Enad Global 7 FY2024 Annual Report

Enad Global 7 AB (publ)
Org.no 556923 -2837
Annual Report
January – D ecember 202 4

This is a translation of the Swedish original annual report.

ENAD GLOBAL 7 AB (PUBL) 2 Annual Report and Sustainability Report – 202 4
T ABLE OF CONTENT
2024 IN BRIEF ………………………….. ………………………….. ………………………….. ………………………….. ………………. 3
EG7 IN SHORT ………………………….. ………………………….. ………………………….. ………………………….. ……………… 4
OUR SEGMENTS ………………………….. ………………………….. ………………………….. ………………………….. ……………. 5
WORD FROM THE CEO ………………………….. ………………………….. ………………………….. ………………………….. …. 8
SUSTAINABILITY REPORT ………………………….. ………………………….. ………………………….. ………………………….. 9
CORPORATE GOVERNANCE ………………………….. ………………………….. ………………………….. …………………….. 23
RISK AND RISK MANAGEMENT ………………………….. ………………………….. ………………………….. …………………. 26
THE SHARE ………………………….. ………………………….. ………………………….. ………………………….. ………………… 33
MANAGEMENT REPORT ………………………….. ………………………….. ………………………….. ………………………….. . 34
FINANCIAL OVERVIEW ………………………….. ………………………….. ………………………….. ………………………….. … 37
CONSOLIDATED INCOME STATEMENT ………………………….. ………………………….. ………………………….. ……… 38
CONSOLIDATED BALANCE SHEET ………………………….. ………………………….. ………………………….. ……………. 40
CONSOLIDATED CASH FLOW STATEMENT ………………………….. ………………………….. ………………………….. .. 43
NOTES ………………………….. ………………………….. ………………………….. ………………………….. ……………………….. 44
PARENT COMPANY’S INCOME STATEMENT ………………………….. ………………………….. ………………………….. 74
PARENT COMPANY’S BALANCE SHEET ………………………….. ………………………….. ………………………….. …….. 75
PARENT COMPANY’S CASH FLOW STATEMENT ………………………….. ………………………….. ……………………. 78
PARENT COMPANY’S NOTES ………………………….. ………………………….. ………………………….. …………………… 79

ENAD GLOBAL 7 AB (PUBL) 3 Annual Report and Sustainability Report – 202 4
202 4 IN BRIEF
EG7 reported a Net Revenue of SEK 1 ,713 .0 (2,045 .0)
million and an Adjusted EBITDA of SEK 325.5 (542.0)
million for the year . 2024 was a year of transition
where the group focused on invest ing in new projects
for medium to longer -term growth. Some of the
investments, including Palia and Cold Irons new title ,
will release and contribute to the group in 2025.

Eye on the prize
EG7 entered 2024 with focus on its long -term targets
and strategic goals, clearly communicating that the
year would be one of consolidation, with investments
directed toward new growth initiatives. As we entered
the year, the pipeline included key titles such as the
Q4 2024, release of MechWarrior 5: Clans and the H2
2025 launch of Cold Irons new title.

The industry -wide tur moil that began in 2023
persisted throughout 2024, resulting in approximately
14,800 job losses during the year , the highest amount
in the industry’s history. Amid these challenges, EG7
identified a unique opportunity to expand its portfolio
with the acquisition of U.S .-based studio Singularity 6
(S6) together with its game Palia. At the time of
acquisition, Palia had already surpassed 5 million
lifetime players during its open beta phase. With a
broader launch across all platforms on 13 May , EG7
expect Palia to be come an important contribut or to
the groups live service portfolio going forward .

The acquisition of S 6 and Palia included an initial cash
consideration of USD 5 million and a
performance based contingent consideration over the
first five years post -closing . For the earnout,
the sellers will be entitled to fifty percent of S6’s net
cash flows over a five -year period , after EG7
first recoups 100 percent of its investment in S6,
including the initial cash consideration and all
additional investment in the game.

Uplisting to Nasdaq Stockholm
On 1 7 June EG7 up listed to Nasdaq Stockholm ,
marking another step in the company’s maturity. Th e
move provides the group with a more flexible capital
structure and an even more attractive base .

Streamlining and cost -saving measures
Throughout 2024 and into early January 2025, the
Group implemented comprehensive cost -saving and
business optimization initiatives to enhance
performance. These efforts are expected to generate
annual cost savings of approximately SEK 191 .0
million. The most significant adjustments were made
in Toadman, which will be fully wind down by H2
2025, at which point the full effect of these measures
will be realized. As a result, the downward pressure on
the Group’s margins will be alleviated, strengthening
overall financial resilience moving forward .

Following the optimization initiatives the group is now
at a position where it can focus entirely on its long –
term target and strategic growth .

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EG7 IN SHORT

EG7 is active in the gaming industry, specializing in
develop ing , and publishing games for PC, console, and
mobile on the global gaming market. Distinguished by
its proven franchise -driven strategy, the company
boasts a portfolio featuring internationally acclaimed
first – and third -party game titles. Its overarching vision
is to solidify its position as a top -tier player in the
mid dle market segment of the video game industry.

The Group is operated decentralised , where the
parent company is engaged in acquiring and
administrating companies in the gaming sector ,
including but not limited to group strategy, financing,
resource allocation and group management. The
parent company serves as an active owner and works
closely with business units in a support ive and
strategic role . EG7 secures the group ’s financial
structure with external financing and makes strategic
decisions about allocation of liquid funds to different
internal and external development projects. Despite
being a decentralised organization , business units can
leverage the Group ’s affiliation, depth of experience,
industry expertise and capital allocation for
strengthened long -term growth.

The group presently manages a portfolio of 11 live
games, encompassing both renowned first -party
intellectual properties (IPs) and globally recognized
third -party IPs. New growth initiatives targeting
midmarket publishing of established franchise titles
are expected to drive growth over the coming years .

The Group’s marketing business has played a pivotal
role in the release of over 2,000 titles, including
numerous globally renowned brands like Call of Duty,
Doom, Diablo, and Elden Ring. With expertise in both
physical and digital publishing and a strong history of
successful releases, EG7 has established a proven
track record across its operations .

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OUR SEGMENTS

Big Blue Bubble
Game developer / publisher

Headquarter London, Canada
Employees 75
Founded in 2004
Net Revenue
2024
309 MSEK
• Big Blue Bubble is an established mobile and video game
developer with over two decades of experience creating fun,
innovative, and accessible titles
• With a history of developing games on a variety of platforms
that inspire creativity and encourage people of all ages to
embrace their playful side
• Best known for being the home of the My Singing Monsters
franchise, soon 13 years old . The game reached top 10 in over
100 countries in the App Store games category and the No. 1
spot in more than 15 countries 10 years after its release
• During 2022 and 2023, the strong performance was mostly
driven by the uptick of the viral sensation My Singing Monsters
(MSM), starting at the end of 2022, leading to a huge surge in
popularity
• In 2024, this performance has re -calibrated around a new
normalized level, significantly higher than prior to the peak ,
with continued strong profitability going forward

69 75
84 81
38 37 42 49 56% 49% 50% 61%
-50%
-30%
-10%
10%
30%
50%
70%
90%
0
10
20
30
40
50
60
70
80
90
Q1 ’24 Q2 ’24 Q3 ’24 Q4 ’24
Financial development 2024
Net revenue Adj. EBITDA Adj. EBITDA margin

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Daybreak
Live game operator / publisher

Headquarter San Diego, USA
Employees 307
Founded in 1997
Net Revenue
2024
766 MSEK
• Daybreak Games is a video game developer and publisher that
offers a variety of live -service games, including multiplayer
role -playing games, first -person shooters, and strategy games
• The company has a strong focus on community building and
historied success in delivering longstanding multiplayer live –
service games
• Acquired by EG7 in 2020
• Daybreaks portfolio is built up of several acquisitions of
operations in financial distressed situations with the need of
cost optimizations and restructuring
• During 2024, Daybreak’s portfolio performed in -line with
expectations and gradual increase in activity is anticipated on
the back of the acquisition of Singularity 6 (S6)
• Targeted release s for 2025 includes Palia and Cold Irons new
title

Piranha Games
Game developer / publisher

Headquarter Vancouver , Canada
Employees 56
Founded in 2000
Net Revenue
2024
129 MSEK
• Piranha Games was founded in 2000, making FPS action games
for big -name franchises, including AAA titles such as Need for
Speed: Undercover and Duke Nukem Forever
• Best known for being the long -time home of the MechWarrior
IP, creating world -class action -based games, most recently
released MechWarrior 5: Clans
• Q4 of 2024 was marked by the release of MechWarrior 5:
Clans. The team at Piranha delivered a high -quality game that
exceeded both internal and external expectations in terms of
quality, story and gameplay
• Despite the strong development achievement, the game did
not meet our commercial expectations
• Piranha adjusted its cost base in the beginning of 2025, to
secure long -term profitability following lower than expected
sale from the Clans release

21 23 16
70
3 8 3
32 16%
35%
17%
46%
-50%
-30%
-10%
10%
30%
50%
70%
90%
0
10
20
30
40
50
60
70
80
Q1 ’24 Q2 ’24 Q3 ’24 Q4 ’24
Financial development 2024
Net revenue Adj. EBITDA Adj. EBITDA margin
189 167
212 199
42
12
52 27
22% 7%
25% 13%
-50%
-30%
-10%
10%
30%
50%
70%
0
50
100
150
200
250
Q1 ’24 Q2 ’24 Q3 ’24 Q4 ’24
Financial development 2024
Net revenue Adj. EBITDA Adj. EBITDA margin

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Fireshine Games
Distribution / publisher

Headquarter London , UK
Employees 38
Founded in 20 09
Net Revenue
2024
318 MSEK
• Fireshine Games is a global publisher of video games based in
London and has evolved from physical co -publishing to digital
publishing and has built a valuable portfolio of digital titles
• Firehine’s physical business continues despite the market shift
to digital and provides global co -publishing services to partners
such as Rebellion, Neowiz, Frontier Developments and
Playstack
• Fireshine joined the EG7 group in 2019, and has established a
global network of distribution partnerships alongside its long –
standing relationships with platform holders such as Sony,
Microsoft, and Nintendo
• In 2024 Fireshine further cemented its move to digital
publishing, releasing 5 new titles, and the company has a
strong pipeline for 2025/26 including the eagerly anticipated
first -person horror A.I.L.A and cosy life -sim Tales of Seikyu
• Fireshine ended 2024 strongly with a boost from recent
release. A number of indie digital titles coming to the market
throughout the year is expected to further drive top -line
growth in 2025

Petrol Advertising
Marketing / Advertising

Headquarter Los Angeles , USA
Employees 63
Founded in 200 3
Net Revenue
2024
146 MSEK
• Petrol was founded in 2003 and has pioneered the business by
creating iconic visuals/trailers/content and marketing
strategies for the global entertainment market, largely focused
on the gaming vertical
• In 2024 Petrol had a roster of successful marketing campaigns
further positioning them as the industry’s leading marketing
agency. These range from AAA to AA to Independent titles
across all verticals in gaming
• Petrol who provide services to third party publishers faced
hurdles stemming from industry -wide challenges in 2023
• The market correction persisted longer than expected, and
lasted throughout 2024
• As a result, Petrol has undertaken further strategic realignment
during the first quarter of 2025 to better adapt to the
continuing market weakness, where many clients have
meaningfully scaled down their marketing spend
• Moreover, Petrol has won a substantial amount of 2025 work
that was pushed from 2024 release

46 38
110 124
1 (2)
16
35 1% (5)%
14%
28%
(50)%
(30)%
(10)%
10%
30%
50%
70%
-20
0
20
40
60
80
100
120
140
Q1 ’24 Q2 ’24 Q3 ’24 Q4 ’24
Financial development 2024
Net revenue Adj. EBITDA Adj. EBITDA margin
41 38 35 33
(6) (1)
0
(5)
(16)% (1)% 1% (17)%
(100)%
(80)%
(60)%
(40)%
(20)%
0
20%
40%
60%
80%
100%
-10
0
10
20
30
40
50
Q1 ’24 Q2 ’24 Q3 ’24 Q4 ’24
Financial development 2024
Net revenue Adj. EBITDA Adj. EBITDA margin

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W ORD FROM THE CEO
Ji Ham, CEO, Enad Global 7 AB (PUBL)

Strong execution
In 2024, EG7 reported a Net Revenue of SEK 1,713.0
million (2,045.0 ), reflecting a 16.2 percent decline
year -over -year . Th e decrease was expected and
primarily attributed to the normalization of Big Blue
Bubble’s game, My Singing Monsters (MSM ).
Following its record -breaking performance in 2023 ,
driven by the game’s viral success on social media. In
2024, MSM has stabilized at a new, normalized level ,
nearly 200 percent above its pre -peak performance.

Business o ptimi sation & long -term strategy
During 2024 and into the first two weeks of 2025, the
Group has implemented significant cost -saving and
business optimization measures. Includ ing the
complete wind -down of Toadman’s operations. The
decision to wind -down Toadman was not taken lightly
and follows several efforts to restore the subsidiary to
profitability. Additionally, further efficiency
improvements have been initiated across the Group
during the period , primarily within Petrol and Piranha.
Combined, all measures are expected to generate
approximately SEK 191.0 million in annual cost
savings, with the full impact anticipated from the
second half of 2025.

Following the optimization measures that’s been
caried out throughout the group we are now in a
position where we can focus fully on our medium to
longer -term growth where 2024 was a pivotal year for
EG7, as we repositioned the group and entered the
investment phase of our long -term strategy outlined
in the fall of 2023. Despite the industry -wide
turbulence, we saw this period as an opportunity to
strengthen our portfolio and position ourselves for
future growth.

One of the most significant moves during the year was
the acquisition of Singularity 6 (S6) , a direct result of
the shifting market landscape. With Palia, an
ambitious and community -driven title, now part of our
portfolio, we are well -positioned to capitalize on its
long -term potential. Additionally, the publishing
investment in Cold Iron s new title is expected to play a
crucial role in our 2025 performance .

The broader gaming industry faced unprecedented
challenges, with approximately 14,800 jobs lost in
2024 , the highest number in its history. While this has
been a difficult period for many. Thanks to our strong
net cash position and steady operating cash flow from
the live -service portfolio, we are positioned to take
advantage of market opportunities, invest in high
potential projects, such as Palia , to further strengthen
our core business. As we move into 2025, we are
confident in our strategic direction and excited about
the opportunities ahead.

Strategic g rowth , to generate long -term
shareholder value
We anticipate a return to growth in 2025. On May 13 ,
S6 plans to expand Palia’s reach by launching the
game on the latest generation of consoles, alongside a
compelling new content update for existing players.
Meanwhile, Cold Irons new title remains on track for
release in the second half of the year .

Our live -service portfolio continues to provide the
group with stable and predictable revenue s. Fireshine
is expected to grow, driven by a strong lineup of digital
indie titles and a more robust physical distribution
pipeline compared to 2024. At the same time, Petrol
has seen a notable uptick in performance, reflecting
early signs of industry reco very as the market
correction nears its end.

While revenues softened compared to the record –
breaking 2023, we are pleased with our strong
execution and the significant progress made in 2024.
This past year was a period of consolidation, during
which we laid the final groundwork for future growth.

As we move into 2025, we are increasingly optimistic
about the group’s trajectory and remain focused on
delivering strong performance in the year s ahead .

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SUSTAINABILITY REPORT – 202 4
A sustainable business -model

The sustainability statements are prepared on a consolidated basis of EG7 and all its subsidiaries. EG7 uses assessments and
estimates for the reporting of some data points, for example data points in the EU Taxonomy . Key sustainability figures can
be found on page 1 8 of this report.
EG7 is operating in the gaming industry, specializing
in the development, and publishing of PC, console,
and mobile games to the worldwide gaming market.
Distinguished by its proven franchise -driven strategy,
the company boasts a portfolio featuring
internationally acclaim ed first – and third -party game
titles. Its overarching vision is to solidify its position as
a top -tier player in the middle market segment of the
video game industry. The group presently manages a
portfolio of 11 live games, encompassing both
renowned fir st-party intellectual properties (IPs) and
globally recognized third -party IPs. The Groups
marketing business has played a pivotal role in the
release of over 2,000 titles, including numerous
globally renowned brands like Call of Duty, Doom,
Diablo, and El den Ring. With expertise in both
physical and digital publishing EG7 boasts an
extensive track record of successful releases in its
portfolio . Headquartered in Stockholm , Sweden with
approximately 546 employees across offices
throughout Europe and North America.

Games have always filled a vital part of human needs
when it comes to competition, socialization and
development . As the world has become more digital in
the last decades so has gaming, and it is in this
segment of digital gaming and entertainment that
EG7 and our group companies operate.

As a global group of businesses within the growing
gaming industry spread across Europe and North
America, the parent company’s role is to provide an
attractive environment to facilitate and support the
operative units in their long -term growth and work to
enhance a safe environment for gamers . A model built
on empowerment by active ownership and
decentralization. EG7s long term -growth is driven by
organic growth together with selective M&A
activities. All strategic decisions and potential M &A
activities th at EG7 engage s in must improve the long –
term risk -reward profile and contribute to shareholder
value creation. To fulfill these fundamental needs , all
strategic decisions must be sustainable.

At EG7, the sustainability work is based on our
analysis of important sustainability issues where we
as a group can have a material impact. As a
decentralized group, each operating unit adapts to
the sustainability framework, defines relevant KPIs
and targets in accordance with their context and core
business as we continued to build on our combined
sustainability work . In addition to our ongoing efforts
to continuously improve the environment for our
gaming communities, we focus on reducing the
emissions from our servers.

During the year the group’s sustainability efforts have
been focused on the Corporate Sustainability
Reporting Directive (CSRD) with the initial goal of
achieving compliance by year -end . However, the
Swedish governments postponement of implementing
CSRD to 2026, and later the European parliament
Omnibus proposal has had an impact on EG7 timeline
and immediate efforts in regard to CSRD. The Group
has completed the Dubble Materiality Assessment
(DMA ) and the Gap -analysis and initiated a
partnership with PositionGreen for our sustainability
work and emission calculation s. However, with a
potentially new timeline we will welcome the
opportunity to evolve or sustainability efforts in a
steadier phase , and has decided to make use of the
longer time span if possible . But until a decision is
made from the Swedish government, we are working
according to plan.

At EG7 we advocate Agenda 2030 and the
methodology to sustainable work that the UN
Sustainable Development Goals (SDG) provides. We
have identified 7 of the SDGs where we find that we
have opportunity to contribute and therefore a
responsibility to do so. These are:

• SDG 3 Good health and well -being
• SDG 4 Quality education
• SDG 5 Gender equality
• SDG 8 Decent work and economic growth
• SDG 10 Promote social inclusion of all
• SDG 12 Responsible consumption and
production
• SDG 16 Peace, Justice, and Strong Institutions

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EG7 S ustainability Workflow

Sustainability Governance

The Board of Directors oversee, set, and approve the sustainability strategy. To ensure that the sustainability
work get s the right amount of attention at Board level , the sustainability committee has been merged with the
audit committee and formed the Audit & Sustainability Committee , which main role in regard to sustainability
is to oversee the Sustainability Team . The merger of the two committees is to ease the process and to ensure
that the Sustainability Team reports progress regarding the group’s sustainability work effectively to the Audit
& Sustainability committee at least once a quarter for continued governance and feedback. The Audit &
Sustainability committee consisted of Marie -Louise Gefwert and Ben Braun, where much of the focus for the
year has been on the continued progress on the groups work around CSRD.

Sustainability Team

The Sustainability Team consists of members from group finance and is led by the Head of Sustainability. This is
to ensure that the sustainability strategy is traced accurate ly and continues to develop across the group. The
Sustainability Team decides on individual targets for our sustainability priorities and assesses target
achievements. The Sustainability Team is also responsible for composing the Sustainability Report, while the
Audit & Sustainability Committee reviews and approves it. The Sustainability Team works in close collaboration
with the operative units. The operative units contribute to the sustainability work and strategy in their daily
operations, and report sustainability data to the parent company. The execution of the strategy is adjusted to
the specific conditions of each operative unit, according to EG7 ’s decentralized business model. The
Sustainability Team proposes strategies to achieve these targets, to promote efficien t execution of the
strategies and to enable rapid achievement of the targets.

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Stakeholder mapping

The dialogue and exchange of ideas with
stakeholders is a vital cornerstone in EG7 ’s
sustainability work. EG7 is in continuou s and close
contact with our stakeholders, and we value the
two -way communication we have, to learn and
share new knowledge and ideas. An active
stakeholder dialogue is integrated into our daily
operations throughout the organization and
altered depending on what stakeholders we are
engaged with. To create value, it is important for
us as a business to be responsive to the feedback
we get from our employees, game communities,
shareholders, the med ia, clients, NGOs, local
communities, and authorities together with other
stakeholders.

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EG7 S ustaina bility Framework

Sustainability pillars

EG7 ’s sustainability framework is built up on the three pillars : Environmental, Social and Corporate Governance. This is
to give a clear framework that is easy to interpret and follow, for internal and external stakeholders alike.

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Environmental

Environmental and climate protection are key
corporate objectives for EG7. Operational practices
that reduce any environmental burden associated
with our activities are promoted. Innovative
developments in products and services that offer
environmental and social benefits are supported. As
an established globa l company, EG7 bears the
responsibility to see and understand our
environmental impact. We contribute to and support
precautionary approaches to environmental
challenges. We care for the environment in our way of
doing business, and it is our policy to rev iew our
business partners and make necessary controls to
ensure that they work in a sustainable way, that
complies with our sustainability view.

As a company within the digital entertainment
industry EG7 has relatively low Scope 1 and 2
emissions. However, in our work to reduce our
footprint we look at what activities in our operations
that has the largest impact and see how we can
change our operations to reduce our greenhouse gas
(GHG) emissions. It is evident that most of EG7 ’s
emissions are derived from scope 3 throughout our
value chain. In the Gaming industry it starts upstream
with the production of PCs, smart phones, consoles,
and TVs and en ds downstream with the energy
consumed when playing our games on the same
hardware together with the data servers that host our
games, business travel, employee commuting and the
use of sold products. This makes it challenging to track
and reduce some emissions in our Scope 3 and makes
EG7 dependent on more climate -friendly technology.
In 2024, we began a collaboration with PositionGreen
for CSRD reporting and emissions calculation. This
work began in 2025 and is planned to be part of our
sustainability reporting going forward .

Scope 1 – All Direct Emissions from the activities of or under control by EG7. Including fuel combustion on site such as
gas boilers, fleet vehicles and air -conditioning leaks.
– As EG7 leases all office space, nor own any significant fleet vehicles, we have very limited Scope 1 emissions.
Scope 2 – All indirect emissions from the generation of purchased energy from utility providers, emissions released in
the atmosphere, from the consumption of purchased electricity, steam, heat and cooling by EG7.
– Our long -term goal is to have 100 percent of feasible data centers with sustainable external partners. As of
December 2024 , 93 percent (92 ) of all data centers were with external partners. The move to external data
centers lowers EG7 ’s Scope 2 emission but increases our Scope 3 emission.
– The move to external data centers is a process that we take step -by-step and must be evaluated against cost
and risk of potential disruption. EG7 ’s goal to only use external data centers is based on the knowledge that
with the right partner , the data storage becomes more GHG efficient. The groups larges t partner is Switch ,
which data center is 100 percent renewably powered , has received ESG Credit indicator report card by S&P
Global and the only provider to receive a E -1 rating .
Scope 3 – All Other Indirect Emissions from activities of EG7, occurring from sources that we do not own or control.
This is the greatest share of the carbon footprint, covering emissions associated with business travel, procurement,
waste, water and gamers when playing our games. The GHG emissions from gamers playing our games is estimated to
be the largest part of EG7 ’s Scope 3 emi ssions .
– At HQ , we use reused IT equipment to lower our upstream footprint. This has a small actual value in reducing
the GHG footprint but is more important from a symbolic point.
– Our offices are largely located near local transportation hubs to facilitate and enable employees to use public
transport to and from work.
– Minimizes business travel and try to have as many digital meetings as rationally possible.
– As a gaming company we rely on data centers to operate . According to British Open University, data centers
account for around 50 perce nt of all energy consumed by digital ecosystems. Personal devices use another 34
percent , and the industries responsible for their manufacture use 16 percent . Our operation is highly
dependent on data centers to run our live games , and personal devices for players to be able play our games .
Further i t’s been estimated by a Yale University research paper that the datacenters worldwide consume
more than 2 percent of the world’s electricity , generat ing the same volume of emissions as the global airline
industry every year . With the rise of Artificial Intelligence (AI) and a more digital world this figure increases
every year , and an increasingly digital world, this figure is expected to increase going forward.

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– To analyze the effectiveness of our external data centers we track Power Usage Effectiveness ( PUE). It is a
measure of how efficient data centers use energy. It is calculated by dividing the total amount of energy used
by a data center by the energy used by its IT infrastructure. A PUE of 1.0 would indicate that all of the energy
used by the data center is being used by its IT infrastructure, while a P UE of 2.0 would indicate that half of
the energy used by the data center is being wasted on things like cooling, lighting, and other non -IT related
tasks.
– In 202 4, the weighted average PUE for EG7s external Data centers , that reported PUE , was 1.1 8 (1.19 ). PUE
figures were collected from 71.8 (71.6 ) percent of our external data centers.
– As a step in our continued efforts to reduce the groups footprint we increased our collaboration with I3d.net
during the year. The move will affect approximately 5 percent of our total server capacity and will further
help us improve our carbon footprint, as the datacentre that we moved from had a PUE of 1.3 compared to
the new datacentres PUE of 1.15.
– Another important element in the work to lower our GHG emission and carbon footprint is the power source
used for our offices and data centers. In 202 4, approximately 80 (73 ) percent of our external data centers
were powered by renewable energy. Amounting to 75 (67 ) percent of the group’s total data capacity.
– We further apply a flexible office culture where each business unit decide by themselves how many days per
week each employee need s to be at the office vs . working from home, this further eliminating the usage of
bot h private and public transportation and reduc e carbon footprint.
Social

EG7 is a fast -growing company with 546 employees across Europe and north America. Our social responsibility spans
to all our stakeholders. However, EG7s main priority is toward our employees, game communities, gamers, corporate
clients/partners, and shareholders.

Equality & Inclusion
As for all organizations within the gaming industry our
employees are our most important asset. As the
competition for talented personnel is fierce, it is
important for EG7 to support our business units in
their work to attract and retain talent. We offer a
creative and inclusive environment with good work –
life balance, the business -units have their own local
variance of our group culture. These local differences
are supported at group level as we believe that local
management know s their business best and have the
insights on how to standout in their local job markets
as an attractive employer. We are committed to
creating a diverse and inclusive workplace that
appreciate s and respects all employees, regardless of
their background or identity. This includes promoting
equal opportunities for men, women or other
identification within the company .

Some of our business units actively engage with local
universities to support programs with in our industry
through scholarships and internship s for
underprivileged and talented individuals. Many of
these interns have moved on to become successful
full -time employees within our organization over the
years .

We strive to create a safe and welcoming work
environment for all employees, regardless of their
gender, ethnicity, background, sexual orientation,
parental status, religion, political opinion, nationality,
disability, age, union membership and any other
characteristic. We have a strict zero tolerance policy
for harassment and discrimination, and we offer
resources and support if employees would exper ience
these issues.

All hiring, promotional and remuneration decisions
within the group are merely based on employee and
performance assessment, and there is no room for
favoritism or discrimination. As EG7 operates in a
highly competitive industry, there is only room for the
best individual at each function for us to continue our
competitive operation , unsuccessful recruitment may
result in operational risk. We also appreciate the
importance of diversity and inclusivity in the games
we create, publish, operate and market. We strive to
create diverse and representative storytelling in our
games, and we are committed to continually
improving in this area.

Overall, our commitment to diversity and inclusivity is
a core part of our sustainability efforts, as we believe
that it is essential for the growth and success of the
group and the industry as a whole. By promoting
equality and inclusion for all employees , including
female employees, we believe that we can create a
stronger and more vibrant gaming community for
everyone.

ENAD GLOBAL 7 AB (PUBL) 15 Annual Report and Sustainability Report – 202 4

Work Environment
We offer all our employees a safe and inclusive environment. We are proud of our diversified environment
throughout the group. We strongly believe that the more diverse our teams are, the more competitive we are in
meeting our key stakeholders ’ needs. As a successful group within the gaming industry our talented employees are
our most valuable resource, and we work hard to make sure that they feel safe and secure while being a part of EG7.

2024 was a year of consolidation and transition for EG7, during the year and into the first two weeks of 2025, cost –
saving measures of approximately SEK 191.0 million were initiated. The measures are a direct result of the turbulence
we have seen in the ga ming industry during 2023 –2024, with almost 25,000 job losses. Which has had a direct impact
on our service -oriented operations, primarily within Toadman, Petrol and Piranha. In connection with the wind -down
of Toadman’s operations, EG7 has supported a smooth transition to new engagements for the employees. Notice
periods have been prolonged to h elp them transition and different initiatives to engage former employees have been
supported .

Health and Safety
EG7 promotes a safe and healthy work environment for all employees and complies with all applicable health and
safety regulations. Each individual business unit is responsible and take s appropriate action to prevent workplace
accidents or illnesses. In 202 3, there were no workplace accident s.
Employee Turnover
Hiring is a significant investment, and the loss of key employees can disrupt performance. That’s why we believe
continuous efforts to nurture and develop our in -house culture are essential to retention. At EG7, we offer a creative
and inclusive work environment with a strong emphasis on work -life balance. To foster a strong and connected
culture, we encourage employees to work from the office as much as possible. This allows us to better recognize
potential signs of dissatisfaction or mental health concerns while strengthening team collaboration. At the sam e time,
we support flexibility by offering flexible working h ours, remote work options, and the opportunity to work from
different studios within the group when needed. To maintain a strong local team spirit, we have designated in -office
days each week to enhance collaboration and engagement across teams. Additionally, we conduct exit interviews with
departing employees to gather valuable feedback on areas where we can improve as an employer, helping us
continuously refine our workplace culture.

Training & Development
EG7 provides and encourage s learning opportunities for the employees . EG7 support s opportunities for growth and
multiple educational opportunities in a range of related fields. By helping employees in their personal growth and to
develop their skills , we believe it will help EG7 in our future growth. Throughout the group , we have Hack Fridays at
our gaming studios. Hack Friday is when employees get the opportunity to try new domains of their choice within
their field of work. Hack Fridays take different forms at different studios , from a week per year to a Friday per month,
depending on what works best at the individual studio.

Responsible Marketing
With one of the industry’s best known marketing agencies – Petrol – as one of our business units , EG7 is able leverage
our marketing influence throughout the industry. PC and Console shooter games are a large part of our client base,
and we work with our clients to inspire and evoke emotion around the game rather than simply showing guns and
violence . By our close collaboration with many of our client we have been able to influence games early in the process
to assure they are ahead of the curve in featuring a more diversified set of characters , with different ethnicit ies and
gender s. With our mobile marketing projects, we follow GDPR and local privacy laws such as California Consumer
Privacy Act (CCPA) to ensure the safety of consumers data and privacy both in marketing campaigns as well as user
acquisition (UA).

Support of Local Economies
EG7 contributes to the growth of local econom ies by directly and indirectly creating jobs, as well as paying taxes and
fulfilling duties where our business is conducted. This is done by running a sound and profitable operation. We
support and use local suppliers to the extent that it is economically sound . Our zero -tolerance policy regarding
receiving and paying bribes further helps to support a sound economic ecosystem where we operate.

ENAD GLOBAL 7 AB (PUBL) 16 Annual Report and Sustainability Report – 202 4

Code of Business Conduct
EG7 has a common Code of Business Conduct for the entire group. The Code of Business Conduct has been distributed
among all employees throughout the group and has been made available on our website for everyone to access. The
basic principles for each employee’s conduct towards colleagues and companies, as well as EG7 ’s responsibility and
conduct , are included as part of each employment contract.

Whistleblowing Policy
To ensure EG7 operates with sound business ethics, EG7 encourages employees to speak out should they notice
behavior that is not in line with the Code of Business Conduct. EG7 has reinforced these processes with channels to
circumvent management layers depending on the nature of the complaint the employee has.

EG7’s whistleblower policy encourages employees to report illegal, unethical, or inappropriate behavio ur or practices.
The policy applies to irregularities committed by employees in key leading positions within EG7 or its portfolio
companies. To ensure a credible whistleblower process , we are working with Nordic Whistle to guarantee that
employees are anonymous when reporting events that are not in line with EG7 ’s Code of Business Conduct . The
whistleblower policy and framework have been communicated to all employees across the group, with an updated
notice distributed annually. The whistleblowing policy and framework is available on our website for all to access.
During 2024 , zero unethical matters were reported.

Game Communities and Gamers
As home to some of the most iconic live games in the world, EG7 has a responsibility to the communities that we
serve. We provide both in -game forums and Discord, accessible to all without a paywall. Each game has clearly posted
in-game and forum rules, along with easily accessible Terms of Service that outline inappropriate behavior. In Discord,
we use bots to block a list of words from use in our channels. We also have rules posted which users must agree to
before being able to make post s on our channels. There is a report feature in each post that users may report
violations or bad behavior to a moderator for review. We use the timeout, kick, or ban Discord features to handle
those players who circumvent the rules, insult, bully, or are overtly disruptive in our channels. Checks are run often to
remove people who cheat or circumvent posted rules by using disallowed programs. Custo mer Service are active ly
watching for and removing or sanctioning people who use cheat programs or are disruptive or bullying others either
via in-game or through our ticketing system. We maintain a presence in the forums and Discord channels to provide a
more personal touch to our player base. The community managers , developers and designers respond to questions
and concerns as soon as possible. This provides players with a higher level of comfort and patience , knowing we are
human and not a computer. We respond with a personal touch on our social media platforms as well, when possible,
to let players see that we have a presence. Popping into player streams and chatting with the players show our human
side and encourages camaraderie between staff and players. We support and engage with non -toxic players. In some
of our live games we host feel -good events, livestreams, or live Q&As. Successfully managing player communities is a
crucial part of our business. It presents both an opportunity —particularly when acquiring new games, where we can
actively work to strengthen the community around the title —and a risk, as inapprop riate or misguided actions may
cause dissatisfaction among players, which in turn could have a direct negative impact on the profitability of the
affected live games.
Governance

Data Privacy
We have an extensive privacy policy and follow both GDPR and local privacy laws such as CCPA in California and the
USA . Very little personal information is available to members of the community teams and is mostly managed by
Customer Service whose team members do not have any public -facing access or personifications. This synergy leads to
a very robust privacy environment .

By analyzing user data, it enables us to identify behavior patterns and other insights, which allow us to develop better
games and game experience. The interactions between our studios and gamers/game communities are a key
intelligence when developing and improving games and new functions. However, in this form of communication ,
limited personal information is available to members of the development teams. Data privacy and data protection are
an ongoing project that demands continuous improvement. It is vit al that users feel that their privacy and data are
protected, at all times. We constantly work to protect our players from card fraud when playing our games and
comply with all applicable regulations. We intend for 100 percent of confirmed incidents to be acted on. In 2023 ,

ENAD GLOBAL 7 AB (PUBL) 17 Annual Report and Sustainability Report – 202 4

there were zero confirmed material data breaches reported. EG7 is diligent in following the rules regarding data
privacy , GDPR specifically, but all local rules and procedures are important. Maintaining and monitoring data privacy is
integrated in our daily work throughout the group and our games. At EG7 , we have our own social network built into
many of our games. Basic general personal data is collected to give users the ability to play games on multiple devices
and store their progress. One key service in some of our games is to be able to help players in recovering their games
if they get issues with their devices. The use of data varies between EG7 ’s business units, as some data is used for
cross -selling, and others are occasionally used for interaction with the game communities.

Preventing Bribery & Corruption
At EG7 , there is zero tolerance to be in any way involved or implicated in the payment of bribes or corrupt practices,
whether directly or indirectly. Facilitation payments to expedite a non -discretionary action or service (such as
obtaining a permit or license or passage through customs), are also prohibited. W e follow requirements of conduct set
in applicable anti -bribery and anti -corruption law and regulations in all the geographies where we have operations.

Modest gifts and corporate hospitality can be part of building and maintaining good business relationships and are
often a normal courtesy. However, gifts and benefits also can be offered as a subtle form of influence to gain
preferential treatment. Care s hould be taken to ensure that any gifts or hospitality (whether given or received) are
appropriate and could not be perceived as influencing any individual or entity in an improper manner.

Particular care should be taken when EG7 deals, directly or indirectly, with public officials. These include government
employees, candidates for political office, political party members, and any person acting in an official capacity on
behalf of a govern ment entity. Giving anything of value to a public official is generally forbidden. Employees must
consult with the EG7 Legal Department and obtain specific approval before making any payment or giving anything of
value to a public official.

Anti -Money Laundering
Anti -money laundering laws impose significant penalties for possessing, acquiring, dealing with, or hiding the
proceeds of crime, as well as concealing the identity of illegally obtained money so it appears to have come from a
lawful source.

Conducting appropriate third -party due diligence to verify the identity of our partners is central to mitigating the risk
of money laundering and ensure that there are no legal barriers to engage in business with them. We exercise
particular caution when E G7 is requested to receive or make payments to an entity that is not a party to the
transaction, where money is routed through unrelated countries, or where payments are made or received in
anonymous forms (such as cash or prepaid cards).

ENAD GLOBAL 7 AB (PUBL) 18 Annual Report and Sustainability Report – 202 4

80% 71% 71%
20% 29% 29%
0%
20%
40%
60%
80%
100%
120%
2022 2023 2024
Board members
Men Women
67% 63% 63%
33% 37% 37%
0%
20%
40%
60%
80%
100%
2022 2023 2024
Employees at HQ
Women Men
0 0 0 0
2
4
6
8
10
2022 2023 2024
Unethical matters
24% 23% 22%
76% 76% 77%
0% 0% 1%
0%
20%
40%
60%
80%
100%
2022 2023 2024
Employees
Women Men Other
29% 22% 17%
71% 78% 83%
0%
20%
40%
60%
80%
100%
2022 2023 2024
Studio Heads
Women Men
18% 20% 17%
82% 80% 83%
0%
20%
40%
60%
80%
100%
2022 2023 2024
MDs & Other key officers
Women Men
23% 24%
21%
18%
19%
20%
21%
22%
23%
24%
25%
2022 2023 2024
Employee turnover
1892 1531 1382
2,8 2,2 2,2 0
500
1000
1500
2000
2022 2023 2024
Reported sick days
Reported sick days Per employee
4422 5436
2587
6,7 8,0 4,07 0
2000
4000
6000
2022 2023 2024
Reported Educational
hours
Total Average per employee
73%
96% 107%
0%
20%
40%
60%
80%
100%
2022 2023 2024
Health insurance
Employees with health insurance
0 0 0 0
2
4
6
8
10
2022 2023 2024
Work injuries
0 0 0
9
3 2 0
2
4
6
8
10
2022 2023 2024
Cyber attacks
Material impact Requiring human intervention
Ratios

*Employees at Daybreak are excluded due to local legislation .

*

ENAD GLOBAL 7 AB (PUBL) 19 Annual Report and Sustainability Report – 202 4

Our community engagement s

We actively support our business units in engaging with local communities, especially in areas that align with our
employees’ interests and passions. By fostering involvement in causes they genuinely care about, we believe that we
create a more meaningful impact, strengthen community connections, and enhance employee engagement and
satisfaction.

In 202 4 Extra Life and Children’s Miracle Network awarded Daybreak Games its Extra Life Partner of the Year Award.
Daybreak has participated in Extra Life since 2017, raising more than $650,000
for charity and supporting 86 hospitals nationwide. Donations go to local
member hospitals that fund healthcare services, innovative research, vital
pediatric medical equipment, child life services, and other hospital needs.

“We are so excited to recognize Daybreak Games as our Extra Life partner of the
year,” said Jeff Montegut, Director of Extra Life. “The impact of funds raised by
Daybreak and its development studios makes a huge difference in the lives of
children treated at local hospitals. The Extra Life program wouldn’t be what it is
without their commitment to this cause and the kids we serve!”

The Extra Life Partner of the Year award is given to honor the outstanding
achievements of an Extra Life partner. The award is recognition of a partner’s innovation, commitment and impact
fundraising for member hospitals and their dedication to the cause to change kids’ health to change the future.

ENAD GLOBAL 7 AB (PUBL) 20 Annual Report and Sustainability Report – 202 4

EU Taxonomy

EG7’s core business activities include development,
publishing, distribution, and marketing of games for PC,
console, and mobile platforms. Currently, the gaming and
entertainment industry is not covered by the EU Taxonomy.
This means that EG7 presently has no turnover that falls
under the scope of the Taxonomy.

As the number of sectors included in the EU Taxonomy is
expected to expand, EG7 is closely monitoring its ongoing
development.

Capital Expenditures (CapEx)
Total capital expenditures include the acquisition (including
additions through business combinations) of tangible fixed
assets and intangible assets excluding goodwill, as well as
additions of right -of-use assets. For investments made
during the year, ref er to Notes 12 –14.

EG7’s taxonomy -eligible economic activities are entirely
related to purchases from suppliers whose operations fall
within the scope of the Taxonomy. The taxonomy -eligible
capital expenditures primarily relate to leased properties
falling under economic act ivity CCM 7.7: Acquisition and
ownership of buildings.
Purchases from suppliers can only be assessed as taxonomy –
aligned if the supplier can certify that the activity meets the
criteria for substantial contribution, does no significant harm
(DNSH), and tha t the supplier has all minimum safeguards in
place. For the eligible activities, it has not been possible to
obtain such data from the suppliers.

Operating Expenditures (OpEx)
Total OpEx includes expenses for R&D, short -term leases,
and leases of low -value assets (see Note 14). Taxonomy –
eligible economic activities consist entirely of leasing
expenses for vehicles (CCM 6.5).

EG7 is subject to taxonomy reporting for the first time for
the financial year 2024. As this is the first year EG7 reports
disclosures under the Taxonomy, no comparative figures are
presented.

The proportions of turnover (see the Consolidated
Statement of Profit or Loss, line “Net Sales”), CapEx, and
OpEx that are taxonomy -eligible are presented in the tables
below :

Turnover

Financial year 2024 Year 2024 Substantial Contribution Criteria
Economic Activities (1) Code (2) Turnover (3)
Proportion of Turnover, year N (4)
Climate Change Mitigation (5)
Climate Change Adaptation (6)
Water (7) Pollution (8)
Circular Economy (9)
Biodiversity (10)
MSEK % Y; N; N/EL Y; N; N/EL Y; N; N/EL Y; N; N/EL Y; N; N/EL Y; N; N/EL
A. TAXONOMY -ELIGIBLE ACTIVITIES A.1. Environmentally sustainable activities (Taxonomy -aligned)
Turnover of environmentally sustainable activities (Taxonomy – aligned) (A.1) – – – – – – – –
Of which Enabling – – – – – – – – Of which Transitional – – –
A.2 Taxonomy -Eligible but not environmentally sustainable activities (not Taxonomy -aligned activities)

EL; N/EL EL; N/EL EL; N/EL EL; N/EL EL; N/EL EL; N/EL
Turnover of Taxonomy – eligible but not environmentally sustainable activities (not Taxonomy -aligned activities) (A.2) – – – – – – – –
A. Turnover of Taxonomy eligible activities (A1+A2) – – – – – – – – B. TAXONOMY -NON -ELIGIBLE ACTIVITIES
Turnover of Taxonomy -non -eligible activities 1 713,0 100% TOTAL 1 713 ,0 100%
DNSH criteria (‘Does Not Significantly Harm’)
Climate Change Mitigation (11)
Climate Change Adaptation (12)
Water (13) Pollution (14)
Circular Economy (15)
Biodiversity (16)
Minimum Safeguards (17)
Proportion of Taxonomy aligned (A.1.) or eligible (A.2.) turnover, year 2023 (18)
Category enabling activity (19)
Category transitional activity (20)
Y/N Y/N Y/N Y/N Y/N Y/N Y/N % E T
– – – – – – – –

ENAD GLOBAL 7 AB (PUBL) 21 Annual Report and Sustainability Report – 202 4

– – – – – – – – E – – – – – – – – T – –

CapEx

Financial year 2024 Year 2024 Substantial Contribution Criteria
Economic Activities (1) Code (2) CapEx (3)
Proportion of CapEx, year N (4)
Climate Change Mitigation (5)
Climate Change Adaptation (6)
Water (7) Pollution (8)
Circular Economy (9)
Biodiversity (10)
MSEK % Y; N; N/EL Y; N; N/EL Y; N; N/EL Y; N; N/EL Y; N; N/EL Y; N; N/EL
A. TAXONOMY -ELIGIBLE ACTIVITIES A.1. Environmentally sustainable activities (Taxonomy – aligned)
CapEx of environmentally sustainable activities (Taxonomy – aligned) (A.1) – – – – – – – –
Of which Enabling – – – – – – – – Of which Transitional – – – A.2 Taxonomy -Eligible but not environmentally sustainable activities (not Taxonomy -aligned activities)
EL; N/EL EL; N/EL EL; N/EL EL; N/EL EL; N/EL EL; N/EL
Acquisition and ownership of buildings CCM 7.7 17,8 4% EL N/EL N/EL N/EL N/EL N/EL
CapEx of Taxonomy – eligible but not environmentally sustainable activities (not Taxonomy -aligned activities) (A.2) 17,8 4% 4% – – – – –
A. CapEx of Taxonomy eligible activities (A1+A2) 17,8 4% 4% – – – – – B. TAXONOMY -NON -ELIGIBLE ACTIVITIES
CapEx of Taxonomy -non -eligible activities 445,3 96%
TOTAL 463,1 100%

DNSH criteria (‘Does Not Significantly Harm’)
Climate Change Mitigation (11)
Climate Change Adaptation (12)
Water (13) Pollution (14)
Circular Economy (15)
Biodiversity (16)
Minimum Safeguards (17)
Proportion of Taxonomy aligned (A.1.) or eligible (A.2.) CapEx, year 2023(18)
Category enabling activity (19)
Category transitional activity (20)
Y/N Y/N Y/N Y/N Y/N Y/N Y/N % E T – – – – – – – – – – – – – – – – E – – – – – – – – T – – –

ENAD GLOBAL 7 AB (PUBL) 22 Annual Report and Sustainability Report – 202 4

OpEx

Financial year 2024 Year 2024 Substantial Contribution Criteria
Economic Activities (1) Code (2) OpEx (3)
Proportion of OpEx, year N (4)
Climate Change Mitigation (5)
Climate Change Adaptation (6)
Water (7) Pollution (8)
Circular Economy (9)
Biodiversity (10)
MSEK % Y; N; N/EL Y; N; N/EL Y; N; N/EL Y; N; N/EL Y; N; N/EL Y; N; N/EL
A. TAXONOMY -ELIGIBLE ACTIVITIES A.1. Environmentally sustainable activities (Taxonomy – aligned)
OpEx of environmentally sustainable activities (Taxonomy – aligned) (A.1) – – – – – – – –
Of which Enabling – – – – – – – – Of which Transitional – – – A.2 Taxonomy -Eligible but not environmentally sustainable activities (not Taxonomy -aligned activities) (g)
EL; N/EL EL; N/EL EL; N/EL EL; N/EL EL; N/EL EL; N/EL
Transport by motorbikes, passenger cars and light commercial vehicles CCM 6.5 0,4 9% EL N/EL N/EL N/EL N/EL N/EL
OpEx of Taxonomy – eligible but not environmentally sustainable activities (not Taxonomy -aligned activities) (A.2) 0,4 9% 9% – – – – –
A. OpEx of Taxonomy eligible activities (A1+A2) 0,4 9% 9% – – – – – B. TAXONOMY -NON -ELIGIBLE ACTIVITIES
OpEx of Taxonomy -non -eligible activities 4,2 91% TOTAL 4,6 100%

DNSH criteria (‘Does Not Significantly Harm’)
Climate Change Mitigation (11)
Climate Change Adaptation (12)
Water (13) Pollution (14)
Circular Economy (15)
Biodiversity (16)
Minimum Safeguards (17)
Proportion of Taxonomy aligned (A.1.) or eligible (A.2.) OpEx, year 2023 (18)
Category enabling activity (19)
Category transitional activity (20)
Y/N Y/N Y/N Y/N Y/N Y/N Y/N % E T – – – – – – – – – – – – – – – – E – – – – – – – – T – – –

Template 1 Nuclear and fossil gas related activities
Row Nuclear energy related activities Yes/No
1 The undertaking carries out, funds or has exposures to research, development, demonstration and deployment of innovative electricity generation facilities that produce energy from nuclear processes with minimal waste from the fuel cycle. No
2 The undertaking carries out, funds or has exposures to construction and safe operation of new nuclear installations to produce electricity or process heat, including for the purposes of district heating or industrial processes such as hydrogen production, as well as their safety upgrades, using best available technologies.
No
3 The undertaking carries out, funds or has exposures to safe operation of existing nuclear installations that produce electricity or process heat, including for the purposes of district heating or industrial processes such as hydrogen production from nuclear energy, as well as their safety upgrades.
No
Fossil gas related activities
4 The undertaking carries out, funds or has exposures to construction or operation of electricity generation facilities that produce electricity using fossil gaseous fuels. No
5 The undertaking carries out, funds or has exposures to construction, refurbishment, and operation of combined heat/cool and power generation facilities using fossil gaseous fuels. No
6 The undertaking carries out, funds or has exposures to construction, refurbishment and operation of heat generation facilitie s that produce heat/cool using fossil gaseous fuels. No

ENAD GLOBAL 7 AB (PUBL) 23 Annual Report and Sustainability Report – 202 4

C ORPORATE GOVERNANCE
Background
Enad Global 7 AB (publ) is a public limited liability
company, with corporate registration number 556923 –
2837 and with its registered office in Stockholm.
Shares in Enad Global 7 AB (publ) are traded on
Nasdaq Stockholm under the ticker symbol EG7.

Corporate Governance
The Board of Directors is appointed by the nomination
committee and elected at the company’s annual
general meeting. The Chairman of the Board leads the
work of the Board and initiates the company’s annual
general meeting. Enad Global 7 AB (publ) is a publ ic
company governed by Swedish law. The company is
listed on Nasdaq Stockholm stock exchange which is a
regulated marketplace and therefore need to apply to
the Swedish Code of Corporate Governance. The
Board of Directors reserves the right to deviate from
these guidelines in individual cases, should such
deviation be deemed beneficial to safeguard the
Company’s long -term interests or ensure its financial
viability. The Board has opted not to implement a
formal diversity policy, as all decisions regarding
employment, promotion, and remuneration within the
Group are strictly based on individual quali fications,
merit, and performance.

General shareholder meeting
Pursuant to the Swedish Companies Act, the general
meeting is the Company’s highest decision -making
body. At the general meeting, the shareholders
exercise their voting rights on key issues, such as the
adoption of income statements and balance sheets,
app ropriation of the company’s profit, discharge from
liability of board members and the CEO, election of
board members and auditors and remuneration of the
board and auditors.
In addition to the annual general meeting (AGM),
extraordinary general shareholder meetings (EGM)
may be held . In accordance Enad Global 7 AB articles
of association, convening notices for the annual
general meeting and extraordinary general
shareholder meetings are made by announcement in
the Swedish Official Gazette and by making the
convening notice available on the Enad Global 7 AB
website. An announcement that notice has been given
is published in Dagens Industri.

Right to attend general shareholder meetings
All shareholders who are directly registered in the
share register maintained by Euroclear Sweden AB five
weekdays before the general meeting and have
notified the company of their intention to participate
(with any advisors) in the general meeting no later
than the date stated in the notice convening the
general meeting have the right to attend the general
meeting and vote for the number of shares they hold.
Shareho lders may attend the general shareholder
meeting in person or by proxy and may also be
accompanied by a maximum of two advisors.
Shareholders can normally register for the general
shareholder meeting in several different ways stated
in the convening notice for the meeting.

Shareholder initiatives
Shareholders who wish to have a matter addressed at
the general shareholder meeting must submit a
written request to the Board of Directors.

Governance model

ENAD GLOBAL 7 AB (PUBL) 24 Annual Report and Sustainability Report – 202 4

Articles of Association Enad Global 7 AB (publ)

1 Company Name : The name of the company is Enad
Global 7 AB (publ).
2 Registered Office : The Board of Directors shall have
its registered office in the municipality of Stockholm,
county of Sweden.
3 Object of the Company : The company shall mainly
carry out manufacturing, marketing and sales, within
and outside of Sweden, of digital and analogue games
and to conduct activities related to the
aforementioned. The company shall also carry out
trading in real estate and chattels and to conduct
activities related to the aforementioned.
4 Share Capital : The share capital shall be no less than
SEK 3,470,000 and no more than SEK 13,880,000.
5 Number of Shares : The number of shares shall be no
less than 86,700,000 and no more than 346,800,000.
6 Board of Directors : The Board of Director s shall
consist of a minimum of three and a maximum of nine
directors and a minimum of zero and a maximum of
three deputy directors.
7 Auditors : For the review of the company’s annual
report as well as and the management pursued by the
Board of Directors and the managing director, one or
two auditors, or one registered audit firm, shall be
appointed at the annual general meeting for a period
ending at the end of the next annual general meeting .
8 Convening of a General Meeting : Notice of general
meetings shall be made by announcement in the
Official Swedish Gazette and by posting the notice on
the company’s website. At the time of the notice, an
announcement with information that the notice has
been issued shall be published in Dagens Industri.
General meetings are held where the company has its
regi stered office.
9 Proxy collection and postal voting : The Board of
Directors may collect proxi es at the company´s
expense in compliance with the proced ure set out in
chapter 7 section 4 para graph 2 of the Swedish
Companies Act (2005:551) .
The Board of Directors may receive, ahead of a
general meeting of the shareholders , that the
shareholder s shall be entitled to exercise their voting
rights by post prior to the meeting.
10 Notification for General Meetings : A shareholder
that wishes to participate in a general meeting must
be recorded in a printout or other transcript of the
share register on the date as specified on the Swedish
Companies Act, and notify the company of his/her,
and any advisors (no more than two), intention to
attend the meeting no later than on the date stated in
the notice of the meeting. Such a date may not be a
Sunday, other public holiday, Saturday, Midsummer
Eve, Christmas Eve or New Year’s Eve and may not
occur earlier than the fifth we ekday prior to the
general meeting.
11 Opening of General Meetings : The chairman of the
Board or anyo ne appointed by the Board of Directors
open s the meeting and lead the meeting until the
chairman of the meeting has been appointed.
12 Matters of the Annual General Meeting : The
annual general meeting is held within six months after
the last financial year . At t he annual general meeting,
the following matters shall be considered:
1. E lection of chairman of the meeting.
2. P reparation and approval of the voting list.
3. A pproval of the agenda.
4. E lection of one or more persons to certify the
minutes.
5. E xamination of whether the meeting has been
properly convened.
6. P resentation of the annual report and the auditors’
report and the group annual report and the group
auditor´s report .
7. Resolutions regarding:
a) adoption of income statement and balance sheet
and the income statement and the group balance
sheet.
b) decision regarding the profit or loss of the company
in accordance with the adopted balance sheet,
c) discharge from liability of the Board of Directors and
the managing director.
8. Determination of the number of directors and
auditors.
9. Determination of fees to the Board of Directors and
to the auditors.
10 . Election of the Board of Directors and auditors.
11. A ny other matter to be dealt with by the meeting
according to the Swedish Companies Act (SFS
2005:551) or the articles of association.
At the Annual General Meeting, each person entitled
to vote may vote for the entire number of shares
owned and authorized by proxy, without limitation on
the number of votes .
13 Fiscal Year : The fiscal year of the company shall be
1 January – 31 December.
14 Record Day Provision : A shareholder or nominee
that is registered in the share register and a CSD
register on the record date, in accordance with Ch. 4
the Central Securities Depositories and Financial
Instruments Accounts Act (SFS 1998:1479), or
registered in a CSD account pur suant to Ch. 4 Sec. 18
first § item 6 -8 of the aforementioned act, is deemed
to have the right to exercise the rights stipulated in
Ch. 4 Sec. 39 the Swedish Companies Act (SFS
2005:551).

ENAD GLOBAL 7 AB (PUBL) 25 Annual Report and Sustainability Report – 202 4

Internal control

The primary purpose of internal control for financial
reporting is to provide reasonable assurance that both
internal and external reporting is accurate and
reliable. Internal control shall also ensure that the
business is conducted in accordance with appl icable
laws and regulations and that it complies with the
rules for companies listed on Nasdaq Stockholm. The
Board of Directors is responsible for establishing an
effective system of internal control and leads the work
through the Audit Committee and the CFO. Group
management creates a culture for the organization
and influences employees’ understanding of the
control system. EG7’s internal control framework is
based on the principles of the COSO framework, as
established by the Committee for Sponsoring
Or ganizations of the Treadway Commission. This
framework consists of five parts: control environment,
risk assessment, control activities, information and
communication, and monitoring. EG7’s work with
these five components is described in the following
para graphs.

Control environment
To achieve a strong control environment, the
organizational structure must be ensured, decision –
making hierarchy and corporate values in terms of
ethics and integrity. Roles, responsibilities and
expectations of employees within EG7 are clearly
defined and conveyed through guidelines such as
internal policies, manuals and the Group’s code of
conduct.

Risk assessment
The organization’s management must identify and
assess risks that may affect the organization’s ability
to achieve its objectives. Risk assessment means
anticipating possible problems or threats that may
arise, such as financial, operational or regulatory risks.
See further description of how EG7 works with risks in
the section on Risk management on page 23.

Control measures
This part c onsists of specific measures and processes
that are implemented to manage identified risks and
ensure that the business complies with internal rules
and external laws. In order to meet the requirements
for financial reporting, EG7 has established an intern al
control framework (Minimum Internal Control
Requirements) that applies to all subsidiaries within
the group. EG7 includes control measures in the
framework’s routines such as approval of transactions,
segregation of duties, and follow -up of r esults.

Information and Communication
Effective communication and information
management are essential for internal controls to be
effective and for the entire organization to function
optimally. EG7 uses internal policies and guidelines to
ensure that everyone in the organization is aware of
their responsibilities and what is expected of them. In
addition, management meetings are held on a
monthly basis where the respective CEOs and CFOs of
EG7’s business units par ticipate and create a forum for
information flows within the group.

Monitoring
EG7 continuously monitors and evaluates the
effectiveness of the implemented controls in the
internal control framework. Evaluation is carried out
through both self -assessments at subsidiaries in
combination with independent reviews. Regular
controls and a udits ensure that the control systems
are functioning as they should and that necessary
measures are taken if something is not working.
Reporting of the group’s work with internal control to
the board is carried out via the audit committee on an
annual bas is and as needed.

ENAD GLOBAL 7 AB (PUBL) 26 Annual Report and Sustainability Report – 202 4

Risk and Risk Management

Risk Management
Changes in the operating environment as well as the
Group’s own activities can affect the Group’s result,
financial position and cashflow. Risk management
aims to clarify and analyse the risks that EG7 faces,
and to a certain extent, prevent and limit any negative
effects. The Board of Directors has the overall
responsibility for the Group’s risk management, where
the Audit committee is responsible for the
performance of an annual evaluation. EG7’s risk
management process includes identifying, evaluating,
prioritizing and preventing risks within the business, at
both group level and per operational unit. Risk
management is integrated to all business processes
and is managed through implemented internal
control. Identified risks assessed to have the greatest
effect on the Group’s financial position in terms of
possible impact, probability and consequence are
prioritized.

Risks
Some of the Group’s risks are presented below. The
risks are not arranged by order of importance or
potential financial impact. The risks below do not
represent all risks and are not exhaustive as other risks
not currently known to the company may also aff ect
the Group’s future profit, financial position and
operations.

Risks related to the group’s business and
industry
Development in the game industry is largely driven by
demands and requirements from end customers,
game developers, and publishers. The Group must
constantly offer new products and services in order to
be competitive. There is a risk that investments may
generate less revenue than expected, if the Group fails
to develop new games or update existing games
according to customer preferences. If EG7 is not
successful in the current and future offer, there is also
a risk that the Group’s reputation amongst custo mers
is damaged, which may lead to difficulties with
retention of existing customers as well as attracting
new customers.

The Group acts on a highly competitive market and
there is a risk that competitors are faster and more
successful in the development of new games, services
and technology. The Group may fail to select products
to develop or technologies to use, which may l ead to a
deteriorating market position.

Financial risk
The Group is exposed to various financial risks such as
credit risk, market risk and liquidity risk. For the
Group, credit risk is mainly in accounts receivable and
contractual assets and EG7’s goal is to have a
continuous follow -up of this credit risk. The historical
credit losses amount to an insignificant amount in
relation to the Group’s sales. The market risks that
affect the Group mainly consist of currency risks, as
currently EG7 is in a position of no external loans and
therefor limited interest rat e risks. Liquidity risk is the
risk that a company will have difficulty fulfilling
obligations that are related to financial liabilities that
are settled with cash or other financial assets. The risk
is mitigated by the Group’s liquidity reserves, which
are immediately available. For a more detailed
description of the Group’s financial risks , see Note 2 1.

Risk related to employees
EG7 is dependent on employee’s knowledge and
expertise, as well as the ability to recruit and retain
key personnel in the future. Should a key employee
resign , there is a risk that the Group may not be able
to recruit or replace the employee with the desired
competence or within a reasonable time. There is a
continued high demand of competence within the
occupational categories that EG7 is dependent of, and
difficulties to recruit new and retain current
employees may lead to delays i n projects and
increased cost for development.

Risk related to IT & new technology
EG7 relies on efficient and uninterrupted operations
of different IT systems to run the various operational
activities. A significant collapse or other disturbance in
the IT systems would affect the ability to conduct
operations with regards to product dev elopment,
carry our efficient sales or invoicing and delivery of
product and services to customers. The Group is also
exposed to risks related to hacking, viruses, sabotage
and other cybercrime. Further, the Group could be
held liable of damage and thus re sult in increased cost
and damaged reputation.

The industry in which the Group operates in is
characterized by a widespread of new technology,
new hardware and new types of game consoles. EG7
acts on highly competitive market and difficulties with
developing and adapting to new technology may lead
to a deteriorated market position.

ENAD GLOBAL 7 AB (PUBL) 27 Annual Report and Sustainability Report – 202 4

Compliance and regulatory risk
EG7 is operating in several different jurisdictions
across the world, many of which have their own
individual laws and regulations relating specifically to
the gaming businesses. The Company’s non –
compliance or deemed non -compliance with any of
these local laws and regulations could result in such
games needing to be withdrawn from such
jurisdictions, which could have a material adverse
effect on the Company’s revenue, as well as its
reputation and financial condition.

There is a risk that the EG7’s interpretation of tax
legislation and tax practices in each country where
they operate (including rules and requirements
relating to VAT and transfer pricing) are incorrect, or
that such rules or practices change, and the
con sequences may adversely affect the company’s
results.

As the Company handles personal data for customers,
incorrect handling or a data breach could lead to high
administrative penalties such as civil and/or criminal
law measures imposed by Data protection authorities.
Further, there is a risk that the Company may be
adversely affected by changes to the GDPR or
interpretation of the GDPR which may as well affect
the Company’s reputation in relation to publishers,
partners, and customers within the game industry.

Geopolitical risk
EG7 acts on a global market and is affected by general
economic development, industry trends and customer
preferences. There is a risk that the market that EG7
acts upon is affected by geopolitical events outside of
the Groups’ control, such as changes to monetary
policy, shifts in regulatory regime and other political
decisions. G eopolitical events may have a significant
effect on the Group ’s result, revenues and operational
activities.

Risk related to goodwill and intangible assets
Goodwill represents the largest share of the asset on
the Group’s balance sheet, as of 31st December 202 4
Goodwill amounts to SEK 3,1 15.2 million . Goodwill is
recognized as an intangible asset and is subject to
impairment review, at least annually or upon the
occurrence of events that indicates an impairment of
the assets in question. EG7 continuously evaluates the
value of other intangible assets, such as capitalized
work for games and licenses, which requires several
estimates and assessments. Indications of an incorrect
valuation, changes in estimates or other factors that
would affect the current value may lead to significant
impairments of the Groups’ intangible assets.

ENAD GLOBAL 7 AB (PUBL) 28 Annual Report and Sustainability Report – 202 4

Board of Directors

The Board’s overall task is to manage the Company’s
affairs in the interests of the Company and all its
shareholders and to ensure and promote a good
company culture, and the Board shall ensure that the
organisation of the Company is structured so that the
accounting, management of funds and the Company’s
overall financial situation is controlled in a satisfactory
way. In addition to establishing the overall goals and
strategy o f the Company. The board shall carry out its
work in accordance with applicable EU ru les and
legislation, the Swedish Companies Act and other
Swedish legislation, the Company’s articles of
association, the rules of procedure for the Board and
other policies, Nasdaq Nordic Main Market Rulebook
for Issuers of Shares, the Code as well as any other
applicable guidelines and directives. The Chair man of
the Board shall ensure that the work of the Board is
evaluated annually by a systematic and structured
process in accordance with the Code. The Board
appoints, and if necessary, dismisses the CEO, who is
responsible for day -to-day operations based on
guidelines and instructions prepared by the Board. The
CEO informs the board regularly about significant
events, group progress , earnings, financial position
and liquidity. The Board shall supervise the
performance of the Company and ensure that the CEO
fulfils the imposed obligations.

Composition of the Board
According to the articles of association, the Board
should , to the extent elected by the general meeting
consist of at least three and no more than nine
members. At the AGM 2024 it was determined that
the number of members of the Company’s Board
elected by the AGM shall be seven , including the
Chair man of the Board. A t the AGM 2024 , Jason
Ep stein (Chair man ), Ben Braun, Ebba Ljungerud ,
Gunnar Lind, Marie -Louise Gefwert and Ron Moravek
was elected , in add ition the groups CEO , Ji Ham was
elected Board member . At the statutory board
meeting held on June 24, 2024 . Apart from the CEO,
none of the Board members are employed by EG7 . All
Board members have attended Nasdaq’s stock market
training for boards and management in 2024 . The
average age of the board members elected by the
AGM 2024 was 58 at year -end of 2024.

Independence of the board
According to the Code, the majority of the Board
members elected by the general meeting must be
independent of the company and its executive
management and at least two of these must also be
independent of the company’s major shareholders. As
for EG7 ’s seven board members, all but the CEO and
Chairman of the Board are independent to the
company and its executive management, and all are
independent to major shareholder , fulfilling the
independence requirements of the Code .

The Board’s rules of procedure and written
instructions
Annually, at the inaugural Board meeting the Board
reviews and adopts the rules of procedure for the
Board, rules of procedure for the Audit &
Sustainability Co mmittee, Remuneration Committee
and Contract oversight Committee , instructions for
the CEO and the financial reporting.

The Chairman of the Board
The Chair man of the Board shall ensure that the work
of the Board is carried out efficiently and that the
Board fulfils its commitments . The Charman shall
direct and organis e the work of the Board to provide
and lead the Board meetings . The Chair man shall keep
himself/herself informed of the group’s operations
and development through regular contact with the
CEO. The Chair man must regularly confer with the CEO
on any strategic issues and represent the Company in
matters related to the ownership structure. The
Chair man may also participate, when necessary, in
more imp ortant external contacts as well as – in
consultation with the CEO – in particularly important
issues. The Chair man shall in cooperation with the
CEO ensure that well adapted information is
communicated to the Board.

Structure of the board work
As outlined in the rules of procedure for the Board,
the Board will hold an inaugural meeting immediately
after each AGM or, if so required, immediately after
an EGM, and never less than six ordinary meetings in a
year. The Board may convene additional meetings
when necessary or when requested by a Board
member or the CEO. The ordinary meetings address
established reporting and decision items. The CEO
provides ongoing information about EG7 ’s progress.
The Board makes decisions on general matters such as
str ategic, structural and organisational issues as well
as on large investments, acquisitions and divestments.
The Chair man is also actively involved in these issues
in between Board meetings. The Company’s auditor
attends at least one Board meeting per year and
meets with the Board without the CEO or any other
member of the executive management present.

Work of the board in 2024
In 2024, 1 6 board meetings were held. Focus was
given primarily to interim reports and the M&A
activity of EG7 , in addition to the usual reporting and

ENAD GLOBAL 7 AB (PUBL) 29 Annual Report and Sustainability Report – 202 4

decision items. The attendance of the Board members
is indicated in the following tabl e.

Position Name Age Gender Elected Committee Meetings
Chairman Jason Epstein 51 Male 2021 Remuneration 20 /20
Director Ben Braun 55 Male 2023 Audit & Sustainability, Contract oversight 22/33
Director Ebba Ljungerud 52 Female 2024 Contract oversight 22 /22
Director Gunnar Lind 67 Male 2019 Remuneration , Contract oversight 32/32
Director Ji Ham 49 Male 2023 16 /16
Director Marie -Louise Gefwert 72 Female 2017 Audit & Sustainability , Contract oversight 33 /33
Director Ron Moravek 60 Male 2023 Contract oversight 25/28

Chairman of the Board , Jason Epstein
Born in 1973, is Chairman and a director of the Board of the Company since 2021 and
holds 8,582,320 shares of the Company equivalent to 9. 69 percent of all shares and
votes.
Education : Bachelor of Science in Economics from Tufts University, Massachusetts, US
Experience : Seasoned private equity investor and entrepreneur for the last 25 years .
Previous assignments include : Harmonix Music Systems LLC, Cold Iron Studios LLC ,
CIFC, 300 Entertainment LLC, MapAnything , Rhapsody International, GenePeeks and
Odyssey Online .
Current assignments : Chairman of the board of Moon Valley Nurseries and Beanstalk,
member of the board of Chloe’s Soft Serve Group Company LLC. Member of the board
of the non -profit organizations Tufts Trustee, Change Summer and The Shed.
Position of dependency : Ind ependent in relation to major shareholders, dependent in
relation to the company and management .

Board member, Ben Br aun
Born in 19 70 , is a Director of the Board of the Company since 20 23 and holds 0 shares
in the Company.
Education : MBA from Tuck School of Business at Dartmouth College, Hanover, US.
Experience : Background within finance and has held positions such as Managing
Director and Global Head of Media, Entertainment & Sports at Lazard, Managing
Partner at LionTree, Managing Director and Head of Media and Telecom M&A at Bank
of America Merrill Lynch, and A ssociate at European Bank for Reconstruction and
Development
Current assignments : No other current board assignments.
Position of dependency : Ind ependent in relation to major shareholders, independent
in relation to the company and management .

Board member, Ebba Ljungerud
Born in 19 72 , is a Director of the Board of the Company since 20 24 and holds 1,000
shares in the Company.
Education : Master of Science in Business Administration from Lund University.
Experience: Several positions within Paradox Interactive, including CEO. Several
positions within Kindred Group, including Chief Commercial Officer and Chief Program
Officer.
Current assignments : Chair man of the board of directors of Nelly Group AB (publ),
Chair man of the board of Canucci AB, member of the board Rugvista AB (publ),
Starstable Entertainment AB and Goals AB.
Position of dependency : Independent in relation to major shareholders, independent
in relation to the company and management .

ENAD GLOBAL 7 AB (PUBL) 30 Annual Report and Sustainability Report – 202 4

Board member, Gunnar Lind
Born in 1958, is a Director of the Board of the Company since 2019 and holds 20 0,000
shares of the Company equivalent to 0. 23 percent of all shares and votes .
Education : Bachelor of Science in Transport Administration from Mittuniversitetet,
Stockholm .
Experience : Decades of experience from the gaming industry, most notably as group
CEO of Cherry . Previous assignments include CEO and member of the board of Cherry
AB (publ), Chairman of the board of Unlimited Travel Group UTG AB (publ),
Soundhailer AB, Necomlabs Ltd, Sleepo AB (publ), Game Lounge Sweden AB, Cherry
Spelglädje AB, director of the board of Yggdrasil Gaming Sweden AB .
Current assignments : Chairman of the board of Explore Lofsdalen AB, Chairman of
the board of Lofsdalsspår economic association .
Position of dependency : Independent in relation to major shareholders, independent
in relation to the company and management .

Board member, Ji Ham
Born in 197 6, is a Director of the Board of the Company since 202 3 and holds
2,018 ,472 shares of the Company equivalent to 2.28 percent of all shares and votes.
Education : Bachelor of Science in Business Administration and Economics from UCLA,
California, US.
Experience : Seasoned private equity investor and entrepreneur for the last 25 years .
Previous assignments include Daybreak Game Company LLC, CN Partners, Hudson
Capital Advisors, CIBC Oppenheimer .
Current assignments : CEO Daybreak Games (EG7s largest business unit)
Position of dependency : Independent in relation to major shareholders, dependent in
relation to the company and management .

Board member, Marie -Louise Gefwert
Born in 1952, is a Director of the Board of the Company since 2017 and holds 22 ,428
shares of the company equivalent to 0.0 3 percent of all shares and votes .
Education : Bachelor of Science in Business Administration and Economics from
Stockholm University.
Experience : Decades of experience in leading positions at Ericsson and Vattenfall
Data , experience from VC and start -ups as CEO of Auxema AB . Previous assignments
include Chairman of the Board of Free2Move AB, Arkub AB, ITSMF – Sweden, Director
of the board SU Holding AB, Director of the board of Samsari AB, Tyréns AB.
Current assignments : CEO and Director of the Board of Gefwert Development AB ,
Director of the board of Zignsec AB .
Position of dependency : Independent in relation to major shareholders, independent
in relation to the company and management .

Board member, Ron Moravek
Born in 19 65 , is a Director of the Board of the Company since 20 23 and holds 0 shares
in the Company.
Education : MBA from Harvard Business School, Massachusetts, US , Bachelor of Arts in
Liberal Arts and Sciences from Wilfrid Laurier University, Canada .
Experience : Extensive background within the gaming industry as Vice President and
COO of Electric Arts Vancouver Studio, COO and Co -Founder of Relic Entertainment,
Executive Vice President Production and General Manager at THQ and Senior advisor
to New Games and Emerging Markets at Nexon.
Current assignments : Senior Advisor and Vice President for the Business and
Corporate Development on Heavy Iron Studios, Inc, Co -Founder and Investor on
SportNinja Inc.
Position of dependency : Ind ependent in relation to major shareholders, independent
in relation to the company and management .

ENAD GLOBAL 7 AB (PUBL) 31 Annual Report and Sustainability Report – 202 4

Committees
Board Committees
The Board has appointed an Audit & Susta inability
Committee , a Remuneration Committee and a
Contract Oversight Committee . The committee
members are selected among the board members for
a one -year term . The Board has established the
Sustainability Committee with in the Audit Committee
to ensure that the Sustainability work receive s full
attention.

Audit & Sustainability Committee
The Audit & Sustainability Committee consists of two
members, Mari e-Louise Gefwert and Ben B raun .
The main Audit responsibilities are :
• Preparations for the Board ’s work on assuring the
quality of the Company’s and the group’s accounting,
financial reporting and internal control as well as
financial risk and risk management.
• Monitoring and addressing issues concerning the
efficiency of the Company’s internal controls,
regulatory compliance and risk management, in
general as well as, in particular, in respect of the
financial reporting.
• Monitoring and evaluating the work of the auditor
and monitoring the impartiality and independence of
the auditor.
• Informing the Board of the outcome of the auditor s
audit and explaining how the audit contributed to the
integrity of financial reporting and what the role of the
committee was in that process.
• Assisting in conjunction with preparation of, and
recommending the nomination committee, proposals
to the AGM’s resolution regarding election of an
auditor, including administering the selection
procedure.
• Monitoring accounting developments in areas that
may affect EG7 .

The main Sustainability responsibilities are :
• Ensure an aligned and well prepared and supervised
sustainability model of the Company, with an
emphasis on supervision of strategy, implementation
of strategy and monitoring and evaluation of EG7´s
work within the sustainability area. The sustainability
committee has the following main responsibilities:
• Prepare the Board ’s decisions on issues concerning
sustainability.
• Monitor and evaluate the Company’s goals within
the sustainability area.
• Monitor and evaluate the application of the
guidelines issued by the Board within the
sustainability area.
• For each financial year review the Company’s
sustainability report, which is to be included in the
Company’s annual report or approved by the Board as
a separate report in connection with the approval of
the annual report of the Company.

Remuneration Committee
The Remuneration Committee consists of two
members, Jason Epstein and Gunnar Lind . The
Remuneration Committee has the following main
responsibilities:
• Preparing the Board ’s decisions on issues concerning
principles for remuneration, remuneration amounts
and other terms of employment for executive
management.
• Monitoring and evaluating programs for variable
remuneration to the executive management, both
ongoing programs as well as such that have ended
during the year.
• Monitoring and evaluating the application of the
guidelines for remuneration to the executive
management that the general meeting is legally
obliged to establish, as well as the current
remuneration structures and remuneration levels
within the Company.

Contract oversight Committee
The Contract Oversight Committee consists of all the
independent board members, Ben Braun, Ebba
Ljungerud, Gunnar Lind, Marie -Louise Gefwert and
Ron Moravek. The committee is advised by a number
of independent third -party experts and advisors, with
the obligation to, at arm’s -length evaluate and
negotiate projects of related part nature and their
commercial viability.

Nomination Committee
In accordance with the decision of the Annual General
Meeting (AGM) , the three largest shareholders in the
company shall have the right to each appoint a
member to the Nomination Committee. The fourth
member of the Nomination Committee shall be the
company’s Chairman of the Board. Where the
comm ittee evaluates the boards work and
composition and nominates board members for the
coming year. At the beginning of a new financial year,
a board evaluation is carried out, forming the basis for
the committee’s proposal. The members of the
Nomination Committee are: Carl Svernlov appointed
by Jason Epstein , Anna Putsykina appointed by
Settecento Ltd
Alexander Albedj appointed by Johan Svensson
Jason Epstein Chairman of the board.

Shareholders who wish to submit proposals to the
Nomination Committee can do so by mail to Enad
Global 7 AB (publ), Att: Nomination Committee,
Sveavägen 17 , 5th floor, 111 57 Stockholm or by e -mail
to ir@enadglobal7.com no later than March 1, 202 5.

ENAD GLOBAL 7 AB (PUBL) 32 Annual Report and Sustainability Report – 202 4

Group Management
The group’s executive management team consists of four members : CEO Ji Ham , De puty CEO & CFO Fredrik Rüdén ,
Vice President of Group Operations Huyen Huynh and Vice President and General Counsel David Youssefi . The
executive management team holds meetings on a regular basis at which the main topics discussed are the Group’s
financial progress, projects in process and other strategic issues. All members of the group’s executive management
team have attended Nasda q’s stock market training course for boards and management.

Ji Ham, Chief Executive Officer
Holds 2,018 ,472 shares and 2. 28 percent of all shares and votes of the Company.

Experience : Ji has an extensive background in both gaming and finance has been
CEO of Daybreak for the past few years. During his tenure at Daybreak , Ji has
overseen extensive growth and profitability of the company. Before starting at
Daybreak , Ji worked in investment banking at various position s.

Fredrik Rüdén, Deputy Chief Executive Officer and Chief Financial Officer
Holds 224 ,300 shares and 0. 25 percent of all shares and votes of the Company.

Experience : Fredrik has an extensive background from mainly high -tech companies
in listed and PE environments and industries like Telecom, Gambling, Gaming,
Ehealth, Marine Harvest and financial advisory . In addition to having worked for
almost a decade as CFO at Betsson, Fredrik also has professional experience from
companies such as Kinnevik, LeoVegas , Ernst & Young and more .

Huyen Huynh, Vice President of Group Operations
Holds 0 shares in the Company .

Experience : Huyen is a senior professional with 25 years of experience managing
software development for various industries, of which the last 14 years was spent
in the mobile and live games businesses. Since joining Daybreak in 2017, EG7s
largest business unit, she ’s been an important asset in shaping the company.

David Youssefi, Vice President and General Counsel
Holds 0 shares in the Company .

Experience : David is a senior legal professional with 25 years of legal experience
both in -house and in various roles at major law firms. Joined Daybreak in 2011,
EG7s largest business unit, where he’s been playing a vital role in shaping Daybreak
over the years.

ENAD GLOBAL 7 AB (PUBL) 33 Annual Report and Sustainability Report – 202 4

The Share

• Average daily turnover during the year was 4.9
percent of the shares in EG7. The Average daily
turnover rel.mcap. was 0.34 percent .
• At year -end 202 4, EG7 had a market capitalization of
SEK 1,444.2 million .
• Earnings per share totalled SEK -2.67 (1.76 ).
• At year -end 202 4, EG7 had a total of 88,603,526
shares. All shares have equal voting rights, with one
vote per share.
• The closing price at year -end 202 4 was SE K 16.3 0
(18.90 ).
• The highest price was SEK 19.44 , which was quoted
on January 2 , 20 24.

• The lowest price was SEK 1 1.92 , which was quoted
on May 10, 20 24.
• EG7 ’s share price decreased 13.76 percent in 202 4.
• The Stockholm All Share Index incr eased 5.73
percent in 202 4.
• At year -end 202 4, insiders held a total of 14, 709,219
shares, amounting to 16. 6 percent of the outstanding
sha res.
• In 202 4 insiders acquired a total of 79,538 shares,
amounting to 0.1 percent of the outstanding shares.
• EG7 paid a total dividend of SEK 0.45 per share in
2024, no dividend has been suggested for 2025 .
• The Board is authorized to issue shares, warrants
and/or convertibles , and to repurchase shares .
202 4 Stock Chart Source: Modular Finance AB

Shareholders
# Ow ners (202 4-12-31) Number of shares Capital Votes
1 Jason Epstein 8 582 320 9,69% 9,69%
2 Johan Svensson 6 804 479 7,68% 7,68%
3 Settecento LTD 6 159 140 6,95% 6,95%
4 Alta Fox Capital 5 347 681 6,04% 6,04%
5 Defa Endeavour AS 4 533 605 5,12% 5,12%
6 Avanza Pension 3 541 516 4,00% 4,00%
7 Chelverton Asset Management 3 275 681 3,70% 3,70%
8 Aguja Capital GmbH 3 157 432 3,56% 3,56%
9 Forthmoore Limited 2 919 526 3,30% 3,30%
10 Rasmus Davidsson 2 872 743 3,24% 3,24%
11 Alexander Albedj 2 692 105 3,04% 3,04%
12 Ji Ham 2 018 472 2,28% 2,28%
13 Alan Hunter 1 635 680 1,85% 1,85%
14 Nordnet Pensionsförsäkring 1 585 144 1,79% 1,79%
15 James Cato 1 507 162 1,70% 1,70%
Top 15

56 632 686 63,92% 63,92%
Other 31 970 840 36,08% 36,08%
Total 88 603 526 100% 100%

ENAD GLOBAL 7 AB (PUBL) 34 Annual Report and Sustainability Report – 202 4

M A NA G E MENT REPORT
The Board and CEO for Enad Global 7 AB (publ)
(556923 -2837) hereby submit the annual report with
consolidated group statements for the financial year
202 4-01 -01 – 202 4-12 -31. All values in SEK millions
unless otherwise stated. A sustainability report has
been prepared in accordance with the Swedish Annual
Accounts Act and has been submitted by the Board. It
can be found on pages 9-22 of this annual report. The
company’s Articles of Association can be found on
pages 24.

Information about the operations
Enad Global 7 AB , corporate identity number 556923 –
2837, based in Stockholm, is investing in and
administrating companies who develop, operate and
market video games in a growing global gaming
market. The group develop, publish , and deliver
games for PC, Console s, and mobile features . The
group includes companies engaged in marketing and
visual art campaigns , physical and digital distribution
and operates games via its own and external
platforms.

Enad Global 7 AB has five operating business
units/ segments :
– Daybreak is the largest business unit within the
group . Daybreak is a prolific online -multiplayer game
developer that has published, developed , and
operated 1 4 live service games in its 28-year history,
including EverQuest, the first MMORPG game entirely
in 3D. Daybreak generated SEK 7 66.4 million in N et
Revenue and SEK 1 33.1 million in Adjusted EBITDA for
202 4.
– Big Blue Bubble is an established mobile and video
game developer with over two decades of experience
creating fun, innovative, and accessible titles. Best
known for being the home of the My Singing Monsters
IP. Big Blue bubble generat ed a N et Revenue of SEK
309.0 million and Adjusted EBITDA of SEK 166.8
million for 202 4.
– Piranha Games founded in 2000 known for making
FPS and for being the home of the MechWarrior
franchise which saw the release of a new standalone
game within the franchise during the year,
MechWarrior 5: Clans . Piranha generated a net
revenue and Adjusted EBITDA of SEK 1 29.4 million and
SEK 4 5.9 million respectively for 202 4.
– Toadman , a Stockholm based game develop er
founde d in 2013 . Focused on role -playing games
(RPGs) and with a drive to create unique gaming
experiences, Toadman has struggled to achieve
profitability in recent years, resulting in the studio
being shut down after the balance sheet date.
Generating a Net Revenue and Adjusted EBITDA of SEK
44.2 million and SEK -18.8 million for the year.
– Fireshine , a UK based publish er and distribut or of
both digital and physical games generated SEK 3 17.6
million in N et Revenue and SEK 49.4 million in
Adjusted EBITDA for 202 4.
– Petrol the industry’s most recognized visual art ,
strategies and marketing agency experienced a
tougher year on the back of the continued industry
slowdown and generated a Net Revenue of 146.3
million and SEK -12.1 million of Adjusted EBITDA for
202 4.

EG7 is an independent game development group with
a diversified set of assets. Combining Daybreak, Big
Blue Bubble and Piranha titles , EG7 currently operates
11 live service games , making EG7 one of the leading
live service game publishers and operators in the
world. This long -life cycle live games portfolio is a key
differentiator for the group and provides a solid
foundation of predictable revenues and cash flows.

Most of the development and game improvements
that derives from EG7’s live -service game portfolio are
expensed, and only material improvements are
capitalized , in 202 4 SEK 24 ,6 million of the groups
capitalizations refers to the live -game portfolio . For
new games all expenses during a game’s
preproduction phase (early stage of the development )
are expensed . When the game reached the production
phase all expenses referring to the games are
capitalized . When doing a publishing investment, such
as the Cold Irons new titel , or Fireshines business the
investment can ’t be capitalised as the gam es are not
developed within the group. Of the SEK 126.2 million
in capitalized development costs in 202 4, SEK 44.8
million refers to the development of MechWarrior: 5
Clans , SEK 20 .3 million to MechWarrior: 5 Clans DLC
and SEK 59.2 million to Palia in Daybreak .

Ownership
EG7 ’s share is listed on Nasdaq Stockholm with the
short name ‘EG7 ’. The total number of outstanding
shares amounts to 88,603, 526 as of December 31,
202 4. The share price was SEK 16.30 as of December
31, 202 4.

Significant events during the year
For the full year 2024, EG7 reported Net Revenue of
SEK 1,713.0 (2,045.0 ) corresponding to a year -over –
year decline of 16.2 percent and 18.2 percent organic
decline in local currencies . Adjusted EBITDA came in at
SEK 325.5 (542.0 ) million, representing a margin of
19.0 percent and a decline o f 39.9 percent year -over –
year. The operating cash flow for the year declined
55.6 percent year -over -year to SEK 194.2 ( 437.9 )
million. The unfavourable year -over -year comparison

ENAD GLOBAL 7 AB (PUBL) 35 Annual Report and Sustainability Report – 202 4

against 2023 is largely attributable to My Singing
Monsters normalizing at a lower level compared to its
record performance in 2023 , together with the group s
focus on investing in new projects for medium to
longer -term growth .

After its viral peak in December 2022, which propelled
My Singing Monsters to the top of its category in App
Store, the game maintained a highly elevated
performance throughout 2023 before stabilizing at a
new normalized level in 2024. This normalization
accounted for SEK 262.9 million of the year -over -year
decline . Despite lower performance compared to last
year, My Singing Monsters has stabilized at
approximately 200 percent above its pre -peak level.

202 4 was a difficult year for the industry , with record
high job losses, approximately 14,800 jobs
disappeared . As a result, some of our business units
were impacted negatively. The results for Fireshine ,
Piranha, Petrol and Toadman , wh o provide services to
third party publishers and developers , were impacted
by the overall industry challenges. Fireshine’s Net
Revenues for the year was 9.7 percent below 202 3,
reflecting the decline in third -party physical publishing
volume but partially offset by its continuing growth in
indie digital releases. Petrol had a more challenging
time stabilizing its performance with its Net Revenues
down 21 .2 percent for the year. Toadman continu ed
its efforts to ramp up its WFH business . H owever, with
the indu stry slowdown Toadman was not able to
achieve the targeted breakeven status by the year
end , resulting in the decision to wind -down the
company in early January 2025 after major
optimization efforts during 2024 . Piranha work -for –
hire contract with estimated Net Revenue
potential of SEK 100 million was cancelled in January
2024 , and the engagement was fully winded down by
the end of Q1 2024 after receiving approximately 40
percent of the Net Revenue from the contract . In
addition, Piranhas launch of MechWarrior 5: Clan s in
Q4 performed below projections due to a competitive
release window .

Financial development during the year
Net sales for the full year 202 4 amounted to SEK
1,7130 ( 2,045. 0) million , which corresponds to a
decline o f 16.2 percent . Our diversified and long -lived
live game portfolio from Daybreak, Big Blue Bubble
and Piranha continued to provide a sustainable and
predictable base for revenue and cash flows , Net
Revenue from these assets amounted to SEK 1,181.1
(1,318.7 ) million, corresponding to 68.9 ( 64.5 ) percent
of Net Revenue in 202 4.

Q1 202 4 was steady but relatively quiet and reflective
of a quarter in which there were no major content or
product release updates.
In Q2 and early Q3 202 4, the group implemented
comprehensive cost -saving and business optimization
efforts to improve performance. The largest
adjustments were made to the underperforming
business units . Where the annual cost savings for
Toadman amounted to approximately SEK 63 million .
Additionally, Big Blue Bubble, Daybreak, Fireshine,
Petrol, and Piranha, on a combined basis contribute
SEK 39 million in annual savings, bringing the total
annual saving for the group to SEK 103 million.
In Q3 202 4, the group saw several strong releases,
including the release of Core Keeper on PlayStation,
Xbox .

Growth initiatives
The largest highlight for the third quarter was the
acquisition of Singularity 6 (S6) and its game Palia . The
consideration for the transaction included an initial
cash consideration of USD 5 million and a
performance based contingent consideration over the
first five years post closing. For the earnout, the sellers
will be entitled to fifty percent of S6’s net cash flows
over the five year period after EG7 first recoups 100
percent of its investment in S6, including the initial
cash consideration.
Q4 2024 , was marked by the release of MechWarrior
5: Clans on October 17th. The team at Piranha
delivered a high -quality game that exceeded both
internal and external expectations in terms of quality,
story, and gameplay. Despite strong execution, the
game did not expand its core audience as anticipated,
leading to sales falling short of targets . As a result,
business optimizations were initiated on the 10th of
January 2025, to ensure Piranha’s continued
profitability while maintaining the ability to delive r
new content (DLCs) as planned .

Risks and Risk Management
All business operations involve risks and uncertainties.
A complex environment increases the need to manage
identified risks, to be able to mitigate potential
negative impacts on result, operations and in the long
run for stakeholders. The Board of Directors are
responsible for risk management within the group,
and EG7 continuously work on identification,
evaluation and management of the Groups’ risks.

The most significant of the Group’s risks are presented
below. The risks are not arranged by order of
importance or potential financial impact. The risks
below do not represent all risks and are not
exhaustive as other risks not currently known to the
comp any may also affect the Group’s future profit,
financial position and operations.

Risks related to the group’s business and industry
Development in the game industry is largely driven by
demands and requirements from end customers,

ENAD GLOBAL 7 AB (PUBL) 36 Annual Report and Sustainability Report – 202 4

game developers, and publishers. The Group must
constantly offer new products and services in order to
be competitive. There is a risk that investments may
generate less revenue than expected, if the Group fails
to develop new games or update existing game s
according to customer preferences.
The Group acts on a highly competitive market and
there is a risk that competitors are faster and more
successful in the development of new games, services
and technology. The Group may fail to select products
to develop or technologies to use, which may l ead to a
deteriorating market position.

Financial risk
The Group is exposed to various financial risks such as
credit risk, market risk and liquidity risk. As an actor on
an international market, EG7 s main financial risk is
currency risks, primarily in the form of translation
exposure and transaction exposure. For a more
detailed description of the Group’s financial risks, see
Note 21.

Risk related to goodwill and intangible assets
Goodwill represents the largest share of the asset on
the Group’s balance sheet . Goodwill is recognized as
an intangible asset and is subject to impairment
review, at least annually or upon the occurrence of
events that indicates an impairment of the assets in
question.

Risk related to employees
There is a continued high demand of competence
within the occupational categories that EG7 is
dependent of, and difficulties to recruit new and
retain current employees may lead to delays in
projects and increased cost for development.

Risk related to IT systems
EG7 relies on efficient and uninterrupted operations
of different IT systems to run the various operational
activities. A significant collapse or other disturbance in
the IT systems would affect the ability to conduct
operations with regards to product development,
carry our efficient sales or invoicing and delivery of
product and services to customers. The Group is also
exposed to risks related to hacking, viruses sabotage
and other cybercrime.

Risks and risk management within the group are
described further in section Risk and Risk
Management on page 26-27, and in note 21 Financial
risks.

Sustainability information
In 202 4, EG7 continued the work around the group’s
new sustainability framework. A framework that is
designed to outline EG7’s commitments and goals in
relation to its sustainability work . A framework that
helps EG7 to conduct a thorough assessment of its
current practices and identify areas for improvements.
This involve s continues collaboration with external
parties as well as engaging employees and other key
stakeholders in the process. To ensure that the
sustainability framework is effective, EG7 has systems
and processes in place for monitoring and reporting
on its progress. Overall, the development of EG7’s
sustainability framework continues to be a rewarding
process. Through hard work and dedication, the
company has been able to create a comprehensive
and effective plan for operating in a more sustainable
manner . During the year , main focus has been on
CSRD , and a collaboration with PositionGreen was
initiated during the year.

The Group’s sustainability work is described in more
detail in the Sustainability Report on pages 9-22 .

ENAD GLOBAL 7 AB (PUBL) 37 Annual Report and Sustainability Report – 202 4

F IN ANCIAL O VERVIEW

Enad Global 7 AB is the group ’s parent compan y.

Yearly comparison, group
202 4 202 3 202 2 202 1 2020
12 months 12 months 12 months 12 months 12 months
Net revenue 1,713 .0 2,045.0 1,865.9 1,467.9 569.8
Profit after financial items -163 .3 216.0 -296.2 53.6 -95.4
EBIT -margin -8.1% 12.3 % -14.8% 10.7% -1.4%
Total assets 4,914 .7 4,872.8 4,952.3 6,008.8 4,596.3
Equity ratio 80. 9% 80.0 % 78.8% 76.5% 67.6%
Return on equity -4.1% 5.5 % -6.9% 1.4% -3.1%
EBITDA * 459.0 495.9 474.5 642.5 12.5
Average number of shares 88, 603 ,526 88, 603 ,526 88,270,408 85,370,134 39,670,424
Earnings per share -2.67 1.76 -13.98 1.11 -2.5
Average FTE 668 669 665 669 179

* For definitions, see section ”Definitions of alternative performance measures”

Yearly comparison, parent company
202 4 202 3 202 2 202 1 2020
12 months 12 months 12 months 12 months 12 months
Net revenue 9.4 2.1 5.6 7.5 11.1
Profit after financial items -128.1 207.0 -897.6 -79.1 -125.9
EBIT -margin -453.5 % -3,432.5 % -2,624.3% -1,271.8% -242.3%
Total assets 3,590.4 3,792.7 3,770.6 4,837.3 3,886.7
Equity ratio 98.5 % 97.4 % 93.8% 89.8% 84.0%
Return on equity -3.6 % 5.6 % -1.9% -1.9% -3.1%
EBITDA * -42. 5 -72.1 -147.8 -94.8 -26.8
Average number of shares 88, 603 ,526 88, 603 ,526 88,270,408 85,370,134 39,670,424
Earnings per share -1.81 2.26 -9.86 -1.09 -1.3 0
Average FTE 8 8 8 12 13

* For definitions, see section ”Definitions of alternative performance measures”

Proposed allocation of the company ’s profit
At the Annual General Meeting ’s disposal stands:
Accumulated profit/loss -917,246,306
Share premium reserve 4,608,989,739
Profit/loss of the year -160,173,000
3,531,570,433
The Board proposes that
the following is carried forward 3,531,570,433
3,531,570,433

ENAD GLOBAL 7 AB (PUBL) 38 Annual Report and Sustainability Report – 202 4

CONSOLIDATED INCOME STATEMENT

Values in SEKm Note
202 4-01-01
–202 4-12-31
202 3-01-01
–202 3-12-31
Revenue
Net revenue 3,4 1,713 .0 2,045.0
Other revenue 5 210 .1 42.5
1,923 .1 2,087.5

Ow n work capitalized 12 126 .2 85.6
Operating expenses
Cost of goods and services sold -493 .8 -618.7
Other external expenses 6 -275 .0 -262.0
Personnel expenses 7 -818 .5 -762.6
Other expenses -3.0 -34.1
Operating profit before depreciation and amortization (EBITDA) 459 .0 495.9

Depreciation and amortization 12,13,14 -597 .8 -243.8
Operating profit (EBIT) -138 .8 252.1

Financial items
Financial income 8 18.3 11.9
Financial expenses 9,14 -42.8 -48.0
Financial net -24.5 -36.1

Profit before tax -163 .3 216.0

Tax expense for the period 10 -73.1 -59.9
Net profit /loss from continued operations -236 .4 156.1

Profit from discontinued operations, net of tax 26 0.0 0.0
Net profit /loss for the year -236 .4 156.1

The net profit /loss for the period is attributable in its entirety to the parent
company’s shareholders.

Earnings per average share 11
Earnings per share before dilution (SEK) continued operation -2.67 1.76
Earnings per share after dilution (SEK) continued operation -2.67 1.76
Earnings per share before dilution total (SEK) -2.67 1.76
Earnings per share after dilution total (SEK) -2.67 1.76

ENAD GLOBAL 7 AB (PUBL) 39 Annual Report and Sustainability Report – 202 4

CONSOLIDATED COMPREHENSIVE INCOME

Values in SEKm Note
202 4-01-01
–202 4-12-31
2023 -01-01
–2023 -12-31
Net profit /loss for the period -236 .4 156.1

Other comprehensive income
Items that will be reclassified to profit or loss
Translation difference 20 310 .1 -118.2
Deferred tax 10 0.5 0.2
Other comprehensive income for the period, after tax 310 .6 -118.0

Comprehensive income for the period, after tax 74.2 38.1
The comprehensive income for the period is attributable in its entirety to the parent
company’s shareholders.

Average number of shares outstanding 88, 603 ,526 88,603,526

ENAD GLOBAL 7 AB (PUBL) 40 Annual Report and Sustainability Report – 202 4

CONSOLIDATED BALANCE SHEET

Values in SEKm Note 202 4-12-31 202 3-12-31
ASSETS

Non -current assets
Goodwill 12 3,115 .2 3,181.7
Other i ntangible assets 12 925 .4 667.8
Tangible non -current assets 13 35.7 30.3
Right -of-use assets 14 60.9 74.7
Deferred tax assets 10 172 .2 149.7
Other non -current receivables 15,21 15.3 7.1
Total non -current assets 4,324 .8 4,111.3

Current assets
Inventory 16 9.1 14.0
Accounts receivable 15,21 116 .8 155.6
Current tax claim 69.3 44.3
Other receivables 15 0.0 7.6
Contractual assets 4 29.7 22.5
Prepayments and accrued income 17 43.5 39.1
Cash and cash equivalents 15,18,21 321 .5 478.3
Total current assets 589 .9 761.5

TOTAL ASSETS 4,914 .7 4,872.8

ENAD GLOBAL 7 AB (PUBL) 41 Annual Report and Sustainability Report – 202 4

EQUITY AND LIABILITIES

Values in SEKm Note 202 4-12-31 202 3-12-31
Equity 20
Share capital 3.5 3.5
Other contributed capital 4,609 .0 4,60 9.0
Reserves 833 .9 523.3
Retained earnings including profit for the period -1,471 .6 -1,23 5.2
Total equity attributable to the parent company’s shareholders 3,974 .9 3,900.5

Total equity 3,974 .9 3,900.5

Non -current liabilities
Liabilities to credit institutions 15,21 2.2 2.8
Leasing liabilities 14,21 36.2 52.5
Deferred tax liability 10 198 .0 122.9
Contingent considerations 15,21 135 .4 228.7
Contractual liabilities 4 0.1 1.9
Other liabilities 15,21 14.6 1.7
Total non -current liabilities 386 .5 410.6

Current liabilities
Liabilities to credit institutions 15,21 0.4 0.6
Leasing liabilities 14,21 30.2 25.0
Accounts payable 15,21 28.8 33.9
Current tax liability 24.6 67.9
Contingent considerations 15,21 60.5 42.3
Other liabilities 15,21 17.0 53.5
Contractual liabilities 4 135 .2 114.5
Accrued expenses 22 256 .7 223.9
Total current liabilities 553 .4 561.6

TOTAL EQUITY AND LIABILITIES 4,914 .7 4,872.8

ENAD GLOBAL 7 AB (PUBL) 42 Annual Report and Sustainability Report – 202 4

CONSOLIDATED REPORT ON CHANGES IN
EQUITY

Equity attributable to the parent company’s shareholders
SEKm
Share
Capital
Other
Shareholder
Contributions
Translation
reserve
Accumulated
Profit incl. Net
profit /loss
Total equity
attributable to the
parent company’s
shareholders
Total
equity
Opening balance 2023 -01-01 3.5 4,60 9.0 641.2 -1,3 51.4 3,902. 2 3,902. 2

The net profit /loss of the period 156.1 156.1 156.1
Other comprehensive income for
the period -118.0 -118.0 -118.0
Comprehensive income for the
period -118.0 156.1 38.1 38.1

Transactions with shareholders:
Dividend -39.9 -39.9 -39.9
Total -39.9 -39.9 -39.9

Closing balance 2023 -12-31 3.5 4,60 9.0 523.3 -1,23 5.2 3,900.5 3,900.5

Opening balance 2024 -01-01 3.5 4,60 9.0 523.3 -1,23 5.2 3,900.5 3,900.5

The net profit /loss of the period -236.4 -236.4 -236.4
Other comprehensive income for
the period 310.6 310 .6 310.6
Comprehensive income for the
period 310.6 -236.4 74.2 74.2

Transactions with shareholders:
Dividend 0.0
Total 0,0 0,0 0.0

Closing balance 202 4-12-31 3.5 4,609.0 833 .9 -1,471 .6 3,974 .9 3,974 .9

ENAD GLOBAL 7 AB (PUBL) 43 Annual Report and Sustainability Report – 202 4

CONSOLIDATED CASH FLOW STATEMENT

Values in SEKm Note
202 4-01-01
–202 4-12-31
202 3-01-01
–202 3-12-31
Operating activities
Operating profit (EBIT) -138 .8 252.1
Adjustment for non -cash flow items 23 419 .3 271.4
Received interest 19.2 0.0
Paid interest -10.0 -16.8
Paid taxes -100.1 -65.0
Cash flow from operating activities before changes in working capital 189.6 441.6

Cash flow from changes in working capital
Decrease / increase of inventories / work in progress 5.9 3.6
Decrease / increase of receivables 53.9 122.6
Decrease / increase of current liabilities -55.3 -130.0
Cash flow from operating activities 194 .1 437.8

Investment activities
Business acquisitions -43.8 -17.3
Business divestment 7.0 32.9
Acquisition of intangible assets 12 -308 .0 -232.8
Acquisition of tangible non -current assets 13 -24.0 -14.3
Divestment of intangible non -current assets 14 62.3 0.0
Cash flow from investment activities -306 .5 -231.6

Financing activities
Loans raised 15,23 0.0 0.0
Dividend -39.9 0.0
Repaid loans 15,23 0.0 -100.0
Repaid leasing debt 14,15,21,23 -26. 4 -26.0
Cash flow from financing activities -66.3 -126.0

Cash flow for the period -178 .7 80.3
Cash and cash equivalents at start of period 480 .9 405.2
Release of blocked cash 2.6 0.0
Exchange rate differences 19.3 -7.1
Cash and cash equivalents at end of period 18 321.5 478.3

From balance sheet 321.5 478.3
Blocked cash reported as other non -current receivables 0.0 2.6

ENAD GLOBAL 7 AB (PUBL) 44 Annual Report and Sustainability Report – 202 4

NOTES

NOTE 1 Accounting Principles

This annual report with group accounting regards the Swedish parent company Enad Global 7 AB, corporate identity number
556923 -2837, and its subsidiaries.
EG7 is a group in the gaming industry that develops, markets, publishes and distributes PC, console and mobile games to the g lobal
gaming market.
The parent company is a corporation with its registered office in Stockholm, Sweden. The address of the head office is Sveavägen
17, 5th floor, 111 57 S tockholm.
On 24 April 202 4, the Board of Directors and the CEO approved this annual report and consolidated accounts, which will be
submitted for adoption at the Annual General Meeting on 19 June 202 4.

Basis for group accounting
The group accounting has been prepared in accordance with International Financial Reporting Standards (IFRS) issued by the
International Accounting Standards Board (IASB) and interpretations issued by the IFRS Interpretations Committee (IFRS IC) as
adopted by the European Union (EU). Furthermore, the group applies the Annual Accounts Act (1995: 1554) and RFR 1
“Supplementary Accounting Rules for Groups ” issued by the Swedish Financial Reporting Board.

The consolidated financial statements have been prepared on the basis of the assumption of going concern. Assets and liabilit ies
are valued on the basis of acquisition value with the exception of certain financial instruments that are valued at fair valu e. The
consolidated financial statements have been prepared in accordance with the acquisition method and all subsidiaries in which
controlling influence is held are consolidated as of the date this influence was acquired.

Preparing reports in accordance with IFRS requires that several estimates be made by management for accounting purposes. The
areas that include a high degree of assessment, which are complex or such areas where assumptions and estimates are of
significant importance for the consolidated accounts, are stated in Note 2 Significant estimates and assessments. These
assessments and assumptions are based on historical experience as well as other factors that are deemed reasonable in the
prevailing circumstances. Actual outcome may differ from assessments made if assessments are changed or other conditions exist.
The parent company applies the same accounting principles as the group, except in the cases specified in the section “Parent
company ’s accounting principles ”. The parent company applies the Annual Accounts Act (1995: 1554) and RFR 2 Accounting for
legal entities. The deviations that occur are caused by restrictions on the possibilities of applying IFRS in the parent comp any as a
result of the Annual Accounts A ct and current tax rules.

The accounting principles set out below have, unless otherwise stated, been applied consistently to all periods presented in the
group ’s financial reports.

Consolidation
Subsidiaries
Subsidiaries are all companies over which EG7 has a controlling influence. The Group controls a company when it is exposed to or
entitled to variable returns from its holdings in the company and has the opportunity to influence the returns through its in fluence
in the company. Subsidiaries are included in the consolidated financial stateme nts from the date on which the controlling influence
is transferred to the group and are excluded from the consolidated financial statements from the date on which the con trolling
influence ceases.

Subsidiaries are reported according to the acquisition method. The method means that the acquisition of a subsidiary is regar ded
as a transaction whereby the Group indirectly acquires the subsidiary ’s assets and takes over its liabilities. The acquisition analysis
determines the fair value on the acquisition date of acquired identifiable assets and assumed liabilities as well as any non –
controlling interests. Transaction expenses, with the exception o f transaction expenses that are attributable to the issue of equity
instruments or debt instruments, that arise are reported directly in the profit for the year. In business acquisitions where
transferred remuneration exceeds the fair value of acquired assets and assumed liabilities that are reported separately, the
difference is reported as goodwill. When the difference is negative, so -called acquisitions at a low price, this is reported directly in
the profit for the year.

Currency
Functional currency and reporting currency
The functional currency for the parent company is Swedish kronor (SEK), which is the reporting currency for the parent compan y
and the group. All amounts are stated in millions of kronor unless otherwise stated.

ENAD GLOBAL 7 AB (PUBL) 45 Annual Report and Sustainability Report – 202 4

Transactions in foreign currency
Transactions in foreign currency are translated into the functional currency at the exchange rate prevailing on the transacti on date.
Monetary assets and liabilities in foreign currency are translated into the functional currency at the exchange rate preva iling on the
balance date. Non -monetary items, which are valued at historical acquisition value in a foreign currency, are not translated.
Exchange rate differences that arise in the conversions are reported in the profit for the year. Exchange rate gains and losses on
operating receivables and operating liabilities are reported in operating profit, while exchange rate gains and losses on fin ancial
receivables and liabilities are reported as financial items.

Translation of foreign subsidiaries
Assets and liabilities in foreign operations are translated from the functional currency of the foreign operations to the gro up’s
reporting currency at the exchange rate prevailing on the balance date. Income and expenses in a foreign operation are transl ated
into SEK at an average exchange rate that is an approximation of the exchange rates that existed at the time of each transac tion.
Translation differences that arise from currency translation of foreign operations are reported in other comprehensive inc ome and
accumulated in the translation reserve in equity. When the controlling influence ceases for a foreign operation, the associat ed
translation differences from the translation reserve in equity are reclassified to profit or loss.

Segment reporting
Operating segments are reported in a manner consistent with the internal reporting provided to the Chief Operating Decision
Maker . The Chief Operating Decision Maker is the function responsible for allocating resources and assessing the operating
segments ’ results. In the group, this function has been identified as the company management. An operating segment is a part of
the group that conducts operations from which it can generate revenue and incur costs and for which independent financial
information is available. The group ’s division into segments is based on the internal structure of the group ’s business operations,
which means that the group ’s operations have been divided into six reportable segments; Daybreak, Big Blue Bubble, Piranha,
Toadman, Petrol and Fireshine .
The same accounting principles are used in the segments as for the group.

Revenue from customer contracts
The group reports revenue when the group fulfils a performance obligation, which is when a promised product or service is
delivered to the customer and the customer takes over control of the product or service. Control of a performance obligation can
be transferred over time or at a time. Revenue consis ts of the amount that the company expects to receive as compensation for
transferred goods or services. In order for the group to be able to report revenues from agreements with customers, each
customer agreement is analysed in accordance with the five -step model found in the standard:

Step 1: Identify an agreement between at least two parties where there is a right and a commitment.
Step 2: Identify the various promises (performance obligations) contained in the agreement.
Step 3: Determine the transaction price, i.e. the amount of compensation that the company is expected to receive in exchange
for the promising goods or services. The transaction price must be adjusted for variable parts, for example any
discounts.
Step 4: Distribute the transaction price on the various performance obligations.
Step 5: Report revenue when the performance obligations are met, i.e. control is passed to the customer. This is done at one
time or over time if any of the criteria set out in the standard are met.

The Group’s significant income derives from the development, marketing and publication of PC,
console and mobile games.
Work -for -hire
The Group performs development assignments for other publishers. The customers consist of corporate customers. An agreement
arises when the development assignment is signed between EG7 and the publisher. EG7 considers that the obligation to develop
games for a customer is a single performance obligation. The transaction price is mainly fixed, b ut some agreements include
variable remuneration in the form of performance bonuses. EG7 estimates the variable amount of compensation using the
expected value and includes variable compensation only to the extent that it is highly probable that a material reversal of
accumulated income will not occur when the uncertainty associated with the variable compensation subsequently ceases.

The Group reports revenue as the performance obligation is met, which is when the customer gains control of the asset. EG7
assesses that control is transferred over time, as the Group’s performance creates or improves an intangible asset that the
customer controls when the asset is created.

Free -to play games
EG7 offers so -called free -to-play games, where revenue arises when a player makes purchases in the game to gain access to virtual
goods or expansion packs, i.e. to various types of additional content via subscriptions, features or benefits in the game. Th ese
virtual goods can be used either immediately or indefinitely during the playing time and revenue from the goods is reported b ased
on their nature. Revenue from consumables is reported at a point in time, while revenue from goods that can be used indefin itely

ENAD GLOBAL 7 AB (PUBL) 46 Annual Report and Sustainability Report – 202 4

during the playing time is accrued and reported during the player’s estimated life. Players can also purchase virtual currenc y to
obtain virtual goods within the games. Revenue from virtual currency is recognized over the estimated life of the paying player .

Revenue from subscriptions, which generally offers access to a selection of full games and in -game content which is playable
through EG7’s servers, is recognize d ratably over the subscription term as the service is provided.

Marketing
EG7 offers marketing services to other gaming companies. The Group’s customers consist of corporate customers and EG7 has both
framework agreements and agreements for specific assignments with these customers. For framework agreements, there is an
agreement in accordance with IFRS 15 only when a specific call -off, usually i n the form of an assignment description (“SOW”),
exists. The contract period is generally relatively short, usually less than 12 months.

The Group assesses that an agreement with a customer generally contains a number of performance obligations as the various
promises in the agreement constitute distinct services. The transaction price is mainly fixed. The Group allocates the transa ction
price to each performance obligation based on the independent sales prices, which are based on an observable price for the serv ice
when the Group sells the service separately under similar circumstances and to similar customers.
Revenues from marketing are reported when control has been transferred to the customer and the performance obligation is thus
fulfilled which is when the specified deliverable has been delivered to the customer .

Advertising agreements
EG7 enables ad service provider to place third party advertisements within apps. EG7 considers the contracts to contain a se ries of
distinct services that are substantially the same, wherefore each contract contain a single performance obligation satisfie d over
time.

The transaction price for enabling ad service provider to place third party ads within apps is dependent on the number of val id
clicks or impressions that a specific ad will generate whilst it is being displayed within the app, i.e. the transaction pric e o nly
comprise of variable consideration. Since variable consideration shall be included in estimates of the transaction price to t he extent
that it is highly probable that a significant revenue reversal will not occur, EG7 determines how much of the variabl e consideration
that should be constrained at contract inception.

EG7 allocates the variable consideration earned from enabling the ad service provider to place ads within the apps to each
respective day since the variable consideration relate to the services provided each day rather than the entire performance
obligatio n.

Publishing
The Group is also active in physical and digital publishing and distribution of games. In these agreements with customers, ot her
parties are often involved in the provision of the game to the end customer, which means that different shares of the gross i ncome
from the end customer are obtained. For each performance obligation in the customer agreements, the Group determines whether
it is the principal in the sale to the end user. When EG7 publishes games that are sold to distributors or digital storefronts, the
distributor or the storefronts are identified as the Group’s customer. Revenue is therefore recognized based on the transaction
price net of fees retained by the storefront or distributor.

The transaction price related to physical publishing is mainly fixed, but there may be certain variable parts, which may incl ude
discounts. EG7 estimates the variable amount of compensation but includes variable compensation only to the extent that it is
highly probable that a material reversal of accumulated income will not occur when the uncertainty associated with the variabl e
compensation ceases thereafter.

Revenue is recognized at a point in time when control is transferred to the customer. When selling digital publishing and
distribution of games, control is transferred to the customer when the game is made available for the customer. For physical sales,
control is transferred when the product has been delivered to the customer. Revenue from digital publishing that is related to
sales -based royalty is recognized when the subsequent sale occurs (to the end user).

Cost of goods and services sold
The item consists of costs directly linked to the games and game development . The majority of the Group ’s direct costs consist of
royalties and licenses for the issued games. Other direct costs such as photography / film, technical service and software linked to
product development are also presented here. Direct marketing is also presented here.

Remuneration to employees
Defined contribution pension plans
EG7 ’s pension commitments are only covered by defined contribution plans.
A defined contribution pension plan is a pension plan according to which the Group pays fixed contributions to a separate legal
entity. The Group has no legal or informal obligations to pay additional fees if this legal entity does not have sufficient assets to pay

ENAD GLOBAL 7 AB (PUBL) 47 Annual Report and Sustainability Report – 202 4

all employee benefits related to the employees ’ service during the current or previous periods. The Group thus has no additional
risk. The Group ’s obligations regarding fees for defined contribution plans are reported as an expense in the income statement at
the rate they are earned by the employees performing services for the Group during the period.

Compensation in the event of termination
A cost for compensation in connection with redundancies is only reported if the company is demonstrably obliged, without a
realistic possibility of withdrawal, by a formal detailed plan to terminate an employment before the normal time.

Financial income and expenses
Financial income
Financial income consists of interest income and any capital gains on financial assets. Interest income is reported in accord ance
with the effective interest method. The effective interest rate is the interest rate that discounts the estimated future inflows and
outflows during a financial instrument ’s expected maturity to the reported net asset or liability ’s net value. The calculation includes
all fees paid or received by the parties to the agreement that are part of the effective interest rate, transaction costs and all other
premiums and discounts. Financial income is reported in the period to which it rel ates.

Financial expenses
Financial expenses mainly consist of interest expenses on liabilities which are calculated using the effective interest metho d and of
interest expenses on leasing liabilities. Financial expenses are reported in the period to which they relate.
Exchange rate gains and exchange rate losses are reported net.

Earnings per share
Earnings per share before dilution are calculated by dividing the net profit attributable to the parent company ’s shareholders by
the weighted average number of shares outstanding during the year.

Earnings per share after dilution are calculated by dividing the net result attributable to the parent company ’s shareholders,
adjusted where applicable, by the sum of the weighted average number of ordinary shares and potential ordinary shares that ma y
give rise to a dilution effect. The dilution effect of potential ordinary shares is only reported if a conversion to ordinary shares
would lead to a reduction in earnings per share after dilution.

Intangible assets
An intangible asset is reported if it is probable that the future economic benefits that can be attributed to the asset will accrue to
the company and that the acquisition value can be calculated in a reliable manner. An intangible asset is valued at acquisiti on value
when it is recognized for the first time in the financial report. Intangible ass ets with a limited useful life are reported at acquisition
value less depreciation and any impairment. Intangible assets with an indefinite useful life are tested annually for impairme nt and
in cases where there are indications that an impairment loss may be required. Even for the intangible assets with an indefinite
useful life, the useful life is reassessed at each balance sheet date.

Goodwill
Goodwill represents the difference between the acquisition value of a business combination and the fair value of acquired net
assets. Goodwill is valued at acquisition value less any accumulated write -downs. Goodwill is allocated to cash -generating units that
are expected to benefit from the synergy effects of the business combination. The factors that const itute reported goodwill are
mainly synergies, personnel, know -how and customer contacts of strategic importance as well as access to new markets. Goodwill
is considered to have an indefinite useful life and is thus tested at least annually for impairment.

Internally generated intangible assets
Costs that arise during the development phase are capitalized as intangible assets when, in the management ’s assessment, it is
probable that they will result in future financial benefits for the Group , the criteria for capitalization are met and the costs can be
measured reliably.

For EG7, internally generated intangible assets mainly pertain to game development for PC, console and mobile. The expenses t hat
are capitalized include expenses for direct salary, consulting costs and other expenses directly attributable to the project. All other
costs that do not meet the criteria for capitalization affect the net profit when they arise. Internally generated assets und er
development are tested at least annually for impairment.

IP rights
IP rights have arisen in connection with business acquisitions and refer to rights attributable to the Group ’s gaming products, such
as a gaming software or title. IP rights are valued at fair value on the acquisition date. Thereafter, IP rights are reported at
acquisition value less accumulated amortization and any accumulated impairment.

ENAD GLOBAL 7 AB (PUBL) 48 Annual Report and Sustainability Report – 202 4

Market and client -related assets
Market and customer -related assets are attributable to the relationship with paying players that have been taken over by the
Group in connection with a business acquisition. The assets are valued at fair value on the acquisition date and are then reported at
acquisition value less accumulated depreciation and any accumulated impairment.

Depreciation and amortization
Intangible fixed assets are amortized systematically over the asset ’s estimated useful life. The useful life is reconsidered at each
balance date and adjusted if necessary. When the amortizable amount of the assets is determined, the residual value of the as set is
taken into account where applicable. Intangible assets with a definable useful life are amortized from the date they are available
for use. Estimated useful lives for significant intangible fixed assets are as follows:

• Internally generated intangible assets 1-5 years
• IP rights 3-10 years
• Market and client -related assets 3-10 years
• Goodwill Undefinable

Tangible non -current assets
Tangible non -current assets are reported in the Group at acquisition value after deductions for accumulated depreciation and any
write -downs.

The reported value of an asset is removed from the balance sheet upon disposal or divestment or when no future economic
benefits are expected from the use or disposal / divestment of the asset. Gains or losses arising from the sale or disposal o f an asset
consist of the difference between the selling price and the asset ’s reported value less direct selling expenses. Profit and loss are
reported as other operating income / expenses.

Depreciation and amortization
Depreciation takes place on a straight -line basis over the asset ’s estimated useful life. The estimated useful lives are:
• Equipment, tools and installations 3-5 years
Applied depreciation methods, residual values and useful lives are reassessed at the end of each year.

Leasing agreements
At the conclusion of an agreement, the Group determines whether the agreement is, or contains, a leasing agreement based on the
substance of the agreement. An agreement is, or contains, a leasing agreement if the agreement leaves the right to decide for a
certain period on the use of an identified a sset in exchange for compensation.

Leasing liabilities
On the commencement date of a leasing agreement, the Group reports a leasing liability corresponding to the present value of the
leasing payments to be paid during the leasing period. The leasing period is determined as the non -cancellable period together with
periods to extend or terminate the agreement if the Group is reasonably certain of exercising those options. Leasing payments
include fixed payments (after deduction of any benefits in connection with the signing of the leasing agreement to be receive d),
variable leasing fees that depend on an index or a price (e.g. a reference interest rate) and amounts that are expected to be paid
according to residual value guarantees. Variable leasing fees that are not due to an index or a price are reported as an expense in
the period to which they are attributable.

For the calculation of the present value of the leasing payments, the Group uses the implicit interest rate in the agreement if it can
be easily determined and in other cases the marginal borrowing rate as of the commencement date of the leasing agreement is
used. After the commencement date of a lease agreement, the lease liabil ity increases to reflect the interest on the lease liability
and decreases with the lease payments paid. In addition, the value of the lease liability is revalued as a result of mod ifications,
changes in the lease term, changes in lease payments or changes in an assessment to purchase the underlying asset.

Right -of-use assets
The Group recognizes right -of-use assets in the statement of financial position at the start date of the leasing agreement (i.e. the
date when the underlying asset becomes available for use). Right -of-use assets are valued at acquisition value after deductions for
accumulated depreciation and any write -downs and adjusted for revaluations of the lease liability. Nyttjanderättstillgångar skrivs av
linjärt över det kortare av tillgångens nyttjandeperiod och leasingavtalets längd.

Application of practical exceptions
EG7 applies the practical exceptions regarding short -term leases and leases where the underlying asset is of low value. Short -term
leasing agreements are defined as leasing agreements with an initial leasing period of a maximum of 12 months after considera tion
of any options to extend the leasing agreement. Leasing agreements where the underlying asset is of low value in the Group consist
of e.g. of office equipment. Leasing payments for short -term leasing agreements and leasing agreements where the underly ing
asset is of low value are expensed on a straight -line basis over the leasing period. The Group also applies the exemption not to

ENAD GLOBAL 7 AB (PUBL) 49 Annual Report and Sustainability Report – 202 4

separate non -leasing components from leasing components in leasing agreements. Thus, leasing components and associated non –
leasing components are reported as a single leasing component.

Financial instruments
Financial instruments are any form of agreement that gives rise to a financial asset in one company and a financial liability or an
equity instrument in another company. Financial instruments reported in the balance sheet include on the asset side; account s
receivable and cash and cash equivalents. Liabilities include; liabilities to credit institutions, accounts payable, addition al purchase
payments and other liabilities. The report depends on how the financial instruments have been classified.

Classification and valuation
Financial assets
Financial assets classified at amortized cost are held in accordance with the business model to collect contractual cash flow s that
are only payments of principal and interest on the outstanding principal. Financial assets that are classified at amortized cost are
initially valued at fair value with the addition of transaction costs. After the first reporting opportunity, the assets are valued
according to the effective interest method. The assets are covered by a loss provision for expected credit losses. The Group ’s
financial assets, which are debt instruments classified at amortized cost, are shown in Note 15 Financial instruments.
The Group does not hold any financial assets classified at fair value through other comprehensive income. The Group also does not
hold any financial assets that constitute debt instruments classified at fair value through profit or loss.

Financial liabilities
Financial liabilities, with the exception of contingent considerations, are classified at amortized cost. Financial liabilities reported at
amortized cost are initially valued at fair value including transaction costs. After the first reporting occasion, they are v alued at
amortized cost according t o the effective interest method. The Group ’s contingent considerations are classified and reported as a
financial liability valued at fair value through profit or loss.

Borrowing is classified as current liabilities unless the Group has an unconditional right to defer payment of the debt for at least 12
months after the balance sheet date. Borrowing costs are reported in the income statement in the period to which they relate.
Accrued interest is reported as part of current liabiliti es to credit institutions, in which case the interest is expected to be settled
within 12 months from the balance date.

Fair value is determined as described in Note 15 Financial instruments.

Write -downs of financial assets
Financial assets measured at amortised cost are subject to impairment for expected credit losses. Write -down losses on credit
losses in accordance with IFRS 9 are forward -looking and a loss provision is made when there is an exposure to credit risk, usually at
the first reporting date for an asset or receivable. Expected credit losses reflect the prese nt value of all cash flow deficits
attributable to default either for the next 12 months or for the expected remaining maturity of the financial instrument, d epending
on the asset class and on credit deterioration since the first reporting date.

For a more detailed description of methods applied for calculating expected credit losses, see Note 21 Financial risks.

Inventory
Inventories are valued at the lower of cost and net realizable value. Acquisition value is calculated according to the so -called first –
in-first -out principle and includes expenses incurred in acquiring the inventory assets and transporting them to their current
location and condition. Net sales value is defined as sales pric e reduced for sales costs.

Cash and cash equivalents
Cash and cash equivalents consist of cash and immediately available balances with banks and corresponding institutions. Cash and
cash equivalents are covered by the requirements for loss provision for expected credit losses.

Equity
All the company ’s shares are ordinary shares. The share capital is reported at the quota value of the ordinary shares and the excess
part is reported as other contributed capital. Transaction costs that can be directly attributed to the issue of new shares a re
reported, n et after tax, in equity as a deduction from the issue proceeds.

Cash flow
The cash flow statement is prepared according to the indirect method. This means that the result is adjusted with transactions that
did not result in inflows or outflows and for income and expenses attributable to the investment and / or financing activitie s.

ENAD GLOBAL 7 AB (PUBL) 50 Annual Report and Sustainability Report – 202 4

NOTE 2 Significant estimates and assessments
When preparing the financial statements, the company management and the Board must make certain estimates and assessments
that affect the carrying amount of asset and liability items and income and expense items, respectively, as well as other inf ormation
provided. The assessments are based on experiences and assumptions that the m anagement and the Board deem to be reasonable
in the prevailing circumstances. Actual outcome may then differ from these assessments if other conditions arise. The estimat es
and a ssumptions are evaluated on an ongoing basis and are not considered to entail any significant risk of significant adjustments
in the reported values of assets and liabilities during the next financial year. Changes in estimates are reported in the per iod i n
which the change is made if the change has only affected this period, or in the period in which the change is made and future
periods if the change affects both the current period and future periods. The assessments that are most important in the
prepara tion of the company ’s financial reports are described below.

Impairment testing of goodwill
To determine whether the value of goodwill has decreased, the cash -generating units to which goodwill has been attributed are
valued, which is done by discounting the cash -generating unit ’s cash flows. In applying this method, EG7 relies on a number of
input factors, including results achieved, business plans, financial forecasts and market data. Changes in the conditions for these
assumptions and estimates could have a significant effect o n the value of goodwill.

Acquisition analyses
In the case of acquisitions of subsidiaries, an acquisition analysis is performed, in which the fair value on the acquisition date of
acquired identifiable assets as well as assumed liabilities and contingent liabilities is reported. Acquisition analyses a re based on
significant estimates and assessments of future events. Actual values may consequently differ from those imposed in the
acquisition analysis.

Contingent considerations
In connection with the acquisition of subsidiaries, EG7 has entered into agreements on conditional purchase prices. These
additional purchase prices are valued at fair value through profit or loss and the fair value is determined by discounting fu ture cash
flows. Since the additional purchase price is dependent on future results, the actual outcome may vary from the assessments t hat
have been made, even if the assessments used are the company management ’s best estimate of the outcome. Changes in the
signifi cant unobservable input factors, such as forecast sales and a risk -adjusted discount rate, can lead to a change in the reported
values.

ENAD GLOBAL 7 AB (PUBL) 51 Annual Report and Sustainability Report – 202 4

NOTE 3 Operational segments
The Group has, for accounting and follow -up, divided its operations into six segments; Daybreak, Big Blue Bubble, Piranha,
Toadman, Fireshine and Petrol .
Operating segments are reported in a manner consistent with the internal reporting provided to the Chief Operating Decision
Maker . The Chief Operating Decision Maker is the function responsible for allocating resources and assessing the operating
segments ’ results. In the Group , this function has been identified as the company management. An operating segment is a part of
the Group that conducts operations from which it can generate revenue and incur costs and for which independent financial
information is available. The Group ’s division into segments is based on the internal structure of the Group ’s business operations .

The segments correspond to the respective operating units, which follows the internal organization, and it is at this level t hat the
company’s highest executive decision -maker follows up on operating results as a basis for decisions on the allocation of resources.
As a result, segment reporting from the third quarter of 2023 is updated to include the segments Daybreak, Big Blue Bubble,
Piranha, Toadman, Fireshine and Petrol as this best reflects how EG 7 primarily manages and monitors its business operations . A
description of the respective companies that now form segments can be found on pages 5 -10.

202 4-01-01 – 202 4-12-31
Daybreak Big Blue
Bubble
Piranha Toadman Fireshine Petrol Total
segments
Group Group
total
Revenue from external
customers
766 .4 309 .0 129 .4 44.2 317 .6 146 .3 1,713 .0 0.0 1,713 .0
Other revenue 43.1 157 .0 9.6 0.5 0.0 0.0 210 .1 0.0 210 .1
809 .6 466 .0 139 .0 44.7 317 .6 146 .3 1,923 .1 0.0 1,923 .1
Adjusted o perating profit
before depreciation and
amortization (EBITDA) * 133 .1 166 .8 45.9 -18.8 49.4 -12.1 364 .5 -38.9 325 .6
Adjustments contingent
consideration -141 .0
Adjustments restructuring
costs 23.3
Adjustment M&A costs 11.9
Other non -recurring costs -27.6
Depreciation and
amortization -597 .8
Operating profit (EBIT) -138 .8
Financial income 18.3
Financial expenses -42.8
Profit before tax -163 .3

ENAD GLOBAL 7 AB (PUBL) 52 Annual Report and Sustainability Report – 202 4

202 3-01-01 – 202 3-12-31
Daybreak Big Blue
Bubble
Piranha Toadman Fireshine Petrol Total
segments
Group Group
total
Revenue from external
customers
753 .4 571 .9 133 .0 49.1 352 .1 185 .6 2,045 .0 0.0 2,045 .0
Other revenue 10.9 12. 8 14.1 4.7 0.0 0.0 42.5 0.0 42.5
764 .3 584 .8 147 .1 53.7 352 .1 185 .6 2,087 .5 0.0 2,087 .5
Adjusted operating profit
before depreciation and
amortization (EBITDA) * 162 .9 356 .1 49.0 -29.2 35.4 1.9 576 .0 -34.0 542 .0
Adjustments contingent
consideration 20.9
Adjustments restructuring
costs -12.3
Adjustment M&A costs -7.0
Other non -recurring costs -6.0
Depreciation and
amortization -243 .8
Operating profit (EBIT) 252 .1
Financial income 3.9
Financial expenses -40.0
Profit before tax 216 .0

* For definitions, see section ”Definitions of alternative performance measures”

Fixed assets per country
202 4-01-01 – 202 4-12-31 Daybreak
Big Blue
Bubble Piranha Toadman Fireshine Petrol Holding
Group
total

GEOGRAPHICAL REGION
Sweden 0.2 2.8 3.0
UK 331 .2 331 .2
Other Europe 8.9 8.9
Canada 214 .7 126 .5 341 .2
US 3,411 .4 41.6 3,453 .0
Total fixed assets 3,411 .4 214 .7 126 .5 9.2 331 .2 41.6 2.8 4,137 .3

202 3-01-01 – 202 3-12-31 Daybreak
Big Blue
Bubble Piranha Toadman Fireshine Petrol Holding
Group
total

GEOGRAPHICAL REGION
Sweden 24.8 4.1 28.9
UK 249 .8 249 .8
Other Europe 11.3 11.3
Canada 219 .5 407 .0 626 .5
US 2,999 .4 38.7 3,038 .0
Total fixed assets 2,999 .4 219 .5 407 .0 36.0 249 .8 38.7 4.1 3,954 .5

ENAD GLOBAL 7 AB (PUBL) 53 Annual Report and Sustainability Report – 202 4

NOTE 4 Revenue from customer contracts

202 4-01-01 – 202 4-12-31 Daybreak
Big Blue
Bubble Piranha Toadman Fireshine Petrol
Group
total

GEOGRAPHICAL REGION
Sweden 4.8 0.8 0.4 8.4 14.8 0.0 29.2
Rest of Europe 114 .0 51 .1 21.8 0.2 123.2 3.8 314.2
North America 610 .1 226 .3 93.4 34.9 101.7 131.0 1,197.5
South America 6.4 6.8 5.3 0.0 4.5 0.0 23.1
Asia 16 .9 14 .8 4.3 0.6 66.2 11.5 114.2
Africa 0.7 0.6 0.1 0.0 0.3 0.0 1.7
Oceania 13 .5 8.6 4.1 0.0 6.8 0.0 33.0
Revenue from customer contracts 766 .4 309 .0 129.4 44.1 317.6 146.3 1,712.9

202 3-01-01 – 202 3-12-31 Daybreak
Big Blue
Bubble Piranha Toadman Fireshine Petrol
Group
total

GEOGRAPHICAL REGION
Sweden 5.5 2.3 0.5 5.0 18.0 0.0 31.3
Rest of Europe 159.2 88.8 16.6 7.6 149.5 18.1 439.7
North America 551.6 429.3 103.0 36.4 144.0 137.0 1,401.3
South America 5.3 10.4 0.6 0.0 0.9 0.0 17.2
Asia 14.2 24.4 9.5 0.0 27.8 30.5 106.4
Africa 0.7 0.8 0.1 0.0 0.2 0.0 1.8
Oceania 16.9 15.9 2.8 0.0 11.8 0.0 47.4
Revenue from customer contracts 753.4 571.9 133.0 49.1 352.1 185.6 2,045.0

CONTRACTUAL ASSETS 202 4-12-31 202 3-12-31
Opening balance 22.5 15.8
Significant changes in contractual assets: Changes attributable to ordinary
operations 7.2 6.8
Closing balance 29.7 22.5

CONTRACTUAL LIABILITIES 202 4-12-31 202 3-12-31
Opening balance 116 .4 157.0
Significant changes in contractual
liabilities:
due to business acquisitions 9.7
Changes attributable to ordinary
operations 9.1 -40.6
Closing balance 135 .2 116.4

REPORTED INCOME DURING THE YEAR
202 4-01-01
–202 4-12-31
202 3-01-01
–202 3-12-31
Which was found in the contractual
liabilities as of 1 January 114 .5 153.0
From performance commitments that
were fulfilled / have been partially fulfilled
during previous periods 1.9 4.0

ENAD GLOBAL 7 AB (PUBL) 54 Annual Report and Sustainability Report – 202 4

Revenues allocated to unfulfilled, or
partially fulfilled performance
commitments are expected to be
reported as revenue
202 4-01-01
–202 4-12-31
202 3-01-01
–202 3-12-31
Within one year 135 .2 114.5
After one year 0.0 1.9

Contractual assets consist of accrued income, to which the company ’s right is conditional on continued performance in accordance
with the agreement. When the company ’s right to compensation becomes unconditional, the asset is reported as a trade
receivable. Contractual debt refers to advance payments from customers for whom performance commitments have not been
fulfilled. Contractual liabilities are reported as income when performance commitments in the contract are fulfilled (or have been
fulfilled).

NOTE 5 Other revenue

202 4-01-01
–202 4-12-31
202 3-01-01
–202 3-12-31
Release of contingent liabilities 5.3 10.9
Write down of contingent consid eration 141.5 0.0
Government grant game development 25.0 31.4
Sales of IP 27.4 0.0
Other 10.9 0.2
Total 210 .1 42.5

NOTE 6 Remuneration to auditors

PRICEWATERHOUSECOOPERS AB
202 4-01-01
–202 4-12-31
202 3-01-01
–202 3-12-31
The audit assignment 3.8 3.8
Other auditing activities 0.9 0.0
Tax advice 0.1 0.2
Other services 6.0 5.9
Total 10.9 9.9

OTHER AUDITORS
The audit assignment 0.8 0.5
Other auditing activities 0.0 0.0
Tax advice 0.0 0.0
Other services 0.0 0.0
Total 0.8 0.5

Audit assignments refer to the auditor ’s work for the statutory audit and by auditing activities to different types of quality
assurance services. Other services are those that are not included in audit assignments or tax advice. Other services for 2023/2024
refers to the Company’s uplisting (IPO) to Nasdaq Stockholm where PWC acted as an advisor.

ENAD GLOBAL 7 AB (PUBL) 55 Annual Report and Sustainability Report – 202 4

Note 7 Personnel and personnel expenses

2024 -01-01 – 2024 -12-31 2023 -01-01 – 2023 -12-31
Average number of
employees
Average number
of employees
Of which
women, %
Of which
men, %
Of which
other, %
Average number
of employees
Of which
women, %
Of which
men, %
Of which
other, %
Parent company 8 63% 37% 9 65% 35%
Subsidiaries in:
Sweden 20 26% 74% 34 29% 71%
Canada 180 21% 79% 174 20% 80%
Norway 2 0% 100% 3 0% 100%
Serbia 48 18% 82% 55 22% 78%
France 1 0% 100%
UK 36 28% 72% 30 27% 73%
Germany 21 5% 95% 21 11% 89%
USA 352 22% 75% 3% 344 24% 75% 1%
Group total 668 22% 77% 1% 669 23% 76% 1%

2024 -01-01 – 2024 -12-31 2023 -01-01 – 2023 -12-31
Gender distribution in
the Board and company
management
Average number
of employees
Of which
women, %
Of which
men, %
Average number
of employees
Of which
women, %
Of which
men, %
Board of Directors 6 33% 67% 5 20% 80%
CEO and other
management 1 0% 100% 2 0% 100%
Group total 7 29% 71% 7 14% 86%

Personnel expenses
202 4-01-01
–202 4-12-31
202 3-01-01
–202 3-12-31
Parent company
Board of Directors and the management:
Salaries and benefits 19.2 9.2
Social expenses 2.1 1.4
Pension costs 0.8 0.8
Other personnel expenses 0.0 0.2
Total 22.1 11.6

Other personnel
Salaries and benefits 5.3 6.3
Social expenses 1.7 1.6
Pension costs 0.8 0.6
Other personnel expenses 0.4 0.1
Total 8.2 8.6

Subsidiaries
Board of Directors and the management:
Salaries and benefits 52.2 37.5
Social expenses 6.4 4.0
Pension costs 1.7 1.9
Other personnel expenses 0.3 0.4
Total 60.5 43.8

ENAD GLOBAL 7 AB (PUBL) 56 Annual Report and Sustainability Report – 202 4

Other personnel
Salaries and benefits 604 .1 536.7
Social expenses 87.7 77.9
Pension costs 14. 3 14.1
Other personnel expenses 9.2 10.7
Total 715 .3 639.4
Group total 806 .1 703.4

202 4-01-01 – 2024-12-31
Base salary,
Board compensation
Variable
compensation
Pension
costs
Other
compensation Total
Chairman of the Board
Jason Epstein 0.7 0.0 0.0 0.0 0.7
Member of the Board
Ben Braun 0.4 0.0 0.0 0.0 0.4
Ebba Ljungerud 0.2 0.0 0.0 0.0 0.2
Gunnar Lind 0.4 0.0 0.0 0.0 0.4
Marie -Louise Hellström Gefwert 0.4 0.0 0.0 0.0 0.4
Ron Moravek 0.3 0.0 0.0 0.0 0.3
Chief executive officer
Ji Ham 7.9 *6.3 0.2 0.0 14.5
Other management (8 staff) 36.5 18.3 2.2 0.3 57.3
Total 46.7 24. 7 2.4 0.3 74.1

The variable compensation was awarded in accordance with the Company’s remuneration policy, which allows for variable pay of
up to 100 percent of the base salary. The remuneration was based on the successful execution of the Group’s cost -saving and
efficiency programme implemented during 2024.
2023 -01-01 – 2023 -12-31
Base salary,
Board compensation
Variable
compensation
Pension
costs
Other
compensation Total
Chairman of the Board
Jason Epstein 0.6 0.0 0.0 0.0 0.6
Member of the Board

Alexander Albedj 0.2 0.0 0.0 0.0 0.2
Marie -Louise Hellström Gefwert 0.3 0.0 0.0 0.0 0.3
Shumsher Singh 0.1 0.0 0.0 0.0 0.1
Gunnar Lind 0.3 0.0 0.0 0.0 0.3
Ron Moravek 0.1 0.0 0.0 0.0 0.1
Ben Braun 0.1 0.0 0.0 0.0 0.1
Chief executive officer

Ji Ham 8.0 0.0 0.1 0.0 8.1
Other management (8 staff) 29.0 8.0 2.6 0.6 40.1
Total 38.8 8.0 2.7 0.6 50.0

Remuneration and conditions for management
Remuneration to the CEO and other management consists of basic salary, variable compensation and in some cases pension
benefits as well as other benefits such as a company car. Other management refers to the persons responsible for each subsidi ary
and Group management.

Since August 2021, Ji Ham is the Company’s CEO – who also has an employment as CEO at the wholly owned subsidiary Daybreak
Game Company LLC in California, USA. The company’s CEO has a notice of termination period of six (6) months, regardless of
whether the dismissal is on the company’s or CEO’s initiative. The CEO does not enjoy any pension benefit.

The deputy CEO has a notice of termination period of six (6) months, regardless of whether the termination is on the initiati ve of
the company or the deputy CEO. In addition, the company has the opportunity to quarantine the deputy CEO for three (3) months
after the end of the employment against a remuneration corresponding to three (3) monthly salaries. The pension benefit for t he
deputy CEO corresponds to 31.6% of base salary.

ENAD GLOBAL 7 AB (PUBL) 57 Annual Report and Sustainability Report – 202 4

Severance pay
The CEO is entitled to severance pay if he has ‘good reasons ’ to resign or if the company terminates his employment without ‘good
reasons ’. The severance pay can be valued at basic salary for the remaining months during the term of the contract or up to USD
750,000 . According to the agreement, the director shall be ‘quarantined’ for three (3) months if the employment is terminated on
his own initiative for any reason or on the company’s initiative without ‘good reasons’.

NOTE 8 Financial income

202 4-01-01
–202 4-12-31
202 3-01-01
–202 3-12-31
Assets valued at accrued acquisition value:
Interest income other financial assets 19.2 8.1
Total interest income according to the effective interest method 19.2 8.1
Other financial income -1.2 2.4
Exchange rate differences – financial items 0.3 1.4
Total -0.9 3.8

Total financial income 18.3 11.9

NOTE 9 Financial expenses

202 4-01-01
–202 4-12-31
202 3-01-01
–202 3-12-31
Assets and liabilities valued at fair value through profit or loss:
Discount rate contingent consideration -34.0 -27.7
Total reported through profit and loss -34.0 -27.7

Liabilities valued at accrued acquisition value:
Interest expenses liabilities to credit institutions -0.4 -1.0
Total interest expenses according to the effective interest method -0.4 -1.0
Other financial expenses:
Exchange rate differences – financial items -1.5 -12.5
Interest expenses leasing liabilities -2.7 -1.6
Other financial expenses -4.2 -5.2
Total -8.4 -19.3

Total financial expenses -42.8 -48.0

NOTE 10 Tax

Current ta x
202 4-01-01
–202 4-12-31
202 3-01-01
–202 3-12-31
Current tax on net profit -39.4 -93.3
Adjustments regarding previous years 0.0 0.0
Total current tax -39.4 -93.3

Deferred tax
Deferred tax on temporary differences 0.0 0.4
Deferred tax on loss carryforwards -33.7 32.9
Total deferred tax -33.7 33.4

Reported tax on income statement -73.1 -59.9

ENAD GLOBAL 7 AB (PUBL) 58 Annual Report and Sustainability Report – 202 4

Reconciliation of effective tax rat e
202 4-01-01
–202 4-12-31
202 3-01-01
–202 3-12-31
Profit before tax -163.3 216.0
Tax according to the current tax rate for the parent company (20.6%) 33.6 -44.5
Tax effect from:
Non -deductible expenses -8.1 -12.4
Non -taxable income 1.4 1.2
Non -taxable income earn -out 37.5 0.0
Non -deductible interest 0.0 0.0
Previous years’ taxes -0.8 0.0
Effect of changes in tax rate 0.0 -0.4
Adjustment def tax receivable 0.0 0.0
Non -reported deferred tax on temporary differences -44.7 -23.6
Adjustment tax rate other countries 1.7 21.3
Goodwill impairment -92.4 0.0
Other -1.4 -1.5
Reported tax -73.1 -59.9
Effective tax rate 45% -28%

Amounts reported directly through OCI
202 4-01-01
–202 4-12-31
202 3-01-01
–202 3-12-31
Deferred tax: currency effect net investment in subsidiaries 0.5 0.2
Total 0.5 0.2

Information on deferred tax assets and liabilities
The unused tax carryforwards have no maturity. From the acquisition of Daybreak, there is a local tax advantage regarding
depreciation of the surplus value that is not recognized under IFRS. The total tax advantage amounts to SEK 529.9 million . This tax
advantage is shared with the sellers from Daybreak and the part that belongs to the former seller of Daybreak is reported as
contingent consideration.
The following tables specify the tax effect of the temporary differences:

Deferred tax assets Other
Intangible
assets Right -of-use assets
Unused tax
carryforwards Total
Opening balance 202 4-01-01 0.0 0.0 1.0 148.7 149.7
Reported:
Divestment
In profit 0.0 11.4 11.4
Translation effect 11.1 11.1
Closing balance 202 4-12-31 0.0 0.0 1.0 171.2 172.2

Deferred tax assets Other
Intangible
assets
Right -of-use
assets
Unused tax
carryforwards Total
Opening balance 202 3-01-01 0.0 0.0 0.6 94.7 95.2
Reported:
Aquisition
In profit 0.4 54.1 54.5
Translation effect 0.0
Closing balance 202 3-12-31 0.0 0.0 1.0 148.7 149.7

Deferred tax liabilities Other
Net investment
subsidiaries
Intangible
assets Total
Opening balance 202 4-01-01 0.0 0.0 122.9 122.9
Reported:
Aquisition 20.3 20.3
In profit 45.2 45.2
In comprehensive income

ENAD GLOBAL 7 AB (PUBL) 59 Annual Report and Sustainability Report – 202 4

Translation effect 9.7 9.7
Closing balance 202 4-12-31 0.0 0.0 198.0 198.0

Deferred tax liabilities Other
Net investment
subsidiaries
Intangible
assets Total
Opening balance 202 3-01-01 0.0 0.0 105.5 105.5
Reported:
Divestment
In profit -0.2 22.4 22.2
In comprehensive income 0.2
Translation effect -5.0 -5.0
Closing balance 202 3-12-31 0.0 0.0 122.9 122.9

NOTE 11 Earnings per average share

Earnings per share before dilution
202 4-01-01
–202 4-12-31
202 3-01-01
–202 3-12-31
Profit for the year attributable to the parent company’s shareholders -236 .4 156.1
Average number of ordinary shares outstanding 88,603,526 88,603,526
Earnings per share before dilution -2.67 1.76

202 4-01-01 202 3-01-01
Earnings per share after dilution – 202 4-12-31 – 202 3-12-31
Profit for the year attributable to the parent company’s shareholders -236.4 156.1
Average number of shares after dilution 88,603,526 88,603,526
Earnings per share after dilution -2.67 1.76

ENAD GLOBAL 7 AB (PUBL) 60 Annual Report and Sustainability Report – 202 4

NOTE 12 Intangible assets

ACQUISITION VALUE Goodwill
Self -generated
intangible assets
Gaming
rights IP rights
Market and
customer –
related assets
Other
intangible
assets
Total intangible
assets
excluding
goodwill
Per 1 January 202 3 3,521.5 460.0 384.2 428.3 34.8 1,307.3
Separate acquisition 179.3 179.3
Internally processed 85.6 85.6
Reclassifications Divestment -9.8 -9.8
Translation effect -109.6 -5.1 -8.4 -14.2 -15.8 -1.2 -44.7
Per 31 December 202 3 3,411.9 530.8 170.9 370.0 412.5 33.6 1,517.7
Separate acquisition
Business a cquisition 16.8 -0.5 -0.5 89.9 0.4 16.6 105.9
Internally processed 126.2 186.3 312.5
Reclassifications 11.8 11.8
Divestment -38.7 -38.7
Translation effect 277.5 6.1 23.0 35.3 37.6 3.6 105.5
Per 31 December 202 4 3,706 .2 662 .6 391 .4 456 .6 450 .4 53.8 2,014 .8
Depreciation and
amortization Per 1 January 202 3 -81.9 -129.3 -132.3 -2.1 -345.6
This year’s depreciation
and amortization -31.1 -14.4 -64.0 -65.4 -0.6 -175.4
Reclassifications
Divestments 0.2 0.2
Translation effect 2.6 0.5 8.2 8.1 19.4
Per 31 December 202 3 -110.5 -13.9 -185.1 -189.6 -2.5 -501.6
This year’s depreciation
and amortization -24.8 -26.1 -68.7 -59.2 -1.2 -180 .0
Reclassifications 13.9
Divestments -4.0 -4.0
Translation effect -1.8 -1.8 -18.8 -18.8 -0.2 -41.4
Per 31 December 202 4 -137 .1 -41.9 -258 .6 -267 .5 -7.9 -713 .0
Impairment
Per 1 January 202 3 -236.6 -307.7 0.0 0.0 -31.3 -339.1
This year’s impairment -10.5 -10.5
Reclassifications
Divestments
Translation effect 6.5 1.2 1.2
Per 31 December 202 3 -230.2 -318.3 0.0 0.0 -30.1 348.4
This year’s impairment -342.3 -25.0 -25.0
Reclassifications
Divestments
Translation effect -18.4 -2.9 -2.8
Per 31 December 202 4 -590 .9 -343 .3 0.0 0.0 -33.0 -376 .3
Closing balance per
31 December 202 3 3,181.7 102.0 156.9 185.0 222.9 1.0 667.8
Closing balance per
31 December 202 4 3,115 .2 182 .2 349 .4 198 .0 182 .9 13.0 925 .4

ENAD GLOBAL 7 AB (PUBL) 61 Annual Report and Sustainability Report – 202 4

Impairment test
The Group tests impairment of intangible fixed assets with an indefinite useful life at least annually, i.e. goodwill and self -generated
intangible assets that have not yet been taken into use.

202 4-12-31 Fireshine Petrol Daybreak Big Blue Bubble Piranha Total
Goodwill 205 .3 30.0 2,685 .7 194 .2 0.0 3,115 .2
202 3-12-31 Fireshine Petrol Daybreak Big Blue Bubble Piranha Total
Goodwill 189.3 27.4 2,436.1 192.7 336.3 3,181.7

The impairment test for the Group ’s goodwill consists of assessing whether the unit ’s recoverable amount is higher than its carrying
amount for each cash -generating unit to which the goodwill belongs. The recoverable amount has been calculated on the basis of
the unit ’s value in use, which is the present value of the unit ’s expected future cash flows without regard to restructuring. The
calculation of the recoverable amount for the Group requires that certain assumptions must be made. The recoverable amount of
the cash -generated units has been calculated at an average grow th rate of a five – to seven -year forecast, which has been based
partly on historical results and management’s assessment of the market’s development going forward. The cash flow model
includes forecasting of future cash flows from operations, including estimates of revenue volumes and costs. Cash flows after the
forecast period are extrapolated with a growth of 2%. The calculation of value in use has been based on a discount factor of 11.1 –
12.3% pre -tax and reflects specific risks in the relevant segments and in the countries in which they operate.

The discounted cash flow model includes forecasting of future cash flows from operations, including estimates of revenue volu mes
and costs.

In connection with the impairment test in 2024 an impairment of Goodwill in Piranha was identified. The Goodwill in Piranha was
fully written down.

In sensitivity tests of reported value in relation to value in use, assumptions about growth have changed by + – 5 percentage points
and the discount factor by + – 1 percentage points. A reduction in growth of 5% or a change in the discount factor of 1% does not
result in an additional need for impairment loss.

ENAD GLOBAL 7 AB (PUBL) 62 Annual Report and Sustainability Report – 202 4

NOTE 13 Tangible assets

ACQUISITION VALUE
Inventory, tools and
installations
Total tangible fixed
assets
Per 1 January 202 3 202.5 202.5
This year’s acquisitions 10.8 10.8
Acquired via business acquisitions 7.4 7.4
Sales / scraps -4.9 -4.9
Translation effect -7.3 -7.3
Per 31 December 202 3 208.4 208.4
This year’s acquisitions 13.9 13.9
Acquired via business acquisitions 13.5 13.5
Sales / scraps -7.5 -7.5
Reclassifications -10.7 -10.7
Translation effect 17.5 17.5
Per 31 December 202 4 235.2 235.2

Accumulated depreciation
Per 1 January 202 3 -174.3 -174.3
This year’s depreciations -14.2 -14.2
Acquired
Sales / scraps 3.9 3.9
Translation effect 6.6 6.6
Per 31 December 202 3 -178.1 -178.1
This year’s depreciations -15.7 -15.7
Acquired -5.8 -5.8
Sales / scraps 5.0 5.0
Reclassifications 10.6 10.6
Translation effect -15.5 -15.5
Per 31 December 202 4 -199.4 -199.4

Closing balance per 31 December 202 3 30.3 30.3
Closing balance per 31 December 202 4 35.7 35.7

ENAD GLOBAL 7 AB (PUBL) 63 Annual Report and Sustainability Report – 202 4

NOTE 14 Leasing agreements
EG7 ’s significant leasing agreements mainly consist of agreements regarding rental premises. EG7 presents leasing agreements in
the class premises. The table below presents the Group ’s closing balances regarding right -of-use assets and leasing liabilities as well
as the operations during the year:

Right -of use assets
Premises Total
Leasing
liability
Opening balance 1 January 202 3 39.9 39.9 41.1
Additional agreements 39.4 39.4 69.0
Depreciation -29.6 -29.6
Divestments -3.8 -3.8 -4.5
Recalculation 30.9 30.9
Translation effects -2.1 -2.1 -2.1
Interest expenses 1.6
Leasing fees -27.6
Closing balance 31 December 202 3 74.7 74.7 77.5
Additional agreements 17.8 17.8 16.7
Depreciation -41.8 -41.8
Divestments -6.0
Recalculation 5.9 5.9
Translation effects 4.4 4.4 4.5
Interest expenses 2.7
Leasing fees -29.2
Closing balance 31 December 202 4 60.9 60.9 66.4

The amounts reported in the Group ’s report on earnings during the year attributable to leasing operations are presented below:

202 4-01-01
–202 4-12-31
202 3-01-01
–2023-12-31
Depreciation of right -of-use assets -41.8 -29.4
Interest expenses on leasing liabilities -2.7 -1.6
Expense regarding short -term leasing agreements -1.1 -0.3
Expense of agreements where the underlying asset is of low value -0.4 -0.4
Expenses for variable leasing fees -16.6 -10.3
Profit effect terminated agreements 6.0 0.0
Total -56.8 -42.0

For a maturity analysis of the Group ’s leasing liabilities, see Note 2 1 Financial risks.

ENAD GLOBAL 7 AB (PUBL) 64 Annual Report and Sustainability Report – 202 4

NOTE 15 Financial instruments

Valuation of financial assets and liabilities as of 20 24-12-31

Financial assets
Financial assets/liabilities valued
at fair value through profit or loss
Financial assets/liabilities
valued at amortized cost
Accounts receivable 116 .8
Blocked bank balance 0.0
Cash and cash equivalents 321 .5
Total 438 .3

Financial liabilities
Contingent consideration 195 .9
Liabilities to credit institutions 2.6
Accounts payable 28.8
Deferred income 135 .2
Other financial liabilities 163 .4
Total 195 .9 329 .9

Valuation of financial assets and liabilities as of 202 3-12-31

Financial assets
Financial assets/liabilities valued
at fair value through profit or loss
Financial assets/liabilities
valued at amortized cost
Accounts receivable 155.6
Blocked bank balance 2.6
Cash and cash equivalents 478.3
Total 636.5

Financial liabilities
Contingent consideration 271.0
Liabilities to credit institutions 3.6
Accounts payable 33.9
Deferred income 116.4
Other financial liabilities 125.7
Total 271.0 279.6
Interest -bearing receivables and liabilities
Liabilities to credit institutions bear variable interest rates. For the Group’s borrowings, the carrying amount of the borrowings
corresponds to its fair value because the interest rate on these borrowings is on par with current market interest rates or b ecause
the borrowing is short -term.
Current receivables and liabilities
For current receivables and liabilities, such as accounts receivable and accounts payable, the carrying amount is considered to be a
good approximation of the fair value as the discount effect is not considered to be material.
The Group has no financial assets or liabilities that have been set off in the accounts or that are covered by a legally binding nettin g
agreement. The assets ’ maximum credit risk consists of the net amounts of the reported values in the tables above. The Group has
not received any collateral for the net financial assets.
Valuation at fair value
Fair value is the price that at the time of valuation would be obtained on the sale of an asset or paid on the transfer of a liability
through an orderly transaction between market participants. The table below shows financial instruments valued at fair va lue,
based on how the classification in the fair value hierarchy is made. The different levels are defined as follows:
Level 1 – Listed prices (unadjusted) in active markets for identical assets and liabilities.
Level 2 – Observable input data for the asset or liability other than quoted prices included in level 1, either directly (i.e. price
quotations) or indirectly (i.e. derived from price quotations).
Level 3 – Input data for the asset or liability that is not based on observable market data (i.e. non -observable input data).
All of the Group ’s contingent considerations are valued according to level 3.

ENAD GLOBAL 7 AB (PUBL) 65 Annual Report and Sustainability Report – 202 4

Contingent consideration
The contingent consideration is reported as a separate item in the balance sheet and is valued at fair value by discounting e xpected
cash flows with a risk -adjusted discount rate of 13. 5%. Valuation thus takes place according to level 3 in the valuation hierarchy.
The additional purchase price is dependent on the earnings trend in the acquisitions up to and including 2025. Significant
unobservable input data consists of forecast earnings and a risk -adjusted discount rate.

Additional purchase prices
202 4-01-01
–202 4-12-31
202 3-01-01
–202 3-12-31
Opening balance 271 .0 253.1
Business acquisition 33.0
Payments -18.5 -21.2
Change in value reported in the result -141.1 20.9
Discount effect 34.0 27.7
Currency effect 17.5 -9.5
Closing balance 195 .9 271.0

During the period, unrealized gains or losses for contingent considerations held as of the balance sheet date amounted to SEK
141.5 (31.8) million in other expenses and SEK 0.4 (10.9) million in other revenue in the Group ’s income statement.
Given the contingent consideration that exists as of the balance sheet date, a change in the discount factor of +/ – 5 percentage
points will have an impact on the fair value of the contingent consideration of SEK +5.2 million and SEK -5.6 million, respectively.

NOTE 16 Inventory

202 4-12-31 202 3-12-31
Prepared goods and goods for
sale 9.1 14.0
Reported value 9.1 14.0

NOTE 17 Prepayments and accrued income
202 4-12-31 202 3-12-31
Insurance premiums 3.3 4.7
Game related costs 13.3 8.4
Software licences 17.1 11.5
Other prepaid expenses 9.4 14.1
Reported value 43.2 38.8

NOTE 18 Cash and cash equivalents
202 4-12-31 202 3-12-31
Bank balances 321 .5 480.9
Reported value 321 .5 480.9

Of the Group ’s bank balances, SEK 0.0 million (SEK 2.6 million) consists of blocked bank balances that are classified as other long –
term receivables.

ENAD GLOBAL 7 AB (PUBL) 66 Annual Report and Sustainability Report – 202 4

NOTE 19 Group companies
The parent company ’s, Enad Global 7 AB (publ), holdings in direct and indirect subsidiaries that are covered by the consolidated
financial statements are shown in the table below:

Amount/Share %
Company
Corporate identity
number Location 202 4-12-31 202 3-12-31
Enad Global 7 AB (publ) 556923 -2837
Stockholm,
Sweden
Parent
company
Parent
company
Toadman Interactive AB 559230 -6483
Stockholm,
Sweden 100% 100%
Artplant AS NO983807747 Oslo, Norway 0% 100%
Toadman Interactive SAS 953 801 743
Montpellier,
France 100% 100%
Sympa Games DOO 21801593 Novi Sad, Serbia 100% 100%
Anti -matter Games Ltd 8543466 Cornwall, UK 0% 100%
Petrol Advertising Inc EIN: 84 -2171339 North Varney, USA 100% 100%
Toadman Interactive GmbH DE314775478 Berlin, Germany 100% 100%
Sold -out Marketing & Distribution
Ltd Reg nr. 06989121 London, UK 100% 100%
Dream Acquisition Co. 85-4392549 San Diego, US 100% 100%
Daybreak Game Company LLC 20-4347762 San Diego, US 100% 100%
Standing Stone Games LLC 81-43419251 San Diego, US 100% 100%
Online Game Service 32-0508908 San Diego, US 100% 100%
Big Blue Bubble Inc. OCN 5037200 London, Canada 100% 100%
Piranha Games Inc. 865634174RC0002 Vancouver, Canada 100% 100%
Singularity 6 Co. 82-4857362 Los Angeles, US 100% 0%
Singularity 6 Canada Inc 769207143 Montreal, Kanada 100% 0%

NOTE 20 Equity

Share capital
The registered share capital of SEK 3, 544,140 (SEK 3,544,140 ) consists of 88,603,526 shares ( 88,603,526 shares). Enad Global 7 AB
(publ) has only one class of shares where all shares have equal voting rights. The par value of the shares is SEK 0.04.
Holders of ordinary shares are entitled to dividends that are determined gradually and the shareholding entitles the holder t o vote
at the Annual General Meeting with one vote per share. All shares have the same right to EG7 ’s remaining net assets. All shares are
fully paid and no shares are reserved for transfer. No shares are held by the company itself or its subsidiaries.

202 4-01-01
–202 4-12-31
202 3-01-01
–202 3-12-31
Number of shares outstanding at the beginning of the year 88,603,526 88,603,526
Issue for non -cash consideration
Number of outstanding shares at the end of the year 88,603,526 88,603,526

Other contributed capital
Refers to equity contributed by the owners. This includes premiums paid in connection with issues and the attributable tax effect.

Reserves
The Group ’s reserve fully refers to a translation reserve, which includes all exchange rate differences that arise when translating
financial reports from foreign operations that have prepared their financial reports in a functional currency other than the currency
in which the Group ’s financial reports are presented. Accumulated translation difference is reported in the result on disposal of the
foreign operation. The company also reports the currency effect on intra -group receivables with associated defer red tax on equity
as a result of net investment in foreign operations.

ENAD GLOBAL 7 AB (PUBL) 67 Annual Report and Sustainability Report – 202 4

NOTE 21 Financial risks
The Group ’s earnings, financial position and cash flow are affected both by changes in the rest of the world and by the Group ’s own
actions. The risk management work aims to clarify and analyse the risks that the company encounters and, as far as possible, to
prevent and limit any negative effects.

Through its operations, the Group is exposed to various types of financial risks; credit risk, market risks (interest rate risk, currency
risk and other price risk) as well as liquidity risk and refinancing risk. The Board has the overall responsibility for the Group ’s risk
work, including financial risks. The risk work includes identifying, assessing and evaluating the risks that the Group faces. Priority is
given to the risks that, in an overall assessment regarding possible impact, probability and conseq uence, are judged to have the
most negative effect on the Group . The Group ’s overall objective for financial risks is to manage and monitor these in order to
minimize the risks as far as possible.

Credit risk
Credit risk is the risk that the Group ’s counterparty in a financial instrument will not be able to fulfill its obligation and thereby
cause the Group a financial loss. The Group ’s credit risk arises primarily through receivables from customers and when investing
cash and cash equivalents. At each reporting occasion, the Group evaluates the credit risk of existing exposures, taking into account
forward -looking factors.

Below are the financial assets the Group has reserved expected credit losses for. In addition to the assets below, the Group also
monitors provisions for other financial instruments. In cases where the amounts are not deemed to be insignificant, a provisi on is
made for expected credit losses also for these financial instruments.

Credit risk in accounts receivable (simplified method for credit risk reserve)
For the Group , credit risk is mainly in accounts receivable and c ontractual assets and EG7 ’s goal is to have a continuous follow -up of
this credit risk. The Group ’s customers consist of both companies and consumers. The Group has established guidelines to ensure
that products are sold to customers with a suitable credit background. The payment terms normally amount to be tween 0 -60 days
depending on the counterparty.

For accounts receivable and contractual assets, the simplified method for reporting expected credit losses is applied. This m eans
that expected credit losses are reserved for the remaining term, which is expected to be less than one year for all receivabl es. The
company applies a rating -based method for calculating expected credit losses based on the probability of default, expected loss and
exposure in the event of default. The company has defined default as when payment of the claim is 90 days delayed or more, or if
other factors indicate that there is a suspension of payment. In cases where an external credit rating is not available to th e
counterparty, the company makes an internal assessment of the counterparty ’s credit rating based on the company ’s previous
experience of the customer and other available information. For credit -impaired assets and receivables as well as for receivables
amounting to significant amounts, an individual assessment is made where historical, current and forward -looking in forma tion is
taken into account. For non -credit impaired receivables and receivables that do not amount to significant amounts, a collective
assessment is made. The company impairs a receivable when there is no longer any expectation of receiving payment and wh en
active measures to receive payment have been completed.

Maturity analysis accounts receivable
2024-12-31 202 3-12-31
Gross Impaired Loss share Gross Impaired Loss share
Non -overdue accounts
receivable 67.5 72.2
Overdue accounts receivable:
0-30 days 22.6 28.3
31-60 days 10.9 9.4
61-90 days 6.2 14.0
>91 10.2 -0.6 -6% 39.2 -7.5 -2%
Total 117 .4 -0.6 -6% 163 .1 -7.5 -2%

The credit quality of receivables that are not overdue for more than 90 days is deemed to be good, based on historically low
customer losses and consideration of forward -looking factors. T he value of impaired receivables that are still under recovery
measures amounts to SEK 0.6 million.

ENAD GLOBAL 7 AB (PUBL) 68 Annual Report and Sustainability Report – 202 4

Expected loss on accounts receivable (according to simplified method)
202 4-01-01
–202 4-12-31
202 3-01-01
–202 3-12-31
Opening balance -7.5 -0.2
Impairments -0.6 -7.3
Established credit losses 7.5 0.0
Closing balance -0.6 -7.5

Cash and cash equivalents
The Group ’s credit risk also arises from the investment of cash and cash equivalents and excess liquidity. EG7 ’s goal is to have a
continuous follow -up of credit risk attributable to investments. For investments in bank accounts, the goal is for the counterparty
to have a high credit rating of at least investment grade rating BBB (S&P). One way of counteracting cre dit risk is for the Group to
have bank accounts in more than one bank.

Provision for expected credit losses
The company applies a rating -based method for assessing expected credit losses based on the probability of default, expected loss
and exposure in the event of default. Assessment is made per counterparty. The company has defined default as when payment of
the claim is 90 days late or more, or if other factors indicate that there is a suspension of payment. As of the balance shee t date, no
significant increase in credit risk has been deemed to exist for any receivable. Such an assessment is based on whether payment is
30 days late or more, or if there is a significant deterioration in the rating, resulting in a rating below the investment gr ade. For
credit -impaired assets and receivables, an individual assessment is made where historical, current and forward -looking information
is taken into account. The valuation of expected credit losses takes into account any collateral and other credit enhancement s in
the form of guarantees.

The financial assets are reported in the balance sheet at accrued acquisition value, ie net of gross value and loss reserve. Changes in
the loss reserve are reported in the income statement.

Credit risk exposure and credit risk concentration
The Group ’s credit risk exposure consists of accounts receivable and cash and cash equivalents. Cash and cash equivalents of SEK
321.5 million are invested in various countries with financial institutions with a high credit rating. The majority of cash and cas h
equivalents are placed in banks with a rating of A.

Market risk
Market risk is the risk that the fair value of or future cash flows from a financial instrument varies due to changes in mark et prices.
According to IFRS, market risks are divided into three types; currency risk, interest rate risk and other price risks. T he market risks
that affect the Group mainly consist of interest rate risks and currency risks.

Interest rate risk
Interest rate risk is the risk that fair value or future cash flows from a financial instrument will vary due to changes in m arket
interest rates. The goal is not to be exposed to future fluctuations in interest rate changes that affect the Group ’s cash flow and
earnings to a greater extent than EG7 can handle. A significant factor that affects interest rate risk is the fixed interest period. The
Group is primarily exposed to interest rate risk regarding the Group ’s loans to credit institutions. The Group ’s borrowing normally
takes place at a variable interest rate. The interest rate risk is low as the Group ’s interest costs are low in relation to total profit.

Currency risk
Currency risk is the risk that fair value or future cash flows from a financial instrument will fluctuate due to changes in f oreign
exchange rates. Currency risks are found primarily in the translation of foreign operations ’ assets and liabilities into the parent
company ’s functional currency, so -called translation exposure. Some of the Group ’s sales and purchases also take place in foreign
currencies, so -called transaction exposure. The greatest impact for the Group is the USD rate. An increase in the SEK/USD with 10%
would have impacted the Group with -/+ 14 MSEK in EBITDA.

Liquidity risk and refinancing risk
Liquidity risk is the risk that a company will have difficulty fulfilling obligations that are related to financial liabiliti es that are settled
with cash or other financial assets. The Group manages liquidity risk through continuous follow -up of operations, where the Group
continuously forecasts future cash flows based on various scenarios to ensure that financing takes place on time.

The risk is mitigated by the Group ’s good liquidity reserves, which are immediately available. The Group ’s operations are essentially
financed via cash flows from operations. The Group has covenants linked to the debt to credit institutions. Indebtedness in relation
to EBITDA, loans in relation to EBITDA and EBITDA in relation to borrowing costs. The total liquidity reserve consists of cas h and
cash equivalents.

ENAD GLOBAL 7 AB (PUBL) 69 Annual Report and Sustainability Report – 202 4

Refinancing risk refers to the risk that financing for acquisitions or development cannot be retained, extended, expanded,
refinanced or that such financing can only take place on terms that are unfavourable to the company. The need for refinancing is
regularly reviewed by the company and the Board to ensure financing of the company ’s expansion and investments. The goal is to
ensure that the Group has ongoing access to external borrowing without the cost of borrowing increasing significantly. The
refinancing risk is reduced by structuring and starting the refinancing process in good time. The company also maintains a
continuous dialogue with severa l lenders.

The Group ’s contractual and undiscounted interest payments and repayments of financial liabilities are shown in the table below.
Financial instruments with variable interest rates have been calculated with the interest rate that existed on the balance sh eet
date. Li abilities have been included in the period when repayment can be demanded at the earliest. In addition to cash and cash
equivalents of SEK 321.5 million, future payments will be covered by ongoing inflows into operations.

202 4-12-31
Maturity analysis 5 years Total
Leasing liabilities 15.1 15.1 32.9 3.3 66.4
Contingent considerations 9.9 70.4 11.8 30.8 73.0 195 .9
Liabilities to credit institutions 0.1 2.0 2.2
Accounts payable 28.8 28.8
Other liabilities 261 .8 36.4 0.7 299 .0
Total 315.6 122.1 45.4 36.2 73. 0 592.2

202 3-12-31
Maturity analysis 5 years Total
Leasing liabilities 27.8 27.8 14.4 7.5 77.5
Contingent considerations 18.3 61.2 124.0 67.4 0.0 271.0
Liabilities to credit institutions 0.4 0.4
Accounts payable 33.7 33.7
Other liabilities 221.9 16.9 3.3 242.2
Total 302,1 106.0 141.8 74.9 0.0 624,8

NOTE 22 Accrued expenses

2024 -12-31 2023 -12-31
Accrued salaries, holiday pay
and employer’s contributions 94.4 100.0
Accrued audit costs 3.2 3.4
Royalty 125 .1 74.4
Other accrued expenses 34.1 46.0
Reported value 256.7 223.9

ENAD GLOBAL 7 AB (PUBL) 70 Annual Report and Sustainability Report – 202 4

NOTE 23 Cash flow statement

Adjustments for non -cash flow items

Adjustments in operating profit
202 4-01-01
–202 4-12-31
202 3-01-01
–202 3-12-31
Depreciation and amortization 597 .8 243.8
Contingent considerations -141 .5 20.9
Result IP sales -38.3 0.0
Other non -cash flow affecting items 1.3 6.7
Total 419 .3 271.4

Change in liabilities attributable to financing activities

202 4-01-01 Cash flow from financing
Contracts entered into /
reclassification leasing Translation effects
Divestment
s
Borrowin
g costs
202 4-12-
31
Leasing liabilities 77.5 -26.0 10.7 4.5 66.4
Liabilities to credit institutions 3.5 -0.9 2.6
Total liabilities attributable to financing
activities 81.0 -27.3 10.7 4.5 69.0

202 3-01-
01
Cash
flow
from
financin
g
Contracts
entered into
/
reclassificatio
n leasing
Translatio
n effects
Divestmen
ts
Borrowin
g costs
202 3-12-
31
Leasing liabilities 41.1 -26.0 64.5 -2.1 77.5
Liabilities to credit institutions 104.0 -100.0 -0.5 3.5
Total liabilities attributable to financing
activities 145.1 126.0 64.5 -2.1 -0.5 81.0

NOTE 24 Pledged collateral and contingent liabilities

Pledged collateral for own
liabilities to credit institutions 202 4-12-31 202 3-12-31
Pledged shares in subsidiaries 0.0 3,577.9
Blocked bank funds regarding
rent deposit 0.0 2.6
Total 0.0 3,580.5

ENAD GLOBAL 7 AB (PUBL) 71 Annual Report and Sustainability Report – 202 4

NOTE 25 Transactions with related parties
A list of the Group ’s subsidiaries, which are also the companies that are related to the parent company, is provided in Note 19
Group companies. All transactions between Enad Global 7 AB (publ) and its subsidiaries have been eliminated in the consolidated
accounts. Further information on the parent company ’s transactions with subsidiaries can be found in the parent company ’s Note
19 Transactions with related parties.

For information on remuneration to senior executives, see Note 6 Employees and personnel costs.
EG7 ’s other transactions with related parties consist of transactions on commercial terms with companies in the same industry and
at arm ’s length.

Related party Related party income statement
202 4-01-01
–202 4-12-31
202 3-01-01
–202 3-12-31
Pixelated Ink 1) Revenue marketing related services 0.0 0.2
Cold Iron LLC 2) Revenue Game related work for hire 34.8 36.2
Arte Actus Capital AB 3) Consulting fees 0.0 -1.1
Agnition Capital 4) Consulting fees 0.0 -1.1
Gefwert Development AB 5) Consulting fees -0.6 -0.6
Petrol properties 6) Rent -4.4 -4.2

Related party Related party balance sheet item 202 4-01-01 202 4-12-31
202 3-01-01
–202 3-12-31
Cold Iron LLC 2) Receivable regarding game related work for hire 8.4 11.1
Cold Iron LLC 2) Publishing deal 245 .4 116.0
Total assets 253 .9 127.1

Jason Epstein Contingent consideration related to tax saving benefits 7) 114 .5 106.2
Ji Ham Contingent consideration related to tax saving benefits 7) 15.3 14.2
Gefwert Development AB Payable regarding consulting fees 0.0 0.1
Total liabilities 129 .8 120.5

1) Pix eleted Ink is partially owned by Petrol advertisings CEO Alan Hunter
2) Cold Iron is owned by EG7’s CEO Ji Ham and Chai rman of the Board Jason Epstein . During the year, Toadman has
delivered SEK 3 4.8 million in WFH – game development to Cold Iron LLC. Out of which SEK 2 6.4 million has been paid and
SEK 8.4 million remains as receivables. EG7 has made a total prepayment of SEK 245.4 million to Cold Iron LLC . Which will
be recouped on game release, and before any revenue share between the companies kicks in.
3) Arte Actus Capital AB is owned by former Board Member Alexander Albedj .
4) Agnition Capital is owned by former Board Member Shumsher Sing h.
5) Gefwert Development is owned by board member Mari e-Louise Gefwert .
6) Petrol properties is partially owned by Petrol advertisings CEO Alan Hunter .
7) Total estimated remaining amount by end of December 202 4 amounted to SEK 1 59.4 million of which SEK 1 14.5 refers to
Jason Epstein and SEK 1 5.3 million to Ji Ham. It refers to acquisition related tax saving benefits from the Daybreak
acquisition where the SPA stated that the seller, including Jason Epstein and Ji Ham, and the buyer receive half each from
the accumulated tax savings deriving from the acquisition. This amount will be fully settled in 2036 which also means that
the tax payments in Daybreak will increase at that point.

ENAD GLOBAL 7 AB (PUBL) 72 Annual Report and Sustainability Report – 202 4

NOTE 26 Business acquisitions

Acquisitions 2023
No acquisitions in 2023 .

Acquisitions 2024
On July 2, 2024, Daybreak acquired 100 percent of Singularity 6 (S6) for an initial purchase price of USD 5
million. S6 is the developer and publisher behind Palia, an online multiplayer life simulation game currently
available in open beta on Nintendo Switch and PC.

The initial purchase price was SEK 53.1 million, an adjustment of working capital of SEK -12.4 million resulted in a cash purchase
price of SEK 40.6 million. In addition to the initial purchase price, a performance based contingent consideration over the first five
years post closing. For the earnout, the sellers will be entitled to fifty percent of S6’s net cash flows over the five year period after
EG7 first recoups 100 percent of its investment in S6 , including the initial cash consideration. Included in the deal, S6’s team is
entitled to a performance -based incentive, based on Palia’s performance over the five -year -term.

At the time of acquisition, the reported value for contingent considerations amounted to SEK 33.1 million .

Acquired net assets at the time of acquisition Singularity 6 Co
Intangible assets 103.0
Tangible fixed assets 7.5
Deferred tax assets 2.8
Accounts receivable and other receivables 13.5
Cash and cash equivalents 13.5
Interest -bearing liabilities -1.6
Deferred tax liability -20.3
Accounts payable and other operating liabilities -61.5
Identified net assets 56.9

Goodwill 16.8
Total Pur chase Price 73.7

The purchase price consist s of:
Cash 40.6
Contingent consideration 33.1
Total purchase price 73.7

In connection with the acquisition of Singularity 6 , a goodwill of SEK 16.8 milllion arose in the form of a difference between the
transferred consideration and the fair value of the acquired net assets. Goodwill mainly refers to synergies and expertise in the
acquired company. Goodwill is not expected to be tax deductible.
The acquisition’s impact on the group’s cash flow

Singularity 6 Co
Cash consideration 40.6
Deducted :
Cash (acquired) 13.5
Net cash outflow 27.1

During the 6 months to 31 December 2024 , Singularity 6 contributed SEK 27.5 m illion to the group’s revenues . If the acquisition had
taken place at the beginning of the financial year , EG7 estimates that Singularity 6 would have contributed SEK 62.1 m illion to the
group’s revenues .

ENAD GLOBAL 7 AB (PUBL) 73 Annual Report and Sustainability Report – 202 4

NOTE 27 Events after the balance sheet date

On January 9, 2025, after the balance date the Board of Directors has initiated the process to wind down the operations in
Toadman. The effect of this decision will be fully seen in the second half of 2025, where an annual operating cost reduction of
appr oximately SEK 46.5 million will be recognized. This decision will affect 69 employees and subcontractors, of which
approximately 42 will stay engaged in protected projects over a transition period to fulfil the contract’s deliverables. This is also
expecte d to have a positive effect on both pre -tax profits and operating cash flows meanwhile having a limited impact on the
Group’s balance sheet.

On January 10, 2025, EG7 announced the initiation of a business optimization plan at its subsidiary Piranha, which is expecte d to
impact approximately 38 employees at Piranha and will be finalized by Q2. The initiative follows an updated forecast for Pira nha’s
latest project, “Clans,” which has performed below projections. The cost -saving measures are expected to result in annual savings
of approximately SEK 25.8 million.

On February 21, 2025, EG7 successfully placed a SEK 350 million senior unsecured floating rate bonds within in a bond framework
of a maximum of SEK 1,000,000,000. The Bonds will have a tenor of three years and carry a floating rate coupon of 3m STIBOR p lus
6.25 % per annum, reset quarterly. The net proceeds from the Bonds is intended to be used to finance permitted acquisitions and
investments in game development.

ENAD GLOBAL 7 AB (PUBL) 74 Annual Report and Sustainability Report – 202 4

PARENT COMPANY ’S INCOME STATEMENT

Values in SEKm Not e
202 4-01-01
–202 4-12-31
202 3-01-01
–202 3-12-31
Revenue
Net revenue 9.4 2.1
Other revenue 0.0 0.0
9.4 2.1

Own work capitalized 8 0.0 0.0
Operating expenses
Cost of goods sold -1.6 -31.9
Other external expenses 3,4 -20.0 -23.7
Personnel expenses -30.3 -18.6
Depreciation and amortization 8,9 0.0 0.0
Other expenses 0.0 0.0
Operating profit (EBIT) -42.5 -72.1

Financial items
Result from shares in group companies 10 -89.7 288.6
Financial income 5 6.0 3.6
Financial expenses 6 -2.0 -13.1
Profit after financial net 128 .1 207.0

Appropriations 0.0 0.0
Profit before tax 128 .1 207.0

Tax expense for the period 7 -32.0 -7.4
NET PROFIT /LOSS -160 .2 199.6

PARENT COMPANY ’S REPORT ON
COMPREHENSIVE INCOME
Values in SEKm Not e
202 4-01-01
–202 4-12-31
202 3-01-01
–202 3-12-31

Net profit /loss -160 .2 199.6
Comprehensive income for the period -160.2 199.6

ENAD GLOBAL 7 AB (PUBL) 75 Annual Report and Sustainability Report – 202 4

PARENT COMPANY’S BALANCE SHEET

Values in SEKm Not e 202 4-12-31 202 3-12-31
ASSETS

Intangible non -current assets
Capitalized expenses for development work and similar work 8 0.0 0.0
Total intangible non -current assets 0.0 0.0

Tangible non -current assets
Fixtures, tools and installations 9 0.1 0.2
Total tangible non -current assets 0.1 0.2

Financial non -current assets
Shares in group companies 10 3,518 .8 3,612.1
Receivables from group companies 0.0 0.0
Deferred tax assets 7 0.0 32.0
Other long -term receivables 2.7 2.6
Total financial non -current assets 3,521 .5 3,646.8

Total non -current assets 3,521 .5 3,646.9

Current assets
Accounts receivables 11 0.0 0.0
Receivables from group companies 11 49.9 36.8
Current tax receivable 0.0 0.2
Other receivables 0.1 8.0
Prepayments and accrued income 12 1.2 1.1
51.2 46.1

Cash and cash equivalents 11 17.6 99.6
Total current assets 68.8 145.8

TOTAL ASSETS 3,590 .4 3,792.7

ENAD GLOBAL 7 AB (PUBL) 76 Annual Report and Sustainability Report – 202 4

EQUITY AND LIABILITIES

Values in SEKm Not e 2024 -12-31 2023 -12-31
Equity 13
Share capital 3.5 3.5
Development expenditure fund 0.0 0.0
Restricted equity 3.5 3.5

Share premium reserve 4,609.0 4,609.0
Accumulated profit -917 .2 -1,116.8
Profit for the year -160 .2 199.6
Unrestricted equity 3,531 .6 3,691.8
Total equity 3,535 .1 3,695.3

Non -current liabilities
Bond loan 11,14 0.0 0.0
Liabilities to credit institutions 11 0.0 0.0
Liabilities to group companies 0.0 0.0
Total non -current liabilities 0.0 0.0

Current liabilities
Liabilities to credit institutions 11,14 0.0 0.0
Accounts payable 14 0.5 2.7
Liabilities to group companies 11,14 40.8 41.4
Other liabilities 11 0.0 40.4
Accrued expenses 15 14.0 12.9
Total current liabilities 55.3 97.4

Total liabilities 55.3 97.4

TOTAL EQUITY AND LIABILITIES 3,590 .4 3,792.7

ENAD GLOBAL 7 AB (PUBL) 77 Annual Report and Sustainability Report – 202 4

PARENT COMPANY ’S REPORT ON CHANGES IN
EQUITY

Values in SEKm Restricted equity Unrestricted equity
Share Capital
Capitalization
Reserve
Share
premium
reserve
Accumulated
profit
Total
equity
Opening balance 2023 -01-01 3.5 0.0 4,609.0 -1,076.9 3,535.6

Net profit/loss 199.6 199.6
Comprehensive income of the period 199.6 199.6

Transactions with shareholders:
Rights issues after transaction costs
Rights issues transaction costs
Tax effects transaction costs of rights issues
Total

Dividend -39.9 -39.9

Closing balance 2023 -12-31 3.5 0.0 4,609.0 -917.1 3,695.5

Opening balance 2024 -01-01 3.5 0.0 4,609.0 -917.1 3,695.5

Net profit /loss -160 .2 -160.2
Comprehensive income of the period -160 .2 -160.2

Transactions with shareholders:
Rights issues after transaction costs
Rights issues transaction costs
Tax effects transaction costs of rights issues
Total

Dividend

Closing balance 202 4-12-31 3.5 4,609.0 -1,077 .3 3,535 .3

ENAD GLOBAL 7 AB (PUBL) 78 Annual Report and Sustainability Report – 202 4

PARENT COMPANY ’S CASH FLOW S TATEMENT

Values in SEKm Not e
2024 -01-01
–2024 -12-31
2023 -01-01
–2023 -12-31
OPERATING ACTIVITIES
Operating profit -42.5 -72.1
Adjustment for non -cash flow items 16 0.0 0.0
Received interest etc. 3.9 3.6
Paid interest -2.0 -2.7
Paid income tax 0.0 0.0
Cash flow from operating activities before changes in working capital -40.6 -71.2

Cash flow from changes in working capital
Changes of current receivables -12.8 -0.0
Changes of current liabilities 0.1 -82.2
Cash flow from operating activities -53.3 -153.4

INVESTMENT ACTIVITIES
Acquisition of group companies 10 0.0 0.0
Divestment of group companies 7.5 29.6
Liquidation of group companies 6.8 0.0
Share holders contr ibution -121.5 0.0
Acquisition of tangible assets 0.0 -0.2
Acquisition of intangible assets 8 0.0 0.0
Cash flow from investment activities -107.1 29.4

FINANCING ACTIVITIES
Rights issue 0.0 0.0
Dividend received 118.3 288.6
Dividend to shareholders -39.9 0.0
Financial costs 16 0.0 -4.9
Repaid loans 16 0.0 -100.0
Cash flow from financing activities 78.4 183.7

CASH FLOW FOR THE PERIOD -82.0 59.8
Cash and cash equivalents at start of period 99.6 39.8
Exchange rate differences 0.0 0.0
Cash and cash equivalents at end of period 17.6 99.6

ENAD GLOBAL 7 AB (PUBL) 79 Annual Report and Sustainability Report – 202 4

PARENT COMPANY ’S NOTES

NOTE 1 Parent Company ’s Accounting Principles
The parent company prepares its financial reports in accordance
with the Annual Accounts Act (1995:1554) and the recommendation RFR 2 “Accounting for legal entities ” issued by the Swedish
Financial Reporting Board. The parent company applies the same accounting principles as the Group with the exceptions and
additions specified in RFR 2. This means that IFRS is applied with the deviations specified below. The accounting principles for the
parent company set out below have been applied consistently to all periods presented in the parent company ’s financial reports,
unles s otherwise stated.

Arrangement
The income statement and balance sheet are prepared for the parent company in accordance with the Annual Accounts Act, while
the statement of comprehensive income, the statement of changes in equity and the statement of cash flow are based on IAS 1
Presentation of Financial Statements and IAS 7 Statement of Cash Flows.

Leasing
The rules on accounting for leasing agreements in accordance with IFRS 16 are not applied in the parent company. This means t hat
leasing fees are reported as an expense on a straight -line basis over the leasing period, and that right -of-use assets and leas ing
liabilities are not included in the parent company ’s balance sheet. However, identification of a leasing agreement is made in
accordance with IFRS 16, i.e. that an agreement is, or contains, a leasing agreement if the agreement leaves the right to dec ide for
a certain period on the use of an identified asset in exchange for compensation.

Income from shares in subsidiaries
Dividends are reported when the right to receive payment is deemed secure. Revenues from the sale of subsidiaries are reporte d
when control of the subsidiary has been transferred to the buyer.

Taxes
In the parent company, deferred tax liabilities attributable to the untaxed reserves are reported with gross amounts in the b alance
sheet. The year -end appropriations are reported with the gross amount in the income statement.

Shares in subsidiaries
Shares in subsidiaries are reported in the parent company in accordance with the acquisition value method. This means that
transaction costs are included in the reported value of the holding. In cases where the book value exceeds the companies ’
consolidated value, a write -down is made which is charged to the income statement. An impairment analysis is carried out when
there is an indication that shares and participations have decreased in value. In cases where a previous write -down is no longer
justified, t his is reversed.

Assumptions are made about future conditions to calculate future cash flows that determine the recoverable amount. The
recoverable amount is compared with the reported value of these assets and forms the basis for any write -downs or reversals. The
assumpti ons that affect the recoverable amount the most are future earnings development, discount rate and useful life. If future
external factors and conditions change, assumptions may be affected so that the reported values of the parent company ’s assets
change.

Group contributions and shareholder contributions
The parent company reports both received and paid group contributions and appropriations in accordance with the alternative
rule. Shareholder contributions provided by the parent company are entered directly against equity at the recipient and are
reported as shares and participations with the parent company. Shareholders ’ contributions received are reported as an increase in
unrestricted equity.

Financial instruments
Due to the connection between accounting and taxation, the rules on financial instruments according to IFRS 9 are not applied in
the parent company as a legal entity, but the parent company applies the acquisition value method in accordance with the ÅRL. In
the parent company, financial fixed assets are thus valued at acquisition value and financial current assets according to the lowest
value principle, with the application of write -downs for expected credit losses according to IFRS 9 regarding assets that are debt
instruments. Contingent considerations are valued at the amount that the parent company deems would need to be paid if it was
settled at the balance date.

ENAD GLOBAL 7 AB (PUBL) 80 Annual Report and Sustainability Report – 202 4

The parent company applies the exemption not to value financial guarantee agreements for the benefit of subsidiaries and
associated companies and joint ventures in accordance with the rules in IFRS 9, but instead applies the principles for valuat ion in
acc ordance with IAS 37 Provisions, contingent liabilities and contingent assets.
Write -downs of financial assets
Financial assets, including intra -group receivables, are impaired for expected credit losses. For a method regarding write -downs for
expected credit losses, see the Group ’s accounting principles. Expected credit losses for intra -group receivables are estimated
through the general model in which the Group companies ’ credit worthiness is estimated.
Expected credit losses for cash and cash equivalents have not been reported, as the amount has been judged to be insignifican t.

Fund for research and development
Expenses for game development are recognized in the parent company as intangible assets in accordance with the Group ’s
principles. In the parent company, amounts corresponding to development expenses are transferred from unrestricted equity to a
fund for research and development expenses within restricted equity.

NOTE 2 Significant estimates and assessments

When preparing the financial statements, the company management and the Board must make certain estimates and assessments
that affect the carrying amount of asset and liability items and income and expense items, respectively, as well as other inf ormation
provided. The assessments are based on experiences and assumptions that the m anagement and the Board deem to be reasonable
in the prevailing circumstances. Actual outcome may then differ from these assessments if other conditions arise. The estimat es
and a ssessments are evaluated on an ongoing basis and are not considered to entail any significant risk of significant adjustments in
the reported values of assets and liabilities during the coming periods. Changes in estimates are reported in the period in w hich the
change is made if the change has only affected this period, or in the period in which the change is made and future periods i f the
change affects both the current period and future periods. The assessments that are most important in the preparation of the
financial statements are described below.

Shares in subsidiaries are valued for impairment when there is an indication that shares and participations have decreased in value .
The valuation uses cash flow forecasts for each subsidiary. Capitalized development costs are tested annually for future cash flows.

NOTE 3 Remuneration to auditors

PRICEWATERHOUSECOOPERS
2024 -01-01
–2024 -12-31
2023 -01-01
–2023 -12-31

Auditing services 1.8 1.8
Tax advice 0.1 0.2
Other fees 6.9 5.8
Total 8.8 7.9

Audit assignments refer to the auditor ’s work for the statutory audit and by auditing activities to different types of quality
assurance services. Other services are those that are not included in audit assignments or tax advice , for 202 4 this mainly consist of
costs connected to the up -listing .

ENAD GLOBAL 7 AB (PUBL) 81 Annual Report and Sustainability Report – 202 4

NOTE 4 Leasing agreements

Future minimum lease payments 202 4-12-31 202 3-12-31
Within 1 year 1.4 1.4
Between 2 -5 years 1.4 1.4
More than 5 years 0.0 1.4
Total 2.7 4.2

The parent company ’s leasing agreement mainly pertains to office premises.
Leasing fees expensed for the period amounted to SEK 1.5 million (4. 8 million ).

NOTE 5 Financial income

2024 -01-01
–2024 -12-31
2023 -01-01
–2023 -12-31
Assets and liabilities valued at accrued acquisition value:
Interest income, external 2.1 1.8
Interest income receivables from group companies 1.8 1.8
Total interest income according to the effective interest method 3.9 3.6
Other financial income
Exchange rate differences – income, financial items 2.1 0.0
Total 2.1 0.0

Total financial income 6.0 3.6

NOTE 6 Financial expenses

2024 -01-01
–2024 -12-31
2023 -01-01
–2023 -12-31
Assets and liabilities valued at accrued acquisition value:
Interest expenses liabilities to credit institutions 0.0 -0.7
Interest expenses liabilities to group companies -2.0 -2.0
Interest expenses other financial liabilities 0.0 0.0
Total interest expenses according to the effective interest method -2.0 -2.7
Other financial expenses
Exchange rate differences – costs, financial items 0.0 -5.5
Result divestment 0.0 0.0
Borrowing costs 0.0 -4.9
Total 0,0 -10,4

Total financial expenses -2.0 -13.1

ENAD GLOBAL 7 AB (PUBL) 82 Annual Report and Sustainability Report – 202 4

NOTE 7 Tax

2024 -01-01
–2024 -12-31
202 3-01-01
–2023 -12-31
Current tax 0.0 0.0
Change in deferred tax regarding temporary differences -32.0 -7.4
Reported tax -32.0 -7.4

Reconciliation of effective tax rate
Profit before tax -128 .1 207.0
Tax according to the current tax rate for the parent company (20.6%) 26.4 -42.6
Tax effect of:
Non -deductible expenses 0.0 -0.1
Adjustment of deferred tax in previous years -39.9 -24.1
Non -deductible interest 0.0 0.0
Dividend from subsidiaries 24.4 59.5
Result divestment of subsidiaries 1.4 0.0
Impairment of subsidiary shares -44.3 0.0
Reported tax -32.0 -7.4
Effective tax rate 25% -4%

Information on deferred tax assets and liabilities.
The following tables specify the tax effect of the temporary
differences:

Deferred tax assets
Deficit
deduction Total
Opening balance 202 4-01-01 32.0 32.0
Reported:
In profit -32.0 -32.0
In equity 0.0 0.0
Closing balance 202 4-12-31 0.0 0.0

Deferred tax assets
Deficit
deduction Total
Opening balance 202 3-01-01 39.4 39.4
Reported:
In profit -7.4 -7.0
In equity 0.0 0.0
Closing balance 202 3-12-31 32.0 32.0

ENAD GLOBAL 7 AB (PUBL) 83 Annual Report and Sustainability Report – 202 4

NOTE 8 Intangible assets

Intangible assets in the parent company consist of
capitalized expenses for development work and similar
work. The expenses arise in connection with the game
development.

Acquisition value
2024 -01-01
–2024 -12-31
2023 -01-01
–2023 -12-31
Opening balance 106. 3 106.3
This year’s purchases 0.0 0.0
Internally processed 0.0 0.0
Scraped and sales 0.0 0.0
Closing balance 106.3 106.3

Depreciation and amortization
Opening balance 0.0 0.0
This year’s depreciation and amortization 0.0 0.0
Closing balance 0.0 0.0

Impairment
Opening balance -106.3 -106.3
This year’s impairment 0.0 0.0
Scraped and sales 0.0 0.0
Closing balance -106.3 -106.3

Closing balance 0.0 0.0

NOTE 9 Tangible assets

Tangible assets in the parent company consist of office
equipment.

Acquisition value
2024 -01-01
–2024 -12-31
2023 -01-01
–2023 -12-31
Opening balance 0.3 0.1
This year’s purchases 0.0 0.2
Sales / scraps -0.1 0.0
Closing balance 0.2 0.3

Depreciation and amortization
Opening balance -0.1 -0.1
This year’s depreciation and amortization 0.0 0.0
Sales / scraps 0.1 0.0
Closing balance -0.0 -0.1

Closing balance 0.1 0.2

ENAD GLOBAL 7 AB (PUBL) 84 Annual Report and Sustainability Report – 202 4

NOTE 10 Shares in group companies

202 4-12-31 202 3-12-31
Opening balance acquisition value 3,796.2 3,796.2
Acquisition / shareholder contribution 121.5 0.0
Sales subsidiaries -1.7 0.0
Closing balance acquisition value 3,916.0 3,796.2

Impairment of a share in group companies 202 4-12-31 202 3-12-31
Opening balance accumulated impairments 184.1 184.1
Impairments for the year 213 .1 0.0
Closing balance accumulated impairments 397 .2 184.1
Closing balance 3,518 .8 3,612.1

Company Corporate identity number Location Equity 202 4-12-31
Net profit /loss 202 4 Share % Number of shares
Reported value 202 4-12-31
Reported value 2023-12-31
Toadman Interactive AB 559230 -6483 Stockholm, Sweden 4.3 -72.2 100% 100,000 0.1 62.4
Artplant AS NO983807747 Oslo, Norway 0.0 -0.2
Toadman Interactive GmbH DE314775478 Berlin, Germany 4.1 1.6
Toadman Interactive SAS 953 801 743 Montpellier, France 0.2 0.1
Sympa Games DOO 21801593 Novi Sad, Serbia 6.6 2.6
Anti -matter Games Ltd 8543466 Cornwall, UK 0.0 -4.7 -1,7
Petrol Advertising Inc EIN: 84 -2171339 North Varney, US 29.2 -17.4 100% 100 63.3 63.3 Sold -out Marketing & Distribution Ltd Reg nr. 06989121 London, UK 206 .6 14.2 100% 2 288.6 288.6
Dream Acquisition Co. 85-4392549 San Diego, US 3,209 .5 16.5 100% 10 2,866 .0 2,797.0
Daybreak Game Company LLC 20-4347762 San Diego, US -28.8 88.1
Standing Stone Games LLC 81-43419251 San Diego, US 551.2 68.3
Online Game Services 32-0508908 San Diego, US
Singularity 6 Co. 82-4857362 Los Angeles, USA 42.5 -1.2
Singularity 6 Canada Inc 769207143 Montreal, Kanada 2.8 -0.2
Big Blue Bubble Inc. OCN 5037200 London, Canada 305 .4 242 .9 100% 100 182.6 182.6
Piranha Games Inc. 865634174RC0002 Vancouver, Canada 114 .9 -315 .6 100% 100 118 .2 216.5
3,518 .8 3,612.1

ENAD GLOBAL 7 AB (PUBL) 85 Annual Report and Sustainability Report – 202 4

NOTE 11 Financial instruments

Financial assets / liabilities valued at accrued acquisition
value.

Financial assets 202 4-12-31 202 3-12-31
Receivables from group companies 49.9 36.8
Accounts receivable 0.0 0.0
Cash and cash equivalents 17.6 99.6
Total 67.5 136.4

Financial liabilities
Bond debt 0.0 0.0
Liabilities to credit institutions 0.0 0.0
Accounts payable 0.5 2.7
Liabilities to group companies 40.8 41.4
Contingent consideration 0.0 0.0
Other liabilities 0.0 40.4
Total 41.3 84.5

Liabilities to credit institutions bear variable interest rates.
For other financial instruments in the parent company, the
reported value is considered to be a good approximation of
the fair value.
The assets ’ maximum credit risk consists of the reported
values. The parent company has not received any pledged
collateral for the financial assets.

NOTE 12 Prepaid expenses and accrued
income

2024 -12-31 2023 -12-31
Prepaid rental expenses 0.4 0.4
Intra -group prepaid expenses 0.0 0.0
Other prepaid expenses 0.8 0.7
Reported value 1.2 1.1

NOTE 13 Equity

Fund for capitalized development
202 4-01-01
–202 4-12-31
202 3-01-01
–202 3-12-31
Opening balance 0.0 0.0
Increase through capitalized development expenses
Sales intangible assets
Decrease in line with amortization and write downs of intangible assets
Closing balance 0.0 0.0

For other information on equity, see Group Note 20 Equity.

ENAD GLOBAL 7 AB (PUBL) 86 Annual Report and Sustainability Report – 202 4

NOTE 14 Maturity analysis for financial
liabilities

2024-12-31 5 years Total
Liabilities to credit institutions 0.0 0.0 0.0 0.0 0.0 0.0
Accounts payable 0.5 0.0 0.0 0.0 0.0 0.5
Liabilities to group companies 0.0 40.8 0.0 0.0 0.0 40.8
Other liabilities 0.0 0.0 0.0 0.0 0.0 0.0

202 3-12-31 5 years Total
Liabilities to credit institutions 0.0 0.0 0.0 0.0 0.0 0.0
Accounts payable 2.7 0.0 0.0 0.0 0.0 2.7
Liabilities to group companies 0.0 41.4 0.0 0.0 0.0 41.4
Other liabilities 40.4 0.0 0.0 0.0 0.0 40.4

NOTE 15 Accrued expenses and prepaid
income

202 4-12-31 202 3-12-31
Accrued salaries, holiday pay and employer’s contributions 10.8 6.3
Auditing expenses 2.6 2.9
Other accrued expenses and prepaid income 0.6 3.7
Reported value 14.0 12.9

NOTE 16 Cash flow information

Adjustments for non -cash flow items
202 4-01-01
–202 4-12-31
202 3-01-01
–202 3-12-31
Adjustments in operating profit
Depreciation and amortization 0.0 0.0
Impairments 0.0 0.0
Provisions 0.0 0.0
Other 0.0 0.0
Total 0.0 0.0

Change in liabilities attributable to financing activities.

202 4-01-01 Cash flow changes
Non -cash flow
changes 202 4-12-31
Bond debt 0.0 0.0 0.0 0.0
Liabilities to credit institutions 0.0 0.0 0.0 0.0
Total liabilities attributable to financing activities 0.0 0.0 0.0 0.0

202 3-01-01 Cash flow changes
Non -cash flow
changes 202 3-12-31
Bond debt 0.0 0.0 0.0 0.0
Liabilities to credit institutions 99.5 -100.0 0.5 0.0
Total liabilities attributable to financing activities 99.5 -100.0 0.5 0.0

ENAD GLOBAL 7 AB (PUBL) 87 Annual Report and Sustainability Report – 202 4

NOTE 17 Pledged collateral and contingent
liabilities

Pledged collateral for own liabilities to credit institutions 202 4-12-31 202 3-12-31
Pledged shares in subsidiaries 0.0 3,577.9
Blocked bank balance, rent deposit 0.0 2.6
Total 0.0 3,580.5

NOTE 18 Transactions with related parties

Group companies
202 4-01-01
–2024-12-31
202 3-01-01
–202 3-12-31
Sales of goods / services 9.4 2.1
Purchase of goods / services -1.6 -31.6
Internal interest rate -0.2 -1.0
Receivable on the balance sheet date 49.9 36.8
Liability on the balance sheet date 40.8 41.4

NOTE 19 Events after the balance sheet
date

On February 21, 2025, EG7 successfully placed a SEK 350
million senior unsecured floating rate bonds within in a bond
framework of a maximum of SEK 1,000,000,000. The Bonds
will have a tenor of three years and carry a floating rate
coupon of 3m STIBOR plus 6.25 % per annum, reset
quarterly. The net proceeds from the Bonds is intended to
be used to finance permitted acquisitions and investments
in game development.

NOTE 20 Proposed allocation of profit and
loss

(SEKm) At the Annual General Meeting’s disposal stands: 2024 -12-31 2023 -12-31
Accumulated profit/loss -917.1 -1,116.7
Share premium reserve 4,609.0 4,609.0
Profit/loss of the year -160.2 199.6
3,531.7 3,691.8
The Board proposes that the following is carried forward
Carried forward 3,531.7 3,691.8
3,531.7 3,691.8

ENAD GLOBAL 7 AB (PUBL) 88 Annual Report and Sustainability Report – 202 4

D EFINITIONS

ALTERNATIVE PERFORMANCE MEASURES
Guidelines regarding alternative performance measures for companies with securities listed on a regulated market
within the EU have been issued by ESMA (The European Securities and Markets Authority). The interim report refers
to a number of undefined meas ures in accordance with IFRS that are used to help both investors and management to
analyse the company’s operations. Because not all companies calculate financial measures in the same way, these are
not always comparable with measures used by other compan ies. These financial measures should therefore not be
regarded as compensation for measures defined in accordance with IFRS. Below we describe the various measures not
defined in accordance with IFRS that have been used as a complement to the financial inf ormation reported in
accordance with IFRS and how these measures are used.
The reason why we use the alternative KPIs listed under Definitions is because they visualize operational performance
in such a way that a reasonable investor potentially would consider some or all of them in a decision to trade shares in
Enad Global 7 AB.
Average number of employees: The average number of employees during the period.
Cash conversion: Operational cashflow divided by proforma EBITDA over the last twelve months.
EBITDA: Earnings before interest, tax, depreciation and amortization of tangible and intangible non -current assets.
Adjusted EBITDA: EBITDA adjusted for items considered to be non -recurring and one -time in nature for comparability
between periods. Referring to Note 3 Segments for a detailed view of non recurring items.
EBITDA margin (%): EBITDA as a percentage of Net Revenue.
EBITA: Operating profit before depreciation of intangible assets.
EBITA margin (%): EBITA as a percentage of Net Revenue.
Adjusted EBIT: EBIT adjusted for items considered to be non -recurring and one -time in nature for comparability
between periods. Referring to Note 3 Segments for a detailed view of non recurring items.
EBIT margin (%): Operating profit as a percentage of Net Revenue.
Life to Date (LTD): Accumulated number since right from start.
Net cash: I nterest -bearing assets and cash and cash equivalents less interest -bearing liabilities.
Net debt: Interest -bearing liabilities less interest -bearing assets and cash and cash equivalents.
Net Revenue growth: Increase in Net Revenue from the same period the previous year as a percentage.
Organic growth: Net Revenue increase from comparable period last year divided by the Net Revenue for the
comparable period last year. Including all newly acquired businesses contributing with Revenue last year but excluding
newly acquired businesses contributing with Reve nues this year.
Organic growth in local currency: Organic growth excluding the translation impact of changed currency exchange
rates. The comparison period is recalculated with the average exchange rate for the current period.
Total Leverage: Cash debt (including remaining purchase consideration in cash and for the avoidance of doubt
excluding any remaining purchase considerations to be settled in company shares) divided by proforma EBITDA.

ENAD GLOBAL 7 AB (PUBL) 89 Annual Report and Sustainability Report – 202 4

OTHER DEFINITIONS
Earnings per share: Net profit for the period divided by the total number of shares outstanding.
Operating profit (EBIT): Earnings before financial items and tax.
Equity ratio: Equity as a percentage of total assets.
Net profit /loss : Profit /loss after tax for the period.
Net Revenue: Revenue from sales less discounts and after elimination of any related party transactions.
Number of shares: Total number of shares outstanding.

ENAD GLOBAL 7 AB (PUBL) 90 Annual Report and Sustainability Report – 202 4

Stockholm, 24 April 202 5

Ji Ham
CEO / Board Member
Jason Epstein
Chairman of the Board

Ben Br aun
Board Member
Marie -Louise Gefwert
Board Member

Ron Moravek
Board Member
Gunnar Lind
Board Member

Ebba Ljungerud
Board Member

Our audit report has been submitted on

Öhrlings PricewaterhouseCoopers AB

Niklas Renström
Authorized auditor

ENAD GLOBAL 7 AB (PUBL) 91 Annual Report and Sustainability Report – 202 4

AUDITORS REPORT

To the general meeting of the shareholders of Enad Global 7
AB (publ), corporate identity number 556923 -2387

Report on the annual accounts and consolidated
accounts

Opinions
We have performed an audit of the annual accounts and
consolidated accounts of Enad Global 7 AB (publ) for year
2024. The annual accounts and consolidated accounts of the
company are included on pages 35-91 in this document.
In our opinion, the annual accounts have been prepared in
accordance with the Annual Accounts Act and present fairly,
in all material respects, the financial position of the parent
company as of 31 December 2024 and its financial
performance and cash flow for the year then ended in
accordance with the Annual Accounts Act.
The consolidated accounts have been prepared in
accordance with the Annual Accounts Act and present fairly,
in all material respects, the financial position of the group as
of 31 December 2024 and their financial performance and
cash flow for the year then ended in accordance with IFRS
Accounting Standards, as adopted by the EU, and the Annual
Accounts Act. The statutory administration report is
consistent with the other parts of the annual accounts and
consolidated accounts.

We therefore recommend that the general meeting of
shareholders adopts the income statement and balance
sheet for the parent company and the group.

Our opinions in this report on the annual accounts and
consolidated accounts are consistent with the content of the
additional report that has been submitted to the parent
company’s audit committee in accordance with the Audit
Regulation (537/2014/EU) Article 11.

Basis for Opinions
We conducted our audit in accordance with International
Standards on Auditing (ISA) and generally accepted auditing
standards in Sweden. Our responsibilities under those
standards are further described in the Auditor’s
Responsibilities section. We are independent of the parent
company and the group in accordance with professional
ethics for accountants in Sweden and have otherwise
fulfilled our ethical responsibilities in accordance with these
requirements. This includes that, based on the best of our
knowledge and belief, no prohibited services referred to in
the Audit Regulation (537/2014/EU) Article 5.1 have been
provided to the audited company or, where applicable, its
parent company or its controlled companies within the EU.

We believe that the audit evidence we have obtained is
sufficient and appropriate to provide a basis for our
opinions .

Our audit approach
Focus and scope of the audit
We designed our audit by determining materiality and
assessing the risks of material misstatement in the
consolidated financial statements. In particular, we
considered where the Board of Directors and the Managing
Director made subjective judgements; for example, in
respect of significant accounting estimates that involved
making assumptions and considering future events that are
inherently uncertain. As in all of our audits, we also
addressed the risk of the Board of Directors and the
Managing Director override of internal controls, including
among other matters consideration of whether there was
evidence of bias that represented a risk of material
misstatement due to fraud.

We tailored the scope of our audit in order to perform
sufficient work to enable us to provide an opinion on the
consolidated financial statements as a whole, taking into
account the structure of the group, the accounting
processes and controls, and the industry in which the group
operates.

Materiality
The scope of our audit was influenced by our application of
materiality. An audit is designed to obtain reasonable
assurance whether the financial statements are free from
material misstatement. Misstatements may arise due to
fraud or error. They are considered material if individually or
in aggregate, they could reasonably be expected to influence
the economic decisions of users taken on the basis of the
consolidated financial statements.

Based on our professional judgement, we determined
certain quantitative thresholds for materiality, including the
overall group materiality for the consolidated financial
statements as a whole. These, together with qualitative
considerations, helped us to determine the scope of our
audit and the nature, timing and extent of our audit
procedures and to evaluate the effect of misstatements,
both individually and in aggregate on the financial
statements as a whole.

Key audit matter

Valuation of goodwill
We refer to Note 1 for a description of significant accounting
principles and to Note 12 intangible assets for a description
of this year’s impairment testing. Goodwill amounts to SEK
3,112 million as of December 31, 2024, and represents 63
percent of the total assets. The main risk is the need for an
impairment of the value related to these assets. The
company annually prepares a test to asse ss the value of
goodwill and whether there is a need for impairment. The
test is complex and depends on management’s expectations
regarding critical parameters such as future sales
development, margins, and the discount rate (WACC). The
company has an esta blished process to test the valuation,
based on identified cash -generating units (CGUs) as
described in Note 12.

ENAD GLOBAL 7 AB (PUBL) 92 Annual Report and Sustainability Report – 202 4

Valuation of internally generated intangible assets
and IP rights
We refer to Note 1 for a description of significant accounting
principles and to Note 12 intangible assets. Note 12 states
that as of December 31, 2024, capitalized expenditures for
proprietary game development amount to SEK 182 million
and investments in game rights amount to SEK 349 million.
The main risk is the nee d for an impairment of the value
related to these assets. To assess the value of the assets and
whether there is a need for impairment, the company has
prepared a valuation based on a budget of future cash flows
for each game. Due to the size of the amount s and the fact
that the valuation includes management’s assessments, this
is a particularly significant area in the audit.

How our audit considered the key audit matter
We have reviewed management’s assessment of whether
there is any need for goodwill impairment.

We have evaluated management’s determination of the
smallest cash -generating units.

We have assessed the mathematical accuracy of the model
used and evaluated key assumptions and the
reasonableness of the company’s forecasts.

We have verified a selection of management’s impairment
tests.

We have evaluated management’s method for determining
discount rates.

We have compared historical sales assumptions with actual
outcomes in 2023 and 2024 for the cash -generating units in
relation to forecasts.

We have also assessed the sensitivity of the calculations.

We have assessed whether the disclosures provided in the
notes to the annual report are in accordance with IFRS.

We have reviewed the company’s specification of internally
generated intangible assets, which consist of various games
and an ongoing development project for a game conducted
through the affiliated company Cold Iron.

We have sampled the projects and tested the accuracy of
capitalizing the expenses based on the criteria in IAS 38,
including evaluating the procedures to ensure that costs are
allocated to the correct project and, on a sample basis,
reviewed underlying exp enses against supporting
documentation.

We have followed up on management’s assessment of
future cash flows, and for games already available on the
market, we have assessed the reasonableness of future cash
flows against actual outcomes during 2024.

For games not yet released, we have, among other things,
challenged the company’s budget assumptions.
We have also evaluated and monitored the board’s work on
following up on investments in games, including the
activities of the Contract Review Committee.

We have verified a selection of management’s impairment
tests for games that have not yet been released. We have
assessed whether the disclosures provided in the notes to
the annual report comply with IFRS.

Other information than the annual accounts and
consolidated accounts
This document also contains other information than the
annual accounts and consolidated accounts and is found on
pages 1 -33. The Board of Directors and the Managing
Director are responsible for this other information.
Our opinion on the annual accounts and consolidated
accounts does not cover this other information and we do
not express any form of assurance conclusion regarding this
other information.

In connection with our audit of the annual accounts and
consolidated accounts, our responsibility is to read the
information identified above and consider whether the
information is materially inconsistent with the annual
accounts and consolidated accounts. In this procedure we
also take into account our knowledge otherwise obtained in
the audit and assess whethe r the information otherwise
appears to be materially misstated.

If we, based on the work performed concerning this
information, conclude that there is a material misstatement
of this other information, we are required to report that
fact. We have nothing to report in this regard.

Responsibilities of the Board of Directors and
the Managing Director
The Board of Directors and the Managing Director are
responsible for the preparation of the annual accounts and
consolidated accounts and that they give a fair presentation
in accordance with the Annual Accounts Act and, concerning
the consolidated accounts, in accordance with IFRS
Accounting Standards, as adopted by the EU, and the Annual
Accounts Act. The Board of Directors and the Managing
Director are also responsible for such internal control as
they determine is necessary to enable the preparation of
annual accounts and consolidated accounts that are free
from material misstatement, whether due to fraud or error.

In preparing the annual accounts and consolidated accounts,
the Board of Directors and the Managing Director are
responsible for the assessment of the company and group’s
ability to continue as a going concern. They disclose, as
applicable, matters related to going concern and using the
going concern basis of accounting. The going concern basis
of accounting is however not applied if the Board of
Directors and the Managing Director intends to liquidate the
company, cease operations or has no realistic alter native to
doing any of this.

The Audit Committee shall, without prejudice to the Board
of Director’s responsibilities and tasks in general, among
other things oversee the company’s financial reporting
process.

ENAD GLOBAL 7 AB (PUBL) 93 Annual Report and Sustainability Report – 202 4

Auditor’s responsibility
Our objectives are to obtain reasonable assurance about
whether the annual accounts and consolidated accounts as a
whole are free from material misstatement, whether due to
fraud or error, and to issue an auditor’s report that includes
our opinions. Reason able assurance is a high level of
assurance, but is not a guarantee that an audit conducted in
accordance with ISAs and generally accepted auditing
standards in Sweden will always detect a material
misstatement when it exists. Misstatements can arise from
fraud or error and are considered material if, individually or
in the aggregate, they could reasonably be expected to
influence the economic decisions of users taken on the basis
of these annual accounts and consolidated accounts.

A further description of our responsibility for the audit of
the annual accounts and consolidated accounts is available
on the Swedish Inspectorate of Auditors’ website:
www.revisorsinspektionen.se/revisornsansvar. This
description is part of the auditor’s report.

Report on other legal and regulatory
requirements

The auditor’s examination of the administration
of the company and the proposed
appropriations of the company’s profit or loss

Opinions
In addition to our audit of the annual accounts and
consolidated accounts, we have also audited the
administration of the Board of Directors and the Managing
Director of Enad Global 7 AB (publ) for year 2024 and the
proposed appropriations of the company’s profit or loss.

We recommend to the general meeting of shareholders that
the profit be appropriated in accordance with the proposal
in the statutory administration report and that the members
of the Board of Directors and the Managing Director be
discharged from liability for the financial year.

Basis for Opinions
We conducted the audit in accordance with generally
accepted auditing standards in Sweden. Our responsibilities
under those standards are further described in the Auditor’s
Responsibilities section. We are independent of the parent
company and the group in accordance with professional
ethics for accountants in Sweden and have otherwise
fulfilled our ethical responsibilities in accordance with these
requirements.
We believe that the audit evidence we have obtained is
sufficient and appropriate to provide a basis for our
opinions.

Responsibilities of the Board of Directors and
the Managing Director
The Board of Directors is responsible for the proposal for
appropriations of the company’s profit or loss. At the
proposal of a dividend, this includes an assessment of
whether the dividend is justifiable considering the
requirements which the company and group’s type of
operations, size and risks place on the size of the parent
company’s equity, consolidation requirements, liquidity and
position in general.

The Board of Directors is responsible for the company’s
organization and the management of the company’s affairs.
This includes among other things continuous assessment of
the company and group’s financial situation and ensuring
that the company’s organization is designed so that the
accounting, management of assets and the company’s
financial affairs otherwise are controlled in a reassuring
manner. The Managing Director shall manage the ongoing
administrati on according to the Board of Directors’
guidelines and instructions and among other matters take
measures that are necessary to fulfill the company’s
accounting in accordance with law and handle the
management of assets in a reassuring manner.

Auditor’s responsibility
Our objective concerning the audit of the administration,
and thereby our opinion about discharge from liability, is to
obtain audit evidence to assess with a reasonable degree of
assurance whether any member of the Board of Directors or
the Managing Director in any material respect:
has undertaken any action or been guilty of any omission
which can give rise to liability to the company, or
in any other way has acted in contravention of the
Companies Act, the Annual Accounts Act or the Articles of
Association

Our objective concerning the audit of the proposed
appropriations of the company’s profit or loss, and thereby
our opinion about this, is to assess with reasonable degree
of assurance whether the proposal is in accordance with the
Companies Act.

Reasonable assurance is a high level of assurance, but is not
a guarantee that an audit conducted in accordance with
generally accepted auditing standards in Sweden will always
detect actions or omissions that can give rise to liability to
the company, or that the proposed appropriations of the
company’s profit or loss are not in accordance with the
Companies Act.

A further description of our responsibility for the audit of
the administration is available on the Swedish Inspectorate
of Auditors’ website:
www.revisorsinspektionen.se/revisornsansvar. This
description is part of the auditor’s report.

The auditor’s examination of the Esef report
Opinion
In addition to our audit of the annual accounts and
consolidated accounts, we have also examined that the
Board of Directors and the Managing Director have prepared
the annual accounts and consolidated accounts in a format
that enables uniform electronic reporting (the Esef report)
pursuant to Chapter 16, Section 4(a) of the Swedish
Securities Market Act (2007:528) for Enad Global 7 AB (publ)
(publ) for the year 2024.

Our examination and our opinion relate only to the statutory
requirements.

ENAD GLOBAL 7 AB (PUBL) 94 Annual Report and Sustainability Report – 202 4

In our opinion, the Esef report has been prepared in a
format that, in all material respects, enables uniform
electronic reporting.

Basis for Opinion
We have performed the examination in accordance with
FAR’s recommendation RevR 18 Examination of the Esef
report. Our responsibility under this recommendation is
described in more detail in the Auditors’ responsibility
section. We are independent of Enad Global 7 AB (publ)
(publ) in accordance with professional ethics for accountants
in Sweden and have otherwise fulfilled our ethical
responsibilities in accordance with these requirements.

We believe that the evidence we have obtained is sufficient
and appropriate to provide a basis for our opinion.

Responsibilities of the Board of Directors and the
Managing Director
The Board of Directors and the Managing Director are
responsible for the preparation of the Esef report in
accordance with the Chapter 16, Section 4(a) of the Swedish
Securities Market Act (2007:528), and for such internal
control that the Board of Directors and the Managing
Director determine is necessary to prepare the Esef report
without material misstatements, whether due to fraud or
error.

Auditor’s responsibility
Our responsibility is to obtain reasonable assurance whether
the Esef report is in all material respects prepared in a
format that meets the requirements of Chapter 16, Section
4(a) of the Swedish Securities Market Act (2007:528), based
on the procedures performed.

RevR 18 requires us to plan and execute procedures to
achieve reasonable assurance that the Esef report is
prepared in a format that meets these requirements.
Reasonable assurance is a high level of assurance, but it is
not a guarantee that an engagement carried out according
to RevR 18 and generally accepted auditing standards in
Sweden will always detect a material misstatement when it
exists. Misstatements can arise from fraud or error and are
considered material if, individually or in aggregate, they
could reasonably be expected to influence the economic
decisions of users taken on the basis of the Esef report.

The firm applies International Standard on Quality
Management 1, which requires the firm to design,
implement and operate a system of quality management
including policies or procedures regarding compliance with
ethical requirements, professional standards and applicable
legal and regulatory requirements.

The examination involves obtaining evidence, through
various procedures, that the Esef report has been prepared
in a format that enables uniform electronic reporting of the
annual accounts. The procedures selected depend on the
auditor’s judgment, including the assessment of the risks of
material misstatement in the report, whether due to fraud
or error. In carrying out this risk assessment, and in order to
design audit procedures that are appropriate in th e
circumstances, the auditor considers those elemen ts of
internal control that are relevant to the preparation of the
Esef report by the Board of Directors and the Managing
Director, but not for the purpose of expressing an opinion
on the effectiveness of those internal controls. The
examination also includes an evaluation of the
appropriateness and reasonableness of assumptions made
by the Board of Directors and the Managing Director.

The procedures mainly include a validation that the Esef
report has been prepared in a valid XHTML format and a
reconciliation of the Esef report with the audited annual
accounts and consolidated accounts.

Furthermore, the procedures also include an assessment of
whether the consolidated statement of financial
performance, financial position, changes in equity, cash flow
and disclosures in the Esef report have been marked with
iXBRL in accordance with what follows from the Esef
regulation.

Öhrlings PricewaterhouseCoopers AB, 113 97 Stockholm,
was appointed as Enad Global 7 AB (publ)’s auditor by the
general meeting of shareholders on 19 juni 2024 and has
been the company’s auditor since 21 juni 2022.

Stockholm 24 April 202 5

Öhrlings PricewaterhouseCoppers AB

Niklas Renström
Authorized Public Accountant

This is a translation of the Swedish language original. In the
event of any differences between this translation and the
Swedish language original, the latter shall prevail.

ENAD GLOBAL 7 AB (PUBL) 95 Annual Report and Sustainability Report – 202 4

Auditor’s report on the Corporate Governance Statement

To the general meeting of the shareholders in Enad Global 7 AB (publ), corporate identity number 556923 -2387

Engagement and responsibility
It is the board of directors who is responsible for the corporate governance statement for the year 2024 (the financial year) on
pages 23 -33 and that it has been prepared in accordance with the Annual Accounts Act.

The scope of the audit
Our examination has been conducted in accordance with FAR’s standard Rev 16 The auditor’s examination of the corporate
governance statement. This means that our examination of the corporate governance statement is different and substantially le ss
in scope than an audit conducted in accordance with International Standards on Auditing and generally accepted auditing
standards in Sweden. We believe that the examination has provided us with sufficient basis for our opinions.

Opinion
A corporate governance statement has been prepared. Disclosures in accordance with chapter 6 section 6 the second paragraph
points 2 -6 the Annual Accounts Act and chapter 7 section 31 the second paragraph the same law are consistent with the annual
accounts and the consolidated accounts and are in accordance with the Annual Accounts Act.

Stockholm 24 April 2025

A statutory sustainability report has been prepared.

Niklas Renström
Authorized Public Accountant

This is a translation of the Swedish language original. In the event of any differences between this translation and the Swed ish
language original, the latter shall prevail.

ENAD GLOBAL 7 AB (PUBL) 96 Annual Report and Sustainability Report – 202 4

Auditor’s report on the statutory sustainability report

To the general meeting of the shareholders in Enad Global 7 AB (publ), corporate identity number 556923 -2387

Engagement and responsibility
It is the board of directors who is responsible for the statutory sustainability report for the year 2024 (the financial year) on pages
9-22 and that it has been prepared in accordance with the Annual Accounts Act according to the prior wording that was in effect
before 1 July 2024.

The scope of the audit
Our examination has been conducted in accordance with FAR’s standard RevR 12 The auditor´s opinion regarding the statutory
sustainability report. This means that our examination of the statutory sustainability report is substantially different and less in
scope than an audit conducted in accordance with International Standards on Auditing and generally accepted auditing standard s
in Sweden. We believe that the examination has provided us with sufficient basis for our opinion.

Opinion
A Statutory Sustainability Report has been prepared.

Stockholm 2 4 April 202 5

A statutory sustainability report has been prepared.

Niklas Renström
Authorized Public Accountant

This is a translation of the Swedish language original. In the event of any differences between this translation and the Swed ish
language original, the latter shall prevail.