G5 Entertainment FY2025 Annual Report

2025
G5 Entertainment AB
ANNUAL REPORT

This is G5 Entertainment ………………………………………………………………………. 03
The year in brief
………………………………………………………………………………………. 04
Word from the CEO
…………………………………………………………………………………. 05
Vision and strategy
………………………………………………………………………………… 07
Business model
………………………………………………………………………………………… 09
Market
…………………………………………………………………………………………………………… 12
Operations
…………………………………………………………………………………………………… 1 4
G5 Store
…………………………………………………………………………………………………………. 15
Financial review
Directors’ report
………………………………………………………………………………………… 1 9
Sustainability report
………………………………………………………………………………… 28
Consolidated accounts
………………………………………………………………………… 74
Notes to consolidated accounts
………………………………………………………. 78
Parent company financial reports
…………………………………………………. 95
Notes to parent company
……………………………………………………………………. 99
Assurance
………………………………………………………………………………………………….. 103
Auditor’s report
………………………………………………………………………………………… 104
Corporate governance report
……………………………………………………………. 111
G5 share
……………………………………………………………………………………………………. 120
Definitions
………………………………………………………………………………………………….. 122
About this reportThe formal Annual Report
comprises pages 19–103. The
Director’s Report is set out on
pages 19–73. Pages 28–73
constitute G5 Entertainment’s
statutory Sustainability Statement.
Contents
THIS IS G5 STRATEGY OPERATIONS DIRECTORS’ REPORT FINANCIALS GOVERNANCE G5 SHARE THE YEAR 2025
2 G5 ENTERTAINMENT AB – ANNUAL REPORT 2025 CONTENTS

USA
Sweden Russia
Ukraine
Georgia Armenia
Bulgaria
Cyprus
Kazakhstan
This is G5 Entertainment: Global market and presence
EmployeesThree puzzle game genres
G5 Entertainment AB (G5) is one of the
leading developers and publishers
of free-to-play games (F2P) that are
played on smartphones, tablets and
personal computers. G5 primarily offers
proprietary games but also publishes
games licensed from other developers.
G5’s games are made for casual players, which
is a growing market. The main target group is
predominantly made up of female players over 35 years
of age. Geographically, G5’s most important market is
North America which accounted for 61 percent of group
revenues in 2025.

Headquarters:
Stockholm, Sweden
Marketing office:
California, USA
Intellectual property rights,
creative processes and game
licensing:
Malta
Development offices and studios:
Armenia, Bulgaria, Cyprus,
Georgia, Kazakhstan,
Montenegro, Russia and
Ukraine
Listing:
Nasdaq OMX since June 2014
Monthly active users
(average 2025)
3.9 million
842
Monthly unique payers
(average 2025)
113,700
• Hidden Object
• Match-3
• Solitaire/Match-2

Malta
STRATEGY OPERATIONS DIRECTORS’ REPORT FINANCIALS GOVERNANCE G5 SHARE THE YEAR 2025
3 G5 ENTERTAINMENT AB – ANNUAL REPORT 2025 G5 ENTERTAINMENT
THIS IS G5

• Consolidated revenue was SEK 942 M (1,135), a
decrease of 17 percent compared to 2024, in USD
terms revenue decreased 11 percent year-over-year
• EBIT for the year was SEK 23.0 M (116.8), a decrease of
80 percent compared to 2024
• Net result was SEK 30.0 M (119.0)
• Earnings per share before dilution was SEK 3.87
(15.22) and after dilution SEK 3.87 (15.22)
• Cash flow before financing activities was SEK 45.2 M
(164.0)
FINANCIAL KEY RATIOS, KSEK 20252024Change, %
Revenue 941,5831,134,529 -17%
Commission to distributors -185,727-245,935 -24%
Royalty to external developers -90,991-112,497 -19%
Gross profit 664,864776,097 -14%
Gross margin 70.6%68.4%
Operating costs excluding costs for user acquisition -463,134-461,085 0%
EBIT excluding costs for user acquisition 201,730315,012 -36%
EBIT margin before costs for user acquisition 21%28%
Costs for user acquisition -178,760-198,235 -10%
Costs for user acquisition as a percentage of revenue -19%-17%
EBIT 22,970116,778 -80%
EBIT margin (%) 2.4%10.3%
Earnings per share before dilution 3.8715.22 -75%
Cash flow before financing activities 45,199164,009
Cash and cash equivalents 216,245275,539
Financial summary
2025 2024
F2P Q4Q3 Q2Q1 Q4Q3Q2 Q1
DAU (mn)
1 1.1 1.1 1.21.3 1.31.3 1.41.5
MAU (mn)
1 3.8 3.7 3.84.2 4.34.5 4.75.1
MUP (thousands)
1 108.6 110.7113.8121.7128.2129.5 137.2147.4
MAGRPPU (USD)
1 71.7 70.8 68.965.4 65.764.9 63.763.5
1 For more information regarding the operational metrics, see the glossary on page 122. .
Operational KPI:s
The year in brief: Year of resilience and transformation
“We achieved meaningful
stabilization for Sherlock
and Hidden City in the
second half of the year.
In Q4, Hidden City grew
8.4% sequentially. ”
4 G5 ENTERTAINMENT AB – ANNUAL REPORT 2025 HIGHLIGHTS
THIS IS G5 STRATEGY OPERATIONS DIRECTORS’ REPORT FINANCIALS GOVERNANCE G5 SHARE THE YEAR 2025 THE YEAR 2025

5 G5 ENTERTAINMENT AB – ANNUAL REPORT 2025 CEO LETTER
Word from the CEO: Building the Foundation for
Sustainable Growth
Financial Performance and Portfolio
Stabilization
In USD terms, which provides the most accurate
reflection of our underlying performance, we have
seen a progressive slowing of revenue decline
throughout the year. After a 13.0% decline in the
first half of 2025, the decline narrowed to 8.5%
in the second half. This trend underscores our
systematic work to stabilize the top line.
Our product strategy remains anchored by three
pillars: Sherlock, Hidden City, and our Jewels
family of games. I am pleased to report that we
achieved meaningful stabilization for Sherlock
and Hidden City in the second half of the year.
In Q4, Hidden City grew 8.4% sequentially in
USD terms. While the Jewels family continues to
face headwinds, our team has identified specific
changes to attempt a turnaround, with a final
evaluation scheduled for the end of the second
quarter of 2026.
G5 Store: The fourth pillarThe most significant driver of our strategic
execution during the year is the G5 Store, our
proprietary direct-to-consumer platform. In Q4
2025, the store accounted for a record 23.4% of
our group’s revenue, growing 20% year-over-year
in USD terms. During the fourth quarter of 2025
the G5 Store grew to become our second largest
distribution channel by net revenue, a trend that
has continued into the first quarter of 2026 around
the end of which G5 Store finally became our
largest distribution channel of all. G5 Store now
brings the company more revenue in a month than
Apple App Store or Google Play store, or Microsoft
Windows store.
The store’s importance to our bottom line cannot
be overstated. By not having the high commission
fees that third-party platforms often have, the G5
Store, alongside our web-shop for mobile players,
propelled our group Gross Margin to a record 71.6%
2025 was a year of resilience and strategic transformation. While
we continued to navigate a challenging broader mobile games
market, we made decisive progress in stabilizing our core portfolio,
expanding our direct-to-consumer footprint, and refining our
development pipeline, working towards long-term value creation
for our shareholders.
THE YEAR 2025 THE YEAR 2025 THIS IS G5 STRATEGY OPERATIONS DIRECTORS’ REPORT FINANCIALS GOVERNANCE G5 SHARE

EBIT KSEK
EB IT KSE K
Revenue KSEK in the fourth quarter. Beyond profitability, the store provides full control over the player experience,
pricing, and policy.We are now evolving the G5 Store into a broader
game distribution destination. In late 2025, we
successfully opened the store to 3rd party game
distribution. Initial results are highly encouraging,
suggesting that quality games from mobile
platforms can see an incremental revenue boost of
approximately 15% through our platform. If scaled
successfully, 3rd party distribution will become our
fourth revenue pillar.
More Innovation in Development
Funnel
In the effort to refine and improve our development
pipeline, in 2025 we have formed several small,
agile teams to pursue more innovative concepts
with shorter development cycles, testing
approximately six new ideas every four months. While we made the difficult but disciplined
decision to put Twilight Land into “harvest mode”
following its soft launch, the majority of the team
has been redeployed to strengthen other high-
potential projects while some have been let go.
Following this, we have two new larger games
in the new game development pipeline. One is
soon entering the scalability testing and we are
cautiously optimistic about this game. The second
game is just getting into soft launch stages while
also showing potential.
Capital Allocation and OutlookG5 remains in a strong financial position. Our
balance sheet allows us to invest in growth while
Adjusted Costs of % in Revenue
Administration
Research and development
Sales and marketing
Adjusted EBIT (KSEK)
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
2021 2022 2023 2024 2025 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q42021 2022 2023 2024 2025
Pivot to
OWN GAMES
Pivot to
F R E E -TO – P L AY
2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
1,500,000
1,200,000 900,000
600,000 300,000 0
Q1Q2 Q3 Q4
2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
THIS IS G5 STRATEGY OPERATIONS DIRECTORS’ REPORT FINANCIALS GOVERNANCE G5 SHARE THE YEAR 2025
6 G5 ENTERTAINMENT AB – ANNUAL REPORT 2025 CEO LETTER

Vision and Strategy: From one of many to one of few
G5 aims to grow from “one of many” developers and publishers of free-to-play
games for smartphones, tablets and personal computers to “one of few”. To
achieve this the company shall deliver above market growth through adhering
to the following four strategic guidelines that have been established;
• G5 shall continue to focus on its core
audience of women 35+, maximizing the
knowledge about its audience and using it
to bring new products to the market.
• G5’s customers, the players, shall be
offered top quality content in our games,
existing and new.
• G5 shall exceed market growth through
smart marketing, by maintaining the enga-
gement of existing customers and winning
new players.
• G5 shall, in a responsible way, venture
into new and adjacent genres and target
groups.
G5 target groups and genresG5’s main target group is women aged 35 and
over. Across all of G5’s games, women account for
around 70 percent of the users. G5 Entertainment has a clear focus in relation to
game genres and target groups. The games that are
developed and published can generally be referred
to as puzzle games. G5’s games are in the four genres
Hidden Object, Match-3, Solitaire/Match-2 and New
Genres. They are adventure or casual games where
the player progresses by solving puzzles.
Focus on F2P-gamesG5 exclusively makes F2P-games. This type of game
can be continuously updated throughout the game’s
life cycle. This increases G5’s ability to retain
players during a longer time period which renders
these games a significantly greater earning capacity
than other game types.
User acquisitionG5 is actively acquiring new players through
marketing, so called user acquisition (UA). This
is an important part of the business model for
F2P-games and the company invests a significant
share of the revenues in user acquisition. G5 has
developed a profound knowledge about its player
types its target group and how to reach these. It
also uses advanced analytical tools to secure a
healthy return and payback time on marketing
investments. The purpose is to create a larger user base
which can provide higher long-term earnings, if
not immediately during the subsequent quarter,
then after an additional one or two quarters, when
revenues have had time to catch up with spending.
Through analytical tools the company can track spending with good precision and make sure that
the right kind of players are attracted.
Because players keep playing the games for a long
period of time and are monetized only gradually,
the profit margin is affected in the short term when
the company decides to substantially increase
spending on UA and hold it at the new level,
while the revenue increases gradually. Over time
profitability grows in the following quarters, and
then in relation to a larger revenue.
A broad user base is also an asset that the
company can benefit from in the coming launches
in order to attract existing players to try new games. Retention and earnings potentialG5 has one of the largest mobile games portfolios
in its niche and target group. Only a few other
established players are consistently targeting the
company’s main target group and create games
with a similar structure to G5’s most successful
products. The company’s continued success will
depend on its ability to continue offering existing
and new customers the best and most engaging
experiences. At the same time, those games that are
launched must possess enough earnings potential.
This means that the company needs to continue to
produce and/or license successful games, and that
the company’s development over time will depend
on its ability to do that.
“A broad user base is also
an asset that the company
can benefit from in the
coming launches in order to
attract existing players to
try new games.”
STRATEGY
7 G5 ENTERTAINMENT AB – ANNUAL REPORT 2025 VISION & STRATEGY

G5’s success factors
Players Main audience women 35+ Loyal and repeat buyers Growing demographic
Development Analytics and Analytical approach World class development talent
Game Genre expertise Hidden object Match-3 Solitaire/Match-2 Gradual genre expansion
Marketing G5 Brand User acquisition Distribution
Defined target group. G5 focuses on games for women over the age of 35, a globally growing and
financially strong target group that
is loyal to their games and where G5
is one of the leading players in the
market in its niche. Mobile gaming
platforms have opened up gaming
for the company’s target group and
women account for a growing share of
the active players on mobile gaming
platforms, more and more reports
show that women account for almost
50% of the number of players. In G5’s
successful titles women account for
70% of the active audience.
Extensive portfolio. G5 has a number of
F2P games that are attractive to large numbers
of players in the target group. The company
focuses on games in the genres of Hidden Object,
Match-3 and Mahjong Solitaire, while also trying
to enter new genres that are popular among G5’s
target group.
Focused operation. G5 focuses on F2P
games that are accessible, do not require up-
front payment and provide a longer gaming
experience. This allows players to become
involved and continue playing for a longer period,
which increases the game’s earning capacity.
Proprietary platform. G5 has the capacity for quality
assurance, customer support, sales, marketing and user
acquisition, as well as cross selling between games. G5 also has
developed and owns the Talisman cross-platform engine which
allows for quick deployment of games on multiple platforms
including direct-to-consumer G5 Store. G5 also has developed
a proprietary G5 Friends social network and cloud progress
storage platform for easy platform migration, which is built into
all G5 games. The company also has its proprietary game
engines in the main genres.
Inhouse development. G5’s gaming portfolio is based on
proprietary and licensed games. G5 intends to maintain a healthy
balance of revenue coming from its own and licensed games.
In 2024 the share of revenue coming from own games was 71
percent.
Own studios. G5 has over the years organically expanded its
development studios and currently has studios in eight countries
for game development and outsourcing of development services.
Own analysis. G5 has an analytics platform that delivers
real-time insight into player behavior and how earnings can
be improved.
Own UA team and tools. G5
has built up its own organisation for
user acquisition, which concentrates
on different types of campaigns
to increase the number of users
and cross selling between games.
G5 has also developed its M.A.R.S
suite of tools to further enhance its
competitive advantage.
Efficient channels. G5’s
games reach the end user through
global distributors such as Apple App
Store, Google Play, Amazon Appstore,
Microsoft Windows Store, Mac App
Store and the G5 store.
THIS IS G5 STRATEGY OPERATIONS DIRECTORS’ REPORT FINANCIALS GOVERNANCE G5 SHARE THE YEAR 2025 STRATEGY
8 G5 ENTERTAINMENT AB – ANNUAL REPORT 2025 VISION & STRATEGY

Business model
Game developmentDistribution Engagement & marketing
• G5 develops proprietary
casual games based on
its own technology.
• G5 sometimes licenses
games from independ-
ent game studios which
reduces financial risk
and expands the com-
pany’s offering to various
target groups and exper-
imental genres.
• Players are regularly offered
updates for existing games
and new games to try.
• Own analytical tool secures
efficient marketing.
• G5 builds customer touch
points through email, social
media, G5 Friends social
network built into all G5’s
games, and other means.
DEVELOPMENTOF OWN GAMES
3RD PARTY LICENSING
• G5 also distributes games through
third-party stores, such as Apple,
Google, Microsoft and Amazon.
• External distributors charge approx. 30
percent of revenue, Microsoft Store – 12
percent,
G5 STORE
EXTERNAL DISTRIBUTORS
• During the year the proprietary G5
store, where G5 has own payment
solutions and distribution, grew to
represent over nineteen percent of
group revenue in Q4.
• For the own store, G5 has its own
distribution and payment solutions
where fees paid to third parties are
only single digit percent.
9 G5 ENTERTAINMENT AB – ANNUAL REPORT 2025 CONTENTS
THIS IS G5 STRATEGY OPERATIONS DIRECTORS’ REPORT FINANCIALS GOVERNANCE G5 SHARE THE YEAR 2025
9 G5 ENTERTAINMENT AB – ANNUAL REPORT 2025 BUSINESS MODEL
STRATEGY THIS IS G5 OPERATIONS FINANCIALS GOVERNANCE G5 SHARE THE YEAR 2024 DIRECTORS’ REPORT
1
2
3

1. DevelopmentG5 strives to produce the best games in the
genre niches where it is active. G5 develops and
renews its game portfolio mostly through in-
house game development but also, in carefully
selected situations, through licensing of games
from independent game developers. For its
in-house development, the company seeks to
employ the most talented individuals and pays
a lot of attention to the quality and detail in the
games.
The combination of own development, where the
margins are higher, and licensing, where G5 can
test new games and broaden the offering with
limited risk, gives G5 a good portfolio balance.
The model also reduces the dependence on
individual game titles.
The contractual agreements for the licensed
games vary but the starting point is usually
an even split of game revenues between the
developer and G5.
2. Distribution and platforms External storesG5 mostly distributed its games through its
proprietary G5 Store, but also distributes through
a handful of strong and established application
stores such as the Apple App Store, Microsoft
Store, Google Play, Amazon Appstore and the
Mac App Store. Through the stores G5 makes the
Business model: From idea to the player
games available to the global market. For the
external stores, G5 pays 12-30 percent of the
revenues from each game to the app stores that
are responsible for distribution and payment
processing. In addition, the stores also provide a
source for organic traffic through the exposure
of the games to the top charts, search tools and
occasional promotion of the best games.
G5 strives to adapt its games to smartphones,
tablets, and personal computers of all screen
sizes. The trend towards using casual games
on larger screen sizes favors G5 as the gaming
experience in G5’s core genres typically benefits
from a larger screen. This trend contributed to
the company’s success in recent years as it
clearly correlates with higher in-game spending.
G5 StoreThe G5 Store, available on the company’s
website www.g5.com, is a proprietary direct-
to-consumer (DTC) distribution channel and a
strategic cornerstone for the Group’s long-term
value creation. It provides full ownership of
distribution, pricing, and the user experience. By
utilizing internal payment solutions with costs in
the mid-single digits, the G5 Store significantly
improves gross margins and EBIT potential.
It serves as a premier PC destination for high-
quality, free-to-play casual games, specifically
tailored for a core audience of women aged 35+
who prefer the experience of larger screens.
1. PRE-PRODUCTION
2. PRODUCTION OF SOFT LAUNCH VERSION
3. SOFT LAUNCH –
ENGAGEMENT TESTING
4. SOFT LAUNCH –
MONETIZATION TESTING
5. SOFT LAUNCH –
SCALABILITY TESTING
6. PREPARATION FOR
GLOBAL LAUNCH
Development funnel stages
10 G5 ENTERTAINMENT AB – ANNUAL REPORT 2025 CONTENTS
THIS IS G5 STRATEGY OPERATIONS DIRECTORS’ REPORT FINANCIALS GOVERNANCE G5 SHARE THE YEAR 2025 STRATEGY THIS IS G5 OPERATIONS FINANCIALS GOVERNANCE G5 SHARE THE YEAR 2024 DIRECTORS’ REPORT
10 G5 ENTERTAINMENT AB – ANNUAL REPORT 2025 BUSINESS MODEL

User acquisition
Playing
Game analysis
Game development
During a game’s lifetime G5 acquires users through marketing, wich combined with organic
traffic and cross-selling between games creates the user base that plays a specific game.
During the game’s lifetime G5 continously tracks and analyzes how the players act in the
game. Based on the analysis, G5 evolves the game by adapting the difficulty level and
adding new features in the game. The goal is to keep the players in the game as long as
possible and to strengthen the game’s earnings capabilities.
The Game Life Cycle Beyond distributing G5’s own portfolio, the
platform has expanded to include third-party
game distribution. This addition provides external
developers an incremental revenue source
while offering G5 a scalable, profitable revenue
stream. G5 Store payment processing is enabled
by G5 Pay, a direct payment processing system
which also supports cross-platform web shop
functionality.
3. Engagement and analysisG5’s customers constantly seek new gaming
challenges and G5 therefore carefully analyzes
the players’ behavior through a comprehensive
computer-based data analysis, both via the
proprietary analytics platform and through the
data coming in through the distribution channels.
The results are used to further develop existing
F2P games through continuous updates that in
various ways improve the games. Such updates
are often carried out monthly. The goal is to
maximize the player interest and commitment
so that they continue playing for a long time and
are positively inclined to new products that G5
launched.
The analytical approach also contributes to
securing returns from user acquisition, and
optimizing the games’ earnings capacity.
The optimal life cycleWhen G5 launches a new game, it takes the
form of a so-called soft launch where the game
is tested against the market, only in one or
two specific countries. The soft launch can be
completed within months but is usually done
over at least six months. During the soft launch,
as well as during the entire lifetime of the
game, a large number of KPIs in the game are
analyzed. The KPIs all contribute to improve the
games earnings capacity after which it can be
compared to the investments required in user
acquisitions, UA, and if UA then is profitable within
the company’s set return requirements.
During the soft launch there is also more
content added to the game. These steps are
then repeated after the soft launch where G5
continuously adjusts the game to achieve an
optimal performance. A game that is too easy,
or which does not have a sufficiently exciting
plot, does not normally reach the earnings
requirements. Similarly, a game that is perceived
as too difficult makes players leave which in turn
needs to be adjusted.
These processes are ongoing throughout the
game’s lifecycle, which can last for many years.
The goal is to extend the lifecycle of the game
for as long as possible and to make sure that if
players are about to leave the game, they would
have had such a positive experience that they
would try another game by G5.
THIS IS G5 STRATEGY OPERATIONS DIRECTORS’ REPORT FINANCIALS GOVERNANCE G5 SHARE THE YEAR 2025 STRATEGYSTRATEGY THIS IS G5 OPERATIONS FINANCIALS GOVERNANCE G5 SHARE THE YEAR 2024 DIRECTORS’ REPORT
11 G5 ENTERTAINMENT AB – ANNUAL REPORT 2025 BUSINESS MODEL

Market: Trends support
G5’s business
TechnologyThe biggest growth driver has been the global
spread of mobile phones. There has also
been an increasing demand for casual games
entertainment, both on mobile devices as well as
personal computers. The quick development in
both software and hardware has enabled the use
of advanced graphics and the handling of large
amounts of data on mobile devices, something that
has made the games increasingly advanced and
of high quality. Bigger screens with ever-better
resolution improves the gaming experience and
contributes to increased usage.
As more people use smartphones, tablets and
personal computers G5’s potential user base is
constantly increasing and widening. Today, playing
games is the most popular activity associated with
smartphones, and it is mobile games that constitute
the fastest growing segment in the gaming market. Time to playAs the number of smartphones, tablets and
personal computers increases, G5’s core audience
of women 35+ has more and more opportunities
to enjoy their favorite games on any device they
chose. And they are actively chasing larger screens
recently. Revenues from different types of mobile games
are expected, according to consultancy firm
NEWZOO, to increase from USD 103 billion in
2025 to over USD 109 billion by 2028.
DemographyG5’s games are aimed at a wide range of players
but are popular in the segment of female players
over 35 years. As early as 2009, G5 saw that this
market segment was underserved by the gaming
industry and therefore began to develop and
Both G5 as a company and G5’s market have expanded significantly over
the years. Behind the expansion are a number of strong drivers in the form
of technological progress and global trends in terms of demographics
and growing affluence. The technology allows advanced games on mobile
platforms and a large and growing group of people have the interest, time
and money to spend on mobile games. Recently, the company is seeing
re-emergence of casual game playing on personal computers, which
feature larger screens that benefit certain game genres.
publish games targeting this group. Only a few
established market participants today only
produces games that are aimed at G5’s target
group. The competition in the segment is lower
than for other parts of the market, and it requires
a thorough understanding of the needs of the
target group which differ from other segments in
the traditional gaming market.
The target group has over time proved to be
loyal who use and play the company’s games for
a long time, often more than a year. The female
players have both the time to play and a financial
strength that allows purchases in the games. They
also prefer to use tablets and smartphones with
larger screens, which benefits G5’s games which
are optimized for larger screens and have high
quality content.
+6% Global compounded
mobile growth 2019–2025 +1% G5’s compounded
growth 2019–2025
Global Revenue from
Mobile & PC Games, Bn USD
*NEWZOO market data PC Mobile
2019 2020 202120222023E 202420252026E 2027E2028E
7193
103
95
95 98103 106
107
37 46
43 45
43
40 41
47
4243
109
THIS IS G5 STRATEGY OPERATIONS DIRECTORS’ REPORT FINANCIALS GOVERNANCE G5 SHARE THE YEAR 2025 STRATEGY
12 G5 ENTERTAINMENT AB – ANNUAL REPORT 2025 MARKET

Target audience
• Focus on female audience 35+• Loyal audience• Growing demographic• Low piracy
G5’s Revenue breakdown by region (2025)
61%North America
28%Europe
5%Rest of the world
6%Asia
Global business – growing marketMobile games in various forms are becoming a
global business. Asia is today the overall largest
market and accounts for half of the mobile gaming
industry’s turnover. The development is driven
by China and Japan, and Japanese players spend
more than any other player of mobile games. Japan
is G5’s largest market in Asia while the company’s
main market is North America. In 2025, North
America accounted for 61 percent of the company’s
revenue. Through the G5 distribution channels, the
games are available to a global market immediately
after the launch of a new game. Also, the games
are initially published with the support of at least
eleven different languages to cater to all markets. The company’s main markets fit well with the
company’s strategy, as the target group is large and
financially strong in these markets.
G5 and competitorsG5 operates in a very competitive environment,
where not only mobile game developers, but also
the broader entertainment industry are trying to
catch the audience’s interest. That does however
not mean that G5 competes with all mobile games
on the market. There is for example virtually no
competition between G5’s games, which target
women over 35, and games with a younger male
target group aged 13 – 35. G5’s games do not
compete with war games, strategy games or role
playing games, although they can be said to operate
on the same market.
Ecosystem of application storesThe mobile gaming distribution landscape is
experiencing transformation. Apple and Google, historically dominant through their app stores,
now face challenges to their established positions.
Regulatory developments, notably the EU’s Digital
Markets Act, are prompting these platforms to
accommodate alternative payment systems and
app distribution methods. Concurrently, emerging
channels such as G5’s own store, other proprietary
stores, web-based game delivery, and platform-
agnostic technologies like Progressive Web Apps
are gaining momentum. The Digital Markets Act
began to be implemented within the EU with full
roll-out in subsequent years. In response to the
legislation Apple changed its terms and conditions
in the beginning of 2024 and now allows alternative
payment solutions as well as downloading to mobile
devices outside the Apple App Store. Developers
can choose between maintaining existing
conditions with a 30 percent fee and download
from the Apple App Store or a new payment model
with fees between 0-20 percent of the turnover in
the game but with a fee of 0.5 EUR per download
regardless of whether it occurs inside or outside the
Apple App Store.
These shifts present mobile game developers
and publishers with opportunities for enhanced
margins, increased control over player
relationships, and innovative market entry
strategies. While the precise timing and rate of
adoption are yet to be determined, the company
views these developments as strategically
advantageous. The company is actively monitoring
and preparing to further capitalize on emerging
distribution channels that align with its growth
and monetization objectives.The company actively
promotes the G5 Store, its direct-to-consumer
platform, to its player base.
THIS IS G5 STRATEGY OPERATIONS DIRECTORS’ REPORT FINANCIALS GOVERNANCE G5 SHARE THE YEAR 2025 STRATEGY
13 G5 ENTERTAINMENT AB – ANNUAL REPORT 2025 MARKET

Operations: Three genres, one target group
G5 has chosen to focus its activities on four “evergreen” puzzle game genres:
Hidden Object, which currently is the highest grossing of the company’s genres,
and where G5 has its largest by revenue own game Sherlock; Match-3, which
is the genre where G5’s Jewels series of games found success, and which is a
strongly profitable genre for the company; and Mahjong Solitaire, which is one
of the original genres the company pursued.
The properties of the three genres are different, but
what they have in common is that they are puzzle/
adventure games where the player searches for
clues and solves puzzles to advance in the game.
These types of games have been around for many
years, which is why the company considers them
evergreen. In addition, they are also all liked by
G5’s main target group, women over 35, which is
loyal, has time to play, good payment ability and is
growing in size.
Today almost half of the 3.0 billion people
that regularly play mobile games are women,
with an average age of 36 years and they describe
themselves as financially independent. In the same
target group 94 percent say they prefer to play
games on the mobile instead of on a computer,
which is more than their male counterparts, where
only 90 percent prefer the phone. 77 percent of
G5’s target group plays every day, they are habitual
players and willing to spend money in the games.
An increasing global prosperity where incomes are
rising and people live longer and have more time
for leisure, makes G5’s main target group increase
over time. Hidden Object The G5’s Hidden Object games, with Hidden City
and Sherlock as the main titles, are designed to
be immersive and engage the players over a long
time. These games have advanced graphics, which
is crucial for the success of the games and G5 works
constantly to further develop the games. The games
have the G5 social network G5 Friends built in,
as well as seasonal content and the possibility to
directly purchase clues and items needed in the
game. The games have a long service life and high
earning capacity.
Match-3 Today, Match-3 is one of the largest genres in
mobile gaming and G5 estimates that the genre
generates over 10 billion USD of revenue yearly.
They are based on the player matching three
items in a row to remove them, and work towards
completing level goals.
Mahjong Solitaire/Match-2G5’s largest game in the genre is Mahjong Solitaire
which is a Match-2 game where players match mahjong tiles in different combinations in a large
and complex puzzle. The genre is well-liked by G5’s
main target group.
New GenresThe company is continuously looking to enter new
genres. As with all releases some games become
moderate successes, some become new big genres
for the company, such as Match-3 and some fail.
Solitaire/Match-2
Hidden object
Match-3
“G5 has a range of games in the
genres that are all liked by the
company’s target audience.
The games are different
types of puzzle games which
accommodate various tastes
in the type and genre”
OPERATIONS
14 G5 ENTERTAINMENT AB – ANNUAL REPORT 2025 OPERATIONS

Operations: G5 Store
20.3%
Of total revenue in 2025
The G5 Store is G5 Entertainment’s proprietary direct-to-consumer
(DTC) distribution channel, serving as a strategic cornerstone for G5.
Launched in 2020, the G5 Store is now available across Windows, Mac,
and Android, allowing players to download and make payments in
games directly from G5. G5 Store generates the majority of players
and revenue on the Windows platform and is the group’s largest
distribution channel by net revenue since the beginning of 2026.
Strategic ImportanceThe G5 Store continues to be an important driver
of the Group’s long-term value creation. The G5
Store allows the company to have full ownership
of distribution, pricing, business model, and
user experience, with no intermediaries between
G5 and players. The G5 Store also reduces the
company’s historical dependency on 3rd party
distribution stores.
The current reality of the free-to-play game
distribution is that publishers like G5 have to
acquire virtually all downloads (installs) for
money in the process known as user acquisition,
while distribution channels (application stores)
charge high payment processing fees (12-30%)
on any payments made by players in these
application stores. As the current reality is that
application stores provide virtually zero valuable
downloads (installs) in the markets that matter
for the publishers, it creates a situation where for publishers like G5 it is financially much
more advantageous to acquire players into
direct distribution stores rather than 3rd party
distribution stores. This was the rationale behind
creating the G5 Store and over several years turning
it into an important pillar of the company’s revenue
generation.
By facilitating direct relationships with the
players, G5 keeps more of the money that players
spend in G5’s games. The company runs its own
payment solutions and the associated costs are
only in the mid single-digit percentage of gross
revenue. This structural advantage has led to an
increasing gross margin as G5 Store revenue grew
as a percentage of the total business.
Key drivers in 2025Distribution of own gamesG5 has since 2021 had its full portfolio of games
available on the G5 Store. Since 2020 and during
G5 Store Revenue , MUSD
5
4 32 1
0
THIS IS G5 STRATEGY DIRECTORS’ REPORT FINANCIALS GOVERNANCE G5 SHARE THE YEAR 2025 OPERATIONS
15 G5 ENTERTAINMENT AB – ANNUAL REPORT 2025 G5 STORE

the year 2025 the G5 Store has grown its revenue
and audience sequentially each quarter. G5 Store
mainly grows through the acquisition of new
players through marketing efforts, but the company
is also seeing that mobile players are sometimes
migrating to G5 Store on Windows. In accordance
with the audience research that the company has
performed, such players value larger screens of
personal computers as they make game play more
enjoyable. They also enjoy the selection of games
that G5 offers and they tend to be loyal G5 players
over the years.The company generally sees stronger audience
metrics on the G5 Store compared to mobile
platforms. The players are more engaged and the
average spend is higher.
G5 PayG5 Pay is the company’s investment in payment
solution which includes G5 Store payment
processing but also extends beyond the integrated
payment flow players experience through the G5
Store. The G5 Pay concept extends the functionality
by offering a web shop where the players can play
on any device on any platform and then use their
web browser on any device to access the web shop
to pay for in-game items. Adjacent to the Web shop
the company has also launched functionality for
direct checkout where G5’s direct payment process
is integrated in the gaming experience on mobile
devices. Direct checkout is activated in regions
where the incumbent platforms allow such payment
processing. During the year direct checkout was
active in the latter part of the year, primarily in the
US, on some of the platforms that were allowing it. G5 Pay accounted for 6.4% of total net revenue in
the fourth quarter of the year.
A Unified Player ExperienceG5’s ecosystem ensures a seamless cross-platform
experience for the players and is part of the
company’s vision that its games must be equally
accessible from any device, with the choice of device
ultimately being with the players. All G5 games
store progress in the cloud, allowing players to start
a session on a mobile device and continue exactly
where they left off on a computer and vice versa.
Evolution into a Distribution PlatformThird-Party Game DistributionIn late 2025, G5 reached a significant strategic
milestone by opening the G5 Store to 3rd party
game distribution. Initial results indicate that
distribution through the platform can provide
mobile developers an incremental revenue stream
of up to 15% of their mobile revenues: a truly
valuable proposition in today’s market reality where
many developers are struggling with increasing or
even maintaining their sales on mobile platforms. For developers, G5 offers distribution in the
space that for most companies is an untapped
source of traffic and users. As the mobile ecosystem
on the incumbent platforms has become more
challenging through policy, regulation, and
increased user acquisition costs, many developers
are looking for incremental revenue sources and
G5 Store is one such source with substantial upside
potential. G5 is offering developers distribution of their
games on the G5 Store where the company is
THIS IS G5 STRATEGY DIRECTORS’ REPORT FINANCIALS GOVERNANCE G5 SHARE THE YEAR 2025
16 G5 ENTERTAINMENT AB – ANNUAL REPORT 2025 G5 STORE
OPERATIONS

managing a curated portfolio of games, offering
a cross selling opportunity but also using its
proficiency in user acquisition to acquire new users
into the games. The offering can be optionally
complemented with distribution or publishing on
specific stores up to a full publishing contract. This initiative leverages G5’s know-how of
profitable cross-promotion and user acquisition
in the PC environment and the track record
as a trusted partner to developers. In the
evolution of G5’s publishing business over the
years, G5 has experience of working with tens
of game developers, managing these contacts
and generating mutually beneficial business
opportunities.
The financial significance of the G5 Store has grown
substantially over the years:
• Revenue Contribution: The G5 Store
accounted for 23.4% of the Group’s gross revenue
in the fourth quarter in 2025, up from 16.1% in
the same quarter of 2024. Since the beginning of
2026, it is number one distribution channel by
net revenue for the group.
• Growth Momentum: In USD terms, the store
achieved 20% year-over-year growth in the final
quarter of 2025.
• Operational Excellence: Revenue from the
store has grown sequentially nearly every month
since its inception, consistently improving the
Group’s gross margin and EBIT margin potential.
A Dedicated Casual Destination on PCG5 Store has been a G5’s internal success since its
launch. The aim is now to transform the G5 Store
into a premier PC destination for high-quality,
free-to-play casual games not only from G5, but
from other developers as well. While existing
PC application stores often cater to younger,
traditional gamers, the G5 Store provides a tailored
environment for the core audience of women aged
35+. The G5 Store is offering a native experience
that surpasses the quality of web portals in terms
of gaming experience and offering to the target
audience. Our assessment is that the G5 Store is
filling a clear gap in the market, and the results of
early launches of 3rd party games on G5 Store are
confirming it. With continued success of third party
distribution, the G5 Store has the possibility
to become the fourth revenue pillar for G5
Entertainment in the coming years, further
diversifying our income and strengthening the
financial development through a scalable, profitable
revenue stream.
Launched in 2020, the G5 Store is now available across
Windows, Mac, and Android, allowing players to download
and make payments in games directly from G5.
THIS IS G5 STRATEGY DIRECTORS’ REPORT FINANCIALS GOVERNANCE G5 SHARE THE YEAR 2025 OPERATIONS
17 G5 ENTERTAINMENT AB – ANNUAL REPORT 2025 G5 STORE

Top Games by Revenue – 2025 Monthly unique payers
(average over quarter) 1 and
Monthly Average Gross
Revenue Per Paying User
1 For more information regarding the operational metrics, see the glossary on page 95.
MAGRPPU (USD)
10
8
6 4 2
0
2022 2023 2024 2025
MAU (millions)
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
70
60 50
40 3020 10 0
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
Monthly active users(average over quarter) 1
THIS IS G5 STRATEGY DIRECTORS REPORT FINANCIALS GOVERNANCE G5 SHARE THE YEAR 2025 OPERATIONS
18 G5 ENTERTAINMENT AB – ANNUAL REPORT 2025 OPERATIONS

Content
Financial Review
Directors’ report …………………………………………………………………. 19
Sustainability report
…………………………………………………………… 28
General information
…………………………………………………………………………………. 29
Environmental information
…………………………………………………………………… 46
Social information
……………………………………………………………………………………. 55
Governance information
………………………………………………………………………… 70
Consolidated accounts
……………………………………………………… 74
Notes to consolidated accounts
………………………………………………………. 78
Parent company financial reports
…………………………………….. 95
Notes to parent company
……………………………………………………………………. 99
Assurance
………………………………………………………………………………………………….. 103
Auditor’s report
………………………………………………………………………………………… 104
The Board of Directors and Chief Executive Officer of G5 Entertainment
AB (publ), corporate identity number 556680-8878, hereby submit the
Annual Report and the Consolidated Accounts for the operations of
the parent company and group in the financial year January 1, 2025 –
December 31, 2025. All amounts are reported in SEK thousands (KSEK),
unless otherwise specified. Information in parentheses refers to the
previous accounting year, that is to say 2024. Words such as “G5”, “the
company”, “the group”, and similar expressions refer in all cases to
the parent company, G5 Entertainment AB, and its subsidiaries.
Directors’ Report
OperationsG5 is a developer and publisher of free-to-play
games for smartphones, tablets and personal
computers. G5 is active in a market that has
grown sharply with the wide spread adoption
of smartphones, tablets, and free-to-play game
format. More recently, the growth in the market is
due to expanding audience and the popularity of
free-to-play games for the company’s target group.
Thanks to the rapid technological progress and
the development of hardware, games that are
designed for mobile devices have become more
and more advanced and high quality, both in the
content and game play, as well as the possibility to
process large amounts of information to produce
advanced graphics. In line with the technological
development and market penetration, the user base has increased significantly but also broadened. With
the ever improving experience on mobile, users can
choose to leave their traditional gaming platforms
and become mobile as well as users who never tried
games before, or were only playing occasionally,
are becoming regular casual game players on their
mobile devices. Casual games are well adapted for
mobile platforms and its growing popularity has
broadened the user base. This is because casual
games are games that are easy to start playing for an
inexperienced player, and therefore they appeal to a
broader audience, both in terms of age and gender.
In addition to the number of mobile devices used,
the time spent playing games on these devices, and
the amount of money people spend on games on
average, is also increasing.
These longer-term trends have popularized the
THIS IS G5 STRATEGY OPERATIONS FINANCIALS GOVERNANCE G5 SHARE THE YEAR 2025 DIRECTORS’ REPORT
19 G5 ENTERTAINMENT AB – ANNUAL REPORT 2025 DIRECTORS’ REPORT

genre of casual games that G5 makes and created
a loyal audience. In recent years, G5 has seen an
increased interest in casual games on computers,
which is now the fastest growing platform for G5.Games are the most popular activity linked to
smartphones, and mobile games is the fastest-
growing segment of the entire games market.
The revenue from various types of mobile games
is expected, according to the analytics company
Newzoo, to increase from USD 103 billion in 2025
to over USD 109 billion by 2028.
G5 2025 and onwardsG5 operates in a growing segment of the gaming
market, where revenues from smartphone and
tablet games have come back to growth after the
pandemic. The company has a broad portfolio of
games, has focused on an economically strong
and loyal audience and has a large experience in
developing attractive games in different genres. The
business model is simple and scalable where the
number of players can grow significantly without at
the same time requiring a larger organization.
In addition, in