Enad Global 7 FY2024 Q1 Earnings Release

Apr, 2024 x
Investor Presentation
Q1 2024
2 0 2 4 / 0 5 / 1 4

Key Performance Figures
E G 7 Q 1 2 0 2 4 I N T E R I M R E P O R T
2
NET REVENUE
MSEK
ADJUSTED EBITDA
MSEK
NET CASH POSITION
MSEK
 No major content releases this period
 No big boost from My Singing Monsters (MSM) this time
 Comparatively lower performance from last year due to:
 Main reason is MSM settling down at a lower level as expected
 Difference in product/content levels between the periods
 Market weakness
Y – O – Y C O M P A R I S O N N O T S T R A I G H T F O R W A R D
 Variability in product and content release timing makes Y-o-Y
comparison not always appropriate
 Peaks and valleys in our results depending on the pipeline
 Group not yet at the stage where performance can be
smoothed out
A Q U I E T Q U A R T E R A S E X P E C T E D

Q1 2024 Adjusted EBITDA Contribution
E G 7 Q 1 2 0 2 4 I N T E R I M R E P O R T
3
 MSM lower performance as expected
 Daybreak performing as expected
 Piranha contribution down from SEK
23mm due to content timing
difference
 Market weakness not impacting live
service games in a meaningful way
G A M E S
 Service businesses under more
pressure from market weakness
 Toadman and Petrol are both
meaningfully impacted by this
 Fireshine’s physical distribution also
down but indie digital publishing
providing positive offset
S E R V I C E S
A D J U S T M E N T S M A D E
 Cost reduced at Toadman and Petrol
 Headcount down by 45
 Estimated annual savings of SEK
35mm
 Continuing to evaluate trends and
will adjust further if needed
MSEK

M A U T R E N D S ( J A N 2 0 2 1 – M A R 2 0 2 4 ) N E T R E V E N U E C O M P A R I S O N ( M S E K )
My Singing Monsters Normalizing at a Solid Level
E G 7 Q 1 2 0 2 4 I N T E R I M R E P O R T
4
• MSM close to stabilizing at a
solid new normalized level
• New level is lower than the
peak but still over 2x higher
than prior to the uptick
Jan-21
Mar-21
May-21
Jul-21
Sep-21
Nov-21
Jan-22
Mar-22
May-22
Jul-22
Sep-22
Nov-22
Jan-23
Mar-23
May-23
Jul-23
Sep-23
Nov-23
Jan-24
Mar-24
26
218
69
1Q22 1Q23 1Q24
Jan-21
465k
Dec-22
2.6m
Mar-24
1.1m

Outlook for the Rest of 2024*
E G 7 Q 1 2 0 2 4 I N T E R I M R E P O R T
5
Notable Product / Content Release Schedule for 2024*
Q4 Q3 Q2 Q1
Large
MechWarrior 5: Clans
Medium
EQ & EQ2 expansions
LOTRO expansion
Yearend events/promos
Core Keeper console
EQ2 origin server
DDO expansion pack
EQ progression server
Small
EQ2 anniversary
DCUO DLC
Evil v Evil release
EQ2 origin server
MSM anniversary
MTGO anniversary
DCUO Xbox S/X
LOTRO anniversary
DCUO PS5
DCUO DLC
MW5 DLC 6
DCUO anniversary
DDO anniversary
EQ anniversary
 Still on track for the full year target
 First quarter not indicative of the full year given the large variability in timing of our product/content slate for the year
 Heavier backload than usual this year with MechWarrior 5: Clans release later in the year
*Schedule subject to change based on various factors, including potential development delays, market conditions and etc. Not an all-inclusive schedule and only includes select highlights.

W H E R E W E S T A N D T O D A Y
 Solid financial standing today
 Excess liquidity
 Steady cash flows
 No leverage
 No concerns in withstanding market
downturn
 Stable foundation to execute our
business plan from
 Early stages of long-term business
plan execution
I N T E R I M T R A N S I T I O N P E R I O D
 Transition will last several quarters
 Expectations over this period:
 Steady profitability – live service titles
will be steady to slowly declining
 New product releases to “augment”
profit streams from live games
 Until “of scale”, variability in q-to-q
and y-o-y growth
 Depends on product release timing
 Short 3-month window not the right way
to evaluate performance
 Review of a broader sample size (12 mo)
needed until we are at scale
Transition in Progress
E G 7 Q 1 2 0 2 4 I N T E R I M R E P O R T
6
D E S T I N A T I O N – A T S C A L E
 Targeting 2026 and beyond
 New performance level above SEK 3bn
of Net Revenue and SEK 1bn of Adjusted
EBITDA
 2 middle market AA title releases per
year, growing to 4 over time
 Franchise based model with
predictable cadence of releases
 Pipeline designed for repeatability and
predictable output with known IPs
 Premium and hybrid product pricing
model for more predictable outcomes

Financial Discussion

Q U A R T E R L Y L T M
Net Revenue, ADJ EBITDA and EBIT
E G 7 Q 1 2 0 2 4 I N T E R I M R E P O R T
8
572
483
517
473
382
190
113
141
98
62
139
25
43
45
40
33%
23%
27%
21%
16%
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
0
100
200
300
400
500
600
700
1Q23 2Q23 3Q23 4Q23 1Q24
Net Revenue Adjusted EBITDA EBIT Adj EBITDA Margin
2038
2058
2131
2045
1855
566
595
623
542
414
-165
39
23
252
153
28%
29%
29%
27%
22%
0%
5%
10%
15%
20%
25%
30%
35%
40%
45%
50%
-500
0
500
1000
1500
2000
2500
1Q23 2Q23 3Q23 4Q23 1Q24
Net Revenue Adjusted EBITDA EBIT Adj EBITDA Margin

D A Y B R E A K B I G B L U E B U B B L E
Net Revenue and
Adjusted EBITDA Mix
E G 7 Q 1 2 0 2 4 I N T E R I M R E P O R T
9
218
144
123
86
69
133
86
88
49
38
61%
59%
71%
57%
56%
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
0
50
100
150
200
250
1Q23 2Q23 3Q23 4Q23 1Q24
QUARTERLY
Net Revenue Adjusted EBITDA Adj EBITDA Margin
Q 1 N E T R E V E N U E C O N T R I B U T I O N
49% 188 Daybreak
18% 69 Big Blue Bubble
33% 125 Rest of the group
100% 382 Group total
Q 1 A D J E B I T D A C O N T R I B U T I O N
68% 42 Daybreak
61% 38 Big Blue Bubble
-29% -18 Rest of the group
100% 62 Group total
201
190
181
182
188
52
48
34
29
42
26%
25%
19%
16%
22%
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
0
50
100
150
200
250
1Q23 2Q23 3Q23 4Q23 1Q24
QUARTERLY
Net Revenue Adjusted EBITDA Adj EBITDA Margin

P I R A N H A T O A D M A N
Net Revenue and
Adjusted EBITDA Mix
E G 7 Q 1 2 0 2 4 I N T E R I M R E P O R T
10
Q 1 N E T R E V E N U E C O N T R I B U T I O N
6% 21 Piranha
4% 17 Toadman
90% 344 Rest of the group
100% 382 Group total
Q 1 A D J E B I T D A C O N T R I B U T I O N
5% 3 Piranha
-10% -6 Toadman
104% 64 Rest of the group
100% 62 Group total
51
24
28
30
21
23
6
8
11
3
46%
25%
30%
37%
16%
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
0
10
20
30
40
50
60
1Q23 2Q23 3Q23 4Q23 1Q24
QUARTERLY
Net Revenue Adjusted EBITDA Adj EBITDA Margin
6
11
14
19
17
-5
-3
-6
-5
-6
-83%
-29%
-39%
-29%
-35%
-200%
-150%
-100%
-50%
0%
50%
100%
150%
-10
-5
0
5
10
15
20
1Q23 2Q23 3Q23 4Q23 1Q24
QUARTERLY
Net Revenue Adjusted EBITDA Adj EBITDA Margin

F I R E S H I N E P E T R O L
Net Revenue and
Adjusted EBITDA Mix
E G 7 Q 1 2 0 2 4 I N T E R I M R E P O R T
11
Q 1 N E T R E V E N U E C O N T R I B U T I O N
12% 46 Fireshine
11% 40 Petrol
77% 296 Rest of the group
100% 382 Group total
Q 1 A D J E B I T D A C O N T R I B U T I O N
0% 0 Fireshine
-10% -6 Petrol
110% 68 Rest of the group
100% 62 Group total
49
36
51
50
40
6
-9
2
3
-6
12%
-25%
4%
5%
-16%
-100%
-80%
-60%
-40%
-20%
0%
20%
40%
60%
80%
100%
-20
-10
0
10
20
30
40
50
60
1Q23 2Q23 3Q23 4Q23 1Q24
QUARTERLY
Net Revenue Adjusted EBITDA Adj EBITDA Margin
48
78
120
107
46
2
3
19
11
0
4%
4%
16%
11%
1%
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
0
20
40
60
80
100
120
140
1Q23 2Q23 3Q23 4Q23 1Q24
QUARTERLY
Net Revenue Adjusted EBITDA Adj EBITDA Margin

( M S E K )
Net Debt to EBITDA Ratio and Cash
E G 7 Q 1 2 0 2 4 I N T E R I M R E P O R T
12
Q1 Cash Flow
* Taxes paid in BBB -69 MSEK
** IP sale in DB +61 MSEK
*** Dividend paid -20 MSEK
Continued strong
Net Cash Position
481 Cash OB
-14 Operation*
+7 Investing**
-26 Financing***
-33 Delta Cash
+18 Currency fluctuations in liquidity
467 Cash CB
At the end of Q1, EG7 had SEK 116.5 million in deferred tax assets not recognized under IFRS
88
93
114
123
165
453 454
473
481
467
– 365
– 361
– 358 – 358
– 302
-0.6
-0.6
-0.6
-0.7
-0.8
(0.90)
(0.80)
(0.70)
(0.60)
(0.50)
(0.40)
(0.30)
(0.20)
(0.10)
–
– 600
– 400
– 200
–
200
400
600
1Q23 2Q23 3Q23 4Q23 1Q24
Cash debt Cash at hand Net debt Full Leverage

E Y E O N T H E P R I Z E
Market
 YTD, the industry suffered another 9500 lay offs
 Market is estimated to grow at 3% CAGR through 2026
EG7
 As previously communicated 2024, will be a transition year
 New growth initiatives starting to kick-in towards the end of the year
 2024 full year targets
 Net Revenue of 1.8 billion
 2026 full year targets
 Net Revenue of SEK 3 billion
 Adj EBITDA of SEK 1 billion
 Driven by named and unnamed projects
Figures in Perspective
E G 7 Q 1 2 0 2 4 I N T E R I M R E P O R T
13
0
500
1000
1500
2000
2500
3000
3500
2021 2022 2023 2026
Net Revenue Adj EBITDA

2023-2026P 16%
organic CAGR
(MSEK)

Summary

Summary
E G 7 Q 1 2 0 2 4 I N T E R I M R E P O R T
15
 As expected, Q1 was a “quieter” quarter, reflecting limited planned releases
 No major product and content releases for the period
 MSM lower level performance as expected
 Market weakness pressuring our 3
rd
party service business units
 Outlook for the year is still intact
 Q1 performance level not indicative of our full year performance
 Major/large product releases weighted towards the backend of the year
 Risks have increased with the market challenges but not enough to derail our plans
 For now, we remain on track and are working hard to deliver against our published
targets
 Benefitting from our solid financial position in a tough environment
 Reaping the benefits of pre-emptive actions taken to fortify our foundation
 Limited risks or concerns from the on-going market correction
 Able to maintain long-term focus while some of our peers are fighting for survival

Q&A