Enad Global 7 FY2025 Q3 Earnings Release

ENAD GLOBAL 7 AB (PUBL) 1 Interim Report, January -Mar ch 2024

ENAD GLOBAL 7 AB (PUBL)
INTERIM REPORT
JUL -SEP 202 5

ENAD GLOBAL 7 AB (PUBL) 2 Interim Report, July -September 202 5
INTERIM REPORT – JUL -SEP 202 5
SUMMARY COMMENT S
For the third quarter, Net Revenue was SEK 355 .3 (465.7 ) million, representing FX -adjusted organic
decline of 16 .2 percent year -ove r-year. Unfavorable currency movements negatively impacted Net
Revenue by SEK 3 4.8 million in the period . EBITDA for the quarter amounted to SEK 54 .4 (73.8 ) million,
while Adjusted EBITDA was SEK 63 .2 (101.7 ) million, corresponding to an Adjusted EBITDA margin of 17 .8
(21.8 ) percent . Operating cash flow came in at SEK 50 .9 (35 .6) million.
The third quarter was relatively quiet in terms of product and content releases , with only a few smaller
new content releases compared with third quarter last year . One of t he key highlight s was Singularity 6 ’s
(S6) successful introduction of Animal Husbandry feature in Palia . The community receptio n was very
positive with player engagement reaching the same peak levels achieved during the initial release on
PlayStation and Xbox in Q2 . The team has a robust content and feature plan for the game and is working
towards establish ing Palia as one of the leading cozy life -sim games in the industry. Piranha also
contributed positively to the quarter with the launch of the 7th DLC for MechWarrior 5: Mercenaries ,
which is on trend to become the best -selling DLC for the title.
During the quarter EG7 secured a SEK 100.0 million revolving credit facility which further strengthens the
group´s capital structure. The strong capital structure and the release pipeline create an attractive basis
for both organic and non -organic growth opportunities over the next coming year s.
HIGHLIGHTS FOR THE QUARTER
• Net Revenue of SEK 355 .3 (465.7 ) million, representing an FX -adjusted organic decline of 16.2 percent .
• EBITDA of SEK 54. 4 (73.8 ) million and Adjusted EBITDA of SEK 63. 2 (101.7 ) million.
• EBIT of SEK -22 .8 (-4.5 ) million and Adjusted EBIT of SEK -14 .0 (44.3 ) million .
• Profit before tax of SEK -29 .5 (-13.5 ) million .
• Earnings per share was SEK 0.22 (-0.33 ). Adjusted earnings per share of SEK 0.30 (0.11 ).
• Cash flow s from operations increased to SEK 50 .9 (35.6 ) million .
• Cash balance of SEK 395 .9 millio n, unutilized revolving credit facility was SEK 100.0 million.

KEY METRICS
QUARTER ACCUMULATED FULL YEAR
SEKm, except per share data JUL -SEP
202 5
JUL -SEP
202 4
JAN -SEP
202 5
JAN -SEP
202 4
JAN -DEC
202 4
Net Revenue 355.3 465.7 1,189 .3 1,200.1 1,713.0
Net Revenue G rowth -23.7% -10.0% -0.9 % -23.7% -16.2%
Organic FX Adj. Growth * -16.2% -12.8% 0.1% -24.9% -18.2%

EBITDA * 54.4 73.8

152 .3 184.0 459.0
Adjusted EBITDA * 63.2 101.7 174.4 196.9 325.5
Adjusted EBITDA Margin , % * 17.8% 21.8% 14.7% 16.4% 19.0%

EBIT -22.8 -4.5 -71.2 9.7 -138.8
Adjusted EBIT * -14.0 44.3 -48.9 43.4 100.8
Adjusted EBIT Margin, % * -3.9% 9.5% -4.1% 3.6% 5.9%

Profit before Tax -29.5 -13.5 -89.8 -12.8 -163.3
Net Profit 19.6 -29.2 9.5 -53.0 -236.4

EPS after dilution 0.22 -0.33 0.11 -0.60 -2.67
Adjusted EPS * 0.30 0.11 0.31 -0.30 -0.52
Adjusted EPS, excl. M&A related amortizations * 0.58 0.42 1.17 0.54 3.69
* For definitions, see section ”Definitions of alternative performance measure s” on page 25

ENAD GLOBAL 7 AB (PUBL) 3 Interim Report, July -September 202 5
COMMENTS FROM THE CEO
Ji Ham, CEO
A quiet quarter
Net Revenue was SEK 3 55 .3 (465.7) million
for the third quarter, representing year -over –
year decline of 16.2 percent in constant
currencies . The lower level of Net Revenue
compared with the third quarter last year is
mainly attributable to smaller pipeline for
Fireshine , lower performance for My Singing
Monsters (MSM) and a large negative impact
of SEK 34.8 million from currency
fluctuations . Adjusted EBITDA amounted to
SEK 63.2 million, compared to SEK 101.7
million last year , corresponding to a margin
of 17.8 percent .
Operational cash flow increased to SEK 50.9
(35.6) million . This figure was negatively
imp acted by a non -recurring payment of SEK
7.9 million, adjusted for this the operational
cashflow would have been improved to SEK
58 .8 (35.6) million.
Portfolio highlights
In September , S6 released Animal Husbandry
feature in Palia across all platforms. The
launch was a solid success , resulting in
increased player engagement with key
metrics reaching the same peak levels seen
during the initial PlayStation and Xbox
release window . As a result, Palia is
continu ing to demonstrate growth and is on
track to become the largest revenue
contributor within Daybreak’s live games
portfolio.
On September 3rd, Piranha launched the 7 th
DLC for MechWarrior 5: Mercenaries. The
performance for the DLC has been solid and is
on trend to be the best selling DLC for the
title .
During the quarter, based on continued
progress, EG7 made additional milestone
approvals to the co -operation with Cold Iron.
Cold Iron, Daybreak and the licensor have
been working closely to secure a desired high
level of quality and coordinating the release
timing in order to maximize the game’s
performance. In conjunction with this, the
target release window for the game has been
moved to Q3 2026. Daybreak has also agreed
to fund an additional USD 6 -6.5 million for
the continuing development, the commerci al
terms for which have been adopted in
accordance. The group remains confident in
the potential for the new title along with
progress in the game development and the IP
gaining more global attention.
Se eking selective M&A growth
Our strategy is defined by a combination of
prudent management of our existing
portfolio, selectively investing in M&A and
new project opportunities for potential
acceleration in growth and ultimately
constructing a high -quality portfolio of assets
that could produce predictable performance
and growth. We have been actively
evaluat ing opportunities that fit our expertise
and capabilities. While there have been a
large number of opportunities available, we
have been exercising caution and discipline in
order to focus on securing opportunities that
“make sense” and aligns well with our long –
term strategy going forward.
Positioned well for continued
execution
We remain confident in our strategy and
plans for growth. We have a solid foundation ,
resulting from our base of more predictable
revenues and healthy balance sheet with
ample liquidity. While the market landscape
remains challenging for mid – to lower market
players, our solid financial profile provides
the group with a favorable position to
approach growth opportunities whether
through M&A or project investments.

ENAD GLOBAL 7 AB (PUBL) 4 Interim Report, July-September 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 stable foundation of more predictable
revenues and cash flows. Our 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. Net
Revenue from this portfolio amounted to SEK 311.0 million in Q3, representing 88 .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, considered to be one of the three most iconic fantasy MMO brands in the
world together with World of Warcraft and Ultima Online .
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 185 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 co zy community/life simulation game , with over 9 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 Online , 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 special with in the gaming industry, combining
steady performance 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
predictable revenue while lowering the 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 circle of competence. This strategy not only
diversifies our offerings but also strengthens our position with in the market, creating a stable
foundation for sustainable growth with reduced long -term volatility.
335 332 319 297 311
466 513 455
379 355 72% 65% 70% 78% 88%
0%
20%
40%
60%
80%
0
100
200
300
400
500
600
3Q 24 4Q 24 1Q 25 2Q 25 3Q 25
More predictable Net Revenues Total Net Revenue % of Group Total

ENAD GLOBAL 7 AB (PUBL) 5 Interim Report, July -September 202 5
Net Revenue , Adjusted EBITDA, and EBIT

SEKm
466
513
455
379 355
102 129
74 37 63
-5
-148
-10 -38 -23
22%
25%
16%
10%
18%
0%
5%
10%
15%
20%
25%
30%
35%
40%
– 200,0
– 100,0
0,0
100,0
200,0
300,0
400,0
500,0
600,0
3Q24 4Q24 1Q25 2Q25 3Q25
QUARTERLY
Net Revenue Adjusted EBITDA EBIT Adj EBITDA Margin
1673 1713 1787 1813 1702
295 326 338 342 303
55
-139 -189 -201 -220
18% 19% 19% 19% 18%
0%
5%
10%
15%
20%
25%
30%
35%
40%
-500
0
500
1 000
1 500
2 000
3Q24 4Q24 1Q25 2Q25 3Q25
LTM
Net Revenue Adjusted EBITDA EBIT Adj EBITDA Margin

ENAD GLOBAL 7 AB (PUBL) 6 Interim Report, July -September 202 5
SUMMARY BY SEGMENT

SEKm
Daybreak

Big Blue Bubble
212 199 190 190 180
52
27 30
2
35
25%
13% 16%
1%
19%
0%
5%
10%
15%
20%
25%
30%
35%
40%
45%
50%
0
50
100
150
200
250
3Q24 4Q24 1Q25 2Q25 3Q25
Net Revenue Adjusted EBITDA Adj EBITDA Margin
84 81
66 61 55
42
49
33
25 25
50%
61%
50%
41%
47%
0%
10%
20%
30%
40%
50%
60%
70%
0
10
20
30
40
50
60
70
80
90
3Q24 4Q24 1Q25 2Q25 3Q25
Net Revenue Adjusted EBITDA Adj EBITDA Margin
15,7
70
19 23
30,3
3
32
3
13 10 17%
46%
17%
55%
33%
0%
10%
20%
30%
40%
50%
60%
70%
0
10
20
30
40
50
60
70
80
3Q24 4Q24 1Q25 2Q25 3Q25
Net Revenue Adjusted EBITDA Adj EBITDA Margin
Piranha Fireshine
110
124
145
74
59
16
35
22
3 1
15%
28%
15%
4% 2%
-20%
-10%
0%
10%
20%
30%
40%
50%
0
20
40
60
80
100
120
140
160
3Q24 4Q24 1Q25 2Q25 3Q25
Net Revenue Adjusted EBITDA Adj EBITDA Margin
Petrol
35 33 36
30 30
0
-5
2 1 2
1%
-17%
4% 3% 5%
-40%
-30%
-20%
-10%
0%
10%
20%
30%
40%
50%
-10
-5
0
5
10
15
20
25
30
35
40
3Q24 4Q24 1Q25 2Q25 3Q25
Net Revenue Adjusted EBITDA Adj EBITDA Margin

ENAD GLOBAL 7 AB (PUBL) 7 Interim Report, July -September 202 5

DAYBREAK
For Q 3, Daybreak ’s Net Revenue came in at SEK 180.3 (212.3 ) million, corresponding to a decrease
of 15.1 percent . The decline is attributable to challenging comparable figures following the
successful 25 th anniversary campaigns for EverQuest in 2024 and SEK 17.7 million unfavorable
currency movements. T he o rganic decline in local currencies was 6.7 percent . Adjusted EBITDA was
SEK 35.0 (52.1 ) million , representing a margin of 19.4 (24.5 ) percent .
The performance in Daybreak’s portfolio has a strong correlation with the investment cycle per
title. Daybreak performed in -line with expectations for the period , where Gross Revenue (total
bookings) actually grew in local currency compared with third quarter last year . The Lord of the
Rings Online had its pre -sale launch of the annual expansion pack “Kingdoms of Harald” in
September , to be fully released in December . DC Universe Online delivered stable performance
with the latest update “Raging Night ” launch ing in September. EverQuest performed at a lower
level compared to last year due to a combination of unfavorable comparison s against the strong
25 th anniversary performance in 2024 and the negative impact from an unauthorized derivative
version of EverQuest . Daybreak has had progress in its initiated legal action, with the issuance of a
preliminary injunction requiring the defendants to shut down the infringing game during the
pendency of the lawsuit. The lawsuit remains active and Daybreak will continue its legal efforts in
this regard. Dungeons & Dragons Online launched its new server in July and published the expansion
of “Lamordia” in August , which both had a positive impact on player activity. Magic the Gathering
Online had a soft er quarter where the most recent cardset release did not reach the expected
performance. Following the major content release on May 13 th, Palia has continue d to deliver
improving results with a growing number of players – now with over 9 million lifetime user
registrations. The latest seasonal update with “Animal Husbandry ” feature was launched on
September 11 th, resulting in solid engagement from its player base with engagement metrics
reaching peak levels from the console release update .
During the quarter , based on continued progress, EG7 made additional milestone approvals to the
co -operation with Cold Iron. Cold Iron, Daybreak and the licensor have been working closely to
secure a desired high level of quality and coordinating the release timing in order to maximize the
game’s performance. In conjunction with this, the target release window for the game has been
moved to Q3 2026. Daybreak has also agreed to fund an additional USD 6-6.5 million for the
continuing development, the commercial terms for which have been adopted in accordance. The
group remains confident in the pote ntial for the new title along with progress in the game
development and the IP gaining more global attention.
BIG BLUE BUBBL E
Big Blue Bubble delivered Net Revenue of SEK 55.1 (83 .9) million , corresponding to a 34.3 percent
decline. Currency fluctuations negatively impacted Net Revenue by SEK 6.1 million . Adjusted
EBITDA amounted to SEK 25.2 (42.0 ) million , representing 45.6 percent margin. Due to lower than
expected new user acquisition, Big Blue Bubble delivered under expectations. The team is
analyzing mitigating actions to increase the new customer intake going forward.
PIRANHA
Net Revenue for the quarter came in at SEK 30.3 (15.7 ) million , representing 92.6 percent growth
year -over -year . Currency fluctuations reduced Net Revenue by SEK 3.0 million . Adjusted EBITDA
amounted to SEK 10.0 (2.7 ) million , representing 33.0 percent margin . September 3rd, Piranha
launched the 7 th DLC for MechWarrior Mercenaries, Shadow of Kerensky . This turned out to be the
best selling DLC for that game title in the first 30 days since inception in 2019.
FIRESHINE
Revenue volatility is a natural part of Fireshines business model and follows the release pipeline.
Fireshines Net Revenue came in at SEK 59.0 (109. 7) million, representing 46.2 percent decline year –
over -year. The decline is mainly explained by lower revenue from digital releases following the
Core Keeper 1.0 digital release in the third quarter last year, which contributed SEK 53 .6 million
(4.0 MGBP ) in Net Revenue . Currency fluctuations impacted Net Revenue negatively by SEK 4.9
million . Adjusted EBITDA came in at SEK 1.0 (15.9 ) million , resulting in a 1.7 percent margin .
PETROL

ENAD GLOBAL 7 AB (PUBL) 8 Interim Report, July -September 202 5
For Q3, Petrol’s Net Revenue came in at SEK 30.4 (35.3 ) million , representing a 13.9 percent
decline year -on-year of which SEK -3.0 million is explained by currency fluctuations . Adjusted
EBITDA was SEK 1.6 (0.3 ) million , resulting in a 5.1 percent margin . The cost -saving measures
implemented earlier in the year continue to contribute positively to the improved result. In
response to ongoing market volatility, Petrol has successfully expanded its client base beyond the
gaming industry, including partnerships with Western Digital and Honda of America . This strategic
shift has already yielded results , and management remains confident that the business will stabilize
and return to a consistent performance aligned with pre -downturn levels.

ENAD GLOBAL 7 AB (PUBL) 9 Interim Report, July -September 202 5
FINANCIAL OVERVIEW
Net Revenue and Operating Profit
QUARTER ACCUMULATED FULL YEAR

SEKm
JUL -SEP
202 5
JUL -SEP
202 4 % CHG
JAN -SEP
202 5
JAN -SEP
202 4 % CHG
JAN -DEC
202 4
Net Revenue 355.3 465.7 -23.7% 1,189 .3 1,200.1 -0.9% 1,713 .0
Adjusted EBITDA* 63.2 101.7 -37.9 % 174.4 196.9 -11.4 % 325 .5
EBITDA* 54.4 73.8 -26.2 % 152.3 184.0 -17.2 % 459 .0
Adjusted EBIT* -14.0 44.3 -131.6 % -48.9 43.4 -212.7 % 100.8
EBIT -22.8 -4.5 -405.3 % -71.2 9.7 -837 .9% -138.8

% Margins
Adjusted EBITDA margin* 17.8 % 21.8% 14.7% 16.4% 19.0%
EBITDA margin* 15.3 % 15.8% 12.8 % 15.3% 26.8%
Adjusted EBIT margin* -3.9 % 9.5% -4.1% 3.6% 5.9%
EBIT margin -6.4 % -1.0% -6.0 % 0.8% -8.1 %

* For definitions, see section ”Definitions of alternative performance measures” on page 25
Net Revenue in Q 3 202 5 came in at SEK 355 .3 (465.7 ) million, representing a de crease of 23 .7
percent year -over -year. Adjusted EBITDA and Adjusted EBIT were SEK 63 .2 (101.7 ) million and SEK –
-14 .0 (44.3 ) million for the quarter . The delta between EBITDA and EBIT , SEK -77.2 million, is
explained by acquisition related amortization of SEK -30 .9 million , amortization of capitalized R&D
and publishing rights was SEK -36.3 million , financial leasing SEK -5.8 million and other SEK -4.2
million . The adjustment for non -recurring items affecting EBITDA in the third quarter was SEK 8.8
(27.9 ) million .

Cash flow in short
QUARTER ACCUMULATED FULL YEAR

SEKm
JUL -SEP
202 5
JUL -SEP
202 4
JAN -SEP
202 5
JAN -SEP
202 4
JAN -DEC
202 4
Operating profit (EBIT) from continuing operations -22.8 -4.5 -71.2 9.7 -138.8
Adjustment for non -cash flow items 68.1 87.3 220.6 149.8 419.3
Financial net -0.0 -1.5 -0.0 9.1 9.2
Taxes paid -7.1 1.0 -39.0 -98.2 -100 .1
Operating cash flows before balance sheet cash
flow impact
38.2 82.3 110.4 70.4 189 .6

Change in net working capital 12.6 -46.7 -63.9 -72.2 4.5
Cash flow from operations 50.9 35.6 46.5 -1.8 194 .1

Cash flow from investment activities -91.6 -119.5 -248.8 -209.8 -306 .5
Cash flow from financing activities -15.1 -7.0 309.1 -59.0 -66 .3
Cash and cash equivalents, start of period 454.5 316.7 321.5 480.9 480 .9
Cash flow for the period -55.8 -91.0 106.8 -270.6 -178 .7
Exchange rate differences -2.8 -7.1 -32.5 8.2 19.3
Cash and cash equivalents, end of period 395.9 218.5 395.9 218.5 321 .5

For Q 3 2025, EG7 had a Net Cash Outflow of SEK -55.8 (-91.0 ) million. Cash flow from operating activities
was SEK 50.9 (35.6 ) million . Adjustments for non -cash flow items, SEK 68.1 million, consist mainly of
depreciations and amortizations. Depreciations and amortizations consist of amortizations of acquisition
related items SEK 30.9 million , amortizations of capitalized R&D and publishing rights, SEK 36.3 million ,
financial leasing SEK 5.8 million and other SEK 4.2 million . Net working capital amounted to SEK 12.6
million ( -46.7 ). Cash flow from Investment activities was SEK -91.6 million explained by SEK -50.7 million
investments in new growth initiatives, SEK –12.1 million investment in Fireshine publishing business, SEK
-5.9 million investment in MechWarrior DLCs , investment into the live -game -portfolio amount to SEK -7.1
million and investments into other fixed assets amount to SEK -2.8 million , e arn -out payment of SEK –
21.8 million to the sellers of Daybreak , reclassification of financial items SEK 8.8 million . Cash flow from
Financing activities was SEK -15.1 million , of this SEK -6.6 million derives from office -related leasing ,
SEK -8.2 million from interest and other financial item . The foreign exchange rate fluctuations in liquid
funds resulted in SEK -2.8 million. The group’s cash and cash equivalents available at the end of the
period amounted to SEK 395.9 million.

ENAD GLOBAL 7 AB (PUBL) 10 Interim Report, July -September 202 5
OTHER INFORMATION
The Share and Shareholders
SHAREHOLDER (3 0-09 -202 5) No. of Shares Capital %
Jason Epstein 8,582 ,320 9.69%
Nordea Liv & Pension 7,241,749 8,17 %
Johan Svensson 7,090,937 8.00 %
Defa Endeavour AS 4,533 ,605 5.12 %
Alexander Albedj 3,817 ,168 4,31 %
Avanza Pension 3,738 ,491 4.22 %
Aguja Capital GmbH 3,157 ,432 3.56 %
Forthmoore Limited 2,919 ,526 3.30%
Stefan Lindberg 2,240 ,000 2.53 %
Rasmus Davidsson 2,172 ,743 2.45 %
Alan Hunter 2,126 ,222 2.40 %
Settecento Ltd 2,102 ,614 2.37 %
Ji Ham 2,018 ,472 2.28 %
Nordnet Pensionsförsäkring 1,909 ,963 2.16 %
Gary Williams 1,507,162 2.16 %
Other shareholders 33,535,122 34.45 %
Total 88,603,526 100.00%
EG7 stock is listed on Nasdaq Stockholm with the ticker symbol ‘EG7.’ As of September 30, 202 5, the total
number of shares outstanding was 88,603,526 and the closing share price was SEK 14. 5 per share .
Related Party Transactions
• During the third quarter Toadman delivered SEK 0.1 million in WFH – game development to
Cold Iron LLC, no outstanding receivable to Cold Iron in Toadman.
• EG7 has made a total investment of SEK 279.9 million in Cold Iron LLC’s new game, where
SEK 22 .3 million was paid during the third quarter . 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.
Shareholder Capital return
The Board of Directors has not proposed a dividend payment for 2024 .
Annual General Meeting
The 202 5 Annual General Meeting was held on June 1 1, 202 5, in Stockholm.
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, July -September 202 5
FINANCIAL REPORTS
Consolidated income statement

QUARTER ACCUMULATED FULL YEAR

JUL -SEP
202 5
JUL -SEP
202 4
JAN -SEP
202 5
JAN -SEP
202 4
JAN -DEC
202 4
SEKm Note
Net Revenue

2,3 355.3 465.7 1,189.3 1,200.1 1,713.0
Other Revenue

3.8 3.5 16.2 54.7 210.1

359.1 469.2 1,205.5 1,254.8 1,923.1

Own work capitalized

41.3 44.2 101.8 86.4 126.2
Operating expenses

Cost of goods and services sold

-99.8 -139.8 -378.5 -326.9 -493.8
Other external expenses

-64.9 -75.7 -222.6 -212.7 -275.0
Personnel expenses

-181.3 -222.7 -549.7 -611.8 -818.5
Other expenses

0.1 -1.4 -4.1 -5.7 -3.0
Operating profit before depreciation and
amortization (EBITDA)
54.4 73.8 152.3 184.0 459.0

Depreciation of tangible and right -of-use
assets

-9.7 -17.9 -29.8 -39.5 -50.4
Operating profit before amortization of
intangible assets (EBITA)
44.7 55.8 122.4 144.5 408.5

Amortization and impairment of
acquisition -related intangible assets

-30.9 -34.5 -96.0 -92.9 -470.2
Amortization and impairment of other
intangible assets

-36.6 -25.9 -97.6 -41.9 -77.1
Operating profit (EBIT) -22 .8 -4.5 -71.2 9.7 -138.8

Financial net 4 -6.7 -9.0 -18.6 -22.4 -24.5
Profit before tax

-29.5 -13.5 -89.8 -12.8 -163.3

Tax expense for the period *

49.1 -15.7 99.3 -40.2 -73.1
NET PROFIT /LOSS FOR THE PERIOD 19.6 -29.2 9.5 -53.0 -236.4
The Net Profit for the period is fully attributable to the parent company’s shareholders.
* SEK 100 .5 million related to a deferred tax asset from the acquisition of Singularity 6 is recognized in the income
statement accumulated for 2025

ENAD GLOBAL 7 AB (PUBL) 12 Interim Report, July -September 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 ACCUMULATED FULL YEAR
JUL -SEP
202 5
JUL -SEP
202 4
JAN -SEP
202 5
JAN -SEP
202 4
JAN -DEC
202 4
Earnings per share before and after
dilution (SEK)
0.22 -0.33 0.11 -0.60 -2.67
Average number of shares before
and after dilution
88,603,526 88,603,526 88,603,526 88,603,526 88,603,526
QUARTER ACCUMULATED FULL YEAR
SEKm
JUL -SEP
202 5
JUL -SEP
202 4
JAN -SEP
202 5
JAN -SEP
202 4
JAN -DEC
202 4

Net profit for the period 19.6 -29.2 9.5 -53.0 -236.4
Other comprehensive income

Items that will be reclassified to
profit or loss

Translation difference -52.2 -166.4 -544.8 26.5 310.1
Deferred tax 0.0 0.3 0.8 0.0 0.5
Other comprehensive income for
the period, after tax
-52.2 -166.1 -544.0 26.5 310.6

Comprehensive income for the
period
-32.5 -195.3 -534.4 -26.5 74.2

ENAD GLOBAL 7 AB (PUBL) 13 Interim Report, July -September 202 5
Consolidated balance sheet
SEKm Note 30 SEP 202 5 30 SEP 202 4 31 DEC 202 4
ASSETS

Non -current assets

Goodwill 2,684.8 3,213.7 3,115.2
Other intangible assets 5 831.0 827.4 925.4
Tangible non -current assets 25.2 36.0 35.7
Right -of-use assets 26.5 60.7 60.9
Deferred tax assets 283.6 167.9 172.2
Other non -current receivables 6 21.1 4.6 15.3
Total non -current assets 3,872.2 4,310.3 4,324.8
Current assets

Inventory

16.4 12.7 9.1
Current receivables

6 242.7 274.1 259.3
Cash and cash equivalents

6 395.9 218.5 321.5
Total current assets 655.0 505.3 589.9
TOTAL ASSETS 4,527.2 4,815.6 4,914.7

EQUITY AND LIABILITIES

Equity attributable to the parent company’s shareholders 3,440.4 3,874.2 3,974.9
Total equity

3,440.4 3,874.2 3,974.9
Non -current liabilities

Liabilities to credit institutions 6 347.6 2.3 2.2
Leasing liabilities 14.2 42.0 36.2
Deferred tax liability 192.8 166.2 198.0
Contingent consideration 6 119 .0 272.3 135.4
Other liabilities 10.7 22.6 14.9
Total non -current liabilities 6 684.3 505.4 386.5
Current liabilities
Liabilities to credit institutions 0.4 0.7 0.4
Leasing liabilities 15.6 26.9 30.2
Accounts payable 34.5 36.7 28.8
Current tax liability – 9.9 24.6
Contingent consideration 6 36.9 41.0 60.5
Other liabilities 6.9 10.1 17.0
Contractual liabilities 97.1 111.9 135.2
Accrued expenses 211.1 198.9 256.7
Total current liabilities 6 402.5 436.0 553.4
TOTAL EQUITY AND LIABILITIES

4,527.2 4,815.6 4,914.7

ENAD GLOBAL 7 AB (PUBL) 14 Interim Report, July -September 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 -SEP
202 4
JAN -SEP
202 4
JAN -DEC

Opening balance 3,9 74.9 3,900.6 3,900.6

Changes in equity during the period
The Net profit of the period 9.5 -53.0 -236.4
Other comprehensive income for the period -544.0 26.5 310.6
Closing balance 3,440.4 3,874.2 3,974.8

ENAD GLOBAL 7 AB (PUBL) 15 Interim Report, July -September 202 5
Consolidated C ash Flow Statement

QUARTER ACCUMULATED FULL YEAR
JUL -SEP
202 5
JUL -SEP
202 4
JAN -SEP
202 5
JAN -SEP
202 4
JAN -DEC
202 4
SEKm
OPERATING ACTIVITIES
Operating profit (EBIT) from continuing
operations
-22.8 -4.5 -71.2 9.7 -138.8
Adjustments for non -cash flow items 68.1 87.3 220.6 149.8 419.3
Financial items – -1.5 – 9.1 9.2
Taxes paid -7.1 1.0 -39.0 -98.2 -100.1
Cash flow from operating activities before
changes in working capital
38.2 82.3 110.4 70.4 189.6
Cash flow from changes in working capital 12.6 -46.7 -63.9 -72.2 4.5
Cash flow from operating activities 50.9 35.6 46.5 -1.8 194.1

INVESTMENT ACTIVITIES
Investment tangible assets -2.8 -2.5 -6.0 -16.0 -24.0
Investment intangible assets -68.5 -90.9 -220.9 -218.3 -308.0
Divestment intangible assets – -0.2 – 61.9 62.3
Investment/disposal of subsidiaries -20.3 -25.9 -21.8 -37.4 -36.8
Cash flow from investment activities -91.6 -119.5 -248.8 -209.8 -306.5

FINANCING ACTIVITIES
New loans -1.2 – 342.6 – –
Amortizing loans 1.0 0.0 0.6 0.0 0.0
Dividend – – – -39.9 -39.9
Interest and other financial items -8.2 – -11.2 – –
Amortizing lease liability -6.6 -7.0 -23.0 -19.2 -26.4
Cash flow from financing activities -15.1 -7.0 309.1 -59.0 -66.3

CASH FLOW FOR THE PERIOD -55.8 -91.0 106.8 -270.6 -178.7
Cash and cash equivalents at start of period 454.5 316.7 32 1.5 480.9 480.9
Cash flow for the period -55.8 -91.0 106.8 -270.6 -178.7
Exchange rate differences -2.8 -7.1 -32.5 8.2 19.3
Cash and cash equivalents at end of period 395.9 218.5 395.9 218.5 321.5

ENAD GLOBAL 7 AB (PUBL) 16 Interim Report, July -September 202 5
Parent Compan y Income Statement

QUARTER ACCUMULATED FULL YEAR
JUL -SEP
202 5
JUL -SEP
202 4
JAN -SEP
202 5
JAN -SEP
202 4
JAN -DEC
202 4
SEKm
Net Revenue -3.0 5.8 -0.3 7.0 9.4
Other Revenue 0.0 0.0 0.0 0.0 0.0
Total revenue -3.0 5.8 -0.3 7.0 9.4

Operating expenses
Cost of goods and services sold -0.6 -0.7 -2.0 -1.2 -1.6
Other external expenses -3.1 -4.0 -11.2 -21.1 -20.0
Personnel expenses -3.3 -5.6 -13.9 -22.5 -30.3
Other expenses 0.0 0.0 0.0 0.0 0.0
Operating profit before depreciation
and amortization (EBITDA)
-10.0 -4.4 -27.4 -37.8 -42.5
Depreciation and amortization 0.0 0.0 0.0 0.0 0.0
Operating profit (EBIT) -10.0 -4.5 -27.4 -37.9 -42.5
Financial net -6.7 -37.2 -10.0 27.2 -85.7
Profit before tax -16.7 -41.7 -37.4 -10.6 -128.1
Tax expense for the period – – – – -32.0
NET PROFIT -16.7 -41.7 -37.4 -10.6 -160.2

ENAD GLOBAL 7 AB (PUBL) 17 Interim Report, July -September 202 5
Parent Company Balance Sheet

SEKm 30 SEP
202 5
30 SEP
202 4
31 DEC
202 4
ASSETS
Non -current assets
Intangible non -current assets 0.0 0.0 0.0
Tangible non -current assets 0.1 0.1 0.1
Financial non -currents assets 3,6 97.4 3,656.4 3,518.8
Total non -current assets 3,6 97 .5 3,656.5 3,518.9
Current assets
Current receivables 40.6 43.3 51.2
Cash and cash equivalents 170.9 38.8 20.3
Total current assets 211.5 82.0 71.5
TOTAL ASSETS 3,909 .0 3,738.5 3,590.4

EQUITY AND LIABILITIES
Equity 3,497.8 3,684.7 3,535.1
Non -current liabilities 382.5 – –
Current liabilities 28.7 53.9 55.3
TOTAL EQUITY AND LIABILITIES 3,909 .0 3,738.5 3,590 .4

ENAD GLOBAL 7 AB (PUBL) 18 Interim Report, July -September 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, July -September 202 5
Note 2 – Operational Segments
JUL -SEP 202 5 Daybreak Big Blue Bubble Piranha Toadman Fireshine Petrol
Intra -group items and elim inations Total group Revenue from external customers 180.3 55.1 30.3 0.2 59.0 30.4 – 355.3 Net Revenue 180.3 55.1 30.3 0.2 59.0 30.4 – 355.3 Adjusted operating profit before depreciation and amortization (Adj EBITDA)
35.0 25.2 10.0 -2.0 1.0 1.6 -7.6 63.2
Adjustments * -8.8 Depreciation and amortization
-77.2
Financial net -6.7 Profit before tax -29.5 Tax expense 49.1 NET PROFIT 19.6
JUL -SEP 202 4 Daybreak Big Blue Bubble Piranha Toadman Fireshine Petrol
Intra -group items and eliminations Total group Revenue from external customers 212.3 83.9 15.7 8.8 109.7 35.3 – 465.7 Net Revenue 212.3 83.9 15.7 8.8 109.7 35.3 – 465.7 Adjusted o perating profit before depreciation and amortization ( Adj EBITDA)
52.1 42.0 2.7 -2.3 15.9 0.3 -9.0 101.7
Adjustments * -27.9 Depreciation and amortization
-78.3
Financial net -9.0 Profit before tax -13.5 Tax expense -15.7 NET PROFIT -29.2
JAN -SEP 202 5 Daybreak Big Blue Bubble Piranha Toadman Fireshine Petrol
Intra -group items and eliminations Total group Revenue from external customers 559.8 181.8 71.8 1.9 277.8 96.2 – 1,189.3 Net Revenue 559.8 181.8 71.8 1.9 277.8 96.2 – 1,189.3 Adjusted o perating profit before depreciation and amortization ( Adj EBITDA)
67.4 82.8 25.8 -7.8 25.8 4.1 -23.7 174.4
Adjustments * -22.1 Depreciation and amortization
-223.5
Financial net -18.6 Profit before tax -89.8 Tax expense 99.3 NET PROFIT 9.5
JAN -SEP 202 4 Daybreak Big Blue Bubble Piranha Toadman Fireshine Petrol
Intra -group items and eliminations Total group Revenue from external customers 567.9 228.0 59.5 37.2 193.9 113.6 – 1,200.1 Net Revenue 567.9 228.0 59.5 37.2 193.9 113.6 – 1,200.1 Adjusted o perating profit before depreciation and amortization ( Adj EBITDA)
106.5 117.5 14.0 -16.9 14.6 -6.6 -32.3 196.9
Adjustments * -12.9 Depreciation and amortization
-174.3
Financial net -22.4 Profit before tax -12.8 Tax expense -40.2 NET PROFIT -53.0
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 – 1,713.0 Net Revenue 766.4 309.0 129.4 44.2 317.6 146.3 – 1,713.0 Adjusted operating profit before depreciation and amortization (Adj EBITDA)
133.1 166.8 45.9 -18.8 49.4 -12.1 -38.9 325.5
Adjustment* 133.4 Depreciation and amortization
-597.8
Financial net -24.5 Profit before tax -163.3 Tax expense -73.1 NET PROFIT -236.4 *refer to adjustment bridge page 26

ENAD GLOBAL 7 AB (PUBL) 20 Interim Report, July -September 202 5

Note 3 – Revenue from Customer Contracts
JUL -SEP 202 5 Daybreak
Big Blue Bubble Piranha Toadman Fireshine Petrol Total group
Geographical region
Sweden 1.2 0.1 0.1 0.0 1.1 0.0 2.6
Other Europe 28. 9 9.1 6.3 0.0 14.3 3.2 61.8
Canada 7.6 2.0 2.7 0.0 0.1 0.0 12. 3
USA 132.9 39.1 18.3 0.2 15.6 27. 9 233.8
Other markets 9.7 4.9 2.9 0.0 27.9 -0.7 44.8
Revenue from customer contracts 180.3 55.1 30.3 0.2 59.0 30.4 355.3

JUL -SEP 202 4 Daybreak
Big Blue Bubble Piranha Toadman Fireshine Petrol Total group
Geographical region
Sweden 1.3 0.2 0.0 0.2 4.1 0.0 5.8
Other Europe 30.3 14.1 2.7 0.1 36.2 0.4 83.9
Canada 9.4 3.0 5.4 0.0 4.1 0.1 22.0
USA 159.9 57.4 9.9 8.6 50.0 31.0 316.7
Other markets 11.4 9.2 -2.3 0.0 15.2 3.8 37.3
Revenue from customer contracts 212.3 83.9 15.7 8.8 109.7 35.3 465.7

JAN -SEP 202 5 Daybreak
Big Blue Bubble Piranha Toadman Fireshine Petrol Total group
Geographical region
Sweden 3.6 0.5 0.3 0.0 10.1 0.0 14.4
Other Europe 86.1 30.1 14.9 0.0 126.8 8.0 266.0
Canada 23.9 6.4 6.0 0.0 2.8 0.0 39.1
USA 418.1 127.1 43.9 1.9 78.4 81.3 750.7
Other markets 28.1 17.7 6.6 0.0 59.7 7.0 119.1
Revenue from customer contracts 559.8 181.8 71.8 1.9 277.8 96.2 1,189.3

JAN -SEP 202 4 Daybreak
Big Blue Bubble Piranha Toadman Fireshine Petrol Total group
Geographical region
Sweden 3.4 0.6 0.1 8.4 11.8 0.0 24.4
Other Europe 80. 1 36.8 8.7 0.2 76.5 3.0 205.3
Canada 25.2 7.9 5.5 0.0 5.7 0.2 44.5
USA 429.6 158.8 37.7 28.0 69.9 101.7 825.7
Other markets 29.5 24.0 7.5 0.6 30.0 8.7 100.2
Revenue from customer contracts 567.9 228.0 59.5 37.2 193.9 113.6 1,200.1

JAN -DEC 202 4 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, July -September 202 5
Note 4 – Financial Net

Note 5 – Capitalized development costs and gaming rights

SEKm
JUL -SEP 202 5 JUL -SEP 202 4 JAN -SEP 202 5 JAN -SEP 202 4 JAN -DEC 202 4
Net interest -2.4 1.4 -2.7 7.2 18.8
Discount interest on earnout -4.2 -8.0 -13.1 -25.1 -34.0
Interest leasing -0.3 -0.6 -1.2 -2.2 -2.7
Liquidation of subsidiary – – -0.1 – -1.8
Financing fees -0.9 -0.6 -1.8 -1.4 -3.9
FX effects 1.2 -1.2 0.3 -0.9 -0.9
Financial net -6.7 -9.0 -18.6 -22.4 -24.5
JUL -SEP
202 5
JUL -SEP
202 4

SEKm
Capitalized development costs Gaming rights Capitalized development costs Gaming rights
Opening balance 184. 3 371.8 141.3 242.2
Capitalized development cost/this year’s gross
investment 41.3 34.4 44.2 45.3
Amortization of product development -23.4 -12.8 -3.6 -6.6
Write -down of capitalized development costs – – -15.2 –
FX -4.1 -5.6 -6.3 -9.1
Closing balance 198.0 387.8 160.3 271.8

JAN -SEP
202 5
JAN -SEP
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 101.8 120.7 86.4 131.4
Amortization of product development -60.1 -34.0 -9.4 -16.6
Write -down of capitalized development costs – – -15.2 –
FX -25.9 -48.4 -3.5 0.1
Closing balance 198.0 387.8 160.3 271.8
JAN -DEC
202 4

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 ed 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, July -September 202 5
Note 6 – Financial Instruments
Valuation of financial assets and liabilities per Sep 30 202 5
Financial assets
Financial assets
valued at fair value
through profit or loss
Financial assets
valued at
amortized cost
Accounts receivable
– 121.7
Cash and cash equivalents – 395.9
Total

– 517.6

Financial liabilities
Financial liabilities
valued at fair value
through profit or loss
Financial liabilities
valued at
amortized cost
Contingent consideration
155.9 –
Liabilities to credit institutions
– 352.8
Accounts payable – 34.5
Deferred revenue – 97.1
Other financial liabilities

– 124.2
Total
155.9 60 8.6

Valuation of financial assets and liabilities per Sep 30 202 4
Financial assets
Financial assets
valued at fair value
through profit or loss
Financial assets
valued at
amortized cost
Accounts receivable – 90.5
Cash and cash equivalents – 218.5
Total – 308.9

Financial liabilities
Financial liabilities
valued at fair value
through profit or loss
Financial liabilities
valued at
amortized cost
Contingent consideration
313.3 –
Liabilities to credit institutions
– 2.9
Accounts payable
– 36.7
Deferred revenue – 112.4
Other financial liabilities – 109.4
Total 313.3 261.4

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 – 116.8
Cash and cash equivalents – 321.5
Total – 438.3

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

ENAD GLOBAL 7 AB (PUBL) 23 Interim Report, July -September 202 5
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 percent .
Contingent consideration
JUL -SEP
202 5
JUL -SEP
202 4
JAN -SEP
202 5
JAN -SEP
202 4
JAN -DEC
202 4
At beginning of period 177.2 286.2 195.9 271.0 271.0
Acquisition during the period – 33.0 – 33.0 33.0
Payments -21.8 – -21.8 -18.5 -18.5
Discount effect 4.5 8.0 12.3 25.1 34.0
Change in value reported in the result – – – 5.7 -141.1
FX effect -4.0 -14.0 -30.4 -3.0 17.5
At end of period 155.9 313.3 155.9 313.3 195.9

The end -of-period contingent consideration of SEK 155.9 million is split between Daybreak and Singularity 6 ,
amounting to SEK 121.6 million for Daybreak and SEK 34.4 mil lion for Singularity 6 . There is an according to
applicable accounting rules not recognized value for EG7s shareholders as of today amounting to SEK 119.2
million , that should be identified in relation to the recognized earnout to the sellers of Daybreak, the net
remaining earnout to the sellers of Daybreak after such a theoretical recognition is SEK 2.4 million. 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, July -September 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 September 2025 amounted to SEK 121.6 million , of which SEK 87.3 million refers to Jason Epstein and SEK 11.7 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 acqu isition. 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 originall y 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 453.7 million and half of that 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 o f today
at net present value is SEK 119.2 million .
For further details on related party transactions, please see the Annual report 202 4.

Note 8 – Significant Events After the Balance Date
No significant events after the balance dat e.
SEKm
JUL -SEP
202 5
JUL -SEP
202 4
JAN -SEP
202 5
JAN -SEP
202 4
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 8.5 1.9 27.9 34.8

Related party Outstanding liabilities
Jason Epstein Contingent consideration related to tax
saving benefits 2) 87.3 106.1 87.3 106.1 114.5
Ji Ham Contingent consideration related to tax
saving benefits 2) 11.7 14. 2 11.7 14. 2 15.3
Total 99.0 12 0.3 99.0 12 0.3 129.8

Related party Outstanding receivables
Cold Iron LLC 1) Receivables from Toadman’s WFH contract
regarding Game developing for the client
Cold Iron – 12.0 – 12.0 8.4
Cold Iron LLC 1) Daybreak invests in gaming rights, and
publish upcoming game from Cold Iron 298.5 191.1 298.5 191.1 245.4
Total 298.5 203.0 298.5 203.0 253.9

ENAD GLOBAL 7 AB (PUBL) 25 Interim Report, July -September 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 compan ies. 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 inf ormation reported in accordance with IFRS and how these measures are used. For
reconciliation of alternative key ratios, see Adjustment bridge page 26.
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.
Adjusted EBITDA: EBITDA 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.
EBITDA margin (%): EBITDA 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, July -September 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 DEFINITIONS
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.
Gross Revenue: Sales or customer bookings during a given period
Net Revenue: Revenue from sales after applying applicable accounting revenue recognition rules ,
less discounts and after elimination of any related party transactions.
Number of shares: Total number of shares outstanding.
A LTERNATIVE PERFORMANCE MEASURES
Adjustment bridge
QUARTER ACCUMULATED FULL YEAR

SEKm
JUL -SEP
202 5
JUL -SEP
202 4
JAN -SEP
202 5
JAN -SEP
202 4
JAN -DEC
202 4
EBITDA 54.4 73.8 152.3 184.0 459.0
Revaluation of deferred purchase consideration – – – 5.7 -141.1
Restructuring costs * -0.1 17.4 11.0 22.7 23.3
M&A costs – 10.5 – 21.7 21.5
IP sale – – – -37.2 -37.2
Non -recurring margin adjustment 8.9 – 11.1 – –
Adjusted EBITDA 63.2 101.7 174.4 196.9 325.5

EBIT -22.8 -4.5 -71.2 9.7 -138.8
Revaluation of deferred purchase consideration – – – 5.7 -141.1
Restructuring costs * -0.1 17.4 11.0 22.7 23.3
M&A costs – 10.5 – 21.7 21.5
IP sale – – – -37.2 -37.2
Non -recurring margin adjustment 8.9 – 11.1 – –
Write -down games – 15.2 0.2 15.2 25.0
Write -down other – 5.6 – 5.6 348.0
Adjusted EBIT -14.0 44.3 -48. 9 43.4 100.8

Net profit 19.6 -29.2 9.5 -53.0 -236.4
Revaluation of deferred purchase consideration – – – 5.7 -141.1
Restructuring costs * -0.1 17.4 11.0 22.7 23.3
M&A costs – 10.5 – 21.7 21.5
IP sale – – – -37.2 -37.2
Non -recurring margin adjustment 8.9 – 11.1 – –
Write -down games – 15.2 0.2 15.2 25.0
Write -down other – 5.6 – 5.6 348.0
Tax effect adjustments -1.8 -10.1 -4.6 -7.0 -49.4
Adjusted net profit 26.6 9.5 27. 2 -26.2 -46.2

Earnings per share before and after dilution 0.22 -0.33 0.11 -0.60 -2.67
Adjusted earnings per share 0.30 0.11 0.31 -0.30 -0.52 *Q3 2025 accumulated restructuring costs for Toadman of SEK 8.5 million, SEK 1.0 million for Petrol and SEK 1.6 million for Piranha. Non -recurring cost in conjunction to legal process in Daybreak SEK 11.1 million

ENAD GLOBAL 7 AB (PUBL) 27 Interim Report, July -September 202 5
Organic growth bridge

QUARTER ACCUMULATED FULL
YEAR

SEKm
JUL -SEP 202 5 JUL -SEP 202 4 % ∆ JAN -SEP 202 5 JAN -SEP 202 4 % ∆ JAN -DEC 202 4
Net Revenue 355.3 465.7 -23.7 % 1,189.3 1,200.1 -0.9 % 1,713.0
Singularity 6 acquisition -49.5 -45.8
Organic Revenue 355.3 465.7 -23.7% 1,139.9 1,200.1 -5.0 % 1,667.2
FX effect 34.8 63.6 5.5
M&A FX (not included in organic) -1.7 0.0
Organic Revenue FX adjusted 390.1 465.7 -16.2% 1,201.8 1,200.1 0.1 % 1,672.7

Financing
SEP DEC

SEKm 202 5 202 4 2024
Total debt -348.0 -2.9 -2.5
Cash and cash equivalents 395.9 218.5 321.5
Net cash 47.9 215.5 319.0
The net cash by the end of the quarter amounted to SEK 47.9 million consisting of a cash balance of
SEK 395.9 million and a financial debt of SEK 348 .0 million . SEK 350 million is the Group senior
unsecured floating rate bond s. The bonds are 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. In addition to this there is an unutilized
revolving credit facility of SEK 100 million.

ENAD GLOBAL 7 AB (PUBL) 28 Interim Report, July -September 202 5
Segment performance data
2025 202 5 202 5 202 4 202 4 202 4 202 4 202 3 202 4 SEKm Q3 Q2 Q1 Q4 Q3 Q2 Q1 Q4 Full year NET REVENUE Daybreak 180.3 189 .9 189 .7 198.5 212.3 167.1 188.5 181.8 766.4 Big Blue Bubble 55.1 60.7 66.0 81.0 83.9 75.4 68.7 85.8 309.0 Piranha 30.3 22.9 18.6 70.0 15.7 22.7 21.0 30.2 129.4 Toadman 0.2 1.7 0.1 7.0 -8.8 11.6 16.8 18.5 44.2 Petrol 30.4 29.8 36.1 32.7 35.3 37.9 40.5 50.0 146.3 Fireshine Games 59.0 73.8 144 .9 123.7 109.7 38.0 46.2 106.9 317.6 GROUP TOTAL 355.3 378 .8 455 .3 512.9 465.7 352.7 381.7 473.1 1,713.0 NET REVENUE GROWTH YoY (%)
Daybreak -15% 14% 1% 9% 17% -12% -6% -9% 2% Big Blue Bubble -34% -20% -4% -5% -32% -48% -69% -56% -46% Piranha 93% 1% -12% 132 % -43% -7% -58% 19% -3% Toadman -98% -85% -99% -62% -38% 7% 205% 227% -10% Petrol -14% -21% -11% -35% -31% 6% -17% -15% -21% Fireshine Games -46% 94% 214 % 16% -8% -51% -3% 38% -10% GROUP TOTAL -24% 7% 19% 8% -10% -27% -33% -15% -16% NET REVENUE ORGANIC YoY (%)
Daybreak -15% -8% -6% -1% 2% -12% -6% -9% -4% Big Blue Bubble -34% -20% -4% -5% -32% -48% -69% -56% -46% Piranha 93% 1% -12% 132 % -43% -7% -58% 19% -3% Toadman -98% -85% -99% -62% -38% 7% 205% 227% -10% Petrol -14% -21% -11% -35% -31% 6% -17% -15% -21% Fireshine Games -46% 94% 214 % 16% -8% -51% -3% 38% -10% GROUP TOTAL -24% -3% 16% -15% -15% -27% -33% -15% -18% ORGANIC FX ADJUSTED
GROWTH YoY (%) Daybreak -7% 1% -9% -1% 6% -13% -6% -8% -4% Big Blue Bubble -27% -10% -1% -4% -29% -48% -69% -54% -45% Piranha 112% 12% -9% 136 % -39% -7% -58% 20% -1% Toadman -98% -85% -99% -62% -38% 7% 205% 227% -10% Petrol -5% -13% -13% -35% -28% 5% -17% -15% -21% Fireshine Games -42% 108% 207 % 12% -9% -52% -7% 31% -12% GROUP TOTAL -16% 7% 14% 4% -13% -28% -33% 16% -18% ADJ EBITDA
Daybreak 35.0 2.4 30.0 26.5 52.1 12.3 42.1 29.1 133.1 Big Blue Bubble 25.2 24.8 32.9 49.3 42.0 37.3 38.2 49.3 166.8 Piranha 10.0 12.5 3.2 31.9 2.7 7.9 3.4 11.2 45.9 Toadman & AMG 2.0 0.5 -6.1 -1.9 -2.3 -8.5 -6.1 -4.7 -18.8 Petrol 1.6 1.0 1.5 -5.4 0.3 -0.5 -6.4 2.7 -12.1 Fireshine Games 1.0 3.0 21.7 34.9 15.9 -1.8 0.5 11.4 49.4 Holding -7.6 -6.8 -9.5 -6.6 -9.2 -13.2 -10.0 -0.9 -39.1 GROUP TOTAL 63.2 37.5 73.7 128.7 101.5 33.4 61.7 98.2 325.3 ADJ EBITDA MARGIN (%)
Daybreak 19% 1% 16% 13% 25% 7% 22% 16% 17% Big Blue Bubble 46% 41% 50% 61% 50% 49% 56% 57% 54% Piranha 33% 55% 17% 46% 17% 35% 16% 37% 35% Toadman & AMG – 29% -6.7% -28% -26% -73% -36% -25% -42% Petrol 5% 3% 4% -17% 1% -1% 5% 5% -8% Fireshine Games 2% 4% 15% 28% 15% -5% 1% 11% 16% GROUP TOTAL 18% 10% 16% 25% 22% 9% 16% 21% 19% ADJ EBIT
Daybreak -6.1 -36.7 -11.9 -15.2 9.8 -23.3 8.4 -7.3 -20.2 Big Blue Bubble 23.1 22.7 30.7 46.9 39.9 35.2 36.3 46.2 158.4 Piranha -8.4 -4.0 -11.8 18.3 1.2 6.4 2.3 8.3 28.3 Toadman & AMG -1.7 0.5 -5.9 -2.5 -3.9 -9.9 -7.6 -6.2 -23.8 Petrol -0.1 -0.6 -0.3 -7.3 -1.6 -2.5 -8.4 0.6 -19.9 Fireshine Games -12.9 -11.5 10.8 24.2 8.2 -8.4 -5.6 4.3 18.3 Holding -8.0 -7.0 -9.8 -7.0 -9.6 -13.6 -10.4 -1.8 -40.4 GROUP TOTAL -14.0 -36.7 1.7 57.4 44.1 -16.1 15.2 43.9 100.8 ADJ EBIT MARGIN (%) Daybreak -3% -19% -6% -8% 5% -14% 4% -4% -3% Big Blue Bubble 42% 37% 47% 58% 48% 47% 53% 54% 51% Piranha -28% -17% -63% 26% 8% 28% 11% 27% 22% Toadman & AMG – 28% -6.5% -36% -44% -85% -45% -34% -54% Petrol 0% -2% -1% -22% -5% -7% -21% 1% -14% Fireshine Games -22% -16% 7% 20% 7% -22% -12% 4% 6% GROUP TOTAL -4% -10% 0% 11% 9% -5% 4% 9% 6% Employees on the last day of the period
Daybreak 312 307 305 307 300 263 262 264 307 Big Blue Bubble 75 77 75 75 75 79 76 73 75 Piranha 58 56 57 94 106 111 109 111 94 Toadman 0 9 14 48 64 111 121 119 48 Petrol 62 61 63 67 67 69 78 75 67 Fireshine Games 38 39 38 38 38 39 34 31 38 Holding 4 5 7 7 8 9 8 8 7 GROUP TOTAL 549 553 559 636 657 680 688 681 636

ENAD GLOBAL 7 AB (PUBL) 29 Interim Report, July-September 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
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 , Toadman Studios 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 St ockholm with
approximately 550 employees i n 12 offices
worldwide.
Nasdaq Stockholm, Ticker Symbol: EG7
Annual General Meeting
The 2025 Annual General Meeting was held on
June 11, 2025, in Stockholm.
AUDITING
This report has been subject to limited
review by the company’s auditor.
NEXT REPORT
The next financial report will be published:
Interim report Q4 202 5: February 17 , 2026

Nomination Committee
In accordance with the decision of the Annual
General Meeting, the three largest
shareholders in the company shall each have
the right to appoint a member to the
Nomination Committee. The fourth member
of the Nomination Committee shall be the
company’s Cha irman of the Board.
The Nomination Committee for the Annual
General Meeting 2026 will consist of:
• Alexander Albedj, appointed by Eros
Capital Partners AB
• Carl Svernlöv, appointed by Johan
Svensson
• Johan Aske , appointed by Defa Endeavour
AS
• Jason Epstein, Chairman of the Board
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 publication
through the agency of the contact persons set
out below at 7:00am CET on November 11 ,
202 5.

ENAD GLOBAL 7 AB (PUBL) 30 Interim Report, July-September 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 November 11 , 202 5

Ji
Ham
Jason
Epstein
Ben
Braun
Gunnar
Lind
Marie –
Louise
Gefwert
Markus
Andersson
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