Letter to Shareholders (Dec 2025)

• MOUSE: P.I. For Hire on track for strong launch in March 2026
• Annualized cost savings of nearly A$6m, helping deliver EBITDA positive first half
• Expanding leadership team to drive growth in MENAT region

PlaySide Studios has completed its restructuring and is now poised for stronger execution going forward. The company's upcoming game, MOUSE: P.I. For Hire, has already passed through 1.2 million wishlists and is currently the 17th most wishlisted game on the global Steam charts. Major marketing initiatives are set to kick off in February, and the company is targeting 1.4 million wishlists across all platforms by launch. The team is currently focused on polishing the game, and the upcoming launch is generating significant excitement. In terms of financials, PlaySide's annualized cost savings are currently tracking at nearly A$6 million, outperforming the initial guidance of A$4-5 million. While the company is making strategic senior hires to support its medium-term growth, the initial focus on efficiencies is helping its bottom line, and it expects to deliver first-half EBITDA of A$8-10 million. This includes a A$7.8 million EBITDA uplift from the FY25 Digital Games Tax Offset (DGTO) claim. First-half sales revenue is expected to be between A$19-20 million, consistent with the company's expectation of a second-half skew due to the launch of MOUSE: P.I. For Hire in March 2026. PlaySide is also aggressively bolstering its leadership layer to support its ambitions in Original IP and the scaling of its External Projects division. The company has secured two highly experienced executives to drive its growth in the MENAT (Middle East, North Africa, and Turkey) region, providing a novel opportunity to forge co-development partnerships in this rapidly growing market.

PlaySide expects to deliver first-half EBITDA of A$8-10 million, including a A$7.8 million EBITDA uplift from the FY25 Digital Games Tax Offset (DGTO) claim. First-half sales revenue is expected to be between A$19-20 million.

PlaySide is aggressively bolstering its leadership team to support its ambitions in Original IP and the scaling of its External Projects division, particularly in the MENAT region, where the company sees a massive opportunity to forge co-development partnerships.