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A modern game needs an expensive computer to run it. We keep that computer in a data centre and stream the finished picture to whatever screen the player already owns. Their device just shows the video and sends the button presses back.

It is PC gaming without the PC. Players connect the game libraries they already bought from Steam, Epic, GOG, EA and Ubisoft, which means we hold no game inventory and carry no content risk.

For the business, that turns a one-off hardware purchase into a recurring monthly subscription on an asset we own and reuse. And because the client is just a video player, the addressable device base is almost every screen in the house: Windows, macOS, Linux, Chromebook, Android, iPhone and iPad, LG and Samsung TVs, Steam Deck, ROG Ally, Legion Go, Meta Quest and Apple Vision Pro.

Gaming is what the GPUs do today. It is not all they can do.

In August 2024 we executed an agreement to join NVIDIA's Graphics Delivery Network, the infrastructure behind interactive 3D on the web: product configurators, virtual try-on, collaborative spaces. We told the market at the time that we were exploring new industrial and commercial markets to diversify revenue streams.

Being straight about where this sits. The Board did not expect material revenue from the GDN in the twelve months following, and none has been reported since. Read it as a capability we have built, not an earnings line. A comprehensive medium to long-term view of our strategic direction will be shared alongside our full-year results.