Enad Global 7 FY2026 Q1 Earnings Release

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

ENAD GLOBAL 7 AB (PUBL)
INTERIM REPORT
JAN -MAR 202 6

ENAD GLOBAL 7 AB (PUBL) 2 Interim Report, January -March 202 6
INTERIM REPORT / JAN -MAR 202 6
SUMMARY COMMENT S
For the first quarter, Net Revenue was SEK 345.3 (455.3 ) million , representing an FX -adjusted organic
decline of 13.1 percent . EBITDA for the quarter amounted to SEK 64.7 (62.1 ) million, while Adjusted
EBITDA was SEK 51.0 (73.7 ) million, corresponding to an Adjusted EBITDA margin of 14.8 (16.2 ) percent .
Net Profit was SEK 20.8 (-18.5) million. The operational cash flow was SEK 89.1 (17.9) million .
Daybreak delivered a solid quarter with an organic Net Revenue growth of 16.8 percent in local currency
driven by strong performance s from Everquest , DC Universe Online and Palia . Following the successful
launch of a new influencer strategy , Big Blue Bubble delivered a 3. 6 percent organic growth in local
currenc y in the first quarter. Fireshine had a softer quarter , generating SEK 45.3 of Net Revenue
compared to SEK 144.9 for Q1 2025 . The unfavorable comparison is due to the product release timing
differences with 2026 slate being backloaded compared to 2025 where Q1 was the highest revenue
quarter.
The Company has a n exciting pipeline of major content and game releases coming up . In April, Fireshine
published Far Far West, which is on track to be a solid performer already having sold over 700,000 units
over the first week after launch. Palia just celebrated a major milestone of reaching 10 million life -time
players and will be releas ing its next annual expansion , Royal Highland s, on May 12 th. Daybreak is on track
to release EverQuest Legends in July . Cold Iron’s new title , Aliens: Fireteam Elite 2, is planned for release
in late Q3.
With further business optimization efforts completed and an ex citing pipeline of major content and new
games, the Company is well -positioned for solid potential growth in both top and bottom lines for the
year .

HIGHLIGHTS FOR THE QUARTER
• Net Revenue of SEK 345.3 (455.3 ) million, representing an FX -adjusted organic decline of 13.1 percent .
• EBITDA of SEK 64.7 (62.1 ) million and Adjusted EBITDA of SEK 51.0 (73.7 ) million.
• EBIT of SEK 29.2 (-10.1 ) million and Adjusted EBIT of SEK 15.5 (1.7 ) million .
• Profit before tax of SEK 20.7 (-13.2 ) million .
• Earnings per share were SEK 0.24 (-0.21 ). Adjusted earnings per share of SEK 0.11 (-0.10 ).
• Cash flow from operations came in at SEK 89.1 (17.9 ) million .
• Cash balance of SEK 292.7 millio n, and an unutilized revolving credit facility of SEK 100.0 million.
• Net debt by the end of the quarter amounted to SEK -54.9 million .
KEY METRICS
QUARTER FULL YEAR
SEKm, except per share data JAN -MAR
202 6 JAN -MAR 202 5
JAN -DEC
202 5
Net Revenue 345.3 455.3 1,626.3
Net Revenue G rowth -24.2 % 19.3 % -5.1 %
Organic FX Adj. Growth * -13.1 % 14.5 % -1.1 %
EBITDA * 64.7 62.1 267 .7
Adjusted EBITDA * 51.0 73.7 254 .0
Adjusted EBITDA Margin, % * 14.8 % 16.2 % 15.6%

EBIT 29.2 -10.1 -2,086 .4
Adjusted EBIT * 15.5 1.7 -48.3
Adjusted EBIT Margin, % * 4.5 % 0.4 % -3.0 % Profit before Tax 20.7 -13.2 -2,109 .8
Net Profit 20.8 -18.5 -1,935.1 EPS after dilution 0.24 -0.21 -21. 84
Adjusted EPS * 0.11 -0.10 -3.58
Adjusted EPS, excl. M&A related amortizations * 0.15 0.20 15. 27
* For definitions, see section ”Definitions of alternative performance measures ” on page 2 5

ENAD GLOBAL 7 AB (PUBL) 3 Interim Report, January -March 202 6
COMMENTS FROM THE CEO
Ji Ham, CEO
A steady start and positive Net Profit
Net Revenue was SEK 345.3 (455.3 ) million for the
first quarter, representing a year -over -year decline
of 13.1 percent in constant currencies . The lower
level of Net Revenue compared with the first
quarter last year is mainly attributable to (i) a large
unfavorable currency impact, which amounted to
SEK 50.4 million , and (ii) lower Q1 Net R evenues for
Fireshine due to the timing of its product releases
being backloaded for 2026 . Adjusted EBITDA
amounted to SEK 51.0 million compared to SEK 73.7
million last year , corresponding to a margin of 14.8
percent . Net Profit reached SEK 20.8 ( -18.5) million
with the benefit from lower amortization expense
levels post impairment in Q4 and SEK 16 million gain
from the acquisition of the remaining earnout to the
sellers of Daybreak at a discount to the existing
book value . Operational cash flow came in at SEK
89.1 (17.9 ) million .
Strategic initiatives and operational focus
During the quarter, we took several strategic steps
to align investor incentives, streamline operations
and adjust our cost base to meet our long -term
performance ambitions.
EG7 entered into an agreement to settle the
remaining tax -related contingent consideration
associated with the acquisition of Daybreak by
paying USD 11.0 million . This deal is expected to
generate USD 1 -3 million in increased cash flow
retention per annum over the next 12 years .
A key priority has been to continually evaluate and
enhance operational focus across the Group. The
organizational realignments implemented in Petrol
and Piranha are important , establishing a clearer
path to sustainable profitability for these
businesses. The cost reductions in Petrol and
Piranha, together with reduced Board remuneration,
are expected to reduce annual costs by SEK 32
million from Q2.
Portfolio highlights and upcoming release s
At the same time, we continue to see encouraging
development across our game portfolio. My Singing
Monsters (MSM) is continuing to perform well
following its strategic shift towards increased
collaboration with influencers and artists . Th is has
led to the introduction of new features such as the
concert experience Clubbox , support ing continued
engagement and potential for growth.
Looking ahead, we are in an active release period
with several important releases coming up . In Q2,
Fireshine successfully published Far Far West at the
end of April with a strong initial reception supported
by over 700,000 sold units the first week and
reaching 96 percent positive reviews . The launch has
already made a meaningful contribution to
Fireshine’s performance in 2026 and is expected to
have a positive impact on EG7’s financials in the
second quarter, reflecting the strength of the title’s
initial sales and engagement.
Palia is set to launch its annual expansion, the Royal
Highlands , in May . Daybreak is targeting release of
EverQuest Legends i n July. And in late Q3 , Cold
Iron’s new title , Aliens: Fireteam Elite 2, is
scheduled for release. Additionally, Big Blue Bubble
has a major content update planned for its
anniversary celebration late summer.
It will be a busy year but an exciting one with the
pipeline of content and new games for the rest of
the year being our most robust slate in our history.
Continued execution and M&A
In April , EG7 entered into a letter of intent for a
potential acquisition of Cold Iron. The proposed deal
structure links transaction consideration to the
commercial performance of the game following its
release after EG7 fully recoups its total investment.
The transaction will be subject to approval by the
shareholders at the upcoming Annual General
Meeting.
Overall, we continue to remain focused on executing
against our strategy: strengthening our core
operations, developing our portfolio of live service
games, and maintaining a disciplined approach to
both organic initiatives and M&A.

ENAD GLOBAL 7 AB (PUBL) 4 Interim Report, January -Marc h 202 6

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 a re transferred to the back catalogue following the first new year after release. Net
Revenue from this portfolio amounted to SEK 313.8 (318.7) million in Q1, representing a decline of
1.5 percent while stand ing for 90.9 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 which has reach ed over 10 million
registered players in less than a year .
• 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 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.
319 297 311 346 313,8
455 379
355
437
345 70% 78% 88% 79%
91%
0%
20%
40%
60%
80%
100%
0
100
200
300
400
500
1Q 25 2Q 25 3Q 25 4Q 25 1Q 26
More predictable Net Revenues Total Net Revenue % of Group Total

ENAD GLOBAL 7 AB (PUBL) 5 Interim Report, January -March 202 6
Net Revenue and Adjusted EBITDA

SEKm
SEKm 455
379 355
437
345
74
37
63 80 51 16%
10%
18% 18% 15%
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
0
50
100
150
200
250
300
350
400
450
500
1Q25 2Q25 3Q25 4Q25 1Q26
QUARTERLY
Net Revenue Adjusted EBITDA Adj EBITDA Margin
1787 1813
1702 1626
1516
338 342 303 254 231 19% 19% 18% 16% 15%
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
0
200
400
600
800
1 000
1 200
1 400
1 600
1 800
2 000
1Q25 2Q25 3Q25 4Q25 1Q26
LTM
Net Revenue Adjusted EBITDA Adj EBITDA Margin
SEKm

ENAD GLOBAL 7 AB (PUBL) 6 Interim Report, January -March 202 6
SUMMARY BY SEGMENT

SEKm
Daybreak

Big Blue Bubble
Piranha Fireshine
Petrol
190 190 180 195 190
30
2
35 33 30
16%
1%
19% 17% 16%
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
0
50
100
150
200
250
1Q25 2Q25 3Q25 4Q25 1Q26
Net Revenue Adjusted EBITDA Adj EBITDA Margin
66
61
55 55
61
33
25 25 25 30
50%
41% 46% 45% 49%
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
0
10
20
30
40
50
60
70
1Q25 2Q25 3Q25 4Q25 1Q26
Net Revenue Adjusted EBITDA Adj EBITDA Margin
19
23
30
34
21
3
13 10 11
8
17%
55%
33% 31%
39%
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
0
5
10
15
20
25
30
35
40
1Q25 2Q25 3Q25 4Q25 1Q26
Net Revenue Adjusted EBITDA Adj EBITDA Margin
145
74
59
126
45 22
3 1
16
-2
15%
4% 2%
13%
-5%
-20%
0%
20%
40%
60%
80%
100%
-20
0
20
40
60
80
100
120
140
160
1Q25 2Q25 3Q25 4Q25 1Q26
Net Revenue Adjusted EBITDA Adj EBITDA Margin
36
30 30 27 28
2 1 2
-4 -4
4% 3% 5%
-14% -16%
-40%
-20%
0%
20%
40%
60%
80%
100%
-10
-5
0
5
10
15
20
25
30
35
40
1Q25 2Q25 3Q25 4Q25 1Q26
Net Revenue Adjusted EBITDA Adj EBITDA Margin

ENAD GLOBAL 7 AB (PUBL) 7 Interim Report, January -March 202 6
DAYBREAK
For Q1, Daybreak’s Net Revenue came in at SEK 189.6 (189.7) million, which is in line with the same
quarter last year. Net Revenue was negatively affected by SEK 32.0 million in unfavorable currency
movements. The organic increase in local currencies was 16.8 percent. Adjusted EBITDA was SEK 30.4
(30.0) million, representing a margin of 16.0 (15.8) percent.
Daybreak’s portfolio performed in line with expectations during the quarter, supported by strong
event -driven activity across several of its legacy live games. DC Universe Online was a key highlight in
the period, benefiting from anniversary -related content , St. Patrick’s event and other releases.
EverQuest also delivered a solid performance with post -expansion engagement and the 27 th
Anniversary being key drivers. Similarly EverQuest II saw post -expansion engagement and increased
activity following release s of content, including the Heroic Chapter Level 115. The Lord of the Rings
Online continued a stable performance despite some competitive pressure from external launches .
Dungeons & Dragons Online showed stable engagement in the quarter and Magic: The Gathering
Online underperformed with monetization headwinds.
Palia grew 122 percent compared to Q1 2025, representing 160 percent in local currency . The team is
progressing its content roadmap releasing Luna New Year seasonal update and the Spring Spectacle in
the quarter while focusing on improving monetization and conversion from its player base . As the
new milestone of 10 million players was announced in April, a limited time -in-game event has been
launched leading up to the new Royal Highlands expansion next week . Royal Highlands will be the
largest adventure zon e in the game.
The project with Cold Iron , Aliens: Fireteam Elite 2, is going according to plan , with further delivery
approvals during and after the quarter. The game is set for release in late Q3.
BIG BLUE BUBBL E
Big Blue Bubble delivered Net Revenue of SEK 61.3 (66.0) million, corresponding to a 7.1 percent
decline. As c urrency fluctuations negatively impacted Net Revenue by SEK 7.1 million , Net Revenue
increased 3. 6 percent in local currency . Adjusted EBITDA amounted to SEK 30.0 (32.9) million,
representing a 49.0 percent margin.
Big Blue Bubble delivered a strong first quarter. The uplift in user counts seen in December in My
Singing Monsters continued throughout the quarter, supporting both engagement and monetization.
The team continued execut ion on its collaboration -led content strategy, with artist -driven initiatives
and the new in -game concert feature Clubbox . These initiatives are designed to drive recurring
engagement peaks and support player activity over time. Additional collaborations are planned
throughout the year, form ing a repeatable framework for content -driven growth. While performance
during the quarter was strong, the game has followed up with a successful Eastern campaign, driving
momentum into the beginning of the second quarter, stabilizing the underlying baseline over time.
PIRANHA
Net Revenue for the quarter came in at SEK 20.9 (18.6) million, representing a 12.5 percent increase
year -over -year. Currency fluctuations reduced Net Revenue by SEK 2.4 million. Adjusted EBITDA
amounted to SEK 8.2 (3.2) million, representing 39.1 percent margin.
Piranha delivered softer -than -expected performance from MechWarrior 5: Clans DLC 2 which affected
revenue. In May , the 8 th DLC for MechWarrior 5: Mercenaries is being launched, following the success
of the 7 th DLC, Shadow of Kerensky which was released in the fall of 2025.
During the first quarter a realignment of Piranha’s business was made with the aim to bring the
organization back to consistent profitability going forward and to strengthen its long -term
competitiveness. The effort included a review of development process es as well as downsizing of its
staffing. The measures are expected to result in an annual cost reduction of approximately SEK 15
million with effect from the second quarter of 2026.
FIRESHINE
Fireshine’s Net Revenue came in at SEK 45.3 (144.9) million, representing 68.7 percent decline year –
over -year. Currency fluctuations impacted Net Revenue negatively by SEK 4.2 million. The business in
Fireshine is rather volatile and dependent on releases and activity. Compared to the same quarter
last year, which was driven by physical releases of Sniper Elite, The First Berserker and Atom Fall

ENAD GLOBAL 7 AB (PUBL) 8 Interim Report, January -March 202 6
standing for SEK 9 5.9 million , this quarter was characterized by lower activity. Adjusted EBITDA came
in at SEK -2.1 (21.7) million, resulting in a -4.5 percent margin.
Far Far West was released at the end of April with a strong initial reception supported by over
700,000 sold units the first week with a user review score of 96 percent . Ahead of release t he game
reached approximately 700,000 wishlists .
The launch has already made a meaningful contribution to Fireshine’s performance in 2026 and is
expected to have a positive impact on EG7’s financials in the second quarter, reflecting the strength
of the title’s initial sales and engagement. The launch of Far Far West also highlights Fireshine’s
continued ability to identify, invest in, and successfully publish high -quality indie titles, supporting
development teams and bringing games to top -selling positions on global platforms.
PETROL
For Q1, Petrol’s Net Revenue came in at SEK 28.2 (36.1) million, representing a 21.9 percent decline
year -over -year of which SEK -4.7 million is explained by currency fluctuations. Adjusted EBITDA was
SEK -4.4 (1.5) million, resulting in a -15.8 percent margin.
Petrol started the year with solid commercial momentum, securing new client engagements as well
as continued business from existing partners. The lion’s share of newly secured contracts is expected
to contribute later in the year . These include r epeat business from established clients such as
Activision and Bandai , and new engagements with companies including Electronic Arts , Qualcomm
and NBA 2K.
In the quarter a restructuring of Petrol’s operations has been carried out, including personnel
reductions, reduced external costs, and lower facility -related expenses. The restructuring aims to
align the business with current demand levels and improve profitability. The measures are expected
to result in annual cost savings of approximately SEK 13 million with effect from the second quarter
of 2026. Operational changes also include that Petrol will expand its focus on media, consumer, tech
and AI to increase profitability.

ENAD GLOBAL 7 AB (PUBL) 9 Interim Report, January -March 202 6
FINANCIAL OVERVIEW
Net Revenue and Operating Profit
QUARTER FULL YEAR

SEKm
JAN -MAR
202 6
JAN -MAR
202 5 % CHG
JAN -DEC
202 5
Net Revenue 345.3 455.3 -24.2 % 1,626.3
Adjusted EBITDA* 51.0 73.7 -30.8 % 254 .0
EBITDA* 64.7 62.1 4.2 % 267 .7
Adjusted EBIT* 15.5 1.7 811.8% -48.3
EBIT 29.2 -10.1 389.1 % -2,086 .4

% Margins
Adjusted EBITDA margin* 14.8 % 16.2 % 15.6%
EBITDA margin* 18.7 % 13.6 % 16.5%
Adjusted EBIT margin* 4.5 % 0.4 % -3.0 %
EBIT margin 8.5 % -2.2% -128.3 %
* For definitions, see section ”Definitions of alternative performance measure s” on page 25
Net Revenue in Q 1 202 6 came in at SEK 345.3 (455.3 ) million, representing a de crease of 24.2
percent year -over -year. Adjusted EBITDA and Adjusted EBIT were SEK 51.0 (73.7 ) million and SEK
15.5 (1.7 ) million for the quarter . The adjustment for non -recurring items affecting EBITDA in the
first quarter mainly refers to the effect of settling the remaining tax -related contingent
consideration associated with the acquisition of Daybreak which had a positive effect of SEK 15.9
million . The other part s having a negative effects refers to restructuring costs by SEK -0.8 million and
other non -recurring items by SEK -1.4 million.
Cash flow in short
QUARTER FULL YEAR

SEKm
JAN -MAR
202 6
JAN -MAR
202 5
JAN -DEC
202 5
Operating profit (EBIT) from continuing operations 29.2 -10.1 -2,086 .4
Adjustment for non -cash flow items 23.0 78.1 2,305 .4
Financial net 0.0 0.9 0.0
Taxes paid -6.7 -12.8 -42.7
Operating cash flows before balance sheet cash
flow impact
45.5 56.1 176 .3

Change in net working capital 43.7 -38.3 -55.9
Cash flow from operations 89.1 17.9 120 .4

Cash flow from investment activities -173. 8 -78.9 -309. 6
Cash flow from financing activities -15.7 340.2 294 .5
Cash and cash equivalents, start of period 390.3 321.5 321 .5
Cash flow for the period -100.4 279.2 105 .3
Exchange rate differences 2.8 -21.5 -36.5
Cash and cash equivalents, end of period 292.7 579.2 390 .3

For Q1 2026, EG7 had a Net Cash Outflow of SEK -100.4 (279.2) million. Cash flow from operating
activities was SEK 89.1 (17.9) million. A djustments for non -cash items, SEK 23.0 million, consist of
SEK 35.5 million depreciations and amortizations , SEK -15.9 million revaluation of the remaining
earnout to the sellers of Daybreak and other of SEK 3.4 million. Net working capital amounted to SEK
43.7 million ( -38.3). The negative amount last year is mainly explained by high physical sale of three
different titl es in first quarter where Fireshine received its money in the second quarter . Cash flow
from Investment activities was SEK -173. 8 million explained by SEK -100.5 million from the
settlement of the remaining tax -related contingent consideration associated with the acquisition of
Daybreak, SEK -47.7 million investments in new growth initiatives, SEK –12.7 million investment in
Fireshi ne publishing business, SEK -10.2 million investment into the live -game -portfolio and
investments in other fixed assets amount to SEK -2.7 million. Cash flow from Financing activities was
SEK -15.7 million of which SEK -6.0 million derives from office -related leasing and SEK -9.7 million
from interest and other financial items. 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 292.7 million.

ENAD GLOBAL 7 AB (PUBL) 10 Interim Report, January -March 202 6
OTHER INFORMATION
The Share and Shareholders
SHAREHOLDER (3 1-03 -202 6) No. of Shares Capital %
Eros Capital Partners AB 13,063 ,571 14.74%
Jason Epstein 10,762 ,236 12.15 %
Johan Svensson 7,090,937 8.00%
Defa Endeavour AS 4,533,605 5.12%
Avanza Pension 3,810 ,001 4.30%
Aguja Capital GmbH 3,157,432 3.56%
Ji Ham 2,311 ,156 2.61%
Stefan Lindberg 2,240,000 2.53%
Alan Hunter 2,126,222 2.40%
Forthmoore Limited 2,115 ,690 2.39%
Settecento Ltd 2,002,614 2.26%
Bank Hapoalim B.M 1,883 ,789 2.1 3%
Rasmus Davidsson 1,772,743 2.00%
Nordea Liv & Pension 1,498 ,952 1.69%
Aloaded AB 1,489,683 1.68%
Other shareholders 28,744 ,895 32.43%
Total 88,603,526 100.00%
EG7 stock is listed on Nasdaq Stockholm with the ticker symbol ‘EG7.’ As of March 31, 202 6, the total nu mber of
shares outstanding was 88,603,526 and the closing share price was SEK 16.72 per share.
Related Party Transactions
EG7 has made a total investment of SEK 361.3 million in Cold Iron LLC’s new game, where SEK 27.4
million was paid during the first 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 202 5.
Risks
Risks associated with the company’s share are included in the annual report for 202 5.
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 6
FINANCIAL REPORTS
Consolidated income statement

QUARTER FULL YEAR

JAN -MAR
202 6
JAN -MAR
202 5
JAN -DEC
202 5
SEKm Note
Net Revenue

2,3 345.3 455.3 1,626.3
Other Revenue

21.2 5.9 59.6

366.5 461 .2 1,685.9

Own work capitalized

30.5 37.1 130.7
Operating expenses

Cost of goods and services sold

-90.9 -167.9 -537.9
Other external expenses

-62.4 -69.9 -292.3
Personnel expenses

-177.6 -197.1 -714.5
Other expenses

-1.5 -1.3 -4.3
Operating profit before depreciation and
amortization (EBITDA)
64.7 62.1 267. 7

Depreciation of tangible and right -of-use
assets

-8.7 -10. 8 -39.4
Operating profit before amortization of
intangible assets (EBITA)
56 .0 51.3 228. 4

Amortization and impairment of
acquisition -related intangible assets

-4.0 -34.0 -2,103.3
Amortization and impairment of other
intangible assets

-22.8 -27.4 -211.5
Operating profit (EBIT) 29.2 -10.1 -2,086. 4

Financial net 4 -8.5 -3.1 -23. 3
Profit before tax

20.7 -13.2 -2,109. 8

Tax expense for the period

0.1 -5.4 174 .6
NET PROFIT /LOSS FOR THE PERIOD 20.8 -18 .5 -1,935.1
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 6

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 6
JAN -MAR
202 5
JAN -DEC
202 5
Earnings per share before and after
dilution (SEK)
0.24 -0.21 -21. 84
Average number of shares before
and after dilution
88,603,526 88,603,526 88,603,526
QUARTER FULL YEAR
SEKm
JAN -MAR
202 6
JAN -MAR
202 5
JAN -DEC
202 5

Net profit for the period 20.8 -18.5 -1,935.1
Other comprehensive income

Items that will be reclassified to
profit or loss

Translation difference 57.3 -338.5 -504.3
Deferred tax 0.2 0.7 0.9
Other comprehensive income for
the period, after tax
57.5 -337.9 -50 3.4

Comprehensive income for the
period
78.4 -356.4 -2,438.5

ENAD GLOBAL 7 AB (PUBL) 13 Interim Report, January -March 202 6
Consolidated balance sheet
SEKm Note 31 MAR 202 6 31 MAR 202 5 31 DEC 2025
ASSETS

Non -current assets

Goodwill 939.7 2,847.1 911.9
Other intangible assets 5 657.5 858.8 593.6
Tangible non -current assets 21.7 30.4 23.1
Right -of-use assets 62.7 42.8 51.9
Deferred tax assets 252.8 173.7 239.8
Other non -current receivables 6 29.6 16.8 27.0
Total non -current assets 1,963.9 3,969.6 1,847.2
Current assets

Inventory

15.1 10.5 12.8
Current receivables

6 226.4 282.0 281.0
Cash and cash equivalents

6 292.7 579.3 390.3
Total current assets 534.2 871.7 684.1
TOTAL ASSETS 2,498.1 4,841.3 2,531.3

EQUITY AND LIABILITIES

Equity attributable to the parent company’s shareholders 1,614.5 3,618.5 1,536.3
Total equity

1,614.5 3,618.5 1,536.3
Non -current liabilities

Liabilities to credit institutions 6 347.3 354.3 346.9
Leasing liabilities 40.6 23.9 34.1
Deferred tax liability 84.0 188.8 79.7
Contingent consideration 6 12.6 124.5 78.6
Other liabilities 2.0 14. 7 2.7
Total non -current liabilities 6 486.6 706.2 542. 1
Current liabilities
Liabilities to credit institutions 0.3 0.6 0.5
Leasing liabilities 24.5 23.4 20.9
Accounts payable 32.7 26.8 21.9
Current tax liability 6.7 26.7 19.1
Contingent consideration 6 0.0 58.2 49.7
Other liabilities 9.0 12.4 18. 4
Contractual liabilities 94.8 101.4 106.2
Accrued expenses 229.2 267.1 216.4
Total current liabilities 6 397.1 516.6 453. 0
TOTAL EQUITY AND LIABILITIES

2,498.1 4,841.3 2,531.3

ENAD GLOBAL 7 AB (PUBL) 14 Interim Report, January -March 202 6
Consol idated report o f change s in e quity

EQUITY ATTRIBUTABLE TO THE SHAREHOLDERS OF THE PARENT COMPANY
SEKm 202 6
JAN -MAR
202 5
JAN -MAR
2025
JAN -DEC

Opening balance 1,536.3 3,9 74.9 3,974.9

Changes in equity during the period
The Net profit of the period 20.8 -18.5 -1,935.1
Other comprehensive income for the period 57.5 -337.9 -503.4
Closing balance 1,614. 5 3,618.5 1,536.3

ENAD GLOBAL 7 AB (PUBL) 15 Interim Report, January -March 202 6
Consolidated C ash Flow Statement

QUARTER FULL YEAR
JAN -MAR
202 6
JAN -MAR
202 5
JAN -DEC
202 5
SEKm
OPERATING ACTIVITIES
Operating profit (EBIT) from continuing
operations
29.2 -10.1 -2,086 .4
Adjustments for non -cash flow items 23.0 78.1 2,305 .4
Financial items 0.0 0.9 0.0
Taxes paid -6.7 -12.8 -42.7
Cash flow from operating activities before
changes in working capital
45.5 56.1 176 .3
Cash flow from changes in working capital 43.7 -38.3 -55.9
Cash flow from operating activities 89.1 17.9 120 .4

INVESTMENT ACTIVITIES
Investment tangible assets -2.6 -1.8 -6.1
Investment intangible assets -70.7 -77.1 -282 .3
Divestment intangible assets 0.0 0.0 0.0
Investment/disposal of subsidiaries -100.5 0.0 -21.2
Cash flow from investment activities -173. 8 -78.9 -309 .6

FINANCING ACTIVITIES
New loans 0.0 347.4 341 .5
Amortizing loans -0.8 0.0 -0.1
Dividend 0.0 0.0 0.0
Interest and other financial items -8.9 0.0 -17.6
Amortizing lease liability -6.0 -7.2 -29.3
Cash flow from financing activities -15.7 340.2 294 .5

CASH FLOW FOR THE PERIOD -100.4 279.2 105 .3
Cash and cash equivalents at start of period 39 0.3 321.5 321 .5
Cash flow for the period -100.4 279.2 105 .3
Exchange rate differences 2.8 -21.5 -36.5
Cash and cash equivalents at end of period 292.7 579.2 390 .3

ENAD GLOBAL 7 AB (PUBL) 16 Interim Report, January -March 202 6
Parent Compan y Income Statement

QUARTER FULL YEAR
JAN -MAR
202 6
JAN -MAR
202 5
JAN -DEC
202 5
SEKm
Net Revenue 1.5 0.9 -0.1
Other Revenue 0.0 0.0 0.1
Total revenue 1.5 0.9 0.0

Operating expenses
Cost of goods and services sold -1.0 -0.7 -3.0
Other external expenses -2.3 -5.4 -12.9
Personnel expenses -8.1 -5.8 -13.1
Other expenses 0.0 0.0 0.0
Operating profit before depreciation
and amortization (EBITDA)
-9.9 -11.0 -29.0
Depreciation and amortization 0.0 0.0 0.0
Operating profit (EBIT) -9.9 -11.0 -29.0
Financial net -9.9 40.5 -2,022.3
Profit before tax -19.8 29.5 -2,05 1.3
Tax expense for the period 0.0 0.0 0.0
NET PROFIT -19.8 29.5 -2,05 1.3

ENAD GLOBAL 7 AB (PUBL) 17 Interim Report, January -March 202 6
Parent Company Balance Sheet

SEKm 31 MAR
202 6
31 MAR
202 5

31 DEC
2025
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 1,792.7 3,5 77.2 1,687.4
Total non -current assets 1,792.8 3,5 77.3 1,687.5
Current assets
Current receivables 52.2 50.6 39.7
Cash and cash equivalents 146.2 346.3 158.5
Total current assets 19 8.4 396.9 19 8.2
TOTAL ASSETS 1,991.2 3,974.2 1,885.7

EQUITY AND LIABILITIES
Equity 1,4 64.0 3,5 64.6 1,483.8
Non -current liabilities 502.9 350.0 382.3
Current liabilities 24.3 59.6 19.6
TOTAL EQUITY AND LIABILITIES 1,991.2 3,974.2 1,885.7

ENAD GLOBAL 7 AB (PUBL) 18 Interim Report, January -March 202 6
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 5.
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 6
Note 2 – Operational Segments
JAN -MAR 202 6 Daybreak Big Blue Bubble Piranha Toadman Fireshine Petrol
Intra -group items and elim inations Total group Revenue from external customers 189.6 61.3 20.9 0.0 45.3 28.2 – 345.3 Net Revenue 189.6 61.3 20.9 0.0 45.3 28.2 – 345.3 Adjusted operating profit before depreciation and amortization (Adj EBITDA)
30.4 30.0 8.2 0.0 -2.1 -4.4 -11.1 51.0
Adjustments * 13.7 Depreciation and amortization
-35.5
Financial net -8.5 Profit before tax 20.7 Tax expense 0.1 NET PROFIT 20.8
JAN -MAR 202 5 Daybreak Big Blue Bubble Piranha Toadman Fireshine Petrol
Intra -group items and eliminations 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 o perating profit before depreciation and amortization ( Adj EBITDA)
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 -DEC 202 5 Daybreak Big Blue Bubble Piranha Toadman Fireshine Petrol
Intra -group items and eliminations Total group Revenue from external customers 754.8 236.9 106.1 2.0 403.3 123.2 – 1,626.3 Net Revenue 754.8 236.9 106. 1 2.0 403.3 123.2 – 1,626.3 Adjusted o perating profit before depreciation and amortization ( Adj EBITDA)
100.8 107.5 36.4 -7.7 41.9 0.3 -25. 2 254.0
Adjustments * 13.8 Depreciation and amortization
-2,354.2
Financial net -23.3 Profit before tax -2,109.8 Tax expense 174.6 NET PROFIT -1,935.1

ENAD GLOBAL 7 AB (PUBL) 20 Interim Report, January -March 202 6
Note 3 – Revenue from Customer Contracts
JAN -MAR 202 6 Daybreak
Big Blue Bubble Piranha Toadman Fireshine Petrol Total group
Geographical region
Sweden 1.3 0.1 0.0 0.0 1.0 0.0 2.5
Other Europe 27.4 10.7 4.3 0.0 16.4 0.7 59.5
Canada 8.2 2.3 0.6 0.0 1.1 0.0 12.2
USA 143.8 41.1 13.7 0.0 14.5 27.5 240.6
Other markets 9.0 7.0 2.3 0.0 12.3 0.0 30.6
Revenue from customer contracts 189.6 61.3 20.9 0.0 45.3 28.2 345.3

JAN -MAR 2025 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 -DEC 202 5 Daybreak
Big Blue Bubble Piranha Toadman Fireshine Petrol Total group
Geographical region
Sweden 4.9 0.6 0.5 0.0 12.8 0.0 18.7
Other Europe 118.7 39.7 21.8 0.0 201.3 12.6 394.1
Canada 32.2 8.4 7.8 0.0 6.0 0.0 54.6
USA 560.8 165.0 65.6 2.0 122.2 102.8 1,018.4
Other markets 38.2 23.1 10.3 0.0 61.1 7.8 140.5
Revenue from customer contracts 754.8 236.9 106.1 2.0 403.3 123.2 1,626.3

ENAD GLOBAL 7 AB (PUBL) 21 Interim Report, January -March 202 6
Note 4 – Financial Net

Note 5 – Capitalized development costs and gaming rights

SEKm
JAN -MAR 202 6 JAN -MAR 202 5 JAN -DEC 202 5
Net interest -4.8 2.0 -1.5
Discount interest on earnout -1.1 -4.6 -17.7
Interest leasing -0.6 -0.5 -1.6
Liquidation of subsidiary 0.0 0.0 -0.1
Financing fees -1.3 -1.9 -3.4
FX effects -0.7 2.0 1.0
Financial net -8.5 -3.1 -23.3
JAN -MAR
202 6
JAN -MAR
202 5

SEKm
Capitalized development costs Gaming rights Capitalized development costs Gaming rights
Opening balance 138.4 387. 0 182.2 349.4
Capitalized development cost/this year’s gross
investment 30.5 40.2 37.1 37.0
Sold/scrapped product development 0.0 0.0 0.0 0.0
Reclass from other intangible assets 0.0 0.0 0.0 0.0
Amortization of product development -10.8 -11.5 -17.0 -9.8
Write -down of capitalized development costs 0.0 0.0 0.0 0.0
FX 5.2 12.7 -17.6 -29.3
Closing balance 163.4 428.3 18 4.8 34 7.4

JAN -DEC
202 5

SEKm Capitalized development costs Gaming rights
Opening balance 182.2 349.4
Capitalized development cost/this year’s gross
investment 130.7 153.6
Sold/scrapped product development – -13.7
Reclassed from other intangible assets – –
Amortization of product development -79.8 -45.8
Write -down of capitalized development costs -68.4 –
FX -26.2 -56.6
Closing balance 138.4 387.0

ENAD GLOBAL 7 AB (PUBL) 22 Interim Report, January -March 202 6
Note 6 – Financial Instruments
Valuation of financial assets and liabilities per Mar 31 202 6
Financial assets
Financial assets
valued at fair value
through profit or loss
Financial assets
valued at
amortized cost
Accounts receivable
– 72.8
Cash and cash equivalents – 292.7
Total

– 365.6

Financial liabilities
Financial liabilities
valued at fair value
through profit or loss
Financial liabilities
valued at
amortized cost
Contingent consideration
12.6 –
Liabilities to credit institutions
– 347 .6
Accounts payable – 32.7
Deferred revenue – 94.8
Other financial liabilities

– 128.6
Total
12.6 603.6

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 – 136.7
Cash and cash equivalents – 579.3
Total – 716.0

Financial liabilities
Financial liabilities
valued at fair value
through profit or loss
Financial liabilities
valued at
amortized cost
Contingent consideration
182.8 –
Liabilities to credit institutions
– 354.9
Accounts payable
– 26.8
Deferred revenue – 101.4
Other financial liabilities – 164.0
Total 182.8 647.0

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, January -March 202 6
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. 5 percen t.
Contingent consideration
JAN -MAR
202 6
JAN -MAR
202 5
JAN -DEC
202 5
At beginning of period 128.2 195.9 195.9
Acquisition during the period 0.0 0.0 0.0
Payments -100.5 0.0 -21.2
Discount effect 1.1 4.1 17.7
Change in value reported in the result -15.9 0.0 -38.6
FX effect -0.4 -17.2 -25.7
At end of period 12.6 182.8 128.2

The end -of-period contingent consideration of SEK 12.6 million is referring to Singularity 6 . The payment refers
to the settlement of t he remaining tax -related contingent considerations associated with the acquisition of
Daybreak . The contingent consideration for Daybreak was fully settled in February 2026.

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 6
Note 7 – Related Party Transactions
1) Cold Iron Studios LLC is owned by Jason Epstein, member of the Board, and Ji Ham, CEO.
2) The remaining tax -related contingent considerations associated with the acquisition of Daybreak were fully settled in February 2026 .
For further details on related party transactions, please see the Annual report 202 5.

Note 8 – Significant Events After the Balance Date
April 8, 2026, EG7 announced that the Company has entered into a letter of intent regarding a
potential acquisition of Cold Iron Studios LLC. Cold Iron is the studio behind Aliens: Fireteam Elite
(AFE), the hit cooperative third -person survival shooter set in the iconic world of Aliens film
franchise. Since release in August 2021, AFE has delivered solid performance, generating
approximately USD 80 million in Gross Revenues with approximately 8.3 million players life -to-date,
comprised of 3.6 million unit s ales and 4.7 million Game Pass players. EG7 is the publisher for Cold
Iron’s next game, Aliens: Fireteam Elite 2 , which is planned for release late Q3 . The Transaction will
bring EG7 even closer to the upcoming release by taking the development in -house, and it does also
represent an important step toward simplifying EG7’s ownership structure and fully aligning the
Company’s and its shareholders’ economic interests in Cold Iron. The Transaction, if completed, will
be considered as a related -party transaction and will therefore be subject to shareholder’s approval
at the Annual General Meeting on 12 May 2026.
April 13, 2026, EG7 announced that the Group has completed cost -saving measures within its business
units, Petrol and Piranha Games. A proposal for reduced Board remuneration has also been submitted
for the Annual General Meeting. The total annual cost reduction is expected to amount to SEK 32
million.
April 22, 2026, EG7 announced that Palia has reached 10 million players and is launching a new
expansion – The Royal Highlands.
May 5, 2026, EG 7 announced that Far Far West, published by Fireshine and developed by Evil Raptor,
has sold over 500,000 units within the first days after launch on April 28.
May 6, EG7 announced that the title of Project Avo is Aliens: Fireteam Elite 2.
SEKm
JAN -MAR
202 6
JAN -MAR
202 5
JAN -DEC
202 5
Related party Related party transaction – recognized
revenue

Cold Iron LLC 1)
Toadman’s WFH contract regarding Game
developing for the client Cold Iron 0.0 0.1 0.0

Related party Outstanding liabilities
Jason Epstein Contingent consideration related to tax
saving benefits 2) 0.0 106.6 83.6
Ji Ham Contingent consideration related to tax
saving benefits 2) 0.0 14.3 11.2
Total 0.0 120.9 94.9

Related party Outstanding receivables
Cold Iron LLC 1) Receivables from Toadman’s WFH contract
regarding Game developing for the client
Cold Iron 0.0 8.3 0.0
Cold Iron LLC 1) Daybreak invests in gaming rights, and
publish upcoming game from Cold Iron 361.3 17.7 315.8
Total 361.3 26.0 315.8

ENAD GLOBAL 7 AB (PUBL) 25 Interim Report, January -March 202 6
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 fina