Enad Global 7 FY2025 Q4 Earnings Release

ENAD GLOBAL 7 AB (PUBL) 1 Interim Report, January -Mar ch 2024

ENAD GLOBAL 7 AB (PUBL)
INTERIM REPORT
OCT -DEC 202 5

ENAD GLOBAL 7 AB (PUBL) 2 Interim Report, October -December 202 5
INTERIM REPORT – OCT -DEC 202 5
SUMMARY COMMENT S
For the fourth quarter, Net Revenue was SEK 436.9 (512 .9) million, representing an FX -adjusted organic
decline of 4.4 percent year -ove r-year. Unfavorable currency movements negatively impacted Net Revenue
by SEK 53. 3 million in the period . EBITDA for the quarter amounted to SEK 115. 5 (275 .0) million, while
Adjusted EBITDA was SEK 79. 6 (128 .7) million, corresponding to an Adjusted EBITDA margin of 18. 2 (25.1)
percent . Operating cash flow came in at SEK 73.9 (195 .9) million.
In the fourth quarter , Daybreak released expansions for EverQuest and EverQuest II in December, as well
as the Kingdom of Harad expansion for The Lord of The Rings Online. Palia delivered steady growth from
Q3 , building on the momentum supported by additional content release s as part of the Winterlight Season.
Piranha followed up the successful release of the 7 th DLC for MechWarrior 5: Mercenaries with the 2nd DLC
for MechWarrior 5: Clans in December , contribut ing to increased sales of the base game. My Singing
Monster s (MSM) delivered the highest monthly revenue for the year in December, resulting from a highly
successful collaboration with a top influencer on TikTok .
The progress in the co-operation with Cold Iron continues, where EG7 has approved further deliveries. The
title is targeted for release in Q3 2026 and is expected , together with Palia and My Singing Monsters , to b e
an important contributor to the Group ’s 2026 performance.
HIGHLIGHTS FOR THE QUARTER
• Net Revenue of SEK 436.9 (512 .9) million, representing an FX -adjusted organic decline of 4.4 percent .
• EBITDA of SEK 115. 5 (275 .0) million and Adjusted EBITDA of SEK 79. 6 (128 .7) million.
• EBIT of SEK -2,015. 2 (-148 .4) million and Adjusted EBIT of SEK 0.6 (57 .4) million . The quarter was
charged with SEK -2,051 .7 million in impairment , of which SEK -1,816 .5 million has no connection with
performance expectations.
• Profit before tax of SEK -2,019. 9 (-150 .5) million .
• Earnings per share were SEK -21. 95 (-2.07 ). Adjusted earnings per share of SEK -3.88 (-0.23 ).
• Cash flow from operations came in at SEK 73.9 (195.9 ) million .
• Cash balance of SEK 390.3 millio n, and an unutilized revolving credit facility of SEK 100.0 million.
• Net cash by the end of the quarter amounted to SEK 42.8 million .
• An Extra General Meeting was held on November 26, 2025, where Alexander Albedj was elected
Chairman of the Board of EG7, and Jimmy Eriksson was elected as Board member.
KEY METRICS
QUARTER ACCUMULATED
SEKm, except per share data OCT -DEC
202 5 OCT -DEC 2024
JAN -DEC
202 5
JAN –
DEC
202 4
Net Revenue 436.9 512.9 1,626.3 1,713.0
Net Revenue G rowth -14.8% 8.4% -5.1 % -16.2%
Organic FX Adj. Growth * -4.4 % 4.0% -1.1 % -18.2%
EBITDA * 115 .5 275.0 267 .7 459.0
Adjusted EBITDA * 79.6 128.7 254 .0 325.5
Adjusted EBITDA Margin, % * 18.2% 25.1% 15.6% 19.0%

EBIT -2,015 .2 -148.4 -2,086 .4 -138.8
Adjusted EBIT * 0.6 57.4 -48.3 100.8
Adjusted EBIT Margin, % * 0.1% 11.2% -3.0% 5.9% Profit before Tax -2,019 .9 -150.5 -2,109 .8 -163.3
Net Profit -1,944.7 -183.5 -1,935 .1 -236.4 EPS after dilution -21. 95 -2.07 -21. 84 -2.67
Adjusted EPS * -3.88 -0.23 -3.58 -0.52
Adjusted EPS, excl. M&A related amortizations * 14. 10 3.15 15. 27 3.69
* For definitions, see section ”Definitions of alternative performance measure s” on page 26

ENAD GLOBAL 7 AB (PUBL) 3 Interim Report, October -December 202 5
COMMENTS FROM THE CEO
Ji Ham, CEO
Ending 2025 with increased activity
Net Revenue was SEK 436.9 (512.9 ) million for the
fourth quarter, representing a year -over -year
decline of 4.4 percent in constant currencies . The
lower level of Net Revenue compared with the
fourth quarter last year is mainly attributable to
SEK 49 million lower Net Revenue following the
launch of MechWarrior 5: Clans in Q4 last year and
a significant impact from unfavorable currency
fluctuations which amounted to SEK 53.3 million .
Adjusted EBITDA amounted to SEK 79. 6 million,
compared to SEK 128.7 million last year ,
corresponding to a margin of 18. 2 percent .
Operational cash flow came in at SEK 73.9 (195.9 )
million .
In the quarter SEK -2.1 billion of intangible asset s
were written down , affecting EBIT and Net Profit.
This has no impact on liquidity or cash generation.
The largest portion of the write -down is related to
a strategic and operational decision to transfer
certain potential future investment s outside of the
entity connected to the largest goodwill . This
change is expected to significantly lower costs for
game development for both new projects and new
staffing for existing projects. Th is part of the
write -down has no correlation to expectations on
any ongoing investments and projects in the group .
The full year Net Revenue was SEK 1.6 (1.7)
billion , impacted by a SEK 116 .9 million
unfavorable currency fluctuation . Adjusted EBITDA
was SEK 254 .0 (32 5.5 ) million in 2025 .
Portfolio highlights
My Singing Monsters finished the year on a strong
note. Net Revenue for December increased 59
percent in local currency from November and MAU
increased 27 percent over the same period.
December 2025 represents the highest Net
Revenue of all December months since the major
viral up tick in 2022 . This significant growth was
driven by a highly successful collaboration with a
top influencer on TikTok. While 2025 was a down
year overall for MSM, this year -end upswing and
momentum contributed to a nice start for 2026.
The long -term sustainability remains to be seen
but we are encouraged by the increase in user re –
engagement and the effectiveness of Big Blue
Bubble’s organic user acquisition stra tegy on
TikTok as successfully demonstrated in December.
During the fourth quarter , Daybreak successfully
released multiple expansions for its live service
titles, including EverQuest , EverQuest II , and The
Lord of The Rings Online , driving increased player
activity for the titles . Piranha contributed with the
release of the second DLC for MechWarrior 5:
Clans , which performed in line with the first DLC
for the title and supported increased sales of the
base game.
In addition to the performance in the live games
portfolio , Cold Iron’s project is continuing to make
good progress. The target release period for the
title is Q3 2026 . Together with Palia and My
Singing Monsters , Cold Iron’s title is expected to
be an important contributor to the Group ’s 2026
performance .
Continued execution and M&A growth
Our strategy combines disciplined management of
the existing portfolio with an active but highly
selective approach to M&A and transformative
investments to accelerate long -term growth and
value creation. We continue to evaluate a strong
pipeline of opportunities aligned with our
expertise and strategic priorities, with the
ambition to drive growth for the Group through
transactions that strengthen the portfolio and
long -term growth potential.
We remain confident in our growth strategy ,
supported by predictable revenues, a strong
balance sheet and solid liquidity . The Group is well
positioned to execute on both organic initiatives
and M&A opportunities .

ENAD GLOBAL 7 AB (PUBL) 4 Interim Report, October -December 202 5

BUSINESS OVERVIEW
A leading global live service game developer and operator
Combining titles from Daybreak, Big Blue Bubble, and Piranha, EG7 currently operates ten long –
lifecycle IPs, primarily live service games. Together with Fireshine’s back catalogue, this portfolio
serves as a key differentiator for the Group, providing a st able foundation of more predictable
revenues and cash flows. Our predictable revenue includes all live service titles and back catalogue
titles . Titles are transferred to the back catalogue following the first new year after release. Net
Revenue from this portfolio amounted to SEK 346 .4 (332.0) million in Q4, representing a growth of
4.3 percent and 79.3 percent of the Group’s total Net Revenue .

Iconic world -class brands
EG7 is home to some of the most iconic IPs , both first – and third -party brands. First -party brands are
IPs exclusively owned and managed by EG7, while third -party brands are owned by external parties,
with EG7 entrusted to develop and operate games based on these IPs.
• Key first -party brands include:
o EverQuest, considered to be one of the three most iconic fantasy MMO brands in the
world together with World of Warcraft and Ultima Online .
o H1Z1, the very first battle royale game that was credited as one of the inspirations
for Fortnite, with over 40 million life -to-date (LTD) registrations .
o My Singing Monsters, which has over 185 million (LTD ) registration s on mobile and PC ,
reach ed top 10 in over 100 countries in the App Store games category and the No. 1
spot in more than 15 countries 10 years after its release .
o Palia, a co zy community/life simulation game , with a constantly growing number of
LTD registrations .
• Top tier global third -party brands:
o DC Comics from Warner Bros , with continuing pipeline of content from blockbuster
feature films and TV shows .
o The Lord of the Rings, arguably the most iconic classic fantasy IP in the world.
o Dungeons & Dragons, the legendary fantasy IP with a passionate fan base worldwide .
o Magic : The Gathering Online , the world’s number one trading card game from
Wizards of the Coast .
These brands differentiate our portfolio of games from competitors and provide great opportunit ies
to leverage them further toward continuing content development and new future products.
Stable foundation and risk -controlled grow th
Our portfolio of franchise and live -service games is combining steady performance with ongoing
content releases for our titles. These games, anchored by strong iconic game -titles and loyal player
bases, create a stable and predictable business model. Unlike traditional one -off releases, this
approach ensures continuous player engagement and more predictable revenue while lowering the
overall risk.
In addition, we’ve been successful in adding new games over time, expanding our portfolio while
maintaining prudent low -risk M&A activities within our circle of competence. This strategy not only
diversifies our offerings but also strengthens our position with in the market, creating a stable
foundation for sustainable growth with reduced long -term volatility.
332 319 297 311 346
513 455 379 355 437
65% 70% 78% 88% 79%
0%
20%
40%
60%
80%
100%
0
100
200
300
400
500
600
4Q 24 1Q 25 2Q 25 3Q 25 4Q 25
More predictable Net Revenues Total Net Revenue % of Group Total

ENAD GLOBAL 7 AB (PUBL) 5 Interim Report, October -December 202 5
Net Revenue and Adjusted EBITDA

SEKm
466
513
455
379 355
102 129
74 37 63
-5
-148
-10 -38 -23
22%
25%
16%
10%
18%
0%
5%
10%
15%
20%
25%
30%
35%
40%
– 200,0
– 100,0
0,0
100,0
200,0
300,0
400,0
500,0
600,0
3Q24 4Q24 1Q25 2Q25 3Q25
QUARTERLY
Net Revenue Adjusted EBITDA EBIT Adj EBITDA Margin
1673 1713 1787 1813 1702
295 326 338 342 303
55
-139 -189 -201 -220
18% 19% 19% 19% 18%
0%
5%
10%
15%
20%
25%
30%
35%
40%
-500
0
500
1 000
1 500
2 000
3Q24 4Q24 1Q25 2Q25 3Q25
LTM
Net Revenue Adjusted EBITDA EBIT Adj EBITDA Margin
1713 1787 1813 1702 1626
326 338 342 303 254
-139 -189 -201 -220
-2086
19% 19% 19% 18% 16%
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
-2 500
-2 000
-1 500
-1 000
-500
0
500
1 000
1 500
2 000
2 500
4Q24 1Q25 2Q25 3Q25 4Q25
LTM
Net Revenue Adjusted EBITDA EBIT Adj EBITDA Margin
513
455
379 355
437
129
74
37 63
80 25%
16%
10%
18% 18%
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
0
100
200
300
400
500
600
4Q24 1Q25 2Q25 3Q25 4Q25
QUARTERLY
Net Revenue Adjusted EBITDA Adj EBITDA Margin
1713 1787 1813
1702 1626
326 338 342 303 254 19% 19% 19% 18% 16%
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
0
200
400
600
800
1 000
1 200
1 400
1 600
1 800
2 000
4Q24 1Q25 2Q25 3Q25 4Q25
LTM
Net Revenue Adjusted EBITDA Adj EBITDA Margin
SEKm

ENAD GLOBAL 7 AB (PUBL) 6 Interim Report, October -December 202 5
SUMMARY BY SEGMENT

SEKm
Daybreak

Big Blue Bubble
212 199 190 190 180
52
27 30
2
35
25%
13% 16%
1%
19%
0%
5%
10%
15%
20%
25%
30%
35%
40%
45%
50%
0
50
100
150
200
250
3Q24 4Q24 1Q25 2Q25 3Q25
Net Revenue Adjusted EBITDA Adj EBITDA Margin
84 81
66 61 55
42
49
33
25 25
50%
61%
50%
41%
47%
0%
10%
20%
30%
40%
50%
60%
70%
0
10
20
30
40
50
60
70
80
90
3Q24 4Q24 1Q25 2Q25 3Q25
Net Revenue Adjusted EBITDA Adj EBITDA Margin
15,7
70
19 23
30,3
3
32
3
13 10 17%
46%
17%
55%
33%
0%
10%
20%
30%
40%
50%
60%
70%
0
10
20
30
40
50
60
70
80
3Q24 4Q24 1Q25 2Q25 3Q25
Net Revenue Adjusted EBITDA Adj EBITDA Margin
Piranha Fireshine
110
124
145
74
59
16
35
22
3 1
15%
28%
15%
4% 2%
-20%
-10%
0%
10%
20%
30%
40%
50%
0
20
40
60
80
100
120
140
160
3Q24 4Q24 1Q25 2Q25 3Q25
Net Revenue Adjusted EBITDA Adj EBITDA Margin
Petrol
35 33 36
30 30
0
-5
2 1 2
1%
-17%
4% 3% 5%
-40%
-30%
-20%
-10%
0%
10%
20%
30%
40%
50%
-10
-5
0
5
10
15
20
25
30
35
40
3Q24 4Q24 1Q25 2Q25 3Q25
Net Revenue Adjusted EBITDA Adj EBITDA Margin
81
66 61 55 55 49
33
25 25 25
61%
50%
41% 46% 45%
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
0
10
20
30
40
50
60
70
80
90
4Q24 1Q25 2Q25 3Q25 4Q25
Net Revenue Adjusted EBITDA Adj EBITDA Margin
70
19 23
30 34 32
3
13 10 11
46%
17%
55%
33% 31%
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
0
10
20
30
40
50
60
70
80
4Q24 1Q25 2Q25 3Q25 4Q25
Net Revenue Adjusted EBITDA Adj EBITDA Margin
124
145
74
59
126
35
22
3 1
16
28%
15%
4% 2%
13%
-20%
0%
20%
40%
60%
80%
100%
0
20
40
60
80
100
120
140
160
4Q24 1Q25 2Q25 3Q25 4Q25
Net Revenue Adjusted EBITDA Adj EBITDA Margin
33
36
30 30
27
-5
2 1 2
-4
-17%
4% 3% 5%
-14%
-40%
-20%
0%
20%
40%
60%
80%
100%
-10
-5
0
5
10
15
20
25
30
35
40
4Q24 1Q25 2Q25 3Q25 4Q25
Net Revenue Adjusted EBITDA Adj EBITDA Margin
199 190 190 180 195
27 30
2
35 33
13% 16%
1%
19% 17%
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
0
50
100
150
200
250
4Q24 1Q25 2Q25 3Q25 4Q25
Net Revenue Adjusted EBITDA Adj EBITDA Margin

ENAD GLOBAL 7 AB (PUBL) 7 Interim Report, October -December 202 5
DAYBREAK
For Q 4, Daybreak ’s Net Revenue came in at SEK 195.0 (198 .5) million, corresponding to a decrease of
1.8 percent . The decline was negatively affected by SEK 26.3 million unfavorable currency
movements. T he o rganic increase in local currencies was 11.4 percent . Adjusted EBITDA was SEK 33.4
(26 .6) million , representing a margin of 17.1 (13 .4) percent .
Daybreak’s portfolio performed in line with expectations for the period, with Palia being the key
driver growing Net Revenue by 70 percent from H2 2024 to H2 2025 . Following the successful release
of the Animal Husbandry feature in the third quarter, and additional content and features introduced
as part of the Winterlight Season, Palia has grown to be the largest revenue contributor within
Daybreak’s live game portfolio. Supported by a robust content and feature roadmap , the user
registration s are expected to continue to grow in 2026, representing a meaningful upside
opportunity.
EverQuest and EverQuest II delivered stable performance during the quarter, concluding the period
with the releases of the Shattering of Ro and Rage of Cthurath expansions following successful pre –
launches in October. The Lord of The Rings Online performed slightly below expectations during the
quarter; however the release of the Kingdom of Harad expansion in December contributed to a strong
finish to the year , and the game was awarded Best Classic MMO game for 2025 by the community site
MassivelyOP . DC Uni verse Online showed stable performance in the quarter supported by the Raging
Night update in September and seasonal events. Dungeons & Dragons Online performed solidly
following the release of the Lamordia Raid . Magic: The Gathering Online experienced a softer
quarter, primarily driven by underperforming card sets and holiday content and events not meeting
expectations.
In addition to the performance in the legacy portfolio t he re is progress in the co-operation with Cold
Iron, where EG7 has approved further deliveries. The title is targeted for release in Q3 2026 and is
expected to be an important contributor to the Group ’s 2026 performance.
Due to a strategic decision to move certain potential future investment outside of the entity
connected to the largest goodwill , Daybreak was charged with a SEK -1.8 billion write -down in the
quarter . This has no correlation to expectations on any ongoing investments or projects in the Group
and is not affecting the cash generation or liquidity .
BIG BLUE BUBBL E
Big Blue Bubble delivered Net Revenue of SEK 55.1 (81.0) million , corresponding to a 32.0 percent
decline. Currency fluctuations negatively impacted Net Revenue by SEK 7.9 million . Adjusted EBITDA
amounted to SEK 24.6 (49.3) million , representing a 44.7 percent margin.
As previously mentioned , the player acquisition for My Singing Monster s decline d during 2025 ,
generating a 27 percent drop in MAU between 2024 and 2025. The mitigating action to stop the MAU
drain was to implement a new influencer strategy. A successful co -operation with the artist bbno$
was launched in the fourth quarter generating a limited but important viral peak in December.
Commercially this fueled the MAU by 2 7 percent and Net Revenue by 5 9 percent between November
and December . December 2025 also represents the highest Net Revenue of all December months
since the major viral up tick three years back . Similar to the much larger viral peak three years back ,
this growth is not expected to continue but is assumed to slightly push the baseline up in the
beginning of 2026. Further similar co -operations are evaluated.
PIRANHA
Net Revenue for the quarter came in at SEK 34. 3 (70 .0) million , representing a 51.0 percent decline
year -over -year . Currency fluctuations reduced Net Revenue by SEK 4.4 million . The decline in Net
Revenue can to a large extent be explained by the release of MechWarrior 5: Clans in October last
year , boosting the quarter’s revenue with SEK 49 million . Adjusted EBITDA amounted to SEK 10.6
(31 .9) million , representing 31.0 percent margin . As mentioned last quarter, Piranha launched the 7 th
DLC for MechWarrior Mercenaries, Shadow of Kerensky , in September which turned out to be the best
selling DLC for that game title in the first 30 days since inception in 2019. In December MechWarrior
5: Clans 2 nd DLC , Wolves of Tukayyid , was released, which has performed at the same level as the
first DLC for the game. The DLC release also contributed positively to the base game.

ENAD GLOBAL 7 AB (PUBL) 8 Interim Report, October -December 202 5
Even if the quality and meta critics exceeded our expectations in the MechWarrior 5: Clans release ,
its commercial upside didn ’t. Based on the lower than anticipated sales volumes , the remaining book
value for that game has been written down by SEK 68.4 million in the fourth quarter.
FIRESHINE
Fireshine ’s Net Revenue came in at SEK 125.6 (123 .7) million, representing 1.5 percent growt h year –
over -year. Currency fluctuations impacted Net Revenue negatively by SEK 10.7 million . Net Revenue
has primarily been driven by the physical release of Jurassic World Evolution 3 and an increase in
revenue from digital releases with AILA and Lens Island contributing to an increase in the digital back
catalogue revenue mix . Excluding one dominant title, the Digital portfolio has grown Net R evenue
each consecutive year over the past five years, displaying a successful strategic shift to higher margin
and more future -proofed Revenues. Adjusted EBITDA came in at SEK 16.1 (34 .9) million , resulting in a
12.8 percent margin . The decrease in EBITDA is explained by a revenue mix toward lower -margin
titles .
Based on the declining physical part of Fireshine a goodwill impairment of SEK 161.5 million was
recognized . Management remain s confident on the more diversified pipeline of digital releases going
forward.
In the beginning of January 2026 there was a public playtest for the game Far Far West. This gave
positive feedback with strong player engagement , reaching well above 400 ,000 unique player tests
and a peak over 9 ,000 players simultaneously on Steam. Far Far West is expected to contribute
positively to the Group performance and is scheduled for an early access release in the first half of
2026. Including Far Far West, approximately 10 new titles are planned for release in 2026, evenly
distributed between Physical and Digital releases.
PETROL
For Q4, Petrol’s Net Revenue came in at SEK 26.9 (32.7) million , representing a 17.6 percent decline
year -on-year of which SEK -4.0 million is explained by currency fluctuations . Adjusted EBITDA was
SEK -3.7 (-5.4) million , resulting in a -13.9 percent margin . In the quarter, SEK 1.6 million in bad debt
has been written off, primarily related to game release delays and studio closures among certain
clients. Cost -savings measures implemented earlier in the year have had a positive impact throughout
the year, and Petrol has successfully expanded its client base beyond the gaming and entertainment
industry. Partnerships with Western Digital and Honda of America illustrate this diversification. In
addition, Petrol was awarded a Top Tier Unreal Partner status with Epic Games, which is a str ength
in future project discussions .

ENAD GLOBAL 7 AB (PUBL) 9 Interim Report, October -December 202 5
FINANCIAL OVERVIEW
Net Revenue and Operating Profit
QUARTER ACCUMULATED

SEKm
OCT -DEC
202 5
OCT -DEC
2024 % CHG
JAN -DEC
202 5
JAN -DEC
202 4 % CHG
Net Revenue 436.9 512 .9 -14.8 % 1,626.3 1,713 .0 -5.1 %
Adjusted EBITDA* 79.6 128 .7 -38.2 % 254 .0 325 .5 -22.0 %
EBITDA* 115 .5 275 .0 -58.0 % 267 .7 459 .0 -41.7 %
Adjusted EBIT* 0.6 57.4 -98.9 % -48. 3 100.8 -147.9 %
EBIT -2,015 .2 -148.4 -1,257.6 % -2,086 .4 -138.8 -1,403.3 %

% Margins
Adjusted EBITDA margin* 18.2% 25.1% 15.6% 19.0%
EBITDA margin* 26.4% 53.6% 16.5% 26.8%
Adjusted EBIT margin* 0.1% 11.2 % -3.0 % 5.9%
EBIT margin -461.2 % -28.9 % -128.3 % -8.1 %
* For definitions, see section ”Definitions of alternative performance measure s” on page 26
Net Revenue in Q 4 202 5 came in at SEK 436.9 (512 .9) million, representing a de crease of 14.8
percent year -over -year. Adjusted EBITDA and Adjusted EBIT were SEK 79.6 (128 .7) million and SEK
0.6 (57 .4) million for the quarter . The delta between EBITDA and EBIT, SEK -2,130.7 million, is
explained by goodwill impairment of SEK -1,825.9 million, write -down of acquisition -related game
assets of SEK -152.1 million in Daybreak, write -down of MechWarrior 5: Clans in Piranha of SEK
-68.4 million, amortization of capitalized R&D and publishing rights of SEK -31.5 million, acquisition
related amortization of SEK -29.2 million, write -down of game assets in Fireshine of SEK -13.7
million, financial leasing of SEK -6.0 million and other amortization of SEK -3.9 million. The
adjustment for non -recurring items affecting EBITDA in the fourth quarter was SEK 35.9 (146.7)
million .
Cash flow in short
QUARTER ACCUMULATED

SEKm
OCT -DEC
202 5
OCT –
DEC
202 4
JAN -DEC
202 5
JAN -DEC
202 4
Operating profit (EBIT) from continuing operations -2,015 .2 -148.4 -2,086 .4 -138.8
Adjustment for non -cash flow items 2,084 .8 269.5 2,305 .4 419.3
Financial net 0.0 0.1 0.0 9.2
Taxes paid -3.8 -1.9 -42.7 -100 .1
Operating cash flows before balance sheet cash
flow impact
65.8 119 .2 176 .3 189 .6

Change in net working capital 8.0 76.7 -55.9 4.5
Cash flow from operations 73 .9 195.9 120 .4 194 .1

Cash flow from investment activities -60 .8 -96.7 -309 .6 -306 .5
Cash flow from financing activities -14 .6 -7.3 294 .5 -66 .3
Cash and cash equivalents, start of period 395 .9 218.5 321 .5 480 .9
Cash flow for the period -1.5 91 .9 105 .3 -178 .7
Exchange rate differences -4.1 11.1 -36.5 19.3
Cash and cash equivalents, end of period 390 .3 321 .5 390 .3 321 .5

For Q 4 2025, EG7 had a Net Cash Outflow of SEK -1.5 (91. 9) million. Cash flow from operating
activities was SEK 73.9 (195 .9) million. A djustments for non -cash items, SEK 2,084.8 million, consist
mainly of depreciations and amortizations. Net working capital amount ed to SEK 8.0 million ( 76 .7).
Cash flow from Investment activities was SEK -60.8 million explained by SEK -42.0 million investments
in new growth initiatives, SEK –10 .7 million investment in Fireshine publishing business, SEK -7.0
million investment into the live -game -portfolio and investments in other fixed assets amount to SEK –
1.1 million . Cash flow from Financing activities was SEK -14.6 million of this SEK -6.3 million derives
from office -related leasing , SEK -8.3 million from interest and other financial items . The foreign
exchange rate fluctuations in liquid funds resulted in SEK -4.1 million. The Group’s cash and cash
equivalents available at the end of the period amounted to SEK 390.3 million.

ENAD GLOBAL 7 AB (PUBL) 10 Interim Report, October -December 202 5
OTHER INFORMATION
The Share and Shareholders
SHAREHOLDER (3 1-12 -202 5) No. of Shares Capital %
Eros Capital Partners AB 12,209,865 13.78 %
Jason Epstein 8,8 32,320 9.97%
Johan Svensson 7,090,937 8.00%
Defa Endeavour AS 4,533,605 5.12%
Avanza Pension 3,743 ,499 4,23%
Aguja Capital GmbH 3,157,432 3.56%
Forthmoore Limited 2,919,526 3.30%
Stefan Lindberg 2,240,000 2.53%
Ji Ham 2,171,485 2.45%
Alan Hunter 2,126,222 2.40%
Settecento Ltd 2,002,614 2.26%
Nordea Liv & Pension 1,926,887 2,17 %
Aloaded AB 1,904,683 2.15%
Rasmus Davidsson 1,772,743 2.00%
Gerry Williams 1,507,162 1.70%
Other shareholders 30,464,546 34.40%
Total 88,603,526 100.00%
EG7 stock is listed on Nasdaq Stockholm with the ticker symbol ‘EG7.’ As of December 31, 202 5, the total
number of shares outstanding was 88,603,526 and the closing share price was SEK 13.54 per share .
Related Party Transactions
• No outstanding receivable to Cold Iron in Toadman.
• EG7 has made a total investment of SEK 315.8 million in Cold Iron LLC’s new game, where
SEK 22 .3 million was paid during the fourth quarter . This investment has been structured to
be recouped on a first -out basis before any revenue share is triggered, aligning incentives and
protecting downside risk.
For further details on related party transactions , please see Note 7.
Shareholder Capital return
The Board of Directors has not proposed a dividend payment for 202 5.
Annual General Meeting
The 202 6 Annual General Meeting is scheduled for May 12, 202 6, in Stockholm.
Risks
Risks associated with the company’s share are included in the annual report for 202 4.
Auditor
Öhrlings PricewaterhouseCoopers AB (PwC) is the company’s auditor and is represented by Niklas
Renström.

ENAD GLOBAL 7 AB (PUBL) 11 Interim Report, October -December 202 5
FINANCIAL REPORTS
Consolidated income statement

QUARTER ACCUMULATED

OCT -DEC
202 5
OCT -DEC
202 4
JAN -DEC
202 5
JAN -DEC
202 4
SEKm Note
Net Revenue

2,3 436.9 512.9 1,626.3 1,713.0
Other Revenue

43.5 155.4 59.6 210.1

48 0.4 668.3 1,685 .9 1,923.1

Own work capitalized

28.9 39.8 130.7 126.2
Operating expenses

Cost of goods and services sold

-159.3 -166.9 -537.9 -493.8
Other external expenses

-69.6 -62.3 -292.3 -275.0
Personnel expenses

-164.7 -206.7 -714.5 -818.5
Other expenses

-0.1 2.7 -4.3 -3.0
Operating profit before depreciation and
amortization (EBITDA)
115. 5 275.0 267. 7 459.0

Depreciation of tangible and right -of-use
assets

-9.5 -10.9 -39.4 -50.4
Operating profit before amortization of
intangible assets (EBITA)
10 5.9 264.1 228. 4 408.5

Amortization and impairment of
acquisition -related intangible assets

-2,007.3 -377.3 -2,103.3 -470.2
Amortization and impairment of other
intangible assets

-113.9 -35.2 -211.5 -77.1
Operating profit (EBIT) -2 01 5.2 -148.4 -2,086. 4 -138.8

Financial net 4 -4.7 -2.1 -23. 3 -24.5
Profit before tax

-2,019. 9 -150.5 -2,109. 8 -163.3

Tax expense for the period *

75.3 -32.9 174 .6 -73.1
NET PROFIT /LOSS FOR THE PERIOD -1,9 44.7 -183.5 -1,935.1 -236.4
The Net Profit for the period is fully attributable to the parent company’s shareholders.
* SEK 100 .5 million related to a deferred tax asset from the acquisition of Singularity 6 is recognized in the income statement accumulated for 2025

ENAD GLOBAL 7 AB (PUBL) 12 Interim Report, October -December 202 5

Consolidated comprehensive income

The comprehensive income for the period is attributable in its entirety to the parent company’s
shareholders.

EARNINGS PER WEIGHTED
AVERAGE NUMBER OF SHARE S

QUARTER ACCUMULATED
OCT -DEC
2025
OCT -DEC
202 4
JAN -DEC
202 5
JAN -DEC
202 4
Earnings per share before and after
dilution (SEK)
-21. 95 -2.07 -21.84 -2.67
Average number of shares before
and after dilution
88,603,526 88,603,526 88,603,526 88,603,526
QUARTER ACCUMULATED
SEKm
OCT -DEC
202 5
OCT -DEC
2024
JAN -DEC
202 5
JAN -DEC
202 4

Net profit for the period -1,9 44.7 -183.5 -1,935.1 -236.4
Other comprehensive income

Items that will be reclassified to
profit or loss

Translation difference 40.4 284.1 -504.3 310.1
Deferred tax 0.1 0.5 0.9 0.5
Other comprehensive income for
the period, after tax
40.5 284.6 -503.4 310.6

Comprehensive income for the
period
-1,904.1 101.1 -2,438.5 74.2

ENAD GLOBAL 7 AB (PUBL) 13 Interim Report, October -December 202 5
Consolidated balance sheet
SEKm Note 31 DEC 202 5 31 DEC 2024
ASSETS

Non -current assets

Goodwill 911 .9 3,115.2
Other intangible assets 5 593.6 925.4
Tangible non -current assets 23.1 35.7
Right -of-use assets 51.9 60.9
Deferred tax assets 239.8 172.2
Other non -current receivables 6 27.0 15.3
Total non -current assets 1,8 47.2 4,324.8
Current assets

Inventory

12.8 9.1
Current receivables

6 281.0 259.3
Cash and cash equivalents

6 390.3 321.5
Total current assets 684.1 589.9
TOTAL ASSETS 2,531.3 4,914.7

EQUITY AND LIABILITIES

Equity attributable to the parent company’s shareholders 1,5 36.3 3,974.9
Total equity

1,5 36.3 3,974.9
Non -current liabilities

Liabilities to credit institutions 6 346.9 2.2
Leasing liabilities 34.1 36.2
Deferred tax liability 79.7 198.0
Contingent consideration 6 78.6 135.4
Other liabilities 2.7 14.9
Total non -current liabilities 6 542.1 386.5
Current liabilities
Liabilities to credit institutions 0.5 0.4
Leasing liabilities 20.9 30.2
Accounts payable 21.9 28.8
Current tax liability 19.1 24.6
Contingent consideration 6 49.7 60.5
Other liabilities 18.4 17.0
Contractual liabilities 106.2 135.2
Accrued expenses 216.4 256.7
Total current liabilities 6 453.0 553.4
TOTAL EQUITY AND LIABILITIES

2,5 31.3 4,914.7

ENAD GLOBAL 7 AB (PUBL) 14 Interim Report, October -December 202 5
Consol idated report o f change s in e quity

EQUITY ATTRIBUTABLE TO THE SHAREHOLDERS OF THE PARENT COMPANY
SEKm 202 5
JAN -DEC
202 4
JAN -DEC

Opening balance 3,974.9 3,900.6

Changes in equity during the period
The Net profit of the period -1,935.1 -236.4
Other comprehensive income for the period -503.4 310.6
Closing balance 1,5 36.3 3,974. 9

ENAD GLOBAL 7 AB (PUBL) 15 Interim Report, October -December 202 5
Consolidated C ash Flow Statement

QUARTER ACCUMULATED
OCT -DEC
202 5
OCT -DEC
202 4
JAN -DEC
202 5
JAN -DEC
202 4
SEKm
OPERATING ACTIVITIES
Operating profit (EBIT) from continuing
operations
-2,015. 2 -148.4 -2,086 .4 -138.8
Adjustments for non -cash flow items 2,084 .8 269.5 2,305 .4 419.3
Financial items – 0.1 – 9.2
Taxes paid -3.8 -1.9 -42.7 -100.1
Cash flow from operating activities before
changes in working capital
65.8 119.2 176 .3 189.6
Cash flow from changes in working capital 8.0 76.7 -55.9 4.5
Cash flow from operating activities 73. 9 195.9 120 .4 194.1

INVESTMENT ACTIVITIES
Investment tangible assets -0.1 -8.0 -6.1 -24.0
Investment intangible assets -61.3 -89.7 -282 .3 -308.0
Divestment intangible assets – 0.4 – 62.3
Investment/disposal of subsidiaries 0.7 0.6 -21.2 -36.8
Cash flow from investment activities -60.8 -96.7 -309 .6 -306.5

FINANCING ACTIVITIES
New loans -1.1 – 341 .5 –
Amortizing loans -0.7 – -0.1 0.0
Dividend – – – -39.9
Interest and other financial items -6.4 – -17.6 –
Amortizing lease liability -6.3 -7.3 -29.3 -26.4
Cash flow from financing activities -14.6 -7.3 294 .5 -66.3

CASH FLOW FOR THE PERIOD -1.5 91.9 105 .3 -178.7
Cash and cash equivalents at start of period 395.9 218.5 321 .5 480.9
Cash flow for the period -1.5 91.9 105 .3 -178.7
Exchange rate differences -4.1 11.1 -36.5 19.3
Cash and cash equivalents at end of period 390.3 321.5 390 .3 321.5

ENAD GLOBAL 7 AB (PUBL) 16 Interim Report, October -December 202 5
Parent Compan y Income Statement

QUARTER ACCUMULATED
OCT -DEC
202 5
OCT -DEC
202 4
JAN -DEC
202 5
JAN -DEC
202 4
SEKm
Net Revenue 0.2 2.4 -0.1 9.4
Other Revenue 0.0 0.0 0.0 0.0
Total revenue 0.2 2.4 -0.1 9.4

Operating expenses
Cost of goods and services sold -1.1 -0.4 -3.0 -1.6
Other external expenses -1.7 1.1 -12.9 -20.0
Personnel expenses 0.9 -7.7 -13.0 -30.3
Other expenses 0.0 0.0 0.0 0.0
Operating profit before depreciation
and amortization (EBITDA)
-1.6 -4.6 -29.0 -42.5
Depreciation and amortization 0.0 0.0 0.0 0.0
Operating profit (EBIT) -1.6 -4.6 -29.0 -42.5
Financial net -2,012.3 -112.9 -2,022.3 -85.7
Profit before tax -2,01 3.9 -117.5 -2,05 1.3 -128.1
Tax expense for the period – -32.0 – -32.0
NET PROFIT -2,01 3.9 -149.6 -2,05 1.3 -160.2

ENAD GLOBAL 7 AB (PUBL) 17 Interim Report, October -December 202 5
Parent Company Balance Sheet

SEKm 31 DEC
202 5
31 DEC
2024
ASSETS
Non -current assets
Intangible non -current assets 0.0 0.0
Tangible non -current assets 0.1 0.1
Financial non -currents assets 1,687.4 3,518.8
Total non -current assets 1,687.5 3,518.9
Current assets
Current receivables 39. 7 51.2
Cash and cash equivalents 158.5 20.3
Total current assets 197.9 71.5
TOTAL ASSETS 1,88 5.7 3,590.4

EQUITY AND LIABILITIES
Equity 1,4 83.8 3,535.1
Non -current liabilities 382 .3 –
Current liabilities 19.6 55.3
TOTAL EQUITY AND LIABILITIES 1,885. 7 3,590 .4

ENAD GLOBAL 7 AB (PUBL) 18 Interim Report, October -December 202 5
NOTES TO THE INTERIM REPORT

Note 1 – Accounting Principles . Estimates and Assessments
This interim report regards the Swedish parent company Enad Global 7 AB , corporate identity number
556923 -2837 , and its subsidiaries. EG7 is a group in the gaming industry that develops , markets ,
publishes , and distributes PC , console and mobile games to the global gaming market. The parent
company is a corporation with its registered office in Stockholm , Sweden. The address of the head
office is Sveavägen 17 , 5th floor, 11 1 57 Stockholm.
EG7 applies International Financial Reporting Standards (IFRS) as adopted by the EU. The Group’s
interim report has been prepared in accordance with IAS 34 Interim Financial Reporting and
applicable parts of the Annual Accounts Act (1995: 1554).
The parent company applies the Annual Accounts Act and RFR 2 Accounting for Legal Entities. For full
accounting principles see annual report 202 4.
All amounts in this report are stated in millions of Swedish kronor (SEK millions) unless otherwise
stated.
Rounding differences may occur.

ENAD GLOBAL 7 AB (PUBL) 19 Interim Report, October -December 202 5
Note 2 – Operational Segments
OCT -DEC 202 5 Daybreak Big Blue Bubble Piranha Toadman Fireshine Petrol
Intra -group items and elim inations Total group Revenue from external customers 195.0 55.1 34.3 0.0 125.6 26.9 – 436.9 Net Revenue 195.0 55.1 34.3 0.0 125.6 26.9 – 436.9 Adjusted operating profit before depreciation and amortization (Adj EBITDA)
33.4 24.6 10. 6 0.1 16.1 -3.7 -1.5 79.6
Adjustments * 35.9 Depreciation and amortization
-2,130.7
Financial net -4.7 Profit before tax -2,019.9 Tax expense 75.3 NET PROFIT -1,9 44.7
OCT -DEC 202 4 Daybreak Big Blue Bubble Piranha Toadman Fireshine Petrol
Intra -group items and eliminations Total group Revenue from external customers 198.5 81.0 70.0 7.0 123.7 32.7 0.0 512.9 Net Revenue 198.5 81.0 70.0 7.0 123.7 32.7 0.0 512.9 Adjusted o perating profit before depreciation and amortization ( Adj EBITDA)
26.6 49.3 31.9 -1.9 34.9 -5.4 -6.6 128.7
Adjustments * 146.3 Depreciation and amortization
-423.4
Financial net -2.1 Profit before tax -150.5 Tax expense -32.8 NET PROFIT -183.5
JAN -DEC 202 5 Daybreak Big Blue Bubble Piranha Toadman Fireshine Petrol
Intra -group items and eliminations Total group Revenue from external customers 754.8 236.9 106.1 2.0 403.3 123.2 – 1,626.3 Net Revenue 754.8 236.9 106. 1 2.0 403.3 123.2 – 1,626.3 Adjusted o perating profit before depreciation and amortization ( Adj EBITDA)
100.8 107.5 36.4 -7.7 41.9 0.3 -25.2 253.9
Adjustments * 13.8 Depreciation and amortization
-2,354.2
Financial net -23.3 Profit before tax -2,109.8 Tax expense 174.6 NET PROFIT -1,935.1
JAN -DEC 202 4 Daybreak Big Blue Bubble Piranha Toadman Fireshine Petrol
Intra -group items and eliminations Total group Revenue from external customers 766.4 309.0 129.4 44.2 317.6 146.3 – 1,713.0 Net Revenue 766.4 309.0 129.4 44.2 317.6 146.3 – 1,713.0 Adjusted operating profit before depreciation and amortization (Adj EBITDA)
133.1 166.8 45.9 -18.8 49.4 -12.1 -38.9 325.5
Adjustment* 133.4 Depreciation and amortization
-597.8
Financial net -24.5 Profit before tax -163.3 Tax expense -73.1 NET PROFIT -236.4 *refer to adjustment bridge page 27

ENAD GLOBAL 7 AB (PUBL) 20 Interim Report, October -December 202 5
Note 3 – Revenue from Customer Contracts
OKT -DEC 202 5 Daybreak
Big Blue Bubble Piranha Toadman Fireshine Petrol Total group
Geographical region
Sweden 1.3 0.1 0.1 0.0 2.7 0.0 4.3
Other Europe 32.6 9.6 6.9 0.0 74.4 4.6 128.1
Canada 8.4 2.0 1.8 0.0 3.3 0.0 15.4
USA 142.6 37.9 21.8 0.0 43.8 21.5 267.7
Other markets 10. 1 5.4 3.7 0.0 1.4 0.8 21.4
Revenue from customer contracts 195.0 55.1 34.3 0.0 125.6 26.9 436.9

OKT -DEC 202 4 Daybreak
Big Blue Bubble Piranha Toadman Fireshine Petrol Total group
Geographical region
Sweden 1.3 0.3 0.3 0.0 3.0 0.0 4.9
Other Europe 33.9 14. 3 13.1 0.1 46.8 0.7 108.9
Canada 8.8 2.8 4.7 0.0 1.5 0.0 17.8
USA 144.9 54.4 45.2 6.9 24.6 29.2 305.2
Other markets 9.5 9.3 6.7 0.0 47.9 2.8 76.2
Revenue from customer contracts 198.5 81.0 70.0 7.0 123.7 32.7 512.9

JAN -DEC 202 5 Daybreak
Big Blue Bubble Piranha Toadman Fireshine Petrol Total group
Geographical region
Sweden 4.9 0.6 0.5 0.0 12.8 0.0 18.7
Other Europe 118.7 39.7 21.8 0.0 201.3 12.6 394.1
Canada 32.2 8.4 7.8 0.0 6.0 0.0 54.6
USA 560.8 165.0 65.6 2.0 122.2 102.8 1,018.4
Other markets 38.2 23.1 10.3 0.0 61.1 7.8 140.5
Revenue from customer contracts 754.8 236.9 106.1 2.0 403.3 123.2 1,626.3

JAN -DEC 202 4 Daybreak
Big Blue Bubble Piranha Toadman Fireshine Petrol Total group
Geographical region
Sweden 4.7 0.8 0.4 8.4 14.8 0.0 29.2
Other Europe 114.0 51.1 21.8 0.2 123.2 3.8 314.2
Canada 34.1 10.6 10.2 0.0 7.2 0.2 62.3
USA 574.6 213.2 82.9 34.9 94.5 130.9 1,130.9
Other markets 39.0 33.3 14.2 0.6 77.8 11.5 176.4
Revenue from customer contracts 766.4 309.0 129.4 44.2 317.6 146.3 1,713.0

ENAD GLOBAL 7 AB (PUBL) 21 Interim Report, October -December 202 5
Note 4 – Financial Net

Note 5 – Capitalized development costs and gaming rights

SEKm
OKT -DEC 202 5 OKT -DEC 202 4 JAN -DEC 202 5 JAN -DEC 202 4
Net interest 1.2 11.6 -1.5 18.8
Discount interest on earnout -4.7 -8.9 -17.7 -34.0
Interest leasing -0.4 -0.5 -1.6 -2.7
Liquidation of subsidiary – -1.8 -0.1 -1.8
Financing fees -1.6 -2.5 -3.4 -3.9
FX effects 0.7 0.3 1.0 -0.9
Financial net -4.7 -2.1 -23.3 -24.5
OCT -DEC
202 5
OCT -DEC
202 4

SEKm
Capitalized development costs Gaming rights Capitalized development costs Gaming rights
Opening balance 198.0 387.8 160.3 271.8
Capitalized development cost/this year’s gross
investment 28.9 32.9 39. 3 54.9
Sold/scrapped product development – -13.7 – –
Reclass from other intangible assets – – 0.0 11.8
Amortization of product development -19.7 -11.8 -15.4 -9.5
Write -down of capitalized development costs -68.4 – -9.8 0.0
FX -0.4 -8.2 7.8 20.5
Closing balance 138.4 38 7.0 182.2 349.4

JAN -DEC
202 5
JAN -DEC
202 4

SEKm
Capitalized development costs Gaming rights Capitalized development costs Gaming rights
Opening balance 182.2 349.4 102.0 156.9
Capitalized development cost/this year’s gross
investment 130.7 153.6 125.7 186.3
Sold/scrapped product development – -13.7 – –
Reclass ed from other intangible assets – – 0.0 11.8
Amortization of product development -79.8 -45.8 -24.8 -26.1
Write -down of capitalized development costs -68.4 – -25.0 0.0
FX -26.2 -56.6 4.3 20.6
Closing balance 138.4 387.0 182.2 349.4

ENAD GLOBAL 7 AB (PUBL) 22 Interim Report, October -December 202 5
Note 6 – Financial Instruments
Valuation of financial assets and liabilities per Dec 31 202 5
Financial assets
Financial assets
valued at fair value
through profit or loss
Financial assets
valued at
amortized cost
Accounts receivable
– 125.7
Cash and cash equivalents – 390.3
Total

– 516.0

Financial liabilities
Financial liabilities
valued at fair value
through profit or loss
Financial liabilities
valued at
amortized cost
Contingent consideration
128.2 –
Liabilities to credit institutions
– 347.4
Accounts payable – 21.9
Deferred revenue – 106.2
Other financial liabilities

– 139.5
Total
128.2 615.0

Valuation of financial assets and liabilities per Dec 31 202 4
Financial assets
Financial assets
valued at fair value
through profit or loss
Financial assets
valued at
amortized cost
Accounts receivable – 116.8
Cash and cash equivalents – 321.5
Total – 438.3

Financial liabilities
Financial liabilities
valued at fair value
through profit or loss
Financial liabilities
valued at
amortized cost
Contingent consideration
195.9 –
Liabilities to credit institutions
– 2.6
Accounts payable
– 28.8
Deferred revenue – 135.2
Other financial liabilities – 163.4
Total 195.9 329.9

Valuation Hierarchy

The levels in the valuation hierarchy are defined as follows:
• Level 1 – Listed prices (unadjusted) in active markets for identical assets and liabilities.
• Level 2 – Observable input data for the asset or liability other than quoted prices included in level 1 .
either directly ( i.e., price quotations) or indirectly (i.e. , derived from price quotations).
• Level 3 – Input data for the asset or liability that is not based on observable market data ( i.e., non –
observable input data).
No items are valued at level 1 or 2.

ENAD GLOBAL 7 AB (PUBL) 23 Interim Report, October -December 202 5
Contingent consideration
The contingent consideration is reported at fair value according to level 3 in the valuation hierarchy. The fair
value is calculated using a valuation model that discounts the present value of expected payments of cash flows
with a risk -adjusted discount r ate. Expected cash flows are determined based on probable scenarios based on
expected financial outcomes and future financial forecasts. The most significant input factor used in the
valuation at fair value is a risk -adjusted discount factor of 13. 5 percen t.
Contingent consideration
OCT -DEC
202 5
OCT -DEC
202 4
JAN -DEC
202 5
JAN -DEC
202 4
At