Coffee Stain Group FY2025 Capital Markets Day

Capital
Markets
Event 2025
17 November 2025

2
01
INTRODUCTION
TO COFFEE STAIN
02
GAMING MARKET
DYNAMICS
03
GAME PORTFOLIO
AND STUDIOS
04 05
AGENDA
06
CONCLUSION
AND Q&A
GROWTH
AVENUES
FINANCIAL
PROFILE

3
TODAY’S SPEAKERS
ANTON WESTBERGH
CEO & CO -FOUNDER
COFFEE STAIN
ERIK SUNNERDAHL
CFO
COFFEE STAIN
ROBERT LAZIC
STUDIO MANAGER
COFFEE STAIN STUDIOS
SEBASTIAN ERIKSSON
CEO & CO -FOUNDER
COFFEE STAIN NORTH
MARCUS DAWSON
CEO
TUXEDO LABS
MATT KENNEY
STUDIO MANAGER
COFFEE STAIN GÖTEBORG
SØREN LUNDGAARD
CEO & CO -FOUNDER
GHOST SHIP
JACOB JONMYREN
CHAIR OF THE BOARD
COFFEE STAIN

01
INTRODUCTION
TO COFFEE STAIN
ANTON WESTBERGH
CEO & CO -FOUNDER
4

5
Small Teams making Big Games for Huge Audiences
“
”
Source: Company information, Twitch, Discord, Steam, Reddit and Roblox Note: 1) Approximately 250 FTEs, 2) FY24/25, 3 ) Based on total number of followers/members for core games on Twitch, Discord, Steam, Reddit and Welcome to Bloxburg : Fan Club
SEK 1bn
Net sales 2)
250
FTEs 1)
+12.5m
Followers 3)
44%
Cash EBIT
margin 2)

Source: Company informationNote: 1) Excludes minority owned studios: Iron Gate (30% ownership), Other Tales Interactive (18.4% ownership), Great Ape Gam es (10.18% ownership) and Ugly Duckling Games (30% ownership), 2) Approximately 250 FTEs 6
SMALL STUDIOS IN A LEAN ORGANIZATION BUILT ON OWNERSHIP
AND CREATIVITY
Studios 1) Group
S T U D I O S
M A L M Ö
N O R T H . P U B L I S H I N G G Ö T E B O R G
2
Publishers
250
FTEs 2)
13
Majority owned studios
Publishing Key KPIs

7
CORE PORTFOLIO BASED ON SIX FRANCHISES ACCOUNTING FOR
90% OF NET SALES 1)
97%
Positive reviews
SEK 1,100m
Lifetime Net sales
98%
Positive reviews 2)
SEK 1,400m
Lifetime Net sales
97%
Positive reviews
SEK 1,250m
Lifetime Net sales
Source: Company information, Steam and Roblox as of Oct -25 Note: 1) Per FY 24/25, 2) Based on Goat Simulator 3, 3) Positive Roblox reviews
88 %
Positive reviews 3)
SEK 1,350m
Lifetime Net sales
96%
Positive reviews
SEK 450m
Lifetime Net sales
94%
Positive reviews
SEK 2,000m
Lifetime Net sales

8
15 YEARS+ OF CRAFTING AND FINDING LONG – L ASTING, COMMUNITY
DRIVEN GAMES
Note: 1 ) Welcome to Bloxburg released in 2014 (in paid access), 2)Teardown released in 2020
2010 2014 2025 2) 2018 2019 2021 2022 1)
Release
Release
Release
Release
Acquisition
Release
Integration

9
GAME DEVELOPMENT POWERED BY PUBLISHING & PARTNERSHIPS
Publishing and Partnership
Long -term value
Created through a network of
passionate teams building,
publishing and supporting
games that last
The value chain
From making great games to
getting them into players’ hands
Gameplay first Lean teams Creativity Community
Publishing Partnership
P U B L I S H I N G
Game development
Studio
Game
Focus Area

10
COFFEE STAIN’S METHODOLOGY DELIVERS UNIQUE GAMES MADE BY
LEAN TEAMS FOCUSED ON GAMEPL AY AND COMMUNITY
Focusing on original and memorable gaming
experiences that leave a lasting impression
Bet on bold ideas and creativity Engage with game communities
Working as a partner throughout the
development process and after release
Driving their own vision, moving fast, taking
ownership and bringing ideas to life
Develop games with lean teams 1. GAMEPLAY FIRST
Focusing on players by delivering
depth, quality and lasting experiences
2.LEAN
TEA
M
S
3 .C R EATIV
ITY
4
.C
O
M
M
U N ITY

Source: Steam 11
GREAT PL AYER EXPERIENCES CREATED BY PUTTING GAMEPL AY
FIRST
GAMEPLAY
FIRST
“It’s a great game I mean like one of
the best sandbox games out there. It
has a great vibe and great mods…”
“The true GOAT. This game is so
dumb yet so fun…”
“Everything about this game is just
one word: perfect. The community,
the devs , the weapons and gadgets
… it’s all amazing…”
“This is one of the greatest games to
have ever been made”
Player comments on games
1
Built to last through depth
Focus on player experience
Focus investments on game content
Gameplay first

12
PASSIONATE DEVELOPERS MAKE THE BEST GAMES
Ideation Development Community
feedback Content cadence
Studios
Lean teams
Small, dynamic teams
of developers with wide
skill sets
Development phases
Team size
Full release
LEAN TEAMS
2

13
INVEST IN BOLD IDEAS TO DISCOVER NEW NICHES
CREATIVITY
New niches
Developing games
ahead of player demand
Bold and original
game
concepts
… picking up
unique and
bold ideas
… allowing
creative freedom
through
autonomy
… providing
support to
bring ideas to
life
Encourage creativity by…
3

Source: Twitch, Discord, Steam, Reddit and Roblox as of Oct -25 Note: 1) Data on Welcome to Bloxburg : Fan Club 14
EARLY COMMUNITY INVOLVEMENT DRIVES ENGAGEMENT
AND LONG -TERM DEVELOPMENT
Communities
By integrating the audience in the game development…
… Coffee Stain creates engaged and loyal communities that drive the success of the games
Followers
Members
Followers
Members
295K
24 2K
394K
392 K
136 K
628 K
2.8M
408K
94 K
36 K
129 K
12K
N.A.
141K
4.9M 1)
58K
432K
150K
505K
542K
30K
33K
210K
28K
COMMUNITY
Symbiotic developer -player relationship Listen & interact Build loyal fanbases
4

15
PUBLISHING & PARTNERSHIP – COFFEE STAIN’S MODEL TO
DISCOVER PROMISING GAMES TO PUBLISH AND PARTNER WITH
Development Publisher
Partnership model
Current partnership Historic partnership
With a unique portfolio, brand and track -record, Coffee Stain is an attractive partner
Discover
Evaluate
Invest
Publishing
Identify bold ideas and fun games
early
Selectively evaluate opportunities
Boost unique games with support to
shine
Publishing can lead to financial investments
P U B L I S H I N G
How we find new games
Partnership
Studio
Minority
ownership
Game

Source: Company informationNote: 1) Concurrent users 16
A MODEL THAT DELIVERS LONG -TERM VALUE
Coffee Stain’s long -term focus on development first, goes well beyond the impact of single releases and
quarterly fluctuations
Early access Full release
Illustrative,
CCUs 1)
Early development cycle
Ideation / Initial
development
Community
feedback
Establishing
fanbase
Releasing continuous updates and DLCs to keep
engagement high
As game gains traction,
investment and headcount grow
Development starts
with small team size
Focus on
unique games
Fine -tuning game
development
~ 5+ years ~ 1 year ~ 3-5 years

02
GAMING MARKET
DYNAMICS
ANTON WESTBERGH
CEO & CO -FOUNDER
17

18
Of the world’s population play games 44%
Source: Newzoo Global Games Market Report August 2025 and World Bank Population Estimates and Projections, DataBank

Gaming is the largest segment of the
global entertainment industry
Source: Embracer Group AB, Annual General Meeting Presentation, 18 September 2025
GAMES ARE PART OF THE LARGER ENTERTAINMENT INDUSTRY
19
Games
USD 183bn
Box Office
USD 28bn
Music
USD 21bn
TV
USD 171bn
Home
Entertainment
USD 143bn
Entertainment
industry sales
Estimates 2024

GAMING MARKET EXPECTED TO GROW GLOBALLY ON ALL PLATFORMS
Source: Newzoo Global Games Market Report August 2025
2.7% 2.2%
2.0%
4.1%
4.7%
3.3%
CAGR
’22 -’25
CAGR
’25 -’28
Market drivers:
✓ Increasing willingness to spend
✓ Increasing Steam adoption
✓ Anticipated price increases
✓ Increasing mobile adoption
Market trends:
✓ Increasing importance of post –
launch content for engagement
Global market by platform,
USDbn
Coffee Stain core markets
PC Mobile Console
55%
24%
21%
174 177 183 189 196 202 207
2022 2023 2024 2025 2026 2027 2028
20

Source: Company information and BCG 21
MARKET SHIFTS ENABLE BROADER PL ATFORM PRESENCE AND
PL AYER REACH
Consoles
• More similar to a PC
• Expected to grow market
further
Cloud gaming
• Enables demanding titles
on low -end devices
• Lowers barrier of entry
• Geographical expansion
AI
• Accelerates production and
empowers smaller teams

THE GAMING MARKET IS GETTING EVERMORE SATURATED…
22
# of games % of games with 500+ reviews
Cumulative game releases on Steam 1)
Rising number of game
releases intensifies
competition for attention
Source: SteamDB as of Oct -25 Note: 1) Following clarification from the information provider regarding data interpretation the figure has been updated and rev ises the version previously included in the information brochure
18k
27k
35k
45k
56k
68k
83k
101k 23%
18%
17% 16% 14%
13% 12% 11%
2017 2018 2019 2020 2021 2022 2023 2024

23
… BUT COFFEE STAIN CONSISTENTLY MAKES A DENT IN THE MARKET
Decentralized, creative
teams focused on
gameplay and
community, delivering
games that last
Approach focused on
creating great games
+
Favorable market
shifts for growth
From new consoles to
AI and cloud
technology, innovation
is expanding Coffee
Stain’s potential reach
Top 3 # reviews
5
Games have 50K+ reviews
15
Games have 500+ reviews
75k+
Average # of reviews per game
Coffee Stain portfolio 1)
354k 97%
510k 94%
246k 97%
Positive # Reviews
Source: Steam as of Oct -25 Note: 1) Games published on Steam

03
GAME PORTFOLIO
AND STUDIOS
ANTON WESTBERGH
CEO & CO -FOUNDER
24

ANTON WESTBERGH
CEO & CO -FOUNDER
COFFEE STAIN
ROBERT LAZIC
STUDIO MANAGER
COFFEE STAIN STUDIOS
SEBASTIAN ERIKSSON
CEO & CO -FOUNDER
COFFEE STAIN NORTH
MARCUS DAWSON
CEO
TUXEDO LABS
MATT KENNEY
STUDIO MANAGER
COFFEE STAIN GÖTEBORG
SØREN LUNDGAARD
CEO & CO -FOUNDER
GHOST SHIP
25

SEBASTIAN ERIKSSON
CEO & CO -FOUNDER
COFFEE STAIN NORTH
26

FROM A HUMOROUS PROJECT TO
A LEGENDARY FRANCHISE
Source: Steam as of Oct -25 and Company information Note: 1) Based on Steam reviews for Goat Simulator 3, 2) Sum of the average playtime for all Goat Simulator titles, 3) Intern al FTEs working on the franchise as of Oct -25 27
Released Genre Studio
2014
Casual
sandbox
Platforms
SEK 1,400m
Lifetime Net sales
21H
Avg. playtime 2)
98%
Positive reviews 1)
32
Team size 3)
Ruin your way through the open world in the biggest
waste of your time since the original Goat Simulator!
N O R T H

–
200k
400k
600k
800k
1,000k
1,200k
1,400k
Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1
20/21 21/22 22/23 23/24 24/25 25/26
Base game units 2)
Source: Company informationNote: 1) Base + DLCs for Goat Simulator, Goat Simulator Remastered and Goat Simulator 3, 2) Base games include Goat Simulator , Goat Simulator Remastered and Goat Simulator 3 29
ENDURING FRANCHISE SUSTAINED BY CONTINUOUS RELEASES,
RECOGNIZED FOR UNIQUENESS AND CREATIVITY
Continue growing the franchise
Goat Simulator ongoing
success
Initiatives
Released
in 2014
Units 1) sold per quarter
DLC units Launched Goat Simulator 3 in 2022 , eight
years after the original
Released both free and paid content
updates, from small drops to major DLCs
Expanded to multiple new platforms
since launch
1
2
3

30
STRATEGY GOING FORWARD
• Brand expanding with
merchandise, card and
pinball games
• Collaborations with
Fortnite and Catan
Beyond games
• Goat Simulator proves the
value of unconventional
thinking
• Coffee Stain North pushes
creative game design
Innovation and creativity
Long -term support
• New DLCs, patches and
content
• Expanding content library
• Retaining and attracting
players
• Launched on four
platforms in 2024
• Featured on Game Pass
and PlayStation Plus
New platform and services

31
NEAR TERM RELEASE FOR THE GOAT SIMUL ATOR FRANCHISE

33
ROBERT LAZIC
STUDIO MANAGER
COFFEE STAIN STUDIOS

Source: Steam as of Oct -25 and Company information Note: 1) Based on Steam reviews, 2) Internal FTEs working on the franchise as of Oct -25 34
A FAN FAVORITE FACTORY GAME WITH ENDLESS
OPPORTUNITIES FOR CREATIVE PL AYERS
2019
Factory
simulation
SEK 1,100m
Lifetime Net sales
96H
Avg. playtime
97%
Positive reviews 1)
Satisfactory is a first -person open -world factory building
game with a dash of exploration and combat. Play alone
or with friends, explore an alien planet, create multi -story
factories and enter conveyor belt heaven!
S T U D I O S
31
Team size 2)
Released Genre Studio
Platforms

0k
20k
40k
60k
80k
100k
120k
140k
160k
180k
200k
Apr-24 Jul-24 Oct-24 Jan-25 Apr-25 Jul-25 Oct-25
Source: Steam as of Nov -25 and Company information Note: 1) CCU data on weekly peak over period 36
REGUL AR UPDATES FOR L ASTING PL AYER ENGAGEMENT
Regular updates & platform expansion Continued strong player engagement
Launch
Early access in 2019
10
Updates by October 2025
Hovering around 25 -30k CCUs
Updates
Platform expansion
Example updates
# of CCUs 1) Release of Satisfactory 1.0, which
peaked at 185k CCU

Source: Steam as of Oct -25 and Company information 37
SATISFACTORY; A GAME BUILT THROUGH COMMUNITY – DRIVEN
DEVELOPMENT
Develop unique
core concept
Iteration based
on community
feedback
Release to
early access
Mar -19
Full access
release
Sep -24
Ideation / Initial
development
Community
feedback
Establishing
fanbase
Fine -tuning
the game
31
Team size
10
Updates
… by a lean team in a capital -light model…
Developed by a lean team, who later added 10 updates
1,000+
Mods available
100+
Hours of content
… creating deep gameplay with endless possibilities
Players become attached to the world they build by satisfying
progression,100s of hours of content and modding available
Community focused development…
Built with feedback from thousands of loyal fans around the world
with help from our community management team
5y
In early access
246k
Reviews
97%
Overwhelmingly positive

38
THE RELEASE OF 1.0 WAS JUST THE BEGINNING
Full release
Sep -24
Additional
opportunities
New
platforms
Events
Updates
Continued community
feedback through
early (experimental)
releases on PC
Grow existing large &
loyal community

39
SØREN LUNDGAARD
CEO & CO -FOUNDER
GHOST SHIP

Source: Steam as of Oct -25 and Company information Note: 1) Based on Steam reviews, 2) Internal FTEs working on the franchise as of Oct -25 40
A LIVE AND BREATHING TITLE WITH
DEPTH AND AN ENGAGED COMMUNITY
2018 Action
SEK 1,250m
Lifetime Net sales
55H
Avg. playtime
97%
Positive reviews 1)
1-4 player co -op FPS featuring badass space Dwarves,
100% destructible environments, procedurally –
generated caves and endless hordes of alien monsters
37
Team size 2)
Released Genre Studio
Platforms

Source: Company information 42
AIMING TO HAVE AN IMPACT ON THE GAME INDUSTRY AND FINDING
THE PERFECT PARTNER IN COFFEE STAIN
Location
Copenhagen Impact on the gaming
industry
Focus
Consistently growing team
✓ Same “make happy decisions” mentality
✓ Valuable insight into the Swedish game
industry
✓ Continue the successful journey
Partnership with Coffee Stain
’16 ’17 ’18 ’19 ’20 ’21 ’22 ’23 ’24 ’25
Studio headcount
47 FTEs
6 FTEs
A long -term journey

Source: Steam 43
CO – OP FIRST AND OPEN DEVELOPMENT AS COMPONENTS OF THE
SUCCESS
Focusing on co -op and open
development…
… to build a strong community of
Deep Rock Galactic ambassadors
Awards & reviews
• Develop the game together with
the community
• Critical to Deep Rock Galactic’s
success
Open development
• Collaboration to achieve
greater goals
• Both as a company and
between the players
Co -op first
• Helps us find bugs and
suggesting changes
• Helped us translate the game
into 30 languages
Build a community
• Community as a number one
priority
• Bold and creative decision
making
Alignment with Coffee Stain

44
BRINGING A COMMUNITY TOGETHER WITH ONE EMOTE:
ROCK AND STONE!

June 2024
June 2023
April 2022
November 2021
Source: Steam as of Nov -25and Company information Note: 1) CCU data on weekly peak over period 45
A CONTINUOUS FOCUS ON KEEPING PL AYER COUNT HIGH
THROUGH REGUL AR UPDATES AND SEASONS
November 2022
# of CCUs 1)
Season 6 release
just announced
0k
10k
20k
30k
40k
50k
60k
Feb-18 Aug-18 Feb-19 Aug-19 Feb-20 Aug-20 Feb-21 Aug-21 Feb-22 Aug-22 Feb-23 Aug-23 Feb-24 Aug-24 Feb-25 Aug-25

Source: Steam, SteamDB and Company information 46
DEEP ROCK IS NOW A FRANCHISE, NOT JUST A SINGLE GAME
Deep Rock Galactic:
Survivor
Developed together with
Funday Games
~2M units sold
~57k peak CCUs
Deep Rock Galactic:
Rogue Core
Expecting early access
in 2026
Currently #39 most
wishlisted game on Steam
Deep Rock Galactic:
Boardgame
Kickstarter reached:
∼ 20k backers and EUR 2.5m

47
MARCUS DAWSON
CEO
TUXEDO LABS

Source: Steam as of Oct -25 and Company information Note: 1) Based on Steam reviews, 2) Internal FTEs working on the franchise as of Oct -25 48
AN AWARD -WINNING
PHYSICS – DRIVEN SANDBOX
2020
Destruction
sandbox
SEK 450m
Lifetime Net sales
29H
Avg. playtime
96%
Positive reviews 1)
Teardown features a fully destructible and truly interactive
world built on best -in -class physics, where player freedom
and emergent gameplay are the driving mechanics
15
Team size 2)
Released Genre Studio
Platforms

Source: Company information 50
WE ARE POWERING INNOVATION THROUGH OUR OWN GAME ENGINE
✓ Flexible solutions that elevate innovation
✓ Attracts top talent in game development
✓ Offers a unique selling point
✓ Allows Coffee Stain to keep more revenue
by limiting third -party fees
Proprietary game engine
created by Tuxedo Labs
Tech development Game ideation
How Tuxedo Labs develops games
Launch
“We build games from scratch ”
“We like having full control of the entire code stack as it makes us
able to create things not possible in traditional game engines”
15 people
Location Size
Malmö Technology
Focus

Source: Steam 51
EMBRACE THE CHAOS
Play the main campaign where you utilize
destruction to perform heists…
…. or play around in the fully destructible
physics -based sandbox…
… or play any of the DLC campaigns

52
BLOCKY REALISM
The appealing contrast between the blocky
voxels and the realistic lighting
The realistic lightning is created using 100%
raytraced rendering
The Teardown engine can provide an art
style which is hard to replicate

Mods are user -created modifications that
change or add features to the game
Source: Company information 53
INFINITE POSSIBILITES WITH MODS
Characters
Assets Maps
Gameplay
Vehicles Tools
Transforms the game into anything you want
Over 10,000 mods created by our amazing
community, with the number growing fast
Mods

Source: Company information 54
CONSTANT DEVELOPMENT OF ADDITIONS TO ENHANCE THE GAMING
EXPERIENCE
PlayStation 5 Tornados Animations Game controller Creative mode
Physics -driven robots DLC Time Campers More levels Art Vandals expansion DLC Folkrace
Campaign part 2 Characters Spawning Dynamic weather DLC Greenwash Gambit
Winter Xbox S | X More tools Featured mods Mod support
20 big feature updates since launch

55
IN THE PROCESS OF L AUNCHING
TEARDOWN MULTIPL AYER
More game modes will be
released over time
Play with or against friends, or
match up with strangers
Enormous potential for having
fun together
Expand gameplay capabilities
through mods
TEARDOWN MULTIPLAYER
IT’S HAPPENING

56
CONTINUING TO DEVELOP A GREAT GAME TOGETHER WITH
COFFEE STAIN
+
Tuxedo Labs is one of the newest
additions to Coffee Stain
Shared understanding of the
importance of a great game
✓ Work with the community on where to
take the game next
✓ Multiplayer opens new possibilities
for expansions
✓ We have a lot of new exciting tech
ready to be released into the world
The collaboration going forward

57
MATT KENNEY
STUDIO MANAGER
COFFEE STAIN GÖTEBORG

Source: Roblox as of Oct -25 and Company information Note: 1) Based on positive Roblox reviews, 2) Average over year, 3) Internal FTEs working on the franchise as of Oct -25 58
A CATEGORY – DEFINING LIFE SIMUL ATION
AT THE HEART OF THE ROBLOX ECOSYSTEM
2016
Sandbox
RPG
SEK 1,350m
Lifetime Net sales
791K
Daily active users 2)
88%
Positive reviews 1)
One of the most popular multiplayer open -world role
playing games on Roblox
A town where you can be anything you want to be!
G Ö T E B O R G
17
Team size 3)
Released Genre Studio
Platforms

Sourc e: Company information 60
EMPOWERING PL AYER CREATIVITY
Homes Businesses + More!
Flexible building tools for both casual and
advanced creators
Extensive furniture & décor catalog including
seasonal and event items
Player -driven roleplay servers that support
social play
A player -driven creative and social sandbox allowing for
endless creativity…
…with a catalog including nearly 4,000
unique items!

Source: Company information 61
KEY MILESTONES IN BLOXBURG’S GROWTH JOURNEY: FROM
PASSION PROJECT TO GLOBAL PLATFORM
2014 2024
Welcome to Bloxburg
founded by solo
teenage developer
Lifted paywall to
become free -to -play in
2024
2016
Released to paid
access beta
2017
Expanded to duo
2022
Joined Coffee Stain and grew
into a team of 17 people
Significant events shaping
Welcome to Bloxburg …
… ultimately becoming a free –
to -play hit in 2024

Source: Roblox platform dashboard as of Oct -25 and Company information Note: 1) Average over year
PERFORMANCE TO DATE LEADING TO MULTIPLE AWARDS
62
Key KPIs
9.7
Billion visits
10.5
Million MAU
791
Thousand DAU 1)
Roblox awards
Favorite Updated Game 2018
Best Custom Items 2018
Highest Rated 2018
Most Returning 2018
Best Roleplaying Game 2019
Mobile Game of the Year 2020
Best International Hit 2022

Source: Company information 63
MONETIZATION MIX: UNLOCKS, CURRENCIES AND SUBSCRIPTIONS
Unlocks Currencies Subscriptions
Our free -to -play mindset
✓ Non -pay to win progression
✓ Earn currencies through both play and
purchases
✓ Optional one -time unlocks for features
✓ No random chance mechanics such as
loot boxes
SEK 1,350m
Lifetime Net sales
Free -to -play players can earn currencies + rewards through gameplay too!
Extra perks
Modifiers Premium currency
Limited currency
Player owned
servers
Normal currency Building tools Recurring
currency
purchases
Welcome to Bloxburg continues to
rank in top earning games on the
Roblox platform

Source: Company information 64
WHY THE DECLINE?
0
50
100
150
200
250
300
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
22/23 23/24 24/25 25/26
Net sales LTM quarterly
SEKm
Changing player expectations
• Players now seek faster progression, more content
and less friction
Increased competition
• Much stronger competition on the platform and in the
genre today
Paid access
• Was negatively impacting core KPIs and hurting
discoverability
• Transitioned to free -to -play in 2024
Player trust
• Hurt player trust last year with some design and
economy changes
• Have since reverted changes and are working to
rebuild confidence

65
THE WELCOME TO BLOXBURG STRATEGY GOING FORWARD
• Boosting transparency and
engagement
• Adding more feedback
channels
Communications
• Rebuilding player trust
• Delivered two highly requested
features -new map + school
location
Trust
• Changes in management
• Expanding team strategically
• Partnering externally to
accelerate growth
People
• Streamlining production for
faster content delivery
• Aligning content cadence with
player expectations
Processes
• Updating core gameplay for
today’s players
• Enhancing UI, audio and social
systems
Modernization

66
ANTON WESTBERGH
CEO & CO -FOUNDER
COFFEE STAIN

Source: Steam as of Oct -25 and Company information Note: 1) Based on Steam reviews 67
THE EPIC SAGA WITH
LEGENDARY COMMUNITY
2021
Open world
viking survival
SEK 2,000m
Lifetime Net sales
66H
Avg. playtime
94%
Positive reviews 1)
Brutal exploration and survival game set in a procedurally –
generated world inspired by Norse mythology. Craft
powerful weapons, construct longhouses and slay mighty
foes to prove yourself to Odin!
Released Genre Studio
Platforms
16m
Units sold

Source: Steam 69
A VIKING WORLD WINNING SEVERAL AWARDS…
Deep, immersive gameplay -rewarded with
multiple awards

Consistent high
number of players
70 Source: Steam and Company informationNote: 1) Selected updates that introduced substantial new gameplay features, biomes, or core mechanics, 2) CCU data on weekly peak over period
… THAT CONTINUES TO GROW WITH CONTENT UPDATES KEEPING THE
NUMBER OF USERS HIGH
Supported with
content updates 1)
Frost
caves
Hildir’s
Request
The Bog
Witch
# of CCUs 2)
0k
100k
200k
300k
400k
500k
Feb-21 Aug-21 Feb-22 Aug-22 Feb-23 Aug-23 Feb-24 Aug-24 Feb-25 Aug-25
1.0 Release & new
platform releases
upcoming Hovering around 35 -40k CCUs
Peak of 502k CCUs just
after release

Source: Company information 71
COFFEE STAIN OPERATES A SUCCESSFUL PARTNERSHIP MODEL THAT
DIVERSIFIES REVENUE STREAMS
A strategic partnership where Coffee Stain owns 30% of Iron Gate and publishes Valheim , while Iron Gate owns the
IP and manages the game development
Ownership
30%
Development Publisher

Core portfolio wrap – up
72

Source: Company information, Steam and Metacritic as of Oct -25 Note: Net sales = Gross sales –Platform fees, 1) Reviews based on Goat Simulator 3, 2) Data applicable for Deep Rock Galactic, 3) Coffee Stain owns the IP but developed by third -part, 4) As of Aug -2025, 5) Approximate number given the game was acquired in Aug -22, 6) Positive Roblox Reviews, 7) Data from Steam, 8) Sum of the average playtime for all Goat Simulat or titles 73
HOME TO HUGELY POPULAR LANDMARK IPS WITH QUALITY, DEPTH
& HIGHLY ENGAGED COMMUNITIES IN A WIDE RANGE OF GENRES
Franchise
Core own ed & operated portfolio Core partnership
6+ Years in
market 11+ 7+ 5+
Platforms
Avg.
playtime 7) 55H 96 H 21H 8) 29H
Steam /
Metacritic
reviews
97% 97% 98% 96% 8.8 7.7 8.4 8.1 / / / /
1,100m
Lifetime
Net sales,
SEK 4) 1,400m 1,250m 450m
2)
3)
1)
Steam reviews
94%
Lifetime Netsales, SEK
2,000m
Announced upcoming releases
Acquired in Aug -22
9+
N.A.
88% 6)
1,350m 5) • Goat Simulator 3 DLC Baadlands :
Furry Road
• Deep Rock Galactic: Rogue Core
• Teardown multiplayer
• Valheim on PS5

74
CORE PORTFOLIO COMPLEMENTED BY A DIVERSE RANGE OF
SUPPORTING IPS
90 %
92%
95%
86%
86%
77%
84%
Selected other titles
Despite modest reach, titles are
consistently well -reviewed
Steam reviews Steam reviews
Source: Steam as of Oct -25
+ Others

04
FINANCIAL
PROFILE
ERIK SUNNERDAHL
CFO
75

76
COFFEE STAIN’S FINANCIAL DYNAMICS
Note: 1) Cash EBIT = Adjusted EBIT + Operational D&A -Gross investments -Payment of lease liabilities
Stable base with launch -driven upside
• Our net sales naturally fluctuates -that’s the nature of making games
• Two types of Net sales streams
1. Baseline: Recurring part driven by our existing games and back catalogue
2. Launch uplift effect: Temporary boost from major game content release or partnership deal
Cost base -scale teams with success -not before
• Small, autonomous teams keep fixed costs low
• Only add headcount if long -term need is there
• External partners to meet temporary development peaks in our core games
Cash EBIT 1) reflects our true performance
• Our key metric for operating strength -consider investments as a part of our business
• Includes both expensed and capitalized development
1.
3.
2.

906
107
1,013
LTM Q2 – 25/26
Source: Company informationNote: 1) Goods for resale and share of profit of an associate, 2) Excluding personnel related ACQ cost and contractors 77
STABLE BASE, LEAN COSTS AND STRONG CASH GENERATION
Other operating costs
Personnel costs 2)
A strong gross margin…
SEKm
… and a low fixed cost base,
where approximately 80% is
allocated to core games…
… enable a high Cash EBIT
margin that provides options
in capital allocation strategy
401
LTM Q2 – 25/26
253
228
24
505
LTM Q2 – 25/26
Marketing costs
Net sales & gross profit Operating cost base split Cash EBIT
89%
COGS 1)
Net
sales
Gross profit

881
208
165
246
1,182
660
1,861
1,085 1,089
78 119
587
246
999
510 484
18/19 19/20 20/21 21/22 22/23 23/24 24/25
Source: Company informationNote: 1) Game launch uplift: impact of releases and deals within 60 days post -launch, 2) New studios added to the Coffee Stain G roup as of 21/22: Frame Break & Invisible Walls, 22/23: Welcome to Bloxburg and Tuxedo Labs, 23/24: Kavalari & Mediocre 78
STRONG BASELINE BOOSTED BY GAME L AUNCHES
Game launch uplift 1)
Baseline Net sales Net sales 2) and Cash EBIT
SEKm
Inorganic
Net sales
Cash EBIT
New releases create upside
Lean costs keep the cash flow strong
Release
Game Pass
Game Pass
Steam release
Full release
Early access
Core games drive a steady base
Baseline Net sales has grown at a 34 % CAGR from
FY19/20 to FY24/25

Source: Company informationNote: 1) Game launch uplift: impact of releases and deals within 60 days post -launch 79
QUARTERLY SWINGS, DURABLE TREND
Game launch uplift 1)
Baseline Net sales
Cash EBIT
SEKm
Net sales and Cash EBIT
Net sales and Cash EBIT, LTM
820
193
1,080 1,102 1,211 1,089 1,045 1,013
468 480 549 484 438 401
Q1 – 24/25 Q2 – 24/25 Q3 – 24/25 Q4 – 24/25 Q1 – 25/26 Q2 – 25/26
186
37
228 256
389
216 184
224
83 106
217
79
36 69
Q1 – 24/25 Q2 – 24/25 Q3 – 24/25 Q4 – 24/25 Q1 – 25/26 Q2 – 25/26
Impact of FX headwinds due to USD/SEK exposure
Stable baseline where new content aimed to give
growth
Quarterly swings reflect game launch timing
Even with strong fluctuations, Coffee Stain has
maintained a solid cash EBIT margin

Source: Company informationNote: 1) Defined as: Free cash flow after working capital / Cash EBIT, 2) Corresponding to transactions with Embracer Group, 3) Includes acquisitions of financial assets and proceeds from borrowings 80
HIGH CASH CONVERSION GIVING OPTIONS IN CAPITAL ALLOCATION
Free cash flow conversion
SEKm 23/24 24/25 LTM Q2 –
25/26 Average
Cash EBIT 510 484 401
Tax Paid (130) (4) (18)
Other cash flow items 9 6 1
FCF before changes in working capital 389 486 384
Changes in working capital 102 112 98
FCF after changes in working capital 491 598 482
Cash conversion (%) 1) 96% 123% 120% 113%
Transactions with owners 2) (679) (439) (792)
Other cash flow from financing
activities 3) (1) 2 3
Net cash flow from acquired/divested
companies (87) 0 0
Cash flow (277) 161 (307)
Cash flow (excluding transactions with
owners) 402 600 485
Dividend policy: if growth does not pay off, capital will
be returned to shareholders
The low tax expenses reflect transferred taxable profit
to the parent company through group contributions
Working -capital swings reflect platform payment
terms and royalties paid to partner studios
Solid cash conversion reflects its lean and efficient
operating model

81
NET CASH POSITION HIGHLIGHTS STRONG FINANCIAL POSITION
Net cash overview
SEKm 23/24 24/25 Q2 – 25/26
Cash and cash equivalents 312 472 269
Liabilities to credit institutions 0 0 0
Net cash excl. contingent considerations 312 472 269
Contingent considerations (66) (53) (35)
Net cash incl. contingent considerations 246 419 234
Leverage ratio N.A. N.A. N.A.
Source: Company informationNote: 1) Intangible assets: ongoing games, finished games and IP surplus, 2) The Coffee Stain pro -forma Q2 -25/26 cash position amounts to SEK 500m, excluding contingent considerations of SEK 35m. However , the cash position at the time of the listing will amount to SEK 500m plus (less) any additional (reduced) cash generated from 30 September 2025 attributable to Coffee Stain
Strong net cash position, enabling efficient capital
allocation
Lower net cash position than expected due to group
contributions made to the parent company
Solid debt -free balance sheet that stays strong
through cycles
Total assets Q2 -25/26
7% 3%
14%
7%
57%
13%
Finished games 1)
Ongoing games 1)
Other
Cash
IP surplus 1)
Goodwill
At listing , the pro -forma
Q2 -25/26 cash position
amounts to SEK 500m 2)
SEK
3.6bn

82
PROFITABLE, LEAN AND BUILT TO L AST
Source: Company informationNote: 1) Core portfolio includes Goat simulator & Goat Simulator 3, Satisfactory, Deep Rock Galactic, Teardown, Welcome to Bloxburg and Valheim , 2) Per FY 24/25
Strong balance sheet
Small teams, big games
Game financials –
built for the long -term
Capital allocation
–invest or return
Proven track record • 4-year average Net sales of SEK ~1.2 bn
• Alongside FY24/25 cash EBIT margin of 44%
• Strong base Net sales with launch -driven upside
• Core portfolio 1) represents 90% of sales 2), where average age since
release is 7 years
• Low overhead costs driven by small, autonomous teams
• Scale when it pays off, not before
• Invest in growth where returns are compelling -otherwise, surplus
capital will be returned to shareholders
• Strong net cash position with no external debt
• Enables M&A when attractive opportunities arise

05
GROWTH
AVENUES
ANTON WESTBERGH
CEO & CO -FOUNDER
83

GROWTH BUILT ON WHAT ALREADY WORKS
Build on what works
Continue with our
operating model
Learn from the past
Carry forward lessons
from what got us here
Maintain the culture
Stay true to the values that
make us who we are
Value is in the people
Our growth comes from our
people’s passion and talent
84

Growth avenues
M&A 2
Prioritization
Develop existing IPs
Create new IPs
4
3
MULTIPLE ROADMAPS FOR FUTURE GROWTH
Potential avenue
Focus avenues
85

FOCUS AVENUES
Core ambition is to continue developing existing IPs to keep engagement high in
communities while also reaching new players through new platforms and IPs
Develop existing IPs Create new IPs
86
Expand to new
platforms
Improve and develop new
game modes, add content,
expand through spin -offs,
DLCs and transmedia
Develop new IPs that fit
the development model

xw
POTENTIAL AVENUES
Targeted M&A and partnership opportunities may be explored with handpicked
studios and established partners
87
M&A
Selected M&A and
partnership opportunities

06
CONCLUSION
88
ANTON WESTBERGH
CEO & CO -FOUNDER

89
STRONG MODEL FOR CONTINUED FUTURE SUCCESS
Expand franchises to broaden their reach,
combined with new games and partnerships
Growth potential
Financial stability
Long -lived, diversified portfolio
enables high cash generation
Lean teams and a decentralized model
Engaged communities
Involve the players to guide us
towards long -term success
Autonomy leads to original, creative,
and bold game ideas

90
Q&A

91
Thank you!

92