Enad Global 7 FY2023 Q2 Earnings Release

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

Financial Highlights
• Q2 2023
• Net Revenue of SEK 483 (463) million, representing 4.3% YoY growth,
• Adjusted EBITDA of SEK 113 (84) million, representing 24% margin and 34% growth
• Operating cash flow of SEK 54 million
• Key takeaways
• Results reflect the company’s annual seasonal low but continuing to deliver growth
• AntiMatter closed down in the beginning of July
• 7 consecutive quarters of solid growth and profitability
483
S E Km
N e t R e v e n u e s
Q 2 2 0 2 3
113
S E Km
A d j E B I T D A
Q 2 2 0 2 3
4.3%
N e t R e v e n u e G r o w t h
( Yo Y )
24%
E B I T D A m a r g i n

Big Blue Bubble – Sustaining Engagement
• Further growth in Net Revenue and
EBITDA from the record numbers
delivered in Q4 2022
• Continued strong margins at 60%
• Expecting a slower decline than
initially expected
• Still too early to conclude where the
new normal trading level will
stabilize
(MSEK)
43 48
193
218
144
23 30
116 133
86 52,7%
63,4% 60,4% 61,0% 59,4%
40,0%
45,0%
50,0%
55,0%
60,0%
65,0%
70,0%
–
50
100
150
200
250
2Q22 3Q22 4Q22 1Q23 2Q23 Net Revenues EBITDA Margin
43 91
284
502
647
27 53
170
303
389
63,0%
58,6% 59,8% 60,3% 60,1%
40,0%
45,0%
50,0%
55,0%
60,0%
65,0%
70,0%
–
100
200
300
400
500
600
700
2Q22 3Q22 4Q22 1Q23 2Q23
LTM
Net Revenues EBITDA Margin
Q U A R T E R L Y

My Singing Monsters – Flattening Decline Curve with Solid Engagement
• Almost 6 million new users in Q2
• Average DAU of 1.1 million in Q2
• Continues to demonstrate solid
engagement and retention trends
• MSM will celebrate its 11 -year
anniversary end of September,
driving higher engagement and
positively impacting trend curve
(000s)
7 976
3 259
11 116
7 022
5 904
1 199 562
1 420 1 630 1 105
–
2 000
4 000
6 000
8 000
10 000
12 000
2Q22 3Q22 4Q22 1Q23 2Q23
New Users Avg DAU

Operational Highlights – Game Segment
• Financial performance highlights
• Net Revenue of SEK 369 million, representing 37% growth and 33% FX neutral
organic growth
• Adjusted EBITDA of SEK 127 million, 78% growth and 34% margin
• Summary commentary
• MSM was once again the key driver for Game Segment’s performance
• BBB contributed 39% of Net Revenue and 67% of Adjusted EBITDA for Game Segment
• Our biggest title now and looks to stay that way
• Daybreak’s live games remain predictably stable with performance trends
subject to content cadence
• Net Revenue of SEK 190 (203) million, Adj EBITDA margin of 25%
• Piranha continues to work on new material for MechWarrior 5
• The fifth DLC to MechWarrior 5 is expected to launch September 28
• Piranha is pleased to partner with Genvid Entertainment on DC Heroes United, an
exciting interactive streaming series recently announced at San Diego Comic -Con.
• Toadman steadily ramping up its WFH business
• SEK 10.8 million of Net Revenue from WFH for the period compared to SEK 5.5 million
the prior quarter

Operational Highlights – Service Segment
• Key figures
• Net Revenue of SEK 114 million, representing 41% decline YoY
• Adjusted EBITDA of SEK -6 million, generating a 5% negative margin
• Summary commentary
• Overall softer results for the period due to the smaller pipelines of:
• Third party product releases
• Digital publishing
• Fireshine is continuing to build a successful indie publishing track record
• Shadows of Doubt’s successful release on Steam Early Access in April
• 90+ percent positive reviews
• At the end of June, Little Friends: Puppy Island was released on Nintendo Switch
• Petrol results came in lower than expected
• Certain projects were unexpectedly delayed and pushed out further
• Notable campaigns during the quarter included:
• Dead Island 2
• BlackCell for Call of Duty: Modern Warfare II and Warzone
• Star Wars Outlaws announcement

Q 2 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
463 444
559 572
483
84 113
179 190
113 18%
25%
32% 33%
23%
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
–
100
200
300
400
500
600
700
2Q22 3Q22 4Q22 1Q23 2Q23
Q U A R T E R LY
Net Revenue Adjusted EBITDA Adj EBITDA Margin
1 716 1 806 1 866
2 038 2 058
354 396 483 566 595 21% 22% 26% 28% 29%
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
–
500
1 000
1 500
2 000
2 500
2Q22 3Q22 4Q22 1Q23 2Q23
LT M
Net Revenue Adjusted EBITDA Adj EBITDA Margin

Net Revenue by Segment
MSEK
270 295 422,6 475,1 369
192 150
136 97 114
2 Q 2 2 3 Q 2 2 4 Q 2 2 1 Q 2 3 2 Q 2 3
Q U A R T E R L Y N E T R E V E N U E
Game Service
58% 66% 76% 83% 76%
42% 34% 24% 17% 24%
2 Q 2 2 3 Q 2 2 4 Q 2 2 1 Q 2 3 2 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
1 007 1 052 1 243 1 463 1 562
708 754 622 575 496
876 952 1 122 1 304 1 374
2 Q 2 2 3 Q 2 2 4 Q 2 2 1 Q 2 3 2 Q 2 3
L T M N E T R E V E N U E
Game Service Sustainable Revenue
59% 58% 67% 72% 76%
41% 42% 33% 28% 24%
51% 53% 60% 64% 67%
2 Q 2 2 3 Q 2 2 4 Q 2 2 1 Q 2 3 2 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
Q2 Net Revenue Contribution
Daybreak 190 51%
Big Blue Bubble 144 39%
Piranha 24 7%
Toadman & AMG 11 3%
Game Segment total 369 100%
Q2 Adj EBITDA Contribution
Daybreak 48 38%
Big Blue Bubble 86 67%
Piranha 6 5%
Toadman & AMG -12 -10%
Game Segment total 127 100%
270 295
423
475
369
72 99
168 194 127 26%
34% 40%
41%
34%
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
–
50
100
150
200
250
300
350
400
450
500
2Q22 3Q22 4Q22 1Q23 2Q23
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
192
150 136
97 114
26 19 14 8
-6
14% 13% 10% 8% -5%
-20%
0%
20%
40%
60%
80%
100%
( 50)
–
50
100
150
200
250
2Q22 3Q22 4Q22 1Q23 2Q23
Q U A R T E R L Y
Net Revenue Adjusted EBITDA Adj EBITDA Margin
Q2 Net Revenue Contribution
Fireshine 78 68%
Petrol 36 32%
Service Segment total 114 100%
Q2 Adj EBITDA Contribution
Fireshine 3 50%
Petrol -9 -150%
Service Segment total -6 100%

MSEK
Cash OB 453
Operation +54
Investing -68
Financing -7
Currency fluctuations in liquidity +22
Delta Cash +1
Cash CB 454
Q2 cash flow
Strong balance sheet Cash flow from operations of SEK 53.8 (63.5) million, and cashflow from investing
activities amounted to SEK -67.7 ( -114.2) million
Innova is not included from 2022 Q2. EBITDA refers to LTM proforma adjusted EBITDA.
Net Debt to EBITDA Ratio and Cash
493 499
187
88 93
381
654
408 453 454
111
-155 -220
-365 -361
0,3
-0,4
-0,5
-0,64
-0,61
– 600
– 400
– 200
–
200
400
600
800
Q2-2022 A Q3-2022 A Q4-2022 A Q1-2023 A Q2-2023 FC
Cash debt Cash at hand Net debt Full Leverage

Figures in Perspective
• Expect Net Revenue of SEK 2.2 billion for
the full year 2023
• With EBITDA margin in the range of 23 to
25 percent
Based on the continued trends
we repeat our guidance 1 716 1 806 1 866
2 038 2 058
354 396 483 566 595 21% 22% 26% 28% 29%
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
–
500
1 000
1 500
2 000
2 500
2Q22 3Q22 4Q22 1Q23 2Q23
LT M
Net Revenue Adjusted EBITDA Adj EBITDA Margin

S U M M A R Y

Summary Remarks
• Consistently delivering growth and solid profits
• My Singing Monsters delivers again above expectations
• Prioritizing building the foundation for long -term sustainable growth and shareholder value
creation
• Excited to host our first capital markets day on the 20 th of September where we plan to
present our long -term vision, strategy and plan

Q & A