Enad Global 7 FY2022 Q4 Earnings Release

Feb, 2023 I N V E S T O R P R E S E N T A T I O N
Y e a r -E n d a n d Q 4 2 0 2 2

Financial Highlights
• Q4 2022
• Net Revenue of SEK 559 (499) million, representing 12.0% YoY growth
• Adjusted EBITDA of SEK 179 (92) million, representing 32% margin and 95% growth
• Operating cash flows of SEK 114 million
• Full Year 2022
• Net Revenue of SEK 1,866 (1,468) million, 27.1% growth and 6.2% FX neutral organic growth
• Adjusted EBITDA of SEK 483 (325) million, representing a 26% margin and 49% growth
• Operating cash flows of SEK 375 million
1,866
S E Km
N e t R e v e n u e s
2022
483
S E Km
A d j E B I T D A
2022
27%
N e t R e v e n u e G r o w t h
(Y -o-Y)
2022
6.2%
F u l l Ye a r
F X N e u t r a l
O r g a n i c
G r o w t h

A “Monster” Performance from Big Blue Bubble (BBB)
Record performance
• Q4 Growth
• Net Revenue growth of 607%
• Adj EBITDA growth of 615%
• Full year Growth
• Net Revenue growth of 184%, SEK 310 million
• Adj EBITDA growth of 234%, SEK 182 million
Transformative growth for My Singing Monsters (MSM)
• Highest daily grossing game in the music genre
across Apple and Android
• Top 10 in over 100 countries in the App Store game
category and #1 spot in more than 15 countries
• Viral growth across social channels –TikTok KPIs:
• 1.7 million followers
• 20.7 million likes
• 210 million video views
• 2.5 billion hashtags
6 0 7 %
G r o w t h
27
16
193 116
–
20
40
60
80
100
120
140
160
180
200
N E T R E V A D J E B I T D A
4Q21 4Q22
6 1 5 %
G r o w t h

My Singing Monsters’ Transformational Growth
Total New Users
(Y-o-Y)
1,086% Growth
(Figures in 000s)
Average DAU
(Y-o-Y)
728% Growth
938
11 129
4 Q 2 1 4 Q 2 2
172
1 420
4 Q 2 1 4 Q 2 2

Operational Highlights – Game Segment
• Financial performance highlights
• Net Revenue of SEK 423 million, 83% growth, 47% FX neutral organic growth
• Adjusted EBITDA of SEK 168 million, 169% growth YoY and 40% margin
• Summary commentary
• MSM was the key driver for Game Segment’s outsized performance
• BBB contributed 46% of Net Revenue and 69% of Adjusted EBITDA for
Game Segment
• Daybreak delivered SEK 199 (172) million of Net Revenue
• Successfully delivered annual expansion packs for EverQuest ,
EverQuest 2 and Lord of the Rings Online
• 15% Net Revenue growth YoY driven by Magic Online and favorable FX
even with YoY declines for some of the portfolio compared to the
pandemic boosted results in Q4 2021
• Other Game Segment business units performed largely as expected

Operational Highlights – Service Segment
• Key figures
• Net Revenue of SEK 136 million, representing 49% decline
• Adjusted EBITDA of SEK 14 million, representing a 10% margin
• Summary commentary
• Q4 Net Revenue decline of 49% is due to issues with comparability
• In 2021, 48% of full year Net Revenue came through in Q4 due to
pandemic related product delays
• As a result, a comparison of Q4 2022 and 2021 figures can be
misleading
• More appropriate comparison is the full year results, which smooth out the
product delay impact experienced in 2021:
• For the full year, Service Segment produced Net Revenue of SEK 622
(556) million, representing 12% YoY growth
• Adjusted EBITDA came in at SEK 90 (73) million, growing at 23% YoY
• Fireshine performed according to plan – no big releases were planned for Q4
• Petrol had a busy quarter with its annual Call of Duty work, once again
delivering best -in -class effort

Transition to WFH Business
• Full pivot to WFH for non -live game studios
• WFH prioritized over 1 stparty titles under
development using new unproven IPs or
subscale IPs with limited audience
• For profitable products such as MechWarrior
games, maintain resource allocation
• Rationale
• Non -core to the group’s strategy
• Unpredictable outcomes with high risk
• Transition to a more predictable business model
• Limit/avoid investments in unproven, highly
speculative opportunities
• Plans for work -in -progress (WIP) titles post pivot
• Seek sale of assets or publishing rights to 3rd
party publishers
• Games near completion potentially released in
early access
• Financial impact
• Write down of SEK 308.6 million of capitalized
R&D as of 31 -Dec -2022
• While WFH staffing ramps up, non -contracted
staff will make progress on the WIP titles for
potential sale/release
• Capitalized R&D accrual for Q1 should be
similar Q4 until the staff is transitioned to
WFH engagements or the WIP titles are
divested
• Summary
• Proactively eliminating uncertain outcomes vs.
“hoping” for the best
• Containing risks related to legacy, non -core
assets to further narrow focus and improve
execution

Q 4 2 0 2 2 F I N A N C I A L D I S C U S S I O N

Net Revenue and Adjusted EBITDA
MSEK
1 468 1 564
1 716 1 806 1 866
325 351 354 396 483
22% 22% 21% 22% 26%
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
–
200
400
600
800
1 000
1 200
1 400
1 600
1 800
2 000
4Q21 1Q22 2Q22 3Q22 4Q22
LT M
Net Revenue Adjusted EBITDA Adj EBITDA Margin
499
400
463 444
559
92 107 84 113
179
18%
27%
18% 25%
32%
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
–
100
200
300
400
500
600
4Q21 1Q22 2Q22 3Q22 4Q22
Q U A R T E R LY
Net Revenue Adjusted EBITDA Adj EBITDA Margin

Net Revenue by segment
MSEK
231 256 270 295 423
268 144 192 150
136
4 Q 2 1 1 Q 2 2 2 Q 2 2 3 Q 2 2 4 Q 2 2
N E T R E V E N U E
Game Service
46% 64% 58% 66% 76%
54% 36% 42% 34% 24%
4 Q 2 1 1 Q 2 2 2 Q 2 2 3 Q 2 2 4 Q 2 2
N E T R E V E N U E M I X
Game Service
912 953 1 007 1 052 1 243
556 611 708 754 622
779 818 876 952 1 122
4 Q 2 1 1 Q 2 2 2 Q 2 2 3 Q 2 2 4 Q 2 2
L T M N E T R E V E N U E
Game Service Sustainable Revenue
62% 61% 59% 58% 67%
38% 39% 41% 42% 33%
53% 52% 51% 53% 60%
4 Q 2 1 1 Q 2 2 2 Q 2 2 3 Q 2 2 4 Q 2 2
L T M N E T R E V E N U E M I X
Game Service Sustainable Revenue

Game Segment – Q4 2022 Net Revenue and Adj EBITDA Mix
MSEK
Q4 Net Revenue Contribution
Daybreak 199 47%
Big Blue Bubble 193 46%
Piranha 25 6%
Toadman & AMG 6 1%
Game Segment total 423 100%
Q4 Adj EBITDA Contribution
Daybreak 42 25%
Big Blue Bubble 116 69%
Piranha 15 9%
Toadman & AMG -5 -3%
Game Segment total 168 100%
231 256 270 295
423
62 85 72 99
168 27%
33%
26% 34% 40%
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
–
50
100
150
200
250
300
350
400
450
4Q21 1Q22 2Q22 3Q22 4Q22
Net Revenue Adjusted EBITDA Adj EBITDA Margin

Service Segment – Q4 2022 Net Revenue and Adj EBITDA Mix
MSEK
Q4 Net Revenue Contribution
Fireshine 77 57%
Petrol 59 43%
Service Segment total 136 100%
Q4 Adj EBITDA Contribution
Fireshine 10 77%
Petrol 3 23%
Service Segment total 14 100%
268
144
192
150 136
49 32 26 19 14
18% 22%
14% 13% 10%
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
–
50
100
150
200
250
300
4Q21 1Q22 2Q22 3Q22 4Q22
Q U A R T E R L Y
Net Revenue Adjusted EBITDA Adj EBITDA Margin

1468
1866
0
200
400
600
800
1000
1200
1400
1600
1800
2000
Jan Feb Mar Apr Maj Jun Jul Aug Sep Oct Nov Dec
L T M N E T R E V E N U E M S E K
LY LTM CY LTM
Figures in perspective
MSEK
-January 2023 results came in strong,
MSM/Q4 revenue spillover.
2022 Dec. Incl: 86 MSEK
MTGO
499
400
463 444
559
92 107 84 113
179 18%
27%
18% 25%
32%
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
–
100
200
300
400
500
600
4Q21 1Q22 2Q22 3Q22 4Q22
Net Revenue Adjusted EBITDA Adj EBITDA Margin
2022 full year FX neutral org. growth 6.2%

MSEK
Cash OB 654
Operation +114
Investing -47
Financing -299
Currency fluctuations in liquidity -15
Delta Cash -246
Cash CB 408
Q4 cash flow
Strong balance sheet Cash flow from operations of SEK 114.3 (79.0) million, and cashflow from investing
activities amounted to SEK -46.6 ( -71.2) million
In Q4 SEK 300 million was repaid on Groups Credit Facility
Remaining SEK 100 million was repaid Feb 8, 2023 .
Innova is not included from 2022 Q2. EBITDA refers to LTM proforma adjusted EBITDA.
Net Debt to EBITDA ratio and cash
534 557 493 499
188
484
449 381
654
408
0,1
0,3 0,3
-0,4
-0,4
– 0,5
– 0,4
– 0,3
– 0,2
– 0,1
–
0,1
0,2
0,3
0,4
– 300
– 200
– 100
–
100
200
300
400
500
600
700
Q4-2021 Q1-2022 Q2-2022 Q3-2022 Q4-2022
Cash debt Cash at hand Net debt Full Leverage

S U M M A R Y

Summary Remarks
• A record year, successfully overcoming big challenges
• SEK 1.87 billion of Net Revenue for the year, growing 27% YoY
• SEK 483 million of Adjusted EBITDA at 25.9% margin
• My Singing Monsters established as another “superstar” brand for the group
• #1 top grossing music game in both Apple and Android platforms
• Became the biggest game in EG7’s portfolio during Q4
• Expectation of a new elevated baseline for performance and growth going forward
• Group in the best position since inception
• Debt free
• Strong liquidity with SEK 304 million of Net Cash balance as of December 31
• Clean balance sheet after the write -down of assets with potential downside risks
• Solid momentum to kick off 2023
• Our approach – clear focus on disciplined business building
• Continue taking steps that create value for the business
• Avoid chasing after quick wins for short -term gains
• Focus on investing in the building blocks for sustainable growth and long -term success

Q & A