26. Related party transactions As at December 31, 2025, the Company’s key shareholders are Andrey Fadeev owning 21.97% of the Company’s issued and outstanding shares, Boris Gertsovsky owning 15.08%, and Dmitrii Bukhman and Igor Bukhman, each owning 20.54%. In 2024 an aggregate of 1,030,217 shares were acquired by the Company in the tender offer from one of the key shareholders of the Company and one of the key managers of the Group. The transactions and balances with related parties are as follows: (i)Directors and key management’s remuneration The remuneration of Directors and other members of key management was as follows: | | | | | | | | | 2025 | | 2024 | | 2023 | Directors' remuneration | | 1,058 | | 1,420 | | 1,803 | -short-term employee benefits | | 758 | | 920 | | 1,538 | -share-based payments | | 300 | | 500 | | 265 | Other members of key management’s remuneration | | 1,870 | | 1,455 | | 1,867 | -short-term employee benefits | | 1,617 | | 885 | | 802 | -share-based payments | | 253 | | 570 | | 1,065 | Total | | 2,928 | | 2,875 | | 3,670 |
(ii)Licensing revenue | | | | | | | | | 2025 | | 2024 | | 2023 | Winchange Limited | | — | | 51 | | — | Vistrex Limited | | 10 | | 11 | | — | | | 10 | | 62 | | — |
As at December 31, 2024 and 2025 Winchange Ltd is a 100% subsidiary of Gamegears Ltd; the amount presented above represents the Licensing revenue before the acquisition. (iii)Other operating income | | | | | | | | | 2025 | | 2024 | | 2023 | Income from technical support services from Cubic Games
Studio Ltd to Castcrown Ltd | | — | | — | | 2 | Income from recharging of services from GDEV Inc. to Castcrown Ltd | | 66 | | — | | — | | | 66 | | — | | 2 |
(iv)Interest income | | | | | | | | | 2025 | | 2024 | | 2023 | Castcrown Ltd | | 22 | | 70 | | 198 | MX Capital Ltd | | — | | — | | 1,198 | | | 22 | | 70 | | 1,396 |
(v)Selling and marketing expense | | | | | | | | | 2025 | | 2024 | | 2023 | Advertising services from Castcrown to GameGears Ltd | | 42 | | 44 | | — | | | 42 | | 44 | | — |
(vi)Trade and other receivables | | | | | | | December 31, | | December 31, | | | 2025 | | 2024 | Receivable from Vistrex Ltd in GameGears Ltd | | 1 | | 13 | Receivable from Vistrex Ltd in Winchange Ltd | | 7 | | 7 | Receivable from Castcrown Ltd in GDEV Inc. | | 48 | | — | | | 56 | | 20 |
(vii) Loans receivable | | | | | | | December 31, | | December 31, | | | 2025 | | 2024 | Loan to Castcrown Ltd - net (Note 17) | | 1,331 | | 80 | | | 1,331 | | 80 |
(viii)Trade and other payables | | | | | | | December 31, 2025 | | December 31, 2024 | Payable to Castcrown Ltd from GameGears Ltd | | — | | (46) | | | — | | (46) |
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