Enad Global 7 FY2023 Q4 Earnings Release

Feb, 2024 INVESTOR PRESENTATION
Year -end and Q4 2023

2
MAIN
TOPICS
ENAD GLOBAL 7
▪ Q4 2023 and Full Year Results
▪ Year in Review
▪ Industry Backdrop
▪ Industry Impact
▪ 2024 Approach and Strategy
▪ 2024 Outlook
▪ Medium to Long -term Outlook
▪ Financial Discussions
▪ Summary

3
ENAD GLOBAL 7 | COMPANY PRESENTATION
Another Record Year
In MSEK
• Q4 results
> Net Revenue of SEK 473mm
> Adjusted EBITDA of SEK 98mm
• Full year 2023 results
> Net Revenue of SEK 2.05bn
> Adjusted EBITDA of SEK 542mm
• Performance against target
> Net Revenue 7% below SEK 2.2bn target
> Adjusted EBITDA near the top of the
target range of SEK 484 -550mm
• Net Revenue shortfall due to:
> Overall sector weakness
> Resulting pressure on service business
units
• All in all, a solid year registering 10%
organic growth, significantly outpacing
0.6% industry growth for 2023

4
ENAD GLOBAL 7 | COMPANY PRESENTATION
Year in Review
Key Objectives for 2023 Successful Results
Deliver solid revenue and profit growth • 10% Net Revenue growth
• 27% Adjusted EBITDA margin
• SEK 438mm of cash flow from operations
Reduce business and balance sheet risks • Fully paid down debt
• SEK 481mm of cash reserve
• Shutdown underperforming projects and business
Refocus strategy and communicate the long -term
vision
• Our first capital markets day hosted in Sep 2023
• Vision of becoming a leader in the mid -market publishing
• Core franchise focused products
• SEK 3bn of Net Revenues and SEK 1bn of Adjusted EBITDA
target for 2026
Initiate new plan, investing in mid -market publishing
opportunities with core franchises
• MechWarrior 5: Clans development underway
• Publishing deal for Cold Iron’s second title
• Initiated concept explorations for H1Z1

5
ENAD GLOBAL 7 | COMPANY PRESENTATION
Industry Backdrop
• Industry pain going on now for 2+ years
• 2023 saw a slight growth of 0.6%, but a
decline when adjusted for inflation
• 2023 set another unwanted record with job
losses
• Are we almost out of the tunnel? Not so
sure
• Paying for “irrational exuberance”
• It will take some time for supply and
demand to rebalance
??
Source: Top chart from Newzoo January 2024 report.

6
ENAD GLOBAL 7 | COMPANY PRESENTATION
Industry Impact
• Adversely impacted across a few areas:
> Work -for -hire business weakness
> Service business project delays and cancellations
> Pressure on live service metrics – My Singing Monsters bucked the trend but no doubt stilled weighed down
• Even so, still delivered 10% organic Net Revenue growth for the year
> Relative to many of our peer set and the overall industry, a solid outcome
> Strong balance sheet with no debt and solid liquidity
• Not out of the woods yet…industry likely under further pressure in 2024
> Expected pressure on our 2024 performance
> Must maintain conservative approach for the year

7
ENAD GLOBAL 7 | COMPANY PRESENTATION
2024 Approach and Strategy
Active Risk
Management
Stay Opportunistic
for Special Situations Long -term
Plan Execution + +
Keeping it simple given the industry backdrop…not the time to be aggressive

8
ENAD GLOBAL 7 | COMPANY PRESENTATION
2024 Outlook
• Expected to be a softer year due to:
> Overall industry weakness likely will continue
> MSM normalizing at a nice level but below 2023 peak
> Returns on our on -going investments won’t start until 2 nd half of 2024
• Main highlights expected for the year:
> MechWarrior 5 Clans release 2H24
> Core Keeper releasing on consoles 2H24
> EverQuest’s 25th and EverQuest 2’s 20th anniversaries celebration content and events
• Resulting conservative expectations for 2024:
> Net Revenue of SEK 1.8bn
> Adjusted EBITDA margin in the 22 -25 percent range
• Market’s tough but we will still deliver solid profitability and cash flows for year

9
ENAD GLOBAL 7 | COMPANY PRESENTATION
Medium to Long -term Outlook
• No changes to our medium to long -term
plans and outlook
• Same target of SEK 3bn of Net Revenue
and SEK 1bn of Adjusted EBITDA in 2026
• Industry situation this year should not
impact on our long -term plans thanks to
our solid foundation
3 Year Forecast
(MSEK)
1468
1866 2045
1800
3000
325 483 542 22-25%
1000
2021 2022 2023 2024E 2026F
Net Revenue Adjusted EBITDA


FINANCIAL
DISCUSSION
COMPANY PRESENTATION
10

ENAD GLOBAL 7 | COMPANY PRESENTATION
11
Net Revenue and Adjusted EBITDA
559 572
483 517
473
179 190
113 141 98
32% 33%
23% 27% 21%
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
0
100
200
300
400
500
600
700
4Q22 1Q23 2Q23 3Q23 4Q23
Q U A R T E R LY
Net Revenue Adjusted EBITDA Adj EBITDA Margin
1866
2038 2058 2131 2045
483 566 595 623 542
26% 28% 29% 29% 27%
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
0
500
1 000
1 500
2 000
2 500
4Q22 1Q23 2Q23 3Q23 4Q23
L T M
Net Revenue Adjusted EBITDA Adj EBITDA Margin

ENAD GLOBAL 7 | COMPANY PRESENTATION
Net Revenue and
Adjusted EBITDA Mix
(MSEK)
12
Daybreak Big Blue Bubble
Q4 Net Revenue Contribution
Daybreak 182 38%
Big Blue Bubble 86 18%
Rest of the group 206 43%
Group total 473 100%
Q4 Adj EBITDA Contribution
Daybreak 29 30%
Big Blue Bubble 49 50%
Rest of the group 20 20%
Group total 98 100%
199 201 190 181 182
42 52 48 34 29
21% 26% 25% 19% 16%
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
0
50
100
150
200
250
4Q22 1Q23 2Q23 3Q23 4Q23
Q U A R T E R L Y
Net Revenue Adjusted EBITDA Adj EBITDA Margin
193
218
144 123
86 116 133
86 88
49
60% 61% 59%
71%
57%
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
0
50
100
150
200
250
4Q22 1Q23 2Q23 3Q23 4Q23
Q U A R T E R L Y
Net Revenue Adjusted EBITDA Adj EBITDA Margin

My Singing Monsters KPIs
ENAD GLOBAL 7 | COMPANY PRESENTATION
13
Quarterly Revenues MAU (000s)
0
50
100
150
200
250
1Q21 2Q21 3Q21 4Q21 1Q22 2Q22 3Q22 4Q22 1Q23 2Q23 3Q23 4Q23
MSM Revenue Total BBB Revenue
(MSEK)
0
1 000
2 000
3 000
4 000
5 000
6 000
7 000
1Q21 2Q21 3Q21 4Q21 1Q22 2Q22 3Q22 4Q22 1Q23 2Q23 3Q23 4Q23
Average MAU
• BBB delivered SEK 85,8 million of Net Revenue for 4Q23
> 55.5% decline from 4Q22, which was the peak performance period
> 215% above 4Q21, which was the “normal” level prior to the viral uptick
• Based on the trends, we expect MSM to settle down on its new normalized level over the coming 6 months

ENAD GLOBAL 7 | COMPANY PRESENTATION
Net Revenue and
Adjusted EBITDA Mix
(MSEK)
14
Piranha Toadman
Q4 Net Revenue Contribution
Piranha 30 6%
Toadman 19 4%
Rest of the group 424 90%
Group total 473 100%
Q4 Adj EBITDA Contribution
Piranha 11 11%
Toadman -5 -5%
Rest of the group 92 94%
Group total 98 100%
25
51
24 28 30
15 23
6 8 11
60%
46%
25% 30% 37%
0%
20%
40%
60%
80%
100%
0
10
20
30
40
50
60
4Q22 1Q23 2Q23 3Q23 4Q23
Q U A R T E R L Y
Net Revenue Adjusted EBITDA Adj EBITDA Margin
6 6
11
14
19
-8
-5 -3 -6 -5
-140%
-83%
-29% -39% -29%
-200%
-150%
-100%
-50%
0%
50%
100%
150%
-10
-5
0
5
10
15
20
4Q22 1Q23 2Q23 3Q23 4Q23
Q U A R T E R L Y
Net Revenue Adjusted EBITDA Adj EBITDA Margin

ENAD GLOBAL 7 | COMPANY PRESENTATION
Net Revenue and
Adjusted EBITDA Mix
(MSEK)
15 *Excludes results for Innova, which was divested in 3Q22.
Fireshine Petrol
Q4 Net Revenue Contribution
Fireshine 107 23%
Petrol 50 11%
Rest of the group 316 67%
Group total 473 100%
Q4 Adj EBITDA Contribution
Fireshine 11 12%
Petrol 3 3%
Rest of the group 84 86%
Group total 98 100%
77
48
78
120
107
10 2 3 19 11
13% 4% 4%
16% 11%
0%
20%
40%
60%
80%
100%
0
20
40
60
80
100
120
140
4Q22 1Q23 2Q23 3Q23 4Q23
Q U A R T E R L Y
Net Revenue Adjusted EBITDA Adj EBITDA Margin
59
49
36
51 50
3 6
-9
2 3
6% 12%
-25%
4% 5%
-100%
-50%
0%
50%
100%
-20
-10
0
10
20
30
40
50
60
70
4Q22 1Q23 2Q23 3Q23 4Q23
Q U A R T E R L Y
Net Revenue Adjusted EBITDA Adj EBITDA Margin

16
(MSEK)
Q4 Cash Flow
Continues to strengthen
our net cash position
Net Debt to EBITDA Ratio and Cash
ENAD GLOBAL 7 | COMPANY PRESENTATION
187
88 93 114 123
408 453 454 473 481
-220
-365 -361 -358 -358
-0,5
-0,6 -0,6 -0,6
-0,7
– 0 ,9
– 0 ,8
– 0 ,7
– 0 ,6
– 0 ,5
– 0 ,4
– 0 ,3
– 0 ,2
– 0 ,1
–
– 600
– 400
– 200
–
200
400
600
4Q22 1Q23 2Q23 3Q23 4Q23
Cash debt Cash at hand Net debt Full Leverage
Cash OB 473
Operation +101
Investing -63
Financing -6
Delta Cash +33
Currency fluctuations in liquidity -24
Cash CB 481

1468
1866 2045
1800
3000
325 483 542 22-25%
1000
2021 2022 2023 2024E 2026F
Net Revenue Adjusted EBITDA
ENAD GLOBAL 7 | COMPANY PRESENTATION
Figures in Perspective
(USD in MMs)
17 NewZoo’s Games market trends 2024
Global Gaming Market EG7
Based on current trends
193 183 184 189 197 206
0
50
100
150
200
250
2021 2022 2023 2024 2025 2026
2023 -2026P
3.4% CAGR
2023 -2026P 16%
organic CAGR
(MSEK)
• 2024 is expected to be a transition year until the
new growth initiatives starts to kicks -in
• Net Revenue of approximately SEK 1.8 billion
• Expect EBITDA margin in the range of 22 -25 % for
the full year 2024
• 2026 target for Net Revenue of SEK 3 billion and
Adjusted EBIDTA of SEK 1 billion, CAGR of 16%


SUMMARY
COMPANY PRESENTATION
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Summary
ENAD GLOBAL 7 | COMPANY PRESENTATION
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• Stronger company today compared to where we were over the last couple years
• Overall gaming industry has been under pressure and likely to remain so for 2024
• In the face of market challenges, still achieved our key objectives and delivered solid results
• Our priority is driving shareholder returns and we firmly believe that successfully executing on our
long -term vision is the best way
• Additionally, we will be starting the dividend distributions from Q1 2024

Q&A
COMPANY PRESENTATION
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