• Restructure in response to delays in winning anticipated Work for Hire contracts
• No impact on progress of major Original IP projects
• Proposed redundancies expected to deliver $4-5m in annual cost savings

PlaySide Studios is conducting a restructure of its operations, commencing today, largely within its Work for Hire teams and non-project specific workforce. This decision is a response to previously announced delays in winning anticipated Work for Hire contracts, which has resulted in latent staff capacity. While the company remains confident of winning new contract work, the timing remains uncertain. Management wishes to stress that resourcing and development progress on PlaySide's forthcoming major Original IP projects (MOUSE: P.I. for Hire and the Game of Thrones real-time strategy game) remains unaffected, with the company committed to fully capitalising on these highly valuable opportunities. Development also continues on the company's Dumb Ways to Die console title at its current pace. There have been no changes to PlaySide's existing Work for Hire contract book, and the company continues to progress negotiations on several Work for Hire contract opportunities. However, management is intent on optimising the company's cost base in order to ensure that successful delivery of major Original IP projects from FY26 onward results in high levels of cash flow generation that can support sustainable growth in the business.

FY25 guidance is unchanged: Revenue of $50-54m, EBITDA loss of $6-10m, Closing cash balance of $10-15m