Enad Global 7 FY2025 Q1 Earnings Release

ENAD GLOBAL 7 AB (PUBL) 1 Interim Report, January -Mar ch 202 5

ENAD GLOBAL 7 AB (PUBL)
INTERIM REPORT
JAN -MAR 202 5

ENAD GLOBAL 7 AB (PUBL) 2 Interim Report, January -Mar ch 202 5

INTERIM REPORT Q1 202 5
SUMMARY COMMENT S
The Group delivered a solid first quarter in 2025, with Net Revenue of SEK 455.3 (381.7) million,
representing 14.5 percent FX -adjusted organic growth year -over -year . Adjusted EBITDA reached SEK
73.7 (61.7) million, representing a margin of 16.2 percent , while EBITDA came in at SEK 62.1 (86.6)
million. Operating cash flow was SEK 17. 9 million. Fireshine led the Group performance for the quarter,
delivering Net Revenue of SEK 144.9 (46.2) million — a 213.6 percent increase compared to the prior
year — driven by a strong er physical release slate.
During the quarter, the Group issued SEK 350 million in unsecured bonds, primarily to enhance strategic
flexibility for potential M&A opportunities. The issuance strengthens our balance sheet and ensures we
are well -positioned to act swiftly as attractive opportunities emerge. We remain highly disciplined in
our approach —primarily focusing on transactions that could align well with our long -term strategy and
vision, and that offer strong potential for value creation and strong financial return.
Following the quarter, on May 13, Singularity 6 launched Palia on PlayStation 5 and Xbox Series S/X,
alongside the Elderwood expansion. With Palia now available across all major PC and console platforms,
we believe it is well -positioned to support both revenue growth and shareholder value creation over the
coming quarters .
HIGHLIGHTS FOR THE QUARTER
• Net Revenue of SEK 455.3 (381 .7) million, representing an FX -adjusted organic growth of 14.5
percent .
• EBITDA of SEK 62.1 (86.6) million and Adjusted EBITDA of SEK 73.7 (61.7 ) million . The difference
between EBITDA and Adjusted EBITDA was due to non -recurring restruc turing cost of SEK -11.6
million .
• EBIT of SEK -10.1 (40.0) million and Adjusted EBIT of SEK 1.7 (15.2) million , the difference between
EBIT and Adjusted EBIT is mainly due to restructuring cost s.
• Profit before tax of SEK -13.2 (34.1) million .
• Earnings per Share of SEK -0.21 (0.17) and Adjusted Earnings per Share of SEK -0.10 (-0.05).
• Cash flow s from operations of SEK 17.9 (-14.2 ) million .
• Placement of SEK 350 million senior unsecured bonds with a 3-year tenor and a coupon of STIBOR +
625 basis points .
• Cash balance of SEK 579.2 millio n.

KEY METRIC S
QUARTER FULL YEAR
SEKm, except per share data JAN -MAR 202 5 JAN -MAR 202 4 JAN -DEC 2024
Net Revenue 455.3 381.7 1,713.0
Growth 19.3% -33.2% -16,2%
Organic FX adj. growth* 14.5% -33.4% -18.2%

EBITDA* 62.1 86.6 459.0
Adjusted EBITDA* 73.7 61.7 325.5
Adjusted EBITDA margin, %* 16.2% 16.2% 19.0%

EBIT -10.1 40.0 -138.8
Adjusted EBIT* 1.7 15.2 100.8
Adjusted EBIT margin, %* 0.4% 4.0% 5.9%

Profit before tax -13.2 34.1 -163.3
Net profit -18.5 15.0 -236.4

EPS before and after dilution -0.21 0.17 -2.67
Adjusted EPS* -0.10 -0.05 -0.52
Adjusted EPS, excl. M&A related amortizations* 0.20 0.21 3.69

* For definitions, see section ”Definitions of alternative performance measures” on page 25.

ENAD GLOBAL 7 AB (PUBL) 3 Interim Report, January -Mar ch 202 5

COMMENTS FROM THE CEO
Ji Ham, CEO
Off to a Strong Start in 2025
We are pleased to report a strong start to the
year. For the first quarter, the Group
delivered Net Revenue of SEK 455.3 million,
up 19.3 percent year -over -year, compared to
SEK 381.7 million in the same period last
year. Profitability also improved, with
Adjusted EBITDA reaching SEK 73.7 (61.7)
million , representing a margin of 16.2
percent . Operating cash flow was positive at
SEK 17.9 million, a meaningful turnaround
from SEK -14.2 million in the prior -year
period.
This performance was driven in particular by
Fireshine, which delivered exceptional results
with Net Revenue of SEK 144.9 million, up
213.6 percent year -over -year. Fireshine’s
success was supported by a strong slate of
physical releases, highlighted by the launch
of Sniper Elite: Resistance .
Business Optimization
As communicated previously, our service –
oriented businesses , like many across the
industry , have faced ongoing challenges due
to macroeconomic pressures and structural
shifts in the gaming sector. In January, we
completed cost optimization across Toadman,
Petrol, and Piranha. These actions are
expected to generate annualized cost savings
of approximately SEK 87.7 million.
With this restructuring behind us, we have
further strengthened our operating model and
are now better positioned to pursue
sustainable, long -term growth across all
business units.
Strengthened Financial Position
During the period, we completed the
successful placement of SEK 350 million in
unsecured floating rate bonds, under a total
framework of SEK 1 billion. The bonds carry a
three -year tenor and a coupon of STIBOR plus
625 basis points. This transaction
meanin gfully improves our liquidity profile
and provides flexibility to act on growth
investments and opportunistic acquisitions.
We took the strategic decision to secure
financing in advance of any actual M&A
opportunities. Recent deal activity in the
industry has underscored the importance of
being ready to act quickly when compelling
assets come to market. We are now well –
capitalized and strategically positioned to
take advantage of such potential
opportunities .
Looking Ahead with Confidence
While Q1 was encouraging, our key growth
drivers for the year are still ahead of us. This
includes the launch of Palia —developed by
Singularity 6 —which arrive d this week on
PlayStation 5 and Xbox Series S/X. With Palia
now available across all major console and PC
platforms, it is expected to be a meaningful
contributor to our near – and mid -term
performance, alongside the Group’s upcoming
slate of new releases.
In parallel with organic growth, we continue
to actively evaluate strategic investments to
accelerate our trajectory. As always, we
remain highly disciplined and focused on
opportunities that align with our vision and
proven areas of expertise.
While the broader market remains volatile ,
our live service portfolio provides a strong
and stable foundation . O ur enhanced balance
sheet further bolstered our ability to execute
on our growth strategy and we remain
committed to deliver long -term value for our
shareholders.

ENAD GLOBAL 7 AB (PUBL) 4 Interim Report, January -March 202 5

BUSINESS OVERVIEW
A leading global live service game developer and operator
Combining titles from Daybreak, Big Blue Bubble, and Piranha, EG7 currently operates ten long -lifecycle
IPs, primarily live service games. Together with Fireshine’s back catalogue, this portfolio serves as a key
differentiator for the Group, providing a st able foundation of more predictable revenues and cash flows.
Beginning in 2025 , we have made some minor adjustments to the definition of our more predictable
revenue base . This new definition is in below table applicable from January 1 st 2024. With the
adjustment, our predictable revenue now includes all live service titles and back catalogue titles, titles
are transferred to the back catalogue following the first new year after release. Net revenue from this
portfolio amounted to SEK 31 8.7 million in Q1, representing 70.0 percent of the Group’s total net
revenue.
Iconic world -class brands
EG7 is home to some of the most iconic IPs , both first – and third -party brands. First -party brands are IPs
exclusively owned and managed by EG7, while third -party brands are owned by external parties, with
EG7 entrusted to develop and operate games based on these IPs.
• Key first -party brands include:
o EverQuest —recognized alongside World of Warcraft and Ultima Online as a foundational
MMO franchise .
o H1Z1, the very first battle royale game that was credited as one of the inspirations for
Fortnite, with over 40 million life -to-date (LTD) registrations .
o My Singing Monsters, which has over 165 million LTD registration s on mobile and PC ,
reach ed 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 .
o Palia, a recently launched co zy community/life simulation game with over 5 million LTD
registrations .
• Top tier global third -party brands:
o DC Comics from Warner Bros , with continuing pipeline of content from blockbuster
feature films and TV shows .
o The Lord of the Rings, arguably the most iconic classic fantasy IP in the world.
o Dungeons & Dragons, the legendary fantasy IP with a passionate fan base worldwide .
o Magic : The Gathering , the world’s number one trading card game from Wizards of the
Coast .
These brands differentiate our portfolio of games from competitors and provide great opportunit ies to
leverage them further toward continuing content development and new future products.
Stable foundation and risk -controlled grow th
Our portfolio of franchise and live -service games is unique, combining predictable revenue growth with
ongoing content releases for our titles. These games, anchored by strong iconic game -titles and loyal
player bases, create a stable and predictable business model. Unlike traditional one -off releases, this
approach ensures continuous player engagement and more recurring revenue, providing a solid
foundation for long -term success while lowering t he overall risk.
In addition, we’ve been successful in adding new games over time, expanding our portfolio while
maintaining prudent low -risk M&A activities within our area of competence. This strategy not only
diversifies us but also strengthens our position with in the market, creating a stable foundation for
sustainable growth with reduced long -term volatility.
297 283 335 332 319 382 353
466 513 455 78% 80% 72% 65% 70%
0%
50%
100%
0
200
400
600
1Q 24 2Q 24 3Q 24 4Q 24 1Q 25 More predictable Net Revenues Total Net Revenue

ENAD GLOBAL 7 AB (PUBL) 5 Interim Report, January -March 202 5

Net Revenue , Adjusted EBITDA, and EBIT

382 353
466
513
455
62 33
102 129
74 40
-26 -5
-148
-10
16%
9%
22%
25%
16%
0%
5%
10%
15%
20%
25%
30%
35%
40%
-200
-100
0
100
200
300
400
500
600
1Q24 2Q24 3Q24 4Q24 1Q25
QUARTERLY
Net Revenue Adjusted EBITDA EBIT Adj EBITDA Margin
1855
1725 1673 1713 1787
414 334 295 326 338
153 102 55
-139 -189
22%
19% 18% 19% 19%
0%
5%
10%
15%
20%
25%
30%
35%
40%
-500
0
500
1 000
1 500
2 000
1Q24 2Q24 3Q24 4Q24 1Q25
LTM
Net Revenue Adjusted EBITDA EBIT Adj EBITDA Margin
SEKm

ENAD GLOBAL 7 AB (PUBL) 6 Interim Report, January -March 202 5

SUMMARY BY SEGMENT

Daybreak

Big Blue Bubble

Piranha

Toadman

Fireshine

Petrol

188
167
212 199 190
42 12
52
27 30
22%
7%
25%
13% 16%
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
0
50
100
150
200
250
1Q24 2Q24 3Q24 4Q24 1Q25
QUARTERLY
Net Revenue Adjusted EBITDA Adj EBITDA Margin
69 75
84 81
66
38 37 42
49
33
56% 49% 50%
61%
50%
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
0
10
20
30
40
50
60
70
80
90
1Q24 2Q24 3Q24 4Q24 1Q25
QUARTERLY
Net Revenue Adjusted EBITDA Adj EBITDA Margin
21 23
16
70
19
3
8
3
32
3
16%
35%
17%
46%
17%
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
0
10
20
30
40
50
60
70
80
1Q24 2Q24 3Q24 4Q24 1Q25
QUARTERLY
Net Revenue Adjusted EBITDA Adj EBITDA Margin
17
12
9 7
0
-6 -9
-2 -2
-6 -10
-5
0
5
10
15
20
1Q24 2Q24 3Q24 4Q24 1Q25
QUARTERLY
Net Revenue Adjusted EBITDA
46 38
110 124
145
0 -2
16
35
22
1% -5%
15%
28%
15%
-10%
10%
30%
50%
70%
90%
-20
0
20
40
60
80
100
120
140
160
1Q24 2Q24 3Q24 4Q24 1Q25
QUARTERLY
Net Revenue Adjusted EBITDA Adj EBITDA Margin
40 38 35 33 36
-6
0 0
-5
2 -16%
-1% 1%
-17%
4%
-40%
-20%
0%
20%
40%
60%
80%
100%
-10
0
10
20
30
40
50
1Q24 2Q24 3Q24 4Q24 1Q25
QUARTERLY
Net Revenue Adjusted EBITDA Adj EBITDA Margin
SEKm
Toadman
under
winding
down

ENAD GLOBAL 7 AB (PUBL) 7 Interim Report, January -March 202 5

DAYBREAK
For Q1, Daybreak contributed Net Revenue of SEK 189.7 (18 8.5 ) million, up 0.6 percent from the
prior year , and Adjusted EBITDA of SEK 30.0 (42.1 ) million. Adjusted EBITDA margin amounted to
15.8 (22.4 ) percent. Daybreak’s portfolio performed in line with expectations for the period, with
The Lord of the Rings Online continuing its strong momentum, supported by the launch of
additional new servers. DC Universe Online continued its positive trend following the introduction
of a new content release cadence . PlanetSide 2 showed signs of stabilization over the quarter,
ending on a strong note. EverQuest delivered a stable performance in -line with expectations,
although slightly down compared to the exceptional results during last year’s anniversary
celebrations. Both Magic: The Gathering Online and Dungeons & Dragons Online are preparing new
initiatives to build on the increased player engagement seen last year. Singularity 6 continued its
preparations for PlayStation 5 and Xbox Series S/X release s of Palia (successfully launched on May
13 ). The collaboration with Cold Iron continues to progressi with the product launch targeted for
later this year.

Big Blue Bubble
Big Blue Bubble delivered Net Revenue of SEK 66 .0 ( 68.7 ) million, corresponding to a 4.0 percent
decline compared to the same period last year. Adjusted EBITDA amounted to SEK 32.9 (38.2 )
million, representing 49.8 percent margin. Big Blue Bubbles community -focused marketing strategy
continues to be a key factor in its strong performance. Since My Singing Monsters went viral in Q4
2022, Big Blue Bubble has successfully expanded its marketing efforts across various social
platforms , including YouTube, further enhancing community engagement and boosting player
retention.

PIRANHA
Net Revenue for the quarter came in at SEK 18.6 (21.0 ) million, represe nting 11. 7 percent decline
year -over -year . Adjusted EBITDA amounted to SEK 3.2 (3.4 ) million, representing 17.4 percent
margin. On 1 0th of January Piranha initiated business o ptimizations to en sure continued
profitability , provid ing annual cost savings of approximately SEK 25.8 million and involve d a non –
recurring restructuring reserve of about SEK 1.7 million. Piranha deliver ed its latest new content
(DLCs) for MechWarrior 5: Clans, with its first DLC, Ghost Bear: Flash Storm , releas ing on May 8th.

TOADMAN
The wind -down of Toadman’s operations is progressing according to plan and is expected to be
completed during the third quarter of 2025. As of today, Toadman ’s staff consist of 14 employees
where 8 are supporting the final stages of development for Cold Iron’s upcoming title. We are
pleased to have supported employees in successfully transitioning to new roles since the wind -down
was announced. The full financial benefit from the wind -down cost savings will be realized from
the second half of 2025 .

FIRESHINE
Fireshine ´s Net Revenue came in at SEK 1 44.9 (46.2 ) million, representing a 213.6 percent increase
year -over -year. Adjusted EBITDA was SEK 21.7 (0.5 ) million, resulting in a 15.0 percent margin. This
performance was driven by mainly physical releases and bolstered by a strong performance from
Sniper Elite , Khazan The First Berserker , Atom Fall and Core Keeper , which once again exceeded
internal expectations with its sustained strong performance.

PETROL
For Q 1, Petrol’s Net Revenue came in at SEK 36.1 (40.5 ) million, representing a 10.9 percent
decline year -on -year. Adjusted EBITDA was SEK 1.5 (-6.4 ) million. Petrol and Toadman experienced
the heaviest impact from the market correction . In response, Petrol initiated measures to improve
its profitability . These actions taken in the first quarter of 2025 is expected to generate S EK 15.4
million in annual savings going forward .

ENAD GLOBAL 7 AB (PUBL) 8 Interim Report, January -March 202 5

FINANCIAL OVERVIEW
Net Revenue and Operating Profit
QUARTER ACUMULATED

SEKm
JAN -MAR
202 5
JAN -MAR
202 4 % CHG JAN -DEC
202 4
Net Revenue 455.3 381.7 19.3 % 1,713 .0
Adjusted EBITDA * 73.7 61.7 19.4 % 325.5
EBITDA * 62.1 86.6 -28.3 % 459.0
Adjusted EBIT * 1.7 15.2 -88.5 % 100.8
EBIT -10.1 40.0 -125.2 % -138.8

% Margins
Adjusted EBITDA margin * 16.2% 16.2% 19.0 %
EBITDA margin * 13.6% 22.7% 26.8 %
Adjusted EBIT margin * 0.4 % 4.0% 5.9 %
EBIT margin -2.2 % 10.5% -8.1 % * For definitions, see section ”Definitions of alternative performance measures” on page 25
Net Revenue in Q 1 202 5 came in at SEK 455.3 (381 .7) million, representing a growth of 19.3 percent
year -over -year. Adjusted EBITDA and Adjusted EBIT were SEK 73.7 (61.7) million and SEK 1.7 (15.2)
million for the quarter, representing 19.4 percent and -88.5 percent chang e year -over -year respectively .
The adjustment for non -recurring items affecting EBITDA in the first quarter is referring to the effect
from restructuring costs by SEK 11.6 million .
Cash flow in short
JAN -MAR JAN -DEC

SEKm 202 5 202 4 202 4
Operating profit (EBIT) from continuing operations -10.1 40.0 -138 .8
Adjustment for non -cash flow items 78.1 7.4 419 .3
Financial net 0.9 10.3 9.2
Taxes paid -12.8 -69.0 -100 .1
Operating cash flows before balance sheet cash flow impact 56 .1 -11.3 189 .6

Change in net working capital -38.3 -2.9 4.5
Cash flow from operations 17 .9 -14.2 194 .1

Cash flow from investment activities -78 .9 7.4 -306 .5
Cash flow from financing activities 340 .2 -25.7 -66 .3
Cash and cash equivalents, start of period 321 .5 480.9 480 .9
Cash flow for the period 279 .2 -32.5 -178 .7
Exchange rate differences -21.5 18.4 19.3
Cash and cash equivalents, end of period 579 .2 466.8 321 .5

For Q 1 202 5, EG7 had a Net cash inflow of SEK 279.2 (-32. 5) million . Cash flow from operati ng activities
was SEK 17.9 (-14.2 ) million . Adjustments for non -cash flow items , SEK 78.1 million, consists of SEK 72.2
million depreciation s and amortizations and other of SEK 5.8 million. Depreciations and amortizations
consist of amortizations of acquisition related items SEK 33.1 million , amortizations of capitalized R&D
and publishing rights , SEK 24.2 million and other SEK 14,9 million. Net working capital was SEK -38.3 (-
2.9), of which SEK -39.8 million is attributed to Daybreaks operations . Cash flow from Investment
activities was SEK -78.9 million explained by SEK 44.0 million of investments in new growth initiatives ,
SEK –18.2 million comes from Fireshine publishing business , SEK -11.8 million derives from capitalized
development expenses for MechWarrior 5: Clans first DLC , the remainder SEK -4.8 million is attributable
to other investments . Cash flow from Financing activities was SEK 340.2 million, of this SEK 344.9 million
derives from net proceeds from bond issuance , office -related leasing was SEK -7.2 million while the
remainder is explained by other . The foreign exchange rate fluctuations in liquid funds resulted in SEK –
21.5 million . The group’s cash and cash equivalents available a t the end of the period amounted to SEK
579.2 million .

ENAD GLOBAL 7 AB (PUBL) 9 Interim Report, January -March 202 5

OTHER INFORMATION
The Share and Shareholders
SHAREHOLDER (3 1-03 -202 5) No. of Shares Capital %
Jason Epstein 8 582 320 9.69%
Johan Svensson 6 809 479 7.69%
Settecento LTD 6 017 372 6.79%
Alta Fox Capital 5 347 681 6.04%
Defa Endeavour AS 4 533 605 5.12%
Avanza Pension 3 636 062 4.10%
Nordea Liv & Pension 3 373 635 3.81%
Aguja Capital GmbH 3 157 432 3.56%
Forthmoore Limited 2 919 526 3.30%
Rasmus Davidsson 2 872 743 3.24%
Alexander Albedj 2 692 105 3.04%
Chelverton Asset Management 2 103 195 2.37%
Ji Ham 2 018 472 2.28%
Nordnet Pensionsförsäkring 1 818 773 2.05%
Alan Hunter 1 635 680 1.85%
Top 15 57 518 080 64.92%
Other 31 085 446 35.08%
Total 88,603 ,526 100 .00%
EG7 stock is listed on Nasdaq Stockholm with the ticker symbol ‘EG7.’ As of March 31. 202 5. The total nu mber
of shares outstanding was 88 .603 .526 and the closing share price was SEK 11.59 per share.
EG7 has one bond traded on Nasdaq Stockholm, Senior Unsecured CFRN 2028 (EG7 201) ISIN: SE0023950720
Related Party Transactions
• During the period Toadman delivered a net value of SEK 0.1 million in WFH (corresponding
to SEK 2.0 million for Q1 and minus 1.9 in adjustment for previous quarters) – game
development to Cold Iron LLC , this has been added to the outstanding receivables of SEK
8.3 million .
• EG7 has made a total investment of SEK 250.1 million in Cold Iron LLC ’s new game , where
SEK 18.9 million was paid during the period . This investment has been structured to be
recouped on a first -out basis before any revenue share is triggered, aligning incentives and
protecting downside risk .
For further details on related party transactions . please see Note 7.
Investments
Since 2023 EG7 h as invested SEK 459 .1 million into what we defined as new growth initiatives ,
including MechWarrior 5: Clans , Palia (including the upfront cash consideration for the acquisition
of S ingularity 6) and the publishing deal for Cold Iron ’s new project . The investments in these three
projects peaked in 2024 at SEK 238.1 million . The remaining publishing investment planned for the
completion of Cold Iron ’s project is is expected to be around SEK 67 .6 million , subject to the
project progress meeting on -going quality evaluation .
Based on EG7s continued strong operational cash generation and the long -term ambitions for the
company . management is evaluating additional investments. Given successful enough launches of
Palia and Cold Iron s game . new investments are expected to enter full production by end of the
year . The recent addition of new financing create further flexibility in meeting potential business
opportunities in the continued turmoil gaming market.

ENAD GLOBAL 7 AB (PUBL) 10 Interim Report, January -March 202 5

Shareholder Capital return
The Board of Directors has not proposed a dividend payment for 2024.
Risks
Risks associated with the company’s share are included in the annual report for 202 4.
Auditor
Öhrlings PricewaterhouseCoopers AB (PwC) is the company’s auditor and is represented by Niklas
Renström.

ENAD GLOBAL 7 AB (PUBL) 11 Interim Report, January -March 202 5

FINANCIAL REPORTS
Consolidated income statement

QUARTER FULL YEAR
JAN -MAR
202 5
JAN -MAR
202 4
JAN -DEC
202 4 SEKm Note
Net Revenue

2.3 455 .3 381.7 1,713.0
Other Revenue

5.9 45.1 210.1

461 .2 426.8 1,923.1

Own work capitalized

37.1 18.7 126.2
Operating expenses

Cost of goods and services sold

-167 .9 -96.8 -493.8
Other external expenses

-69.9 -65.9 -275.0
Personnel expenses

-197 .1 -191.7 -818.5
Other expenses

-1.3 -4.5 -3.0
Operating profit before depreciation and
amortization (EBITDA) 62.1 86.6 459.0

Depreciation of tangible and right -of-use
assets

-10.8 -10.6 -50.4
Operating profit before amortization of
intangible assets (EBITA) 51.3 76.0

408.5

Amortization and impairment of
acquisition -related intangible assets

-34.0 -28.8 -470.2
Amortization and impairment of other
intangible assets

-27.4 -7.1 -77.1
Operating profit (EBIT) -10.1 40.0 -138.8

Financial net 4 -3.1 -5.9 -24.5
Profit before tax

-13.2 34.1 -163.3

Tax expense for the period

-5.4 -19.1 -73.1
NET PROFIT /LOSS FOR THE PERIOD -18.5 15.0 -236.4
The Net Profit for the period is fully attributable to the parent company’s shareholders.

ENAD GLOBAL 7 AB (PUBL) 12 Interim Report, January -March 202 5

Consolidated comprehensive income

The comprehensive income for the period is attributable in its entirety to the parent company’s
shareholders.

EARNINGS PER WEIGHTED
AVERAGE NUMBER OF SHARE S

QUARTER FULL YEAR
JAN -MAR
202 5
JAN -MAR
202 4
JAN -DEC
202 4
Earnings per share before and after
dilution (SEK)
-0.21 0.17 -2.67
Average number of shares before
and after dilution
88,603 ,526 88,603 ,526 88,603 ,526
QUARTER FULL YEAR
SEKm
JAN -MAR
202 5
JAN -MAR
202 4
JAN -DEC
202 4

Net profit for the period -18.5 15.0 -236 .4
Other comprehensive income

Items that will be reclassified to
profit or loss

Translation difference -338.5 217.7 310 .1
Deferred tax 0.7 0.4 0.5
Other comprehensive income for
the period . after tax
-337 .9 218.1 310 .6
Comprehensive income for the
period
-356 .4 233.1 74.2

ENAD GLOBAL 7 AB (PUBL) 13 Interim Report, January -March 202 5

Consolidated balance sheet
SEKm

Note 31 MAR 202 5 31 MAR 202 4 31 DEC 202 4
ASSETS
Non -current assets
Goodwill 2,847 .1 3,363.4 3,115 .2
Other intangible assets 5 858 .8 692.8 925 .4
Tangible non -current assets 30.4 34.5 35.7
Right -of-use assets 42.8 76.1 60.9
Deferred tax assets 173.7 156.4 172.2
Other non -current receivables 6 16.8 4.6 15.3
Total non -current assets 3,969.6 4,327.7 4,324.8
Current assets
Inventory 10.5 15.2 9.1
Current receivables 6 282.0 216 .2 259.3
Cash and cash equivalents 6 579.3 466 .8 321.5
Total current assets 871.7 698 .2 589.9
TOTAL ASSETS 4,841.3 5,025.9 4,914.7

EQUITY AND LIABILITIES
Equity attributable to the parent company’s shareholders 3,618.5 4,133.7 3,974.9
Total equity 3,618.5 4,133.7 3,974.9
Non -current liabilities
Liabilities to credit institutions 6 354.3 2.7 2.2
Leasing liabilities 23.9 52.7 36.2
Deferred tax liability 188.8 127.9 198.0
Contingent consideration 6 124.5 244.9 135.4
Other liabilities 14.7 3.1 14.7
Total non -current liabilities 6 706.2 431 .3 386 .5
Current liabilities
Liabilities to credit institutions 0.6 0.5 0.4
Leasing liabilities 23.4 28.4 30.2
Accounts payable 26.8 45.1 28.8
Current tax liability 26.7 15.1 24.6
Contingent consideration 6 58.2 54.5 60.5
Other liabilities 12.4 33.1 17. 0
Contractual liabilities 101.4 97.1 135.2
Accrued expenses 267.1 186.9 256.7
Total current liabilities 6 516.6 460.8 553 .4
TOTAL EQUITY AND LIABILITIES 4,841.3 5,025.9 4,914.7

ENAD GLOBAL 7 AB (PUBL) 14 Interim Report, January -March 202 5

Consol idated report o f change s in e quity

EQUITY ATTRIBUTABLE TO THE SHAREHOLDERS OF THE PARENT COMPANY
SEKm 202 5
JAN -MAR
202 4
JAN -MAR
202 4
JAN -DEC

Opening balance 3,974.9 3,900.6 3,900.6

Changes in equity during the period
The Net profit of the period -18.5 15.0 -236.4
Other comprehensive income for the period -337.9 218.1 310.6
Closing balance 3,618.5 4,133.7 3,974. 8

ENAD GLOBAL 7 AB (PUBL) 15 Interim Report, January -March 202 5

Consolidated C ash Flow Statement

QUARTER FULL YEAR
JAN -MAR
202 5
JAN -MAR
202 4
JAN -DEC
202 4
SEKm
OPERATING ACTIVITIES
Operating profit (EBIT) from continuing
operations
-10.1 40.0 -138.8
Adjustments for non -cash flow items 78.1 7.4 419.3
Financial items 0.9 10.3 9.2
Taxes paid -12.8 -69.0 -100.1
Cash flow from operating activities before
changes in working capital
56.1 -11.3 189.6
Cash flow from changes in working capital -38.3 -2.9 4.5
Cash flow from operating activities 17.9 -14.2 194.1
INVESTMENT ACTIVITIES
Investment tangible assets -1.8 -7.1 -24.0
Investment intangible assets -77.1 -54.0 -308.0
Divestment intangible assets 0.0 61.3 62.3
Investment/disposal of subsidiaries 0.0 7.2 -36.8
Cash flow from investment activities -78.9 7.4 -306.5
FINANCING ACTIVITIES
New loans 347. 4 0.0 0.0
Dividend 0.0 -20.4 -39.9
Amortizing lease liability -7.2 -5.3 -26.4
Cash flow from financing activities 340.2 -25.7 -66.3

CASH FLOW FOR THE PERIOD 279 .2 -32.5 -178.7
Cash and cash equivalents at start of
period
321.5 480.9 480.9
Cash flow for the period 279 .2 -32.5 -178.7
Exchange rate differences -21.5 18.4 19.3
Cash and cash equivalents at end of period 579.2 466.8 321.5

Specification of cash and cash equivalents
Total cash balance 579.2 466.8 321.5
of which are blocked 0.0 -2.6 0.0
Cash at the end of the period 579.2 464.2 321.5

ENAD GLOBAL 7 AB (PUBL) 16 Interim Report, January -March 202 5

Parent Compan y Income Statement

QUARTER
FULL
YEAR
JAN -MAR
202 5
JAN -MAR
202 4
JAN -DEC
202 4
SEKm
Net Revenue 0.9 0.0 9.4
Other Revenue 0.0 0.0 0.0
0.9 0.0 9.4
Own work capitalized 0.0 0.0 0.0

Operating expenses
Cost of goods and services sold -0.7 -0.2 -1.6
Other external expenses -5.4 -11.0 -20.0
Personnel expenses -5.8 -5.9 -30.3
Other expenses 0.0 0.0 0.0
Operating profit before depreciation
and amortization (EBITDA) -11.0 -17.1 -42.5
Depreciation and amortization 0.0 0.0 0.0
Operating profit (EBIT) -11.0 -17.1 -42.5
Financial net 40.5 27.1 -85.7
Profit before tax 29.5 10.0 -128.1
Appropriations 0.0 0.0 0.0
Tax expense for the period 0.0 0.0 -32.0
NET PROFIT 29.5 10.0 -160.2

ENAD GLOBAL 7 AB (PUBL) 17 Interim Report, January -March 202 5

Parent Company Balance Sheet

SEKm 31 MAR
202 5

31 MAR
20 24
31 DEC
202 4
ASSETS
Non -current assets
Intangible non -current assets 0.0 0.0 0.0
Tangible non -current assets 0.1 0.2 0.1
Financial non -currents assets 3,577.2 3,644.2 3,518.8
Total non -current assets 3,577.3 3,644.3 3,518.9
Current assets
Current receivables 50.6 40.0 51.2
Cash and cash equivalents 346.3 96.5 20.3
Total current assets 396.9 136.5 71.5
TOTAL ASSETS 3,974.2 3,780.9 3,590.4

EQUITY AND LIABILITIES
Equity 3,564.6 3,705.3 3,535.1
Non -current liabilities 350.0 0.0 0.0
Current liabilities 59.6 75.5 55.3
TOTAL EQUITY AND LIABILITIES 3,974.2 3,780.9 3,590.4

ENAD GLOBAL 7 AB (PUBL) 18 Interim Report, January -March 202 5

NOTES TO THE INTERIM REPORT

Note 1 – Accounting Principles . Estimates and Assessments
This interim report 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 global 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 . 11 1 57 Stockholm.
EG7 applies International Financial Reporting Standards (IFRS) as adopted by the EU. The group’s
interim report has been prepared in accordance with IAS 34 Interim Financial Reporting and
applicable parts of the Annual Accounts Act (1995: 1554).
The parent company applies the Annual Accounts Act and RFR 2 Accounting for Legal Entities. For
full accounting principles see annual report 202 4.
All amounts in this report are stated in millions of Swedish kronor (SEK millions) unless otherwise
stated.
Rounding differences may occur.

ENAD GLOBAL 7 AB (PUBL) 19 Interim Report, January -March 202 5

Note 2 – Operational Segments
JAN -MAR 202 5 Daybreak Big Blue Bubble Piranha Toadman Fireshine Petrol
Intra -group items and elim inations Total group Revenue from external customers 189.7 66. 0 18.6 0.1 144.9 36.1 0.0 455 .3 Net Revenue 189 .7 66.0 18.6 0.1 144 .9 36.1 0.0 455.3 Adjusted operating profit before depreciation and amortization (AdjEBITDA)
30.0 32.9 3.2 -6.1 21.7 1.5 -9.5 73.7
Adjustments * 11.6 Depreciation and amortization -72.2 Financial net -3.1 Profit before tax -13.2 Tax expense -5.4 NET PROFIT -18.5
JAN -MAR 202 4 Daybreak Big Blue Bubble Piranha Toadman Fireshine Petrol
Intra -group items and eliminations Total group Revenue from external customers 188.5 68.7 21.0 16.8 46.2 40.5 0.0 381.7 Net Revenue 188.5 68.7 21.0 16.8 46.2 40.5 0.0 381.7 Adjusted o perating profit before depreciation and amortization (Adj EBITDA)
42.1 38.2 3.4 -5.9 0.5 -6.4 -10.2 61.7
Adjustments * 24.9 Depreciation and amortization -46.6 Financial net -5.9 Profit before tax 34.1 Tax expense -19.1 NET PROFIT 15.0
JAN -DEC 202 4 Daybreak Big Blue Bubble Piranha Toadman Fireshine Petrol
Intra -group items and eliminations Total group Revenue from external customers 766.4 309.0 129.4 44.2 317.6 146.3 0.0 1,713.0 Net Revenue 766.4 309.0 129.4 44.2 317.6 146.3 0.0 1,713.0 Adjusted o perating profit before depreciation and amortization (Adj EBITDA)
133.1 166.8 45.9 -18.8 49.4 -12.1 -38.9 325.5
Adjustments * 133.4 Depreciation and amortization -597.8 Financial net -24.5 Profit before tax -163.3 Tax expense -73.1 NET PROFIT -236.4

ENAD GLOBAL 7 AB (PUBL) 20 Interim Report, January -March 202 5

Note 3 – Revenue from Customer Contracts
JAN -MAR 202 5 Daybreak
Big Blue Bubble Piranha Toadman Fireshine Petrol Total group
Geographical region
Sweden 1.2 0.2 0.1 0.0 7.0 0.0 8.4
Other Europe 28.5 11.0 3.8 0.0 80.1 3.1 126 .6
Canada 7.9 2.4 1.2 0.0 1.0 0.0 12.5
USA 143 .2 45.1 12.2 0.1 36.9 26.3 263 .7
Other markets 8.8 7.2 1.3 0.0 20.0 6.7 44.1
Revenue from customer contracts 189 .7 66.0 18.6 0.1 144 .9 36.1 455 .3
JAN -MAR 202 4 Daybreak
Big Blue Bubble Piranha Toadman Fireshine Petrol Total group
Geographical region
Sweden 1.2 0.2 0.1 5.7 5.7 0.0 12.9
Other Europe 27.8 10.7 2.2 0.0 25.0 1.6 67.3
Canada 8.4 2.5 2.9 0.0 0.8 0.0 14.7
USA 141 .8 48.4 15.0 10.5 7.2 35.3 258 .2
Other markets 9.2 6.9 0.9 0.6 7.5 3.6 28.7
Revenue from customer contracts 188 .5 68.7 21.0 16.8 46.2 40.5 381 .7
JAN -DEC 2024 Daybreak
Big Blue Bubble Piranha Toadman Fireshine Petrol Total group
Geographical region
Sweden 4.7 0.8 0.4 8.4 14.8 0.0 29.2
Other Europe 114.0 51.1 21.8 0.2 123.2 3.8 314.2
Canada 34.1 10.6 10.2 0.0 7.2 0.2 62.3
USA 574.6 213.2 82.9 34.9 94.5 130.9 1,130.9
Other markets 39.0 33.3 14.2 0.6 77.8 11.5 176.4
Revenue from customer contracts 766.4 309.0 129.4 44.2 317.6 146.3 1,713.0

ENAD GLOBAL 7 AB (PUBL) 21 Interim Report, January -March 202 5

Note 4 – Financial Net

The financial net in Q1 amounted to SEK -3.1 million compared to SEK -5.9 million for the same
period last year .

Note 5 – Capitalized development costs and gaming rights

Note 6 – Financial Instruments

Valuation of financial assets and liabilities per Mar 31 202 5
Financial assets
Financial assets
valued at fair value
through profit or loss
Financial assets
valued at
amortized cost
Accounts receivable
0.0 136.7
Cash and cash equivalents 0.0 579.3
Total 0.0 716.0

Financial liabilities
Financial liabilities
valued at fair value
through profit or loss
Financial liabilities
valued at
amortized cost
Contingent consideration
182.8 0.0
Liabilities to credit institutions
0.0 354.9

SEKm
JAN -MAR 202 5 JAN -MAR 202 4 JAN -DEC 2024
Net interest * 2.0 3.2 18.8
Discount interest on earnout -4.6 -8.8 -34.0
Interest leasing -0.5 -0.8 -2.7
Release negative goodwill Serbian
acquisition 0.0 0.0 0.0
Discontinuation of subsidiary 0.0 0.0 -1.8
Financing fees -1.9 -0.6 -3.9
FX effects 2.0 1.1 -0.9
Financial net

-3.1 -5.9 -24.5
JAN -MAR
202 5
JAN -MAR
202 4

SEKm
Capitalized development costs Gaming rights Capitalized development costs Gaming rights
Opening balance 182 .2 349 .4 102.0 156.9
Capitalized development cost/this year’s gross
investment 37.1 37.0 18.7 35.3
Reclass from other intangible assets 0.0 0.0 0.0 0.0
Amortization of product development -17.0 -9.8 -2.3 -4.7
Write -down of capitalized development costs 0.0 0.0 0.0 0.0
FX -17.6 -29.3 4.4 10.2
Closing balance 184 .8 347 .4 122.7 197.7

JAN -DEC
2024

SEKm Capitalized development costs Gaming rights
Opening balance 102.0 156.9
Capitalized development cost/this year’s gross
investment 125.7 186.3
Reclass from other intangible assets 0.0 11.8
Amortization of product development -24.8 -26.1
Write -down of capitalized development costs -25.0 0.0
FX 4.3 20.6
Closing balance 182.2 349.4

ENAD GLOBAL 7 AB (PUBL) 22 Interim Report, January -March 202 5

Accounts payable 0.0 26.8
Deferred revenue 0.0 101.4
Other financial liabilities 0.0 164.0
Total 182.8 647.0

Valuation of financial assets and liabilities per Mar 31 2024
Financial assets
Financial assets
valued at fair value
through profit or loss
Financial assets
valued at
amortized cost
Accounts receivable
0.0 89.7
Cash and cash equivalents 0.0 466.8
Total 0.0 556.4

Financial liabilities
Financial liabilities
valued at fair value
through profit or loss
Financial liabilities
valued at
amortized cost
Contingent consideration
299.4 0.0
Liabilities to credit institutions
0.0 3.3
Accounts payable 0.0 45.1
Deferred revenue 0.0 98.7
Other financial liabilities 0.0 89.1
Total 299.4 236.2

Valuation of financial assets and liabilities per Dec 31 202 4
Financial assets
Financial assets
valued at fair value
through profit or loss
Financial assets
valued at
amortized cost
Accounts receivable 0.0 116.8
Cash and cash equivalents 0.0 321.5
Total 0.0 438.3

Financial liabilities
Financial liabilities
valued at fair value
through profit or loss
Financial liabilities
valued at
amortized cost
Contingent consideration
195.9 0.0
Liabilities to credit institutions
0.0 2.6
Accounts payable
0.0 28.8
Deferred revenue 0.0 135.2
Other financial liabilities 0.0 163.4
Total 195.9 329.9

Valuation Hierarchy
The levels in the valuation hierarchy 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).
No items are valued at level 1 or 2.
Contingent consideration
The contingent consideration is reported at fair value according to level 3 in the valuation hierarchy. The fair
value is calculated using a valuation model that discounts the present value of expected payments of cash
flows with a risk -adjusted discount r ate. Expected cash flows are determined based on probable scenarios
based on expected financial outcomes and future financial forecasts. The most significant input factor used in
the valuation at fair value is a risk -adjusted discount factor of 13. 9 (13.9) percent .

ENAD GLOBAL 7 AB (PUBL) 23 Interim Report, January -March 202 5

Contingent consideration
JAN -MAR
202 5
JAN -MAR
202 4
JAN -DEC
2024
At beginning of period 195.9 271.0 271.0
Acquisition during the period 0.0 0.0 33.0
Payments 0.0 0.0 -18.5
Discount effect 4.1 8.8 34.0
Change in value reported in the result 0.0 5.6 -141.1
FX effect -17.2 14.0 17.5
At end of period 182.8 299.4 195.9

The end -of-period contingent consideration of SEK 182.8 million is split between Daybreak and Singularity 6 .
amounting to SEK 148.4 million for Daybreak and SEK 34.4 million for Singularity 6 . According to applicable
accounting rules , there is a not recognized value for EG7s shareholders as of today amounting to SEK 127.0
million , that should be identified in relation to the recognized earnout to the sellers of Daybreak . The net
effect between the contingent consideration to the sellers of Daybreak of SEK 148.4 million and the non –
recognized value of SEK 1 27.0 million amount to SEK 21.4 million in payables. For further details see note 7.

Current receivables and liabilities
For current receivables and liabilities . such as accounts receivable and accounts payable . the reported value is
considered to be a good approximation of the fair value.

ENAD GLOBAL 7 AB (PUBL) 24 Interim Report, January -March 202 5

Note 7 – Related Party Transactions
1) Cold Iron Studios LLC is owned by Jason Epstein . Chairman of the Board . and Ji Ham . CEO. 2) The total estimated remaining amount to the sellers of Daybreak by end of March 202 5 amounted to SEK 148.4
million . of which SEK 106 .6 million refers to Jason Epstein and SEK 14.3 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 .
The outstanding liability for contingent consideration reflected in the above chart relating to tax saving
benefit is a bit misleading in the way that it only reflects a liability and not the corresponding larger tax saving
asset that according to IFRS shall not be reflected in the accounting. However . that asset was originally USD 57
million to be netted from any future tax payments over 15 years ending December 31 st 2036. As of today . that
asset amounts to USD 48.2 million or SEK 483.3 million and half of that discounted potential value belongs ,
over the full period when and if it occurs , according to the original share purchase agreement to the sellers of
Daybreak including the related parties listed above. This means that the hidden value for EG7s shareholders as
of today at net present value is SEK 127.0 million . Co rresponding to half of the asset from the tax savings ,
after deducting the above mentioned liability to the seller of Daybreak , including the related parties .
For further details on related party transactions . please see the Annual report 202 4.

Note 8 – Significant Events After the Balance Date
On May 13, Singularity 6 release d the free -to-play fantasy life sim game, Palia , on PlayStation 5 and Xbox
series X|S, along a brand -new expansion, Elderwood, available across all platforms.
SEKm
JAN -MAR
202 5
JAN -MAR
2024
JAN -DEC
202 4
Related party Related party transaction – recognized
revenue

Cold Iron LLC
1)
Toadman’s WFH contract regarding Game
developing for the client Cold Iron 0.1 10.5 34.8

Related party Outstanding liabilities
Jason Epstein Contingent consideration related to tax saving
benefits 2) 106. 6 120.1 114.5
Ji Ham Contingent consideration related to tax saving
benefits 2) 14. 3 16.1 15.3
Total 120. 9 136.2 129.8

Related party Outstanding receivables
Cold Iron LLC
1)
Receivables from Toadman’s WFH contract
regarding Game developing for the client Cold
Iron 8.3 16.3 8.4
Cold Iron LLC
1)
Daybreak invests in gaming rights . and publish
upcoming game from Cold Iron 17.7 143.7 245.4
Total 26.0 160.0 253.9

ENAD GLOBAL 7 AB (PUBL) 25 Interim Report, January -March 202 5

DEFINITIONS
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 analy ze 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 companies. 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 information reported in accordance with IFRS and how these measures are used. For
reconciliatio n of alternative key ratios . see Adjustment bridge page 28.
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.
EBITDA margin (%): EBITDA as a percentage of Net Revenue
Adjusted EBITDA: EBITDA excluding specific items related to historical acquisitions and items
affecting comparability . such as extraordinary expenses . contingent consideration . M&A -related
costs . and expenses associated with restructuring or workforce adjustments. The adjustments are
made for easier comparability between periods . see the Adjustment bridge for a detailed view of
non -recurring items.
Adjusted EBITDA margin (%): Adjusted EBITDA as a percentage of Net Revenue
Adjusted EBITDAC : Adjusted EBITDA less capitalized product development
Adjusted EBITDAC margin (%): Adjusted EBITDAC 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 Adjustment bridge for a detailed view of non -recurring
items.
EBIT margin (%): Operating profit as a percentage of Net Revenue.
Adjusted Net profit: Profit after tax for the perio d adjusted for items considered to be non –
recurring and one -time in nature for comparability between periods. Referring to Adjustment
bridge for a detailed view of non -recurring items
Adjusted Earnings per share: Adjusted n et profit for the period divided by the total number of
shares outstanding.
Equity ratio: Equity as a percentage of total assets.
Net cash: Interest -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 f rom 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 Revenues this
year .
Organic growth in local currency : Organic growth excluding the translation impact of changed
currency exchange rates. The c urrent period is recalculated with the average exchange rate for the
comparison period.

ENAD GLOBAL 7 AB (PUBL) 26 Interim Report, January -March 202 5

More predictable revenue base : Our more predictable revenue includes all live service titles, and
back catalogue titles, titles are transferred to the back catalogue following the first new year after
release.
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 .
OTHER DEF INITIONS
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.
Net profit: Profit 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.

A LTERNATIVE PERFORMANCE MEASURES
Adjustment bridge
JAN -MAR JAN -DEC

SEKm 202 5 202 4 2024
EBITDA 62.1 86.6 459.0
Devaluation of deferred purchase
consideration* 0.0 -5.6 -141.1

Restructuring costs** 11.6 0.0 23.3
M&A costs 0.0 6.7 21.5
IP sale 0.0 -37.2 -37.2
Non -recurring margin adjustment 0.0 0.0 0.0
Adjusted EBITDA 73.7 61.7 325.5

EBIT -10.1 40.0 -138.8
Revaluation of deferred purchase
consideration* 0.0 5.6 -141.1
Restructuring costs** 11.6 0.0 23.3
M&A costs 0.0 6.7 21.5
IP sale 0.0 -37.2 -37.2
Non -recurring margin adjustment 0.0 0.0 0.0
Write -down games*** 0.2 0.0 25.0
Write -down Goodwill and other **** 0.0 0.0 348.0
Adjusted EBIT 1.7 15.2 100.8

Net profit -18.5 15.0 -236.4
Revaluation of deferred purchase
consideration* 0.0 5.6 -141.1
Restructuring costs** 11.6 0.0 23.3
M&A costs 0.0 6.7 21.5
IP sale 0.0 -37.2 -37.2
Non -recurring margin adjustment 0.0 0.0 0.0
Write -down games*** 0.2 0.0 25.0
Write -down Goodwill and other **** 0.0 0.0 348.0
Tax effect adjustments -2.4 5.1 -49.4
Adjusted net profit -9.1 -4.7 -46.2

Earnings per share before and after dilution -0.21 0.17 -2.67
Adjusted earnings per share -0.10 -0.05 -0.52 * Q1 2025 adjustment of restructuring cost for Toadman of 9.9 and 1.7 for Piranha .

ENAD GLOBAL 7 AB (PUBL) 27 Interim Report, January -March 202 5

Organic growth bridge
JAN -MAR JAN –
DEC

SEKm 202 5 202 4 % CHG 202 4
Net Revenue 455.3 381 .7 19.3 % 1.713 .0
Acquisition Singularity 6 -12.6 -45.8
Organic Revenue 442.7 381 .7 16.0 % 1.667 .2
FX effect -5.7 5.5
Organic Revenue FX adjusted 437.0 381.7 14. 5% 1.672.7

Financing
MAR DEC

SEKm 202 5 202 4 2024
Total debt -354.9 -3.3 -2.5
Cash and cash equivalents 579.3 466.8 321.5
Net cash 224.4 463.5 319.0
The net cash by the end of the quarter amounted to SEK 224.4 million, consisting of a cash balance of SEK
579.3 million and a financial debt of SEK 354.9 million.
On 21 February 2025, EG7 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 have a tenor of three (3) years and carry a floating
rate coupon of 3m STIBOR plus 625 basis points per annum, reset quarterly.

ENAD GLOBAL 7 AB (PUBL) 28 Interim Report, January -March 202 5

Segment performance data
202 5 2024 2024 2024 2024 2023 2023 2023 2024 SEKm Q1 Q4 Q3 Q2 Q1 Q4 Q3 Q2 Full year NET REVENUE Daybreak 189.7 198.5 212.3 167.1 188.5 181.8 181.3 189.6 766.4 Big Blue Bubble 66.0 81.0 83.9 75.4 68.7 85.8 123.4 144.4 309.0 Piranha 18.6 70.0 15.7 22.7 21.0 30.2 27.8 24.5 129.4 Toadman 0.1 7.0 8.8 11.6 16.8 18.5 14.3 10.8 44.2 Petrol 36.1 32.7 35.3 37.9 40.5 50.0 50.9 35.6 146.3 Fireshine Games 144.9 123.7 109.7 38.0 46.2 106.9 119.6 78.0 317.6 GROUP TOTAL 455.3 512.9 465.7 352.7 381.7 473.1 517.3 482.9 1.713.0 NET REVENUE GROWTH YoY (%)

Daybreak 1% 9% 17% -12% -6% -9% -16% -7% 2% Big Blue Bubble -4% -5% -32% -48% -69% -56% 157% 234% -46% Piranha -12% 132% -43% -7% -58% 19% 11% 7% -3% Toadman -99% -62% -38% 7% 205% 227% 162% 1108% -10% Petrol -11% -35% -31% 6% -17% -15% -23% -29% -21% Fireshine Games 214 % 16% -8% -51% -3% 38% 43% -45% -10% GROUP TOTAL 19% 8% -10% -27% -33% -15% 16% 4% -16%
NET REVENUE ORGANIC YoY (%)
Daybreak -6% -1% 2% -12% -6% -9% -16% -7% -4% Big Blue Bubble -4% -5% -32% -48% -69% -56% 157% 234% -46% Piranha -12% 132% -43% -7% -58% 19% 11% 7% -3% Toadman -99% -62% -38% 7% 205% 227% 162% 1108% -10% Petrol -11% -35% -31% 6% -17% -15% -23% -29% -21% Fireshine Games 214 % 16% -8% -51% -3% 38% 43% -45% -10% GROUP TOTAL 16% -15% -15% -27% -33% -15% 16% 4% -18%
ORGANIC FX ADJUSTED
GROWTH YoY (%) Daybreak -9% -1% 6% -13% -6% -8% -17% -13% -4% Big Blue Bubble -1% -4% -29% -48% -69% -54% 162% 237% -45% Piranha -9% 136% -39% -7% -58% 20% 12% 10% -1% Toadman -99% -62% -38% 7% 205% 227% 162% 1107% -10% Petrol -13% -35% -28% 5% -17% -15% -25% -33% -21% Fireshine Games 207 % 12% -9% -52% -7% 31% 32% -48% -12% GROUP TOTAL 14% 4% -13% -28% -33% -16% 14% 1% -18% ADJ EBITDA
Daybreak 30.0 26.5 52.1 12.3 42.1 29.1 34.3 47.8 133.1 Big Blue Bubble 32.9 49.3 42.0 37.3 38.2 49.3 87.9 85.8 166.8 Piranha 3.2 31.9 2.7 7.9 3.4 11.2 8.4 6.0 45.9 Toadman & AMG -6.1 -1.9 -2.3 -8.5 -6.1 -4.7 -2.4 -12.2 -18.8 Petrol 1.5 -5.4 0.3 -0.5 -6.4 2.7 1.9 -8.8 -12.1 Fireshine Games 21.7 34.9 15.9 -1.8 0.5 11.4 18.9 3.3 49.4 Holding -9.5 -6.6 -9.2 -13.2 -10.0 -0.9 -8.3 -8.6 -39.1 GROUP TOTAL 73.7 128.7 101.5 33.4 61.7 98.2 140.7 113.3 325.3
ADJ EBITDA MARGIN (%)

Daybreak 16% 13% 25% 7% 22% 16% 19% 25% 17% Big Blue Bubble 50% 61% 50% 49% 56% 57% 71% 59% 54% Piranha 17% 46% 17% 35% 16% 37% 30% 25% 35% Toadman & AMG -6,673 % -28% -26% -73% -36% -25% -17% -113% -42% Petrol 4% -17% 1% -1% 5% 5% 4% -25% -8% Fireshine Games 15% 28% 15% -5% 1% 11% 16% 4% 16% GROUP TOTAL 16% 25% 22% 9% 16% 21% 27% 23% 19% ADJ EBIT
Daybreak -11.9 -15.2 9.8 -23.3 8.4 -7.3 -2.6 12.1 -20.2 Big Blue Bubble 30.7 46.9 39.9 35.2 36.3 46.2 81.6 76.3 158.4 Piranha -11.8 18.3 1.2 6.4 2.3 8.3 6.0 2.1 28.3 Toadman & AMG -5.9 -2.5 -3.9 -9.9 -7.6 -6.2 -1.0 -13.2 -23.8 Petrol -0.3 -7.3 -1.6 -2.5 -8.4 0.6 -0.2 -10.5 -19.9 Fireshine Games 10.8 24.2 8.2 -8.4 -5.6 4.3 4.1 2.9 18.3 Holding -9.8 -7.0 -9.6 -13.6 -10.4 -1.8 -9.4 -9.7 -40.4 GROUP TOTAL 1.7 57.4 44.1 -16.1 15.2 43.9 78.4 60.0 100.8 ADJ EBIT MARGIN (%) Daybreak -6% -8% 5% -14% 4% -4% -1% 6% -3% Big Blue Bubble 47% 58% 48% 47% 53% 54% 66% 53% 51% Piranha -63% 26% 8% 28% 11% 27% 21% 9% 22% Toadman & AMG -6,499 % -36% -44% -85% -45% -34% -7% -123% -54% Petrol -1% -22% -5% -7% -21% 1% 0% -30% -14% Fireshine Games 7% 20% 7% -22% -12% 4% 3% 4% 6% GROUP TOTAL 0% 11% 9% -5% 4% 9% 15% 12% 6% Employees last day of the period Daybreak 305 307 300 263 262 264 264 261 307 Big Blue Bubble 75 75 75 79 76 73 71 74 75 Piranha 57 94 106 111 109 111 101 94 94 Toadman 14 48 64 111 121 119 119 114 48 AMG 0 0 0 0 0 0 0 38 0 Petrol 63 67 67 69 78 75 79 79 67 Fireshine Games 38 38 38 39 34 31 30 30 38 Holding 7 7 8 9 8 8 8 9 7 GROUP TOTAL 559 636 657 680 688 681 672 699 636

ENAD GLOBAL 7 AB (PUBL) 29 Interim Report, January -March 202 5

FOR MORE INFORMATION . PLEASE CONTACT:
Fredrik Rüd én. Group Deputy CEO and CFO
Mail: fredrik.ruden@enad global7.com
Phone: +46 733 117 262
Ludvig Andersson . Head of IR & Sustainability
Mail: ludvig.andersson@enadglobal7.com
Phone: +46 730 587 608

EG7 IN SHORT
EG7 is a group of companies within the
gaming industry that develops . markets .
publishes and distributes PC . console and
mobile games to the global gaming market.
The company employs approximately 500
game developers and develops its own
original IPs . as well as acts as consultant to
other publishers around the world through its
game development divisions Daybreak Games .
Piranha Games and Big Blue Bubble . In
addition . the Group ‘s marketing department
Petrol has contributed to the release of
2.000+ titles . of which many are leading
global brands such as Call of Duty . Destiny
and Elden Ring. The Group ‘s publishing and
distribution department Fireshine Games hold
expertise in both physical and digital
publishing. EG7 is headquartered in
Stockholm with Approximately 559 employees
in 12 offices worldwide.
Nasdaq Stockholm . Ticker Symbol: EG7

AUDITING
This report has not been subject to review by
the company’s auditor.

NEXT REPORT
The next financial report will be published:
Interim report Q 2 202 5: August 1 5. 2025
Interim report Q 3 202 5: November 1 1. 2025
Interim report Q4 202 5: February 1 7. 2026

IMPORTANT INFORMATION
This information is information that Enad
Global 7 AB (publ) is obliged to make public
pursuant to the EU Market Abuse Regulation.
The information was submitted for
publication through the agency of the contact
persons set out below at 7:00am CET on Ma y
15 . 202 5.

ENAD GLOBAL 7 AB (PUBL) 30 Interim Report, January -March 202 5

THE BOARD’S DECLARATION

The Board of Directors and CEO ensure that this interim report gives a true and fair view of the
company’s operations and financial position.

Stockholm . May 15, 2025

Ji
Ham
Jason
Epstein
Ben
Braun
Ebba
Ljungerud
Gunnar
Lind
Marie –
Louise
Gefwert
Ron
Moravek
Chief Executive
Officer/Member
of the Board
Chairman
of the
board
Member
of the
board
Member
of the
board
Member
of the
board
Member
of the
board
Member
of the
board