NEURACAP
Sector ReportSep 28, 2026 · 21 pages · Free to read

Game Publishing Sector Outlook — September 2026

NeuraCap's Game Publishing sector outlook: who plays, how the market prices them, what has transacted, and what it means for owners, operators and acquirers.

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Key figures

3.2x
Sector median EV/EBITDA
11.9x
Premium end EV/EBITDA vs 0.7x at the discount end
33
Transactions with disclosed terms

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COMMUNICATION SERVICES › MEDIA AND ENTERTAINMENT › GAME PUBLISHING

Game Publishing: Durable Portfolios Hold the Premium

The report shows how public pricing, operating quality and precedent transactions frame value across game publishers.

September 2026 · Prepared by NeuraCap AI · Confidential

Market data as of 2026-09-28 · primary valuation basis EV / EBITDA (CY2027E)

Game Publishing Coverage | September 2026 | Confidential | Not investment advice

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Executive summary

Game Publishing is concentrated in PC and console publishers, but public pricing spans distinct positions. The premium end combines forward earnings expectations with confidence in franchise durability, live operations and pipeline execution, while current margin alone does not map neatly to valuation. Precedent transactions widen the strategic frame, although their trailing financials are not directly comparable with forward public estimates.

Key findings

  • Premium Public Names Hold a Wide Valuation Lead
  • PC and Console Publishing Defines the Relevant Market
  • Profitability and Valuation Are Not Moving in Lockstep
  • Whole-Company Deals Widen the Valuation Frame

What each page shows

The analyst’s walkthrough of the deck, page by page.

  1. 01

    COMMUNICATION SERVICES › MEDIA AND ENTERTAINMENT › GAME PUBLISHING

    COMMUNICATION SERVICES › MEDIA AND ENTERTAINMENT › GAME PUBLISHING.

    Cover — Game Publishing sector insights, September 2026. Prepared by NeuraCap AI; market data as of 2026-09-28; primary valuation basis EV / EBITDA (CY2027E). The framing line carries the deck's finding with the figures stripped. 1

    Everything on this page

    COMMUNICATION SERVICES › MEDIA AND ENTERTAINMENT › GAME PUBLISHING Game Publishing: Durable Portfolios Hold the Premium The report shows how public pricing, operating quality and precedent transactions frame value across game publishers. September 2026 · Prepared by NeuraCap AI · Confidential Market data as of 2026-09-28 · primary valuation basis EV / EBITDA (CY2027E) Game Publishing Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 1

  2. 02
    CONTENTS

    What This Report Covers

    What This Report Covers.

    Contents — the report runs 5 numbered sections plus the appendix: the bottom line, the landscape, valuation & situations, precedent transactions, strategic implications. The Bottom Line comes first by design: a reader who stops after section 01 still leaves with the whole story. 2

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    CONTENTS What This Report Covers 01 The Bottom Line Game Publishing Value Rests on Portfolio Durability 02 The Landscape PC and Console Publishers Define the Sector 03 Valuation & Situations The Premium End Rewards Durable Publishing Portfolios 04 Precedent Transactions Whole-Company Buyers Have Accepted a Wider Valuation Frame 05 Strategic Implications Franchise Durability and Live Operations Deserve Capital First 06 Appendix Comparables Detail, Methodology, Sources and Assumptions Game Publishing Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 2

  3. 03
    01 · THE BOTTOM LINE

    Game Publishing Is Led by PC and Console Publishers, with Online Media at the Edge

    Game Publishing Is Led by PC and Console Publishers, with Online Media at the Edge.

    Game Publishing Is Led by PC and Console Publishers, with Online Media at the Edge The full story on one page · figures on EV / EBITDA (CY2027E), market data as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Primary valuation basis: EV / EBITDA on CY2027E consensus (5 of 8 companies eligible; multiples failing the platform's plausibility gates are excluded, never plotted). Qualitative characterisations are NeuraCap views. 3

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    01 · THE BOTTOM LINE Game Publishing Is Led by PC and Console Publishers, with Online Media at the Edge The full story on one page · figures on EV / EBITDA (CY2027E), market data as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Primary valuation basis: EV / EBITDA on CY2027E consensus (5 of 8 companies eligible; multiples failing the platform's plausibility gates are excluded, never plotted). Qualitative characterisations are NeuraCap views. Game Publishing Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 3 1 Premium Public Names Hold a Wide Valuation Lead Among the 5 companies with a forward EV / EBITDA estimate, the premium end stands at 11.9x versus 0.7x at the discount end. The forward basis already credits forecast performance, so the remaining spread signals a demanding durability test. 2 PC and Console Publishing Defines the Relevant Market PC and console game publishing represents 88% of the approved peer set, while online media and content portals represent 12%. That concentration keeps franchise durability, player communities and title pipelines at the centre of the value discussion. 3 Profitability and Valuation Are Not Moving in Lockstep Among the 5 companies with a forward EV / EBITDA estimate, 2 sit above both valuation and margin reference points, while profitable names also appear below the valuation reference. Owned intellectual property, live operations and pipeline credibility remain important buyer diligence questions alongside current earnings. 4 Whole-Company Deals Widen the Valuation Frame Electronic Arts Inc. was valued at 24.5x EV / EBITDA, while Activision Blizzard, Inc. was valued at 19.4x. These transaction references use trailing financials, while public figures are forward, so the comparison is indicative rather than like-for-like. 3.2x Sector median EV/EBITDA CY2027E consensus · 5 rated of 8 companies 11.9x Premium end EV/EBITDA vs 0.7x at the discount end top quartile (n=2) against bottom quartile (n=1) on EV/EBITDA — the spread the report explains 33 Transactions with disclosed terms 60 recorded in this tier · 2 told as case studies, the full list in the appendix

  4. 04
    SECTION 02

    02

    02.

    Section 02 of 06 — PC and Console Publishers Define the Sector. The peer set is concentrated in publishing, with online media providing an adjacent reference. Use this divider to reset the room before the section's pages; the progress dots show where the argument stands. 4

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    SECTION 02 02 THE LANDSCAPE PC and Console Publishers Define the Sector The peer set is concentrated in publishing, with online media providing an adjacent reference. 02 of 06 Game Publishing Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 4

  5. 05
    02 · MARKET MAP

    Publishing Scale Sits at the Centre of the Peer Set

    Publishing Scale Sits at the Centre of the Peer Set.

    Publishing Scale Sits at the Centre of the Peer Set 8 approved companies grouped by business segment · median EV / EBITDA (CY2027E) per group · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Segment grouping follows the platform's classification; group medians on rated names only. "Why it matters" lines are NeuraCap views. 5

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    02 · MARKET MAP Publishing Scale Sits at the Centre of the Peer Set 8 approved companies grouped by business segment · median EV / EBITDA (CY2027E) per group · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Segment grouping follows the platform's classification; group medians on rated names only. "Why it matters" lines are NeuraCap views. Game Publishing Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 5 PC AND CONSOLE GAME PUBLISHING 7 cos median 3.2x NetEase (NTES) Take-Two (TTWO) Playtika Holding (PLTK) DoubleDown (DDI) GDEV Gravity Co. (GRVY) PLAYSTUDIOS (MYPS) This group carries the sector's main public valuation evidence and the clearest read on franchise, pipeline and live-service quality. ADJACENT: ONLINE MEDIA AND CONTENT PORTALS 1 cos no rated names Sohu.com Limited (SOHU) This adjacent group broadens the strategic frame but does not carry a forward EV / EBITDA estimate in the peer set.

  6. 06
    02 · LANDSCAPE

    The Market Frame Is Concentrated in Game Publishing

    The Market Frame Is Concentrated in Game Publishing.

    The Market Frame Is Concentrated in Game Publishing Segment view of the approved universe · EV / EBITDA (CY2027E) medians on rated names · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. "What they do / why it matters" is a NeuraCap view. Full company-level detail in the appendix and companion tables. 6

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    02 · LANDSCAPE The Market Frame Is Concentrated in Game Publishing Segment view of the approved universe · EV / EBITDA (CY2027E) medians on rated names · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. "What they do / why it matters" is a NeuraCap view. Full company-level detail in the appendix and companion tables. Game Publishing Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 6 Segment n Share of universe Median EV/EBITDA Names to know What they do — and why it matters PC and console game publishing 7 88% 3.2x NetEase, Inc. (NTES) · Take-Two Interactive Software, Inc. (TTWO) · +5 more Publishing sets the frame. The segment represents 88% of the approved peer set. Its value case rests on owned intellectual property, durable player communities, release discipline and recurring live-service bookings. Adjacent: online media and content portals 1 13% — Sohu.com Limited (SOHU) Online media stays adjacent. The segment represents 12% of the approved peer set. It adds context on digital audiences and content portals without defining the sector's forward EV / EBITDA range.

  7. 07
    SECTION 03

    03

    03.

    Section 03 of 06 — The Premium End Rewards Durable Publishing Portfolios. A wide forward EV / EBITDA spread makes portfolio quality and peer selection central. Use this divider to reset the room before the section's pages; the progress dots show where the argument stands. 7

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    SECTION 03 03 VALUATION & SITUATIONS The Premium End Rewards Durable Publishing Portfolios A wide forward EV / EBITDA spread makes portfolio quality and peer selection central. 03 of 06 Game Publishing Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 7

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    03 · PUBLIC MARKET VALUATION

    Durable Publishing Portfolios Occupy the Premium End

    Durable Publishing Portfolios Occupy the Premium End.

    Durable Publishing Portfolios Occupy the Premium End EV / EBITDA (CY2027E) · all 5 rated companies, sorted descending · sector median 3.2x · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Primary valuation basis: EV / EBITDA on CY2027E consensus (5 of 8 companies eligible; multiples failing the platform's plausibility gates are excluded, never plotted). Tier zones are NeuraCap groupings cut at the rated set's quartiles; every multiple quoted on this page is a median on the same EV / EBITDA (CY2027E) basis. Panel commentary is a NeuraCap view. 8

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    03 · PUBLIC MARKET VALUATION Durable Publishing Portfolios Occupy the Premium End EV / EBITDA (CY2027E) · all 5 rated companies, sorted descending · sector median 3.2x · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Primary valuation basis: EV / EBITDA on CY2027E consensus (5 of 8 companies eligible; multiples failing the platform's plausibility gates are excluded, never plotted). Tier zones are NeuraCap groupings cut at the rated set's quartiles; every multiple quoted on this page is a median on the same EV / EBITDA (CY2027E) basis. Panel commentary is a NeuraCap view. Game Publishing Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 8 PREMIUM · median 11.9x CORE · median 2.1x DISCOUNT · median 0.7x Sector median 3.2x WHAT SEPARATES THE TWO ENDS The valuation gap is wide. The premium end stands at 11.9x forward EV / EBITDA versus 0.7x at the discount end. Peer selection therefore changes the value frame materially. Portfolio depth remains visible. At the premium end, NetEase, Inc. (NTES) and Take-Two Interactive Software, Inc. (TTWO) bring scaled publishing portfolios, franchise exposure and established player communities. The forward lens raises scrutiny. Forward EV / EBITDA already gives credit for forecast earnings. A premium that remains on this basis is associated with confidence in franchise durability, content cadence and the title pipeline.

  9. 09
    03 · VALUATION DRIVERS

    Current Profitability Does Not Map Neatly to Forward Valuation

    Current Profitability Does Not Map Neatly to Forward Valuation.

    Current Profitability Does Not Map Neatly to Forward Valuation Median EV / EBITDA (CY2027E) by revenue-growth cohort and by EBITDA-margin cohort (each split at its covered median) · rated names with estimates · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Cohort medians on rated names with the required estimates (faster n=0; slower n=0; higher-margin n=0; lower-margin n=0). Driver readings are NeuraCap views on the supplied data — association, not causation. 9

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    03 · VALUATION DRIVERS Current Profitability Does Not Map Neatly to Forward Valuation Median EV / EBITDA (CY2027E) by revenue-growth cohort and by EBITDA-margin cohort (each split at its covered median) · rated names with estimates · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Cohort medians on rated names with the required estimates (faster n=0; slower n=0; higher-margin n=0; lower-margin n=0). Driver readings are NeuraCap views on the supplied data — association, not causation. Game Publishing Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 9 High Margins Appear at Different Valuation Points On the 5 companies with a forward EV / EBITDA estimate, DoubleDown Interactive Co., Ltd. (DDI) carries a 40% margin at 1.0x, while NetEase, Inc. (NTES) carries a 39% margin at 7.2x. Premium Pricing Can Sit Below the Margin Reference Take-Two Interactive Software, Inc. (TTWO) sits at 16.6x with a 26% margin. Its position keeps franchise durability, release execution and pipeline visibility central to the valuation discussion. Growth Alone Does Not Resolve the Valuation Spread NetEase, Inc. (NTES) and Take-Two Interactive Software, Inc. (TTWO) both carry 8% growth, while GDEV Inc. (GDEV) carries 7% at the discount end. The observed positions point back to portfolio quality and earnings durability. Live-Service Quality Sharpens the Operating Test Recurring net bookings, payer retention, cohort monetization and user-acquisition payback help distinguish durable earnings from performance tied to a narrow title cycle.

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    03 · SITUATION MAP

    A Company's Growth and Profitability Position Clarifies Whether Scale or Margin Comes Next

    A Company's Growth and Profitability Position Clarifies Whether Scale or Margin Comes Next.

    A Company's Growth and Profitability Position Clarifies Whether Scale or Margin Comes Next Cut on EV / EBITDA vs the sector median (3.2x) (rows) and EBITDA margin vs the covered median (28%) (columns) · observations, not recommendations Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Situation boundaries are the cohort's own medians (Directional, NeuraCap view). This page characterises situations; it does not recommend buying or selling any security. 10

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    03 · SITUATION MAP A Company's Growth and Profitability Position Clarifies Whether Scale or Margin Comes Next Cut on EV / EBITDA vs the sector median (3.2x) (rows) and EBITDA margin vs the covered median (28%) (columns) · observations, not recommendations Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Situation boundaries are the cohort's own medians (Directional, NeuraCap view). This page characterises situations; it does not recommend buying or selling any security. Game Publishing Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 10 Premium Valuation, Higher Margin Above-median multiple · above-median EBITDA margin 2 names NetEase, Inc. (NTES) · Playtika Holding Corp. (PLTK) NetEase, Inc. (NTES) and Playtika Holding Corp. (PLTK) sit above both reference points. The operating test is sustaining bookings quality, retention and pipeline depth while protecting earnings durability. Premium Valuation, Lower Margin Above-median multiple · below-median EBITDA margin 1 names Take-Two Interactive Software, Inc. (TTWO) Take-Two Interactive Software, Inc. (TTWO) sits above the valuation reference and below the margin reference. Its position puts release execution, franchise extension and the path to durable earnings under closer scrutiny. Lower Valuation, Higher Margin Below-median multiple · above-median EBITDA margin 1 names DoubleDown Interactive Co., Ltd. (DDI) DoubleDown Interactive Co., Ltd. (DDI) sits below the valuation reference and above the margin reference. The gap focuses attention on recurring growth, title diversification and the durability of player cohorts. Lower Valuation, Lower Margin Below-median multiple · below-median EBITDA margin 1 names GDEV Inc. (GDEV) GDEV Inc. (GDEV) sits below both reference points. The operating priorities are recurring bookings, payer retention, efficient user acquisition and a more credible title pipeline.

  11. 11
    03 · THE AGENDA

    Capital Concentrates Around Defensible Sources of Durability

    Capital Concentrates Around Defensible Sources of Durability.

    Capital Concentrates Around Defensible Sources of Durability NeuraCap view · framed as the questions an owner or acquirer should resolve · observations, not recommendations Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. All content on this page is Directional — NeuraCap advisory judgment grounded in the cohort data shown earlier. It does not constitute investment advice. 11

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    03 · THE AGENDA Capital Concentrates Around Defensible Sources of Durability NeuraCap view · framed as the questions an owner or acquirer should resolve · observations, not recommendations Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. All content on this page is Directional — NeuraCap advisory judgment grounded in the cohort data shown earlier. It does not constitute investment advice. Game Publishing Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 11 Extend Owned Franchises Direct capital toward content, formats and markets that deepen owned intellectual property and reduce dependence on recurring title replacement. What changes the answer: The answer changes when player retention, franchise extension potential or title concentration shifts materially. Deepen Live Operations Prioritise content cadence, payer conversion and cohort monetization where recurring bookings can become more durable. What changes the answer: The answer changes when cohort retention, user-acquisition payback or live-service bookings weaken. Diversify the Title Pipeline Balance release investment across franchises, genres and development stages to reduce dependence on a narrow launch calendar. What changes the answer: The answer changes when pipeline confidence improves or title concentration becomes more pronounced. Test Build Versus Buy Compare internal development with targeted acquisitions where studio talent, owned intellectual property or live-operations capability would take longer to build. What changes the answer: The answer changes when internal delivery risk exceeds the integration and valuation burden of an acquisition.

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    SECTION 04

    04

    04.

    Section 04 of 06 — Whole-Company Buyers Have Accepted a Wider Valuation Frame. Precedent transactions broaden the reference set, subject to differences in financial periods. Use this divider to reset the room before the section's pages; the progress dots show where the argument stands. 12

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    SECTION 04 04 PRECEDENT TRANSACTIONS Whole-Company Buyers Have Accepted a Wider Valuation Frame Precedent transactions broaden the reference set, subject to differences in financial periods. 04 of 06 Game Publishing Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 12

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    04 · DEAL CASE STUDIES

    Precedent Transactions Extend Beyond the Public Valuation Frame

    Precedent Transactions Extend Beyond the Public Valuation Frame.

    Precedent Transactions Extend Beyond the Public Valuation Frame 2 of 33 transactions with disclosed terms, told as case studies · multiples on LTM financials at announcement where disclosed · the complete list is in the appendix · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. 86 precedent record(s) carry data-quality flags (deal value unit unresolved; divestiture roles reassigned; duplicate filings collapsed); figures are shown as recorded in the filing. 27 recorded transactions with neither a disclosed value nor a multiple are omitted from the precedent list and the case studies (kept in the companion workbook). Deal multiples are LTM at announcement (Definitive, from filings); they are not directly comparable to the CY2027E public basis and no spread is claimed.

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    04 · DEAL CASE STUDIES Precedent Transactions Extend Beyond the Public Valuation Frame 2 of 33 transactions with disclosed terms, told as case studies · multiples on LTM financials at announcement where disclosed · the complete list is in the appendix · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. 86 precedent record(s) carry data-quality flags (deal value unit unresolved; divestiture roles reassigned; duplicate filings collapsed); figures are shown as recorded in the filing. 27 recorded transactions with neither a disclosed value nor a multiple are omitted from the precedent list and the case studies (kept in the companion workbook). Deal multiples are LTM at announcement (Definitive, from filings); they are not directly comparable to the CY2027E public basis and no spread is claimed. "Why the deal happened" is a NeuraCap read of the recorded evidence. Game Publishing Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 13 Jan-2022 $67.0B Microsoft Corporation Microsoft Corporation added Activision Blizzard, Inc. and its scaled franchise portfolio. EV / LTM revenue 7.8x EV / LTM EBITDA 19.4x WHY THE DEAL HAPPENED The combination suggests that Microsoft Corporation placed strategic relevance on franchise breadth, distribution reach and recurring player engagement. The fit joins a technology platform with an established game publisher and live-service portfolio. HOW THE TARGET WAS VALUED Activision Blizzard, Inc. was valued at $67.0B, 19.4x EV / EBITDA and 7.8x EV / Revenue. The earnings reference sits above the premium public forward range, although trailing transaction financials and forward public estimates are not like-for-like. Sep-2025 $55.0B Public Investment Fund, Silver Lake and Affinity Partners consortium The Public Investment Fund, Silver Lake and Affinity Partners consortium acquired Electronic Arts Inc. EV / LTM revenue 7.4x EV / LTM EBITDA 24.5x WHY THE DEAL HAPPENED The transaction suggests appetite for a diversified title portfolio, owned intellectual property and established live operations. The buyer group also points to the relevance of durable cash generation and manageable portfolio risk. HOW THE TARGET WAS VALUED Electronic Arts Inc. was valued at $55.0B, 24.5x EV / EBITDA and 7.4x EV / Revenue. The earnings reference sits above the premium public forward range, with the comparison qualified by trailing transaction financials.

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    SECTION 05

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    Section 05 of 06 — Franchise Durability and Live Operations Deserve Capital First. The operating plan should strengthen recurring bookings, player retention and pipeline credibility. Use this divider to reset the room before the section's pages; the progress dots show where the argument stands. 14

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    SECTION 05 05 STRATEGIC IMPLICATIONS Franchise Durability and Live Operations Deserve Capital First The operating plan should strengthen recurring bookings, player retention and pipeline credibility. 05 of 06 Game Publishing Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 14

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    05 · STRATEGIC IMPLICATIONS

    Portfolio Strength Is Associated with the Market's Willingness to Reprice

    Portfolio Strength Is Associated with the Market's Willingness to Reprice.

    Portfolio Strength Is Associated with the Market's Willingness to Reprice NeuraCap view · the questions this data puts on the table for the next twelve months Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. This page is Directional — NeuraCap views drawn from the analysis in this report. Observations, not recommendations. 15

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    05 · STRATEGIC IMPLICATIONS Portfolio Strength Is Associated with the Market's Willingness to Reprice NeuraCap view · the questions this data puts on the table for the next twelve months Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. This page is Directional — NeuraCap views drawn from the analysis in this report. Observations, not recommendations. Game Publishing Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 15 FOR OWNERS Back Durable Portfolio Economics Capital allocation should favour owned intellectual property, recurring live-service bookings and title diversification where these improve the durability of player relationships. FOR MANAGEMENT Turn Live Operations into Repeatable Earnings Focus the operating plan on content cadence, payer retention, cohort monetization and user-acquisition payback rather than headline audience growth alone. FOR BOARDS Challenge Concentration and Pipeline Risk Test whether the development slate, platform exposure and franchise mix can support durable earnings through release cycles and changing distribution rules.

  16. 16
    SECTION 06

    06

    06.

    Section 06 of 06 — The Full Universe, Methodology and Sources. Comparables detail behind every figure in the body, the valuation basis, and where each underlying disclosure lives. Use this divider to reset the room before the section's pages; the progress dots show where the argument stands. 16

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    SECTION 06 06 APPENDIX The Full Universe, Methodology and Sources Comparables detail behind every figure in the body, the valuation basis, and where each underlying disclosure lives. 06 of 06 Game Publishing Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 16

  17. 17
    06 · PUBLIC COMPARABLES (1 OF 1)

    Public Comparables on EV / EBITDA (CY2027E), Grouped by Valuation Tier

    Public Comparables on EV / EBITDA (CY2027E), Grouped by Valuation Tier.

    Public Comparables on EV / EBITDA (CY2027E), Grouped by Valuation Tier Teal shading marks a EV/EBITDA above the sector median (3.2x); amber marks below · 5 rated companies; 3 not rated (no eligible EV/EBITDA) · tickers link to the underlying source · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. All 5 rated rows are in this appendix and in the companion workbook, which carries the complete field set. Names without an eligible multiple are listed in the companion workbook. 17

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    06 · PUBLIC COMPARABLES (1 OF 1) Public Comparables on EV / EBITDA (CY2027E), Grouped by Valuation Tier Teal shading marks a EV/EBITDA above the sector median (3.2x); amber marks below · 5 rated companies; 3 not rated (no eligible EV/EBITDA) · tickers link to the underlying source · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. All 5 rated rows are in this appendix and in the companion workbook, which carries the complete field set. Names without an eligible multiple are listed in the companion workbook. Game Publishing Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 17 Company Ticker Segment EV EV/EBITDA (CY2027E) Rev growth EBITDA margin Rule of 40 PREMIUM — ≥7.2x · median 11.9x · 2 companies Take-Two Interactive Software, Inc. TTWO PC and console game publishing $38.5B 16.6x 8% 26% 35 NetEase, Inc. NTES PC and console game publishing $54.8B 7.2x 8% 39% 46 CORE — 1.0x–7.2x · median 2.1x · 2 companies Playtika Holding Corp. PLTK PC and console game publishing $2.6B 3.2x 0% 28% 29 DoubleDown Interactive Co., Ltd. DDI PC and console game publishing $154M 1.0x -1% 40% 39 DISCOUNT — <1.0x · median 0.7x · 1 companies GDEV Inc. GDEV PC and console game publishing $81M 0.7x 7% 27% 34

  18. 18
    06 · PRECEDENT TRANSACTIONS (1 OF 2)

    All Precedent Transactions with Disclosed Terms, Newest First

    All Precedent Transactions with Disclosed Terms, Newest First.

    All Precedent Transactions with Disclosed Terms, Newest First 33 transactions with disclosed terms in this tier (60 recorded) · multiples on LTM financials at announcement where disclosed · deal values link to the underlying filing · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. 86 precedent record(s) carry data-quality flags (deal value unit unresolved; divestiture roles reassigned; duplicate filings collapsed); figures are shown as recorded in the filing. 27 recorded transactions with neither a disclosed value nor a multiple are omitted from the precedent list and the case studies (kept in the companion workbook). Deal multiples are LTM at announcement (Definitive, from filings); they are not directly comparable to the CY2027E public basis and no spread is claimed.

    Everything on this page

    06 · PRECEDENT TRANSACTIONS (1 OF 2) All Precedent Transactions with Disclosed Terms, Newest First 33 transactions with disclosed terms in this tier (60 recorded) · multiples on LTM financials at announcement where disclosed · deal values link to the underlying filing · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. 86 precedent record(s) carry data-quality flags (deal value unit unresolved; divestiture roles reassigned; duplicate filings collapsed); figures are shown as recorded in the filing. 27 recorded transactions with neither a disclosed value nor a multiple are omitted from the precedent list and the case studies (kept in the companion workbook). Deal multiples are LTM at announcement (Definitive, from filings); they are not directly comparable to the CY2027E public basis and no spread is claimed. 18 of 33 transactions shown; the rest are in the companion workbook. Game Publishing Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 18 Date Transaction EV EV/LTM Rev EV/LTM EBITDA Why it matters Sep-2025 Public Investment Fund, Silver Lake and Affinity Partners consortium → Electronic Arts Inc. $55.0B 7.4x 24.5x The Public Investment Fund, Silver Lake and Affinity Partners consortium completed its acquisition of Electronic Arts Inc., adding a large publishing reference to the transaction record. Apr-2023 Sega Corporation → Rovio Entertainment Oyj n/a 0.7x 8.8x Sega Corporation announced its acquisition of Rovio Entertainment Oyj, pairing a strategic publisher with established intellectual property and player communities. Apr-2023 Savvy Games Group → Scopely, Inc. n/a 0.7x 8.8x Savvy Games Group announced its acquisition of Scopely, Inc., creating a reference for a scaled mobile portfolio with live-operations capability. Aug-2022 Nazara Technologies Ltd. → WildWorks, Inc. n/a 0.8x n/a Nazara Technologies Ltd. announced its acquisition of WildWorks, Inc., connecting publishing reach with an established player audience. Apr-2022 Azerion Group → Infinia Mobile n/a 1.6x n/a Azerion Group announced its acquisition of Infinia Mobile, extending the transaction set across mobile content and distribution. Mar-2022 Benson Hill, Inc. → JustPlay.LOL Ltd. n/a n/a 15.8x Benson Hill, Inc. announced its acquisition of JustPlay.LOL Ltd., showing participation from outside the core strategic publisher group. Feb-2022 Jiu Zun Digital Interactive Entertainment Grp Hld Ltd/Pvt Grp/; Infinities Global Technology LP → Jiu Zun Digital Interactive Entertainment Group Holdings Ltd. n/a 2.0x n/a The announced transaction for Jiu Zun Digital Interactive Entertainment Group Holdings Ltd. adds a digital entertainment reference to the broader record. Jan-2022 Microsoft Corporation → Activision Blizzard, Inc. $67.0B 7.8x 19.4x Microsoft Corporation completed its acquisition of Activision Blizzard, Inc., combining a strategic technology buyer with a scaled portfolio of owned intellectual property. Jan-2022 Take-Two Interactive Software, Inc. → Zynga, Inc. n/a 4.1x n/a Take-Two Interactive Software, Inc. announced its acquisition of Zynga, Inc., bringing mobile publishing and live-service exposure into a broader game portfolio.

  19. 19
    06 · PRECEDENT TRANSACTIONS (2 OF 2)

    All Precedent Transactions with Disclosed Terms, Newest First

    All Precedent Transactions with Disclosed Terms, Newest First.

    All Precedent Transactions with Disclosed Terms, Newest First 33 transactions with disclosed terms in this tier (60 recorded) · multiples on LTM financials at announcement where disclosed · deal values link to the underlying filing · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. 86 precedent record(s) carry data-quality flags (deal value unit unresolved; divestiture roles reassigned; duplicate filings collapsed); figures are shown as recorded in the filing. 27 recorded transactions with neither a disclosed value nor a multiple are omitted from the precedent list and the case studies (kept in the companion workbook). Deal multiples are LTM at announcement (Definitive, from filings); they are not directly comparable to the CY2027E public basis and no spread is claimed.

    Everything on this page

    06 · PRECEDENT TRANSACTIONS (2 OF 2) All Precedent Transactions with Disclosed Terms, Newest First 33 transactions with disclosed terms in this tier (60 recorded) · multiples on LTM financials at announcement where disclosed · deal values link to the underlying filing · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. 86 precedent record(s) carry data-quality flags (deal value unit unresolved; divestiture roles reassigned; duplicate filings collapsed); figures are shown as recorded in the filing. 27 recorded transactions with neither a disclosed value nor a multiple are omitted from the precedent list and the case studies (kept in the companion workbook). Deal multiples are LTM at announcement (Definitive, from filings); they are not directly comparable to the CY2027E public basis and no spread is claimed. 18 of 33 transactions shown; the rest are in the companion workbook. Game Publishing Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 19 Date Transaction EV EV/LTM Rev EV/LTM EBITDA Why it matters Oct-2021 Scopely → division (unit of GSN Games) n/a n/a 12.5x Value shown as recorded in the filing; divestiture roles reassigned. Aug-2021 Netmarble Corp. → Bole Games (SpinX Games) n/a n/a 19.9x Aug-2021 Netmarble Corporation → SpinX Games Ltd. n/a 5.1x n/a Jun-2021 Vista Equity Partners Management, LLC → Electronic Arts Inc. n/a 9.8x n/a Jun-2021 Electronic Arts Inc. → Playdemic Limited n/a 9.0x n/a Feb-2021 Electronic Arts, Inc. → Glu Mobile Inc. n/a 3.5x 27.4x Feb-2021 Embracer Group AB → Gearbox Software n/a 0.7x 8.8x Dec-2020 Electronic Arts Inc. → Codemasters Group Holdings PLC n/a n/a 29.9x Aug-2020 Tencent Holdings Ltd. → Leyou Technologies Holdings Ltd. n/a n/a 15.8x

  20. 20
    06 · METHODOLOGY

    Sources, Assumptions and Data Quality

    Sources, Assumptions and Data Quality.

    Sources, Assumptions and Data Quality How this report was built, what was excluded, and where every underlying disclosure lives · as of 2026-09-28 Every figure in this report links to the record it was taken from. Where a figure has no link, the appendix names its source and the basis on which it was read. 20

    Everything on this page

    06 · METHODOLOGY Sources, Assumptions and Data Quality How this report was built, what was excluded, and where every underlying disclosure lives · as of 2026-09-28 Every figure in this report links to the record it was taken from. Where a figure has no link, the appendix names its source and the basis on which it was read. Game Publishing Coverage | September 2026 | Confidential | Not investment advice 20 VALUATION BASIS Primary valuation basis: EV / EBITDA on CY2027E consensus (5 of 8 companies eligible; multiples failing the platform's plausibility gates are excluded, never plotted). EV / EBITDA on CY2027E is the lead convention: it is the sector-appropriate prior for Game Publishing and it clears the coverage gate with 6 of 8 companies (75%). EV / Revenue, P / E are carried as a cross-check. The set earns: 6 of the 6 companies with a reported forward EBITDA carry a meaningful one, so the profit multiple leads and a revenue multiple would understate what the market is pricing. DATA QUALITY & EXCLUSIONS 7 records were excluded or quarantined by the platform's validation gates (unit errors, implausible ratios, ineligible securities and classification failures); the full ledger ships in the companion tables and never feeds a statistic in this report. DEFINITIVE VS DIRECTIONAL Definitive content is disclosed or consensus data passed through stated arithmetic. Directional content — tier boundaries, situation cuts, "why it matters" commentary, the agenda pages — is NeuraCap analyst judgment and is labeled as such where it appears. WHAT THIS REPORT IS NOT This report characterises a sector. It does not recommend buying, selling or holding any security, and no statement in it should be read as investment advice or a price target. WHERE THE DATA LIVES 280 registered source documents stand behind the figures in this report. Metric hyperlinks throughout the deck open the specific filing or data record; by publisher: sec.gov (279) · home.treasury.gov (1). The companion workbook beside this deck carries the complete source index.

  21. 21

    The Premium Sits with Portfolios That Show Durable Franchises and Player Economics.

    The Premium Sits with Portfolios That Show Durable Franchises and Player Economics..

    Closing — The Premium Sits with Portfolios That Show Durable Franchises and Player Economics. The companion tables beside this deck carry the full universe, the exclusion ledger and the complete source index for any figure a client wants to trace. 21

    Everything on this page

    The Premium Sits with Portfolios That Show Durable Franchises and Player Economics. NeuraCap AI — Game Publishing Coverage September 2026 · Prepared by NeuraCap AI · Confidential Game Publishing Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 21

Sources and methodology

This report covers Game Publishing (Communication Services › Media and Entertainment › Game Publishing) with market data and consensus estimates as of September 28, 2026. The company universe is the 8 listed companies whose core business is Game Publishing according to NeuraCap's industry classification of each company's reported business segments (a company is included only when this industry is central to what it does, not merely adjacent to it). Companies in the set: DoubleDown Interactive Co., Ltd. (DDI), GDEV Inc. (GDEV), Gravity Co., Ltd. (GRVY), PLAYSTUDIOS, Inc. (MYPS), NetEase, Inc. (NTES), Playtika Holding Corp. (PLTK), Sohu.com Limited (SOHU), Take-Two Interactive Software, Inc. (TTWO). The market map groups them by business vertical — PC and console game publishing: 7 companies (NTES, TTWO, PLTK, DDI, GDEV, GRVY, MYPS); Adjacent: online media and content portals: 1 company (SOHU). 5 of the 8 companies carry a valid multiple on the primary valuation basis and form the rated set behind every cohort statistic; the others are shown but do not enter the statistics.

Scope and company universe

This report covers Game Publishing (Communication Services › Media and Entertainment › Game Publishing) with market data and consensus estimates as of September 28, 2026. The company universe is the 8 listed companies whose core business is Game Publishing according to NeuraCap's industry classification of each company's reported business segments (a company is included only when this industry is central to what it does, not merely adjacent to it). Companies in the set: DoubleDown Interactive Co., Ltd. (DDI), GDEV Inc. (GDEV), Gravity Co., Ltd. (GRVY), PLAYSTUDIOS, Inc. (MYPS), NetEase, Inc. (NTES), Playtika Holding Corp. (PLTK), Sohu.com Limited (SOHU), Take-Two Interactive Software, Inc. (TTWO). The market map groups them by business vertical — PC and console game publishing: 7 companies (NTES, TTWO, PLTK, DDI, GDEV, GRVY, MYPS); Adjacent: online media and content portals: 1 company (SOHU). 5 of the 8 companies carry a valid multiple on the primary valuation basis and form the rated set behind every cohort statistic; the others are shown but do not enter the statistics.

What was excluded and why

7 records failed a validation gate and never feed a statistic in this report (7 excluded from aggregate). Each exclusion, with its reason: MYPS — Non-positive EPS; P/E is n/m (effect: excluded from aggregate) · MYPS — Non-positive EPS; P/E is n/m (effect: excluded from aggregate) · MYPS — Non-positive EPS; P/E is n/m (effect: excluded from aggregate) · MYPS — Non-positive EPS; P/E is n/m (effect: excluded from aggregate) · PLTK — Non-positive EPS; P/E is n/m (effect: excluded from aggregate) · SOHU — EBITDA is non-positive; EV/EBITDA is n/m (effect: excluded from aggregate) · TTWO — Non-positive EPS; P/E is n/m (effect: excluded from aggregate)

Primary valuation basis and how it was chosen

Primary valuation basis: EV / EBITDA on CY2027E consensus (5 of 8 companies eligible; multiples failing the platform's plausibility gates are excluded, never plotted). EV / EBITDA on CY2027E is the lead convention: it is the sector-appropriate prior for Game Publishing and it clears the coverage gate with 6 of 8 companies (75%). EV / Revenue, P / E are carried as a cross-check. The set earns: 6 of the 6 companies with a reported forward EBITDA carry a meaningful one, so the profit multiple leads and a revenue multiple would understate what the market is pricing. The basis is selected in two steps: the industry's customary valuation conventions set the order of preference, and each convention is then tested for coverage — the share of companies with a valid, plausibility-checked multiple on the chosen period. A convention is used only when enough companies carry it; the best-covered convention is used, and disclosed, when none clears the threshold. Coverage measured for this report — EV / EBITDA: 6 of 8 companies; EV / rEVenue: 7 of 8 companies; P/E: 3 of 8 companies. 1 company shows a non-meaningful P / E denominator and is excluded from that statistic.

How the multiples and statistics are computed

Enterprise value (EV) is market capitalisation at the as-of date plus total debt minus cash and equivalents from the latest reported balance sheet, reconciled against the platform's stored value and disclosed where the two differ. Forward multiples divide EV (or the share price for P/E) by the consensus estimate for the stated calendar period; trailing multiples use the last twelve months of reported figures from SEC filings. A multiple with a negative or immaterial denominator is treated as not meaningful and excluded from every statistic. Cohort statistics are medians and quartiles over the rated set only; a group median with fewer than three observations is shown as the single company's figure and labelled as such. Valuation tiers cut the rated set at its quartiles (tiers cut at the rated set's quartiles: Premium ≥7.2x, Core 1.0x–7.2x, Discount <1.0x — NeuraCap groupings). Revenue growth compares consecutive calendar-year consensus revenue; EBITDA margin divides consensus EBITDA by consensus revenue for the same period. Figures shown in this report and the calculation behind each: 3.2x = median(ev_ebitda CY2027E) (5 rated companies) · 11.9x = median(ev_ebitda CY2027E) within Premium tier (n=2) · 2.1x = median(ev_ebitda CY2027E) within Core tier (n=2) · 0.7x = median(ev_ebitda CY2027E) within Discount tier (n=1) · 34% = median Rule of 40 score (revenue growth + EBITDA margin) (n=5)

Precedent transactions: what is in the record and why

The precedent record holds the M&A transactions in Game Publishing recorded from SEC filings (8-K announcements and the documents they reference), newest first, with each value and multiple linked to the exact passage in the filing that states it. 60 transactions were recorded for this industry; 33 are shown. 27 recorded transactions with neither a disclosed value nor a multiple are omitted because they say nothing about price; they remain in the companion workbook. Deal multiples are enterprise value over the target's last-twelve-month revenue or EBITDA at announcement, as disclosed; they are not restated to the public basis and no spread to the public multiples is claimed. Before a transaction reaches the record it passes a screen for mirrored or duplicate filings of the same deal, for divestitures where the filer is the seller rather than the buyer, for carve-outs recorded under the parent's name, and for values whose citation describes something other than the price paid (a debt raise, a termination fee); such records are corrected or excluded and the correction is noted. Data-quality notes on this record: 55 × no evidence record; 17 × deal value unit unresolved; 9 × duplicate precedent id; 1 × duplicate filings collapsed; 4 × divestiture roles reassigned. Case studies lead with the 2 richest stories — disclosed value, a readable multiple, newest first.

Sources

Company financials and transaction terms come from the companies' own SEC filings on EDGAR (10-K, 10-Q and 8-K documents), linked from each figure in the report. Forward figures are analyst consensus estimates for the calendar periods shown. Share prices and market capitalisations are market data as of September 28, 2026. Treasury yields are published by the U.S. Department of the Treasury. 284 source documents stand behind this report; by publisher domain: sec.gov, home.treasury.gov (1). Every figure on every page is traceable to one of these records; nothing in the report is derived from outside data.

Interpretation and important notice

Tier labels, situation maps, the agenda and the implications pages are NeuraCap analytical views drawn from the recorded evidence and are labelled as such. The report is informational: it is not investment advice, not a recommendation to buy or sell any security, not an opinion of value and not an offer of any kind. Readers should perform their own diligence before acting on anything described here.

This report is published for information only. It is not a recommendation to buy or sell any security, an offer or solicitation, an appraisal or a fairness opinion, and no fiduciary relationship is created by reading it. Multiples that fail NeuraCap’s plausibility gates are excluded and never plotted. See the full methodology and the disclaimer.

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