Enad Global 7 FY2023 Q1 Earnings Release

Apr, 2023 I N V E S T O R P R E S E N T A T I O N
J A N -M A R 2 0 2 3

Financial Highlights
• Q1 2023
• Net Revenue of SEK 572 (400) million, representing 43% YoY growth,
• Adjusted EBITDA of SEK 190 (107) million, representing 33% margin and 78% growth
• Operating cash flow of SEK 171 million
• Key takeaways
• All -time high results for the quarter
• Best financial position since inception – SEK 453 million in cash with no bank debt at holdings
572
S E Km
N e t R e v e n u e s
Q 1 2 0 2 3
190
S E Km
A d j E B I T D A
Q 1 2 0 2 3
43%
N e t R e v e n u e G r o w t h
( Yo Y )
33%
E B I T D A m a r g i n

Big Blue Bubble – A Solid Follow Through Performance in Q1
26 43 48
193
218
12 23 30
116 133
47,5%
52,7%
63,4%
60,4% 61,0%
40,0%
45,0%
50,0%
55,0%
60,0%
65,0%
70,0%
–
50
100
150
200
250
1Q22 2Q22 3Q22 4Q22 1Q23
Net Revenues EBITDA Margin
• Further growth in Net Revenue and
EBITDA from the record numbers
delivered in Q4 2022
• Strong margins at 61%
• December 2022 was the peak for
My Singing Monsters (“MSM”) but
benefitting from the follow through
momentum in Q1
• Expecting a higher normalized
baseline for MSM above the level
prior to the viral uptick going
forward
(MSEK)

My Singing Monsters – Strong User Engagement
• Over 7 million new users in Q1
• All -time high average DAU of 1.63
million in Q1
• A higher average DAU in Q1 2023
compared to Q4 2022,
demonstrating solid engagement
and retention trends
• Until major updates/events, the
expectation is for engagement
numbers to decline but still settle at
a higher base than before as noted
(000s)
5008
7976
3259
11 116
7022
414
1199 562 1420 1630
–
2 000
4 000
6 000
8 000
10 000
12 000
1Q22 2Q22 3Q22 4Q22 1Q23
New Users Avg DAU

Operational Highlights – Game Segment
• Financial performance highlights
• Net Revenue of SEK 475 million, representing 86% growth and 69% FX
neutral organic growth
• Adjusted EBITDA of SEK 194 million, 129% growth and 41% margin
• Summary commentary
• MSM was once again the key driver for Game Segment’s performance
• BBB contributed 46% of Net Revenue and 68% of Adjusted EBITDA for Game
Segment
• Daybreak’s stable business of live games continue to delivered
• Net Revenue of SEK 201 (212) million, Adj EBITDA margin of 26%
• Piranha had its best quarter ever with Net Revenue of SEK 51 million
• The fourth DLC to MechWarrior 5 was a nice success
• Making good progress on WFH strategy, successfully signing a new contract for SEK
100 million over 18 months

Operational Highlights – Service Segment
• Key figures
• Net Revenue of SEK 97 million, representing 33% decline YoY
• Adjusted EBITDA of SEK 8 million, representing 8% margin
• Summary commentary
• Q1 Net Revenue due to the unfavorable comparison and the timing of
product pipeline for 2023
• Fireshine performed according to plan – no big releases were planned for Q1
• The pipeline for the rest of 2023 is strong
• Indie digital publishing success continues:
• Shadows of Doubt released in April as an early access title on Steam and
currently has 92% positive rating on Steam
• Petrol doing what it does best with a number of top brands:
• Mighty DOOM launch –over 10 million trailer views and more than 3.3 million
downloads in the first two weeks of release
• Warframe’s 10th anniversary Brand Identity campaign
• Launch of the new season to Call of Duty Warzone II

Q 1 2 0 2 3 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
400
463 444
559 572
107 84 113
179 190 27%
18%
25% 32% 33%
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
–
100
200
300
400
500
600
700
1Q22 2Q22 3Q22 4Q22 1Q23
Q U A R T E R LY
Net Revenue Adjusted EBITDA Adj EBITDA Margin
1 564
1 716 1 806 1 866
2 038
351 354 396 483 566
22% 21% 22% 26% 28%
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
–
500
1 000
1 500
2 000
2 500
1Q22 2Q22 3Q22 4Q22 1Q23
LT M
Net Revenue Adjusted EBITDA Adj EBITDA Margin

Net Revenue by Segment
MSEK
256 270 295 423 475
144 192 150
136 97
1 Q 2 2 2 Q 2 2 3 Q 2 2 4 Q 2 2 1 Q 2 3
Q U A R T E R L Y N E T R E V E N U E
Game Service
64% 58% 66% 76% 83%
36% 42% 34% 24% 17%
1 Q 2 2 2 Q 2 2 3 Q 2 2 4 Q 2 2 1 Q 2 3
Q U A R T E R L Y N E T R E V E N U E M I X
Game Service
953 1 007 1 052 1 243 1 463
611 708 754 622 575
818 876 952 1 122 1 304
–
500
1 000
1 500
2 000
2 500
1 Q 2 2 2 Q 2 2 3 Q 2 2 4 Q 2 2 1 Q 2 3
L T M N E T R E V E N U E
Game Service Sustainable Revenue
61% 59% 58% 67% 72%
39% 41% 42% 33% 28%
52% 51% 53% 60% 64%
1 Q 2 2 2 Q 2 2 3 Q 2 2 4 Q 2 2 1 Q 2 3
L T M N E T R E V E N U E M I X
Game Service Sustainable Revenue

Game Segment – Net Revenue and Adjusted EBITDA Mix
MSEK
Q1 Net Revenue Contribution
Daybreak 201 42%
Big Blue Bubble 218 46%
Piranha 51 11%
Toadman & AMG 5 1%
Game Segment total 475 100%
Q1 Adj EBITDA Contribution
Daybreak 52 27%
Big Blue Bubble 133 68%
Piranha 23 12%
Toadman & AMG -14 -7%
Game Segment total 194 100%
256 270 295
423
475
85 72 99
168 194 33% 26% 34% 40%
41%
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
–
50
100
150
200
250
300
350
400
450
500
1Q22 2Q22 3Q22 4Q22 1Q23
Q U A R T E R L Y
Net Revenue Adjusted EBITDA Adj EBITDA Margin

Service Segment – Net Revenue and Adjusted EBITDA Mix
MSEK
Q1 Net Revenue Contribution
Fireshine 48 49%
Petrol 49 51%
Service Segment total 97 100%
Q1 Adj EBITDA Contribution
Fireshine 2 25%
Petrol 6 75%
Service Segment total 8 100%
144
192
150 136
97
32 26 19 14 8
22% 14% 13% 10% 8%
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
–
50
100
150
200
250
1Q22 2Q22 3Q22 4Q22 1Q23
Q U A R T E R L Y
Net Revenue Adjusted EBITDA Adj EBITDA Margin

Figures in Perspective
Big Blue Bubble
MSEK
Guide
– Net Revenue in April was SEK 154.6 million
– Expected full year Net Revenue is SEK 2.2 billion
– Expected FY margin is 23 -25 percent
26 43 48
193
218
12 23 30
116 133
47,5%
52,7%
63,4%
60,4% 61,0%
40,0%
45,0%
50,0%
55,0%
60,0%
65,0%
70,0%
–
50
100
150
200
250
1Q22 2Q22 3Q22 4Q22 1Q23
Net Revenues EBITDA Margin
Net revenue rollover from other quarters was SEK
35.6 million in Q1 . Seasonal natural effect .
Positive FX effect of SEK 41.7 million in Q1, expected
to turn negative for the remainder of the year .
Net capitalization during the year is expected to be
SEK 80 million lower than 2022, negatively affecting
our margins but not our cash generation. Mainly
explained by the transition to WFH.
Fireshine will in H2 generate more Net Revenue from
the physical distribution, which has generally lower
margins than the digital distribution.
My Singing Monster has had two great quarters , with
an activity peak in December. We expect normalized
baseline above the level prior to the viral uptick
going forward.

MSEK
Cash OB 408
Operation +171
Investing -18
Financing -107
Currency fluctuations in liquidity -1
Delta Cash +45
Cash CB 453
Q1 cash flow
Strong balance sheet Cash flow from operations of SEK 170.6 (65.6) million, and cashflow from investing
activities amounted to SEK -17.6 ( -37.8) million
Remaining SEK 100 million on Groups Credit Facility
was fully repaid in February
Innova is not included from 2022 Q2. EBITDA refers to LTM proforma adjusted EBITDA.
Net Debt to EBITDA Ratio and Cash
557 493 499
187
88
449 381
654
408 453
107 111
-155 -220
-365
0,3 0,3
-0,4
-0,5
-0,6
– 0,8
– 0,6
– 0,4
– 0,2
–
0,2
0,4
– 600
– 400
– 200
–
200
400
600
800
Q1-2022 A Q2-2022 A Q3-2022 A Q4-2022 A Q1-2023 A
Cash debt Cash at hand Net debt Full Leverage

S U M M A R Y

Summary Remarks
• All -time record results for Q1 2023
• SEK 572 million of Net Revenue, growing 43% YoY
• SEK 190 million of Adjusted EBITDA at 33% margin
• My Singing Monsters delivers again above expectations
• The biggest game in EG7’s portfolio for second quarter in a row
• Contributed 38% of the Group’s Net Revenue and 66% of Adjusted EBITDA
• Group in the best position since inception
• Debt free at the Group level, with strong and clean balance sheet
• Strong liquidity with SEK 453 million of cash balance as of March 31
• Making good progress on WFH ramp -up
• Our approach – clear focus on disciplined business building
• Manage the risk reward profile in the company
• Invest in building sustainable growth and long -term success
• Prioritizing the long -term business growth over chasing short -term, quarter -to -quarter external expectations

Q & A