Nitro Games FY2026 H1 Earnings Release

:ALF – YEAR REPORT HANUARY -HUNE 202 6
N=TRO GAMES OYH

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NITRO GAMES HALF – YEAR REPORT
JANUARY – JUNE 2026

APRIL – JUNE 2026
• Revenue (Apr – Hun): 1,028 KEUR (1,702 KEUR).
• EB=TDA: 1,312 KEUR ( -97 KEUR).
• Operating profit (EB=T): 969 KEUR ( -437 KEUR).
• Profit for the period: 982 KEUR ( -460 KEUR).
• Earnings per share (EPS) : 0.04 EUR ( -0.02).

JANUARY – JUNE 2026
• Revenue (Han – Hun) : 2,527 KEUR (4,136 KEUR).
• EB=TDA: 1,743 KEUR (319 KEUR).
• Operating profit (EB=T): 1,071 KEUR ( -350 KEUR).
• Profit for the period: 1,059 KEUR ( -401 KEUR).
• Earnings per share (EPS) : 0.04 EUR (-0.02).

• Cash and cash equivalents: 1,888 KEUR and 472 KEUR of trade
receivables (30 Hune 2026).
(Unless otherwise stated, the comparison figures in brackets refer to the corresponding period in
the previous year.)

SIGNIFICANT EVENTS DURING APRIL – JUNE 2026
• Business Finland waived the repayment of a EUR 1 .6 million loan.
• AGM & election of the Board of Directors, and established stock option plan 2026.

SIGNIFICANT EVENTS AFTER THE REPORTING PERIOD
• Nitro Games signed an approx. 2.1 million EUR development services agreement.

OTHER EVENTS
• Nitro Games signed a licensing agreement with Games Workshop.
• Nitro Games announced Warhammer 40,000: Boltgun Boom coming to mobile in 2026.
• Business Finland granted approx. 0.3 million EUR of funding for a business development project.
• Nitro Games transferred the development and publishing of Autogun :eroes mobile to :yperkani.

ABOUT NITRO GAMES
Nitro Games is a game developer and publisher, backed by a multinational team of gaming professionals with
expertise spanning game development, publishing, and live operations. Specializing in action and shooter games,
Nitro Games is dedicated to creating high -quality experiences for a global audience. The company has built a strong
portfolio of engaging and innovative games. Ni tro Games also has a proven history of collaborating with leading
brands and companies, offering tailored development and publishing services to select partners.

Nitro Games’ shares are listed on Nasdaq First North Growth Market with the ticker N=TRO.
www .nitro games.com
Business =D: 2134819 -6

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A WORD FROM JUSSI TÄHTINEN, CEO

Continued investments in New Growth
We entered a new strategic period at the beginning of the year. This year, our focus is on investing in New Growth .
We pursue new games, new collaborations, and new partner projects, all aimed at bringing us closer to our vision
of being recognised for category -leading games. Our strategy supports a sound business by prioritising profitability
over top -line revenue growth. The first half of the year reflects that goal well.
Our revenue for the first half amounted to EUR 2.5 million (4.1), and EB=TDA was EUR 1.7 million (0.3). This record
profitability, despite the decline in revenue, resulted from the waiver of the repayment of our Business Finland loa n
and the careful cost control in ongoing product development. We also received a positive decision from Business
Finland regarding a grant of approximately EUR 0.3 million to support a new business development project. Our
cash position remained strong at EUR 1.9 million at the end of the period.
We are currently working on several new initiatives aimed at building more profitable revenue streams over the
long term. This means developing multiple new games across various platforms and exploring new partnerships,
while proceeding in a smart and disc iplined manner, carefully managing investment levels, and maintaining our
strong cash position.
During the second quarter, we unveiled more of our portfolio of games in development. We announced that
W:40K: Boltgun Boom will be coming to mobile this year. The game uses a so-called free -to-try model, allowing
players to download it for free and unlock the full game with a one -off payment after getting a glimpse of what it
has to offer. We have been pleased with the strong interest so far with + 700k pre -registrations and are excited
about the upcoming launch.
We also began public market testing for Project Frag, also known as “Wolf Commando”, on Steam for PC. We’re
happy to see the players responding well to the gameplay. Following the reporting period, the project continued to
progress towards the end of pre -production. We also announced that we had transferred the development and
publishing activities of Autogun :eroes to :yperkani. This allows us to dedicate our resource s to several yet –
unannounced projects for PC, mobile, and iGaming. Speaking of iGaming, we are nearing the
launch of our first game with Ethereal Gam ing and are busy developing the second one.
We’re excited to move into the next phase of our collaboration as the games go live one
by one .
Working with industry -leading partners is a core part of our DNA. We completed our
collaboration projects with Digital Extremes and Starbreeze while shifting more of our
focus to an unannounced project with a European game developer and publisher.
Following the reporting period, we signed a EUR 2.1 million follow -up agreement with
the partner. = am pleased with how this collaboration is developing.
All in all, =’m pleased with how the year is shaping up . = look forward to seeing
more new things surfacing as we actively continue to explore New Growth
opportunities.

Hussi Tähtinen
CEO

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KEY PERFORMANCE INDICATORS

Apr-Jun Apr-Jun Jan -Jun Jan -Jun Full Year
2026 2025 2026 2025 2025
Revenue (EUR thousand) 1,028.2 1,702.0 2,526.6 4,136.3 8,465.4
EBI TDA (EUR thousand) 1,311.5 -96.8 1,742.8 319.3 1,633.6
EBI TDA % 127.6 % -5.7 % 69.0 % 7.7 % 19.3 %
Operating profit/(loss) (EBI T) (EUR thousand) 968.6 -436.5 1,071.1 -349.6 235.4
Operating profit/(loss) % (EBI T %) 94.2 % -25.6 % 42.4 % -8.5 % 2.8 %
Net profit /(loss) (EUR thousand) 981.6 -459.8 1,058.9 -401.4 137.5
Net profit /(loss) % 95.5% -27.0% 41.9% -9.7% 1.6%
Net liabilities (EUR thousand) 641.1 2,678.1 641.1 2,678.1 2,115.7
Total equity (EUR thousand) 3,725.3 2,047.0 3,725.3 2,047.0 2,630.1
Equity ratio (%) 59.6 % 34.0 % 59.6 % 34.0 % 42.0 %
Number of shares, weighted average 24,924,364 24,924,364 24,924,364 24,924,364 24,924,364
Number of shares, weighted average diluted 25,037,364 24,927,364 25,037,364 24,927,364 24,927,364
Number of shares at the end of the period 24,924,364 24,924,364 24,924,364 24,924,364 24,924,364
Number of share options 3,688,970 2,539,970 3,688,970 2,539,970 2,591,970
Equity per share (EUR) 0.15 0.08 0.15 0.08 0.11
Earnings per share (EUR) undiluted 0.04 -0.02 0.04 -0.02 0.01
Earnings per share (EUR) diluted 0.04 -0.02 0.04 -0.02 0.01
Number of employees, average 41 50 40 50 49

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SIGNIFICANT EVENTS DURING APRIL – JUNE 2026
Business Finland waived the repayment of a EUR 1.6 million loan. Nitro Games received a decision from Business
Finland to waive the repayment of a loan related to the mobile esports’ ecosystem project carried out between 2019
and 2021. The funding, totalling EUR 1.6 million, was provided as a soft loan and paid to the c ompany in installments
during 2019 –2021. According to Business Finland’s rules, if the financial utilization of the project or its results fails,
the remaining principal and interest may in exceptional cases be waived in part or in full. Nitro Games received such
a decision on 24 April 2026, waiving the repayment of the remaining principal amounting to EUR 1,612,826.00 as
well as the interest payments. The waiver improves the company’s financial position and has a positive impact on
the EB=TDA for the second quarter of 2026.

AGM & Election of the Board of Directors, and established stock option plan 2026. The Annual General Meeting of
Nitro Games Oyj was held on 18 May 2026 in Kotka, Finland. The AGM adopted the annual accounts for 2025,
resolved that the profit of EUR 137,457.62 be transferred to the retained earnings account and that no dividend be
paid, and discharged the members of the Board of Directors and the CEO from liability for the year 2025. Antti
Villanen, Hohan Biehl and Himmy Hönsson were re -elected as members of the Board of Directors, and the Board
subsequently elected Hohan Biehl as Chairma n. Moore =dman Oy was re -elected as the company’s auditor, with Antti
Niemistö, APA, as the principal auditor.
The AGM authorized the Board of Directors to decide on the issuance of a maximum of 1,376,417 stock options, each
entitling to subscription of one new share. Based on this authorization, the Board of Directors resolved to establish
stock option plan 2026 f or the key personnel of the company for the years 2026 –2028. The maximum total number
of stock options under the plan is 1,376,417, entitling to subscription of a maximum of 1,376,417 new shares. The
share subscription period begins 18 months from the subs cription date of the stock options and ends 36 months
from the beginning of the share subscription period. The subscription price is the volume -weighted average price of
the company’s share on Nasdaq First North Growth Market Sweden during thirty (30) trad ing days before the granting
of the stock options, increased by 10 per cent, however at least SEK 2.50 per share.

SIGNIFICANT EVENTS AFTER THE REPORTING PERIOD
Nitro Games signed an approx. 2.1 million EUR development agreement.
Nitro Games signed another development services agreement with a European game developer and publisher for an
unannounced mobile shooter game based on the partner =P. The order value of the new agreement is approx. 2.1
million EUR, and it is a continuation of earlier orders by the same customer, bringing the total order value with this
customer to approx. 4.1 million EUR. The agreement follows an industry -standard structure. The project continues
uninterrupted, and the work under the agreement is expected t o be completed in early 2027.

OTHER EVENTS (non -regulatory releases)
Nitro Games signed a Warhammer licence with Games Workshop. Nitro Games signed a licensing agreement with
Games Workshop to develop a mobile game based on Games Workshop’s Warhammer 40,000 universe. The project
began immediately, and the parties have agreed on a revenue -sharing model tied to the commercial performa nce of
the game.
Nitro Games announced Warhammer 40,000: Boltgun Boom coming to mobile in 2026. Nitro Games announced
Warhammer 40,000: Boltgun Boom, a premium retro FPS mobile game based on the Warhammer 40,000 universe
and adapted from the boomer shooter series originally developed by Auroch Digital for PC and console platforms.
Pre -registration opened on both the Apple App Store and Google Pla y, and the game is set for release in 2026.

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Business Finland granted approx. 0.3 million EUR of funding for a business development project. Nitro Games
received a positive decision from Business Finland for a business development project with an approved total cost
estimate of 876,909 EUR. The funding is a maximum of 306,918 EUR (35% of approved total costs) and will be
provided in the form of a grant, received against reports of project progress. The estimated project duration is 1 May
2026 – 30 Hune 2027. The project is closely tied to Nitro Games’ strategy and supports further development of the
technology and business models associated with the game portfolio.
Nitro Games transferred Autogun Heroes mobile to Hyperkani. Nitro Games signed a development and publishing
agreement for Autogun :eroes with Finnish game developer and publisher :yperkani. Under the agreement,
:yperkani takes over the development and publishing of Autogun :eroes on the mobile platform, while the web and
Discord versions of the game remain unaffected. The parties have agreed on a revenue -sharing model subject to the
commercial performance of the game, and ownership of the =P remains with Nitro Games. The ar rangement frees
up the company’s resources for other mobile game projects.

REVENUE & RESULT

Revenue declined year on year in both the second quarter and the first half of 2026, in line with the Company’s
strategic shift from partner projects to investing in new opportunities. This is well in line with the new strategy,
where the company favours profitability over top -line revenue growth.

Reported EB=TDA and profit for the period improved significantly compared to the pr evious year, mainly reflecting a
one -off, non -cash gain of 1,613 KEUR from the forgiveness of a government -subsidised loan, recognised in Q2 2026
(see Note 8). Excluding this item, EB=TDA excluding the one -off gain was approximately 130 KEUR for :1 2026 (319
KEUR) and approximately -301 KEUR for Q2 2026 ( -97 KEUR), broadly in line with the lowe r revenue base for the
period.

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Revenue amounted to 1,028 KEUR in Q2 2026 (1,702 KEUR), a decrease of 39.6%, and 2,527 KEUR for :1 2026 (4,136
KEUR), a decrease of 38.9%. EB=TDA amounted to 1,312 KEUR in Q2 2026 ( -97 KEUR) and 1,743 KEUR for :1 2026
(319 KEUR). Both periods include the 1,613 KEUR one -off loan forgiveness gain; see above for the underlying
(excluding one -off) comparison. Operating profit (EB=T) amounted to 969 KEUR in Q2 2026 ( -437 KEUR) and 1,071
KEUR for :1 2026 ( -350 KEUR). Profit for the period amounted to 982 KEUR in Q2 2026 ( -460 KEUR) and 1,059 KEUR
for :1 2026 ( -401 KEUR).
Cost structure
Materials and services expenses were 262 KEUR in Q2 2026 (456 KEUR), a decrease of 42.7%, and 417 KEUR for :1
2026 (1,086 KEUR), a decrease of 61.6%. These costs include third -party costs related to game development and
maintenance (outsourced services), g ame marketing costs such as user acquisition (UA), and store fees and other
costs recouped or deducted by stores or release partners. The decrease is mainly due to capitalisation of
development costs.
Personnel expenses amounted to 731 KEUR in Q2 2026 (950 KEUR), a decrease of 23.1%, and 1,320 KEUR for :1
2026 (1,885 KEUR), a decrease of 29.9%. These expenses consist of wages, salaries and social security costs. The
decrease reflects continued structura l optimisation aimed at strengthening long -term sustainability, as well as
capitalisation of development costs.
Other operating expenses (OPEX) amounted to 337 KEUR in Q2 2026 (393 KEUR), a decrease of 14.1%, and 659 KEUR
for :1 2026 (846 KEUR), a decrease of 22.1%. These expenses mainly consist of third -party costs related to
accounting, office rent, legal services , stock exchange fees, =T hardware and software (including analytics software),
travel expenses, and other office -related costs. The reduction reflects the Company’s systematic focus on operational
efficiency and disciplined financial management.

CASH FLOW AND FINANCIAL POSITION

Overall, net cash from operating activities amounted to 1,338 KEUR in Q2 2026 (589 KEUR). The reported amount
includes the impact of the non -cash derecognition of the government -subsidised loan of approximately 1,613 KEUR.
This item did not generate any ca sh inflow and is explained further in Note 8. Net cash used in investing activities
was 261 KEUR (354 KEUR), relating to the capitalisation of development costs (see =nvestments and depreciation).

Net cash used in financing activities amounted to 1,636 KEUR (23 KEUR). Of this amount, approximately 1,613 KEUR
relates to the presentation of the non -cash derecognition of the government -subsidised loan; no cash payment was
made in connection with the lo an forgiveness (see Note 8). Excluding this non -cash item, cash used in financing
activities was approximately 23 KEUR, in line with the prior year.
Taken together, total cash decreased by 559 KEUR during the quarter, resulting in a cash balance of 1,888 KEUR at
the end of Hune 2026 (1,302 KEUR). For the first half of the year, cash increased by 367 KEUR overall (a decrease of
714 KEUR in :1 2025), dri ven by stronger operating cash flow of 2,205 KEUR (619 KEUR). There were no new loan
drawdowns during the quarter. Apr – Jun Apr – Jun Jan – Jun Jan – Jun Full Year
EUR thousand 2026 2025 2026 2025 2025
Net cash from operating activities 1,338.1 588.7 2,205.1 619.0 1,402.7
Net cash used in investing activities -261.0 -353.8 -518.8 -583.1 -1,096.4
Net cash from financing activities -1,635.7 -22.9 -1,319.8 -749.9 -800.8
Change in cash and cash equivalents -558.6 212.0 366.5 -714.0 -494.5
Cash and cash equivalents at the beginning of the period 2,446.8 1,090.2 1,521.7 2,016.2 2,016.2
Cash and cash equivalents at the end of the period 1,888.2 1,302.2 1,888.2 1,302.2 1,521.7

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INVESTMENTS AND DEPRECIATION
Nitro Games invests in reusable technology and product components. The games and associated technology are
being developed so that they enable the company’s game products to be offered on multiple device platforms and
through multiple distribution channels . The shared technology and processes can be utilized by several different
projects. The company has assessed that the capitalization criteria for development expenses under =AS 38 are met.
These include, among others, technical feasibility, the ability an d intention to bring the platform into use,
demonstrable future economic benefits, sufficient resources to complete the project, and reliable measurement of
costs. Development expenses have been capitalized in the balance sheet during 2026 to the extent th at they relate
to the platform and publishing architecture, which are central to the company’s strategy.
New development costs were capitalized from Hanuary to Hune by a total of 519 KEUR (583 KEUR), and 261 KEUR
(35 4 KEUR) in second quarter. This includes third party costs related to game development and maintenance
(outsourced services), personnel costs, and other costs, which are directly related to the game projects. These
capitalized development costs are amortize d over a five (5) year period on a straight -line basis.
Depreciations were done according to the depreciation plan, consisting mostly of capitalized development costs from
previous years. The depreciations amounted to a total of 672 KEUR (669 KEUR) Hanuary to Hune 2026 and 343 KEUR
(340 KEUR) in second quarter.

PERSONNEL
Nitro Games employs skilled professionals across all areas of game development and actively invests in developing
its talent and expertise. The company fosters a flat, open, and collaborative culture that values transparency,
respect, and employee well -bei ng. The workforce is international and diverse, with many employees having
relocated to Finland. Compared to industry averages, Nitro Games has a higher proportion of women and young
professionals, reflecting its inclusive and forward -looking company cultu re.
From Hanuary to Hune 2026, Nitro Games ’ average number of employees was 40.0 (49.8).

MARKET
Nitro Games is a game developer and publisher operating in the global gaming market. Specializing in action and
shooter games, Nitro Games is dedicated to creating high -quality experiences for a global audience. The company
also has a proven history of col laborating with leading brands and companies, offering tailored development and
publishing services to select partners.
=n 2025, the global games market was estimated to be worth around USD 189 billion, approximately 3.4 percent
higher compared to the previous year. Mobile games represent 55 percent of the global games market with USD 103
billion; Console games represent 24 percent with USD 46 billion, and PC games represent 21 percent with USD 40
billion. The total games market is expected to grow with a CAGR (2025 –2028) of approximately +3% and is expected
to reach USD 206.5 billion in 2028.
Nitro Games’ core segments are growing faster than the overall market: according to Newzoo’s PC & Console Gaming
Report 2026, the combined PC and console games market grew approximately 7 percent in 2025 to around USD 88.3
billion — the first significant g rowth since 2020 — and is forecast to reach approximately USD 103.7 billion by 2028,
with PC games growing at an average rate of 6.6 percent and console games at 4.4 percent.
Source: Newzoo 2026
Apr – Jun Apr – Jun Change, Jan – Jun Jan – Jun Change, FY
2026 2025 % 2026 2025 % 2025
Employees (average for the period) 40.7 50.0 -18.7 40.0 49.8 -19.7 48.8
Employees (end of period) 41.0 51.0 -19.6 41.0 51.0 -19.6 42.0

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RELATED PARTY TRANSACTIONS
Nitro Games’ related parties include its potential subsidiaries, associates, key management personnel , and their
close family members and entities under their control, as well as entities with significant influence over Nitro
Games.
Based on the authorization granted by AGM, the Board of Directors resolved on 18 May 2026 to establish a stock
option plan (Option Plan 2026) for the Company’s key personnel for 2026 –2028. Under the plan, a maximum of
1,376,417 stock options may be issued, each entitling the holder to subscribe for one new share in the Company at
a subscription price of SEK 2.50 per share, with the share subscription period begins 18 months from the subscription
date of the stock options and ends 36 months from the beginning of the share subscription period.
Of the 1,085,000 options allocated, 900,000 went to related parties — CEO Hussi Tähtinen and CSO Antti Villanen
(225,000 each), and other management team members (90,000 each), while the remaining 185,000 were allocated
to the wider team.
There have been no other significant related party transactions.

THE SHARE AND SHAREHOLDERS
Nitro Games’ shares are traded on Nasdaq First North Growth Market Stockholm since 16 Hune 2017. As of Hune 30 ,
2026, Nitro Games’ share capital amounted to 80 KEUR , and the number of shares was 24,924,364. Each share
entitles its shareholder to one vote in the general meeting. The shares have no nominal value. Nitro Games does not
own its own shares.
The table below presents the ten largest holdings based on registered and disclosed ownership information as of 30
Hune 2026. :oldings under common control have been aggregated where indicated.

1. =ncluding Oy AjoRanta Group Ab, which is fully owned by Matti Nikkola (CFO)
2. Chairman of the Board.
Note: Försäkringsaktiebolaget Avanza Pension is presented as the registered shareholder. =ts holding represents aggregated position s
linked to multiple underlying policyholders and does not represent the holding of a single underlying investor.
Source: Euroclear Sweden AB and Finland ltd, shareholder registers as of 30 Hune 2026.

Shareholders Number of shares % of shares and votes
Försäkringsaktiebolaget Avanza Pension 4,558,497 18.29
Jönsson Jimmy 1,429,668 5.74
Dino Patti Holdings ApS 1,253,569 5.03
Ivarsson Alexander 1,197,375 4.80
Nikkola Matti 1 1,091,378 4.38
Biehl Johan 2 848,004 3.40
Johansson Andreas 763,551 3.06
Rydström Rickard 734,000 2.94
CBNY-National Financial Services LL 723,588 2.90
Lejonkula Håkan 700,000 2.81
Others 11,624,734 46.64
The total number of shares 24,924,364 100.00

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CALCULATION OF EARNINGS PER SHARE

Apr-Jun Apr-Jun Jan -Jun Jan -Jun Full Year
2026 2025 2026 2025 2025
Net profit /loss (EUR thousand) 981.6 -459.8 1,058.9 -401.4 137.5
Number of shares, average 24,924,364 24,924,364 24,924,364 24,924,364 24,924,364
Number of shares, average diluted 25,037,364 24,927,364 25,037,364 24,927,364 24,927,364
Number of shares at the end of the period 24,924,364 24,924,364 24,924,364 24,924,364 24,924,364
Number of Share options 3,688,970 2,539,970 3,688,970 2,539,970 2,591,970
Equity per share (EUR) 0.15 0.08 0.15 0.08 0.11
Earnings per share (EUR) undiluted 0.04 -0.02 0.04 -0.02 0.01
Earnings per share (EUR) diluted 0.04 -0.02 0.04 -0.02 0.01

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RE GULATORY INFORMATION
EU Market Abuse Regulation
This company announcement contains information that Nitro Games Oyj is obliged to make public pursuant to the
EU Market Abuse Regulation. The information was submitted for publication by the contact person mentioned
below on 17 August 2026 at 09:00 (EEST).
Certified Adviser
Nitro Games’ Certified Adviser is FNCA Sweden AB, [email protected] , +468 528 00399.
Review
This report has not been reviewed by the company’s auditors.

INVESTOR CONTACT
The latest information on the company is published on the company’s website , www.nitrogames.com/investors.
The company can be contacted by email at [email protected], or by phone at +358 44 388 1071.

FINANCIAL CALENDAR
– =nterim Report (Han – Sep) 2026, 26 October 2026
– Year – End Report (Han – Dec) 2026, 15 February 2027
– Annual Report 2026, 19 April 2027
– Annual General Meeting 2027, 17 May 2027

FOR FURTHER INFORMATION, PLEASE CONTACT:
Hussi Tähtinen
CEO
+358 44 388 1071
[email protected]

BOARD DECLARATION
The Board of Directors and the Chief Executive Officer hereby confirm that, to the best of their knowledge, this :alf –
Year Report has been prepared in accordance with the applicable financial reporting standards and gives a true and
fair view of the assets , liabilities, financial position, and profit or loss of the Company, and that the Board of Directors’
Report includes a fair review of the significant risks and uncertainties faced by the Company.

Kotka, Finland, 17 August 2026

Hohan Biehl, Chairman

Antti Villanen Himmy Hönsson

Hussi Tähtinen, CEO

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FINANCIAL STATEMENTS

Statement of profit or loss and other comprehensive income Apr-Jun Apr-Jun Jan-Jun Jan-Jun Full Year
EUR 2026 2025 2026 2025 2025
Revenue 1,028,207 1,702,001 2,526,570 4,136,304 8,465,370
Other operating income 1,613,026 0 1,613,026 0 290
Materials and services -261,555 -456,414 -417,274 -1,086,073 -1,903,470
Employee benefits expense -730,934 -949,796 -1,320,403 -1,884,888 -3,378,144
Depreciation and amortization -342,923 -339,720 -671,701 -668,946 -1,398,276
Other operating expenses -337,228 -392,587 -659,138 -845,999 -1,550,404
Operating profit 968,593 -436,515 1,071,080 -349,601 235,365
Net finance results 13,000 -23,243 -12,151 -51,803 -97,908
Profi t before tax 981,593 -459,757 1,058,929 -401,405 137,457
I ncome tax expense 0 0 0 0 0
Profit/loss for the period 981,593 -459,757 1,058,929 -401,405 137,457
Total comprehensive income for the period, net of tax 981,593 -459,757 1,058,929 -401,405 137,457

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STATEMENT OF FINANCIAL POSITION

EUR Note 30 Jun 2026 30 Jun 2025 31 Dec 2025
ASSETS
Non-current assets 3,652,961 3,913,758 3,736,038
I ntangible assets 3,338,018 3,624,346 3,450,368
Right-of-use assets 137,818 112,287 108,545
Non-current receivables 31,661 31,661 31,661
Deferred tax assets 145,464 145,464 145,464
Current assets 2,601,656 2,113,528 2,531,510
Trade receivables 471,872 530,887 789,984
Prepayments and accrued income 241,600 280,443 219,856
Cash and cash equivalents 1,888,185 1,302,199 1,521,670
Total assets 6,254,617 6,027,286 6,267,548
EQUITY AND LIABILITIES
Equity
I ssued capital 80,000 80,000 80,000
Reserves 30,486,376 30,474,394 30,476,856
Retained earnings -27,899,981 -28,105,973 -28,064,181
Profit (loss) for the period 1,058,929 -401,404 137,457
Total equity 3,725,325 2,047,017 2,630,132
Liabilities
Non-current liabilities 1,220,252 2,471,363 2,871,830
I nterest-bearing loans and borrowings 1,129,872 2,397,619 2,800,826
Trade and other payables 0 556 0
Lease liabilities 90,380 73,188 71,004
Current liabilities 1,309,041 1,508,906 765,585
Trade and other payables 218,893 161,519 101,825
I nterest-bearing loans and borrowings 382,000 403,207 0
Lease liabilities 48,666 44,857 43,519
Other current financial liabilities 0 73,252 62,402
Accrued liabilities 659,482 826,071 557,840
Total liabilities 2,529,293 3,980,269 3,637,415
Total equity and liabilities 6,254,617 6,027,286 6,267,548

HALF – YEAR REPORT JANUARY – JUNE 202 6 NITRO GAMES OYJ
14

STATEMENT OF CASH FLOWS

Apr – Jun Apr – Jun Jan – Jun Jan – Jun Full Year
EUR thousand 2026 2025 2026 2025 2025
CASH FLOWS FROM OPERATING ACTIVITIES
Profit/loss for the financial year 981.6 -459.7 1,058.9 -401.4 136.9
Adjustments for: 0.0 0.0 0.0 0.0 0.0
Depreciation and amortization 342.9 339.7 671.7 668.9 1,398.3
Financial income and expenses 7.4 23.2 12.1 51.8 97.9
Operating expenses non-cash -13.0 1.4 9.6 22.0 25.0
Cash from operations before changes in operating assets 1,318.9 -95.4 1,752.3 341.3 1,658.1
and liabilities
Change in operating assets and liabilities:
Accounts receivables -89.2 880.8 318.1 669.7 410.6
Prepaid expenses and other assets -3.3 62.7 -21.7 79.9 139.5
Accounts payable 95.8 -164.0 117.1 -179.1 -239.4
Accrued and other current liabilities 15.9 -95.4 39.3 -292.8 -366.1
Other long-term liabilities 0.0 0.0 0.0 0.0 -200.0
Net cash from operating activities (A) 1,338.1 588.7 2,205.1 619.0 1,402.7
CASH FLOWS FROM INVESTING ACTIVITIES
Purchase of tangible and intangible assets -261.0 -353.8 -518.8 -583.1 -1,096.4
Net cash used in investing activities (B) -261.0 -353.8 -518.8 -583.1 -1,096.4
CASH FLOWS FROM FINANCING ACTIVITIES
Repayments of finance lease liabilities -15.2 -13.7 -29.3 -28.6 -56.7
Proceeds from and repayments of borrowings -1,629.0 0.0 -1,289.0 -697.5 -708.4
Cash payments for the interest portion of lease liabilities -2.1 -2.2 -3.9 -4.3 -8.6
Interest paid on the long-term borrowings 10.6 -7.0 2.4 -19.5 -27.1
Net cash from/(used in) financing activities (C) -1,635.7 -22.9 -1,319.8 -749.9 -800.8
Change in cash and cash equivalents (A + B + C) increase (+) / decrease (-) -558.6 212.0 366.5 -714.0 -494.5
Cash and cash equivalents at beginning of period 2,446.8 1,090.2 1,521.7 2,016.2 2,016.2
Cash and cash equivalents at end of period 1,888.2 1,302.2 1,888.2 1,302.2 1,521.7

HALF – YEAR REPORT JANUARY – JUNE 202 6 NITRO GAMES OYJ
15

STATEMENT OF CHANGES IN EQUITY

Invested
EUR thousand Issued Unrestricted Treasury Retained Fair value Total
capital equity reserv shares earnings reserves equity
Equity as at 1.1.2026 80 30,477 0 -27,927 0 2,630
Profit (loss) for the period 1,059 1,059
Share-based payments 9 9
Other adjustments 27 27
Equity as at 30.6.2026 80 30,486 0 -26,841 0 3,725
Issued Unrestricted Treasury Retained Fair value Total
capital equity reserv shares earnings reserves equity
Equity as at 1.1.2025 80 30,675 0 -28,371 0 2,384
Profit (loss) for the period -401 -401
Share-based payments 19 3 22
Other adjustments -220 262 42
Equity as at 30.6.2025 80 30,474 0 -28,507 0 2,047
Invested
Issued Unrestricted Treasury Retained Fair value Total
capital equity reserv shares earnings reserves equity
Equity as at 1.4.2026 80 30,479 0 -27,822 0 2,737
Profit (loss) for the period 982 982
Share-based payments 7 7
Other adjustments -1 -1
Equity as at 30.6.2026 80 30,486 0 -26,841 0 3,725
Invested
Issued Unrestricted Treasury Retained Fair value Total
capital equity reserv shares earnings reserves equity
Equity as at 1.4.2025 80 30,473 0 -28,068 0 2,485
Profit (loss) for the period -460 -460
Share-based payments 1 1
Other adjustments 21 21
Equity as at 30.6.2025 80 30,474 0 -28,507 0 2,047
Issued Unrestricted Treasury Retained Fair value Total
capital equity reserv shares earnings reserves equity
Equity as at 1.1.2025 80 30,675 0 -28,371 0 2,384
Profit (loss) for the period 137 137
Share-based payments 22 3 25
Other adjustments -220 304 84
Equity as at 31.12.2025 80 30,477 0 -27,927 0 2,630

HALF – YEAR REPORT JANUARY – JUNE 202 6 NITRO GAMES OYJ
16

Notes to the financial statements

1. Company information
Nitro Games Oyj (hereafter ‘Nitro Games’ or the
‘Company’), is a Finnish mobile games developer and
publisher. The company is experienced in developing games
for the global gaming market. The company’s headquarters
are in Kotka, Finland, and it also has an office in :elsinki, the
capital of Finland. The company was the first Finnish mobile
gaming company listed at the Swedish Nasdaq First North
Growth Market in Stockholm on 16 Hune 2017.
2. Basis of preparation
These condensed interim financial statements (‘interim
financial statements’) for the six months ended 30 Hune
2026 have been prepared in accordance with =AS 34 Interim
Financial Reporting and should be read in conjunction with
the Company’s last annual financial statements as at and for
the year ended 31 December 2025 (last annual financial
statements). They do not include all the information
required for a complete set of financial statem ents prepared
in accordance with =FRS Accounting Standards. :owever,
selected explanatory notes are included to explain events
and transactions that are significant to an understanding of
the changes in the Company’s financial position and
performance sinc e the last annual financial statements.
These interim financial statements were authorized for
issue by the Company’s board of directors on 17 August
2026.
3. Significant accounting policies
The =nterim Financial Statements have been prepared in
accordance with the accounting policies adopted in the
Company’s most recent annual financial statements for the
year ended 31 December 2025.
4. New and amended standards and interpretations

Adoption of IFRS 18 Presentation and Disclosure in
Financial Statements
The Company has early adopted =FRS 18 Presentation and
Disclosure in Financial Statements from 1 Hanuary 2026. =FRS
18 replaces =AS 1 Presentation of Financial Statements and
introduces new requirements for the presentation of
financial performance.
The Company’s presentation of the statement of profit or
loss has been updated to reflect the classification of income
and expenses into the categories required by =FRS 18,
including operating and financing categories. The Company
does not present an investing category, as it does not have
investing activities.
The adoption did not result in changes to the measurement
or recognition of income and expenses. The Company’s
previous presentation was largely aligned with =FRS 18
requirements, and therefore no restatement of comparative
information or changes to subtot als were necessary. The
line item previously presented as “Finance income and
expenses” has been renamed “Net financing result” to align
with =FRS 18 terminology.
The Company continues to present management
performance measures as in prior periods. The adoption of
=FRS 18 has not resulted in changes to the definition or
presentation of these measures.
The adoption of =FRS 18 affects presentation and disclosures
only and has no impact on the Company’s reported profit,
financial position or cash flows.
5. Estimates and judgements
When preparing the =nterim Financial Statements,
management undertakes a number of judgements,
estimates and assumptions about recognition and
measurement of assets, liabilities, income and expenses.
The actual results may differ from the judgements,
estim ates and assumptions made by management.
The judgements, estimates and assumptions applied in the
=nterim Financial Statements, including the key sources of
estimation uncertainty, were the same as those applied in
the Company’s last annual financial statements for the year
ended 31 December 2025 .
6. Revenue and segment information
Operating segments
The Company has one operating segment. The Chief
Operating Decision Maker (CODM), identified as the Board
of Directors and the Chief Executive Officer, reviews the
financial performance for the purposes of resource
allocation and performance assessment.
Although the Company operates as a single reportable
segment, management monitors revenue based on
different revenue streams, reflecting the Company’s
internal reporting structure.

HALF – YEAR REPORT JANUARY – JUNE 202 6 NITRO GAMES OYJ
17

Disaggregation of revenue
The revenues originate from two sources:
Game revenue
Game revenue includes revenue from consumers, either
directly or through partners, minimum guarantees,
revenue from advertising, merchandise, licensing and
other exploitation of Nitro =P.
Service revenue
Service revenue includes revenue from services provided
to partners, typically on a work -for -hire basis and often
relating to partner -owned =P.

Revenue from operations

Revenue by geographical market
The geographical breakdown of revenue is presented
based on the location of the customers. All the revenue
shown above has been recognized at a point in time.

Major customers
=n Q2 2026, two individual customers each accounted for
more than 10% of the Company’s total revenue. Revenue
from these customers amounted to approximately 501
KEUR (48.7%) and 184 KEUR (17.9%), respectively. A third
customer accounted for approximately 43 KEUR (4.2%) of
revenue in Q2 2026, below the 10% threshold.
In the comparison period (Q2 2025), a single customer
accounted for approximately 1,565 KEUR (92.0%) of the
Company’s total revenue. The two customers that were the
Company’s major customers in Q2 2026 accounted for 0
EUR and approximately 62 KEUR (3.6%), respectively, in Q2
2025.
All such revenue is included in the Services revenue stream.
7. Impairment of tangible and intangible assets
The Company reviews the carrying amounts of its tangible
and intangible assets on an annual basis (or more frequently
if events or changes in circumstances indicate a potential
impairment) to determine if there are any indications that
the assets have dec reased in value. =f any such indications
exist, the recoverable amount is set to determine the need
to recognize an impairment. The Company has not observed
any indication of impairment in the company’s assets in
periods covered by this half – year report.
8. Forgiveness of government -subsidised loan
=n Q2 2026, the Company’s lender forgave the outstanding
principal of a government -subsidised loan of EUR
1,612,826. =n accordance with =FRS 9.3.3.3, the resulting
gain of EUR 1,612,826 (including reversal of EUR 12,096 of
accumulated non -cash effective -interest accretion) has
been recognised in other operating income, and the loan
has been derecognised from interest -bearing loans and
borrowings as of 30 Hune 2026.
=n accordance with =AS 7.43, this is a non -cash transaction.
The gain is included within profit for the period, which forms
the starting point of operating activities in the statement of
cash flows; the corresponding loan derecognition is
presented as a de duction within financing activities
(repayment of borrowings). Both amounts are non -cash and
net to nil cash effect overall. See Note 10 and the Board of
Directors’ report for further detail.
Other operating income for the period also includes EUR
200 of other, unrelated items, bringing total other operating
income to EUR 1,613,026 (see Statement of profit or loss ).
9. Share -based payments — stock option plan 2026
The accounting policy for share -based payments is
unchanged from that applied in the Company’s annual
financial statements for the year ended 31 December 2025.
During Q2 2026, the Board of Directors granted 1,085,000
stock options under a new series, 2026, out of a maximum
of 1,376,417 authorised by the Annual General Meeting.
The grant -date fair value of the 2026 grant was EUR 47,533.
Total share -based payment e xpense recognised in profit or
loss across all outstanding option series (2023A, 2023B and
2026) was EUR 9,564 for :1 2026, of which EUR 5,281
relates to series 2026.

Q2/26 Q2/25 Jan – Jun Jan – Jun FY 25
2026 2025
Revenue from operations 1,028,207 1,702,001 2,526,570 4,136,303 8,465,369
Game revenue 289,202 179,262 755,600 254,961 799,393
Service revenue 739,005 1,522,739 1,770,970 3,881,342 7,665,976 Q2/26 Q2/25 Jan – Jun Jan – Jun FY 25
2026 2025
Revenue per market area 1,028,207 1,702,001 2,526,570 4,136,303 8,465,369
EU 719,868 29,424 1,737,338 68,509 961,738
North America 51,355 1,671,470 369,177 4,016,275 7,099,577
United Kingdom 50,000 1,107 50,000 2,188 3,021
Other 206,984 0 370,054 49,331 401,033

HALF – YEAR REPORT JANUARY – JUNE 202 6 NITRO GAMES OYJ
18

10. Liquidity and refinancing risk
Liquidity risk is the risk that the Company will not have sufficient funds to meet its financial obligations as they fall due . The
Company manages liquidity risk through short -term and long -term cash flow forecasting and by maintaining access to financing.
Refinancing risk is the risk that the Company cannot refinance its maturing liabilities on acceptable terms. The Company seek s to
manage refinancing risk by monitoring the maturity profile of its liabilities and maintaining an appropriate balance between short –
term and long -term funding.
=n Q1 2026 the company drew down the final tranche of 340 KEUR relating to a government agency loan. =n Q2 2026, the same
lender forgave a separate, previously drawn loan of EUR 1,612,826 — see Note 8.
The Company’s loan agreements do not include financial covenants.
Non -discounted payment schedule:

11. Tax expenses
Current tax
The current income tax charge is calculated on the taxable income based on the tax rate and tax laws enacted (or substantivel y
enacted) by the period -end date in the countries where the Company operates and generates taxable income. Current taxes are
adjus ted for the taxes of previous financial periods, if applicable.

Current tax calculated on operating profit for the six months ended 30 Hune 2026 has been fully offset by previous year’s tax
losses. The effective tax rate for the period is 0%. Movements in deferred tax assets arising from tax loss carry forwards are
analysed in the Company’s annual financial statements only; no separate analysis of deferred tax movements is presented in th is
interim report.

For Further information, please contact:

Hussi Tähtinen CEO, Co -Founder
+358 44 388 1071
[email protected]

Kotka office
Huha Vainion katu 2
F=-48100 Kotka
Finland

Helsinki office
Kaisaniemenkatu 2B, 5th floor
F=-00100 :elsinki
Finland

Business =D: 2134819 -6