Beyond Frames FY2025 Q4 Earnings Release

Beyond Frames Entertainment AB (publ) www.beyondframes.com
Beyond Frames Entertainment AB (publ)
year – end report
Fourth quarter Q4, 2025

Fourth quarter,
October 1 – December 31, 2025
Accumulated,
January 1 – December 31, 2025
• Sales amounted to 28,673 (43,264) kSEK.
• Operating profit before depreciation and amortization and
shares in associated companies’ earnings (EBITDA) amounted
to 8,467 (3,637) kSEK, an increase of 133% compared to the
same period last year, achieved through stable recurring income
from the game sales, collection of milestone payments and
maintained cost levels
• Profit after financial items amounted to 2,338 (-4,395) kSEK,
impacted by depreciation of capitalized development costs,
which starts already during development.
• EBITDA per share amounted to 0.45 (0.21) SEK.
• Profit per share after financial items amounted to 0.13
(-0.25) SEK
• Cash and cash equivalents at the end of the quarter amounted
to 8,865 (7,364) kSEK.
• Cortopia Studio’s most ambitious project to date,Teenage
Mutant Ninja Turtles: Empire City , remains on track for release
in Spring 2026 and was recently awarded Most Anticipated VR
Game of 2026 by multiple trade publications and influencers.
• Sales amounted to 129,980 (175,834) kSEK
• Operating profit before depreciation and amortization
and shares in associated companies’ earnings (EBITDA)
amounted to 17,625 (12,582) kSEK, an increase of 40%
compared to the same period last year, achieved through
stable recurring income from the game sales, collection of
milestone payments and maintained cost levels
• Profit after financial items amounted to -10,412 (-19,386)
kSEK, impacted by depreciation of capitalized development
costs, which starts already during development.
• EBITDA per share amounted to 0.95 (0.72) SEK.
• Profit per share after financial items amounted to -0.56
(-1.10) SEK
Comparative figures refer to the corresponding period
of the previous year unless otherwise stated.
2 Fourth quarter Q4, 2025

Over the past several years, we have built a foundation with
diversified revenue streams, strengthened studios, expanded the
publishing footprint, formed partnerships with major XR hardware
manufacturers, and developed globally recognized intellectual
property. That work positions us not just to grow, but to lead.
As we move forward, our priority is clear: to improve
profitability while positioning the company for the next
evolution of immersive computing. We ended 2025
with a strong fourth quarter EBITDA improved by 133%
compared to the same period last year. For the full year,
EBITDA improved by 40% year-over-year. These gains
reflect deliberate margin discipline, improved revenue mix,
a sharper allocation of capital toward high-return projects
and an ongoing focus to enhance new technology to improve
development efficiency. At this time, we view our liquidity
position as adequate. With remaining project funding
secured for Teenage Mutant Ninja Turtles: Empire City ,
access to our credit facility, anticipated revenue from the
upcoming TMNT release, and cost-saving measures in place,
we believe we are positioned to maintain healthy cash levels
while executing our roadmap.
We are building a company designed for durable profitability,
not just short-term expansion. Which will allow us to partici –
pate meaningfully in the structural shifts underway in XR.
Building Toward 2026 and Beyond
Cortopia Studios continues to execute at a high level.
Teenage Mutant Ninja Turtles: Empire City , the studio’s most
ambitious project to date, remains on track for release in
Spring 2026. We have begun taking pre-orders and are
seeing strong community excitement around the title.
Empire City was recently awarded Most Anticipated VR Game
of 2026 by multiple trade publications and influencers. Most
notably, Game Informer, one of the most respected brands
in global games media, and a publication that rarely highlights
VR titles, included Empire City among its most anticipated
upcoming releases. This recognition highlights both the
power of the TMNT brand and the execution quality of our
studio teams.
At the same time, we are in advanced discussions with major
publishers and intellectual property partners regarding
future projects and project funding. These conversations
reflect the credibility we have built and our ambition to
continue working with globally recognized brands. We hope
to share further details in the coming quarters.
XR is Evolving
While recent industry headlines have focused on layoffs and
volatility within large technology companies, the structural
trajectory of XR remains intact. Hardware manufacturers in
our category, including Meta and others, continue to invest
aggressively in next-generation devices. At the same time,
new software releases are achieving record-breaking player
engagement levels, demonstrating that consumer appetite
for immersive entertainment remains strong. Short-term
sentiment fluctuates. Platform adoption, production scale,
and engagement trends tell the real story.
Smart Glasses: The Next Form Factor Is Scaling
We are now witnessing the early stages of a major transition
within XR from heavier headsets toward lighter, more
wearable smart glasses.
This shift is not speculative. It is supported by real sales
figures and significant planned production increases across
the category over the coming years. EssilorLuxottica more
than tripled its Meta AI glasses sales during 2025, to 7
million up from 2 million units sold in 2023 and 2024
combined. Multiple hardware manufacturers have publicly
signaled expanded manufacturing capacity and increased
device rollouts. As these devices move toward mass-market
price points and everyday usability, the addressable audience
for immersive content expands dramatically.
CEO Comments
Margin Discipline Today, Platform
Leadership Tomorrow
3 Fourth quarter Q4, 2025

We view smart glasses as a natural extension of spatial
computing; a form factor that will coexist with VR
while unlocking new use cases, new audiences, and new
distribution models.
During the quarter, we engaged in encouraging discussions
with hardware partners participating in this emerging
segment. While the category is still in its early commercial
phase, we believe our experience in immersive interaction
design, world-building, and XR-native gameplay positions
us well as production scales and consumer adoption
accelerates. We intend to help define content standards for
this next generation of devices.
Well-Positioned for the Next Cycle
Beyond Frames today is more disciplined operationally and
more ambitious strategically. We are strengthening EBITDA,
advancing a high-profile 2026 release, and positioning
ourselves for the expansion of smart glasses and next-
generation XR devices.
Our objective remains unchanged: to become the global
leader in immersive entertainment.
Thank you to our players, partners, team members, and
shareholders for your continued trust as we execute on this
vision.
Ace St. Germain,
CEO Beyond Frames Entertainment AB (publ)
4 Fourth quarter Q4, 2025

Significant events during the quarter
For a complete version of press releases, please visit the company’s webpage: www.beyondframes.com/investors/
REGULATORY
Beyond Frames Entertainment secured additional SEK
6.3 Million in Project Funding in partnership with Alpha
Nordic
Beyond Frames Entertainment, in partnership with Alpha
Nordic AB, an investor advisory firm, secured additional
SEK 6.3 million in project funding during the second round.
These funds were raised in exchange for a revenue share
of Beyond Frames Entertainment’s Teenage Mutant Ninja
Turtles VR game, which is currently under development. For
the SEK 6.3 million, Alpha Nordic will receive 4.725% of
Net Revenues, which are defined as revenues after store
fees, distributor financing recoupment, marketing costs, and
publishing costs.
Beyond Frames Entertainment Changes to the board of
director
At the EGM on December 17th, Beyond Frames
Entertainment has appointed Jesper Åkerlind and Björn
Nordblom as new members of the board of directors. Both
Jesper and Björn represent the largest owners and will now
strengthen the board with the owner’s perspective.
OPERATIONAL
Beyond Frames Entertainment Revealed Teenage Mutant
Ninja Turtles: Empire City at New York Comic Con
Beyond Frames Entertainment unveiled Teenage Mutant
Ninja Turtles: Empire City , the first-ever TMNT game
developed for virtual reality at the New York Comic Con in
the beginning of October. Fans at New York Comic Con
did get an exclusive first look at the game’s action-packed
gameplay. Set for release in 2026, Empire City combines
action, stealth, and story-driven gameplay across some of
New York City’s most iconic neighbourhoods.
Cortopia Studios and Devolver Digital Secured USD
1 Million in Project Funding to Advance Ongoing
Development of GORN 2 and announced new releases
Beyond Frames Entertainment announced that its wholly
owned studio, Cortopia Studios, and Devolver Digital have
secured approximately USD 1 million in project funding
from an undisclosed external party for the continued
development of downloadable content (DLC) for GORN 2,
the hit sequel to the original VR cult phenomenon GORN.
This strategic funding is designed to accelerate production
of new content expansions, seasonal updates, and feature
enhancements that will further stimulate the ongoing sales
performance of GORN 2. Beyond Frames confirmed that
this new funding arrangement will not affect the existing
recoupment structure or financial obligations owed to
GORN 2’s publisher, Devolver Digital. The new investment
will allow Cortopia Studios to expand its creative roadmap
with multiple DLC updates scheduled through 2026. So
far, a Halloween “Fight of the Living Dead” and a “ Dungeon
Brawler ” update has been launched, as well as a winter-
themed gameplay mechanics and content.
Beyond Frames studio Cortopia confirmed future support
for the Steam Frame hardware
Following the unveiling of the Steam Frame hardware,
announced for early 2026, Beyond Frames’ Cortopia
Studios confirms its intention to bring its catalog to the
new platform. The move strengthens Beyond Frames’
positioning in the expanding multi-platform VR landscape,
aligning its studios with next-generation hardware.
5 Fourth quarter Q4, 2025

Significant events after the end of the quarter
For a complete version of press releases, please visit the company’s webpage: www.beyondframes.com/investors/
OPERATIONAL
Beyond Frames Entertainment announced Spring 2026
Release of Teenage Mutant Ninja Turtles: Empire City –
the first Turtles game in VR
Charge your headsets and grab your friends, because
Cortopia Studios and Beyond Frames Entertainment have
announced that Teenage Mutant Ninja Turtles: Empire City
– the first ever Turtles game in VR – will be debuting on
Meta Quest, Steam VR, and Pico this Spring for $24.99.
Pre-orders started on February 5 on Meta Quest with a
20% discount. “ Empire City isn’t about playing one of the
Turtles so much as it’s about being one of the Turtles, and
playing them exactly as you’d want them to be,” said Ace
St. Germain, CEO of Beyond Frames Entertainment and
Creative Director of Empire City.
Beyond Frames Entertainment provided Update on
Financing Recoupment Expectations
Beyond Frames Entertainment has provided an update
regarding previously disclosed expectations related to the
recoupment of a financing arrangement. The Company
had earlier indicated that the recoupment related to the
financing of GORN 2 was anticipated to be fulfilled by the
end of Q4 2025 based on projected sales performance.
However, sales during the recent holiday period fell short
of expectations. As a result, Beyond Frames Entertainment
now expects that recoupment under the financing
agreement will take longer than previously anticipated. The
Company continues to focus on optimizing its commercial
strategy and supporting its portfolio to drive long-term
value.
6 Fourth quarter Q4, 2025

About Beyond Frames Entertainment
Beyond Frames Entertainment is a video game company
headquartered in Stockholm. We aim to bring together skilled
game developers with a common vision: crafting engaging,
high-quality gaming experience for PC, console, XR including
Virtual Reality (VR), Augmented Reality (AR), and Mixed
Reality (MR) technologies.
Our strategy involves developing games through owned and
operated studios and partnering with external studios to
foster their growth through world-class publishing services.
Game Studios:
Beyond Frames currently owns, fully or in part, three XR
studios: Cortopia, Moon Mode, and Odd Raven.
Publishing Services:
Through our publishing services, we can assist developers with
financing across various project phases. We also offer creative
and production-related support and traditional publishing
services, including sales, marketing, platform, and launch
support. Our primary goal is to contribute to the evolution
and expansion of content creation for XR platforms.
Beyond Frames’ Position in the Value Chain
Game Developers
• Cortopia
• Moon Mode
• Odd Raven
Publishers
• Beyond Frames
Entertainment
IP owner
Distributors
• Meta
• Steam
• PSVR2
Consumers
Beyond Frames Group
7 Fourth quarter Q4, 2025

Intellectual Property Owner:
As an Intellectual Property (IP) owner, Beyond Frames
holds the rights to trademarks in various games. Operating
as both a developer and a publisher, Beyond Frames
possesses and licenses intellectual property rights for its
in-house developed games, as well as several titles featured
under its publishing services.
Game Developer:
Game developers can both develop proprietary games
internally and work on behalf of someone else, in what is
commonly referred to as “work for hire”. Beyond Frames
owns three studios specializing in XR and is involved in
multiple co-funded projects in collaboration with external
partner studios.
Publisher:
Publishers can undertake various responsibilities, including
financing, production-related support, sales, marketing, and
distribution. As a publisher, Beyond Frames evaluates which
titles to bring to market and has a solid publishing portfolio
featuring appealing XR titles.
Distributor:
Distributors own the channels and platforms through which
games are sold and played. Beyond Frames has established
relationships with several major distributors of XR games,
such as Meta Quest, Steam, Pico, and PlayStation’s
PSVR2.
Sustainability:
At Beyond Frames Entertainment, we strive to operate
our business in a sustainable manner, taking both
Environmental, Social and Governance sustainability into
consideration. We aim to have a minimal environmental
impact by making informed decisions and choices. We
value social sustainability by actively working to create
a sustainable work environment that demonstrates
consideration and respect for all involved parties;
employees, consultants, customers/partners, suppliers
and investors. Having a positive impact on our local and
global community. We emphasize the importance of strong
governance and transparency by constantly improving
processes and content for financial reporting and by
delivering long-term value for our shareholders through
a sustainable business model. Our goal for 2025 is to
incorporate sustainability criteria, in a more structured way,
as a part of our business evaluation, corporate culture, and
day-to-day decision making.
8 Fourth quarter Q4, 2025

Studios
Cortopia Studios (Beyond Frames ownership share: 100 %)
Cortopia studio was founded in 2016 as a spin-off from the
company Univrses and focus on development of XR games.
Cortopia is known for its technical excellence, inspiring art
and animations as well as its amazing team with extensive
experience, both within XR game development and flatscreen
game development. The studio has received multiple awards
for their VR games. Cortopia has released five games starting
with the VR title Wands (2016); Down the Rabbit Hole
(2020); Wands Alliances (2022); Escaping Wonderland
(2024) and Gorn 2 (2025). Cortopia’s sixth project, Teenage
Mutant Ninja Turtles: Empire City, is currently in production.
Moon Mode (Beyond Frames ownership: 55 %)
Moon Mode was founded in 2016 and has had great success
and won many awards. The studio is recognized for the sound
design for computer games, and its design of immersive
visualization making VR fun and accessible. The team has
been in games since 2013 and has among others, worked
with VITEI Backroom’s IPs and developed the VR game
Paper Valley. They also consult for global entertainment
companies, and launched its first proprietary IP, Spacefolk
City in 2021. In addition to taking on work-for-hire
projects, Moon Mode is actively prototyping their next title,
developing a new mobile game and supporting Cortopia on
an ongoing project.
Odd Raven Studios (Beyond Frames ownership: 38%)
The Odd Raven Studios was founded in 2016 and is an
award-winning game studio focused on game development
for both PC and VR. The studio consists of a team with high
technical skills that create fun, beautiful, and innovative
games. The team has experience from collaboration with
King, working on famous titles such as Battlefield at DICE
and Neybers. In 2018, Odd Raven’s VR game Carly and
the Reaperman won the “People’s Choice Award” at the
Indiecade game festival in Paris. The game studio is currently
developing a larger PC game that is co-financed by a very
established publisher in the gaming industry. This publisher
will be fully responsible for the game’s marketing and is also a
key partner in day-to-day game development.
Publishing
Beyond Frames Entertainment Publishing
(Beyond Frames ownership: 100 %)
Beyond Frames started its publishing business in 2021
to diversify its revenue streams and be an active player
in the XR community, supporting third-party developers
with funding, production support, marketing, and release
management.
Since its start, Beyond Frames Publishing has released
12 titles, three internal studio productions, and nine from
external partners. The catalogue consists of a wide range of
titles and genres, all with a goal of bringing something new
to the table in XR. The external games include smash-hit
Ghosts of Tabor from Combat Waffle Studios, with active
games-as-a-service updates, Outta Hand from Capricia
Productions, Toy Monsters from Habaduda games and more.
Our business areas
9 Fourth quarter Q4, 2025

Accounting principles
The Group and the Parent Company apply the Annual
Accounts Act (Årsredovisningslagen) and BFNAR 2012:1,
except for the language. The accounting and valuation
policies applied are consistent with the Swedish Accounting
Standards Board’s Category 3 (BFN K3) regulation and are
unchanged since the latest published Annual Accounts and
the Swedish Accounting Standards Board’s BFNAR 2012:1
The report has been prepared in accordance with Spotlight’s
regulations.
Financial review
SEK k Q4 2025 Q4 2024 Full year 2025 Full Year 2024
Group
Sales 28,673 43,264 129,980 175,834
Capitalized development 10,553 7,359 31,878 33,661
EBITDA 8,467 3,637 17,625 12,582
EBITDA/Share (SEK) 0.45 0.21 0.95 0.72
Profit after financial items 2,338 -4,395 -10,412 -19,386
Profit after financial items/share (SEK) 0.13 -0.25 -0.56 -1.10
Profit attributable to the Parent Company´s shareholders 2,785 -4,358 -10,038 -19,264
Parent company
Sales 24,723 34,563 121,402 156,305
EBITDA -11,776 -808 1,998 9,107
EBITDA/Share (SEK) -0.63 -0.05 0.11 0.52
Net profit for the period -13,387 -1,840 -6,705 5,236
Net profit for the period/Share (SEK) -0.72 -0.10 -0.36 0.30
SEK k 2025-12-31 2024-12-31 2025-09-30 2024-09-30
Group
Total Assets 96,094 93,100 93,117 89,678
Total equity attributable to equity holders of the parent 63,643 63,467 60,858 67,821
Total Equity/Share (SEK) 3.42 3.62 3.27 3.91
Number of shares 18,635,409 17,544,409 18,635,409 17,340,409
Parent company
Total Assets 147,843 140,265 160,445 134,061
Total Equity 114,703 111,193 128,088 113,029
Total Equity/Share (SEK) 6.16 6.34 6.87 6.52
Number of shares 18,635,409 17,544,409 18,635,409 17,340,409
10 Fourth quarter Q4, 2025

Comment on earnings development
The comparative figures refer to the corresponding period
last year unless otherwise stated.
Revenue and earnings
In the fourth quarter, sales amounted to 28,673 kSEK, and
total operating income to 39,790 kSEK. Operating income
decreased with 22% compared to last year, mainly explained
by lower net sales and negative currency effects. Operating
expenses amounted to 37,127 kSEK including depreciation
and amortization of 5,838 kSEK. Operating expenses
decreased by 33% compared to last year, mainly due to
lower external cost included in “Goods for resale”. Goods
for resale decreased by 43% in Q4 2025 compared with
the corresponding quarter last year. This decrease relates
to lower revenue share and platform fees and decreased
external development costs, including contract suppliers,
consultants, interns, and other purchased services, as a
result of a lower number of titles in development and a more
cost-efficient balance between internal staff and external
contributors. EBITDA, operating profit before depreciation
and amortization, and shares in the earnings of associated
companies amounted to 8,467 kSEK.
The company’s revenue consists primarily of sales of games
for VR headsets and revenue of a one-off nature including,
but not limited to, funding for research and development,
project funding for game development, and porting to new
platforms.
The company’s cost structure primarily consists of
revenue-share payments to game developers, platform
fees, personnel and external development costs for game
development, publishing and marketing expenditures.
Investments
During the quarter, the group invested 10,554 (7,359)
kSEK in intangible assets. The intangible fixed assets
consist of development costs directly attributable to game
development and associated platforms for existing and new
games. In addition to this, the intangible assets include the
acquisition of publishing rights.
Capitalized development costs are amortized linearly over
five years. The value of the intangible assets is impairment
tested continuously throughout the year and at year-end.
The impairment test is performed on the intangible assets
from a portfolio perspective.
Cash and equivalents
Available cash and cash equivalents at the end of the period
amounted to 8,865 (7,364) kSEK, compared with 12,672
kSEK at the end of the third quarter of 2025.
Personnel and organization
At the end of the period, the number of internal employees
amounted to 40.5 FTEs compared to 38 FTEs at the
end of the comparable period last year. Including external
contributors such as dedicated contract suppliers,
consultants, and interns, Beyond Frames Entertainment
Group had a total of 53 FTEs, compared to 53 FTEs at
the end of the comparable period last year. FTE (full-time
equivalent) is defined as the number of full-time positions.
Related party transactions
There were no related party transactions during the period.
11 Fourth quarter Q4, 2025

Risk factors
Complete risk factors can be found in the Annual Report for
2024 on page 2.
Earning capacity and capital requirements
It cannot be ruled out that it will take longer than expected
before Beyond Frames Entertainment AB (publ) achieves
continuous stable profitability. It cannot be ruled out that
Beyond Frames Entertainment AB (publ) will have a greater
capital requirement in the future than is currently deemed
necessary.
Market
It cannot be ruled out that changing consumer behaviors,
new regulations or other market-related factors in VR,
AR or related industries may lead to a decrease in market
interest. There is thus a risk that changes in consumer
behavior, regulations or other market-related factors may
lead to a weaker demand for Beyond Frames Entertainment
AB (publ)’s products, which could have a significant negative
impact on the company’s business, financial position and
results
Partners
It cannot be ruled out that if any of Beyond Frames
Entertainment AB (publ)’s partners were to find themselves
in a situation that complicates or delays the partner’s
commitments, or disagreements concerning, for example
the cooperation or agreement, there is a risk that the
company’s operations will be adversely affected.
Intangible assets
The launch of new game titles may generate lower revenue
than expected. This entails a risk that the carrying values
of the company’s assets may be adjusted during the next
financial year.
Currency Risk
Beyond Frames Entertainment AB (publ) is a Swedish public
limited liability company whose accounts are denominated
in SEK. The gaming industry is a global and digital market
where most of the revenue streams may be generated in
foreign currencies and for Beyond Frames Entertainment
AB (publ) the revenue is mainly in USD. These revenues
may expose Beyond Frames Entertainment AB (publ) to
significant currency fluctuations. These could adversely
affect Beyond Frames Entertainment AB (publ) sales,
earnings, and financial position.
Acquisition of game studios
As part of Beyond Frames Entertainment AB (publ)
operations, prominent game studios in games based on
VR and AR technology are acquired. There is a risk that
acquired game studios do not live up to the expectations
that Beyond Frames Entertainment AB (publ) has had and
which led to the acquisition. These expectations shall relate
to competence level, skill, financial circumstances, the ability
to cooperate, or other factors. There is a risk that acquired
game studios will not be integrated into Beyond Frames
Entertainment AB (publ) operations in an appropriate
manner. Expected synergies may be absent in whole or
in part. Taken together, these risks could have a negative
impact on Beyond Frames Entertainment AB’s (publ)
operations, results of operations, and financial position.
Legal disclaimer
This report contains forward-looking statements, and
actual results may differ materially from those anticipated.
In addition to factors discussed, actual outcomes may be
affected by developments for customers, competitors, the
effects of economic and economic conditions, national
and cross-border laws and regulations, tax rules, the
effectiveness of computer system copyright, technological
developments, exchange rate, and interest rate fluctuations
and policy decisions with a negative impact on the
Company’s operations.
12 Fourth quarter Q4, 2025

The Board’s declaration
The Board of Directors and the CEO hereby confirm that
this fourth quarter report for October – December 2025
provides an accurate and fair view of the Parent Company’s
and the Group’s operations, financial position, and results
and that it describes the significant risks and uncertainties
in the Parent Company and the Group’s participating
companies.
Stockholm, February 19, 2026
Fredrik Burvall Arthur St Germain
Chairman of the Board CEO
Sandra Neudinger Patrick Bach
Arvid Klingström Jesper Åkerlind
Björn Nordblom
For further information, please contact CFO Emma Partin, emma.partin@beyondframes.com or ir@beyondframes.com .
Beyond Frames Entertainment AB Webpage: Beyond Frames Entertainment
Bondegatan 21 email: ir@beyondframes.com
SE-116 33 Stockholm
This information is such information as Beyond Frames Entertainment is obliged to publish in accordance with the EU Market Abuse
Regulation (MAR). The report was submitted, through the care of the above contact person, for publication on February 19, 2026,
at 08:00 CET.
This financial information in this report has not been reviewed by the company’s auditor.
Other information
Financial calendar
Annual report 2025 week 19, 2026
Interim Report Q1 2026 May 21, 2026
Annual General Meeting week 24, 2026
Half-Year Report Q2 2026 August 20, 2026
Interim Report Q3 2026 November 19, 2026
Full-Year Report Q4 2027 February 18, 2027
13 Fourth quarter Q4, 2025

Consolidated income statement
SEK k Q4 2025 Q4 2024 2025 2024
Revenues
Sales 28,673 43,264 129,980 175,834
Worked performed by the Company for its own use and capitalized 10,554 7,359 31,879 33,661
Other operating income 564 319 2,367 1,852
Total operating income 39,790 50,942 164,225 211,347
Operating expenses
Goods for resale -19,193 -33,465 -95,652 -150,963
Other external expenses -2,175 -5,000 -15,290 -15,015
Personnel expenses -9,955 -8,840 -35,658 -32,787
Depreciation, amortization and impairment -5,838 -7,634 -24,417 -31,268
Share of profit in associate 34 -132 -118 -482
Total operating expenses -37,127 -55,071 -171,135 -230,515
Operating profit 2,663 -4,129 -6,910 -19,168
Financial items
Net financial items -325 -266 -3,502 -218
Profit after financial items 2,338 -4,395 -10,412 -19,386
Ta x -53 – -53 –
Net profit for the period 2,286 -4,395 -10,465 -19,386
Net profit of the period attributable to:
Equity holders of the parent 2,785 -4,358 -10,038 -19,264
Non-controlling interests -381 -3 7 -309 -122
14 Fourth quarter Q4, 2025

Consolidated balance sheet – Assets
SEK k 2025-12-31 2024-12-31
ASSETS
Non-current assets
Intangible assets
Intangible assets 72,947 64,503
Goodwill – 254
Total intangible assets 72,947 64,757
Tangible assets
Inventory, tools and installations 576 1,187
Total tangible assets 576 1,187
Financial assets
Investments in associates 868 986
Other long-term receivables 950 950
Total financial assets 1,818 1,936
Total non-current assets 75,341 67,880
CURRENT ASSETS
Short term receivable
Accounts receivable 6,806 13,431
Current tax recoverable 531 888
Other receivables 2,987 2,579
Prepaid expenses and accrued income 1,564 958
Total Short term receivable 11,888 17,856
Cash and cash equivalents
Cash and cash equivalents 8,865 7,364
Total current assets 20,753 25,220
TOTAL ASSETS 96,094 93,100
15 Fourth quarter Q4, 2025

Consolidated balance sheet – Equity and liabilities
SEK k 2025-12-31 2024-12-31
Equity
Share capital 931 877
Other capital contributed 168,960 158,800
Reserves 75,579 67,134
Retained earnings incl profit for the year -181,827 -163,344
Total equity attributable to equity holders of the parent 63,643 63,467
Minority interest 1,635 1,944
Total equity 65,278 65,411
Noncurrent liabilities
Long-term debt (loan) 3,333 –
Total noncurrent liabilities 3,333 –
Current liabilities
Accounts payable 2,351 4,668
Current liabilities to associated companies – –
Current tax liabilities 91 331
Other liabilities 13,185 5,710
Accrued expenses and prepaid revenues 11,856 16,980
Total current libilities 27,483 27,689
TOTAL EQUITY AND LIABILITIES 96,094 93,100
16 Fourth quarter Q4, 2025

Consolidated statement of changes in equity
Share capital
Other
contributed
capital Reserves
Retained
earnings incl
profit for the
period
Minority
interest
Consolidated
equity
Amount as of 2025-01-01 877 158,800 67,134 -163,344 1,944 65,411
Issued warrants 54 10,160 10,214
Development fund 8,445 -8,445
Net Profit -10,038 -309 -10,347
Amount as of 2025-12-31 931 168,960 75,579 -181,827 1,635 65,278
17 Fourth quarter Q4, 2025

Consolidated cash flow statement
SEK k 2025 2024
OPERATING ACTIVITIES
Operating profit -3,793 -19,168
Adjustments for non-cash items:
Depreciation/amortization 24,300 31,268
Share in profit in associated companies 118 482
Income tax 64 –
Net interest -6,501 -218
Cash flow from operating activities before changes in working capital 14,188 12,364
Cash flow from changes in working capital
Change in other receivables 5,611 -215
Change in other liabilities 34 6,398
Cash flow from operating activities 19,833 18,547
INVESTMENT ACTIVITIES
Investments in associated companies –
Investments in property, plants and equipments – -76
Investments in intangible assets -31,879 -33,736
Cash flow from investing activities -31,879 -33,812
FINANCING ACTIVITIES
New share issue 10,214 19
Premium received from warrants – 790
Change in long term debt 3,333
Cash flow from financing activities 13,547 809
Cash flow for the period 1,501 -14,456
Opening cash an equivalents 7,364 21,820
Closing cash and equivalents 8,865 7,364
18 Fourth quarter Q4, 2025

Parent company income statement
SEK k Q4 2025 Q4 2024 2025 2024
Revenues
Sales 24,724 34,563 121,403 156,305
Work performed by the Company
for its own use and capitalized
482 810 3,990 7,611
Other operating income 1,005 761 4,096 3,560
Total operating income 26,211 36,134 129,489 167,476
Operating expenses
Goods for resale -34,210 -31,348 -105,000 -136,746
Other external expenses -987 -3,255 -12,222 -11,603
Personnel expenses -2,791 -2,339 -10,270 -10,020
Depreciation, amortization and impairment -1,238 -7 72 -5,272 -3,675
Total operating expenses -39,225 -37,714 -132,763 -162,044
Operating profit -13,014 -1,580 -3,274 5,432
Finincial items
Net interest income/expenses -373 -260 -3,432 -196
Total financial items -373 -260 -3,432 -196
Profit after financial items -13,387 -1,840 -6,706 5,236
Current income tax – – – –
Net profit for the period -13,387 -1,840 -6,706 5,236
19 Fourth quarter Q4, 2025

Parent company balance sheet – Assets
SEK k2025-12-312024-12-31
ASSETS
Non-current assets
Intangible assets
Intangible assets 12,49013,359
Total intangible assets 12,49013,359
Tangible assets
Inventory, tools and installations 390802
Total tangible assets 390802
Financial assets
Investments in Group companies 110,13445,800
Receivables in Group companies 1,0001,000
Investments in associates 8,3698,369
Other long term receivables 950950
Total financial assets 120,45356,119
Total Non-current assets 133,33370,280
Current assets
Short term receivable
Accounts receivable 6,38011,759
Receivables in Group companies 5152,533
Current tax recoverable 209209
Other receivables 1,8561,340
Prepaid expenses and accrued income 1,3851,060
Total Short term receivable 9,88166,901
Cash and cash equivalents
Cash and cash equivalents 4,6293,084
Total cash and cash equivalents 4,6293,084
Total current assets 14,51069,985
Total Assets 147,843140,265
20
Fourth quarter Q4, 2025

Parent company balance sheet
– Equity and liabilities
SEK k 2025-12-31 2024-12-31
Equity and liabilities
Restricted equity
Share capital 932 877
Development expenditure fund 12,491 13,360
Total restricted equity 13,423 14,237
Unrestricted equity
Share premium reserve 166,702 156,542
Retained earnings -58,717 -64,822
Net profit for the year -6,705 5,236
Total unrestricted equity 101,280 96,956
Total Equity 114,703 111,193
Noncurrent liabilities
Long-term debt (loan) 3,333 –
Total noncurrent liabilities 3,333 –
Current liabilities
Accounts payable 1,449 3,412
Other liabilities 12,710 4,916
Accrued expenses and prepaid revenues 15,648 20,744
Total current libilities 29,807 29,072
TOTAL EQUITY AND LIABILITIES 147,843 140,265
21 Fourth quarter Q4, 2025

Parent company statement of changes in equity
Share capital
Development
expenditure fund Share premium
Retained earnings
incl. net profit for
the period Total Equity
Amount as of 2025-01-01 877 13,360 156,542 -59,586 111,193
Share issue 54 10,160 10,214
Development fund -869 869 –
Net Profit -6,705 -6,705
Amount as of 2025-12-31 931 12,491 166,702 -65,422 114,702
22 Fourth quarter Q4, 2025

Parent company cash flow statement
SEK k 2025 2024
OPERATING ACTIVITIES
Operating profit -3,274 5,432
Adjustments for non-cash items:
Depreciation/amortization 5,272 3,675
Net Interest -3,431 -196
Cash flow from operating activities before changes in working capital -1,433 8,911
Cash flow from changes in working capital
Change in other receivables 57,021 -8,134
Change in other liabilities 735 14,538
Cash flow from operating activities 56,323 15,315
INVESTMENT ACTIVITIES
Investments in subsidiaries -64,334 -26,000
Investments in associated companies – –
Investments in intangible assets -3,991 -7,685
Investments in property, plant and equipment – -3 3
Caash flow from investing activities -68,325 -33,718
FINANCING ACTIVITIES
New share issue 10,214 19
Premium received from warrants – 790
Change in long-term debt 3,333 –
Cash flow from financing activities 13,547 809
Cash flow for the period 1,545 -17,594
Opening cash and cash equivalents 3,084 20,678
Closing cash and cash equivalents 4,629 3,084
23 Fourth quarter Q4, 2025

www.beyondframes.com