.0%, FY 2019: 15.5%)+ 28.8%
Increase in FY Adjusted EBITDA
to €74.2m (2019: €57.6m)

19.9%
Adjusted EBITDA marginincreased by 2.3% pts (2019: 17.6%)

Definitions of the performance measures are provided in the
Alternative performance measures chart in the Appendix5€110m
raised in May 2020 placing

8Acquisitions since placing€137m
Total maximum consideration since placing

Strong pipeline with a primary focus remaining
on Game Development and Marketing Services

62020 progress• Global Diversity & Inclusivity Council
established

Responsible Business Board Committee
formed to monitor progress on Keywords’
Priorities• Code of Business Conduct, refreshed andrelaunched• Keywords Cares matching program launched• US$500,000 hardship fund out in place tosupport colleagues as a result of the COVID19 pandemic• Quantified our greenhouse gas emissions
scope 1 and 2 emissions for the first time7

Financial overview

8Definitions of the performance measures are provided in theAlternative performance measures chart in the AppendixRevenue

2020€m373.5

2019
€m
326.5

Organic Revenue growth

11.7%

15.5%

Adjusted EBITDA
Margin

74.2
19.9%

57.6
17.6%

28.8%

Adjusted PBTMargin

55.0
14.7%

40.9
12.5%

34.5%

PBT

32.5

17.4% change
14.4%•Reported revenue up 14.4%, Organic Revenue up 11.7%•

Adjusted EBITDA up 28.8% with margin improving 2.3% pts to19.9%•Margin improvement from leverage of prior year investments
and reduction in certain costs during COVID-19 but held backby revenue shortfalls•

Adjusted PBT up 34.5% with margin improving 2.2% pts to 14.7%•PBT increased by 86.8%, reflecting the increase in Adjusted PBTand COVID-19 government employment retention subsidies of€9.2m offset by foreign exchange and an increase in the charge forshare options schemes

86.8%

Adjusted EPS (€ cents per share)

60.93

48.78

24.9%

Adjusted free cash flow

53.4

32.8

62.8%

Adjusted cash conversion rate

97.2%

80.2%

9% ofrevenue

Organic Revenue growth
H1
H2
2020

Total revenue
growth

15%
7.9%

28.3%

17.9%

31.4%

25.7%

10.4%

17.1%

20.7%

0.5%

8.7%

5.8%

12.6%

10.7%

20.6%

16.1%

13.9%

(7.4%)

0.3%(4.0%)(3.6%)

1.9%

5.9%

4.4%

3.1%

5.5%

29.7%

17.5%

15.8%

21%

13%

21%

12%

6%

11%

Strong performance across the Group10

Definitions of the performance measures are provided in the
Alternative performance measures chart in the Appendix•€39.6m increase in free cash flow year on year driven by:2020€m2019€mChange€m•

Increase in Adjusted EBITDA of €16.6m

Adjusted EBITDA

74.2

57.6

16.6

•

MMTC and VGTR

0.6(5.9)

6.5€6.5m increase for MMTC/VGTR credits due to lower MMTC
claims and phasing of receipts in Canada

Working capital and other items

(2.2)

(1.7)

(0.5)

Capex - PPE(13.9)(13.1)(0.8)•

Improvement in trade receivable days to 42 (2019: 44)

Capex - intangible assets

(0.3)

(0.4)

0.1

Payments of principal on lease liabilities

(8.2)

(7.4)

(0.8)

•COVID -19 employment support subsidies

9.2-

9.2

Operating cash flows

59.4

29.1

30.3

€0.8m increase in capex reflecting working from homearrangements that required some additional investment inequipment

Interest paid

(1.6)

(2.1)

0.5

Free cash flow before tax

57.8

27.0

30.8

•

Tax

(4.5)

(13.3)

8.8€9.2m receipt of COVID-19 overseas government employment
retention subsidies in the period

Free cash flow

53.3

13.7

39.6

•

Adjusted free cash flow

53.4

32.8

€8.8m decrease in tax payments in the period largely due
higher payments in 2019 related to previous years andphasing benefits in 2020

Adjusted cash conversion rate

97.2%

80.2%

•Improvement in the adjusted cash flow conversion rate to 97.2%(2020: 80.2%) partly driven by some COVID-19 phasing benefits
11Definitions of the performance measures are provided in the
Alternative performance measures chart in the Appendix

•
2020
€m

2019
€m

Change€mFree cash flow

53.3

13.7

39.6

M&A - acquisition spend(39.9)(27.8)(12.1)

M&A – acquisition and integration costs

(2.3)

(3.8)

1.5

Investment income

1.4

-1.4

Dividends paid-(1.2)(1.2)

Shares issue for cash
Underlying increase / (decrease) innet cash / (debt)
FX and other items

111.7

0.8

110.9

124.3

(18.3)

142.5

(3.4)

0.8(4.2)

Increase in net cash / (debt)

120.8(17.5)

138.3

Opening net cash / (debt)(17.9)(0.4)

Closing net cash / (debt)

102.9(17.9)

Acquisition spend of €42.2m:•€39.9m on acquisitions in respect of the cash component ofboth current and prior year acquisitions•€2.3m of acquisition and integration costs•€1.4m income from the disposal of the investment in Hutch Games•

Net proceeds of c. €110m from equity placing used to pay down
drawings on RCF and available to deploy on the value creating M&Aprogramme•

Increase in net cash of €120.8m versus decrease of €17.5m in 2019

•Net cash at 31 December 2020 of €102.9m (2019: net debt €17.9m)

12Resilient business and robust balance sheet•

Organic Revenue growth momentum in the second half of2020 is expected to flowing into 2021, offset by the full year
impact of the weakening of the US dollar

Cash generative business with an adjusted free cash flow
conversion of 97% in 2020 (2019: 80%)•2021 revenue will also benefit from the additional contribution
from the Tantalus acquisition

Revolving Credit Facility (RCF) of €100m expiring in 2022with option to extend for 2 years••

Strong acquisition pipeline of M&A opportunities

•

•

•

•

Guidance€203m of liquidity through cash and undrawn committed
headroom on the facility
Balance sheet capacity to:•provide flexibility to execute acquisition strategy•

support the business and customers through andbeyond any COVID-19 disruption

Adjusted PBT margins: 14 – 15% historical range andAdjusted Effective Tax rate in line with the 2020 rate of ~21%

•Capex at a higher level to 2020 relative to revenue reflectingsome expansionary capex and investment in equipment•Adjusted Cash Conversion rate of ~80%

•With the exception of the incremental impact of the Tantalus
acquisition, all of the above items are reflected in the current
revenue and profit market consensus for 2021

13

Strategic overview

14

To become the ‘go to’ provider for technical and creative services to the video games industry•

a unique end-to-end global services platform in a highly fragmented market•

relationships with the top games companies who are increasingly outsourcing; in a more structured way•

unrivalled scale and flexible resource, in proximity to our clients•

attractive employer to talent pools around the world•

a resilient business, diversified by geography, service and client base•a compelling platform for target acquisitions

Increasing barriers to entry as a result of reputation for quality, expertise, scale, global reach and full range of services

15••••

Increasingly integrated with game development pipelines
Increasing numbers of client specific, dedicated operations
Highly attached to game titles & client service infrastructures
Moving beyond game production budgets to marketing spend

Art & Marketing Services
Game Development

Audio Services
Functional Testing

6%
Localization

21%

Localization Testing

20%

Player Support

15%

8%

10%
2%
13%

€326.5m

2018€250.8m

2017€151.4m

28%

12%

14%

17%

13%

20%
14%

€373.5m

11%

2019

11%

17%

13%

2020

17%

14%
6%

12%

7%

20%

15%

21%

21%

16

Circa 6,900 Keywordians were working from home at theend of 2020 (out of ~9,000), representing a dramaticchange in the working environment.

Art & Marketing Services
Game Development
Audio Services
Functional Testing
Localization
Localization Testing
Player Support

An average of 8,353 people in2020, working in over 50
languages, more than 65
studios, in 22 countries, on 5continents17* Newzoo, Top 25 public companies by game revenues in Q3 2020 andApp Annie, Top publishers of 2020/21

We work with 23 of the top 25 games companies
by revenue and 10 of the top 10 mobile games
publishers by revenue.*

18Revenue – 40% CAGR 2016-2020

Organic Revenue growth 2016 - 2020

400

25%20€m15200

105100002016

20172018

2019

20162020

Adjusted PBT – 39% CAGR 2016-2020€m300

201720182019

2020

Adjusted EPS – 31% CAGR 2016-2020

6060

4545
3030c

15

15002016

20172018

2019

2020

2016

20172018

2019

2020

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

19

150

Limited customer concentration

No of clients using 3 or moreservices
93

100

9940%

120

108

230%

6420%

50

110%0%02016

20172018

20192020020162017% Revenue top 5 customers

2018

2019

2020

No of customers over 10% of revenue

Revenue and margin growth400

20300€m

15200

10100

5002016

2017Revenue (€m)

2018

2019

2020

Adj. PBT Margin (%)%90807060
€m 50
4030
20
100

Revenue by service line (€m)

Art Creation &Game
Marketing Development

2016

Audio

Functional
Testing

Localization

2017

2018

2019

Localization
Testing

PlayerSupport2020

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

20

Organic Revenue growth
H1H2
2020

% ofrevenue•Art Creation & Marketing started 2021 with better than normal
revenue visibility partly due to some carry forward from 2020 butperhaps also signalling a year of even stronger demand ahead.

•Game Development demand remains strong but some delays in
new projects due to COVID-19 may moderate growth frommaintaining the previously very strong growth rates.

•Audio: Whilst COVID-19 restrictions continue during 2021, ouradoption of a reliable remote recording solution will enable us tocontinue to deliver on our clients’ needs.

•Functional Testing: We remain a leading player in this large andgrowing market that is seeing an acceleration towards outsourcing.

•Localization: Having strengthened our sales efforts, we expect tobuild on the improvement seen in H2 2020 as we move into 2021.

•Localization Testing: Having worked to mitigate the constraints
experienced in 2020 we expect to build on the momentum seen inH2 2020.

•Player Support: We expect to make further progress in 2021 but
driven by a more moderate growth rate.

15%
7.9%

28.3%

17.9%

25.7%

10.4%

17.1%

21%

13%
0.5%

21%

10.7%

8.7%

20.6%

5.8%

16.1%

12%
(7.4%)

0.3%(4.0%)

6%
1.9%

5.9%

4.4%

5.5%

29.7%

17.5%

11%

21•

Fast growing games industry – c. 9% CAGR
$217.9bn••

Favourablemarket
growthdrivers+9.4% CAGR

Industry growth in 2020 of 20%, primarily driven
by uplift in gamers and game play of existing
content
Increased focus in 2021 on content following
production constraints in 2020•

Content demand is strong with new console
launches and streaming platform developments•

Trend towards outsourcing as the industry deals
with an increasingly complex environment•

Supply chains are becoming more structured asthe industry gradually matures•

Fragmented industry provides opportunities forselective consolidation$174.9bn$146.2bn$138.8bn

2018

2019

2020

2023

Source: Newzoo 2020 Global Games Market Report, November 202022

Keywords
best placed
to exploit
marketgrowthdrivers•

Only global, full service provider in the market•

Scale begets scale in an otherwise highly
fragmented market•

Balanced business across service lines andgeographies•

Increasingly predictable and repeating revenuebase•Local business development supplemented byglobal sales team and continued cross sellopportunity•

15.5%15.0%

11.7%
10.1%

Growth ‘handbrake’ removed from ‘fragile’acquisitions

2017

2018

2019

2020
23€410m
€360m

€136m

€409m

Average organic
growth +15%

Art & Marketing Services

11Game Development
Audio Services

9

Functional Testing

€310m

€257m

9Localization

€260m

7

Localization Testing

6

Player Support

Number of acquisitions

€210m
€160m
€110m
€60m
€16m
€10m
2013 revenue

Acquired revenue

Organic revenue

2020 Pro Forma
Revenue

442

2014

2015

2016

2017

2018

2019

2020

2021

52
Value creating acquisitions since IPO€203m
in cash and undrawn RCF

Strong pipeline from which we are selecting
highest quality opportunities
Particular focus on Marketing Services andGame Development24

Outlook25

Building our platform
Organic growth•

Continue to expand our end-to-end global services

Focused M&A•

platform•

Enhancing our service lines through further investment inDevelopment to establish them as go to providers•

capacity, capabilities and geographies•

Leveraging our platform in a cost-efficient manner•

Addressing more of our clients’ outsourcing needs with

Particular focus on Marketing Services and Game

More selective acquisitions to enhance and extend otherservice lines•Healthy M&A pipeline of high quality opportunities

increased specialism, proximity and flexibility

26

Positive start to 2021

Trading in 2021 has started well despite the ongoing COVID-19 related constraints with favourable
market backdrop from increased content demand and new console launches

Maintain remote working model inmost locations

Robust operating model with the vast majority of our business continuing to operate a remote
working model with effective alternative remote solutions for our Audio and Testing service lines

Maintain margins

Expect to maintain Adjusted PBT margins in line with our historic range of between 14-15%

Well-funded to deliver ouracquisition and growth strategy

Well-funded to deliver on our value accretive acquisition strategy and we are actively engaging withselected targets from an healthy pipeline of opportunities

Well positioned in a growth market

Well placed as a diversified provider of scale to deliver on the opportunity presented by the strong
underlying and structural market drivers

27

Jon Hauck

Sonia Sedler28

Scale - Large clients need large suppliers

Global presence – proximity to talent and clients,
multiple time zones

Knowledge and expertise – Breadth and depth ofcapabilityTechnology - Regular investment, security

Scalable model – flexibility to meet clients needs

Acquisition track record – disciplined, build out
the platform, cultural fit, integration

Financial strength – performance, stability andresilienceReputation for quality – culture of delivery

29

Year

Art and MarketingServices

2014

Audio

Functional
Testing

Localization

Localization
Testing

Lakshya Digital

Liquid Violet
Binari Sonori

Babel MediaBabel Media
Binari Sonori

Babel Media2015

Liquid Development

ReverbKite Team2016

Mindwalk
Volta

SynthesisSonox

EnzymePlayer Research

Synthesis
Sonox

2017

SPOV
RedHotGameSimd3t
Sperasoft

La Marque Rose
Dune Sound
AsRec

VMC

VMC
XLOC
Around the Word
La Marque Rose
Dune Sound
AsRecLOLA2018

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
Heavy Iron

Jingle Bell2021

GameDevelopment

ReverbKite Team

Player Support

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

VMC

VMC€101.4m€61.7mAppSecTest**Kantan€22.5m€80.7mHigh Voltage
Tantalusc. €56m

* Includes all cash, deferred and equity portions of consideration** 48% subsidiary interest*** 85% interest

30

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 ofthe financial information to understand the underlying trading performance of the business. In particular, adjusted profit measures are used to provide theusers of the accounts a clear understanding of the underlying profitability of the business over time. For full definitions and explanations of these measuresand a reconciliation to the most directly referenceable IFRS line item, please refer to the APMs section at end of the Group’s Full Year Results announcement.
Organic Revenue at constant exchange rates is calculated by adjusting the prior year revenues, adding pre-acquisition revenues for the corresponding period of ownership,
and applying the prior year foreign exchange rates to both years.
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 and noncontrolling interest. In order to present the measure consistently year-on-year, the impact of COVID-19 government subsidies claimed and investment income are also
excluded.
Adjusted profit before tax comprises Profit before taxation as reported in the Consolidated statement of comprehensive income, adjusted for share option expense, costsof acquisition and integration, amortisation and impairment of intangible assets, non-controlling interest, foreign exchange gains and losses, and unwinding of discounted
liabilities. In order to present the measure consistently year-on-year, the impact of COVID-19 government subsidies claimed and investment income are also 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 aftertax 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 theadjusting 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). In order to present the measure consistently year-on-year, the impact of COVID-19 government subsidies claimed is also
excluded.
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 the Group
had the acquisitions been included for a full financial year.

31