16 April 2020

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

2019 highlights

Financial overview

Operational overview

Outlook3

Customer demand

Operational impact• Over 5,500 employees now working from home
• China has returned to near full production• Flexible business model has allowed us to continue
our services to our clients• More challenging for Testing and Audio• Business continuity across all service lines•

Increased demand for our services•

However, near term, demand will likely outstrip ourability to fulfil•

Medium term, expect strong demand for services
benefitting from pent up demand and with the launchof next generation games consoles

Strong balance sheet and liquidity•

Net debt as at 31 December 2019 was €17.9m,
representing a net debt to Adjusted EBITDA of 0.4x
(well within our covenant of 3 times)•

Good liquidity with a total of €82m in funds that can beused to fund short term working capital requirements•

In final stages of exercising the accordion under the
Revolving Credit Facility (RCF) which would provide afurther €30m of committed facilities

Dividend•

Board not recommending a final dividend at this time4•Strong revenue growth (+30.2%) in 2019 to £326.5m
in a relatively light year for video game releases•

15.5% Organic Revenue growth (2018: 10.1%)+30.2%

30%

25%

o Driven by particularly strong progress in:
20%

Functional Testing (+37.0%)
15%+15.5%

Game Development (+36.4%)
10%o Signs of accelerated trends to outsource5%

o Marketing, Audio and Localization held back by
console transition

0%
Organic

Reported•

Complemented by full year effect of 2018 acquisitions
and a further 8 acquisitions during 20195

€49.5m€50m€43.7m• 2019 Adjusted EBITDA (pre IFRS 16) wasup 13% to €49.5m

€40m

€30m

• 2019 EBITDA held back by investments
and underperforming fixed price contract

€20m

€10m

• Adjusted EBITDA margin of 15.2% (2018:
17.4%)

€0m
2018

2019

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

6

•

•

Completed 8 acquisitions in 2019 (44 since IPO)•

Art creation: Sunny Side Up, Ichi•

Game development: GetSocial, Wizcorp•

Audio: Descriptive Video Works,
TV+SYNCHRON, and Syllabes•

Localization: AI - Kantan

Strong pipeline with a primary focus on:•

Game development•

Marketing services

7

Financial overview
Jon Hauck, CFO

8

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

As reported

2019
IFRS 16

Pre-IFRS 16

2018
As reported

326.5

250.8

Revenue

326.5

Organic revenue growth

15.5%

Adjusted EBITDA
Margin

57.6
17.6%

(8.1)

49.5
15.2%

Adjusted PBTMargin

40.9
12.5%

0.4

PBT

17.4

Adjusted EPS (€ cents per share)

ChangeAs reported Pre-IFRS 16
30.2%

30.2%

43.7
17.4%

31.7%

13.2%

41.3
12.7%

37.9
15.1%

7.9%

9.1%

0.4

17.8

22.1

-21.4%-19.6%

48.78

0.66

49.44

45.50

7.2%

8.7%

Adjusted free cash flow

32.3

0.5

32.8

31.1

4.1%

5.7%

Adjusted cash conversion rate

79%

79%

82%

10.1%

9

2019 impacts•

Underperforming fixed price contract finalised at theend of 2019•

Investment in pre-revenue businesses•

Investment to support strong revenue growth – both
short term demand and longer term expansion•

Investment in operating costs – improved technology,
strengthened management and additional functional
support

17.4%
0.6%
0.4%
0.4%
0.8%

15.2%

Outlook Underperforming contract finalised at the end of 2019 Pre-revenue businesses continue to be evaluated2018

Underperforming Investment in pre- Investment incontract
revenuerevenue growthbusinesses

Investment in
operating costs2019 Continue to invest in growth – expect to leverage post
COVID-19
 Leverage of OPEX investments through 2021
10

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

Adjusted EBITDA (pre IFRS 16)
MMTC and VGTR
Other working capital
Capex - PPE
Capex - Intangible
Operating cash flows
Interest
Free cash flow before tax
Tax
Free cash flow

2019
€m
49.5
(5.9)
(1.7)
(13.1)
(0.4)
28.4
(1.4)
27.0
(13.3)
13.7

2018
€m
43.7
(0.4)
(4.9)
(9.4)
(1.6)
27.4
(0.5)
26.9
(6.3)
20.6

Adjusted free cash flow
Adjusted cash conversion rate

32.8
79.4%

31.1
81.9%

Change
€m
5.8
(5.5)
3.2
(3.7)
1.2
1.0
(0.9)
0.1
(7.0)
(6.9)

•

Increase in Adjusted EBITDA of €5.8m•€6.9m reduction in free cash flow driven by:••€5.5m increase for MMTC/VGTR credits reflecting the strong
growth in Canada and the UK•

Capex spend expanded as we invested behind growth•

Increase in tax payments of €7.0m reflecting settlement of preacquisition tax issue and phasing•€3m improvement in other working capital – debtor days
improved to 44 days (2018: 47 days)

Adjusted cash flow conversion rate of 79%, in line with previous
years despite the growth in MMTC/VGTR

11

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

Free cash flow
M&A - acquisition spend
M&A - acquisition and integration
Dividends paid
Other
Underlying increase in net debt
FX and other items
Increase in net debt
Opening net debt
Closing net debt

2019
€m
13.7
(27.8)
(3.8)
(1.2)
0.8
(18.3)
0.8(17.5)(0.4)(17.9)

2018
€m
20.6
(26.7)
(4.5)
(1.1)
0.2
(11.5)(11.5)
11.1(0.4)

Change
€m
(6.9)
(1.1)
0.7
(0.1)
0.6
(6.8)
0.8
(6.0)

•

Acquisition and integration cash spend of €31.6m:•€13.1m on current year acquisitions•€14.7m deferred consideration for prior year acquisitions•€3.8m acquisition and integration costs•

Underlying increase in net debt of €18.3m versus €11.5m in 2018•

Net debt at 31 December 2019 of €17.9m (2018: €0.4m)

12Resilient business model••

Cash generative business with an adjusted free
cash flow conversion of circa 80%
Strong continued robust demand for the Group’s
services•

Ability to operate almost all services in a work fromhome model whilst studios are temporarily closed•

Ability to flex the cost base in response to a
reduction in production capacity•

13

The historical resilience of the broader video games
industry in times of economic downturn

Strong balance sheet•

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

•

In final stages of exercising the accordion under the
RCF which would provide a further €30m ofcommitted facilities•••

Net debt €18m (2018: €0.4m)€82m of liquidity through cash and undrawn
committed headroom on the facility
Net debt to EBITDA ratio of 0.4x as at 31 December
2019 (bank covenant 3x) balance sheet capacity to:•provide short term support during COVID 19•

longer term leverage for the strategic M&A
programme[Placeholder design]

13Operational overview
Andrew Day, CEO

14

•
•
•
•

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

7%

20%

Game Development
Audio Services

15%

8%

10%

Functional Testing2%

Localization
Localization Testing

13%

6%

12%

17%

17%

13%

9%
39%

32%

14%

17%

26%

14%

33%

28%

7%

2%

14%

11%

17%

Player Support

8% 2%

17%

14%
6%

11%

33%

12%

30%

18%

13%

20%
14%

20%

21%

57%

2013

2014

€16m €37m

2015

2016

2017

2018

2019

€58m

€97m

€151m

€251m

€326m
15

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

An average of 7,424 people in2019, working in over 50
languages, more than 50
studios, in 21 countries, on 4
continents16* Newzoo, Top 25 Games Companies by Revenue, Q2 2019
and Sensor Tower, Top Apps Games publishers, Q2 2019

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

17

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

Revenue – 54% CAGR 2015-2019

Organic Revenue growth 2015-2019

350
300€m 250
200
150
100
50
0

25
%

20
15
10
5

0
2015

2016

2017

2018

2015

2019

2016

2017

2018

2019

Adjusted EBITDA (Pre-IFRS 16) – 52% CAGR 2015-2019

Adjusted PBT – 50% CAGR 2015-2019

60
50
40
€m 30
20
10
0

45
40
35
30
25
20
15
10
5
0

€m

2015

2016

2017

2018

2019

2015

2016

2017

2018

2019
18

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

150

No of clients using 3 or more
services
93

100

60%

Limited customer concentration

3

108

99

40%

2

20%

1

64

51
50

0%

0
2015

2016

2017

2018

2019

0
2015

2016

% Revenue top 5 customers

2017

2018

2019

No of customers over 10% of revenue

Revenue and margin growth
350
300
250
€m 200
150
100
50
0

20
15
10
5
0
2015

2016

Revenue (€m)

2017

2018

2019

Adj. PBT Margin (%)%

Revenue by service line (€m)

80
70
60
50
€m 40
30
20
10
0
Art Services

Audio
Production

Localization

Functional
Testing

Localization
Testing

2015

2016

2017

2018

PlayerSupportGame
Development

2019
19

2019 highlights

COVID-19 update and mitigation measures• Revenue +28.2% year on year; +6.7% Organic Revenue growth• Five Chinese art studios shut down following Lunar New Year, some workfrom home implemented• Full year of 2018 acquisitions (Fire Without Smoke, TrailerFarm)• Subsequently reopened with rigorous social distancing and back to fullproduction since the end of February• Partial contributions from 2019’s (Sunny Side Up, Ichi)• Marketing services held back by console transition• All our Art and Marketing studios, apart from those in China, have now
migrated to work from home operations

15 locations globally, 1,194 employees*, 13.3% of revenue

Medium term outlook€43.6m• $1bn+ Art services market of which 50% is currently outsourced to ahighly fragmented base of over 100 service providers• Marketing services market also very large and highly fragmented• Expect to continue to add to our marketing services activities withacquisitions and report it separately when it achieves scale

2019: €326.5m* Average number of operational staff in 201920

2019 highlights

COVID-19 update and mitigation measures

•
•
•
•
•
•

• All Game Development studios are working from home

Revenue +88.4%; +36.4% Organic Revenue growth
Now the second largest service line for Keywords
Driven by strong demand
Full year of 2018 acquisitions (Snowed In, Studio Gobo, Electric Square)
Partial contribution from Wizcorp acquisition in 2019Concluded underperforming contract in December 201912 locations globally, 792 employees*, 20.3% of revenue• Rate of recruitment is expected to slow given the lockdowns in place globally• Demand for game development services remains highMedium term outlook• $3bn+ Game Development market with just 20% currently outsourced, toa highly fragmented base of over 50 service providers€66.3m• Recently exited an underperforming contract and opened three newstudios in the UK, Singapore and Texas• Well placed to meet continued high demand for our services

2019: €326.5m* Average number of operational staff in 201921

2019 highlights

COVID-19 update and mitigation measures• Revenue +18.4% year on year; 2.3% Organic Revenue growth• Short-term disruption due to closure of most recording studio facilities• Full year of 2018 acquisitions of Cord, Laced, Blindlight, Maximal• Initiating remote recording capabilities to allow limited voice-overrecording from actors’ homes• 2019 acquisitions of Descriptive Video Works, TV+SYNCHRON, Syllabes• Held back by light year for console game launches• Studios in London and Los Angeles became Netflix preferred supplier

13 locations globally, 220 employees*, 12.4% of revenue€40.5m• Expect reduced recording capability in the short-term to be partially offset
by higher studio utilisation levels post-shutdown

Medium term outlook• c.$150m Audio localisation market (excludes original language recording,music and sound effects and design)• c.90% outsourced to a highly fragmented market of over 50 service
providers• We expect to continue to grow market share and make further
acquisitions• Expect to benefit from stronger H2 for AAA game releases, coinciding
with new console launches from Microsoft and Sony2019: €326.5m• Remote voice over recording model developed for COVID-19 may
provide opportunity for further development* Average number of operational staff in 201922

2019 highlights

COVID-19 update and mitigation measures• Grew by 44.1% year on year; 37.0% Organic Revenue growth• Steep ramp up in staff introduced some inefficiencies• Established as the ‘go to’ in North America, with benefit of scale brought
through VMC acquisition• Almost doubled the average number of production staff• New operations in Mexico City, Katowice and Tokyo• Security requirements for game testing makes moving to a work fromhome model more difficult than other services

8 locations globally, 2,316 employees*, 21.1% of revenue

Medium term outlook• Have moved 1,500 people to work from home arrangements andcontinue to migrate more test teams on client-by-client basis• Some delays to certain projects and, where appropriate, staff have been
moved to furlough arrangements• Functional Testing market valued at over $800m with just c.40% ofservices currently outsourced€68.9m• Market is less fragmented with c.10 service providers.

• We are a leading player with scale and flexibility• Expect it to grow as it benefits from structural outsourcing trends andincreased operational leverage

2019: €326.5m* Average number of operational staff in 201923

2019 highlights

COVID-19 update and mitigation measures• Revenue + 10.2% year on year; 7.5% Organically• Now being managed entirely on a work from home basis• Grew despite annualised effect of former customer insolvencies• No material impact on delivery capability expected• Benefitted from trend towards continuous content generation• Demand remains good and signs of possible increases due to high degreeof content provision while world experiences lockdown conditions• Held back by console transition• Added AI and machine learning technology with Kantan acquisition

17 locations globally, 381 employees*, 14.9% of revenue

Medium term outlook• c.$200m Localization market of which c.85% currently outsourced to highly
fragmented base of over 50 providers€48.5m• Expect to build on leading market position• Differentiated by:• ability to deliver simultaneous multi-jurisdictional projects vs many
single language competitors• proprietary software (Xloc and Kantan)• market-leading expertise built over 20 years

2019: €326.5m* Average number of operational staff in 201924

2019 highlights

COVID-19 update and mitigation measures• Grew by 14.7% year on year; 11.2% Organic Revenue growth• Security requirements for game testing makes moving to a work from homemodel more difficult than other services• Now just 6.8% of pro forma Group revenues• Established new Localization Testing facilities in Katowice and Ottawa• Continuing to migrate test teams on a client-by-client basis to a work fromhome model• Some delays to projects and some staff have been moved to furlough
arrangements

8 locations globally, 532 employees*, 6.9% of revenue

Medium term outlook• c.$150m Localization Testing market of which 70% is currently outsourced€22.6m• Less fragmented market with c.10 service providers• We are the market-leader with scale, breadth of languages and agility being
critical to customers• Expect to benefit from stronger H2 for AAA game releases, alongside
expanded operations in Katowice, Poland and Ottawa, Canada

2019: €326.5m* Average number of operational staff in 201925

2019 highlights• As previously communicated, 2019 was a year of consolidation
following an exceptional period of growth

COVID-19 update and mitigation measures• Revenue grew by 0.6%; (4.7%) Organic Revenue growth• All activity now being conducted on work from home basis, following
agreement with clients• Marginal growth on strong comparatives, having grown more than
threefold in 2018

• Increased video game playing since isolation measures has led toincreased demand for support• Invested in management talent, expanded facilities in Manila and newer
locations in Katowice and Mexico City

11 locations globally, 1,343 employees*, 11.1% of revenue

Medium term outlook• c$1.2bn Player Support market of which c.50% is currently outsourced€36.1m• Market dominated by large, generalist customer support providers• Aim to differentiate from these general providers through:• specialist video games expertise• extending our services to cover more gamer engagement ‘touch points’• developing technological tools

2019: €326.5m* Average number of operational staff in 201926

Outlook
Andrew Day, CEO

27

Market drivers•••

Internal drivers

Fast growing games industry – c. 8% CAGR•

Unique end-to-end global service platform

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

Service lines that deliver strong organic growth•

Relationship with all the top games companies•

Close proximity to our clients around the globe•

Access to talent pools around the world•

Selective acquisitions to further support thisgrowthSupply chains are becoming more structured as
the industry gradually matures•

Scale begets scale in an otherwise highly
fragmented market•

Fragmented industry provides opportunities forselective consolidation

28

•Good start to 2020 now impacted by short-term
disruption from COVID-19•

Investments have positioned us as the provider ofchoice for many of our services, which should
enable us to continue to deliver high levels of
growth in the medium term•

Expect margins to increase incrementally towards
historic norms as we leverage investments over a
growing revenue base in 2021•

Balance sheet strength to emerge from short-term
uncertainty to take a leading market shareorganically and via acquisitions•

Acquisitions pipeline remains strong and weanticipate that the current crisis may give rise tofurther acquisition opportunities which, as themarket leader, we will be well placed to execute on•

Well positioned for growth and to further enhanceshareholder value

Beyond COVID-19•

We expect increased demand driven by:•••underlying video games growth, newgeneration consoles and development of
streaming platforms and VR/AR
client base in a strong position, as
beneficiaries of the ‘stay at home’requirements
greater shift to outsourcing, as clients seek toenhance the resilience of their production
operations

29

Andrew Day

Jon Hauck

30

The Group reports certain 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). Management believes these measures provide valuable additional information for the users of
the 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. Full definitions and explanations of these measures and areconciliation to the most directly referenceable IFRS line item are provided in 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 2018 foreign exchange rates in both years
EBITDA comprises Operating profit, adjusted for amortisation of intangible assets €7.3m (2018: €6.9m) and depreciation €7.3m (2018: €5.3m), while deducting the share of
profit from associates €nil (2018 €0.1m) and bank charges €0.6m (2018: €0.5m). Adjusted EBITDA is also before costs of acquisition and integration €4.3m (2018: €5.3m),
share option expense €9.8m (2018: €4.1m) and non-controlling interests €0.1m (2018: €nil)
Adjusted profit before tax comprises, Profit before tax adjusted for costs of acquisition and integration €4.3m (2018: €5.3m), share option expense €9.8m (2018: €4.1m),
amortisation of intangible assets €7.3m (2018: €6.9m), non-controlling interest €0.1m (2018: €nil), foreign exchange (gain) / loss €1.7m (2018: gain of €0.8m) andunwinding of discounted liabilities on deferred consideration €0.3m (2018: €0.3m)
Adjusted earnings per share, being the adjusted profit after tax divided by the non-diluted weighted average number of equity shares as reported. The adjusted profit after
tax comprises the adjusted profit before tax, adjusted for tax expense €7.5m (2018: €7.2m) and deducting the tax arising on the bridging items to the adjusted profit before
tax €1.7m (2018: €1.4m as restated to take into account the tax impact)
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). This is represented by free cash flow before tax, plus capital expenditure in excess of depreciation. The Adjusted cash
conversion rate has been calculated, as the adjusted free cash flow expressed as a percentage of the adjusted profit before tax.

31
31



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

32

* Based on management’s estimates** Art Services only, does not include Marketing Services*** Audio localization only

Market size and proportion of outsourcing*

Suppliers$3.0bn+20%

50+ specialist
10+

40%

Non specialist call centre
operators$800m$1.2bn50%

Game Development$1.0bn+50%100+Functional Testing
Player Support
10+

70%

$150m

Art Services**
Percentage outsourced

50+ including large MLVs

85%

Localization Testing$200m

Localization

In-house

90%

50+
0

$150m

Audio Services***$0.5bn$1.0bn$1.5bn$2.0bn$2.5bn$3.0bn33

* Includes all cash, deferred and equity portions of consideration** 45% subsidiary interest

Year

Art Services

2014

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

SPOV
RedHotGameSimd3t
Sperasoft

La Marque Rose
Dune Sound
AsRec

VMC

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

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
Video Works
TV+SYNCHRON
Syllabes

ReverbKite Team

Player Support

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

VMC

VMC€101.4m€61.7mAppSecTest**

Kantan€22.5m34