Half Year Results for period ended 30 June 2026

Winking Studios Limited

14 August 2026

 

WINKING STUDIOS LIMITED

(Company Registration No. 159882)

(Incorporated in the Cayman Islands)

14 August 2026

Half Year Results for the period ended 30 June 2026

Strong revenue growth, with accelerated strategic investments supporting the Group's next phase of growth

Winking Studios Limited (AIM / SGX: WKS) ("Winking Studios" or the "Company" and together with its subsidiaries, the "Group"), one of the leading global AAA game art outsourcing studios and an established game development company, announces its unaudited results for the six-month period ended 30 June 2026 ("1H2026").

Financial Summary

(US$ million)	1H2026	1H2025	Change (%)
Revenue	23.5	19.4	+21.1
Gross profit Gross margin (%)	5.6 24.0	5.9 30.2	(4.1) (6.2) percentage points
Adjusted EBITDA[1] Adjusted EBITDA margin (%) EBITDA	1.2 5.3 (0.7)	2.41 12.6 2.2	(49.2) (7.3) percentage points n.m
Adjusted net (loss)/profit1 Net (loss)/profit1	(0.2) (2.5)	1.4 0.9	n.m n.m

¹ The Group's statutory result for the period under review, and the items giving rise to the difference between the statutory and adjusted measures, are detailed under "Statutory Result" in the CFO's Review. A full reconciliation of the Group's adjusted performance measures to the corresponding statutory measures is set out in Section G - Other Information of this results announcement.

Financial & Operational Highlights

·	Organic revenue growth of 8.9%, with Art Outsourcing revenue up 25.4%.
·	Follow-up projects represented 37.4% of revenue (1H2025: 38.8%).
·	Strong progress towards diversification of revenue streams, with Japan revenue more than doubling to US$3.6 million in 1H2026.
·	The decrease in gross margin reflected accelerated investment in Ampera and AI-enabled game development as well as Mineloader's seasonally softer first quarter (which was acquired in 2Q2025).
·	Healthy balance sheet with cash, cash equivalents and bond investments of US$24.6 million as at 30 June 2026, as well as low gearing.

 Strategic Highlights

·	Acquired Studios Ampera Inc ("Ampera") in April 2026, establishing a direct North American presence and expanding access to Western customers, with founder Claude Bordeleau appointed as Chief Revenue Officer of Winking Studios.
·	Invested c.US$0.4 million in Ampera, with encouraging growth in larger, integrated opportunities entering the Group's exciting pipeline of projects.
·	Invested c.US$0.9 million in AI-enabled game development, with initial client projects secured during the period under review.

 Outlook

·	Core art outsourcing demand remains robust; 24-month indicative bookings of US$51.6 million, of which US$22.4 million expected to be secured in 2H2026.
·	Revenue in 2H2026 expected to exceed that of 1H2026, as mentioned in its Trading Update announced on 27 July 2026.
·	Continued strategic investment in Ampera and AI-enabled game development in 2H2026.
·	First AI co-development projects secured, supporting the Group's second growth curve in AI-native, one-stop development.
·	Ampera invited to bid on multiple large projects which awards are anticipated in 2027.
·	Board expects a modest Adjusted EBITDA loss for FY2026, reflecting the increased second-half investment to create new revenue streams, strengthen the Group's competitive position and deliver more significant long-term returns.

Executive Director and Chief Executive Officer (Founder) of Winking Studios, Johnny Jan, commented: "The first half demonstrates the strength of our core business and the scale of the opportunity we are building towards. Revenue grew by 21%, led by strong demand for art outsourcing, while repeat business and our bookings provide good visibility over underlying activity.

"At the same time, we chose to accelerate investment in two areas where we see significant long-term potential: building a stronger North American presence through the acquisition of and further investment into Ampera and developing AI-enabled game development capabilities. We are encouraged by the larger opportunities entering the Ampera pipeline and the early commercial traction we are seeing from AI-enabled game development.

"Our AI initiative is principally focused on enhancing game-development workflows. Game art production continues to depend on human creativity, artistic judgement and rigorous quality control.

"Our focus is on building Winking Studios into a broader, end-to-end game development partner that combines high-quality creative production, game development capability and global delivery. We believe the investments we are making now will strengthen our competitive position and support sustainable long-term growth."

Enquiries

Singapore	UK
Winking Studios Limited Johnny Jan, Executive Director and Chief Executive Officer (Founder) Oliver Yen, Finance Director and Group Chief Financial Officer	Alma Strategic Communications Justine James / David Ison / Emma Thompson [phone] [e-mail]
8PR Asia (Investor Relations) Alex Tan [phone] [e-mail]	Strand Hanson Limited (Financial and Nominated Adviser) James Harris / James Bellman  [phone]
PrimePartners Corporate Finance Pte. Ltd. (Continuing Sponsor) Foo Jien Jieng [e-mail]	SP Angel Corporate Finance LLP (Joint Broker) Stuart Gledhill / Charlie Bouverat (Corporate Finance) Abigail Wayne / Rob Rees (Corporate Broking) [phone]
	Zeus Capital Limited (Joint Broker) James Hornigold (Investment Banking) Nick Searle (Equity Capital Markets)

About Winking Studios Limited (AIM and SGX: WKS)

Headquartered in Singapore and dual-listed on the London Stock Exchange and Singapore Exchange (Trading Code: WKS), Winking Studios Limited is one of the world's largest AAA game art outsourcing studios and an established game development company.

With over 25 years of experience and established track record, the Group provides end-to-end art outsourcing, game development services and other gaming services across various platforms for the global gaming industry via three business segments of Art Outsourcing, Game Development and Global Publishing & Other Services.

The Group has 14 studios across Taipei, Nanjing, Suzhou, Dalian, Tianjin, Shanghai, Quebec and Kuala Lumpur with over 1,400 highly skilled employees serving a global customer base that includes 22 of the top 25 game publishers in the world.

For more information, please visit www.winkingworks.com

The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulation (EU) No. 596/2014 as it forms part of United Kingdom domestic law by virtue of the European Union (Withdrawal) Act 2018, as amended by virtue of the Market Abuse (Amendment) (EU Exit) Regulations 2019.

CEO's Statement

1H2026 delivered strong revenue growth and continued strategic progress for Winking Studios. The Group's revenue increased by 21.1% to US$23.5 million (1H2025: US$19.4 million), including organic growth of 8.9%, driven by continued demand for our art outsourcing services. Adjusted EBITDA was US$1.2 million (1H2025: US$2.4 million), reflecting the deliberate investments in the Group's next phase of growth and seasonally softer first-quarter contribution from Mineloader.

According to recent industry reports[2], the gaming industry is increasingly consolidating around larger, integrated outsourcing partners, as developers and publishers look for high-quality external production capabilities across a greater proportion of the development lifecycle. Against this backdrop, we accelerated investment in two areas where we see significant opportunity. Following the acquisition of Ampera in April 2026, which established our first dedicated North American studio and direct operating presence in Western markets, we invested approximately US$0.4 million during the period under review to expand its team, capabilities and market presence. We also allocated approximately US$0.9 million of internal development resources to AI-enabled game development capabilities, enabling us to expand game development capacity more efficiently and respond to growing client interest. We continue to see limited impact from AI on our core art outsourcing business, where large-scale production, driven by consumer demands, remains highly dependent on human creativity, artistic judgement and quality control. These additional investments in Ampera and AI-enabled game development are intended to broaden our addressable market, strengthen our competitive position and support long-term, sustainable growth.

A global game services platform

Winking Studios provides end-to-end game services through three business segments: Art Outsourcing (c.85.0% of revenue), Game Development (c.14.9%) and Global Publishing & Other Services (c.<1%). The Group now operates through four complementary brands: Winkingworks, Mineloader, Vertic and Ampera. Mineloader, acquired in April 2025, expanded our scale and game development capabilities; Vertic, launched in July 2025, strengthened our high-end AAA art offering; and Ampera, acquired in April 2026, gives the Group direct access to Western customers and larger full-game development opportunities. Together, these businesses broaden the Group's capabilities across the game outsourcing value chain while retaining the cost and delivery advantages of our established Asian production base.

Strong demand for core art services

Art Outsourcing remained the Group's main growth engine in 1H2026, with segment revenue increasing by 25.4% to US$19.9 million (1H2025: US$15.9 million). Demand was particularly strong for our 3D art asset capabilities, supported by the expansion of our Southeast Asian production hub in FY2025 and the broader industry shift towards larger outsourcing partners.

Growth also benefited from the additional first-quarter contribution of Mineloader, acquired in April 2025, and from Vertic, which was launched in July 2025. Together they have strengthened the Group's ability to deliver high-end AAA work across its expanded studio network. Vertic made particularly encouraging progress during the period under review, with the cumulative number of AAA titles supported across the Group increasing to 142 by 30 June 2026 (31 December 2025: 117).

Our customer relationships remain a key strength. Revenue from follow-up projects with existing customers represented 37.4% of Group revenue in the period under review (1H2025: 38.8%), demonstrating the depth of our long-standing relationships with leading global developers and publishers. As at 30 June 2026, indicative bookings over the next 24 months stood at US$51.6 million, subject to final customer confirmation, and above both the June 2025 and December 2025 levels, supporting good visibility over future activity.

Building our Western presence 

Alongside organic growth, M&A remains a key pillar of our strategy. A major milestone in the period was the acquisition of Ampera, which gives Winking Studios its first dedicated North American studio and a direct operating presence in Western markets. The model combines local customer-facing and game development capabilities with the talent, scale and cost-efficiency of our established Asian production base.

The acquisition also strengthens our commercial leadership. Ampera founder Claude Bordeleau joined Winking Studios as Chief Revenue Officer, bringing more than two decades of experience in building and scaling game services businesses, including senior leadership experience at Keywords Studios. Claude is leading the Group's global commercial strategy, with a focus on deepening customer relationships, developing larger opportunities and supporting growth across Western markets.

During the period under review, Winking Studios invested approximately US$0.4 million to build Ampera's team, production infrastructure, technology platforms and market presence. Since the acquisition, we have seen encouraging growth in the number of larger, integrated opportunities entering the pipeline and have secured initial engagements with several high-profile customers. We are continuing to build the operational capacity required to pursue and deliver larger-scale full-game development engagements.

These opportunities typically carry longer sales cycles than traditional art outsourcing work, making the timing of conversion and revenue recognition less predictable. However, successful engagements can offer larger contract values, longer durations and higher margin potential. This is an important strategic step as Winking Studios develops into a more comprehensive partner capable of supporting increasingly complex, long-term game development programmes.

We continue to evaluate selective M&A opportunities that can add complementary capabilities, strengthen our geographic reach or accelerate our development as a more integrated global game services partner.

Favourable market dynamics

Industry forecasts support this direction. Global outsourced game development expenditure is expected to reach US$16.0 billion by 2030 (an increase of US$5.1 billion from US$10.9 billion), with one-stop game development companies expected to be a key driver of market growth[3]. Outsourcing is increasingly embedded in modern game production rather than treated as a cyclical decision, with developers and publishers looking to fewer, larger trusted partners able to provide both creative and game development capacity at scale[4].

Demand for outsourced game development services is also increasing, strengthening the opportunity for established art outsourcing providers such as Winking Studios to develop into more integrated, end-to-end partners. This trend is particularly relevant in Western markets and plays directly to the Group's combination of large-scale art production, growing game development capability and global delivery capacity.

United States revenue represented 13.3% of Group revenue in 1H2026. This remains a relatively modest contribution compared with the size of the market and underlines the scope to increase the Group's Western-market exposure as Ampera develops. Western markets have historically generated some of the Group's highest margins, strengthening the opportunity presented by combining direct local customer access with the scale and cost-efficiency of our Asian production platform.

Building AI-enabled game development capabilities

AI-assisted coding capabilities advanced rapidly during 1H2026 and are increasingly able to support game development workflows. At the same time, industry data indicates that customer attitudes towards AI are evolving from outright prohibition towards controlled use within development processes². During the period under view, Winking Studios allocated approximately US$0.9 million of internal development resources to AI-enabled workflows, game development capability and client use cases. The objective is to build game development capacity ahead of anticipated demand with lower incremental resource requirements than would be needed through traditional development methods alone.

We are already seeing encouraging early-stage commercial traction, including initial AI-enabled coding and game development projects. Revenue contribution remains modest at this stage, but these engagements provide early evidence of client demand. Over time, this capability can sit alongside our established art production platform and broaden the range of integrated services we can provide to customers.

AI-generated art assets remain a different proposition. Over the last three years, revenue generated from AI-created art assets has represented less than 1% of our art services revenue. Large-scale game art production continues to depend heavily on human creativity, artistic judgement and quality control, which remain core strengths of Winking Studios.

Outlook

Demand for our core gaming art outsourcing services remains robust, supported by long-term outsourcing trends and high levels of repeat business. Indicative 24-month bookings stood at US$51.6 million as at 30 June 2026, of which US$22.4 million is expected to be recognised in 2H2026, and we continue to expect revenue in 2H2026 to exceed that reported in 1H2026.

As set out in our 1H2026 trading update, the second half will be a period of continued and deliberate investment in our two strategic initiatives. Whilst this investment will impact short term profitability, it is designed to expand the Group's addressable market, strengthen its competitive edge and support future revenue growth. 

In AI-enabled game development, our first co-development projects are small in scale, but are significant as lighthouse projects are proofs that the capability is both deliverable and contractible whilst providing an important foundation for future commercial scaling. This supports our ambition to build a second growth curve in AI-native, one-stop outsourced development, where AI's leverage allows a company to build on world-class art to add engineering and full-game capability at a fraction of the traditional cost.

Through Ampera, we are pairing a Western front office with our efficient Asian production base and we have already been invited to bid on multiple large projects, validating this positioning. Significantly larger projects typically carry longer sales cycles, and as a result, contract awards are now anticipated to fall in 2027.

Both investment programmes began part-way through the first half, so the second half will reflect a fuller period of the associated cost base and foregone development capacity. Having reviewed their scale and phasing, the Board now expects the Group to report a modest Adjusted EBITDA loss for FY2026. This reflects the decision to accelerate investment in these opportunities, which the Board believes have the potential to create new revenue streams, strengthen the Group's competitive position and deliver more significant long-term returns.

Alongside this, we are also continuing to evaluate acquisition opportunities in a disciplined manner, focusing on targets offering the strongest strategic synergies with our existing businesses

We are building, from the scale and quality of our art production platform, a genuinely end-to-end game development partner; one that is able to serve customers across the full development lifecycle, from world-class art to AI-enabled engineering, delivered globally. The investments we are making today are the foundation of that ambition, and we are making them with discipline, conviction and a clear view of the long-term value they will create.

Johnny Jan

Executive Director and Chief Executive Officer (Founder)

14 August 2026

CFO's Review

Revenue

As one of the leading global providers of game art outsourcing and development services, Winking Studios provides end-to-end art outsourcing, game development services and other gaming services across various platforms for the global gaming industry via our three business segments of Art Outsourcing, Game Development and Global Publishing & Other Services.

In 1H2026, the Group posted strong revenue growth of 21.1% to US$23.5 million, as compared to 1H2025's revenue of US$19.4 million, with organic revenue increasing by 8.9% in 1H2026. This robust performance was underpinned by the continued strong performance of the Group's Art Outsourcing segment.

Business Segment Review

Art Outsourcing

This business segment is involved in the creation and development of digital art assets. The Group has the capabilities to provide a wide range of design services including 2D concept art, 3D modelling, 2D animation, 3D animation and visual effects, which includes environment design and game character design.

US$ million	1H2026	1H2025	Change (%)
Revenue	19.9	15.9	+25.4

Game art production remains highly dependent on human creativity, artistic judgement and quality control, areas where Winking Studios continues to excel. Historically, this business segment has contributed the majority of the Group's revenue. In 1H2026, it accounted for 85.0% of the Group's overall revenue (1H2025: 82.1%). Revenue from this business segment increased by 25.4% or US$4.0 million, to US$19.9 million (1H2025: US$15.9 million), mainly due to the additional first-quarter contribution of Mineloader (which was acquired in April 2025) and the full six-month contribution of Vertic Studios (which was established in July 2025).

Game Development

This business segment provides programming, game development, design and script writing services.

US$ million	1H2026	1H2025	Change (%)
Revenue	3.5	3.4	+2.3

In 1H2026, this business segment contributed 14.9% of the Group's overall revenue (1H2025: 17.6%), representing a revenue growth of 2.3% or US$0.1 million to US$3.5 million (1H2025: US$3.4 million), driven by orders from new customers .

Global Publishing and Other Services

This business segment is involved in the release of game products produced by the Group as well as third party game developers on global game platforms such as PlayStation, Switch and Steam. It is also involved in the sale of the Group's in-house developed video game products and peripheral gaming products.

US$ million	1H2026	1H2025	Change (%)
Revenue	0.04	0.1	Not meaningful

In 1H2026, this business segment contributed revenue of US$0.04 million or 0.1% of the Group's overall revenue in 1H2026, which remained the smallest revenue contributor of the Group (1H2025: US$0.1 million).

Geographical Segment Review

Serving a global customer base that includes 22 of the top 25 game publishers in the world, the Group has made good progress over the years to diversify our revenue base geographically; while Mainland China and Hong Kong remain key markets, revenue contributions from other regions have expanded. The following table details the revenue breakdown geographically in 1H2026 and 1H2025:

		Group
		Unaudited	Unaudited
		1H2026	1H2025
		USD'$000	USD'$000
Mainland China and Hong Kong[5]		9,518	7,581
Japan		3,586	1,718
United States		3,119	2,851
Taiwan[6]		3,059	3,286
South Korea		3,027	2,601
Other		1,157	1,348
Total Revenue		23,466	19,385

Revenue from Mainland China and Hong Kong is contributed by two segments, one is the customers from Mainland China and Hong Kong and the other is from Mainland China and Hong Kong (non-China) that comprises (i) subsidiaries located in Mainland China and Hong Kong owned by European and American customers and (ii) overseas subsidiaries of Mainland China and Hong Kong customers. 

In 1H2026, Chinese customers from Mainland China and Hong Kong accounted for 29.4% (1H2025: 22.8%) of the Group's total revenue, while Mainland China and Hong Kong (non-China) accounted for 11.2% (1H2025: 16.3%) of the Group's total revenue. On a combined basis, Mainland China and Hong Kong accounted for 40.6% (1H2025: 39.1%) of the Group's total revenue.

The Group continues to make good progress with our revenue diversification strategy, which saw Japan delivering strong revenue growth in 1H2026 as compared to 1H2025.

Gross profit and margin

While the Group posted revenue growth of 21.1% in 1H2026, gross margin dipped to 24.0% in 1H2026 (1H2025: 30.2%) mainly due to the three main factors as follows:

·	Inclusion of the seasonally softer 1Q2026 performance from Mineloader following its acquisition: The acquisition of Mineloader, which specialises in higher-margin AAA console art projects, was completed in April 2025 and has since become a key contributor to the Group's revenue and gross profit. The first quarter of the calendar year is typically a seasonally softer period for the gaming outsourcing industry in Asia, partly due to the Chinese New Year holiday. Consequently, the inclusion of Mineloader's 1Q2026 moderated the Group's overall gross profit margin for 1H2026.
·	AI investment to enhance game development capabilities: As part of our AI strategy, the Group allocated internal development resources to strengthen its AI capabilities during 1H2026. The diversion of resources from revenue-generating production activities represented approximately US$0.9 million, which impacted production efficiency and the Group's gross profit margin in 1H2026.
·	Upfront costs in our North America expansion strategy impact: The acquisition of Quebec-based Ampera in April 2026 marks an important step in strengthening the Group's commercial presence across Western markets. Founded by Claude Bordeleau ("Claude"), a former senior executive at Keywords Studios who now serves as Winking Studios' Chief Revenue Officer ("CRO"), Ampera is expected to progressively enhance the Group's revenue contribution over time. To support this growth strategy, the Group is making targeted investments in business development, sales and marketing, which typically have a two to three-year payback period and such upfront investments have also impacted the Group's gross profit margin in 1H2026.

On a like-for-like basis, excluding the impact of Mineloader's consolidation in 1Q2026, as well as the acquisition of and further investment in Ampera and the AI-related investment, the Group's underlying gross profit margin would have remained relatively stable at 30.1% in 1H2026, as compared to 30.2% in 1H2025.

Operating costs

The Group's distribution and marketing expenses rose 52.3% to US$1.6 million in 1H2026 (1H2025: US$1.1 million), which was mainly due to higher investments in sales, marketing and promotional activities of approximately US$0.4 million by the newly-established Vertic and newly-acquired Ampera businesses to support their commercial and market expansion.

Administrative expenses increased by US$1.7 million, or 40.4%, to US$6.1 million in 1H2026 (1H2025: US$4.3 million), reflecting the planned scaling of our business platform to support recent acquisitions and future growth initiatives. The key drivers of the increase in administrative expenses in 1H2026 were as follows:

·	US$0.5 million from the consolidation of Mineloader's administrative costs, primarily reflecting an additional three months of operating expenses in 1Q2026, including acquisition-related amortisation, compared with 1H2025, when only Mineloader's administrative costs in 2Q2025 were recognised following the completion of the acquisition in April 2025.
·	US$0.4 million of additional administrative costs associated with the newly-established entity, Vertic Studios, and newly-acquired subsidiary, Ampera; and
·	US$0.3 million that was related to share-based compensation of Mineloader, which commenced in October 2025.

Alternative performance measures (APMs)

The Group also reports on a number of APMs to showcase the financial performance of the Group, which are not standard accounting measures defined by the International Financial Reporting Standards ("IFRS"). The Directors believe that these measures provide valuable additional financial information for users to understand the fundamental transactional performance of the Group. In particular, APMs are used to provide the users of the accounts a clearer understanding of the Group's underlying profitability over a period of time.

EBITDA / Adjusted EBITDA

While revenue grew by 21.1% in 1H2026, adjusted EBITDA declined due to the consolidation of Mineloader with its seasonally softer 1Q2026 performance, AI investment to enhance game development capabilities, and upfront costs of the Group's North America expansion strategy, which was highlighted in the gross profit commentary in this results announcement.

The Group's Adjusted EBITDA for the period, calculated as set out below, decreased US$1.2 million or 49.2% to US$1.2 million, as compared to US$2.4 million in 1H2025, which also included adjustments for one-off and other non-cash items.

US$ million		1H2026		1H2025		Change(%)
Adjusted EBITDA[7]		1.2		2.4		(49.2)
Adjusted EBITDA margin		5.3%		12.6%		(7.3) percentage points
EBITDA		(0.7)		2.2		n.m
Adjusted net (loss) / profit		(0.2)		1.4		n.m
Adjusted net (loss) / profit margin		(0.8%)		7.2%		(8.0) percentage points
Net (loss) / profit		(2.5)		0.9		n.m
Adjusted expenses		2.3		0.5		+396.3
Share-based compensation expenses		0.7		0.4		+75.1
Costs of acquisition and integration		0.6		0.1		n.m
Foreign exchange (gains) or losses		0.6		(0.2)		n.m
Amortisation of acquisition-related intangible assets		0.4		0.2		+101.0

n.m denotes not meaningful

Statutory Result

The Group recorded a net loss of US$2.5 million in 1H2026 (1H2025: net profit of US$0.9 million). In addition to the operating factors described above, the statutory result reflects US$2.3 million of items excluded from the Group's adjusted measures: share-based compensation expenses of US$0.7 million, costs of acquisition and integration of US$0.6 million, and foreign exchange losses of US$0.6 million as well as amortisation of acquisition-related intangible assets of US$0.4 million.

Cash flow

US$ million		1H2026		1H2025		Change(%)
Net cash (used in) / generated from operating activities		(5.3)		0.6		n.m
Net cash (used in) investing activities		(1.1)		(13.5)		(92.2)
Net cash generated / (used in) from financing activities		2.7		(0.8)		n.m
Net (decrease) in cash & cash equivalents		(3.7)		(13.6)		(72.9)
Cash & cash equivalents at beginning of financial period		27.4		39.8		(31.2)
Effects of exchange rate changes on cash & cash equivalents		(0.5)		(0.6)		(13.7)
Cash & cash equivalents at end of financial period		23.2		25.6		(9.4)

Net cash used in operating activities was US$5.3 million in 1H2026, as compared to US$0.6 million generated in 1H2025, which was mainly due to the following:

·	Strategic investments in Ampera, Vertic and AI initiatives that amounted to US$1.5 million to strengthen our capabilities, product development and long-term growth;
·	With the significant increase in headcount from over 800 employees as at the end of 2024 to more than 1,400 personnel as at the end of 2025, there was a significant increase of US$1.3 million in the payment of employee wages and bonuses in 1H2026 compared with 1H2025; and
·	Following the consolidation of Mineloader, the Group experienced an additional cash outflow of US$1.2 million, mainly due to the typical seasonal softer period for the gaming outsourcing industry in Asia during the first quarter of the calendar year, partly due to the Chinese New Year holiday.

Net cash used in investing activities decreased significantly by US$12.4 million from US$13.5 million in 1H2025 to US$1.1 million in 1H2026, mainly due to the absence of large acquisition-related payments, as these were substantially completed in the corresponding period last year.

Net cash generated by financing activities totalled US$2.7 million in 1H2026 (1H2025: outflow of US$0.8 million), which was primarily driven by US$4.0 million in new bank borrowings undertaken to establish credit facilities and strengthen the Group's long-term banking relationships. 

US$ million		At 30 Jun 2026		At 31 Dec 2025		Change (%)
Current assets		41.7		42.9		(2.7)
Non-current assets		28.0		26.0		+7.8
Total assets		69.8		68.9		+1.2
Current liabilities		11.0		10.1		+9.4
Non-current liabilities		5.3		5.8		(8.9)
Total liabilities		16.3		15.9		+2.7
Net Assets		53.4		53.0		+0.8

The Group's current assets decreased by US$1.2 million or 2.7% to US$41.7 million as at 30 June 2026, as compared to US$42.9 million as at 31 December 2025. The key components of the Group's current assets comprise cash and cash equivalents, trade and other receivables and contract assets. Cash and cash equivalents totalled US$23.2 million as at 30 June 2026, a decrease of US$4.2 million or 15.3%, as compared to US$27.4 million as at 31 December 2025, which was mainly due to additional cash outflows of US$3.2 million for the payment of employee wages and bonuses, reflecting the significant increase in headcount from over 800 employees as at the end of 2024 to more than 1,400 employees as at the end of 2025. Trade and other receivables remained relatively stable at US$9.3 million as at 30 June 2026. Contract assets increased by US$2.9 million or 47.1% from US$6.2 million as at 31 December 2025 to US$9.1 million as at 30 June 2026, primarily driven by increase of work completed but not yet billed, reflecting the timing difference between revenue recognition and customer invoicing. Almost 100% of the contract assets from the previous period's output were converted into trade receivables or cash collections. 

As at 30 June 2026, the Group's non-current assets increased by US$2.0 million or 7.8% to US$28.0 million as at 30 June 2026, as compared to US$26.0 million as at 31 December 2025. The key component of the Group's non-current assets comprise intangible assets, which increased by US$2.1 million or 12.1% from US$17.2 million as at 31 December 2025 to US$19.3 million as at 30 June 2026, primarily due to the recognition of US$2.2 million in goodwill associated with the acquisition of Ampera.

As at 30 June 2026, the Group's current liabilities increased by US$0.9 million or 9.4% to US$11.0 million, as compared to US$10.1 million as at 31 December 2025. The key components of the Group's current liabilities comprise trade and other payables and short-term borrowings. Trade and Other Payables decreased by US$3.0 million or 37.7% to US$4.9 million, as compared to US$7.9 million, mainly due to the payment of accrued employees' bonuses and wages, primarily reflecting the significant increase in headcount from over 800 employees as at the end of 2024 to more than 1,400 personnel as at the end of 2025. Short-term borrowings increased by US$4.0 million during 1H2026 (1H2025: Nil), which was primarily undertaken to establish credit facilities with the bank, strengthening the Group's long-term banking relationship and provide access to future financing.

As at 30 June 2026, the Group's non-current liabilities decreased by US$0.5 million or 8.9% to US$5.3 million, as compared to US$5.8 million as at 31 December 2025. The key components of the Group's non-current liabilities comprise deferred income tax liabilities and other non-current liabilities, which remained relatively stable at US$3.0 million and US$1.6 million respectively as at 30 June 2026.

As at 30 June 2026, the Group's net asset value per ordinary share is US$12.11 cents (as at 31 December 2025: US$12.00 cents).

Oliver Yen

Finance Director and Group Chief Financial Officer

14 August 2026

WINKING STUDIOS LIMITED AND ITS SUBSIDIARIES

Unaudited Condensed Consolidated Interim Financial Statements

For the Six Months Ended 30 June 2026

(Incorporated and domiciled in Cayman Islands with limited liability No. 159882)

This announcement has been reviewed by the Company's sponsor, PrimePartners Corporate Finance Pte. Ltd. (the "Sponsor"). This announcement has not been examined or approved by the Singapore Exchange Securities Trading Limited (the "SGX-ST") and the SGX-ST assumes no responsibility for the contents of this announcement, including the correctness of any of the statements or opinions made or reports contained in this announcement. The contact person for the Sponsor is Ms. Foo Jien Jieng, 16 Collyer Quay, #10-00 Collyer Quay Centre, Singapore 049318, [e-mail].

WINKING STUDIOS LIMITED AND ITS SUBSIDIARIES

Table of Contents                                                                         

                                                                                     Page

A. Condensed Interim Consolidated Statement of Comprehensive Income......... 20

B. Condensed Interim Statements of Financial Position........................................... 21

C. Condensed Interim Consolidated Statement of Cash Flows............................... 22

D. Condensed Interim Statements of Changes in Equity........................................... 23

E. Notes to the Condensed Interim Consolidated Financial Statements............ 25

F. Other information required by the Appendix 7C of the Catalist Rules.......... 34

G. Other information......................................................................................................... 41

A.  Condensed Interim Consolidated Statement of Comprehensive Income

		Unaudited	Unaudited
	Note	1H2026	1H2025	Increase
		USD$'000	USD$'000	/(Decrease) %
Revenue from contracts with customers	4.2	23,466	19,385	21.1
Cost of sales		(17,843)	(13,522)	32.0
Gross profit		5,623	5,863	(4.1)
Other income	7	93	156	(40.4)
Other (losses)/gains - net	7	(620)	48	N.M.
Distribution and marketing		(1,628)	(1,069)	52.3
Administrative expenses		(6,056)	(4,314)	40.4
Reversal of impairment loss on financial assets	7	3	1	200.0
Interest income	7	138	339	(59.3)
Finance expenses	7	(128)	(71)	80.3
(Loss)/ profit before income tax		(2,575)	953	N.M.
Income tax credit/(expenses)	8	77	(26)	N.M.
(Loss)/ profit for the financial period		(2,498)	927	N.M.
Other comprehensive income/(loss):
Items that may be reclassified subsequently to profit or loss:
Currency translation gains arising from consolidation		658	1,575	(58.2)
Total comprehensive (loss)/income for the financial period		(1,840)	2,502	N.M.
(Loss)/ profit for the period attributable to:
- Equity holders of the Company		(2,498)	927	N.M.
- Non-controlling interests		-	-
		(2,498)	927	N.M.
Total comprehensive (loss)/income attributable to:
- Equity holders of the Company		(1,840)	2,502	N.M.
- Non-controlling interests		-	-
		(1,840)	2,502	N.M.
(Loss)/earnings per share for (loss)/profit for the period attributable to equity holders of the Company (Expressed in dollar per share)
- Basic (loss)/earnings per share		(0.006)	0.002	N.M.
- Diluted (loss)/earnings per share	10	(0.005)	0.002	N.M.

The accompanying accounting policies and explanatory notes form an integral part of the condensed consolidated interim financial statements.

B. Condensed Interim Statements of Financial Position

		Group			Company
		Unaudited	Audited		Unaudited	Audited
		At 30 Jun 2026	At 31 Dec 2025		At 30 Jun  2026	At 31 Dec 2025
	Note	USD$'000	USD$'000		USD$'000	USD$'000
ASSETS
Current assets
Cash and cash equivalents		23,200	27,389		7,241	6,837
Trade and other receivables		9,293	9,254		354	82
Contract assets		9,086	6,178		-	-
Current income tax assets		151	88		-	-
Total current assets		41,730	42,909		7,595	6,919
Non-current assets
Intangible assets		19,325	17,245		368	391
Right-of-use assets		2,432	2,828		-	-
Property, plant and equipment	5	2,347	2,098		-	-
Investment in financial assets at amortised cost		1,446	1,451		1,446	1,451
Other non-current assets		514	460		-	-
Investment in subsidiaries		-	-		42,140	37,037
Deferred income tax assets		1,960	1,909		-	-
Total non-current assets		28,024	25,991		43,954	38,879
Total assets		69,754	68,900		51,549	45,798
LIABILITIES
Current liabilities
Trade and other payables		4,910	7,882		223	309
Short-term borrowings	6	4,000	-		4,000	-
Lease liabilities		1,749	1,745		-	-
Contract liabilities		336	327		-	-
Current income tax liabilities		48	140		-	-
Total current liabilities		11,043	10,094		4,223	309
Non-current liabilities
Lease liabilities-non-current		687	1,098		-	-
Other non-current liabilities		1,617	1,712		-	-
Deferred income tax liabilities		2,974	2,985		-	-
Total non-current liabilities		5,278	5,795		-	-
Total liabilities		16,321	15,889		4,223	309
NET ASSETS	11	53,433	53,011		47,326	45,489
EQUITY
Capital and reserves attributable to equity holders of the Company
Share capital	14	13,414	13,414		13,414	13,414
Treasury shares	17	(115)	-		(115)	-
Other reserves		34,787	31,669		37,809	35,349
Retained profits/(accumulated losses)		5,347	7,928		(3,782)	(3,274)
Total equity		53,433	53,011		47,326	45,489

The accompanying accounting policies and explanatory notes form an integral part of the condensed consolidated interim financial statements.

C. Condensed Interim Consolidated Statement of Cash Flows

	Unaudited 1H2026	Unaudited 1H2025
	USD$'000	USD$'000
Cash flows from operating activities
(Loss)/profit before income tax	(2,575)	953
Adjustments for:
- Depreciation of property, plant and equipment	420	397
- Depreciation of right-of-use assets	1,000	770
- Amortisation of intangible assets	506	329
- Reversal of impairment loss on financial assets	(3)	(1)
- Share-based compensation expenses	711	406
- Interest income	(138)	(339)
- Finance expenses	128	71
- Losses on disposal of property, plant and equipment	35	192
- Gains arising from lease modification	-	(36)
- Exchange losses	218	1,544
	302	4,286
Changes in working capital:
- Contract assets	(2,549)	(2,248)
- Trade and other receivables	247	136
- Contract liabilities	4	4
- Trade and other payables	(3,165)	(1,847)
Cash (used in)/generated from operations	(5,161)	331
Interest received	138	339
Income tax paid	(316)	(48)
Net cash (used in)/ generated from operating activities	(5,339)	622
Additions to property, plant and equipment	(774)	(185)
Decrease/(Increase) in prepayments for equipment	21	(123)
Additions to intangible assets	(66)	(26)
Proceeds from disposal of property, plant and equipment	100	-
(Increase)/decrease in refundable deposits	(65)	9
Acquisition of subsidiaries, net of cash acquired	(271)	(13,159)
Net cash used in investing activities	(1,055)	(13,484)
Cash flows from financing activities
Purchase of treasury shares	(115)	-
Principal payments of lease liabilities	(1,010)	(645)
Proceeds from bank borrowings	4,000	-
Interest paid	(96)	(56)
Cash dividends paid	(83)	(82)
Net cash generated from/ (used in) financing activities	2,696	(783)
Net decrease in cash and cash equivalents	(3,698)	(13,645)
Cash and cash equivalents
Beginning of financial period	27,389	39,832
Effects of exchange rate changes on cash and cash equivalents	(491)	(569)
End of financial period	23,200	25,618

The accompanying accounting policies and explanatory notes form an integral part of the condensed consolidated interim financial statements.

D. Condensed Interim Statements of Changes in Equity

	Attributable to owners of the Group
			Other reserves
	Share capital	Treasury Shares	Capital reserves	Other reserves	Currency Translation reserve	Retained profits	Total equity
	USD'$000	USD'$000	USD'$000	USD'$000	USD'$000	USD'$000	USD'$000
Balance at 1 January 2026 (Audited)
Beginning of financial period	13,414	-	33,724	(1,442)	(613)	7,928	53,011
(Loss) for the period	-	-	-	-	-	(2,498)	(2,498)
Other comprehensive gains for the period	-	-	-	-	658	-	658
Total comprehensive income/(loss)for the Period	-	-	-	-	658	(2,498)	(1,840)
Transactions with owners, recognized directly in equity
Share buyback	-	(115)	-	-	-	-	(115)
Share to be issued for acquisition	-	-	-	1,749	-	-	1,749
Cash Dividends	-	-	-	-	-	(83)	(83)
Share-based compensation expense	-	-	-	711	-	-	711
	-	(115)	-	2,460	-	(83)	2,262
Balance at 30 June 2026 (Unaudited)	13,414	(115)	33,724	1,018	45	5,347	53,433
Balance at 1 January 2025 (Audited)
Beginning of financial period	13,365	-	33,468	(2,063)	(2,462)	7,688	49,996
Profit for the period	-	-	-	-	-	927	927
Other comprehensive gains for the period	-	-	-	-	1,575	-	1,575
Total comprehensive income for the Period	-	-	-	-	1,575	927	2,502
Transactions with owners, recognized directly in equity
Profit appropriations to statutory reserves	-	-	-	4	-	(4)	-
Cash Dividends	-	-	-	-	-	(82)	(82)
Share-based compensation expense	-	-	-	406	-	-	406
	-	-	-	410	-	（86）	324
Balance at 30 June 2025 (Unaudited)	13,365	-	33,468	(1,653)	(887)	8,529	52,822

The accompanying accounting policies and explanatory notes form an integral part of the condensed consolidated interim financial statements.

	Attributable to owners of the Company
			Other reserves
	Share capital	Treasury Shares	Capital reserves	Other reserves	Retained profits	Total equity
	USD'$000	USD'$000	USD'$000	USD'$000	USD'$000	USD'$000
Balance at 1 January 2026 (Audited)
Beginning of financial period	13,414	-	33,724	1,625	(3,274)	45,489
(Loss) for the period	-	-	-	-	(425)	(425)
Total comprehensive (loss) for the Period	-	-	-	-	(425)	(425)
Transactions with owners, recognized directly in equity
Share buyback	-	(115)	-	-	-	(115)
Share to be issued for acquisition	-	-	-	1,749	-	1,749
Cash Dividends	-	-	-	-	(83)	(83)
Share-based compensation expense	-	-	-	711	-	711
	-	(115)	-	2,460	(83)	2,262
Balance at 30 June 2026 (Unaudited)	13,414	(115)	33,724	4,085	(3,782)	47,326
Balance at 1 January 2025 (Audited)
Beginning of financial period	13,365	-	33,468	1,008	(2,657)	45,184
(Loss) for the period	-	-	-	-	(144)	(144)
Total comprehensive (loss) for the Period	-	-	-	-	(144)	(144)
Transactions with owners, recognized directly in equity
Cash Dividends	-	-	-	-	(82)	(82)
Share-based compensation expense	-	-	-	406	-	406
	-	-	-	406	(82)	324
Balance at 30 June 2025 (Unaudited)	13,365	-	33,468	1,414	(2,883)	45,364

The accompanying accounting policies and explanatory notes form an integral part of the condensed consolidated interim financial statements

E.   Notes to the Condensed Interim Consolidated Financial Statements

1     Corporate information

Winking Studios Limited (the "Company") was incorporated in the Cayman Islands on 15 December 2005 pursuant to the Cayman Islands Companies Act as an exempted company with limited liability, under the name "Winking Entertainment Ltd". The Company was listed on the Catalist of Singapore Exchange Securities Trading Limited (the "SGX-ST") on 20 November 2023 and on the Alternative Investment Market ("AIM") of London Stock Exchange plc ("LSE") on 14 November 2024.

The address of the Company's registered office is P.O. Box 31119 Grand Pavilion, Hibiscus Way, 802 West Bay Road, Grand Cayman, KY1-1205, Cayman Islands.

The Company is an investment holding company. The Company, together with its subsidiaries (the "Group") are principally engaged in the operation of art outsourcing and game development studios in the People's Republic of China (the "PRC"), the Republic of China ("Taiwan"), Canada, and Malaysia.

The Group is one of the leading global AAA game art outsourcing studios and an established game development company. Clients of our Art Outsourcing and Game Development services include 22 of the top 25 game development companies in the world.

2   Basis of preparation      

The unaudited condensed interim financial statements for the six months ended 30 June 2026 have been prepared in accordance with IAS 34 Interim Financial Reporting issued by the International Accounting Standards Board ("IASB"). The condensed interim financial statements do not include all the information required for a complete set of financial statements. However, selected explanatory notes are included to explain events and transactions that are significant to an understanding of the changes in the Group's financial position and performance of the Group since the last annual financial statements for the year ended 31 December 2025.

The accounting policies adopted are consistent with those of the previous financial year which were prepared in accordance with IFRS Accounting Standards, except for the adoption of new and amended standards as set out in Note 2.1.

The condensed interim financial statements are presented in United States Dollar which is the Company's functional currency.

2.1 New and amended standards adopted by the Group

A number of amendments to Standards have become applicable for the current reporting period. The Group did not have to change its accounting policies or make retrospective adjustments as a result of adopting those Standards.

2.2 Use of judgements and estimates

In preparing the condensed interim financial statements, management has made judgements, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets and liabilities, income and expense. Actual results may differ from these estimates.

The significant judgements made by management in applying the Group's accounting policies and the key sources of estimation uncertainty were the same as those that applied to the consolidated financial statements as at and for the year ended 31 December 2025.

Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimates are revised and in any future periods affected.

Information about critical judgements in applying accounting policies that have the most significant effect on the amounts recognised in the financial statements is included in the following notes.

3   Seasonal operations

The Group's businesses were not affected significantly by seasonal or cyclical factors during the financial period. However, the first quarter is typically seasonally softer for certain Asian operations of the Group, including Mineloader, partly due to the Chinese New Year holiday.

4   Segment and revenue information

For management purposes, the Group is organised into business units based on our products and services, and has three reportable operating segments as follows:

(i)	Original Equipment Manufacturer ("Art Outsourcing Segment"), where the Group creates and develops digital art assets as part of our provision of art outsourcing services. The Group has the capabilities to provide a wide gamut of design services, including 2D concept art, 3D modelling, 2D animation, 3D animation and visual effects, which includes environment design and game character design.
(ii)	Original Design Manufacturer ("Game Development Segment"), where the Group provides game development services, including programming, development, design and script writing of games; and
(iii)	Global Publishing and Other Services Segment, where the Group (i) releases game products developed by us as well as third party game developers on global game platforms, including PlayStation, Switch and Steam (the "Global Publishing Segment"); and (ii) sell our video games developed in-house and peripheral gaming products ("Other Services Segment") (collectively, the "Global Publishing and Other Services Segment"). During the six-month period ended 30 June 2026, the revenue contribution from our Other Services Segment was insignificant.

4.1 The chief operating decision maker ("CODM") has been identified as the Executive Director and CEO (Founder) of the Company who reviews the Group's internal reporting in order to assess performance and allocate resources. The CODM has allocated resources and assessed the performance of the operating segments based on these reports.

4.2 Reportable Segments

Information about the disaggregation of the Group's revenue from external customers by the type of sales customers and assets by reportable operating segments is as follows:

	Group
	Unaudited
	1H2026
	Art	Game	Global Publishing and Other Services Segment	Total
	Outsourcing	Development
	Segment	Segment
	USD'$000	USD'$000	USD'$000	USD'$000
Segment revenue
Service revenue	19,940	3,490	-	23,430
Licensing and product revenue	-	-	36	36
	19,940	3,490	36	23,466
(Loss)/Profit before income tax	(2,000)	(599)	24	(2,575)
Significant non-cash items
Depreciation of property, plant and equipment	357	62	1	420
Depreciation of right-of-use assets	849	149	2	1,000
Amortisation of intangible assets	430	75	1	506
Segment assets	57,607	10,083	104	67,794
Included in the segment assets:
Trade receivables and other receivables	7,897	1,382	14	9,293
Additions to:
Property, plant and equipment	658	115	1	774
Right-of-use assets	494	86	1	581
Intangible assets	56	10	-	66
Segment liabilities	11,342	1,985	20	13,347

	Group
	Unaudited 1H2025
	Art	Game	Global Publishing and Other Services Segment	Total
	Outsourcing	Development
	Segment	Segment
	USD'$000	USD'$000	USD'$000	USD'$000
Segment revenue
Service revenue	15,906	3,413	-	19,319
Licensing and product revenue	-	-	66	66
	15,906	3,413	66	19,385
Profit before income tax	565	371	17	953
Significant non-cash items
Depreciation of property, plant and equipment	326	70	1	397
Depreciation of right-of-use assets	632	136	2	770
Amortisation of intangible assets	270	58	1	329
Segment assets	52,583	11,282	218	64,083
Included in the segment assets:
Trade receivables and other receivables	6,584	1,413	26	8,023
Additions to:
Property, plant and equipment	151	33	1	185
Right-of-use assets	352	75	1	428
Intangible assets	21	5	-	26
Segment liabilities	8,458	1,815	35	10,308

4.3 Geographical information of Revenue

Revenue from external customers was classified based on the customers' respective locations. Geographical information is as follows:

		Group
		Unaudited	Unaudited
		1H2026	1H2025
		USD'$000	USD'$000
Mainland China and Hong Kong[8]		9,518	7,581
Japan		3,586	1,718
United States		3,119	2,851
Taiwan[9]		3,059	3,286
South Korea		3,027	2,601
Other		1,157	1,348
Total Revenue		23,466	19,385

Revenue from Mainland China and Hong Kong is contributed by two segments, one is the customers from Mainland China and Hong Kong and the other is from Mainland China and Hong Kong (non-China) that comprises

(i) subsidiaries located in Mainland China and Hong Kong owned by European and American customers

(ii) overseas subsidiaries of Mainland China and Hong Kong customers

In 1H2026, Chinese customers from Mainland China and Hong Kong accounted for 29.4% (1H2025: 22.8%) of the Group's total revenue, while Mainland China and Hong Kong (non-China) accounted for 11.2% (1H2025: 16.3%) of the Group's total revenue. On a combined basis, Mainland China and Hong Kong accounted for 40.6% (1H2025: 39.1%) of the Group's total revenue.

The Group continues to make good progress with our revenue diversification strategy, which saw Japan delivering strong revenue growth in 1H2026 as compared to 1H2025.

4.4 Geographical information of non-current assets

Non-current assets were classified based on the assets' respective locations. Geographical information is as follows:

	Group
	Unaudited	Audited
	At 30 Jun 2026	At 31 Dec 2025
	USD$'000	USD$'000
Mainland China and Hong Kong[10]	18,286	18,807
Taiwan[11]	2,103	2,396
Others[12]	5,675	2,879
Total[13]	26,064	24,082

5. Property, plant and equipment

During the six-month period ended 30 June 2026, the Group acquired assets amounting to approximately US$0.8 million (30 June 2025: US$0.2 million) and the Group disposed of assets amounting US$0.1 million (30 June 2025: approximately US$0.2 million).

6. Loans and borrowings

		Group
	Unaudited	Audited
Group borrowings	At 30 Jun 2026 US$'000	At 31 Dec 2025 US$'000
Amount repayable in one year or less - unsecured	4,000	-
Amount repayable after one year - unsecured	-	-
Total borrowings	4,000	-

The borrowings are unsecured and are not guaranteed. No assets of the Group have been pledged or charged as collateral. The banking facilities may be renewed upon successful completion of the respective facility renewal processes prior to their expiry, subject to the relevant banks' approval.

7. (Loss)/profit before income tax

(Loss)/profit before income tax includes the following:

			Group
			Unaudited	Unaudited
			1H2026	1H2025
			USD$'000	USD$'000
Government grant income			88	54
Gain arising from lease modification			-	36
Other non-operating income			5	-
Other income from ultimate holding company			-	66
Other income			93	156
Foreign exchange (losses)/ gains			(585)	232
Other non-operating gains			-	8
Losses on disposal of property, plant and equipment			(35)	(192)
Other (losses)/gains - net			(620)	48
Reversal of impairment loss on financial assets			3	1
Interest income			138	339
Finance expenses			(128)	(71)
Depreciation of property, plant and equipment			(420)	(397)
Depreciation of right of use assets			(1,000)	(770)
Amortisation of intangible assets			(506)	(329)

8. Taxation

The Group calculates the period income tax credit (expense) using the tax rate that would be applicable to the expected total annual earnings. The major components of income tax  credit (expense) in the condensed consolidated statement of profit or loss are:

	Group
	Unaudited	Unaudited
	1H2026	1H2025
	USD$'000	USD$'000
Current period income tax	97	(34)
Under provision for current income tax	(115)	(32)
Total current income tax	(18)	(66)
Deferred income tax credit	95	40
Income tax credit /(expenses）	77	(26)

9. Dividends

	Group and Company
	Unaudited	Unaudited
	1H2026	1H2025
	USD$'000	USD$'000
No interim dividend has been proposed for 1H2026 (1H2025: Nil )
	-	-

10. Earnings per share ("EPS")

(a)     Basic (loss)/earnings per share

	Group
	Unaudited	Unaudited
	1H2026	1H2025
	USD$'000	USD$'000
(Loss)/earnings per ordinary share for the period:
Net (loss)/profit attributable to equity holders of the Company (USD$'000)	(2,498)	927
Weighted average number of shares ('000)	441,921	440,365
Basic (loss)/earnings per share (in USD$)	(0.006)	0.002

The weighted average number of ordinary shares outstanding for 1H2026 had been adjusted to reflect:

(i) Regarding the acquisition of Mineloader, the issuance of 1,573,176 new incentive shares to its Key Management Personnel that was completed on 28 October 2025 at £0.1997 (approximately S$0.33) per share.

(ii)  A total of 664,600 shares were acquired and held as treasury shares between 1st January and 30 June 2026, with an aggregate consideration of US$115,000 (including stamp duties, clearing charges, and trading fees).

(b)    Diluted (loss)/ earnings per share

		Group
		Unaudited	Unaudited
		1H2026	1H2025
		USD$'000	USD$'000
(Loss)/earnings per ordinary share for the period:
Net (loss)/profit attributable to equity holders of the Company (USD$'000)		(2,498)	927
Weighted average number of ordinary shares ('000)		458,299	443,020
Diluted (loss)/earnings per share (in USD$)		(0.005)	0.002

11. Net asset value per share (NAV)

	Unaudited	Audited	Unaudited	Audited
	Group	Group	Company	Company
	At 30 Jun 2026	At 31 Dec 2025	At 30 Jun 2026	At 31 Dec 2025
Net Asset (USD$'000)	53,433	53,011	47,326	45,489
Number of issued shares ('000)  (excluding treasury shares)	441,274	441,938	441,274	441,938
Net asset value per ordinary share (USD$ cents)	12.11	12.00	10.72	10.29

Net asset value per share is calculated by dividing the Group's net assets attributable to owners of the Company by the total number of issued ordinary shares (exclude treasury shares) as at 30 June 2026 and 31 December 2025.

12. Related party transactions

Names of related parties	Relationship with the Company
Acer Incorporated	Controlling Shareholder/Ultimate Holding Company
Acer Gaming Inc.	Associate of Controlling Shareholder
Acer America Corporation	Associate of Controlling Shareholder
Directors, President and Key Management	The Group's key management and governance
Ivan Tech. Co., Ltd	Associate of Controlling Shareholder

*Acer Group divested its interest in 2H2025 and Ivan Tech. Co., Ltd. ceased to be a related party from the date of divestment.

（a)   Transactions with related parties

	Group
	Unaudited	Unaudited
	1H2026	1H2025
	US$'000	US$'000
Administrative fees from ultimate holding company	-	7
Reimbursement of research and development costs from ultimate holding company	-	313
Other income from ultimate holding company	-	66
Advance payable from ultimate holding company	-	71

（b)   Key management personnel compensation

	Group
	Unaudited	Unaudited
	1H2026	1H2025
	US$'000	US$'000
Short-term employee benefits	431	370
Share-based compensation expenses	348	345
Total	779	715

13. Fair value of assets and liabilities

	Group	Group	Company	Company
	Unaudited	Audited	Unaudited	Audited
	At 30 Jun 2026	At 31 Dec 2025	At 30 Jun 2026	At 31 Dec 2025
	USD$'000	USD$'000	USD$'000	USD$'000
Financial assets carried at amortised cost
Cash and cash equivalents	23,200	27,389	7,241	6,837
Trade and other receivables	7,494	8,157	354	82
Investment in financial assets at amortised cost	1,446	1,451	1,446	1,451
Other non-current assets - refundable deposits	495	430	-	-
	32,635	37,427	9,041	8,370
Financial liabilities measured at amortised cost
Trade and other payables	4,910	7,882	223	309
Short term borrowings	4,000	-	4,000	-
Other non-current liabilities	1,617	1,712	-	-
Current Lease liabilities	1,749	1,745	-	-
Non-current Lease liabilities	687	1,098	-	-
	12,963	12,437	4,223	309

14. Share capital

	The Group and the Company
	No. of	Amount
	issued shares	USD'$000
2026
Beginning / End of 30 June 2026 (Unaudited)	441,938,118	13,414
2025
Beginning / End of 30 June 2025 (Unaudited)	440,364,942	13,365

On 28 October 2025, the Company issued 1,573,176 new 2025 Incentive Shares to the key management personnel of Mineloader following the terms as set out in the Incentive Agreements. The issue price per share is £0.1997 (or approximately S$0.33).

As at 30 June 2025 and 30 June 2026, the Company did not hold any subsidiary holdings or outstanding convertible securities. However, the Company had outstanding warrants issued to brokers and Restricted Employee Shares granted to employees, which may result in future issuances of shares.

15. Share-based compensation

a.   Awards

1.   Plan 1:

Grant Date: 21 April 2025

Quantity Granted: 1,950,000 shares (par value S$0.04 per share)

Quantity Lapsed: 1,200,000 shares (par value S$0.04 per share)

Vesting Conditions: Up to 6 years of service

Grantees: Full-time employees of Winking Studios Limited Group who meet specific criteria

Currently, the grant of this Plan 1 under the Winking Studios Performance Share Plan is scheduled to distribute shares in four annual installments from 2025 to 2028 with vesting period ranging from 2029 to 2031. Each installment is subject to different personal performance evaluation indicators, the Company's operational goals, and service tenure. The actual issuance of shares to eligible employees will occur upon achieving these three indicators. Full-time employees who have been granted these shares are eligible to subscribe to the allocated shares at a price of S$0 per share. Employees who do not meet the vesting conditions shall not obtain the shares pursuant to the Winking Studios Performance Share Plan.

Awards units that are expected to be share-settled are measured at their fair values at the granted date. The fair value is measured based on the share price and vesting condition at the granted date by Monte Carlo method.

Plan	Part	No. of Shares	Fair value per Shares
Awards - Plan 1	A	1,625,000	S$ 0.2485~0.2493
Awards - Plan 1	B	325,000	S$ 0.2209~0.2409

2.   Plan 2:

Grant Date: 8 April 2024 

Quantity Granted: 20,808,000 shares (par value S$0.04 per share)

Vesting Conditions: Up to 7 years of service

Grantees: Full-time employees of Winking Studios Limited Group who meet specific criteria

On 27 September 2023, Winking Studios Limited approved the "Winking Studios Performance Share Plan" at an Extraordinary General Meeting. On 8 April 2024, the Remuneration Committee resolved to issue 20,808,000 shares to eligible full-time employees. Subject to respective vesting conditions, a total of up to 12,580,000 shares will be granted to the Executive Director and CEO (Founder) Mr. Johnny Jan, 2,240,000 shares will be granted to the Finance Director and Group CFO Oliver Yen (who was not appointed as a Director at that point in time) and up to 5,988,000 shares to the remaining employees.

Currently, the grant of the Plan 2 under the Winking Studios Performance Share Plan is scheduled to distribute shares in five annual installments from 2024 to 2028 with vesting period ranging from 2027 to 2031. Each installment is subject to different personal performance evaluation indicators, the Company's operational goals, and service tenure. The actual issuance of shares to eligible employees will occur upon achieving these three indicators. Full-time employees who have been granted these shares are eligible to subscribe to the allocated shares at a price of S$0 per share. Employees who do not meet the vesting conditions shall not obtain the shares pursuant to the Winking Studios Performance Share Plan.

Awards units that are expected to be share-settled are measured at their fair values at the granted date. The fair value is measured based on the share price and vesting condition at the granted date by Monte Carlo method.

Plan	Part	No. of Shares	Fair value per Shares
Awards - Plan 2	C	5,328,000	S$ 0.2393
Awards - Plan 2	D	11,800,000	S$ 0.2125~0.2333
Awards - Plan 2	E	3,680,000	S$ 0.1292~0.1603

3.   Plan 3:

Grant Date: 26 Feb 2026

Quantity Granted: 1,410,000 shares (par value S$0.04 per share)

Quantity Lapsed: 1,410,000 shares (par value S$0.04 per share)

Vesting Conditions:  Up to 5 years of service       

Grantees: Full-time employees of Winking Studios Limited Group who meet specific criteria 

Currently, the grant of this Plan 3 under the Winking Studios Performance Share Plan is scheduled to distribute shares in three annual installments from 2026 to 2028 with vesting period ranging from 2029 to 2031. Each installment is subject to different personal performance evaluation indicators, the Company's operational goals, and service tenure. The actual issuance of shares to eligible employees will occur upon achieving these three indicators. Full-time employees who have been granted these shares are eligible to subscribe to the allocated shares at a price of S$0 per share. Employees who do not meet the vesting conditions shall not obtain the shares pursuant to the Winking Studios Performance Share Plan.

Awards units that are expected to be share-settled are measured at their fair values at the granted date. The fair value is measured based on the share price and vesting condition at the granted date by Monte Carlo method.

Plan	Part	No. of Shares	Fair value per Shares
Awards - Plan 3	G	500,000	S$0.2436~0.2441
Awards - Plan 3	H	250,000	S$0.2388~0.2423
Awards - Plan 3	I	660,000	S$0.2444

b.   Share issue mandates

Pursuant to Article 12 of the Company's Amended and Restated Memorandum and Articles of Association, and Catalist Rule 806, on an annual basis, the Company seeks shareholders' approval for the authority to issue shares under a share issue mandate. Such mandate is renewable annually at an annual general meeting. Share issue mandates can be used for various purposes, including strategic acquisitions and/or reward purposes, subject to compliance with applicable laws, regulations and Catalist Rules.

Plan 1:

Grant Date: 28 Oct 2025

Quantity Granted: 13,495,156 shares (par value S$0.04 per share)

Quantity Vested: 1,573,176 shares (par value S$0.04 per share)

Vesting Conditions: Up to 5 years of service

Grantees: Key Management Personnel of Mineloader who meet specific criteria.

Currently, the grant of the Mineloader's Incentive Shares is scheduled to distribute shares with vesting period ranging from 2025 to 2030. The actual issuance of shares to eligible employees will occur upon achieving certain performance evaluations. Full-time employees who have been granted these shares are eligible to subscribe to the allocated shares at a price of S$0 per share.

Incentive Shares that are expected to be share-settled are measured at their fair values at the granted date. The fair value is measured based on the share price and vesting condition at the granted date by market approach.

Plan	Part	No. of Shares	Fair value per Shares
Share issue mandates - Plan 1	F	13,495,156	S$ 0.2489~0.2500

c. Movement

		Group
	Unaudited	Unaudited
	2026	2025
Shares granted, vested and lapsed:	No. of ordinary shares	No. of ordinary shares
Balance at 1 January	33,479,980	20,808,000
Granted	1,410,000	1,950,000
Lapsed	( 1,410,000)	-
Balance at 30 June	33,479,980	22,758,000

16. Warrants

On 8 November 2024, Winking Studios Limited granted a total of 4,487,359 warrants to Grantee A & Grantee B, as part of the company's financial advisory and structuring arrangements related to its AIM dual listing in the UK in 2024. These warrants form part of the listing expenses, compensating the brokers and advisors who played a key role in the listing process. The warrants entitle the holders to subscribe for ordinary shares at £0.15 per warrant within the respective exercise periods. As of 30 June 2026, no warrants have been exercised.

Warrants Issued but Not Exercised	No. of Warrants	Fair value per share
Granted (A)	83,710	£0.0591
Granted (B)	4,403,649	£0.0777
Beginning / End of 30 June 2026 (Unaudited)	4,487,359

17. Treasury Shares

Between 1st January and 30 June 2026, a total of 664,600 shares per share were acquired and held as treasury shares with an aggregate consideration of US$115,000  (including stamp duties, clearing charges, and trading fees).

F.     Other information required by the Appendix 7C of the Catalist Rules

1    Review

The condensed consolidated statement of financial position of Winking Studios Limited and its subsidiaries as at 30 June 2026, and the related condensed consolidated statement of comprehensive income, condensed consolidated statement of changes in equity, condensed consolidated cash flows statements for the six months ended 30 June 2026 and related notes have not been audited or reviewed by our auditors.

2    Where the latest financial statements are subject to an adverse opinion, qualified opinion or disclaimer of opinion (this is not required for any audit issue that is a material uncertainty relating to going concern):-

(a)	Updates on the efforts taken to resolve each outstanding audit issue.
	Not applicable. The Group's latest audited financial statements are not subject to an adverse opinion, qualified opinion or disclaimer of opinion.
(b)	Confirmation from the Board that the impact of all outstanding audit issues on the financial statements have been adequately disclosed.
	Not applicable. The Group's latest audited financial statements are not subject to an adverse opinion, qualified opinion or disclaimer of opinion.

3    A review of the performance of the group, to the extent necessary for a reasonable understanding of the group's business. The review must discuss any significant factors that affected the turnover, costs, and earnings of the group for the current financial period reported on, including (where applicable) seasonal or cyclical factors. It must also discuss any material factors that affected the cash flow, working capital, assets or liabilities of the group during the current financial period reported on.

1)     Statements of Profit and Loss and Other Comprehensive Income

1H2025 vs 1H2026

Revenue

The Group's revenue increased from US$19.4 million in 1H2025 to US$23.5 million in 1H2026, an increase of US$4.1 million, presenting a growth of 21.1%. The Group's organic revenue[14] increased by 8.9% in 1H2026. Ampera's acquisition was completed in April 2026 and contributed revenue of US$0.1 million in 1H2026.

Art Outsourcing segment: Game art production remains highly dependent on human creativity, artistic judgement and quality control, areas where Winking continues to excel. Historically, this business segment has contributed the majority of the Group's revenue. In 1H2026, it accounted for 85.0% of the Group's overall revenue (1H2025: 82.1%). Revenue from this business segment increased by 25.4% or US$4.0 million, to US$19.9 million (1H2025: US$15.9 million), mainly due to the additional first-quarter contribution of Mineloader (which was acquired in April 2025) and the full six-month contribution of Vertic Studios (which was established in July 2025).

Game Development segment: In 1H2026, this business segment contributed 14.9% of the Group's overall revenue (1H2025: 17.6%), representing a revenue growth of 2.3% or US$0.1 million to US$3.5 million (1H2025: US$3.4 million), driven by new customer acquisitions and increased project volumes.

Global Publishing and Other Services segment: In 1H2026, this business segment contributed revenue of US$0.04 million or 0.1% of the Group's overall revenue in 1H2026, which remained the smallest revenue contributor of the Group (1H2025: US$0.1 million).

Gross Profit

While the Group posted revenue growth of 21.1% in1H2026, its gross margin dipped to 24.0% in 1H2026 (1H2025: 30.2%) mainly due to the three main factors as follows:

·	Inclusion of the seasonally softer 1Q2026 performance from Mineloader following its acquisition: The acquisition of Mineloader, which specialises in higher-margin AAA console art projects, was completed in April 2025 and has since become a key contributor to the Group's revenue and gross profit. The first quarter of the calendar year is typically a seasonally softer period for the gaming outsourcing industry in Asia, partly due to the Chinese New Year holiday. Consequently, the inclusion of Mineloader's 1Q2026 moderated the Group's overall gross profit margin for 1H2026.
·	AI investment to enhance game development capabilities: As part of its AI strategy, the Group allocated internal development resources to strengthen its AI capabilities during 1H2026. The diversion of resources from revenue-generating production activities represented approximately US$0.9 million, which impacted production efficiency and the Group's gross profit margin in 1H2026.
·	Upfront costs in our North America expansion strategy: The acquisition of Quebec-based Ampera in April 2026 marks an important step in strengthening the Group's commercial presence across Western markets. Founded by Claude Bordeleau ("Claude"), a former senior executive at Keywords Studios who now serves as Winking Studios' Chief Revenue Officer ("CRO"), Ampera is expected to progressively enhance the Group's revenue contribution over time. To support this growth strategy, the Group is making targeted investments in business development, sales and marketing, which typically have a two to three-year payback period and such upfront investments have also impacted the Group's gross profit margin in 1H2026.

On a like-for-like basis, excluding the impact of Mineloader's consolidation in 1Q2026, as well as the acquisition of and further investment in Ampera and the AI-related investment, the Group's underlying gross profit margin would have remained relatively stable at 30.1% in 1H2026, as compared to 30.2% in 1H2025.

Other Income

Other income decreased to US$0.1 million in 1H2026 (1H2025: US$0.2 million), mainly due to the absence of US$0.1 million recognised in the prior period in relation to a project with a related party.

Other (Losses)/Gains - Net

Other net losses of US$0.6 million were recognised in 1H2026, as compared to a net gain of US$0.05 million in 1H2025, which was mainly attributed to forex loss due to currency fluctuations from a US$0.2 million gain in 1H2025 to a US$0.6 million loss in 1H2026.

Distribution and Marketing Expenses

Distribution and marketing expenses rose 52.3% to US$1.6 million in 1H2026 (1H2025: US$1.1 million), which was mainly due to higher investments in sales, marketing and promotional activities of approximately US$0.4 million by the newly-established Vertic and newly-acquired Ampera businesses to support their commercial and market expansion.

Administrative Expenses

Reflecting the planned scaling of our business platform to support recent acquisitions and future growth initiatives, the Group's administrative expenses increased by US$1.7 million, or 40.4%, to US$6.1 million in 1H2026 (1H2025: US$4.3 million), which was mainly due to the following:

·	US$0.5 million from the consolidation of Mineloader's administrative costs, primarily reflecting an additional three months of operating expenses in 1Q2026, including acquisition-related amortisation, compared with 1H2025, when only Mineloader's administrative costs in 2Q2025 were recognised following the completion of the acquisition in April 2025.
·	US$0.4 million of additional administrative costs associated with the newly-established entity, Vertic Studios and newly-acquired subsidiary, Ampera; and
·	US$0.3 million that was related to share-based compensation of Mineloader, which commenced in October 2025.

Interest Income

Interest income decreased by 59.3% to US$0.1 million in 1H2026 (1H2025: US$0.3 million), which was mainly attributed to a lower cash holdings during 1H2026.

Finance Expenses

Finance expenses increased to US$0.1 million in 1H2026 (1H2025: US$0.1 million), primarily reflecting the interest expenses on new borrowings undertaken to establish credit facilities and support the Group's long-term banking relationships.

Income Tax Benefit (Expenses)

Income tax benefits of US$0.1 million was recognized in 1H2026 (1H2025: income tax expenses of US$0.03 million) that was mainly attributed to reversal of deferred income tax liabilities.

Depreciation and Amortisation Expenses

Depreciation and amortisation expenses increased by 28.7% to US$1.9 million in 1H2026 (1H2025: US$1.5 million) that was primarily driven by the additional first-quarter contribution of Mineloader's depreciation and amortisation in 1H2026, as compared to only three months of recognition in 1H2025, following its acquisition in April 2025. 

2)     Statements of Financial Position

The comparative analysis of assets and liabilities is based on the Group's financial statements as at 31 December 2025 and 30 June 2026.

Current assets decreased by US$1.2 million or 2.7% to US$41.7 million as at 30 June 2026, as compared to US$42.9 million as at 31 December 2025, mainly due to the following:

Cash and Cash Equivalents

As at 30 June 2026, cash and cash equivalents totalled US$23.2 million, a decrease of US$4.2 million or 15.3%, as compared to US$27.4 million as at 31 December 2025. This was mainly due to additional cash outflows of US$3.2 million for the payment of employee wages and bonuses, reflecting the significant increase in headcount from over 800 employees as at the end of 2024 to more than 1,400 employees as at the end of 2025. 

Contract Assets

Contract assets increased by US$2.9 million or 47.1% from US$6.2 million as at 31 December 2025 to US$9.1 million as at 30 June 2026, primarily driven by an increase of work completed but not yet billed, reflecting the timing difference between revenue recognition and customer invoicing. Almost 100% of the contract assets from the previous period's output were converted into trade receivables or cash collections.

Non-Current Assets increased by US$2.0 million or 7.8% to US$28.0 million as at 30 June 2026, as compared to US$26.0 million as at 31 December 2025, mainly due to the following:

Intangible Assets

Intangible assets increased by US$2.1 million or 12.1% from US$17.2 million as at 31 December 2025 to US$19.3 million as at 30 June 2026, primarily due to the recognition of US$2.2 million in goodwill associated with the acquisition of Ampera.

Right-of-use Assets

Right-of-use assets, which relates to rental leases, decreased by US$0.4 million or 14.0% from US$2.8 million as at 31 December 2025 to US$2.4 million as at 30 June 2026, mainly due to depreciation during the period under review.

Property, plant and equipment

Property, plant and equipment increased by US$0.2 million or 11.9% from US$2.1 million as at 31 December 2025 to US$2.3 million as at 30 June 2026, primarily due to office renovation.

Current Liabilities increased by US$0.9 million or 9.4% to US$11.0 million as at 30 June 2026, as compared to US$10.1 million as at 31 December 2025, mainly due to the following:

Trade and Other Payables

Trade and Other Payables decreased by US$3.0 million or 37.7% to US$4.9 million, as compared to US$7.9 million, mainly due to the payment of accrued employees' bonuses and wages, primarily reflecting the significant increase in headcount from over 800 employees as at the end of 2024 to more than 1,400 personnel as at the end of 2025.

Short-term borrowings

The US$4.0 million increase in new bank borrowings during 1H2026 (1H2025: Nil) was primarily undertaken to establish credit facilities with the bank, strengthening the Group's long-term banking relationship and provide access to future financing.

Non-Current Liabilities decreased by US$0.5 million or 8.9% to US$5.3 million as at 30 June 2026, as compared to US$5.8 million as at 31 December 2025, mainly due to the following:

Lease Liabilities (Non-Current)

Lease liabilities (non-current) decreased by US$0.4 million or 37.4% to US$0.7 million as at 30 June 2026, as compared to US$1.1 million as at 31 December 2025, which was mainly attributable to principal repayments of US$1.0 million.

3)      Statement of Cash Flows

Net Cash Used in Operating Activities

Net cash used in operating activities was US$5.3 million in 1H2026, as compared to US$0.6 million generated in 1H2025, which was mainly due to the following:

·	Strategic investments in Ampera, Vertic and AI initiatives that amounted to US$1.5 million to strengthen our capabilities, product development and long-term growth;
·	With the significant increase in headcount from over 800 employees as at the end of 2024 to more than 1,400 personnel as at the end of 2025, there was a significant increase of US$1.3 million in the payment of employee wages and bonuses in 1H2026 compared with 1H2025; and
·	Following the consolidation of Mineloader, the Group experienced an additional cash outflow of US$1.2 million, mainly due to the typical seasonal softer period for the gaming outsourcing industry in Asia during the first quarter of the calendar year, partly due to the Chinese New Year holiday.

Net Cash Used in Investing Activities

Net cash used in investing activities decreased significantly by US$12.4 million from US$13.5 million in 1H2025 to US$1.1 million in 1H2026, mainly due to the absence of large acquisition-related payments, as these were substantially completed in the corresponding period last year.

Net Cash Generated from Financing Activities

Net cash generated by financing activities totalled US$2.7 million in 1H2026 (1H2025: outflow of US$0.8 million), which was primarily driven by US$4.0 million in new bank borrowings undertaken to establish credit facilities and strengthen the Group's long-term banking relationships.

4     Where a forecast, or a prospect statement, has been previously disclosed to shareholders, any variance between it and the actual results.

In 1H2026, the Group has recognised revenue of US$23.5 million based on the indicative bookings of our artists by customers of at least US$48.6 million (to be secured over the next 24 months and depending on the final confirmation from customers) as at 31 December 2025 as disclosed in our full-year results announcement for FY2025, and Annual Report 2025.

Building on this momentum, barring unforeseen circumstances, the Group expects a stronger project pipeline over the next 24 months based on indicative bookings of our artists by customers of at least US$51.6 million (subject to the final confirmation from customers) as at 30 June 2026. Of which, US$22.4 million of the indicative bookings is expected to be recognised in 2H2026 (subject to the final confirmation from customers).

During 1H2026, in line with its indicative bookings and business expansion plans, the Group incurred higher marketing and administrative costs, and made further investments in its technology infrastructure to support its operations and customer base.

5     A commentary at the date of the announcement of the competitive conditions of the industry in which the group operates and any known factors or events that may affect the group in the next reporting period and the next 12 months.

Global outsourced game development expenditure is expected to reach US$16.0 billion by 2030, with one-stop game development companies expected to be a key driver of market growth[15]. Outsourcing is increasingly embedded in modern game production rather than treated as a cyclical decision, with developers and publishers looking to fewer, larger partners able to provide both creative and game development capacity at scale[16].

Demand for game development capabilities is also increasing^15,16, strengthening the opportunity for established art outsourcing providers such as Winking Studios to develop into more integrated, end-to-end partners. This trend is particularly relevant in Western markets and plays directly to the Group's combination of large-scale art production, growing game development capability and global delivery capacity.

United States revenue represented 13.3% of Group revenue in 1H2026. This remains a relatively modest contribution compared with the size of the market and underlines the scope to increase the Group's Western-market exposure as Ampera develops. Western markets have historically generated some of the Group's highest margins, strengthening the opportunity presented by combining direct local customer access with the scale and cost-efficiency of our Asian production platform.

Winking Studios is therefore well-positioned to benefit, our broad capabilities and global delivery platform enabling us to offer true end-to-end development services within the gaming outsourcing industry

6   To show the total number of issued shares excluding treasury shares as at the end of the current financial period and as at the end of the immediately preceding year.

		Group
	Unaudited	Audited
	At 30 Jun 2026	At 31 Dec 2025
	No. of ordinary shares	No. of ordinary shares
Total number of issued shares	441,938,118	441,938,118
Treasury shares	(664,600)	-
Total number of issued shares  (exclude treasury shares)	441,273,518	441,938,118

During 1H2026, the Company acquired via on-market purchases and held 664,600 shares as treasury shares. The treasury shares represented approximately 0.15% of the Company's total number of issued shares excluding treasury shares.

7  A statement showing all sales, transfers, cancellation and/or use of treasury shares as at the end of the current financial period reported on.

Not applicable. There were no sales, transfers, cancellations or use of treasury shares during the current financial period.

8  A statement showing all sales, transfers, cancellation and/or use of subsidiary holdings as at the end of the current financial period reported on.

Not applicable. There were no sales, transfers, cancellation and/ or use of subsidiary holdings during and as at the end of the current financial period reported on.

9  If no dividend has been declared/recommended, a statement to that effect.

No interim dividend has been declared or recommended for the current financial period under review as the Company intends to preserve cash resources to support the Group's ongoing strategic investments and working capital requirements.

10 If the Group has obtained a general mandate from shareholders for interested person transactions ("IPTs"), the aggregate value of such transactions as required under Rule 920(1)(a)(ii). If no IPT mandate has been obtained, a statement to that effect.

The Company had obtained shareholders' approval for an updated general mandate for IPTs at its general meeting held on 30 April 2026. Save as disclosed below, there are no other IPTs equal to or above SG$ 100,000 (equivalent to US$73,746) in 1H2026.

Name of Interested Persons	Details of Transactions	Aggregate value of the IPTs during the financial period (excluding IPTs previously approved by shareholders and excluding transactions less than SG$ 100,000 (US$'000)	Aggregate value of the IPTs during the financial period which were previously approved by shareholders excluding transactions less than SG$ 100,000 (US$'000)
Acer Incorporated	Reimbursement of research and development costs	-	313
Total		-	313

11 Use of Placement (as defined in the Placement Circular) proceeds as at date of this announcement.

(a) Pursuant to Rule 704(30) of the SGX-ST Listing Manual Section B: Rules of Catalist, the Board wishes to announce the Company received gross proceeds of SG$ 27,000,000 (approximately net proceeds of SG$ 26,500,000) ("Net July Placement Proceeds") from the placement of new shares pursuant to the Placement Circular on 8 July 2024. As at the date of this announcement, the status on the use of the Net July Placement Proceeds is as follows:

Use of net proceeds	Amount in aggregate (S$'000)	Amount utilised from 08 July 2024 to 30 June 2026 (S$'000)	Balance as at 30 June 2026  (S$'000)
Corporate actions such as secondary or dual listings of the Company, potential fundraising exercises, pursuing strategic acquisitions, alliances and joint ventures to grow the Group's market share and broaden the Group's customer base	17,200	17,200	-
Enhancement of the Group's current operational capabilities, which include continuous exploration of the use of AI capabilities	4,000	2,106	1,894
Expansion and improvements to the Group's regional offices and supporting infrastructure as the Group continues to increase its market presence globally	2,700	1,040	1,660
Professional and other related fees to be incurred in relation to potential corporate exercises such as fundraising exercises, listings, strategic acquisitions, alliances and joint ventures	1,300	1,300	-
General working capital requirements of the Group	1,300	1,300	-
Total	26,500	22,946	3,554

(b) Pursuant to Rule 704(30) of the SGX-ST Listing Manual Section B: Rules of Catalist, the Board wishes to announce the Company received gross proceeds of SG$ 13,500,000(approximately £7.9 million) (approximately net proceeds of SG$ 10,149,000) ("Net AIM Listing Proceeds") from the placement of new shares pursuant to the placing on 14 November 2024. As at the date of this announcement, the status on the use of the Net AIM Listing Proceeds is as follows:

Use of net proceeds	Amount in aggregate (S$ '000)	Amount utilized from 14 November 2024 to 30 June 2026 (S$'000)	Balance as at 30 June 2026  (S$'000)
To continue actively pursuing strategic acquisitions, alliances and joint ventures in Asia and Europe to grow the Group's market share and increase operational capacity	9,537	1,097	8,440
To establish a stronger presence and broaden the Group's customer base in the North American and European markets, including (i) increasing the Group's marketing and business development efforts; (ii) establishing a UK-based regional hub; (iii) and pursuing acquisitions of smaller studios in this region	306	306	-
Enhancement of the Group's current operational capabilities, which include continuous development and improvement of the Group's AI capabilities	306	-	306
Total	10,149	1,403	8,746

12  Confirmation that the issuer has procured undertakings from all its directors and executive officers (in the format set out in Appendix 7H) under Rule 720(1).

The Company confirms that it has procured undertakings from all its directors and executive officers in the format as set out in Appendix 7H in accordance with Rule 720(1) of the Catalist Rules.

13  In the review of performance, the factors leading to any material changes in contributions to turnover and earnings by the operating segments.

Please refer to item F.3

14  Disclosures on Incorporation of Entities, Acquisition and Realisation of Shares pursuant to Catalist Rule 706A.

Acquisition of 100% of the Issued and Paid‑Up Share Capital of Studios Ampera Inc. ("Ampera")

Purchase Consideration

On 26 March 2026, the Company entered into a share purchase agreement to acquire 100% of Ampera. The aggregate consideration totals approximately US$2.1 million, comprising an initial cash payment of US$0.4 million (settled on completion) and a deferred consideration of US$1.7 million shall be allotted and issued in tranches subsequent to the completion of the Acquisition. The total purchase consideration was arrived at following arm's length negotiations between the Company and the vendors on a willing-buyer, willing-seller basis, after taking into account, among other factors, the fair value of Ampera and the prevailing global market conditions in the art outsourcing and game development industries.

For further details, please refer to the Company's announcement dated 27 March 2026.

	Unaudited
Purchase consideration	USD$'000
Initial payment	382
Shares to be issued	1,749
Total consideration	2,131
Assets and liabilities recognised as a result of the acquisition
	Fair Value
	USD$'000
Cash and cash equivalents	111
Trade and other receivables	19
Property, plant and equipment	5
Trade and other payables	(166)
Net identifiable assets acquired	(31)
Add: Goodwill	2,162
Total consideration	2,131

G.     Other information

Alternative Performance Measures ("APMs")

The Group reports on a number of APMs to showcase the financial performance of the Group, which are not standard accounting measures defined by the International Financial Reporting Standards (IFRS). The Directors believe these measures provide valuable additional information for users of financial information to understand the fundamental transactional performance of the Group. In particular, APMs are used to provide the users of the accounts a clearer understanding of the Group's underlying profitability over a period of time.

Adjusted EBITDA

EBITDA includes operating profit as reported in the Consolidated Statement of Comprehensive Income, adjusted for amortisation and impairment of intangible assets, depreciation, and net interest. For Adjusted EBITDA in 1H2026, it shows a decrease of US$1.2 million or 49.2% to US$1.2 million, as compared to US$2.4 million in 1H2025, which also included adjustments for one-off and other non-cash items.

While revenue grew by 21.1% in 1H2026, adjusted EBITDA growth declined due to the consolidation of Mineloader with its seasonally softer 1Q2026 performance, AI investment to enhance game development capabilities, and the upfront costs of the Group's North America expansion strategy, which was highlighted in the gross profit commentary within this results announcement.

The table below indicates how the adjusted EBITDA was computed in 1H of 2026 and 2025.

		Unaudited		Unaudited
		1H2026		1H2025
		USD'$000		USD'$000
Net (loss)/profit		(2,498)		927
Net interest income		(10)		(268)
Income tax (credit)/expenses		(77)		26
Earnings before interest and taxation ("EBIT")		(2,585)		685
Depreciation		1,420		1,167
Amortisation		506		329
Earnings before interest, tax, depreciation and amortisation ("EBITDA")		(659)		2,181
Share-based compensation expenses		711		406
Costs of acquisition and integration		604		88
Foreign exchange losses/(gains)		585		(232)
Adjusted Expenses		1,900		262
Amortisation of acquisition-related intangible assets		408		203
Adjusted EBIT		(277)		1,150
Adjusted EBITDA		1,241		2,443
Revenue from contracts with customers		23,466		19,385
Adjusted EBITDA as a % of revenue		5.3%		12.6%

Adjusted Net (Loss)/Profit

The adjusted net profit is calculated by taking the net profit and adjusting it for certain expenses to provide a clearer picture of the Group's underlying financial performance. For adjusted net profit, the adjustments for the 1H2026 and 1H2025 as shown in the table below:

	Unaudited	Unaudited
	1H2026	1H2025
	US$'000	US$'000
Net (Loss) / Profit	(2,498)	927
Share-based compensation expenses	711	406
Costs of acquisition and integration	604	88
Foreign exchange losses/(gain)	585	(232)
Amortisation of acquisition-related intangible assets	408	203
Adjusted Expenses	2,308	465
Tax arising on Adjusted Expenses	-	-
Adjusted Net (Loss)/ Profit	(190)	1,392

Strong Focus and Niche

The Group also has an established niche in games with online connectivity, which accounted for 80.8% of the Group's manpower usage, based on the total number of man days involved in games with online connectivity charged to customers divided by total number of days charged to customers for 1H2026.

According to the data for the 1H2026, the proportion of man days used by mobile games and console & PC games within the Group is 50.6% and 46.2%, respectively. This is calculated based on the total number of man days involved in mobile games or console & PC games divided by the total number of days charged to clients. For cross-platform projects, the total number of man days for the project is evenly split between mobile games and console & PC games.

BY ORDER OF THE BOARD

MR. JOHNNY JAN

Executive Director and Chief Executive Officer (Founder)

14 August 2026

Confirmation by the Board pursuant to Rule 705(5) of the Catalist Listing Manual

On behalf of the Board of Directors of the Company, we the undersigned, hereby confirm to the best of our knowledge that nothing has come to our attention of the Board of Directors of the Company which may render the unaudited condensed consolidated interim financial statements of the Company and the Group for the six-month period ended 30 June 2026 to be false or misleading in any material aspect.

On behalf of the Board

MR. JOHNNY JAN		MR. LIM HENG CHOON
Executive Director and Chief Executive Officer (Founder)		Independent and Non-Executive Chairman
14 August 2026		14 August 2026

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[2] From China Insights Consultancy July 2026 Report - "Global Game Art & Development Outsourcing Industry" and XDS June 2026 Report - "2026 INSIGHTS on External Development for the Video Game Industry"

[3] Certain statistics and forecasts in this section are sourced from China Insights Consultancy July 2026 Report - "Global Game Art & Development Outsourcing Industry"

[4] Certain statistics and forecasts in this section are sourced from XDS June 2026 Report - "2026 INSIGHTS on External Development for the Video Game Industry"

[5] Hong Kong here refers to Hong Kong Special Administrative Region.

[6] Taiwan here refers to the Taiwan region.

[7] Computed based on EBITDA and adjusted for share-based compensation expenses, costs of acquisition and integration and foreign exchange (gains) or losses

[8] Hong Kong here refers to Hong Kong Special Administrative Region.

[9] Taiwan here refers to the Taiwan region.

[10] Hong Kong here refers to Hong Kong Special Administrative Region.

[11] Taiwan here refers to the Taiwan region.

[12] Others here refers to the Cayman Islands, Canada, Malaysia and Singapore.

[13] Non-current assets do not include deferred income tax assets.

[14] Organic revenue growth is calculated by adjusting Mineloader and Ampera revenues for the corresponding period of ownership.

[15] Certain statistics and forecasts in this section are sourced from China Insights Consultancy July 2026 Report - "Global Game Art & Development Outsourcing Industry"

[16] Certain statistics and forecasts in this section are sourced from XDS June 2026 Report - "2026 INSIGHTS on External Development for the Video Game Industry"

 

END