Segment reporting

12 Months Ended

Dec. 31, 2025

5. Segment reporting

A.Basis for segmentation

The Group operates through six operating segments based on the types of games, which are Nexters Global Ltd, Cubic Games Studio Ltd, MX Capital Ltd, Castcrown Ltd, Gamegears Ltd and Lighthour Ltd, while the last five of them are not considered to be reportable segments based on the criteria (quantitative thresholds) of IFRS 8. The financial information reviewed by our Chief Operating Decision Maker, which is our Board of Directors, is included within the operating segments mentioned above for purposes of allocating resources and evaluating financial performance.

The following summary describes the operations of the reportable segment:


Reportable segments		Operations
Nexters Global Ltd		Game development and publishing

B.Information about reportable segments

Information related to the reportable segment is set out below. Segment Management EBITDA is used to measure performance because management believes that this information is the most relevant in evaluating the results of the respective segments relative to the segments that operate in the same Group and is the primary measure reviewed by our Chief Operating Decision Maker.

The Company defines Management EBITDA as the net income/loss before income tax as presented in the Group’s consolidated financial statements in accordance with IFRS, adjusted to exclude (i) goodwill and investments in equity accounted associates’ impairment, (ii) finance income and expenses, (iii) share of loss of equity-accounted associates, (iv) depreciation and amortization, (v) share-based payments expenses, (vi) net effect from recognition of deferred net revenues, (vii) impairment loss on trade receivables and loan receivables, (viii) change in fair value of share warrant obligations and other financial instruments and (ix) certain non-cash or other special items that we do not consider indicative of our ongoing operating performance.


				Other segments and
For the year ended December 31, 2025		Nexters Global Ltd		corporate activities		Total
Segment revenue		389,405		14,941		404,346
Segment Management EBITDA		60,253		(25,711)		N/A

				Other segments and
For the year ended December 31, 2024		Nexters Global Ltd		corporate activities		Total
Segment revenue		403,639		17,294		420,933
Segment Management EBITDA		49,894		(14,200)		N/A

				Other segments and
For the year ended December 31, 2023		Nexters Global Ltd		corporate activities		Total
Segment revenue		447,148		17,401		464,549
Segment Management EBITDA		43,975		(15,670)		N/A

C.Reconciliation of information on reportable segment to the amounts reported in the financial statements


		For the year ended	For the year ended	For the year ended
		December 31, 2025	December 31, 2024	December 31, 2023
Profit before income tax
Management EBITDA for reportable segments		60,253	49,894	43,975
Management EBITDA for other segments		(25,711)	(14,200)	(15,670)
Net effect from recognition of deferred net revenues		41,942	10,052	22,231
Depreciation and amortization		(6,854)	(6,181)	(6,276)
Finance income		3,423	3,715	5,248
Finance expenses		(443)	(7,558)	(4,047)
Share-based payments expense		(609)	(1,278)	(2,032)
Impairment loss on trade receivables and loans receivable		(9)	(22)	(5,919)
Change in fair value of share warrant obligation and other financial instruments		4,384	913	10,946
Share of loss of equity-accounted associates		(3,799)	(7,524)	(515)
Other operating income		2,119	2,232	2,053
Consolidated profit before income tax		74,696	30,043	49,994

We disclose the geographical distribution of our revenue in Note 7. We do not have the ability to track revenue deferral on a by-country basis therefore we applied average deferral rate to in-game purchases disaggregated by geography.

Non-current assets excluding financial instruments and deferred taxes by geography are presented below:


December 31, 2024		Cyprus		Armenia		Kazakhstan		Total
Property and equipment		891		116		58		1,065
Right-of-use assets		1,451		395		—		1,846
Intangible assets		4,394		20		4		4,418
Goodwill		1,836		—		—		1,836
Long-term deferred platform commission fees		67,110		—		—		67,110
		75,682		531		62		76,275


December 31, 2025		Cyprus		Armenia		Kazakhstan		Total
Property and equipment		710		112		67		889
Right-of-use assets		757		290		—		1,047
Intangible assets		629		18		3		650
Loans receivable - non-current		318		—		—		318
Goodwill		1,836		—		—		1,836
Long-term deferred platform commission fees		54,554		—		—		54,554
		58,804		420		70		59,294