代子公司WinkingStudiosLimited公告FY2

代子公司WinkingStudiosLimited公告FY2025營運狀況說明(TradingUpdate)

1.事實發生日:115/01/30
2.公司名稱:Winking Studios Limited
3.與公司關係(請輸入本公司或子公司):子公司
4.相互持股比例:57.19%
5.發生緣由:無
6.因應措施:無
7.其他應敘明事項(若事件發生或決議之主體係屬公開發行以上公司，
本則重大訊息同時符合證券交易法施行細則第7條第9款所定
對股東權益或證券價格有重大影響之事項):
本公司之子公司Winking Studios Limited今日於新加坡交易所公告FY2025
Trading Update 如下：

Winking Studios Limited (AIM / SGX: WKS) (”Winking Studios” or the
”Company” and together with its subsidiaries, the ”Group”), one of
Asia’s largest AAA game art outsourcing studios and an established
game development company, announces a trading update for the financial
year ended 31 December 2025 (”FY2025”), ahead of the release of its
FY2025 results.

Winking Studios expects to report a revenue increase of at least 40%
as compared to financial year ended 31 December 2024’s (“FY2024”)
revenue of US$31.9m, which is marginally higher than current market
expectations(Note1) (based on a preliminary review of the Group’s
unaudited financial statements announced to-date for FY2025). Shanghai
Mineloader Digital Technology Co., Ltd. (”Mineloader”), acquired in
April 2025, was a significant driver of the improved revenue performance,
alongside mid-to-high single-digit organic growth from our other studios.

The Group’s Adjusted EBITDA(Note2) for FY2025(Note3) is expected to be
higher by a range of between 7% to 13% than FY2024(Note4) ’s Adjusted
EBITDA of US$4.8m.

In FY2025, Winking Studios continued to successfully deliver against its
strategic expansion and consolidation objectives, acquiring Mineloader
and investing in production capacity and capabilities in Southeast Asia,
including the launch of Vertic Studios, its high-end art production brand.
Supported by a healthy balance sheet, the Group remains focused on
continuing to strengthen its core platform in Asia, pursuing disciplined
M&A, and progressing its plans to build a stronger commercial presence in
Western markets.

As at 31 December 2025, the Group’s indicative artist bookings have
totalled at least US$48.6 million over the next 24 months (subject to
final confirmation from customers). Of this, approximately US$34.6
million is expected to be recognised in FY2026 as revenue.

Further details of the Group’s financial performance will be set out
in the Company’s unaudited financial statements for FY2025 which are
expected to be announced on 27 February 2026.

Note1: Market expectations refers to the consensus of forecasts published
by the Company’s brokers available at Winking Studios Limited - Analyst
Reports, which are updated on an ongoing basis. Third-party forecasts not
updated for more than 12 months have been excluded. On this basis, the
relevant consensus revenue expectation for FY2025 is US$43.6 m.

Note2: EBITDA is earnings before interest, taxation, depreciation and
amortization.

Note3: Adjusted EBITDA in FY2025 comprises EBITDA, with adjustments that
included the Group’s Share-based compensation expenses, foreign exchange
gains/losses and Costs of acquisition and integration.

Note4: Adjusted EBITDA in FY2024 comprises EBITDA, with adjustments that
included the related Dual Listing expenses on LSE, Share-based payments
expenses, Foreign exchange gains/losses, Costs of acquisition and
integration and Private Placement Related Expenses (to raise S$27 million).

公告內容為英文版且以英文版為準 上述內容，中文翻譯如下，僅供參考。

Winking Studios Limited（AIM / SGX: WKS）（以下簡稱「Winking Studios」或
「本公司」，連同其子公司合稱「本集團」），為亞洲最大的AAA級遊戲美術外
包工作室之一及具規模的遊戲開發公司，茲於本公司即將公布截至2025年12月
31日@止會計年度（「2025會計年度」）之財務業績前，發布該年度之營運更新。

Winking Studios預期，2025會計年度營收將較截至2024年12月31日止會計年度
（「2024 會計年度」）之營收3,190萬美元成長至少40%，該成長幅度亦略高於目
前市場預期(Note1)（係根據本集團截至目前所公告之 2025 會計年度未經查核財
務報表之初步審閱結果）。本公司於2025年4月完成收購之Shanghai Mineloader
Digital Technology Co., Ltd. (”Mineloader”)為推升營收表現之主要動能，另本
集團其他工作室亦貢獻中至高個位數百分比之有機成長。營收改善多集中於下半
年，與本集團截至2025年6月30日止半年度財報中之說明一致。

本集團2025會計年度(Note3)之調整後EBITDA(Note2)（息稅折舊攤銷前利潤）預期
將較2024會計年度(Note4)之480萬美元成長約7%至13%。

於2025會計年度中，Winking Studios持續順利推動其策略性擴張與整合目標，
完成Mineloader之收購，並於東南亞地區投資生產產能與技術能力，其中包括推
出其高階美術製作品牌 Vertic Studios。在健全資產負債表之支持下，本集團仍
將專注於持續強化其於亞洲之核心營運平台，審慎推動併購策略，並逐步落實於
西方市場建立更強商業布局之計畫。

截至2025年12月31日，本集團未來24個月之指標性藝術人力預約金額累計至少達
4,860萬美元（仍須待客戶最終確認）。其中，約3,460萬美元預期將於2026會計
年度認列為營收。

有關本集團財務表現之進一步詳情，將載於本公司2025會計年度之未經查核財務
報表中，該財報預計將於2026年2月27日公布。

Note1:「市場預期」係指本公司券商所發布之預測共識，相關資料可於 Winking
Studios Limited – Analyst Reports 查閱，並持續更新。凡超過12個月未更新
之第三方預測資料，均已予以排除。依此基礎計算，2025會計年度之相關共識
營收預期為4,360萬美元。

Note2:EBITDA 係指未計入利息、所得稅、折舊及攤銷前之盈餘。

Note3:2025會計年度之調整後 EBITDA，係以EBITDA為基礎，並就本集團之股份基
礎給付費用、外匯損益，以及收購與整合相關成本進行調整後之金額。

Note4:2024會計年度之調整後 EBITDA，係以EBITDA為基礎，並就倫敦證券交易所
（LSE）雙重上市相關費用、股份基礎給付費用、外匯損益、收購與整合相關成本
，以及私募發行相關費用（用以募集新加坡幣 2,700 萬元）進行調整後之金額。

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