Enad Global 7 FY2024 Q3 Earnings Release

x
Investor Presentation
Q3 2024
2 0 2 4 / 1 1 / 1 2

Key Performance Figures
E G 7 Q 3 2 0 2 4 I N T E R I M R E P O R T
2
NET REVENUE
466
MSEK
ADJUSTED EBITDA
102
MSEK
NET CASH POSITION
219
MSEK
▪ Strong sequential upswing from Q2 2024
▪ 32% increase in Net Revenue and 204% increase in Adjusted EBITDA
▪ More accentuated sequential uptick due to:
▪ Heavier than typical backend weighted product pipeline for the year
▪ Q3 results boosted by a number of new product and content releases from the games business units
▪ Successful integration of the newly acquired studio, Singularity 6 (S6)
▪ S6 was acquired on July 2, adding its game Palia to our portfolio
▪ During the period, Palia contributed 28 MSEK in Net Revenue
A S O L I D R E B O U N D F R O M Q 2 2 0 2 4 L O W S

Q3 2024 Adjusted EBITDA Contribution
E G 7 Q 3 2 0 2 4 I N T E R I M R E P O R T
3
▪ MSM performing steadily with a boost for
the quarter with anniversary content
▪ A solid quarter for Daybreak driven by EQ
and LOTRO’s strong performance
▪ Piranha results reflect the teams focus on
the October launch of MechWarrior 5:
Clans
G A M E S
▪ Fireshine delivered a strong quarter led
by Core Keepers’ successful 1.0 release
▪ Softer market conditions keeping the
pressure on Toadman and Petrol results
S E R V I C E S O T H E R H I G H L I G H T S
▪ Successful closing and integration of
Singularity 6 during the quarter
▪ Completion of the latest round of cost –
saving and business optimization
▪ Total expected annual cost -saving
amount of 103 MSEK
▪ Shortly after the quarter end, successful
release of MechWarrior 5: Clans
MSEK
(8)
(2)

MechWarrior 5: Clans
E G 7 Q 3 2 0 2 4 I N T E R I M R E P O R T
4
▪ Released on October 17, 2024
▪ Across Steam, Xbox, Game Pass Xbox/PC and PlayStation
▪ Solid critical and community reception
▪ Metacritic rating at 79 (vs 73 for MW5: Mercenaries)
▪ Steam rating at 77% and trending towards 80+
▪ Confidence in the overall expectations
▪ Expected to perform better than MW5: Mercenaries, which generated SEK 300+mm of Net
Revenues life -to -date
▪ However, the performance during the initial release window has been softer
▪ Release delay near Call of Duty release has limited the runway
▪ Originally planned for September release but had to delay for final completion
▪ Expectations for longtail sales with continuing support and new content releases with
compelling DLCs going forward
▪ A solid first step for our franchise -based AA middle market publishing strategy:
▪ Quality game based on an established IP
▪ More predictable performance and reliable returns
▪ Next major steps in 2025:
▪ Release of Palia on PlayStation and Xbox
▪ New title from Cold Iron based on a major motion picture franchise IP

Financial Discussion

Q U A R T E R L Y L T M
Net Revenue, ADJ EBITDA and EBIT
E G 7 Q 3 2 0 2 4 I N T E R I M R E P O R T
6
(MSEK)
517
473
382
353
466
141
98
62 33
102
43 45 40
-26 -5
27%
21%
16%
9%
22%
0%
5%
10%
15%
20%
25%
30%
35%
40%
45%
50%
-50
50
150
250
350
450
550
650
3Q23 4Q23 1Q24 2Q24 3Q24
Net Revenue Adjusted EBITDA EBIT Adj EBITDA Margin
2131 2045
1855
1725 1673
623 542
414 334 295
23
252 153 102 55
29%
27%
22%
19% 18%
0%
5%
10%
15%
20%
25%
30%
35%
40%
45%
50%
0
500
1 000
1 500
2 000
2 500
3Q23 4Q23 1Q24 2Q24 3Q24
Net Revenue Adjusted EBITDA EBIT Adj EBITDA Margin

Q U A R T E R L Y L T M
Sustainable part of Net Revenue
E G 7 Q 3 2 0 2 4 I N T E R I M R E P O R T
7
(MSEK)
517
473
382
353
466
301
272 271 261
305 58% 57%
71% 74%
65%
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
0
100
200
300
400
500
600
3Q23 4Q23 1Q24 2Q24 3Q24
Net Rev Sustainable %
2131 2045
1855
1725 1673
1403 1318
1165 1105 1108
66% 64% 63% 64% 66%
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
0
500
1000
1500
2000
2500
3Q23 4Q23 1Q24 2Q24 3Q24
Net Rev Sustainable %

D A Y B R E A K B I G BLUE BUBBLE
Net Revenue and
Adjusted EBITDA Mix
E G 7 Q 3 2 0 2 4 I N T E R I M R E P O R T
8
Q 2 N E T R E V E N U E C O N T R I B U T I O N
Daybreak 212 46%
Big Blue Bubble 84 18%
Rest of the group 169 36%
Group total 466 100%
Q 2 A D J E B I T D A C O N T R I B U T I O N
Daybreak 52 51%
Big Blue Bubble 42 41%
Rest of the group 8 7%
Group total 102 100% (MSEK)
181 182 188
167
212
34 29 42
12
52 19% 16% 22%
7%
25%
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
0
50
100
150
200
250
3Q23 4Q23 1Q24 2Q24 3Q24
QUARTERLY
Net Revenue Adjusted EBITDA Adj EBITDA Margin
123
86
69
75
84 88
49
38 37 42
71%
57% 56%
49% 50%
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
0
20
40
60
80
100
120
140
3Q23 4Q23 1Q24 2Q24 3Q24
QUARTERLY
Net Revenue Adjusted EBITDA Adj EBITDA Margin

Net Revenue and
Adjusted EBITDA Mix
E G 7 Q 3 2 0 2 4 I N T E R I M R E P O R T
9
Q 2 N E T R E V E N U E C O N T R I B U T I O N
Piranha 16 3%
Toadman 9 2%
Rest of the group 441 95%
Group total 466 100%
Q 2 A D J E B I T D A C O N T R I B U T I O N
Piranha 3 3%
Toadman -2 -2%
Rest of the group 101 99%
Group total 102 100%
P I R A N H A T O A D M A N
(MSEK)
28
30
21 23
16
8 11
3
8
3
30%
37%
16%
35%
17%
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
0
5
10
15
20
25
30
35
3Q23 4Q23 1Q24 2Q24 3Q24
QUARTERLY
Net Revenue Adjusted EBITDA Adj EBITDA Margin
14
19 17
12
9
-6 -6 -6
-9
-2 -39% -29% -35%
-75%
-23%
-100%
-80%
-60%
-40%
-20%
0%
20%
40%
60%
80%
100%
-15
-10
-5
0
5
10
15
20
3Q23 4Q23 1Q24 2Q24 3Q24
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 3 2 0 2 4 I N T E R I M R E P O R T
10
Q 2 N E T R E V E N U E C O N T R I B U T I O N
Fireshine 110 24%
Petrol 35 8%
Rest of the group 321 69%
Group total 466 100%
Q 2 A D J E B I T D A C O N T R I B U T I O N
Fireshine 16 16%
Petrol 0 0%
Rest of the group 86 84%
Group total 102 100% (MSEK)
120
107
46
38
110
19 11
0 -2
16
16% 11%
1% -5%
15%
-20%
0%
20%
40%
60%
80%
100%
-20
0
20
40
60
80
100
120
140
3Q23 4Q23 1Q24 2Q24 3Q24
QUARTERLY
Net Revenue Adjusted EBITDA Adj EBITDA Margin
51 50
40 38 35
2 3
-6
0
0
4% 5%
-16%
-1% 1%
-50%
-30%
-10%
10%
30%
50%
70%
90%
-10
0
10
20
30
40
50
60
3Q23 4Q23 1Q24 2Q24 3Q24
QUARTERLY
Net Revenue Adjusted EBITDA Adj EBITDA Margin

( M S E K )
Net Cash Position
E G 7 Q 3 2 0 2 4 I N T E R I M R E P O R T
11
Q3 Cash Flow
* In WC, A ccrued revenue -36 MSEK
** Net S6 investments -50 MSEK
** Capex MW Clans -21 MSEK
** Publishing investments -45 MSEK
*** Office leases -7 MSEK
Solid Net Cash Position
Cash OB 317
Operation* 35
Investing** -119
Financing*** -7
Delta Cash

-91
Currency fluctuations in liquidity -7
Cash CB 219
473 481 467
317
219
-83 -63
7
-98 -119
-200
-100
0
100
200
300
400
500
3Q23 4Q23 1Q24 2Q24 3Q24
Cash at hand Cash flow from investment activities
IP sale contributing with +61 MSEK

E Y E O N T H E P R I Z E
Market
▪ YTD the industry suffered ~13,000 lay offs
▪ Market is estimated to grow at 3% CAGR through 2026
EG7
▪ Exited to add S6 and the game Palia to our portfolio
▪ Cost -saving efforts with expected annual saving of 103 MSEK
▪ 2024 has been a transitioning year up until now
▪ MechWarrior 5: Clans first game out among the new growth initiatives
▪ 2024 full year targets
▪ Net Revenue around SEK 1.8 billion
▪ Adj EBITDA expected at 20%
▪ Slightly lower due to MWC delayed release
▪ 2026 full year targets
▪ Net Revenue of SEK 3 billion
▪ Adj EBITDA of SEK 1 billion
Figures in Perspective
E G 7 Q 3 2 0 2 4 I N T E R I M R E P O R T
12
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 3 2 0 2 4 I N T E R I M R E P O R T
14
▪ A nice rebound in performance for the period
▪ Reflects the heavier backend weighted pipeline for the year
▪ Q4 results should be reflective of the same
▪ Market remains challenging for the broader industry
▪ Big guys are doing fine overall
▪ Indies and small to medium sized companies more under pressure
▪ EG7 remains in a good position with its stable financial health amidst the
market turmoil
▪ Maintaining focus on executing on our strategic plan without getting distracted
▪ Primary focus remains organic growth through new product releases, such as MechWarrior 5
Clans based on recognized IPs
▪ Secondary focus is opportunistic M&A, such as Singularity 6, where the combination of
strategic alignment, deal pricing and returns potential all make sense

Q&A