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).
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 that, further to the Mineloader Acquisition Announcement, the Company will issue 1,573,176 new Incentive Shares in 2025 (the“2025 Incentive Shares”) to the Key Management Personnel following the terms as set out in the Incentive Agreements.
The issue price of the 2025 Incentive Shares per share is ￡0.1997 (or approximately S$0.33) and pursuant to the Incentive Agreements, is determined based on the volume-weighted average share price of the Shares traded on AIM of the London Stock Exchange, denominated in GBP (￡), over the five market days commencing from the day immediately following the date of the Mineloader Acquisition Announcement (the “Issue Price”).
Based on the Issue Price, the 2025 Incentive Shares have an aggregate value of approximately S$0.5 million or ￡0.3 million (equivalent to approximately RMB2,796,840).
Winking Studios completed the acquisition of Shanghai Mineloader Digital Technology Co., Ltd. (“Mineloader”) on 1 April 2025. The acquisition of Mineloader significantly increased the Group’s headcount by 495 employees, boosting the total number to 1,405 employees as at 31 July 2025. Specialising in higher margin AAA games from console platforms, Mineloader’s service offerings in console platform games and established experience and presence in the global gaming industry is proving to be a valuable addition to the Group, with the integration progressing well. Between 1 April 2025 and 30 June 2025, Mineloader contributed approximately US$4.1 million revenue to the Group.
Receipt of Listing and Quotation Notice from the Singapore Exchange Securities Trading Limited (“SGX-ST”)
The Board wishes to announce that the Company, on 17 October 2025, received the in-principle approval for the listing of and quotation (“Notice”) on the Catalist of the SGX-ST for the 2025 Incentive Shares, subject to compliance with the SGX-ST's listing requirements.
Please note that the Notice is not to be taken as an indication of the merits of the Shares, the Proposed Acquisition, the Company, its subsidiaries and their securities.
Admission and total voting rights
Application has been made to the London Stock Exchange for the admission of the 2025 Incentive Shares to trading on AIM.
The admission to trading of the 2025 Incentive Shares is expected to occur and dealings commence at 9.00 am (SGT) / 8.00 a.m. (BST) on or around 28 October 2025 on the Catalist of the SGX-ST and AIM, respectively (“Admission”). On Admission, the 2025 Incentive Shares shall rank pari passu in all respects with the existing ordinary shares of the Company.
The number of ordinary shares in issue, and the total voting rights in the Company, on Admission, will be 441,938,118. This figure may be used by shareholders as the denominator for the calculations by which they determine whether they are required to notify their interest in, or a change of their interest in, the Company under the provisions of the Company's constitution.
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 six-month period ended 30 June 2025 (“1H2025”), ahead of the release of its 1H2025 results.
Based on a preliminary review of the Group’s unaudited financial statements for 1H2025, Winking Studios expects to report a revenue increase of at least 20% as compared to the six-month period ended 30 June 2024 (“1H2024”) of US$15.2 million. Coupled with continued healthy demand for the Group’s services, the improved revenue performance, which is in line with market expectations, is mainly driven by the contribution from Shanghai Mineloader Digital Technology Co., Ltd. (“Mineloader”), acquired in early April 2025.
The Group’s adjusted earnings before interest, taxation, depreciation and amortization (“Adjusted EBITDA”) in 1H2025(Note 1) is expected to be higher by a range of between 10% to 20% than 1H2024(Note 2) of US$2.1 million. It is to be noted that the Company incurred ongoing listing expenses of US$0.3 million related to its AIM listing on London Stock Exchange (“LSE”) in 1H2025, while there was no such expense in 1H2024.
Aligned with its business strategy to pursue strategic acquisitions, Winking Studios aims to deepen its market presence and strengthen its investments across Southeast Asia and globally by expanding its footprint into high-growth markets and forming strategic partnerships with local and regional stakeholders.
Further details of the Group’s financial performance will be set out in the Company’s unaudited financial statements for 1H2025 which are expected to be announced on 13 August 2025.
Note 1:Adjusted EBITDA in 1H2025 comprises EBITDA, with adjustments that included the Group’s Share-based compensation expenses, Foreign exchange gains/losses and Costs of acquisition and integration.
Note 2:Adjusted EBITDA in 1H2024 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, Interest Income and Private Placement Related Expenses (to raise S$27 million).
