G5 Entertainment FY2024 Q3 Earnings Release

Nov, 2024 JANUARY – SEPTEMBER 2024
Interim
Report
Q3 2024
G5 Entertainment AB

2 G5 ENTERTAINMENT AB – INTERIM REPORT JANUARY – SEPTEMBER 2024
INTERIM REPORT JANUARY – SEPTEMBER 2024
July – September 2024
• Revenue for the period was SEK 269.9 M ( 326.6 ), a decrease
of 17 percent compared to the same period in 2023 in SEK
terms. In USD terms revenue decreased 14 percent year-
over-year.
• Gross margin increased to 68.8 percent (68.1 percent),
as a larger share of revenue is coming from G5’s direct to
consumer channel.
• EBIT for the period was SEK 22. 9 M ( 22.3 ), an increase
of 3%, corresponding to an EBIT-margin of 8.5% (6.8).
EBIT was negatively impacted by revaluations related to fx,
primarily the USD, recorded in other income and expense
amounting to SEK -0.4 M (3.9). Adjusting for the negative
impact from other income and expense the EBIT margin
would be 8.6 (5.6) percent.
• Net result for the period was SEK 24.5 M ( 30.8 ), positively
impacted by the finance net of SEK 2.2 M (8.9).
• Earnings per share for the period, before dilution, was SEK
3. 14 ( 3.83 ).
• Cash flow amounted to SEK 53. 3 M ( 9.7 ).
• Average Monthly Active Users (MAU) was 4.5 million,
a decrease of 8 percent compared to the same period in
2023. Average Daily Active Users (DAU) was 1.3 million, a
decrease of 9 percent compared to the same period in 2023.
Average Monthly Unique Payers (MUP) was 129.5 thousand,
a decrease of 16 percent while Average Monthly Average
Gross Revenue Per Paying User (MAGRPPU) was USD 64.9,
an increase of 3 percent compared to the same period last
year.

KSE K
Jul-Sep
2024
Jul-Sep
2023
Change
%
Jan-Sep
2024
Jan-Sep
2023
Change
%
Oct-Sept
23/24 2023
Change
%
Revenue 269,917 326,635 -17 % 855,192 1 ,003, 247 -15% 1,171,866 1,319,921 -11%
Commission to distributors 1 -58,585 -7 2 , 3 5 6 -1 9% -186,825 -2 24 , 3 8 6 -17 % -25 7, 28 9 -294,850 -1 3%
Royalty to external developers 2 -25 , 752 -31,967 -1 9% -85 , 246 -100,421 -15% -1 1 7, 525 -1 32 ,70 0 -11%
Gross profit 185,580 222,312 -17% 583,120 678,440 -14% 7 97,052 892 ,372 -11%
Gross margin 68.8% 68.1% 68.2% 67. 6 % 68.0% 67. 6 %
Operating costs excluding costs for
user acquisition
-111,935 -137,123 -1 8% -3 47, 9 7 3 -3 91 ,763 -11% -491 ,095 -534 ,885 -8%
EBIT excluding costs for user
acquisition
73,645 85,189 -14% 235,147 286,677 -1 8% 305,957 357,487 -14%
EBIT margin before costs
for user acquisition
27% 26% 27% 29% 26% 27%
Costs for user acquisition 3 -50,752 -62,875 -1 9% -151,219 -1 85 ,693 -1 9% -211,561 -246,035 -14%
Costs for user acquisition as percentage
of revenue
-1 9% -1 9% -1 8% -1 9% -1 8% -1 9%
EBIT 22,893 22 ,314 3% 83,929 100,984 -17% 94,397 111,452 -15%
EBIT margin (%) 8.5% 6.8% 9.8% 10.1% 8.1% 8.4%
Earnings per share before dilution 3.14 3.83 -18% 10.89 14.66 -26% 11.96 15.84 -24%
Cash flow before financing activities 53,310 25,611 144,419 111,693 160,645 1 2 7, 9 1 9
Cash and cash equivalents 245,552 184,380 245,552 184,380 245,552 182,332
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: Positioning for growth
The challenges we face with a mature portfolio continue as
we balance our top-line and profitability. At the same time,
we continue to develop the potential in our new games
pipeline and are optimistic about our future prospects.
The internal steps the company has taken to boost revenue
coming from our own G5 Store, combined with our ability
to operate efficiently helped lift profitability in the quarter.
The team continues to focus its game development efforts
using our new funnel, and we are confident this will lead to
stronger titles making it to our dedicated players around the
world.

Financial Overview
Revenue for the quarter was SEK 269.9 M, a 17 percent
decline in SEK terms and a 14 percent decline in USD terms
year-over-year. At the same time our gross margin rose
to an all-time high of 68.8 percent from 68.1 thanks to an
increasing amount of revenue coming from our direct-to-
consumer channel, the G5 Store. Revenue through this
channel grew 27 percent in USD terms over the past year and
made-up 17 percent of our sales during the third quarter.
G5 Store grew 27 percent year-over-
year in USD terms and made up 17
percent of our net sales in the quarter
EBIT for the quarter was solid SEK 23 M, giving us an
EBIT margin of 8.5 percent. EBIT was slightly impacted
negatively by revaluations related to FX, mainly the USD,
recorded in other income and expenses . Adjusting for the
negative impact from other income and expenses, the EBIT
margin would be 8.6 (5.6) percent.
At the end of the third quarter, G5 had a record high cash
position of SEK 245.7 M, ensuring a solid foundation for
future growth.

Development Fun nel
In our second quarter report we shared additional insight
into how we develop games from early ideas and pre-
production work all the way to the global launch. Our
ambition was to share more information about the rigorous
process we use to select and support the best games through
development. This process is more efficient and will help
ensure only the best games make it to the broader market,
ultimately saving time and increasing the chances of us
releasing future hits.
3 G5 ENTERTAINMENT AB – INTERIM REPORT JANUARY – SEPTEMBER 2024

4 G5 ENTERTAINMENT AB – INTERIM REPORT JANUARY – SEPTEMBER 2024
Looking ahead, our priorities are consistent. We aim to
achieve sustainable growth by delivering engaging and high-
quality games to our loyal global community. With a strong
balance sheet and positive cash flow, we are confident in
navigating the challenges of a global market of casual games
that remain under pressure.
I would like to end by thanking all employees at G5 for their
contributions. They are all working hard to take G5 forward
and I want to extend my gratitude for this strong commitment.
Thank you for following G5 Entertainment.
November 6th, 2024
Vlad Suglobov , CEO, co-founder
During the year, we plan to work on about 30 game ideas,
ultimately soft-launching 5-6 games. Out of these we expect
to see at least one showing enough scalability to make it into
Global Release stage. During the third quarter, we closed
one game whilst we filled up the pipeline with another new
one. We also made 14 iterations on different new games
in the quarter, some moved along in the funnel and some
were refined further in order to improve the metrics. We are
progressing with our goal of launching a game globally and
will let the market know when that happens. We are confident
this structure will give us successful games and increased
growth in the future.
Our priorities are the same. We want sustainable growth by
delivering exceptional games to our loyal customers around
the world. We have a strong balance sheet and are cash flow
positive, which is certainly an advantage as the global market
for casual games remains under pressure. We are confident
this strategy will bring success over the coming quarters.
Outlo ok
For the first time since 2020, we see substantial increase
in revenue month-to-month from September to October,
which is a welcome development that sets a positive tone to
the beginning of the fourth quarter. Our teams are not only
working on new game ideas, but also work hard to evolve and
improve our existing portfolio of games, and provide engaging
seasonal content to our players.
For the first time since 2020, we see
substantial increase in revenue
month-to-month from September
to October.
Q1 Q2 Q3 Q4
Revenue (MSEK)
Q1 Q2 Q3 Q4
EBIT (MSEK)
1,600
1,400
1,200
1,000
800
600
400
200
0
2009 2012 2015 2018 2021 2024
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
3 Games
4 Games

5 G5 ENTERTAINMENT AB – INTERIM REPORT JANUARY – SEPTEMBER 2024
July – September
Revenue and gross profit
Revenue amounted to SEK 269.9 M (326.6).
Revenue decreased by 17 percent compared to the
same period in 2023, in USD the revenue decreased
by 14 percent.
Cost of revenue decreased to SEK 84.3 M
(104.3). 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 11 percent compared
to the same period in 2023.
Gross margin for the period was 68.8 percent
(68.1). Gross profit for the quarter decreased by 17
percent compared to the third quarter in 2023 and
was SEK 185.6 M (222.3).
Operational Costs
Costs for research and development were SEK 73.1
M (99.1) during the period. Net capitalization was
SEK -5.4 M. Adjusting for net capitalization the
costs decreased by 21 procent compared to the same
period in 2023.
Sales and marketing decreased to SEK 65.7 M
(80.1). Sales and marketing is primarily affected by
the costs for user acquisition. During the quarter the
cost for user acquisition was SEK 50.8 M (62.9).
Cost for user acquisition as a percentage of sales
was 19 percent, compared to 19 percent in the same
period in 2023. Sales and marketing, excluding user
acquisition, decreased to SEK 15.0 M (17.2).
General and administrative costs amounted to
SEK 23.5 M (24.7). Other operating income and
other operating expenses together amounted to SEK
-0.4 M (3.9), 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 which has reduced the amortisation on
capitalized development expenses. Depreciation
and amortization amounted to SEK 31.8 M (39.6).
Capitalization of intangible assets amounted to
SEK 25.5 M (24.9). During the quarter no write-
downs were made. Net effect of capitalization and
amortization on intangible assets amounted to SEK
-5.4 M (-13.1).
Earnings before interest and taxes (EBIT)
amounted to SEK 22.9 M (22.3), corresponding to
an EBIT margin of 8.5 percent (6.8).
Net profit
Net profit was affected by financial items with SEK
2.2 M (8.9). Finance net was impacted by interest
income amounting to SEK 2.3 M (1.8), last year was
impacted by revaulation of short term investments
amounting to SEK 7.7 M. Tax affected the result with
SEK -0.6 M (-0.5).
Net profit amounted to SEK 24.5 M (30.8) which
equals an earnings per share before dilution of SEK
3.14 (3.83).
Own/licensed revenue (MSEK)
share own games (%)
Active, MSEK
Licensed, MSEK
Harvest, MSEK
Own games, %
Gross Margin (%)
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
2023 2024 2022
400
350
300
250
200
150
100
50
0
Q3
EBIT (MSEK) | EBIT-margin (%)
EBIT margin, adjusted WD & fx
EBIT, adjusted WD & fx
MSEK
60
50
40
30
20
10
0
-1 0
%
20
15
10
5
0
-5
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
2023 2024 2022
Q3
Costs in % of revenue
Administration
Research and development
Sales and marketing
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
2023 2024 2022
80
70
60
50
40
30
20
10
0
Q3

6 G5 ENTERTAINMENT AB – INTERIM REPORT JANUARY – SEPTEMBER 2024
Operational metrics
F2P Q3 ’24 Q3 ’23 Change
Average DAU (mn) 1.3 1.5 -9%
Average MAU (mn) 4.5 4.9 -8%
Average MUU (mn) 3.3 3.5 -8%
Average MUP (thousands) 129.5 154.4 -1 6%
Average MAGRPPU (USD) 64.9 63.2 3%
For detailed definitions of the operational metrics see the glossary on
page 16 of the report.
January – September
Revenue and gross profit
Revenue declined 15 percent compared to the same period in 2023.
Growth in USD for the interim period was -14%. Revenue amounted to
SEK 855.2 M (1003.2).
The group’s cost of revenue was SEK 272.1 M (324.8). Gross profit
amounted to SEK 583.1 M (678.4), a decrease of 14 percent compared
to the same period in 2023. Gross margin was 68.2 percent (67.6).
Operating Costs
Operating costs decreased 14 per cent compared to the same period
in 2023. User acquisition expenses decreased to SEK 151.2 M (185.7).
Excluding costs for user acquisition the operating costs amounted
to SEK 358.7 M (391.8). The operational costs were impacted by
capialization of SEK 78.3 M (78.1) depreciation and amortization of
SEK -105.7 M (-117.9) and write-downs of SEK 0.0 M (10.7).
Other operating income and costs impacted the period positively with
SEK 5.7 M (12.5), primarily attributed to exchange rate differences on
operational assets and liabilities related to balance sheet items in the\

parent company.
EBIT
EBIT was SEK 73.2 M (101.0) and the EBIT-margin was 8.6 percent
(10.1) for the period.
Net profit
Net profit was affected by financial items of SEK 7.1 M (25.4). Finance
net was impacted by interest income of SEK 7.4 M (3.7). In the previou\
s
year the financial items were impacted by revaluation of short term
receiveables of SEK 22.3 M. Tax affected the result with SEK -5.6 M
(-7.8) corresponding to an effective tax rate of 6 percent (6).
Net profit amounted to SEK 85.5 M (118.6) which corresponds to
earnings per share before dilution of SEK 10.89 (14.66).
Cash flow
During the third quarter, the group had an operating cash flow before
changes in working capital of SEK 54.9 M (73.4). In the quarter taxes
impacted the cash flow negatively with SEK -4.0 M (-14.0).
Changes in working capital impacted the cash flow by SEK 27.2 M
(-17.5). Capitalized development expenses impacted the cash flow
negatively by SEK 25.5 M (-27.5).
Cash flow before financing activities amounted to SEK 52.1 M (25.6).
Financing activities were impacted by IFRS16 bookings related to lease
of premises of SEK 0.0 M (-0.2).
For the interim period Jan – Sep cash flow before changes in working
capital amounted to SEK 197.4 (224.7). The cashflow for the period
amounted to SEK 53.2 (4.1).
Available cash on September 30, 2024 amounted to SEK 245.6 M
(184.4).
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 197.9 M (251.0).
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, no write-offs (0.0) were made.
Consolidated equity amounted to SEK 513.2 M (523.1), which equals
SEK 65.8 per share (65.6) and the equity/asset ratio is 81 percent (8\
0).
Cash on hand amounted to SEK 245.6 M (184.4).
Other long-term debt and other short term debt are solely related to
IFRS16 accounting of lease contracts.

7 G5 ENTERTAINMENT AB – INTERIM REPORT JANUARY – SEPTEMBER 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
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
Year-end report 2024 February 13, 2025
Annual Report 2024 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 November 6th, 2024 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
Cash Position (MSEK)
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
2023 2024 2022
Q3
250
200
150
100
50
0
Revenue breakdown by geography
Third Quarter 2024
Asia 7%
Europe 26%
North America 62%
ROW 5%

8 G5 ENTERTAINMENT AB – INTERIM REPORT JANUARY – SEPTEMBER 2024
The Board of Directors and the CEO declare that the interim report provi\
des 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 November 6th, 2024
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 November 6th, 2024 at 07.00. This interim report has 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
matters that might be identified in an audit. The conclusion
expressed based on a review does not have the same level
of certainty as a review based on an audit. The conclusion
expressed based on a review does not have the same level of
certainty as a review based on an audit.
Conclusion
Based on our review, nothing has come to our attention that
causes us to believe that the interim report is not prepared,
in all material respects, in accordance with IAS 34 and the
Swedish Annual Accounts Act, regarding the Group, and
with the Swedish Annual Accounts Act, regarding the Parent
Company.
Stockholm, November 6th, 2024
Öhrlings PricewaterhouseCoopers AB
Niklas Renström
Authorized Public Accountant

(Translation from Swedish original)
G5 Entertainment AB corp. reg. no. 556680-8878
Auditor’s review report for interim financial information in
summary (interim report) prepared in accordance with IAS 34
and Chapter 9 of the Swedish Annual Accounts Act.
Introduction
We have reviewed the condensed interim financial information
(interim report) of G5 Entertainment AB as of 30 September
2024 and the nine-month period then ended. The board of
directors and the CEO are responsible for the preparation
and presentation of the interim financial information in
accordance with IAS 34 and the Swedish Annual Accounts Act.
Our responsibility is to express a conclusion on this interim
report based on our review.
Scope of review
We conducted our review in accordance with the International
Standard on Review Engagements ISRE 2410, Review of
Interim Report Performed by the Independent Auditor of
the Entity. A review consists of making inquiries, primarily
of persons responsible for financial and accounting matters,
and applying analytical and other review procedures. A
review is substantially less in scope than an audit conducted
in accordance with International Standards on Auditing, ISA,
and other generally accepted auditing standards in Sweden.
The procedures performed in a review do not enable us to
obtain assurance that we would become aware of all significant
Review Report

9 G5 ENTERTAINMENT AB – INTERIM REPORT JANUARY – SEPTEMBER 2024
KSE K
Jul-Sep
2024
Jul-Sep
2023
Jan-Sep
2024
Jan-Sep
2023
Oct-Sep
23/24 2023
Net turnover 269,917 326,635 855,192 1 ,003, 247 1,171,866 1,319,921
Cost of revenue -84 ,337 -1 04 , 324 -272,071 -324 , 8 07 -3 74 , 8 1 4 -42 7, 5 4 9
Gross profit 185,580 222,312 583,120 678,440 7 97,052 892,372
Research and Development expenses -7 3 , 1 4 3 -99,072 -236,078 -2 75 , 6 9 6 -324 , 0 4 0 -363 ,702
Sales and Marketing expenses -65,708 -80,088 -194,546 -23 7, 47 1 -2 70 , 524 -3 1 3 , 450
General and administrative expenses -23 , 4 6 3 -24 , 7 1 7 -7 4 , 2 3 0 -7 6 , 7 4 3 -99,646 -102,115
Other operating income -3 74 3,879 5,662 12,453 -6,791 0
Other operating expenses 0 0 0 0 -1 ,65 4 -1 ,65 4
Operating result 22,893 22 ,314 83,929 100,984 94,397 111,452
Financial income 2,284 9,596 7,350 26,176 7,597 26,423
Financial expenses -67 -674 -20 4 -7 5 0 -632 -1,178
Operating result after financial items 25,111 31,236 91 ,075 126,411 101,361 136,696
Ta xe s -610 -456 -5,569 -7 , 7 6 4 -6,928 -9,122
Net result for the year 24,501 30,780 85,506 118,647 94,433 1 2 7,574
Attributed to:
Parent company’s shareholders 24,501 30,780 85,506 118,647 94,433 127,574
INCOME STATEMENT – GROUP
STATEMENT OF COMPREHENSIVE INCOME – GROUP
KSE K
Jul-Sep
2024
Jul-Sep
2023
Jan-Sep
2024
Jan-Sep
2023
Oct-Sep
23/24 2023
Net result for the period 24,501 30,780 85,506 118,647 94,433 1 2 7,574
Items that later can be reversed in profit
Revaluation long-term investments 812 – 9,823 -4 ,503 240 -14 ,086
Foreign currency translation differences -20 , 4 9 3 11,883 -5,435 20,489 -34,080 -4 ,004
Total other comprehensive income
for the period -19,681 11,883 4,388 15,986 -33,840 -18,090
Total comprehensive income
for the period 4,820 42 ,663 89,894 134,633 60,593 109,484
Attributed to:
Parent company’s shareholders 4,820 42,663 89,894 134,633 60,593 109,484
KSE K
Jul-Sep
2024
Jul-Sep
2023
Jan-Sep
2024
Jan-Sep
2023
Oct-Sep
23/24 2023
Earnings per share
Weighted average number of shares (thou –
s a n d s)
7, 7 9 9 8,038 7, 8 55 8,093 7, 8 9 3 8,052
Weighted average number of shares
after dilution, (thousands)
7, 7 9 9 8,038 7, 8 55 8,093 7, 8 9 3 8,052
Earnings per share (SEK) before dilution 3.14 3.83 10.89 14.66 11.96 15.84
Earnings per share (SEK) after dilution 3.14 3.83 10.89 14.66 11.96 15.84

10 G5 ENTERTAINMENT AB – INTERIM REPORT JANUARY – SEPTEMBER 2024
BALANCE SHEET – GROUP
KSE K
Sep 30
2024
Sep 30
2023
Dec 31
2023
Fixed assets
Intangible fixed assets
Capitalized development expenses (Note 2) 1 97, 8 9 6 251,039 220,411
Intangible assets 2,613 2,613 2,613
200,509 253,652 223,024
Tangible fixed assets
Equipment 9,400 13,705 12,883
9,400 13,705 12 ,883
Long term Investments 58,122 12,086 34,134
Deferred tax receivable 52 20 25
Total non-current assets 268,082 279,463 270,066
Current assets
Accounts receivable 23,284 – 25,936
Tax receivable 2,470 2,612 3,773
Other receivables (Note 3, 4 ) 1,332 3,637 2,846
Prepaid expenses and accrued income 96,719 152,788 125,196
Short term investments – 32,763 –
Cash and cash equivalents 245,552 184,380 182,332
Total current assets 369,357 376,179 340,083
Total assets 637, 43 9 655,642 610,149
KSE K
Sep 30
2024
Sep 30
2023
Dec 31
2023
Equity
Total shareholders’ equity 513,226 523,064 491,401
Long-term liabilities
Deferred tax liabilities 680 3,595 3,618
Long-term liabilities 507 1,850 1,261
Total long-term liabilities 1,187 5,445 4,879
Current liabilities (Note 5)
Short-term liabilities 1,696 583 612
Accounts payable 52,957 2 7, 972 39,441
Other liabilities 6,882 12,419 11,291
Tax liabilities 8,307 6,679 7, 78 9
Accrued expenses 53,184 79,479 54,736
Total current liabilities 123,026 1 2 7,1 33 113,869
Total equity and liabilities 637, 43 9 655,642 610,149

11 G5 ENTERTAINMENT AB – INTERIM REPORT JANUARY – SEPTEMBER 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 118,647 118,647
Revaluation long-term investments -4 ,503 -4 ,503
Total other comprehensive income 20,489 20,489
Total comprehensive income for the year 15,986 118 647 134,633
Dividend -64,505 -64,505
Repurchase of shares -45 454 -45,454
IFRS2 – Employee share schemes 9,641 9,641
Total transactions with the owners recognized directly in equity -45,454 9,641 -64,505 -100,318
Shareholders’ equity as of 2023-06-30 928 -235,158 95,373 661,922 523,065
Shareholders’ equity 2024-01-01 928 -243,733 63,358 670,849 491,402
Net result for the year 85,506 85,506
Revaluation long-term investments 9,854 9,854
Total other comprehensive income -5,435 -5,445
Total comprehensive income for the year 4,419 85,506 89,925
Dividend -62,392 -62,392
Repurchase of shares -12 , 941 -12 , 941
IFRS2 – Employee share schemes 7, 23 3 7, 23 3
Total transactions with the owners recognized directly in equity -12 ,941 7, 2 33 -62 ,392 -68,100
Shareholders’ equity as of 2024-09-30 928 -2 5 6 ,674 75,010 693,962 513,226

12 G5 ENTERTAINMENT AB – INTERIM REPORT JANUARY – SEPTEMBER 2024
KSE K
Jul-Sep
2024
Jul-Sep
2023
Jan-Sep
2024
Jan-Sep
2023
Oct-Sep
23/24 2023
Cash flow from operating activities
Profit after financial items 25,110 31,236 91,075 126,411 101,360 136,696
Adjusting items not included in cash flow 33,734 56,161 112,922 115,744 155,854 158,676
58,844 87, 3 97 203,997 242,155 257, 2 14 295,372
Taxes paid -3 , 9 5 3 -14 ,01 0 -6,615 -1 7, 42 0 -6,876 -17,681
Cash flow before changes in
working capital 54,892 73,387 197,383 224,735 250,339 2 7 7,6 9 1
Cash flow from changes in
working capital
Change in operating receivables 10,548 15,292 32,643 -4 ,017 40,022 3,362
Change in operating liabilities 16,687 -32,826 7,555 -22,992 -9,342 -3 9 , 8 8 9
Cash flow from operating activities 82 ,127 55,853 2 37,5 8 1 197,726 281,019 241,164
Investing activities
Investment in fixed assets -120 -3 0 5 -7 6 9 -2 , 9 2 7 -1 , 87 1 -4 ,029
Capitalized development expenses -25 , 4 8 0 -27,539 -7 8 , 2 5 9 -80,708 -1 03 , 834 -1 0 6 , 283
Short term investments – -2 , 3 9 8 – -2 , 3 9 8 -535 -2 , 9 3 3
Long term investments -3,217 – -14,134 – -14,134 –
Cash flow from investing activities -28,817 -30, 242 -93,162 -86,033 -120,374 -113, 245
CASH FLOW STATEMENT – GROUP
KSE K
Jul-Sep
2024
Jul-Sep
2023
Jan-Sep
2024
Jan-Sep
2023
Oct-Sep
23/24 2023
Financing activities
Lease financing -12 -2 1 0 -7 1 0 -3 8 3 -1 , 27 1 -944
Dividend – – -62,392 -64,505 -62,392 -64,505
Repurchase shares – -15 ,689 -12 , 941 -42 ,675 -24 , 2 9 5 -54 ,029
Cash flow from financing activities -12 -15,899 -76 , 0 4 3 -1 07,563 -87,95 8 -119,478
Cash flow 53,298 9,712 68,376 4,130 72,687 8,441
Cash at the beginning of the period 196,280 173,120 182 ,332 177,469 184,380 177,469
Cash flow 53,298 9,712 68,376 4,130 72,687 8,441
Exchange rate differences -4 ,026 1,548 -5,156 2,781 -11,515 -3,578
Cash at the end of the period 245,552 184,380 245,552 184,380 245,552 182 ,332

13 G5 ENTERTAINMENT AB – INTERIM REPORT JANUARY – SEPTEMBER 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
Jul-Sep
2024
Jul-Sep
2023
Jan-Sep
2024
Jan-Sep
2023
Oct-Sep
23/24 2023
At the beginning of the period 213,528 262 ,304 220,411 273,073 251,039 273,073
Investments 25,480 24,926 78,259 78,095 103,834 103,670
Amortization -3 0 , 859 -3 8 , 02 1 -1 02 , 837 -112,606 -140,339 -150,108
Net change during the period -5,379 -13,095 -24 ,578 -34 ,511 -36,505 -46,438
Currency exchange differences -1 0 , 253 1,830 2,063 12,477 -1 6 ,638 -6, 224
At the end of the period 1 97, 8 9 6 251,039 1 97, 8 9 6 251,039 1 97, 8 9 6 220,411
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 and short term financial instruments that are
accounted for at fair value. The carrying amount for financial
instruments correspond to fair value.

14 G5 ENTERTAINMENT AB – INTERIM REPORT JANUARY – SEPTEMBER 2024
KSE K
Jul-Sep
2024
Jul-Sep
2023
Jan-Sep
2024
Jan-Sep
2023
Oct-Sep
23/24 2023
Net turnover 269,917 326,635 855,192 1 ,003, 247 1,153,918 1,319,921
Cost of revenue -213,648 -25 7, 8 1 6 -6 8 7, 62 0 -7 9 8 , 8 8 1 -909,553 -1 ,038 , 91 9
Gross profit 56,269 68,819 1 67,57 2 204,365 244,365 281,003
Research and development expenses -95 -1 1 -427 -67 -23 9 -7 5
Sales and Marketing expenses -52 ,398 -65,255 -15 4 ,785 -192,824 -2 2 7, 1 8 1 -264,513
General and administrative expenses -5,385 -5,132 -17,166 -15,992 -2 2 , 9 1 8 -2 2 , 0 8 3
Other operating income 0 -1 12 2,447 7, 3 3 7 6,700 0
Other operating expenses -3 , 8 4 3 0 0 0 -17,150 -4 , 455
Operating result -5,452 -1 ,690 -2 ,359 2 ,819 -16,423 -10,123
Financial income 3,905 9,647 7, 6 9 6 2,646 26,358 24,432
Financial expenses 0 0 -2 0 -19,901 0
Operating result after financial items -1 ,547 7,957 5,334 5,465 -9,966 14,309
Ta xe s 508 -51 -923 -1 ,140 517 0
Net result for the period -1 ,039 7,9 0 6 4,411 4,325 -9,449 14,309
KSE K
Jul-Sep
2024
Jul-Sep
2023
Jan-Sep
2024
Jan-Sep
2023
Oct-Sep
23/24 2023
Net result for the period -1 ,039 7,9 0 6 4,411 4,325 -9,449 14,309
Items that later can be reversed in profit
Revaluation long-term investments 812 0 9,823 -4 ,503 -572 -14 ,086
Other comprehensive income 812 0 9823 -4503 -572 -14 ,086
Total other comprehensive income
for the period -2 27 7,9 0 6 14,234 -178 -10,021 223
INCOME STATEMENT – PARENT COMPANY STATEMENT OF COMPREHENSIVE INCOME – PARENT COMPANY

15 G5 ENTERTAINMENT AB – INTERIM REPORT JANUARY – SEPTEMBER 2024
KSE K
Sep 30
2024
Sep 30
2023
Dec 31
2023
Fixed assets
Intangible fixed assets
Intangible fixed assets 2,613 2,613 2,613
Tangible fixed assets
Tangible fixed assets 0 0 0
Financial fixed assets
Shares in group companies 130 105 105
Financial assets 58,122 12,086 34,134
Total fixed assets 60,864 14,803 36,852
Current assets
Account receivables 23,284 0 25,936
Receivables from group companies 172,287 2,495 8 7, 3 8 1
Tax receivables 1,078 1 , 8 74 2,751
Other receivables 325 342 410
Prepaid expenses and accrued income 87,333 145,457 112,284
Financial assets 0 32,763 0
Cash and cash equivalents 47, 755 128,938 53,722
Total current assets 332 ,063 311,868 282 ,484
Total assets 392,928 326,671 319,336
BALANCE SHEET – PARENT COMPANY
KSE K
Sep 30
2024
Sep 30
2023
Dec 31
2023
Restricted equity
Share capital 928 928 928
Non-restricted equity
Share premium reserve 54,357 11 , 276 53,578
Profit/Loss carried forward 99,525 239,148 152,810
Net result for the period 4,411 1,313 14,309
To t a l e q u i t y 159,221 252 ,665 221,625
Current liabilities
Accounts payable 35,457 20,907 36,357
Tax Liability 0 0 0
Liability to group companies 194,129 42 , 0 74 54,226
Other liability 1,237 5,689 5,130
Accrued expenses 2,884 5,336 1,999
Total current liabilities 233,706 74 ,0 0 6 97, 7 1 1
Total equity and liabilities 392,928 326,671 319,336

16 G5 ENTERTAINMENT AB – INTERIM REPORT JANUARY – SEPTEMBER 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