Enad Global 7 FY2025 Q2 Earnings Release

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Investor Presentation
Q2 2025
2 0 2 5 / 0 8 / 1 5

Q2 2025 Key Performance Figures
E G 7 Q 2 2 0 2 5 I N T E R I M R E P O R T
2
▪ 7.4% Net Revenue growth y – o – y
▪ Excluding FX impact, Net Revenue growth of 17%
▪ Excluding FX and Palia, organic growth of 6.7%
▪ 12.1% Adjusted EBITDA growth y – o – y
▪ Adjusted EBITDA margin of 9.9% in – line with Q1 2024
NET REVENUE
379
MSEK
ADJUSTED EBITDA
38
MSEK
Y-O-Y NET REVENUE GROW TH
7.4
Percent
ADJUSTED EBITDA MARGIN
9.9
Percent

▪ Successful release on PlayStation 5, Xbox Series X/S on May 13 th
▪ Now available on all console and PC platforms
▪ Elderwood expansion content release
▪ Significant increase in performance
▪ Life -to -date, 8+mm players
▪ 215k peak DAU , representing more than 3 times pre -release level
▪ 1.2mm peak MAU , representing 3 times pre -release level
▪ In July average daily revenue of more than 3 times pre -release 30 -day average
▪ An exciting and robust roadmap
▪ Animal husbandry feature coming this fall
▪ Shared, co -op housing plans
▪ Monthly (small), quarterly (medium) and annual (large) update plans going forward
▪ A large and compelling market opportunity
▪ Cozy life sim genre represents a compelling opportunity with a large target audience
▪ An opportunity to establish a leading cozy life sim game in the market differentiated
by its larger multiplayer and live online service features
Palia Update
E G 7 Q 2 2 0 2 5 I N T E R I M R E P O R T
3

▪ Piranha’s MechWarrior game plan
▪ Successfully released the first DLC for MechWarrior 5: Clans in Q2
▪ Next up is DLC 7 for MechWarrior 5: Mercenaries – Sep 2025 target release
▪ Plans to support both Mercenaries and Clans with on -going DLC releases going forward
▪ Cold Iron project
▪ Project making steady progress
▪ In final stages of development
▪ Subject to on -going progress, aiming to share an official announcement in the near future
▪ M&A growth opportunities
▪ Continuing flow of special situations opportunities in the market
▪ To date, passed on several as the risks outweighed potential upside for most
▪ Current climate is a tale of “haves and have -nots”:
▪ At the top of the market, the big guys are doing very well with established franchises
▪ At the mid to lower end, the market remains quite challenging
▪ Still too much volume / supply combined with a lack of capital availability
▪ Further rationalization expected at the lower end of the market over the near -term
▪ EG7 in a good position with our solid balance sheet to pursue M&A opportunities as the
market rationalizes further
Additional Updates
E G 7 Q 2 2 0 2 5 I N T E R I M R E P O R T
4

Financial Discussion

Q U A R T E R L Y L T M
Net Revenue, Adjusted EBITDA and EBIT
E G 7 Q 2 2 0 2 5 I N T E R I M R E P O R T
6
(MSEK)
353
466
513
455
379
33
102 129
74
37
-26 -5
-148
-10 -38
9%
22%
25%
16%
10%
0%
5%
10%
15%
20%
25%
30%
35%
40%
-200
-100
0
100
200
300
400
500
600
2Q24 3Q24 4Q24 1Q25 2Q25
Net Revenue Adjusted EBITDA EBIT Adj EBITDA Margin
1725 1673 1713 1787 1813
334 295 326 338 342
102 55
-139 -189 -201
19%
18% 19% 19% 19%
0%
5%
10%
15%
20%
25%
30%
35%
40%
-500
0
500
1 000
1 500
2 000
2Q24 3Q24 4Q24 1Q25 2Q25
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 2 2 0 2 5 I N T E R I M R E P O R T
7
(MSEK)
1245 1237 1247 1269 1276
1725 1673 1713 1787 1813
72% 74% 73% 71% 70%
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
0
500
1000
1500
2000
2500
2Q 24 3Q 24 4Q 24 1Q 25 1Q 25
More predictable Net Revenues Total Net Revenue % of Group Total
283
335 332 319
290
353
466
513
455
379
80%
72%
65%
70%
77%
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
0
100
200
300
400
500
600
2Q 24 3Q 24 4Q 24 1Q 25 2Q 25
More predictable Net Revenues Total Net Revenue % of Group Total

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 2 2 0 2 5 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 190 50%
Big Blue Bubble 61 16%
Rest of the group 128 34%
Group total 379 100%
Q 2 A D J E B I T D A C O N T R I B U T I O N
Daybreak 2 6%
Big Blue Bubble 25 66%
Rest of the group 10 27%
Group total 37 100% (MSEK)
167
212 199 190 190
12
52
27 30
2
7%
25%
13%
16%
1%
0%
5%
10%
15%
20%
25%
30%
35%
40%
0
50
100
150
200
250
2Q24 3Q24 4Q24 1Q25 2Q25
QUARTERLY
Net Revenue Adjusted EBITDA Adj EBITDA Margin
75
84 81
66
61
37 42
49
33
25
49% 50%
61%
50%
41%
0%
10%
20%
30%
40%
50%
60%
70%
80%
0
10
20
30
40
50
60
70
80
90
2Q24 3Q24 4Q24 1Q25 2Q25
QUARTERLY
Net Revenue Adjusted EBITDA Adj EBITDA Margin

12
9
7
0
2
-9
-2 -2
-6
0
-10
-5
0
5
10
15
2Q24 3Q24 4Q24 1Q25 2Q25
QUARTERLY
Net Revenue Adjusted EBITDA
Net Revenue and
Adjusted EBITDA Mix
E G 7 Q 2 2 0 2 5 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 23 6%
Toadman 7 0%
Rest of the group 349 94%
Group total 379 100%
Q 2 A D J E B I T D A C O N T R I B U T I O N
Piranha 13 33%
Toadman -2 1%
Rest of the group 26 65%
Group total 37 100%
P I R A N H A T O A D M A N
(MSEK)
Toadman under
winding down
23
16
70
19 23
8
3
32
3
13
35%
17%
46%
17%
55%
0%
10%
20%
30%
40%
50%
60%
70%
80%
0
10
20
30
40
50
60
70
80
2Q24 3Q24 4Q24 1Q25 2Q25
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 2 2 0 2 5 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 74 19%
Petrol 30 8%
Rest of the group 275 73%
Group total 379 100%
Q 2 A D J E B I T D A C O N T R I B U T I O N
Fireshine 3 8%
Petrol 1 %
Rest of the group 33 89%
Group total 37 100%
(MSEK)
38
110
124
145
74
-2
16
35
22
3 -5%
15%
28%
15%
4%
-10%
0%
10%
20%
30%
40%
50%
-20
0
20
40
60
80
100
120
140
160
2Q24 3Q24 4Q24 1Q25 2Q25
QUARTERLY
Net Revenue Adjusted EBITDA Adj EBITDA Margin
38 35 33
36
30
0
0
-5
2 1
-1% 1%
-17%
4% 3%
-40%
-30%
-20%
-10%
0%
10%
20%
30%
40%
-10
-5
0
5
10
15
20
25
30
35
40
45
2Q24 3Q24 4Q24 1Q25 2Q25
QUARTERLY
Net Revenue Adjusted EBITDA Adj EBITDA Margin

N E T R E V E N U E
Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025
Net Revenue
2025 FX rate 482 871 049 517 340 460 473 106 289 381 712 345 352 670 110 465 702 786 512 911 718 455 298 631 378 761 219
Net Revenue
Last years FX rate 466 577 713 505 956 545 471 531 924 380 931 550 348 662 845 478 963 320 510 079 597 449 297 168 415 249 383
Net FX effect
on Net Revenue 16 293 336 11 383 915 1 574 365 780 795 4 007 266 -13 260 534 2 832 120 6 001 463 -36 488 164
Figurers in perspective (Focus on FX fluctuations)
E G 7 Q 2 2 0 2 5 I N T E R I M R E P O R T
11
2 0 2 5 N E T R E V E N U E – F X B U I L D U P
Q1 2025 Q2 2025 Y TD 2025
TOADMAN 0,0 0,0 0,0
BBB -2,4 -7,2 -9,6
DB 5,2 -18,2 -13,0
PIRANHA -0,7 -2,5 -3,1
FIRESHINE 2,9 -5,4 -2,5
PETROL 1,0 -3,2 -2,3
Group total 6,0 -36,5 -30,5
C U R R E N C Y F L U C T U A T I O N
*Source: Koyfin.com

317
219
322
579
455
-98 -119 -97 -79 -78
-200
-100
0
100
200
300
400
500
600
700
2Q24 3Q24 4Q24 1Q25 2Q25
Cash Cash flow from investment activities
( M S E K )
Net Cash Position
E G 7 Q 2 2 0 2 5 I N T E R I M R E P O R T
12
Cash Flow

Q2 YTD
Cash OB 579 322
Operation* -22 -4
Investing** -78 -157
Financing*** -16 324
Delta Cash

-116 163
Currency fluctuations in
liquidity
-8 -30
Cash CB 455 455
*Change in Working Capital
** New growth investments
**Other publishing Fireshine
**MW5 Clans DLCs
**Other
*** Bond
-38
-49
-12
-11
-6
0
-77
-93
-30
-23
-11
345
350 MSEK bond placement
The net cash after financial debt of 351.9 MSEK amounted to 102.5 MSEK (excluding any short
term earnouts or IFRS lease).

Summary

Looking Ahead
E G 7 Q 2 2 0 2 5 I N T E R I M R E P O R T
14
▪ A Stable Quarter
▪ Solid Net Revenue growth of 7 percent Y -o-Y
▪ Primary growth drivers where:
▪ Palia release on PS5 and Xbox Series X/S
▪ First DLC for MechWarrior 5: Clans
▪ Strong Position
▪ Solid cash flows from the live service portfolio, lean operations, and
strong financial flexibility
▪ Provides us with a strong positioned to execute on our strategy
▪ Patiently Seeking Growth Opportunities
▪ Good volume of M&A opportunities
▪ Being patient and disciplined in identifying opportunities with clear fit and
compelling upside

Q&A