Enad Global 7 FY2024 Q4 Earnings Release

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Investor Presentation
Q4 2024
2 0 2 5 / 0 2/ 0 7

Q4 2024 Key Performance Figures
E G 7 Q 4 2 0 2 4 I N T E R I M R E P O R T
2
▪ Strong finish for the year
▪ Best quarter for 2024
NET REVENUE
513
MSEK
ADJUSTED EBITDA
129
MSEK
Y-O-Y NET REVENUE GROW TH
8.4
Percent
ADJUSTED EBITDA MARGIN
25
Percent

▪ MechWarrior 5: Clans release mid Q4
▪ Elevated contributions from Fireshine with:
▪ Solid performance from digital releases led by Core Keeper
▪ Further boost from physical releases for Planet Zoo and Balatro
▪ Most profitable quarter this year for Big Blue Bubble with 61% EBITDA margin
▪ Daybreak’s successful release of annual expansion packs for EverQuest , EverQuest 2 and Lord of the
Rings Online
Key Drivers for the Quarter
E G 7 Q 4 2 0 2 4 I N T E R I M R E P O R T
3

Full Year 2024 Key Performance Figures
E G 7 Q 4 2 0 2 4 I N T E R I M R E P O R T
4
NET REVENUE
1,713
MSEK
ADJUSTED EBITDA
326
MSEK
Y-O-Y NET REVENUE
DECLINE
(16.2)
Percent
ADJUSTED EBITDA
MARGIN
19
Percent

▪ Full year results below our expectations
▪ Net Revenue came in 4.8% below our stated target of 1.8 BSEK
▪ Adjusted EBITDA margin came in at 19% vs. our updated target of 20% stated with our Q3 earnings
▪ Reasons for the softer performance:
▪ MechWarrior 5: Clans performance came in short of expectations
▪ Delivered higher quality than expected
▪ But performance below expectations
▪ Delay from Aug 2024 to the highly competitive release window in October likely hurt sales
▪ Negative impact from the prolonged market downturn
▪ Petrol revenues down ~20% from normalized level, resulting in a net loss
▪ Toadman failed to gain traction with its WFH efforts
Full Year Performance Commentary
E G 7 Q 4 2 0 2 4 I N T E R I M R E P O R T
5

Business Optimization
E G 7 Q 4 2 0 2 4 I N T E R I M R E P O R T
6
▪ Organizational downsizing
▪ Reduced annual cost by 26 MSEK
▪ Optimized to produce profits at
lower revenue level
▪ Business rebound insufficient
▪ Reduced annual cost by 15 MSEK
▪ Positioned to return to
profitability in 2025 at lower
revenue level
▪ Full wind -down
▪ Business prospects negative with
continuing industry weakness
▪ Reduced annual cost by 47 MSEK
Decisive actions taken for a combination of risk mitigation and profit improvement for 2025 and beyond
Significant cost reductions over the last twelve months:
▪ Approximate annualized total of 191 MSEK
▪ Of this total, changes post year -end amount to 88 MSEK
*Full effect from this cost savings will be seen from second half 2025 and onwards.

Financial Discussion

Q U A R T E R L Y L T M
Net Revenue, A djusted EBITDA and EBIT
E G 7 Q 4 2 0 2 4 I N T E R I M R E P O R T
8
(MSEK)
473
382 353
466
513
98
62 33
102 129
45 40
-26 -5
-148
21%
16%
9%
22%
25%
0%
5%
10%
15%
20%
25%
30%
35%
40%
-200
-100
0
100
200
300
400
500
600
4Q23 1Q24 2Q24 3Q24 4Q24
Net Revenue Adjusted EBITDA EBIT Adj EBITDA Margin
2045
1855
1725 1673 1713
542
414 334 295 326 252 153 102 55
-139
27%
22%
19%
18% 19%
0%
5%
10%
15%
20%
25%
30%
35%
40%
-500
0
500
1 000
1 500
2 000
2 500
4Q23 1Q24 2Q24 3Q24 4Q24
Net Revenue Adjusted EBITDA EBIT Adj EBITDA Margin

Q U A R T E R L Y L T M
More predictable part of Net Revenue
E G 7 Q 4 2 0 2 4 I N T E R I M R E P O R T
9
(MSEK)
473
382 353
466
513
272 271 261
305
344 57%
71% 74%
65% 67%
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
0
100
200
300
400
500
600
4Q23 1Q24 2Q24 3Q24 4Q24
Net Rev More predictable %
2045
1855
1725 1673 1713
1318
1165 1105 1108 1181
64% 63% 64% 66% 69%
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
0
500
1000
1500
2000
2500
4Q23 1Q24 2Q24 3Q24 4Q24
Net Rev More predictable %

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 4 2 0 2 4 I N T E R I M R E P O R T
10
Q 4 N E T R E V E N U E C O N T R I B U T I O N
Daybreak 199 39%
Big Blue Bubble 81 16
Rest of the group 233 45%
Group total 513 100%
Q 4 A D J E B I T D A C O N T R I B U T I O N
Daybreak 27 21%
Big Blue Bubble 49 38%
Rest of the group 53 41
Group total 129 100%
(MSEK)
86
69
75
84 81
49
38 37 42
49
57% 56%
49% 50%
61%
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
0
10
20
30
40
50
60
70
80
90
100
4Q23 1Q24 2Q24 3Q24 4Q24
QUARTERLY
Net Revenue Adjusted EBITDA Adj EBITDA Margin
182 188
167
212
199
29
42
12
52
27
16%
22%
7%
25%
13%
0%
10%
20%
30%
40%
50%
60%
0
50
100
150
200
250
4Q23 1Q24 2Q24 3Q24 4Q24
QUARTERLY
Net Revenue Adjusted EBITDA Adj EBITDA Margin

Net Revenue and
Adjusted EBITDA Mix
E G 7 Q 4 2 0 2 4 I N T E R I M R E P O R T
11
Q 4 N E T R E V E N U E C O N T R I B U T I O N
Piranha 70 14%
Toadman 7 1%
Rest of the group 436 85%
Group total 513 100%
Q 4 A D J E B I T D A C O N T R I B U T I O N
Piranha 32 25%
Toadman -2 -1%
Rest of the group 99 77%
Group total 129 100%
P I R A N H A T O A D M A N
(MSEK)
30
21 23
16
70
11
3
8
3
32
37%
16%
35%
17%
46%
0%
20%
40%
60%
80%
100%
120%
0
10
20
30
40
50
60
70
80
4Q23 1Q24 2Q24 3Q24 4Q24
QUARTERLY
Net Revenue Adjusted EBITDA Adj EBITDA Margin
19 17
12
9
7
-5 -6
-9
-2 -2
-29%
-35%
-75%
-23%
-28%
-80%
-70%
-60%
-50%
-40%
-30%
-20%
-10%
0%
-15
-10
-5
0
5
10
15
20
4Q23 1Q24 2Q24 3Q24 4Q24
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 4 2 0 2 4 I N T E R I M R E P O R T
12
Q 4 N E T R E V E N U E C O N T R I B U T I O N
Fireshine 124 24%
Petrol 33 6%
Rest of the group 357 70%
Group total 513 100%
Q 4 A D J E B I T D A C O N T R I B U T I O N
Fireshine 35 27%
Petrol -5 -4%
Rest of the group 99 77%
Group total 129 100%
(MSEK)
50
40 38 35 33
3
-6
0
0
-5
5%
-16%
-1% 1%
-17%
-40%
-20%
0%
20%
40%
60%
80%
100%
-10
0
10
20
30
40
50
60
4Q23 1Q24 2Q24 3Q24 4Q24
QUARTERLY
Net Revenue Adjusted EBITDA Adj EBITDA Margin
107
46 38
110
124
11
0 -2
16
35
11%
1% -5%
15%
28%
-20%
-10%
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
-20
0
20
40
60
80
100
120
140
4Q23 1Q24 2Q24 3Q24 4Q24
QUARTERLY
Net Revenue Adjusted EBITDA Adj EBITDA Margin

481 467
317
219
322
-63
7
-98 -119 -97
-200
-100
0
100
200
300
400
500
4Q23 1Q24 2Q24 3Q24 4Q24
Cash Cash flow from investment activities
( M S E K )
Net Cash Position
E G 7 Q 4 2 0 2 4 I N T E R I M R E P O R T
13
Cash Flow

Q4 FY
Cash OB 219 481
Operation* 196 194
Investing** -97 -306
Financing*** -7 -66
Delta Cash

92 -178
Currency fluctuations in
liquidity
11 19
Cash CB 322 322
*Change in Working Capital
** New growth investments
**Other publishing Fireshine
**Other Cap R&D
**Other
*** Dividend
77
-49
-29
-17
-2
5
-238
-78
-22
32
-40
IP sale contributing with +61 MSEK
Last 24 months Group Adjusted EBITDAC margin amounted to 17%, for the more predictable part of the business Adjusted
EBITDAC was 27%.

Summary

Looking Ahead
E G 7 Q 4 2 0 2 4 I N T E R I M R E P O R T
15
▪ 2025 performance expectations
▪ Plan is to return to growth
▪ Key new product releases planned:
▪ Palia from Singularity 6 targeted for Q2
▪ Cold Iron’s new game targeted for the second half of the year
▪ Steady and profitable performance from Daybreak and BBB
▪ All other business units expected to deliver good profitability with the latest reorg
▪ No guidance for the year
▪ Potential variability for new titles make it difficult
▪ With larger part of our performance for this year reliant on new product pipeline,
estimating a performance target with accuracy is difficult
▪ Create shareholder value by delivering solid performance vs. predicting our
future
▪ Starting out the year optimistic that we could return to growth and deliver
solid performance for 2025

Q&A