G5 Entertainment FY2024 Earnings Release

Ye a r – e n d
Report
2024
G5 Entertainment AB

2 G5 ENTERTAINMENT AB YEAR-END REPORT 2024
YEAR-END REPORT 2024
October – December 2024
• Revenue for the period was SEK 279.3 M ( 316.7 ), a decrease of 12 percent compared
to the same period in 2023 in SEK terms. In USD terms revenue decreased 12
percent year-over-year.
• Gross margin increased to 69. 1 percent (67.6 percent), as a larger share of revenue is
coming from G5’s direct to consumer channel.
• EBIT for the period was SEK 32.8 M ( 10.5 ), an increase of 214%, corresponding to an
EBIT-margin of 11.8% (3.3). EBIT was positively impacted by revaluatio\
ns related to
fx, primarily the USD, recorded in other income and expense amounting to\
SEK 5.9
M ( 14.1 ). Write-downs impacted the quarter with SEK 2.2 M (0). Adjusting for\
the
negative impact from other income and expense and write-downs the EBIT m\
argin
would be 10.4 ( 7.8 ) percent.
• Net result for the period was SEK 33.5 M ( 8.9 ), positively impacted by the finance
net of SEK 2.0 M (-0.2).
• Earnings per share for the period, before dilution, was SEK 4 .29 ( 1.12 ).
• Cash flow amounted to SEK 19. 0 M ( 4.3 ).
• Average Monthly Active Users (MAU) was 4.3 million, a decrease of 11 percent
compared to the same period in 2023. Average Daily Active Users (DAU) \
was 1.3
million, a decrease of 12 percent compared to the same period in 2023. A\
verage
Monthly Unique Payers (MUP) was 128.2 thousand, a decrease of 16 percent while
Average Monthly Average Gross Revenue Per Paying User (MAGRPPU) was US\
D
65.7 , an increase of 4 percent compared to the same period last year.
Full year 2024
• Revenue for the year was SEK 1,134.5 M (1,319.9), a decrease of 14 per\
cent compared
to 2023 in SEK terms. In USD terms revenue decreased 13 percent.
• Gross margin increased to 68.4 percent (67.6 percent), as larger share\
of revenue is
coming from G5’s direct-to-consumer platform.
• EBIT for the period was SEK 116.8 M (111.5), an increase of 5%.
• Earnings per share for the year was 15.22 SEK (15.84), a decrease of 4\
%.
• The Board proposes a dividend of 8.0 SEK /share (8.0) equal to approximately
SEK 62.4 M (62.4).
KSE K
Oct-Dec
2024
Oct-Dec
2023
Change
% 2024 2023
Change
%
Revenue 279,337 316,675 -12% 1,134,529 1,319,921 -14%
Commission to distributors 1 -59,110 -7 0 , 4 6 4 -1 6% -245,935 -294,850 -17 %
Royalty to external developers 2 -2 7, 25 1 -32 , 2 79 -1 6% -112 , 497 -1 32 ,70 0 -15%
Gross profit 192 ,977 213,932 -10% 776,097 892 ,372 -13%
Gross margin 69.1% 67. 6 % 68.4% 67. 6 %
Operating costs excluding costs for
user acquisition
-113,112 -14 3 ,12 2 -2 1 % -461,085 -534 ,885 -14%
EBIT excluding costs for user
acquisition
79,865 70,810 13% 315,012 357,487 -12%
EBIT margin before costs
for user acquisition
29% 22% 28% 27%
Costs for user acquisition 3 -47, 0 1 6 -60,342 -2 2 % -1 98 , 235 -246,035 -1 9%
Costs for user acquisition as percentage
of revenue
-17 % -1 9% -17 % -1 9%
EBIT 32 ,849 10,468 214% 116,778 111,452 5%
EBIT margin (%) 11.8% 3.3% 10.3% 8.4%
Earnings per share before dilution 4.29 1.12 282% 15.22 15.84 -4%
Cash flow before financing activities 19,590 16,226 164,009 1 2 7, 9 1 9
Cash and cash equivalents 275,539 182,332 275,539 182,332
1 Variable costs paid to distributors. Main stores have the following fees: Apple App Store, Google Play, Amazon Appstore etc. have a fee of 30 percent, Microsoft Store
has 12 percent, G5 Store has single digit percent.
2 Royalties to external developers are costs to third party developers when there is a contractual obligation to pay royalty.
3 User acquisition is a marketing cost for acquiring new users. The costs are fully variable and are spent on advertising campaigns that are targeted at acquiring loyal
players. The campaigns can be stopped at a very short notice.
FINANCIAL KEY RATIOS

Comment from the CEO: A strong finish to a challenging year
The fourth quarter of 2024 marked a pivotal period for
G5 Entertainment as we focused on balancing revenue
performance with profitability amidst a challenging market
environment as well as a mature portfolio of games. Revenue
for the quarter amounted to SEK 279.3 M, representing
a 12% decrease year-over-year in SEK and USD terms.
However, we were pleased to see fourth quarter revenue
increase 1% sequentially in USD and over 3% in SEK, our
first quarter-to-quarter growth since Q2 2021. Our gross
margin increased to 69.1% — a testament to the growing
contribution of the G5 Store, which continues to enhance
both our revenue mix and profitability. The G5 Store now
represents 19% (13) of net revenue after growing 35% year-
over-year and 13% quarter-to-quarter in USD terms. G5
Store is our third largest platform and given the trends
we would not be surprised if it will become our largest
distribution platform in the future.
Our EBIT for the quarter grew significantly, reaching SEK
32.8 M compared to SEK 10.5 M in the same period last
year, corresponding to an EBIT margin of 11.8% (3.3). This
Revenue grew 1% sequentially in USD
terms in the fourth quarter. It is the
first q-o-q growth since the second
quarter in 2021. During the quarter
we also saw sequential growth of
Sherlock and Jewels of Rome.
improvement reflects the resilience of our business model
and the operational efficiencies we’ve achieved. Adjusted for
foreign exchange effects and write-downs, the EBIT margin
stood at 10.4% (7.8), underscoring the strong underlying
financial health of the business. During the quarter, we had
SEK 4.9 M in extraordinary one-time legal expenses which
negatively impacted profitability, which otherwise would
have been even stronger at 13.5% unadjusted or 12.2%
adjusted for fx and write-downs. The costs incurred are
related to an M&A process where we participated on the
acquiring side and that has been ongoing during second half
of 2024 and into Q1 2025. However, in the end the deal did
not materialize.
From an audience perspective, Average Monthly Active Users
(MAU) and Daily Active Users (DAU) declined by 9% and
10% year-over-year, respectively, while our Average Monthly
Unique Payers (MUP) fell by 15%. At the same time, Average
Monthly Gross Revenue Per Paying User (MAGRPPU) rose
by 6% to USD 65.7, demonstrating the loyalty of our player
base and the value of the G5 Store, where player metrics are
generally higher.
Throughout the quarter, we made significant strides in
game development. New features such as mini-events
were introduced in Sherlock and Jewels of Rome, leading
to sequential revenue growth in Sherlock for the first time
in eight quarters. This success reinforces our strategy of
enhancing the player experience with meaningful updates.
3 G5 ENTERTAINMENT AB YEAR-END REPORT 2024

4 G5 ENTERTAINMENT AB YEAR-END REPORT 2024
I would like to thank our team for their hard work and
dedication, as well as our players and shareholders for their
continued trust and support. Together, we are well-positioned
to navigate the challenges of the market and deliver value in
the years to come.
Thank you for following G5 Entertainment.
February 13th, 2025
Vlad Suglobov , CEO, co-founder
Our work is far from over and in 2025 we will see the rollout
of additional features and events across our portfolio, which
we believe will drive long-term performance improvements.
The development team is working hard. The ideas and
games are making their way through the funnel, and some,
like Twilight Land, are showing signs of scalability. After
a series of improvements and updates to the game we
believe we are seeing evidence of this becoming a scalable
game. We want to be cautious and confirm our findings with
more experiments, but it looks like a strong candidate to be
launched globally in 2025.
For the full year 2024, revenue reached SEK 1,134.5 M, a
decline of 14% in SEK terms. Gross margin improved to
68.4%, and EBIT increased modestly to SEK 116.8 M. We
maintained strong financial discipline and achieved solid cash
flow generation, ensuring a robust financial foundation as we
move into 2025.
Looking ahead, our focus remains on building sustainable
growth by delivering exceptional gaming experiences through
continued innovation and leveraging the direct-to-consumer
opportunities provided by the G5 Store. We are optimistic
about the potential in our game development funnel and the
ability to launch new hits that will captivate players around
the world.
G5 Store now represents 19% of net
revenue after growing 35% year-
over year and 13% sequentially in
USD terms.
EBIT (MSEK)
Q1 Q2 Q3 Q4
250
200
150
100
50
0
-50
2012 2015 2018 2021 2009 2024
Development funnel
1. PRE-PRODUCTION
2. PRODUCTION OF SOFT LAUNCH VERSION
3. SOFT LAUNCH – ENGAGEMENT TESTING
4. SOFT LAUNCH – MONETISATION TESTING
5. SOFT LAUNCH – SCALABILITY TESTING
6 . PREPARATION FOR GLOBAL LAUNCH
Global Launch
6 Games
3 Games
Revenue (MSEK)
Q1 Q2 Q3 Q4
1,600
1,400
1,200
1,000
800
600
400
200
0
2009 2012 2015 2018 2021 2024

5 G5 ENTERTAINMENT AB YEAR-END REPORT 2024
October – December
Revenue and gross profit
Revenue amounted to SEK 279.3 M (316.7). Revenue
decreased by 12 percent compared to the same
period in 2023, in USD the revenue decreased by 12
percent.
Cost of revenue decreased to SEK 86.4 M
(102.7). Cost of revenue includes commission to
the distributors. Most parties still charge up to
30 percent of gross revenue, except for Microsoft
Store with commission fees of 12 percent and G5
Store with commission fees in single digit percent
for third-party payment processing. Cost of
revenue also includes royalties payable to external
developers which decreased by 16 percent compared
to the same period in 2023.
Gross margin for the period was 69.1 percent
(67.6). Gross profit for the quarter decreased by 10
percent compared to the fourth quarter in 2023 and
was SEK 193.0 M (213.9).
Operational Costs
Costs for research and development were SEK
75.9 M (88.0) during the period. Net capitalization
was SEK -3.6 M (-11.9). Write-downs amounted
to SEK -2.2 M (0). Adjusting for net capitalization
and write-downs the costs decreased by 7 procent
compared to the same period in 2023.
Sales and marketing decreased to SEK 60.2 M
(76.0). Sales and marketing is primarily affected by
the costs for user acquisition. During the quarter the
cost for user acquisition was SEK 47.0 M (60.3).
Cost for user acquisition as a percentage of sales
was 17 percent, compared to 19 percent in the same
period in 2023. Sales and marketing, excluding user
acquisition, decreased to SEK 13.2 M (15.6).
General and administrative costs amounted to
SEK 29.9 M (25.4) impacted negatively by one-off
expenses amounting to SEK 4.9 M (0.0). One-off
expenses are related to an M&A process where G5
was the acquirer, the deal was cancelled during the
first quarter. Other operating income and other
operating expenses together amounted to SEK 5.9
M (-14.1), primarily driven by currency effects on
operational assets and liabilities.
EBIT
Depreciation and amortization have decreased as
the company no longer capitalizes on unreleased
games. Depreciation and amortization amounted
to SEK 30.1 M (38.9). Write-downs amounted to
SEK 2.2 M (0). Capitalization of intangible assets
amounted to SEK 25.5 M (25.6). Net effect of
capitalization and amortization on intangible assets
amounted to SEK -3.6 M (-11.9).
Earnings before interest and taxes (EBIT)
amounted to SEK 32.8 M (10.5), corresponding to
an EBIT margin of 11.8 percent (3.3).
Net profit
Net profit was affected by financial items with SEK
2.0 M (-0.2). Finance net was impacted by interest
income amounting to SEK 2.2 M (0.3) . Tax affected
the result with SEK -1.4 M (-1.4).
Net profit amounted to SEK 33.5 M (8.9) which
equals an earnings per share before dilution of SEK
4.29 (1.12).
Own/licensed revenue (MSEK)
share own games (%)
Active, MSEK
Licensed, MSEK
Harvest, MSEK
Own games, %
Gross Margin (%)
EBIT (MSEK) | EBIT-margin (%)
EBIT margin, adjusted WD & fx
EBIT, adjusted WD & fx
Costs in % of revenue
Administration
Research and development
Sales and marketing
2024
70
65
60
55
50
45
40
2023 2022 2021 2020 2019 2018 2017
MSEK
75
70
65
60
55
50
%
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
2023 2024 2022
400
350
300
250
200
150
100
50
0

70
60
50
40
30
20
10
0
Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
2023 2024 2022
MSEK

50
40
30
20
10
0

Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
2023 2024 2022
%

15
10
5
0

6 G5 ENTERTAINMENT AB YEAR-END REPORT 2024
Operational metrics
F2P Q4 ’24 Q4 ’23 Change
Average DAU (mn) 1.3 1.5 -12%
Average MAU (mn) 4.3 4.8 -11%
Average MUU (mn) 3.1 3.5 -11%
Average MUP (thousands) 128. 2 152.4 -1 6%
Average MAGRPPU (USD) 65.7 63.2 4%
For detailed definitions of the operational metrics see the glossary on
page 16 of the report.
January – December
Revenue and gross profit
Revenue declined 14 percent compared to 2023. Revenue decline in
USD for the interim period was -13 percent. Revenue amounted to SEK
1,134.5 M (1,319.9).
The group’s cost of revenue was SEK 358.4 M (427.5). Gross profit
amounted to SEK 776.1 M (892.4), a decrease of 13 percent compared
to the same period in 2023. Gross margin was 68.4 percent (67.6).
Operating Costs
Operating costs decreased 16 per cent compared to 2023. User
acquisition expenses decreased to SEK 198.2 M (246.0). Excluding
costs for user acquisition the operating costs amounted to SEK 461.1 M
(534.9). The operational costs were impacted by capialization of SEK
103.8 M (103.7) depreciation and amortization of SEK -135.7 M (-156.7)
and write-downs of SEK -2.2 M (-10.7).
Other operating income and costs impacted the period positively with
SEK – 11.6 M (-1.7), primarily attributed to exchange rate differences on
operational assets and liabilities related to balance sheet items in the\

parent company.
EBIT
EBIT was SEK 116.8 M (111.5) and the EBIT-margin was 10.3 percent
(8.4) for the year.
Net profit
Net profit was affected by financial items of SEK 9.2 M (25.2). Finance
net was impacted by interest income of SEK 9.5 M (5.7). In the previous
year the financial items were impacted by revaluation of short term
investments of SEK 22.3 M. Tax affected the result with SEK -7.0 M
(-9.1) corresponding to an effective tax rate of 6 percent (7).
Net profit amounted to SEK 119.0 M (127.6) which corresponds to
earnings per share before dilution of SEK 15.22 (15.84).
Cash flow
During the fourth quarter, the group had an operating cash flow before
changes in working capital of SEK 67.3 M (53.0). In the quarter taxes
impacted the cash flow negatively with SEK -1.7 M (-0.3).
Changes in working capital impacted the cash flow by SEK -21.5
M (-9.5). Capitalized development expenses impacted the cash flow
negatively by SEK -25.5 M (-25.6).
Cash flow before financing activities amounted to SEK 19.6 M (16.2).
Financing activities were impacted by IFRS16 bookings related to lease
of premises of SEK -0.6 M (-0.6).
The cashflow for the period amounted to SEK 19.0 M (4.3).
For the full year cash flow before changes in working capital
amounted to SEK 264.7 (277.7). Repurchases impacted the cashflow for
the year negatively SEK 12.9 (54.0).
The cashflow for the year amounted to SEK 87.4 M (8.4).
Available cash on December 31, 2024 amounted to SEK 275.5 M
(182.3).
Financial position
During the third quarter 2022 the group changed its publishing
strategy by making changes to how it is vetting new games. The
foundation is still to have a portfolio of different games in order to
maximize the potential and reduce risk. Multiple games are developed
at any given point in time, some of these games become very successful
and extremely profitable, some of these games do not become big
breakthroughs but pay for themselves and are stable earners over a long \
period of time, while the majority of games that go into production will\

be cancelled at an early stage as the market potential is not significant
enough.
As the majority of games that are produced will be cancelled during
the soft launch, the company will not capitalize development expenses
on games until they reach global launch. Capitalizing after global
launch will reduce the risk for write-offs in the portfolio.
As before, capitalized development expenses for unsuccessful games
will be written down. Development for games only released in soft
launch will be expensed as they are incurred. Over time, the company
expects such write-offs and expenses to be more than compensated
for by the revenue and profits produced by successful games in the
portfolio.
Capitalized development expenses amounted to SEK 210.4 M (220.4).
Impairment need in the portfolio is tested every quarter. A thorough
review of the input parameters is done on a yearly basis. During the
quarter, write-offs amounting to SEK 2.2 M (0.0) were made.
Consolidated equity amounted to SEK 554.3 M (491.4), which equals
SEK 71.1 per share (62.2) and the equity/asset ratio is 83 percent (81).
Cash on hand amounted to SEK 275.5 M (182.3).
Other long-term debt and other short term debt are solely related to
IFRS16 accounting of lease contracts.

7 G5 ENTERTAINMENT AB YEAR-END REPORT 2024
Parent company
The parent company revenue has performed in line with the group.
The parent company is the counterpart for all application stores where
G5 sells its products. The costs consist mainly of payments to one of
the subsidiaries in Malta, which holds the rights to the games in the
portfolio and is also where the senior management overseeing the
games and studios is based. Over time, the transactions should generate
a surplus for the parent company, but during shorter periods some
imbalances may occur.
As for the group, the financial position of the parent company is solid.
Other disclosures
Dividend
G5 Entertainment is active in a fast-moving growing market. In order to \
benefit from this growth, the company intends to continue reinvesting
the majority of the profits in activities that promote organic growth,
such as product development and marketing. With this taken into
account the Board proposes a dividend of SEK 8.0 per share (8.0)
corresponding to 53 percent (51) of net profit for the year.
Outlook
G5 Entertainment does not publish forecasts.
Risk assessment
G5 Entertainment is, like all companies, exposed to various kinds of
risks in its operations. Among the most notable are risks related to the\

dependency on certain strategic partners, delays in the release of new
games, currency exchange risks, changes in technology, dependency on
key employees, and tax as well as political risks due to the multination\
al
nature of the group’s operations. Risk management is an integral part\

of G5 Entertainment’s management.
Related-party transactions
During the period no significant related-party transactions have taken
place except the ongoing transactions highlighted in the annual report
2023.
Upcoming report dates
Annual report 2025 April 28, 2025
Interim report Jan-March 2025 May 7, 2025
Annual General Meeting 2025 June 17, 2025
Interim report Jan-Jun 2025 August 7, 2025
Interim report Jan-Sep 2025 November 5, 2025
Teleconference
On February 13th, 2025 at 08.00 CET, CEO Vlad Suglobov and CFO
Stefan Wikstrand will present the interim report in a conference call.
For dial-in details please visit: https://corporate.g5.com/investors/
calendar
Forward-looking statements
This report may contain statements concerning, among other things,
G5 Entertainment’s financial position and performance as well as
statements on market conditions that may be forward-looking.
G5 Entertainment believes that the expectations reflected in such
forward-looking statements are based on reasonable assumptions.
However, forward-looking statements involve inherent risks and
uncertainties and actual results or outcomes may differ materially
from those expressed. Forward-looking statements relate only to the
date they were made and, other than as required by applicable law, G5
Entertainment undertakes no obligation to update any of them in light
of new information or future events.
Inquiries
Vlad Suglobov, CEO investor@g5.com
Stefan Wikstrand, CFO +46 76 0011115
Revenue breakdown by geography
Fourth Quarter 2024
Asia 7%
Europe 27%
North America 61%
ROW 5%
Cash Position (MSEK)
300
250
200
150
100
50
0
Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
2023 2024 2022

8 G5 ENTERTAINMENT AB YEAR-END REPORT 2024
The Board of Directors and the CEO declare that the interim report provides a true and fair
overview of the Parent Company’s and the Group’s operations, financial position and results of
operations as well as describing the material risks and uncertainties fa\
cing the Parent Company
and other companies in the Group.
Stockholm February 13th, 2025
Petter Nylander
Chairman of the Board
Johanna Fagrell Köhler
Board member
Jeffrey Rose
Board member
Sara Börsvik
Board member
Marcus Segal
Board member
Vlad Suglobov
CEO, Board member
Note:
G5 Entertainment AB (publ) is required to make the information in this interim report public in compliance with the Swedish Securities Market
Act. The information was submitted for publication on Februrary 13th, 2025 at 07.00. This interim report has not been subject to review by the
company´s auditors. This report is published in Swedish and English. In the event of any difference between the English version and the Swedish
original, the Swedish version shall prevail.
Assurance

9 G5 ENTERTAINMENT AB YEAR-END REPORT 2024
KSE K
Oct-Dec
2024
Oct-Dec
2023 2024 2023
Net turnover 279,337 316,675 1,134,529 1,319,921
Cost of revenue -86 ,360 -1 0 2 , 74 3 -358,432 -42 7, 5 4 9
Gross profit 192 ,977 213,932 776,097 892,372
Research and Development expenses -7 5 , 9 1 5 -88 ,006 -311,993 -363 ,702
Sales and Marketing expenses -60, 240 -75,979 -25 4 , 78 6 -3 1 3 , 450
General and administrative expenses -2 9 , 8 7 9 -25 , 3 72 -104,109 -102,115
Other operating income 6,994 -12 , 453 12,656 0
Other operating expenses -1 ,08 8 -1 ,65 4 -1 ,08 8 -1 ,65 4
Operating result 32 ,849 10,468 116,778 111,452
Financial income 2,193 246 9,544 26,423
Financial expenses -150 -428 -35 4 -1,178
Operating result after financial items 34,892 10,286 125,967 136,696
Ta xe s -1 , 424 -1 , 359 -6,993 -9,122
Net result for the year 33,468 8,927 118,974 1 2 7,574
Attributed to:
Parent company’s shareholders 33,468 8,927 1 1 8 , 9 74 127,574
INCOME STATEMENT – GROUP
STATEMENT OF COMPREHENSIVE INCOME – GROUP
KSE K
Oct-Dec
2024
Oct-Dec
2023 2024 2023
Net result for the period 33,468 8,927 118,974 1 2 7,574
Items that later can be reversed in profit
Revaluation long-term investments -20 , 6 47 -9,583 -1 0 , 824 -14 ,086
Foreign currency translation differences 26,484 -28 , 6 4 5 21,049 -4 ,004
Total other comprehensive income
for the period 5,837 -38, 2 28 10,225 -18,090
Total comprehensive income
for the period 39,305 -29,301 129,199 109,484
Attributed to:
Parent company’s shareholders 89,894 134,633 60,593 109,484
KSE K
Oct-Dec
2024
Oct-Dec
2023 2024 2023
Earnings per share
Weighted average number of shares (thou –
s a n d s)
7, 7 9 9 7,937 7, 8 1 5 8,052
Weighted average number of shares
after dilution, (thousands)
7, 7 9 9 7,937 7, 8 1 5 8,052
Earnings per share (SEK) before dilution 4.29 1.12 15.22 15.84
Earnings per share (SEK) after dilution 4.29 1.12 15.22 15.84

10 G5 ENTERTAINMENT AB YEAR-END REPORT 2024
BALANCE SHEET – GROUP
KSE K
Dec 31
2024
Dec 31
2023
Fixed assets
Intangible fixed assets
Capitalized development expenses (Note 2) 210,386 220,411
Intangible assets 2,613 2,613
212,998 223,024
Tangible fixed assets
Equipment 9,154 12,883
9,154 12 ,883
Long term Investments 3 7, 475 34,134
Deferred tax receivable 150 25
Total non-current assets 259,777 270,066
Current assets
Accounts receivable 18,835 25,936
Tax receivable 1,659 3,773
Other receivables (Note 3, 4 ) 1,756 2,846
Prepaid expenses and accrued income 109,142 125,196
Short term investments 0 0
Cash and cash equivalents 275,539 182,332
Total current assets 406,930 340,083
Total assets 666,707 610,149
KSE K
Dec 31
2024
Dec 31
2023
Equity
Total shareholders’ equity 554,322 491,401
Long-term liabilities
Deferred tax liabilities 1 ,475 3,618
Long-term liabilities 1,118 1,261
Total long-term liabilities 2 ,593 4,879
Current liabilities (Note 5)
Short-term liabilities 685 612
Accounts payable 44,254 39,441
Other liabilities 6,267 11,291
Tax liabilities 9,213 7, 78 9
Accrued expenses 49,372 54,736
Total current liabilities 109,792 113,869
Total equity and liabilities 666,707 610,149

11 G5 ENTERTAINMENT AB YEAR-END REPORT 2024
CHANGES IN SHAREHOLDERS’ EQUITY – GROUP
KSEK Share capital
Other capital
contribution Other reserves
Profit/loss
brought forward
Share holders’
equity
Shareholders’ equity 2023-01-01 928 -189,704 6 9 , 74 6 6 07, 78 0 488,750
Net result for the year 127,574 127,574
Revaluation long-term investments -14 ,086 -14 ,086
Total other comprehensive income -4 ,004 -4 ,004
Total comprehensive income for the year -18,090 1 2 7,574 109,484
Dividend -64,505 -64,505
Repurchase of shares -54 ,029 -54 ,029
IFRS2 – Employee share schemes 11 ,702 11 ,702
Total transactions with the owners recognized directly in equity -54,029 11,702 -64,505 -106,832
Shareholders’ equity as of 2023-12-31 928 -243,733 63,358 670,848 491,401
Shareholders’ equity 2024-01-01 928 -243,733 63,358 670,849 491,402
Net result for the year 1 1 8 , 9 74 1 1 8 , 9 74
Revaluation long-term investments -1 0 , 824 -1 0 , 824
Total other comprehensive income 21,049 21,049
Total comprehensive income for the year 10,225 118,974 129,199
Dividend -62,392 -62,392
Repurchase of shares -12 , 941 -12 , 941
IFRS2 – Employee share schemes 9,054 9,054
Total transactions with the owners recognized directly in equity -12 ,941 9,054 -62 ,392 -66,279
Shareholders’ equity as of 2024 -12 -31 928 -2 5 6 ,674 82 ,637 7 2 7, 431 554,322

12 G5 ENTERTAINMENT AB YEAR-END REPORT 2024
KSE K
Oct-Dec
2024
Oct-Dec
2023 2024 2023
Cash flow from operating activities
Profit after financial items 34,892 10,285 125,967 136,696
Adjusting items not included in cash flow 34,102 42,932 1 47, 0 24 158,676
68,994 53,217 272 ,991 295,372
Taxes paid -1 ,7 17 -261 -8 ,332 -17,681
Cash flow before changes in
working capital 67, 2 76 52 ,956 264,659 2 7 7,6 9 1
Cash flow from changes in
working capital
Change in operating receivables -8 ,398 7, 3 7 9 24, 245 3,362
Change in operating liabilities -13,130 -16,897 -5,575 -3 9 , 8 8 9
Cash flow from operating activities 45 , 74 8 43,438 283,329 241,164
Investing activities
Investment in fixed assets -586 -1 ,1 02 -1 , 355 -4 ,029
Capitalized development expenses -25 , 5 41 -25,575 -1 03 , 80 0 -1 0 6 , 283
Short term investments 0 -535 0 -2 , 9 3 3
Long term investments -3 1 0 -14 ,1 65 0
Cash flow from investing activities -26,158 -2 7, 2 1 2 -119,320 -113, 245
CASH FLOW STATEMENT – GROUP
KSE K
Oct-Dec
2024
Oct-Dec
2023 2024 2023
Financing activities
Lease financing -597 -561 -1 , 307 -944
Dividend 0 0 -62,392 -64,505
Repurchase shares 0 -1 1 , 35 4 -12 , 941 -54 ,029
Cash flow from financing activities -597 -11 ,915 -76 ,6 4 0 -119,478
Cash flow 18,993 4,311 87, 36 9 8,441
Cash at the beginning of the period 245,552 184,380 182 ,332 177,469
Cash flow 18,993 4,311 8 7, 3 6 9 8,441
Exchange rate differences 10,994 -6,359 5,838 -3,578
Cash at the end of the period 275,539 182 ,332 275,539 182 ,332

13 G5 ENTERTAINMENT AB YEAR-END REPORT 2024
Note 1
Accounting principles
G5 Entertainment’s consolidated accounts have been prepared in
accordance with International Financial Reporting Standards (IFRS).
This report was prepared for the group in accordance with the IAS 34
Interim Financial Reporting and the Annual Accounts Act.
The accounting and calculation principles used in the report for the
group are identical to those used in the Annual Report 2023.
The interim report is on pages 1–16, and pages 1–8 are thus an
integrated part of this financial report.
Note 3
Other receivables
Other receivables include SEK 0.0 M (0.8) for prepaid royalties to third
party developers. G5 publishes both proprietary games and games
licensed from third-party developers. In connection with the conclusion \
of agreements with third party developers, G5 sometimes pays an
advance on royalties to fund game development. These advances are
usually offset against the third party developer’s contractual share of
the revenue that each game generates.
Note 2

Capitalized development expenses
KSE K
Oct-Dec
2024
Oct-Dec
2023 2024 2023
At the beginning of the period 1 97, 8 9 6 251,039 220,411 273,073
Investments 25,541 25,575 103,800 103,670
Write -offs -2,196 0 -2,196 0
Amortization -29,118 -3 7, 5 0 2 -131,955 -150,108
Net change during the period -5,773 -11,928 -30,350 -46,438
Currency exchange differences 18,262 -1 8 ,70 0 20,325 -6, 224
At the end of the period 210,386 220,411 210,386 220,411
Note 4
Pledged assets and contingent liabilities
G5 Entertainment has no (0) pledged assets. G5 Entertainment
does not have any contingent liabilities.
Note 5
Fair value
G5 group has long term financial instruments that are accounted
for at fair value. The carrying amount for financial instruments
correspond to fair value.

14 G5 ENTERTAINMENT AB YEAR-END REPORT 2024
KSE K
Oct-Dec
2024
Oct-Dec
2023 2024 2023
Net turnover 279,337 316,675 1,134,529 1,319,921
Cost of revenue -222,290 -24 0 , 0 3 7 -909,910 -1 ,038 , 91 9
Gross profit 57,047 76,638 224,619 281,003
Research and development expenses -1 67 -8 -594 -7 5
Sales and Marketing expenses -48 098 -7 1 6 8 8 -202 884 -264 513
General and administrative expenses -1 0 491 -6 091 -2 7 6 5 7 -2 2 0 8 3
Other operating income 2 417 0 6 086 0
Other operating expenses 0 -1 1 791 0 -4 455
Operating result 708 -12 942 -429 -10 123
Financial income 1 924 -562 9 619 24 432
Financial expenses 0 0 -2 0
Operating result after financial items 2 632 -13 504 9 188 14 309
Ta xe s -26 8 1 140 -1 1 91 0
Net result for the period 2 364 -12 364 7 997 14 309
KSE K
Oct-Dec
2024
Oct-Dec
2023 2024 2023
Net result for the period 2 364 -12 364 7 997 14 309
Items that later can be reversed in profit
Revaluation long-term investments -20 , 6 47 -9,583 -1 0 , 824 -14 ,086
Other comprehensive income -20,647 -9,583 -10,824 -14 ,086
Total other comprehensive income
for the period -18 283 -21 947 -2 827 223
INCOME STATEMENT – PARENT COMPANY STATEMENT OF COMPREHENSIVE INCOME – PARENT COMPANY

15 G5 ENTERTAINMENT AB YEAR-END REPORT 2024
KSE K
Dec 31
2024
Dec 31
2023
Fixed assets
Intangible fixed assets
Intangible fixed assets 2,613 2,613
Tangible fixed assets
Tangible fixed assets 0 0
Financial fixed assets
Shares in group companies 130 105
Financial assets 3 7, 475 34,134
Total fixed assets 40,217 36,852
Current assets
Account receivables 18,835 25,936
Receivables from group companies 204,318 8 7, 3 8 1
Tax receivables 1,561 2,751
Other receivables 325 410
Prepaid expenses and accrued income 100,819 112,284
Cash and cash equivalents 47, 325 53,722
Total current assets 373,183 282 ,484
Total assets 413,400 319,336
BALANCE SHEET – PARENT COMPANY
KSE K
Dec 31
2024
Dec 31
2023
Restricted equity
Share capital 928 928
Non-restricted equity
Share premium reserve 54,530 53,578
Profit/Loss carried forward 80,961 152,810
Net result for the period 7,997 14,309
To t a l e q u i t y 144,417 221,625
Current liabilities
Accounts payable 32,117 36,357
Tax Liability 0 0
Liability to group companies 226,165 54,226
Other liability 5,244 5,130
Accrued expenses 5,458 1,999
Total current liabilities 268,984 97, 7 1 1
Total equity and liabilities 413,400 319,336

16 G5 ENTERTAINMENT AB YEAR-END REPORT 2024
Financial statement
Cost of revenue consists of direct expenses incurred
in order to generate revenue from the company’s
games. This primarily includes commission to distrib –
utors and royalties to external developers.
Research and Development expenses primar –
ily consist of salaries, bonuses and benefits for the
company’s developers. In addition, research and de –
velopment expenses include outside services, as well
as allocated facilities and other overhead costs. Costs
associated with maintaining the company’s computer
software and associated infrastructure are expensed as
incurred. Development costs that are directly attribut –
able to the design and testing of the company’s identi –
fiable and unique games are recognized as intangible
assets, and amortized within research and develop –
ment expense over a 24-month period.
Sales and Marketing expenses primarily consist
of user acquisition expenses and related software. Sales
and marketing also includes salaries, bonuses, and ben –
efits for the company’s sales and marketing staff, as
well as consulting fees. In addition, sales and marketing
expenses include general marketing, branding, adver –
tising and public relations costs.
General and Administrative expenses primar –
ily consist of salaries, bonuses, and benefits for the
company’s executive, finance, legal, information tech –
nology, human resources and other administrative
employees, as well as support staff. It also includes
outside consulting, legal and accounting services, in –
surance as well as facilities and other overhead costs
not allocated to other areas across the business. In ad –
dition, general and administrative expenses include all
of the company’s depreciation expenses.
Use of key ratios not defined in IFRS
The G5 Group’s accounts are prepared in accordance
with IFRS. See page 13 for more information on ac –
counting principles. Only a few key ratios are defined
in IFRS. As of the second quarter 2017, G5 is apply –
ing the Alternative Performance Measures issued by
ESMA (European Securities and Markets Authority).
Briefly, an alternative key ratio is a financial meas –
urement of historical or future earnings development,
financial position or cash flow, not defined or speci –
fied in IFRS. To assist Group Management and other
stakeholders in their analysis of the Group’s perfor –
mance, G5 is reporting certain key ratios not defined
by IFRS. Group Management believes that this infor –
mation will facilitate an analysis of the Group’s perfor –
mance. This data supplements the IFRS information
and does not replace the key ratios defined in IFRS.
G5’s definitions of measurements not defined in IFRS
may differ from definitions used by other companies.
All of G5’s definitions are included below.
EBIT excluding costs for user acquisition con –
sists of reported EBIT adjusted for costs for user ac –
quisition.
Operational terms
Monthly Active Users (MAU) is the number
of individuals who played a G5 game in a calendar
month. An individual who plays two different games
in the same month is counted as two MAUs. Numbers
presented in the report are the average of the three
months in any given quarter.
Daily Active Users (DAU) is the number of indi –
viduals who played a G5 game in a day. An individual
who plays two different games in the day is counted as
two DAUs. Numbers presented in the report are the
average of the three months in any given quarter.
Monthly Unique Payers (MUP) is the number of
individuals who made a payment in a G5 game at least
once during a calendar month. An individual who pays
in two G5 games is counted as one MUP. Numbers pre –
sented in the report are the average of the three months
in any given quarter.
Monthly Unique Users (MUU) is the number of
individuals who played a G5 game at least once during
a calendar month. An individual who plays two differ –
ent games during the month is counted as one MUU.
Numbers presented in the report are the average of
the three months in any given quarter.
Monthly Average Gross Revenue Per Paying
User (MAGRPPU) is the average gross revenue re –
ceived from a Monthly Unique Payer during a calen –
dar month. MAGRPPU is calculated by dividing the
gross revenue during the calendar month by the num –
ber of Monthly Unique Payers in the same calendar
month. The numbers presented in the report are the
average of the three months in any given quarter.
Portfolio definitions
Active Games are the games G5 owns and is actively
supporting through its development and marketing
capacity.
Licensed Games are games that G5 license from
3rd party developers and thereby act as a publisher.
Licensed games are not split into active and harvest
games.
Harvest Games are games that G5 owns but are
not profitable to run as active games. The games are
technically supported by a central team.
About G5 Entertainment
G5 Entertainment AB (publ) (G5) develops and pub –
lishes high quality free-to-play games for G5 Store,
Apple App Store, Google Play, Microsoft Store, Am –
azon Appstore etc. The games are easy to learn and
targeted at the widest audience of experienced and
novice players. G5’s portfolio includes a number of
popular games like Jewels of Rome®, Sherlock Hid –
den Match-3 cases, Hidden City, Mahjong Journey®,
Homicide Squad®, The Secret Society® Wordplay:
Search Word Puzzle™ and Jewels of the Wild West™.
G5 Entertainment AB (publ) is listed on Nasdaq
Stockholm since 2014.
Glossary

G5 Entertainment AB ( p u b l)
NYBROGATAN 6, 5TH FLOOR
114 34 STOCKHOLM | SWEDEN
PHONE: +46 84 11111 5
E-MAIL: CONTACT@G5.COM
Org.nr. 556680-8878
WWW.G5.COM