Nitro Games FY2024 Earnings Release

2024
NITRO GAMES OYJ

Annual report

2
Contents
Year 2024 ………………………………………………………………\
3
• Highlights ………………………………………………………………\
..3
• Facts and Key Financial performance …………………………4
• Platform expansion of Game portfolio ……………………….4
• A word from the CEO ……………………………………………….6
Nitro Games in short ……………………………………………… 7
Strategy and business model ………………………………….. 8
• Market ………………………………………………………………\
……8
• Strategy and Goals …………………………………………………..8
• Market position and customers………………………………….9
• Business model ……………………………………………………….. 9
• Technology and processes ………………………………………10
• Games and Portfolio ………………………………………………10
• Service business projects ……………………………………….11
• Team ………………………………………………………………\
……..11
Corporate governance …………………………………………. 12
• General Information on the
Administration of the Company ………………………………. 12
• Annual General meeting ………………………………………….13
• The Board of Directors ……………………………………………13
• Presentation of the members of the
Board of Directors ………………………………………………… 14
• Management Board ………………………………………………..15
• Auditor ………………………………………………………………\
….16
• Related party transactions………………………………………. 16
• Insiders ………………………………………………………………\
…. 16
• Remuneration reports …………………………………………….17
• Annual general meeting 2025 ………………………………….17
Finacial statement 2024 ……………………………………….. 18
Auditor’s report …………………………………………………… 60

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ANNUAL REPORT
JANUARY–DECEMBER 2024 NITRO GAMES OYJ
• Profitable growth with record revenues
• Strongs focus on the category of action and
shooter games
• Expansion of the game portfolio to new
platforms:
• Autogun Heroes publishing agreement
with Supersonic from Unity &
expansion to web with CrazyGames
• Autogun Heroes: Supercharged
announced on PC in Steam
• NERF: Superblast in live phase on mobile
• Cross-platform game Warframe launched
on iOS with Digital Extremes
• Multiplatform development project
with Netflix
Highlights
3
ANNUAL REPORT
JANUARY–DECEMBER 2024 NITRO GAMES OYJ
3

4
Facts and Key Financial performance
Full year 2024Full year 2023
Revenue (EUR thousand) 11,392.18,841.6
Operating profit/loss (EBIT) (EUR thousand) 654.2-3,024.8
Operating profit/loss % (EBIT %) 5.7 %-34.2 %
EBITDA (EUR thousand) 2,414.3-1,716.6
EBITDA % 21.2 %-19.4 %
Net profit /loss (EUR thousand) 475.3-3,283.1
Equity ratio (%) 32.5%18.9%
Number of shares, average 24,924,36417,440,052
Number of shares, average diluted 24,924,36417,440,052
Number of shares at the end of the period 24,924,36424,924,364
Number of share options 2,528,6183,648,264
Number of special rights 693,663 2,000,139
Equity per share (EUR) 0.10-0.07
Earnings per share (EUR) undiluted 0.02-0.19
Earnings per share (EUR) diluted 0.02-0.19
Net debt (EUR thousand) 3,139.45,152.9
Number of employees, average 4748
Platform expansion of Game portfolio
5 key projects and customers at the end of 2024.
AUTOGUN HEROES AUTOGUN HEROES: SUPER CHARGEDNERF: SUPERBLAST
DIGITAL EXTREMES NETFLIX
The above graph illustrates the development of Revenue and EBITDA genera\
tion 2023-2024.
REVENUE (KEUR)
EBITDA (KEUR)
Revenue & Profit / Loss
2023 2024
-2,000 0
2,000
4,000
6,000
8,000
10,000
12,000
8,841.
6
-1,716.6 2,414.
3
11,392.
1

5
ANNUAL REPORT
JANUARY–DECEMBER 2024 NITRO GAMES OYJ
Record year across the board
2024 was a record year for us in many
ways. We succeeded in delivering
quality and growth in our game portfolio,
resulting in systematic improvements in
our financial performance. Our revenues
grew 29%, surpassing the 10 million EUR
milestone, landing at 11.4 million EUR. Our
EBITDA improved 241% year-on-year, with a
margin of 21%, totaling 2.4 million EUR. At
the same time, our balance sheet improved
as we amortized 1.8 million EUR in previously
capitalized development costs, repaid 1.4
million EUR in loans, and raised 0.3 million
EUR in new funding from Business Finland.
This improved our financial stability and our
ability to continue improving profitability
moving forward. These strong figures result
from our persistent efforts in expanding our
game portfolio while also controlling costs
to navigate uncertain times. I’m excited to
see what we’ll achieve moving forward as
the industry continues to improve and new
opportunities emerge.
– JUSSI TÄHTINEN, CEO
A WORD FROM THE CEO

6
A word from the CEO
Record Year Across the Board
2024 was a record year for us in many ways.
We succeeded in delivering quality and
growth in our game portfolio, resulting in systematic
improvements in our financial performance. Our
revenues grew 29%, surpassing the 10 million EUR
milestone, landing at 11.4 million EUR. Our EBITDA
improved 241% year-on-year, with a margin of 21%,
totaling 2.4 million EUR. At the same time, our
balance sheet improved as we amortized 1.8 million
EUR in previously capitalized development costs,
repaid 1.4 million EUR in loans, and raised 0.3 million
EUR in new funding from Business Finland. This
improved our financial stability and our ability to
continue improving profitability moving forward.
These strong figures result from our persistent efforts
in expanding our game portfolio while also
controlling costs to navigate uncertain times. I’m
excited to see what we’ll achieve moving forward as
the industry continues to improve and new
opportunities emerge.
2024 marked several key developments in our game
portfolio. We collaborated with leading brands such
as Warframe by Digital Extremes (part of Tencent),
NERF by Hasbro, and Netflix. We also built value in
our own brands, Autogun Heroes and Superblast,
while working on yet-to-be-announced projects.
Additionally, we expanded our business to new
platforms, announcing Autogun Heroes for web
and PC. Of course, we also experienced the thrill of
game launches, with Warframe launching on iOS in
February. Overall, we’re seeing increasing demand
in our category for cross-platform games having a
mobile version in the platform mix. Our ongoing
platform expansion is a good match to that demand.
This also supports our long-term strategy allowing us
to explore new business opportunities with our game
portfolio as we move forward.
Quality is one of our core values at Nitro. We take
pride in the quality of our work, and our relentless
pursuit of excellence shines through in everything we
do. For me, the most important factor in achieving quality is our people. I believe that high-quality
games are a direct result of having the best people
working on them. Customer satisfaction is a great
indicator of the quality we deliver. Looking at 2024,
we see this reflected throughout our business:
consumer ratings for our games consistently
hover around 4.5/5 or higher. We received notable
follow-up orders from our B2B customers and
secured new partnerships with a total order value of
9.4 million EUR despite a really challenging market.
Platform owners continued to support our games
with prominent featuring placements as a result of
our persistent work on active updates and live service
to our players. We added more industry awards to
our collection and received even more nominations
for Autogun Heroes and Warframe iOS. Alongside
all of this, our business continued to grow while we
improved profitability. We performed better than ever
in 2024, and we did so by learning and improving
instead of increasing our number of employees.
Our scalable approach to staffing, combining our
in-house team and external partner network, enabled
us to achieve significant profitability improvements,
leading to a record EBIT in 2024. This all makes me
incredibly proud, as it is a direct result of the great
people we have.
It’s clear that we’re currently at an all-time high in
many ways. Looking at our history and the long-term
development of our revenue and profitability, it’s
evident that this is not a one-off event but a logical
next step in our journey. We turned profitable at
the end of 2023 and stayed profitable throughout
2024 despite investing in the future growth of our
game portfolio through platform expansion and new
game exploration. Our focus on action and shooter
brands across platforms has allowed us to capitalize
on opportunities more effectively, continuously
improving and strengthening our reputation. In
2024, we stayed true to our vision—collaborating
with leading brands while expanding into new
platforms. This resulted in a record financial year.
More importantly, it positioned us well for the future,
allowing us to continue steady forward movement
toward new milestones and achievements.
6

7
ANNUAL REPORT
JANUARY–DECEMBER 2024 NITRO GAMES OYJ
Jussi Tähtinen, toimitusjohtaja
Nitro Games is a game developer and
publisher, backed by a multinational team
of gaming professionals with expertise
spanning game development, publishing,
and live operations. Specializing in action
and shooter games, Nitro Games is dedicated
to creating high-quality experiences for
a global audience. With recent titles like
Autogun Heroes and NERF: Superblast,
the company has built a strong portfolio of
engaging and innovative games. Nitro Games
also has a proven history of collaborating
with leading brands and companies, offering
tailored development and publishing services
to select partners. Nitro Games’ shares are
listed on Nasdaq First North Growth Market
with the ticker NITRO.
Nitro Games
in short
ANNUAL REPORT JANUARY–DECEMBER 2024 NITRO GAMES OYJ
7
The year ahead looks exciting and promising. We
have an increasing number of new opportunities as
we expand our game portfolio. We have the financial
stability to take these opportunities, knowing that
success in this hit-driven industry is never guaranteed.
Our focus remains tight on action and shooter
brands. We seek growth in our business with new
unannounced games, new platforms and distribution
channels for our existing titles, and new partnerships
and business ventures on the horizon. At the same
time, our reputation and added value continue to
grow, resulting in even more opportunities for the long
term. Overall, we are well-positioned to reach new
heights in 2025, with many exciting milestones ahead.

8
Strategy and business model
Market
Nitro Games is a company that develops and publishes games in the global gam\
ing market. The company also
offers development services for industry-leading companies and brands as p\
art of its service business.
In 2024, the global games market was estimated to be worth around USD 187.7 billion, which is approximately
2.1 percent higher compared to the previous year. Mobile games represent 49 percent of the global games
market with USD 92.6 billion, Console games represent 28 percent with USD 51.9 billion and PC games
represent 23 percent with USD 43.2 billion. The total games market is expected to grow with a CAGR (2022-
2027) of +3.1% and is expected to reach USD 213.3 billion in 2027.
Source: Newzoo 2024
Strategy and Goals
The Company operates as a fast-moving developer and publisher in the gam\
ing market. The goal is to build
up a portfolio of games for the global market. By continuously prototyping and developing new games and
experiences simultaneously, the Company will ensure that it continuously has a pipeline of games being
developed for launch in the global market. This portfolio strategy also \
helps minimize the risks that characterize
the industry while maximizing the potential. The Company recognizes that the true value, in the long run, is in
its own game projects. Sustainable profitable growth can be achieved via self-publishing. Hence the Company
is focusing on self-publishing its own game projects but may occasionally use game publishing partners where it
makes sense.

9
ANNUAL REPORT
JANUARY–DECEMBER 2024 NITRO GAMES OYJ
The Company intends to pursue the following strategy, in brief:
• Develop and publish a portfolio of high-quality games with selected busi\
ness models and

master game marketing and live operations practices.
• Regularly update its best-performing games to keep the users engaged and\
keep monetising in
the long-term.
• Protect, use, and develop its portfolio of IPs from earlier games.
• Be on the frontline of upcoming genres to benefit from momentum in the market and therefore always have
a good time-to-market.
• Utilise its proprietary technology, the Nitro Platform, combined with Nitro Games’ MVP process,
to gain a competitive edge over competitors.
• Undertake high-status, commercially viable, game development projects from other industry companies
as a risk mitigation tool.
The Company believes that with its current strategy it can carve out a persisting market share in the mobile games
market. The goal of the Company is to become a household name in the cat\
egory of action and shooter games
with a portfolio of games.
Future opportunities with the successful execution of the current strategy include acquisitions of companies and
IP, 3rd-party publishing, leveraging own IP and brands in other entertainment \
sectors and leveraging the NG
Platform technology and the Company’s MVP process.
Market position and customers
Nitro Games creates games for the global audience with a heavy focus on mobile games i\
n the previous years
and currently expanding more to other platforms. This audience typically consists of users who play\
games as a
hobby. Customers in this segment are often used to spending money on the games they play. The typical Nitro
Games customer is a 30+-year-old male in the United States or in Europe.
In the B2B service business, the Company offers its development services to third parties in the form of
contracting work. The Company has over 15 years of experience working wi\
th multiple partners on different
types of games and projects. Long history and persistent focus on delivering high quality hav\
e resulted in several
follow-up orders from existing customers, as well as in several new customers. The Company \
believes that it is the
quality and reliability, combined with data-driven F2P and live-operations expertise, that give\
it a unique position
in the B2B service business market against competition from cheaper-labour countries. The Company does not
compete with pricing, but with quality and reliability, that is expected to result in better value for the money to the
customer.
Business model
The Company has two business models to support its strategy:
1) Building a portfolio of games (“Games business”) and
2) Offering development services to other companies in the industry (“Ser\
vice business”).
In Games business, Nitro Games seeks higher profit margins by publishing its games through key distribution
channels. This means the company acts both as the developer and the publ\
isher of its games and distributes its
games digitally to consumers globally via different storefronts. The Company generates its revenue from game
purchases and/or in-game purchases as well as in-game advertising. To support self-publishing, the company may
also co-operate with other game publishers in certain territories or glo\
bally to ensure effective local market entry.
In the service business, the Company offers its development services to third parties in the form of contracting
work. This helps the Company minimize its risk in its self-publishing ac\
tivities by providing additional revenue
streams. Working with high commercial value projects with the largest companies in the industry also helps
increase recognition of the Nitro Games brand.

10
Technology and processes
The NG Platform is designed to minimize the amount of time and money required for a successful large-
scale mobile game project. The approach, in a nutshell, is to maximize the reusability of the codebase and
technology between projects, and to build a set of tools that support the products throughout their lifecycle.
The Company uses the NG Platform in connection with the Nitro Games’ MVP process. As the development
and marketing costs for mobile games are increasing, the early identification of winners is becoming more
important than before. Typically, working with a free-to-play business model means that the games have a
continuous online connection, and the games are highly data-driven. The purpose of the MVP process is to
ensure data-driven development and publishing by going to a test market as ea\
rly as possible.
In the MVP process, the focus is on first validating the core gameplay of a new game concept and the
marketability of the game brand.
After the MVP process has provided the satisfactory results, the selected titles go into actual production and
a larger team starts working on them towards a launch. This means that the MVP process is a way of rapidly
iterating to come up with a market-proven game concept as early as possible. The goal of this is to ensure
that only games that have been validated by the market are produced. Not only does this help with reducing
costs, but also reduces time to market, which is critical to the Company.
As the execution of the strategy progresses forward, each game project further develops both NG Platform
– technology and the MVP-process. These combined with the cumulating knowhow in the team form a
constantly developing and improving game development and publishing pipeline. This opens new business \
opportunities and ensures that investments to game projects are not lost, even if a single game project
should fail commercially, because the technology and key assets can be reused either in own projects or when
selling expertise to other companies in the service business.
Games and Portfolio
Autogun Heroes
Autogun Heroes is a single player action game, available on mobile & web. The game \
was launched on
mobile in 2023. The game is a fast-paced next-gen run & gun platform gam\
e. The game proceeded to live
phase in 2024, and the company selected Supersonic from Unity as the publishing partner for the mobile
game. The web version was launched by CrazyGames on their web portal at \
the end of 2024.
Autogun Heroes: Supercharged
Autogun Heroes: Supercharged is a new PC game that hasn’t been released yet. The company announced
at the end of 2024 that it will bring the Autogun Heroes brand to PC in the Steam store with a new game
experience.
NERF: Superblast
NERF: Superblast is a mobile action game with the popular NERF brand by \
Hasbro. The game was launched
in 2022 and is currently in live-operations mode.

11
ANNUAL REPORT
JANUARY–DECEMBER 2024 NITRO GAMES OYJ
Service business projects
The company had two key accounts in Service business at the end of 2024:\
Digital Extremes is the biggest B2B customer. Nitro Games provides Digital Extremes with game
development services for a mobile version of the free-to-play action game, Warframe. Warframe mobile was
launched on iOS in February 2024 and the Android launch in 2025.
Nitro Games worked on an unannounced game project with Netflix throughout year 2024.
Nitro Games provided Netflix with multiplatform game development services for an una\
nnounced game
project based on an undisclosed IP. The project was cancelled by Netflix in February 2025.
Team
At Nitro Games, the teams consist of high-level professionals covering different aspects of game
development. At the same time, the company aims to train and grow new professionals within its own
team and to develop the skills of its entire staff. Nitro Games’ own internship program quickly develops
professionals in various areas of game creation. The company guarantees all employees time dedicated to
their own professional development – in the form of courses, mentoring, and train\
ing programs. All staff
are encouraged to regularly spend time on areas that align with their professional interests. Nitro actively
supports and invests in individual development both in terms of time and\
money. At Nitro, it’s believed that
everyone’s professional growth should be supported.
In addition to its internal teams, Nitro Games also utilizes external experts, such as service providers,
consultants, and freelancers. The use of external resources allows not only cost efficiency but also flexibility
in scaling the workforce for game development projects. It also enables access to top experts in the field
for specific needs. In 2024, the company focused on finding new exte\
rnal partner studios and strengthening
its network. When choosing partners, Nitro Games also emphasizes compatibility with its own operating
methods, culture, and teams.
Nitro Games invests in the development of its organization, leadership, and teams. It supports those in
leadership roles with coaching and training. At Nitro, it is believed that everyone deserves good leadership
and a good team with supportive colleagues. The company strives for bold\
yet responsible development
and transformation of the organization to improve operations and leadership. The goal is to develop the
organization to better fulfill its mission – to deliver shared value for the company, its shareholders, employees,
and stakeholders.
The company has two offices in Finland, in Kotka and Helsinki, but also operates globally an\
d remotely. As
a global company with employees from various nationalities, Nitro values diversity and treats all employees
equally. Fair and equal treatment regardless of ethnic origin, nationality, political views, gender, sexual
orientation, disability, family situation, or age is a fundamental principle throughout the company. Nitro
follows the principle of equal opportunities. Fair and equal treatment is expected from all Nitro employees
toward one another, as well as toward subcontractors, service providers, and other partners.
Culturally, the company has a low-hierarchy, relaxed, and openness-oriented environment. Nitro also values
employees’ free time and their ability to recover from work. Staff are seen as individuals rather than resources.
Employees are encouraged to engage in open and transparent, yet respectful, dialogue. As is typical in the
industry, the staff is multicultural, and people come from diverse backgrounds. A relatively high percentage of
employees have moved to Finland from abroad. Additionally, compared to the industry average, Nitro has a
relatively high percentage of women and young employees.

12
General Information on the Administration of the
Company
The company complies with the Company’s Articles of Association, Finnish\
law, the Finnish Companies Act, the
Accounting Act, IFRS standards and First North’s rules in organizing the administration. The Company does not
adhere direct to the Finnish or the Swedish Corporate Governance Code, as it is no\
t justified with respect to the
Company’s size and extent of its business.
The administration of the Company is, in accordance with the Finnish Companies Act, divided between the
Shareholder General Meeting, the Board of Directors and the Managing Director. The shareholders exercise
their rights mainly in the Shareholder General Meeting, which is normally convened by the Board of Directors of
the Company. The Shareholder General Meeting shall, in addition, be held if the auditor or Co\
mpany sharehol-
ders, whose shares represent at least one tenth of all issued shares, which are not in the Company’s possession,
demand in writing that a Shareholder General Meeting be held.
Corporate governance

13
ANNUAL REPORT
JANUARY–DECEMBER 2024 NITRO GAMES OYJ
Annual General meeting
The Annual General Meeting is the supreme decision-making body of the Company. The Annual General
Meeting is held once a year. The Shareholders use their voting power at the Annual General Meeting to decide \
on the Company’s affairs. The Annual General Meeting addresses the issues stipulated by the Companies Act
and the Articles of Association, such as the confirmation of the fin\
ancial statements, the dividend release, and
amendments to the Articles of Association. The Annual General Meeting el\
ects, and decides on the remuneration
of, the Board of Directors and the Auditors. The invitation to the Annual General Meeting mu\
st be published on
the Company’s website, subject to the provisions of the Limited Liability Companies Act. The Board of Directors
may also decide to publish the invitation by another means.
The Board of Directors summons the Annual General Meeting. Each shareholder registered in the Company
shareholders’ register held by Euroclear Finland Oy, on the record date of the General Meeting, has the right to
participate in the Annual General Meeting. The record date is eight business days prior to the Annual General
Meeting. According to the Articles of Association, a shareholder who wants to participate in the Annual General
Meeting shall register for the meeting according to the instructions and no later than the date specified in the
invitation, which shall be, at the earliest, nine days before the Annual General Meeting.
The Board of Directors
The Board of Directors shall see to the administration of the Company and the appropriate organization of its
operations. The Board of Directors shall be responsible for the appropriate arrangement for the control of the
Company’s accounts and finances.
The Shareholder General Meeting elects the members of the Board of Directors. The chairman of the Board shall
be elected by the Board of Directors. The Annual General Meeting on May 20, 2024 elected the Board: Antti
Villanen, Johan Biehl, Susana Meza Graham and Morgan Habedank
2. The Board elected Johan Biehl as Chair
among its members.
The term of office of each member of the Board of Directors ends at the adjournment of the first Shareholder
Annual General Meeting following the election.
The Board of Directors convened 15 times in 2024.
As of the date of this Annual Report, the Board of Directors comprises the persons set out in the below table:
1 Defined as not representing an owner with over 10 per cent shareholding in the Company or not working for the Company.
2 Morgan left NG’s board for personal reasons, 19.9.2024.
Corporate governance
Name Position BornElectedIndependency 1 from the Company
and larger shareholders
Johan Biehl Chairman of the Board 19832019Ye s
Antti Villanen Member of the Board 19732008No, active in the Company
Susana Meza Graham Member of the Board 19752020Ye s
Morgan Habedank
2 Member of the Board 19782023No, represents large shareholder

1414
Presentation of the members of the Board of Directors
Johan Biehl, born 1983
Chairman of board since 2020 and member of the Board since March 2019
Johan Biehl is an investor and has devoted the last ten years to managin\
g his personal investments. Johan is
focused on small and micro caps and today has some ten investments in listed and unlisted compani\
es in a
variety of industries with a predominance in tech companies. He served on the board of several different First
North and Euronext companies during the last five years. Johan has a background as an equity analyst and
before going into the financial industry he held several positions in B2B s\
ales and sales management. He has
studied economics and business and holds a degree in finance from Stockholm University.
Antti Villanen, born 1973
Member of the board since 2008 and CSO of Nitro Games
Antti Villanen is a digital media and game industry executive with 20 ye\
ars of board and C-level experience
from a more than 20 digital and gaming companies. Before founding Nitro Games, Antti co-founded the
digital media studio Nitro FX Oy, where he worked as CEO, Executive Vice President, and board member
during during 2000-2009. Before co-founding Nitro FX Oy, Antti worked as Digital Media Director at Sarajär-
vi& Hellén DDB Oy during 1999-2000 and in various Marketing and Sales\
-roles at Profectus Finland Oy during
1994–1999. Antti has been a member of the Management Board of the company since 2019.
Susana Meza Graham, born 1976
Member of the board since 2022Susana Meza Graham has spent 18 years in the games industry. Previous roles include CMO and COO at
Paradox Interactive (2004–2018), where she helped build the company from the ground up for 14 years. As
part of the management team, she led the company through several phases, including a successful IPO and
listing. She is the co-founder & Chairwoman of independent investment companies Aldeon (2020–) and MGV
Financing (2024-). Previous board assignments have included Supervisory Board member of international
games company Funcom (2018–2020) and board member at the Association of Swedish Game Developers
(2014–2017). Current board assignments include Chairwoman of independent games label Cult Games (2024-)
as well as a board seat at games/tech enthusiast e-commerce company Inet/Inet Group AB. She holds a variety
of advisory board positions in games & tech. Susana Meza Graham holds a Bachelor’s degree from Stockholm
University focused on international management and marketing.
Morgan Habedank, born 1978
member of the board since 2023 – 19.9.2024
Morgan Habedank is the CFO for Nordisk Games and has 18 years of experience in the media & entertainme-
nt industry. Previous roles include CFO of Nordisk Film Distribution and COO of Vertigo Releasing. Due to his
time in the US, the UK, and Denmark, Morgan is experienced in working with global technology and media &
entertainment companies at various stages of growth. Additionally, he has experience working with listed and
unlisted companies. Morgan holds a Master of Accountancy degree from Brigham Young University and is a
Certified Public Accountant in the United States.

15
ANNUAL REPORT
JANUARY–DECEMBER 2024 NITRO GAMES OYJ
Management Board
The Management Board members of the Company are all under the direct supervision of the CEO, and the CEO
acts as the chairman of the Management Board. The Management Board in 2024 consisted of five persons, elected
by the CEO. The following table sets forth the members of the Management\
Board of the Company as of the date
of 2024:
Name PositionBornNominated
Jussi Tähtinen CEO19812008
Matti Nikkola CFO19712009
Antti Villanen CSO19732019
Samppa Rönkä CTO19822014
Jussi Immonen COO 19762018
15
CEO Jussi Tähtinen, born 1981, B.A. in Media Communication
Jussi is a games industry veteran who has been developing games for +20 \
years. He’s the loud and proud CEO
& Co-founder of Nitro Games, a versatile leader with experience from development and publishing to company
management and funding.
CFO Matti Nikkola, born 1971, M.Sc. in Industrial Engineering and Management
Matti has been Nitro Games’ CFO since 2017 and was Nitro’s acting CFO since 2009, and he is also one of
Nitro’s first investors. Matti is a seasoned leader with 30 years of executi\
ve-level experience in trade, logistics,
marketing, finance, video and mobile games, and ICT (listed and unlis\
ted Companies). He has many years of
experience in board work and organization activities.
CSO Antti Villanen, born 1973, B.Sc. in Business
Antti Villanen is a digital media and game industry executive with over \
15 years of board and C-level experience
from a wide range of digital companies. Before founding NitroGames, Antti co-founded the digital media studio
Nitro FX Oy, where he worked as Executive Vice President and board member during 2000-2002 and CEO
during 2000-2009. Before co-founding Nitro FX Oy, Antti worked as Digital Media Director at Sarajärvi& Hellén
DDB Oy during 1999-2000 and in various Sales roles at Profectus Finland Oy during 1994–1999. Antti has been
a member of the Management Board of the company since 2019.
CTO Samppa Rönkä, born 1982, B.Eng. in Software Engineering
Samppa joined Nitro Games in 2007 and has served as the Chief Technology Officer (CTO) since 2014. With
robust technical expertise in client and server-side development, Samppa has held diverse roles encompassing
programming, technical architecture, leadership, and operative management. Throughout his career, Samppa
has worked with various platforms (PC, mobile, consoles) and game engi\
nes (Unity, Unreal Engine, proprietary
engines), contributing to the release of more than 20 games.
COO Jussi Immonen, born 1976, M.Sc. in Telecommunication Management
Jussi joined Nitro Games as the COO in 2018. He has over 20 years of experience in the mo\
bile gaming industry
in different Executive positions from companies like Rovio, Nokia, RealNetworks, Mr. Goodliving and Chat-Re-
public Games. During five years at Rovio, Jussi has been publishing an\
d operating several massively successful
F2P games. Key strengths with mobile F2P Publishing, Marketing and Live Operations.

16
Auditor
Based on the Articles of Association, the Company shall have one ordinary auditor and one deputy auditor.
In the case that an auditing firm certified by the Finland Chamber o\
f Commerce or chamber of commerce is
elected as auditor, a deputy auditor does not need to be elected. The term of office of the auditors ends at the
adjournment of the first Shareholder Annual General Meeting following the election.
The Shareholder Annual General Meeting held on May 20, 2024, elected auditing fi\
rm MOORE Idman Oy, as the
Company’s ordinary auditor with KHT auditor Antti Niemistö, Authorized Public Acc\
ountant, as the auditor in
charge.
Related party transactions
Nitro Games related parties include members of the Company’s Board of Directors, and the Managing Director,
as well as members of the Company’s management board and shareholders that have significant influence over
the Company. The Company’s related parties also include close family members of those persons and en\
tities
where such persons have a controlling interest. Related party transactions are described in more detail in the
Notes on the Financial Statements.
Insiders
In matters relating to insiders, Nitro Games complies with the applicable legislation and FFSA standards,
Nasdaq’s insider guidelines and the Company’s own insider guidelines, in each c\
ase as required for companies
listed on the Nasdaq First North Sweden marketplace.
Persons discharging managerial responsibilities at Nitro Games are subject to a so-called “closed period”,
which begins 30 calendar days before the announcement of an interim report, business report or financial
statement bulletin or preliminary information thereon, and during which time such persons may not conduct any
transactions relating to the shares or other financial instruments of Nitro Games. The closed period also applies
to the Company’s annual financial report. The closed period includes the day on which Nitro Games discloses
the above-mentioned information.
The scope of the persons subject to the closed period also includes Nitr\
o Games employees who are involved
in the preparation of Nitro Games’ annual financial reports, interim year reports, business reports, or financial
statement bulletins or otherwise regularly receive information regarding the contents of annual financial reports,
interim reports, business reports or financial statement bulletins before they are made public.
According to the MAR regulation, Nitro’s executives and their close associates must notify the company and th\
e
Financial Supervisory Authority of all transactions they make with the c\
ompany’s financial instruments. Nitro’s
management personnel are the company’s board members, CEO, members of the management team and their
close associates. According to the MAR regulation, Nitro must publish information about the business activities
of the executives and their close friends using financial instruments \
without delay and at the latest within three
working days of receiving the announcement made by the executive to the company.
Administration and control
Nitro’s CEO acts as the company’s insider officer, who oversees compliance with the company’s insider policy.
The insider manager is also responsible for maintaining the insider lists, and the CFO serves as his \
deputy. In
addition, the person in charge of insiders ensures that the insider lists are checked annually.

17
ANNUAL REPORT
JANUARY–DECEMBER 2024 NITRO GAMES OYJ
Remuneration reports
Compensation of the board
The Annual General Meeting decides on the remuneration of the members of the Board of Directors annually. For
the term starting May 20, 2024, and ending at the end of the next Annual\
General Meeting of the company, the
Annual General Meeting resolved that the members of the Board of Directors be paid remuneration for the term
of office as follows: EUR 2,200 per month for the Chairman and EUR 1,100 pe\
r month for the other members of
the Board.
In addition, the members of the Board of Directors receive reasonable travel expenses accumulated from the
meetings in accordance with the company travel policy.
Annual general meeting 2025
The Annual General Meeting of Nitro Games Corporation will be held on May 19, 2025, at 10:00 (Finnish tim\
e) at
Nitro Games Oyj Kotka Office, at Juha Vainion katu 2 48100 KOTKA FINLAND. The reception of persons who have
registered for the meeting and the distribution of voting tickets will commence \
at 09.30.
Registration to the Annual General Meeting will begin on 28 April 2025 a\
nd end on 14 May 2025 at 10:00. More
detailed instructions can be found on the Company’s website.

18
Financial
Statement &
Report by the
Board of Directors
1.1.2024–31.12.2024 NITRO GAMES OYJ
Contents
Report by the Board of Directors for 2024 ……………… 19
Financial statements …………………………………………….. 29
• Statement of financial position …………………………………30
• Statement of cashflows …………………………………………..31
• Statement of changes in equity ……………………………….32
Notes to the financial statements ………………………….. 33
• 1. General accounting principles used in the
preparation of the financial statements ……………………. 33
• 2. Result from business operations …………………………..35
• 3. Operating assets and liabilities …………………………….43
• 4. Acquisitions and capital expenditure …………………….47
• 5. Capital structure …………………………………………………49
• 6. Other notes ……………………………………………………….56
Signatures to the financial statements ……………………. 59
List of accounting books and document types ………… 59
Auditor´s report …………………………………………………… 60

19
ANNUAL REPORT
JANUARY–DECEMBER 2024 NITRO GAMES OYJ
19
Report by the Board of Directors for 2024
Nitro Games Oyj is a Finnish mobile game developer and publisher. The company has extensive experience in
developing games for the global gaming market. The company’s headquarters are in Kotka, Finland, and it also
has an office in Helsinki. The company was the first Finnish mobile gaming co\
mpany to be listed on the Nasdaq
First North Growth Market in Stockholm on June 16, 2017.
The company’s strategy is to achieve growth and profitability through the development and publication of
gaming products. The company’s operations are divided into two business segments; the company develops
and publishes games for international distribution and sells its experti\
se as a service to international gaming
players as part of its services business.
In line with its strategy, the company continued to develop its game portfolio in 2024. The focus\
in 2024 was to
launch a publishing partnership for Autogun Heroes with game publisher Supersonic from Unity, expand the
game concept to the web gaming market, finalizing and releasing the Warframe game in collaboration with
Digital Extremes, and providing game production services to NetflixThe company signed new commercial
agreements with both new and existing clients for a significant order value in 2024. In addition, the company
announced its plans to expand the Autogun Heroes brand to the PC Steam platform in 2025.
At the end of 2024, the company had three games based on its own IP in its active game portfolio,
Autogun Heroes, Autogun Heroes: Supercharged, Superblast, and the previously released NERF: Superblast.
In the service business, the most important customer relationships were collaborative projects with Digital
Extremes and Netflix.
Operating environment
Nitro Games is a game developer and publisher operating in the international\
gaming market. The company
specializes in action and shooter games and provides high-quality gaming experiences to a global audience.
Nitro Games also has a solid track record of working with leading brands and companies, providing customized
development and publishing services to select partners.
The total estimated value of the gaming market in 2024 was approximately USD 187.7 billion, an increase of
approximately 2.1% from the previous year. Mobile games account for 49% of the market, valued at USD 92.6
billion. Console games account for 28%, or USD 51.9 billion, and PC games account for 23%, or USD 43.2 billion.
The gaming market is expected to grow at a compound annual growth rate (CAGR) of 3.1% from 2022 to 2027,
with the market value forecast to reach USD 213.3 billion by 2027.
Source: Newzoo 2024
Business Development, Performance, and the Financial Status
Revenues in 2024 were EUR 11.4 million (2023: EUR 8.8 million). The company’s EBIT for the accounting period
was EUR 0.7 million, compared to EUR -3.0 million in the previous year. The EBITDA for the accounting period
was EUR 2.4 million, compared to EUR -1.7 million in the previous accounting period. The company made EUR
0.5 million in profit, compared to EUR -3.3 in the previous accounting period.
At the end of the accounting period, the company’s cash and bank balances amounted to EUR 2.0 million (EUR
3.8 million on December 31, 2023). At the balance sheet date, its equit\
y ratio was 32.5 percent (2023: 18.9%).

20
Key financial performance indicators
Full year 2024Full year 2023
Revenue (EUR thousand) 11,392.18,841.6
Operating profit/loss (EBIT) (EUR thousand) 654.2-3,024.8
Operating profit/loss % (EBIT %) 5.7 %-34.2 %
EBITDA (EUR thousand) 2,414.3-1,716.6
EBITDA % 21.2 %-19.4 %
Net profit /loss (EUR thousand) 475.3-3,283.1
Equity ratio (%) 32.5%18.9%
Number of shares, average 24,924,36417,440,052
Number of shares, average diluted 24,924,36417,440,052
Number of shares at the end of the period 24,924,36424,924,364
Number of share options 2,528,6183,648,264
Number of special rights 693,663 2,000,139
Equity per share (EUR) 0.10-0.07
Earnings per share (EUR) undiluted 0.02-0.19
Earnings per share (EUR) diluted 0.02-0.19
Net debt (EUR thousand) 3,139.45,152.9
Number of employees, average 4748
Research and development (R&D)
Depending on the nature and stage of the development activities, the development costs are either recorded as
costs or capitalized on the balance sheet as investments, after which th\
ey are depreciated in accordance with the
depreciation schedule.
The company leveraged the results of development work from previous years and invested in general business
and personnel development activities in 2024. The resulting costs incurred from these activities were not
capitalized.
In the 2024 financial year, total amortization of intangible assets amounted to EUR -1,760 thousan\
d (2023: EUR
-1,308 thousand), including amortization of capitalized development cos\
ts of previous years of EUR -948 thousand
(2023: EUR -812 thousand).
Significant risks and uncertainties
The company’s key strategic risk factors are risks related to the company’s position, financing the development
of services and games, personnel, and the reorganization of production infrastructure. The most significant
operating risks are related to maintaining financial performance and continuous development\
and sustaining
the activity of the flagship game in the company’s market. Economic and political uncertainty in Europe and
worldwide can have a bearing on the company’s business operations. In user acquisition investments, the risks
are related to the forecast accuracy of revenue models and their impact on the company’s results. New games
launched by competitors and changes in the competitive landscape may affect the success of the company’s
games, revenue, the size of user acquisition investments, and the results.

21
ANNUAL REPORT
JANUARY–DECEMBER 2024 NITRO GAMES OYJ
The ability to develop and improve its current games and to create new games for mobile markets is important
to the company’s business. Changes in game development and publishing ma\
y negatively affect the company’s
operations and cash flow. Each development project carries the risk that the end results will not produce the
desired commercial success, and thus the investment made in the project would not pay off. The company strives
to minimize any risks associated with development by organizing its activities accordingly.
The company’s operations may also involve risks that may be material to the company \
and its share value. The
company’s Board of Directors and management assess risks as part of the strategy and business \
planning process.
The company has insured its business with customary business interruption and property insurances to safeguard
its business activities. Risks and uncertainties other than those descri\
bed above may also affect the company’s
business.
Significant events after the end of the financial year
Matters affecting the financial statements are considered from the period between the balance sheet date and
the date of the publication of the financial statements. The date of p\
ublication refers to the date on which the
financial statements are published. Matters occurring during this period are assessed based on whether or not
they require adjustment of the financial statement information. The information i\
n the financial statements must
be rectified if the event in question provides additional evidence of the current situation at the end of the financial
period.
Netflix has cancelled the unannounced game project with Nitro Games. Netflix has cancelled the project
with Nitro Games, originally communicated on 8 November 2023. The project is now expected to be concluded
in early 2025, approximately 9 months earlier than anticipated, resulting in approximately 70% of the order value
projected materializing.
Future outlook
Nitro’s Board of Directors and management note that significant changes have been observed\
in the gaming
industry in 2024, which may impact the company’s operations and outlook.\
Globally, the gaming market has
experienced both growth and challenges. For example, the revenue of the European gaming industry is expected
to more than double by 2030, requiring continuous innovation and competitiveness. At the same time, t\
he
industry has faced challenges such as job cuts and restructuring. In 2023, approximately 10,500 gaming industry
employees lost their jobs, and by early 2024, around 3,000 new layoffs had already been reported.
The Board of Directors believes that our operations will develop in line with the genera\
l positive trend of the
global market.
Our revenue growth depends significantly on the launch of new gaming products and their commercial success.
We continuously invest in developing innovative and high-quality games to\
meet the changing needs of the
market and ensure our competitiveness in the future.
The Company’s shares and shareholders
The company shares have been registered in the book-entry system maintained by Euroclear since May 2, 2017,
and admitted to multilateral trading on the Swedish First North Growth Market exchange maintained by Nasdaq
Stockholm AB on June 16, 2017, under the ticker symbol NITRO.
The company currently has one share class. On December 31, 2024, the total number of shares was 24,924,364
(December 31, 2023: 24,924,364 shares). All the shares belong to the same class. Each share carries one vote at
the Annual General Meeting. The company does not own any of its own shar\
es. During 2024, the number of
individual shareholders varied between 3,608 and 4,053.

22
The company’s ten largest shareholders on 31 December 2024
ShareholdersNumber of shares% of shares and votes
1 Försäkringsaktiebolaget Avanza Pension 3,380,40413.56
2 Jonsson Jimmy 1,429,6685.74
3 Dino Patti Holding ApS 1,253,5695.03
4 Ivarsson Alexander 1,197,3754.80
5 Nikkola Matti 11,091,378 4.38
6 Nordnet Pensionsförsäkring AB 916,9883.68
7 Biehl Johan 2848,004 3.40
8 Johansson Andreas 763,5513.06
9 Mattsson Emil 700,0002.81
10 Advenimus AB  3639,335 2.57
Others 12,704,09250.97
The total number of shares 24,924,364100.00
1 Including Oy AjoRanta Group AB, which is fully owned by Matti Nikkola (CFO).
2 Chairman of the Board.
3 Currently owned by Susana Meza Graham, who serves as a board member.
Shareholders
Holdings %
The largest shareholders by region and according to the distribution of shares on 31 December 2024
By Country
Holdings %Vote %
Sweden 81.581.5
Finland 8.58.5
Belgia 5.05.0
Denmark 2.72.7
Thailand 0.50.5
98.2 98.2 Shareholder spread Shareholders %
1 – 500 2,44067.5
501 – 1 000 3188.8
1 001 – 5 000 52214.4
5 001 – 10 000 1273.5
10 001 – 15 000 561.5
15 001 – 20 000 320.9
20 001 – 1183.3
100,0 100.0
1 – 500 67.5 %
501 – 1 000 8.8 %
1 001 – 5 000 14.4 %
5 001 – 10 000 3.5 %
10 001 – 15 000 1.5 %
15 001 – 20 000 0.9 %
20 001 – 3.3 % Sweden 81.5 %
Finland 8.5 %
Belgia 5.0 %
Denmark 2.7 %
Thailand 0.5 %

23
ANNUAL REPORT
JANUARY–DECEMBER 2024 NITRO GAMES OYJ
Management ownership and option rights
The company’s board of directors, management team, team, and their related parties held shares and stock
options as follows at the time of closing the accounts:
31.12.2024 31.12.2023
Shares % Shares Options SharesOptions
Board 1,487,3396.0 % 0584,555 0
CEO and Management * 1,622,6036.5 %1,890,949 690,9762,874,681
Team 50,2450.2 % 614,669 36,821668,109
3,160,187 12.7 %2,505,618 1,312,3523,542,790
Number of shares 24,924,364 24,924,364
Number of Options 2,528,618 3,648,264
* Antti Villanens shares and options are included under the management. He is also a member of the Board.
Share price development
During the fiscal year 2024, the daily average share price on the First North Growth Sweden marketplace varied
between 1.84 and 5.46 Swedish kronor (SEK). The closing rate for the period (December 31, 2024) was \
2.26
Swedish kronor (SEK).
Average price of the day (SEK)
1, 5
2,
0
2,
5
3,
0
3,
5
4,
0
4,
5
5,
0
5,
5
2.1.2024 2.2.20242.3.20242.4.20242.5.20242.6.20242.7.2024 2.8.20242.9.20242.10.2024 2.11.20242.12.2024
Source: http://www.nasdaqomxnordic.com/aktier/microsite?Instrument=SSE139711&name=Nitro%20Games&ISIN=FI4000242961
General meetings
The Annual General Meeting was held on May 20, 2024. The meeting discuss\
ed matters in accordance with the
Articles of Association.

24
Personnel, management, and auditors
Social responsibility and personnel
As a globally operating company, Nitro Games values diversity and treats all its employees equally. All staff
members are treated fairly and equally regardless of their ethnic origin, nationality, political views, gender, sexual
orientation, disability, family status or age. Nitro Games adheres to the principle of equal opportunities. We
expect all of Nitro Games’ employees to treat each other, all our subcontractors, service providers and other
partners fairly and equally.
Nitro Games aims to develop in a sustainable manner and to achieve shared benefits for the company,
shareholders, and employees alike. All employees have the right to good mana\
gement, a safe and supportive
working environment and professional growth.
The number of staff was 50 at the end of the financial year (2023:48). Women accounted for 25 percent of the staff
(2023: 29 percent), and foreign employees’ 36 percent (2023: 27 percent). The average age of the employees was
37 (2023: 36). Most of Nitro’s employees work full-time, and the company’s personnel costs are generally fixed in
nature. The company determines salaries according to the general salary levels in the industry and the current
competitive situation.
The table presents the key figures illustrating personnel development over the 2024–2023 period.
Taulukossa on esitetty henkilöstön kehitystä kuvaavat tunnusluvu\
t vuosina 2024–2023.
2024 2023Change %
Average number of personnel 4749 -4.1
Number of personnel at the end of the year 5048 4.2
Personnel expenses 20242023Change %
Salaries and bonuses during the accounting period 3,227,6703,186,545 1.3
Pension and other personel expenses 639,372672,299
Stock-based option programs 137,676116,453
Capitalized to product development costs 0-406,042
Total personnel costs 4,004,7183,569,255 12.2
The wellbeing, skills and motivation of Nitro’s employees are key factors for the general success of the company.
One of Nitro Games’ goals is to be the best possible workplace for gaming expert\
s. In accordance with our
strategy, we invested in workplace training for our employees, coaching for supe\
rvisors and in improving
wellbeing at work. The company also strives to offer equal opportunities for development to its subcontractors
and freelancers.
Employee well-being, competence, and motivation
At Nitro Games, employee wellbeing is prioritized and supported with a proactive approach. Employee wellbeing
is monitored with regular surveys. Employees propose ways to improve wellbeing, and the proposals are used as a
basis for decision-making. Nitro Games also offers its employees extensive occupational health services (including
preventive, rehabilitative, and supportive mental health care) and subsidized sports, cultural, and leisure activities.
The company pays special attention to work-related stress by monitoring and controlling the hours worked by its
employees. In the biannual staff survey, staff consistently rate their well-being at work as clearly above the averag\
e
for Finnish companies.
Nitro Games invests in the professional development of its employees in many ways. The company enable\
s
studying during working hours and offers various courses and learning packages for employees to develop thei\
r
professional skills. The request process for participating in training courses and for obtaining materials \
has been
made as straightforward as possible, and with an open culture, these requests also serve as inspiration for other

25
ANNUAL REPORT
JANUARY–DECEMBER 2024 NITRO GAMES OYJ
employees regarding potential opportunities for personal development. Skills-based perf\
ormance reviews are
carried out annually to assess the skills of employees, while individual\
learning paths are prepared in personal
development reviews twice a year. To ensure the skills of employees, Nitro Games has allocated more resources
to enhancing the recruitment process and developing the company’s image as an employer. The company has
also initiated an internship program, through which students or recent graduates in the field are hired for a
temporary, supported, and mentored employment period. During this time, they gain valuable work experien\
ce
and additional skills and expand their professional networks in the industry. The employment rate so far for the
program is 100 percent.
Nitro Games regularly monitors and enhances the quality of its leadership to maintain\
staff motivation and
commitment. This is achieved by various means, including personalized co\
aching in leadership and workplace
skills, in collaboration with the company Parempi Ote Oy, to provide employees with a better grasp of these
essential aspects. In an annual survey focusing on management, Nitro Games’ management style was rated as
good by the employees. Remote working is standard practice at Nitro Games for all tasks, and employees are
free to choose their referenced working location. Most of the employees work independently of any \
location,
mainly somewhere other than the company’s offices. Nitro Games’ latest employee Net Promoter Score is 21,
meaning that most employees would recommend the company to friends as a potential employer. In measuring
the quality of working life (QWL) per quarter, Nitro Games ranks well above the average for Finnish companies,
at >80% compared to the average of >60%.
Environmental factors
Nitro Games strives to be a pioneer among game production operators and as such to promote goals related to
sustainable development in all its operations. We aim to minimize the negative environmental impact caused by
our operations. Currently, the most significant environmental impact is caused by the consumption of electricity
associated with IT equipment, servers, and gaming. The space utilization\
efficiency of the company’s office
workspaces is good. The purpose of the company is also to reduce the inconvenience caused by traveling. This
is aimed at by planning trips more precisely and by increasing the number of remote meetings.
The company aims to develop its procurement methods in a way that allows it to take environmental factors into
account at the planning stage, during use and at the end of the product lifecycle. The company strives to work
with reputable operators that are both environmentally and socially responsible.
Knowing the customer and combating money laundering, terrorist financing, and tax evasion
Money laundering, terrorist financing, and tax evasion are serious threats to the security and integrity of the
global financial system. Nitro Games has a duty to its customers and shareholders to prevent the company from
being used for criminal gain and to prevent the transfer of funds intended for terrorist financing or tax evasion.
The company seeks to identify the legality and nature of the activities of all its partners.
Nitro Games is committed to detecting, preventing, managing, and identifying any financial crime risks to which\

it may be exposed, and to taking the measures necessary to manage these risks in all jurisdictions in which it
operates.
Cyber and Information Security
Nitro’s business operations and game production rely heavily on seamless IT, communication, and information
management systems and processes. Due to the nature of its operations, large volumes of data are processed
and utilized in real-time, particularly in critical infrastructure management, security decision-making, and both
internal and external communication and reporting.
Like other industry players, Nitro faces increasing cybersecurity threats. These include risks related to
information security, operational technology (OT), digitalization, and data privacy. The ongoing war in Ukraine
has further heightened the probability of cybersecurity and other security-related threats.

26
In 2024, Nitro has focused on strengthening cybersecurity, physical security, and organizational leadership while
enhancing overall resilience.
CEO
The CEO of the company is Jussi Tähtinen. The CEO is responsible for the management and administration
of the company’s business and day-to-day operations with the goal of securing signifi\
cant and continuous
increase in the company’s value to shareholders. The CEO prepares matters for board meetings, develops the
company in accordance with the goals agreed with the board, and ensures that the board decisions are properly
implemented. In addition to this, the CEO is obligated to ensure that the company’s operations comply with all
applicable laws and regulations.
The CEO acts as the chairperson of the management team and directs and oversees the actions of all
other members of the management team. The CEO is appointed by the board, which also determines the
remuneration to be paid to the CEO, as well as the other terms of the CEO\
’s contract. The CEO is appointed until
further notice.
The CEO has the right to demand that a board meeting be called, as well as attend the board meetings and be
heard at the meetings, notwithstanding certain cases in which the board may decide otherwise. The CEO has the
right to have his dissenting opinion recorded in the minutes of the relevant meeting.
The Board of Directors
The central task of the Board of Directors is to guide the implementation of the company’s strategy so that the
company may achieve its long-term goals and generate the greatest possible value for shareholders while also
considering the expectations of other key stakeholders. The board is responsible for all administrative duties
associated with the company, as well as the proper organization of the company’s operations. The board decides
on matters that, considering the scope of the company’s operations, are significant. According to the company’s
articles of association, the board’s term ends at the end of the next annual general meeting.
In accordance with the articles of association, the annual general meeting will \
elect a board consisting of three to
eight ordinary board members. Until May 20, 2024, the Board of Directors consisted of Antti Villanen, Johan Biehl,
Morgan Habedank and Susana Meza Graham. Johan Biehl served as the chairpers\
on of the board.
The Annual General Meeting of May 20, 2024, elected the following person\
s to the Board of Directors: Antti
Villanen, Johan Biehl, Susana Meza Graham and Morgan Habedank
1. At its organization meeting, the board
elected Johan Biehl as its chairperson.
During the 2024 accounting period the board met 15 times, of which 7 meetings were held by the new board. The
average attendance rate was 100 percent.
The remuneration paid to board members is determined by the Annual General Meeting each year. For the term
that commenced on May 20, 2024, and concludes at the end of the company’\
s next Annual General Meeting, the
Annual General Meeting decided to pay the following fees to the board members for the term: EUR 2,200 per
month to the chairperson, and EUR 1,100 per month to each of the other b\
oard members. In addition to this, the
board members are reimbursed for reasonable travel expenses in accordance with the company’s travel expenses
guidelines.
Management of insider issues
The company’s board of directors must ensure that appropriate insider management practices are always in place.
These practices must comply with Finnish law and the principle of sound \
administration, as well as any rules and
instructions provided by NASDAQ and the FIN-FSA Financial Supervisory Authority. The board of directors has
authorized the CEO to implement the practical arrangements associated wi\
th the matters and to maintain an
insider register.
1 He left NG’s board for personal reasons, 19.9.2024.

27
ANNUAL REPORT
JANUARY–DECEMBER 2024 NITRO GAMES OYJ
In accordance with the Market Abuse Regulation (EU) N:o 596/2014 (MAR), the \
company has determined that
both board and management team members are considered insiders and subject to the obligation to report.
In addition to the list of insiders who are subject to the obligation to report, the company shall establish a
separate, transaction-specific insider list of insider transactions. I\
nsider transactions refer to arrangements that
are prepared in confidence and that, if realized, could have a significant effect on the value of the company’s
stocks and bonds. All employees and insiders are personally responsible for complying with all laws and
regulations regarding the use of insider information.
The company observes a 30-day close period prior to publishing quarterly\
reports or financial statements.
During this period, trading in the company’s stocks and bonds is prohibited for Nitro Games insiders, i.e.
insiders subject to the obligation to report and persons preparing the quarterly reports or financial statements,
as well as any other persons as determined by the CEO.
Certified adviser
The company’s shares are traded multilaterally on the First North Growth Market exchange in Stockholm. First
North Growth Market provides the necessary infrastructure for trading and distributing stock information. All
companies admitted for trading at the Market are required to have an agreement with a certified adviser. In
turn, the certified adviser has signed an agreement with the stock exchange. The certified adviser ensures that
the company fulfils the requirements for admission for trading, as well as the obligations associated \
with being
admitted for trading on First North Growth Market. In addition, the certified adviser constantly monitors th\
e
company’s compliance with the First North Growth Market rules and immediately reports any violations to the
stock exchange.
Nitro Games’ Certified Adviser, as required by the rules of the First North Growth Market in Stockholm, is
FNCA Sweden AB.
Auditors
The company’s articles of association state that the company shall have at least one\
regular auditor and one
deputy auditor. If an audit company is chosen as the auditor, a deputy auditor is not required. The general
meeting elects the auditor for a term of one accounting period. The boar\
d will make an annual proposal to the
general meeting for electing or re-electing an auditor after it has assessed the competence and independe\
nce
of the auditor in question.
The company’s auditors are Moore Idman Oy and, as the auditor in charge, Antti Niemistö (auditor approved
by the Finnish Central Chamber of Commerce).
Board’s proposal for the distribution of profit
The board proposes to the annual general meeting that the profit of
EUR 475,326 be transferred to the profit and loss account from the previous accounting periods and that no
dividend be distributed.
Annual General Meeting
The Board of Directors decided to convene the Annual General Meeting on May 19, 2025. Ni\
tro Games Oyj
will publish the notice of the Annual General Meeting on April 28, 2025,\
on the company’s official website
(www.nitrogames.com).
December 31, 2024
Board of Directors
Nitro Games Oyj

28
Definitions of key ratios
Operation profitRevenue + other business income – operating expenses –
depreciations
Operating profit % Operating profit
x 100
Revenue
Operating profit/loss (EBIT) Profit before financial items and taxes
Operating profit/loss
(EBIT) % Profit before financial items and taxes
x 100
Turnover
EBITDA Operating profit + depreciations + impairments
EBITDA % EBITDA
x 100
Revenue
Equity ratio % Equity
x 100
Assets – advances received
Earnings per share,
undiluted Net profit
x
100
Number of shares, average, undiluted
Earnings per share, diluted Net profit
x
100
Number of shares, average, diluted
Net debt Liabilities – cash in hand and at banks

29
ANNUAL REPORT
JANUARY–DECEMBER 2024 NITRO GAMES OYJ
FINANCIAL STATEMENTS
Euro
Note20242023
Revenue 2.111,392,070 8,841,552
Other operating income 2.28425,721
Materials and services 2.3-3,133,063 -4,465,776
Employee benefits expense 2.4-4,004,718 -3,569,255
Depreciation and amortization 2.6-1,760,114 -1,308,284
Other operating expenses 2.5-1,840,837 -2,528,806
Operating profit 654,179-3,024,847
Finance income and expenses 5.2-178,853 -403,748
Profit before tax 475,326-3,428,595
Income tax expense 6.10145,464
Profit/loss for the period 475,326-3,283,131
Total comprehensive income for the period 475,326-3,283,131
Statement of profit and loss and
other comprehensive income

30
Statement of financial position
EuroNote 31.12.2024 31.12.2023
ASSETS
Non-current assets 3,962,8565,639,525
Intangible assets 4.13,667,554 5,340,728
Right-of-use assets 3.1118,177 123,312
Non-current receivables 3.231,661 30,021
Deferred tax assets 6.2145,464 145,464
Current assets 3,577,0825,025,515
Trade receivables 3.21,200,566 712,873
Prepayments and accrued income 3.2360,364 486,813
Cash and cash equivalents 3.32,016,152 3,825,829
TOTAL ASSETS 7,539,93810,665,040
EQUITY AND LIABILITIES
Equity Issued capital 5.180,000 80,000
Reserves 5.130,674,985 30,913,268
Retained earnings 5.1-28,845,885 -26,023,777
Profit (loss) for the period 5.1475,326-3,283,131
Total equity 2,384,4271,686,361
Liabilities
Non-current liabilities 2,873,2302,081,740
Interest-bearing loans and borrowings 5.42,800,826 1,708,301
Trade and other payables 3.45563,097
Lease liabilities 3.471,848 70,342
Contract liability 3.4300,000
Current liabilities 2,282,2816,896,939
Trade and other payables 3.4340,6381,921,909
Interest-bearing loans and borrowings 5.30839,747
Contingent consideration liabilities 5.3689,7651,919,896
Lease liabilities 3.452,028 57,552
Other current financial liabilities 3.480,989 75,614
Contract liability 3.4200,0001,450,000
Accrued liabilities 3.4918,862 632,221
Total liabilities 5,155,5128,978,679
TOTAL EQUITY AND LIABILITIES 7,539,93810,665,040

31
ANNUAL REPORT
JANUARY–DECEMBER 2024 NITRO GAMES OYJ
Statement of cashflows
EURO
20242023
CASH FLOWS FROM OPERATING ACTIVITIES Profit/loss for the financial year 475.3-3,283.1
Adjustments for: Depreciation and amortization 1,760.11,308.3
Deferred income taxes 0.0-145.5
Financial income and expenses 178.9403.7
Operating expenses non-cash 137.7116.5
Cash from operations before changes in operating assets and liabilities 2,552.0-1,600.1
Change in operating assets and liabilities: Accounts receivables -487.769.9
Prepaid expenses and other assets 121.6668.9
Accounts payable -1,583.8-1,132.5
Accrued and other current liabilities 286.620.5
Other long-term liabilities -350.01,750.0
Net cash from operating activities (A) 538.7-223.3
CASH FLOWS FROM INVESTING ACTIVITIES
Purchase of tangible and intangible assets -1,200.0-2,161.1
Net cash used in investing activities (B) -1,200.0-2,161.1
CASH FLOWS FROM FINANCING ACTIVITIES
Repayments of finance lease liabilities -62.0-60.4
Proceeds from and repayments of borrowings -1,046.8848.6
Cash payments for the interest portion of lease liabilities -8.3-9.4
Interest paid on the long-term borrowings -31.3-238.0
Proceeds from issue of share capital 0.04,072.0
Net cash from/(used in) financing activities (C) -1,148.44,612.8
Change in cash and cash equivalents (A + B + C) increase (+) / decrease (-) -1,809.72,228.4
Cash and cash equivalents at beginning of period 3,825.81,597.5
Cash and cash equivalents at end of period 2,016.23,825.8
EURO 20242023
Net cash from operating activities 538.7-223.3
Net cash used in investing activities -1,200.0-2,161.1
Net cash from financing activities -1,148.44,612.8
Change in cash and cash equivalents -1,809.72,228.4
Cash and cash equivalents at the beginning of the period 3,825.81,597.5
Cash and cash equivalents at the end of the period 2,016.23,825.8

32
EuroNoteIssued
capital Unrestricted

equity reserv Retained

earnings Total

equity
Equity as at 1.1.2024 5.180 30,913-29,307 1,686
Profit (loss) for the period 5.1 475
Share-based payments -238461223
Equity as at 31.12.2024 8030,675-28,846 2,384
Euro NoteIssued
capital Unrestricted

equity reserv Retained

earnings Total

equity
Equity as at 1.1.2023 5.180 26,725-26,082 723
Profit (loss) for the period 5.1 -3,283
Issue of share capital 5.1 4,0724,072
Share-based payments 116-238 -122
Other adjustments 296296
Equity as at 31.12.2023 8030,913-26,024 1,686
Statement of changes in equity

33
ANNUAL REPORT
JANUARY–DECEMBER 2024 NITRO GAMES OYJ
Notes to the financial statements
1. General accounting principles used in the preparation of the
financial statements
1.1. Company information
NNitro Games Oyj (hereafter ‘Nitro Games’ or the ‘Company’), is a Finnish mobile games develope\
r and
publisher. The company is experienced in developing games for the global gaming m\
arket. The company’s
headquarters are in Kotka, Finland, and it also has an office in Helsinki, the capital of Finland. The company was
the first Finnish mobile gaming company listed at the Swedish Nasdaq F\
irst North Growth Market in Stockholm
on June 16, 2017.
1.2 Basis of preparation
Nitro Games Oyj’s financial statements have been prepared in accordance with the International Financial
Reporting Standards (IFRS) as adopted in the European Union, and the IAS and IFRIC standards as well as
interpretations issued by the SIC and the IFRIC in effect on 31 December 2024.
The notes to the financial statements also comply with the requirements under the Finnish accounting and
company legislation complementary to the IFRS.
Nitro Games is a growth company. Since its listing on Nasdaq Stockholm’s First North Growth Market Sweden
marketplace in June 2017, Nitro Games has had adequate financial resources to remain in operation and expects
the resources to be adequate for the foreseeable future. The financial statements have been prepared applying
the assumption of continuing as a going concern.
The general policies applied that relate to the financial statements are addressed in this section Basis of
accounting and those that are specific to a component of the financial statements, have been inc\
orporated into
the relevant note, together with descriptions of management judgments, related estimates, and assumptions.
The financial statements have been prepared based on original acquisition cost, unless otherwise stated in the
accounting policies. The financial statements are pre¬sented in euros, which is the func¬tional and presentation
currency of the company. The figures presented in the financial statements have been rounded up, and the sum of
individual figures may deviate from the presented sum figure.
Conversion of items presented in foreign currency
The financial statements are presented in euros, which is the company’s functional currency and Nitro Games Oyj’s
presentation currency. The company’s business operations are primarily carried out in Finland.
Transactions in foreign currencies are converted into functional currencies at the exchange rates prevailing on
the day of the transaction. Foreign exchange gains and losses arising from payments related to transactions and
the translation of monetary assets and liabilities in a foreign currency at the exchange rate prevailing at the end
of the reporting period are recognised in profit or loss. Foreign exchange gains and losses related to loans are
presented in the income statement in financial income and expenses. All \
other foreign exchange gains and losses
are presented in the income statement in other operating income and other oper\
ating expenses on a net basis.
1.3 New and amended standards and interpretations
There are no standards that are not yet in effect that would be expected to have a material impact on the entity in
the current or future reporting periods and on foreseeable future transactions.

34
1.4. Critical accounting estimates and assumptions
The preparation of IFRS financial statements requires management to make estimates and assumptions
as well as to use judgment when applying the accounting principles. Thes\
e together influence the values
of balance sheet items, disclosure of contingent assets and liabilities as well as the reported amounts of
revenues and expenses during the reporting period. Final actuals may differ from the estimates.
Estimates and judgements are continually evaluated, and they are based on historical experience and other
factors, including expectations of future events that are believed to be reasonable. Uncertainty about these
assumptions and estimates could result in outcomes that require a material adjustment to the carrying
amount of assets or liabilities affected in future periods.
The table below lists the areas where management’s accounting estimates and judgements are most critical
to reported results and financial position; as well as where to find more information on the areas of critical
accounting estimate and judgement.
Key estimates and judgements Note
Revenue Recognition 2.1
Revenue and reportable business areas
Share-based payments and incentive plans 2.4
Share based payments
Determination of lease term and incremental borrowing rate 3.1
Right of use assets
Determination of provision 3.5
Provisions
Assigned values for intangible assets. 4.1
Intangible assets
Impairment testing of intangible assets 4.1
Intangible assets

35
ANNUAL REPORT
JANUARY–DECEMBER 2024 NITRO GAMES OYJ
2. Results from business operations
Nitro Games is a mobile game developer and publisher. The Company focuses on producing high-quality
mobile games mostly for the mid-core audience. Nitro Games is specialized in the category of shooter games.
The company also offers its services in game development and publishing to selected custome\
rs.
Revenue and reportable Business areas
Nitro Games’ main source of revenue comes from publishing gaming products. The operation is divided
into two business areas: Games business; the development and publishing of mobile games for \
international
distribution and Service business; the selling of expertise in game deve\
lopment and publishing as a service to
international gaming companies.
A significant part of the Company’s turnover has previously come from customers within the scope of Service
business area accounting for 90 % of total revenue in 2024, and the share of Games business revenue is 10%
of the Company’s total revenue. The Company’s sales come from several geographical locations with biggest
market was North America.
2.1 Revenue
Accounting policy
The Company applies the five-step revenue recognition model included in IFRS 15 to recognise revenue. IFRS
15 aims to provide users of financial statements with information about the risks, \
timing and uncertainty of
revenue and cash flows arising from contracts with customers.
The recognition of revenue under IFRS 15 is based on a transfer of control. Revenue is recognised when the
performance obligation is fulfilled by transferring control over the promised good or service to the customer.
The transfer of control may take place at a single point in time or over time. Revenue is recognised at the
amount to which the company expects to be entitled against the transfer \
of the performance obligations.
Revenue from customer contracts
Revenue from contracts with customers constitutes as ordinary sales from business activities and is recognized
when a customer obtains control of promised services e.g. the service requirement has been fulfilled. The term
“Gross bookings” is used as industry standard terminology to describe purchase behaviour by players in each
period but does not fulfil the requirements of IFRS 15 to be recognized as revenue. Gross bookings are based
on the virtual currency and commodities purchased by a player in each period, as well as the consideration
received for displaying ads. Revenue is recorded in the Company’s income statement.
Nitro Games generates revenue primarily through the sale of virtual items to users (In Application Purchases,
IAP). Nitro Games also generates revenue from in-game advertising (Ad Sales, ADS), and Co-Development
sales.
Income from Main Revenue Streams; Games business
Games as a service refers to a business model where the Company’s games are available to download for
free to customers in digital storefronts, and the player can enhance their own experience by watching ads, o\
r
by purchasing the Company’s virtual products in the game. In return, the Company maintains the service and
further develops the game by bringing new content to the game. The maint\
enance of the service is continuous,
the Company’s games have remained in app stores for years.

36
1. Games business: In Application Purchases from Digital Storefronts
Nitro Games’ customers (users) can purchase virtual items to enhance and expand their game experience. Nitro
Games sells its products through digital storefronts: Apple App Store and Google Play Store
There are two different kinds of in-application purchases in mobile games: consumables and durables.
Consumables benefit the user immediately, while benefits from durables last across user lifetime and are usually
more expensive than consumables. At present Nitro Games offer only consumable purchases.
Consumables can be bought directly or indirectly via using virtual currency. Virtual currency can only be
redeemed for virtual items and cannot be withdrawn. Virtual currency purchased in one of the games cannot be
used in another game.
2. Games business: Advertising Revenues
Advertising revenues are generated by displaying advertisements during gameplay. Advertising networks pay
Nitro Games a fee stipulated in a separate agreement.
3. Service business: Revenue from Game development and publishing agreement
Nitro Games classifies revenues from other than in-application-purchases and advertising as Service business
revenue. Revenues falling into this category are for example sales from game development and publishing
agreement to external partners.
Disaggregation of revenue
Nitro Games’ main source of revenue comes from publishing gaming products. The operation is divided
into two business areas: Games business; the development and publishing of mobile games for \
international
distribution and Service business; the selling of expertise as a service\
to international gaming companies.
Revenue (*)
Revenue from operations 20242023
Games business 1,152,0341,971,950
Service business 10,240,0366,869,603
11,392,070 8,841,553
* Note: A one project was transferred from Service business to Game business, and the full-year 2024 figures
for it have been adjusted in this table!
Revenue by geographical market
The geographical breakdown of revenue is presented based on the location of the customers. All the revenue
shown above has been recognized at a point in time.
Revenue per market area 20242023
EU 422,4231,632,017
North America 9,943,3355,461,253
United Kingdom 5,7901,597,388
Other 1,020,522150,895
11,392,070 8,841,553
Accounting Principles: Revenue Recognition
Nitro Games utilizes a five-step model framework in revenue recognition. The Company identifies contracts
between its players, advertising networks and Co-development partners.

37
ANNUAL REPORT
JANUARY–DECEMBER 2024 NITRO GAMES OYJ
1. Identification of contract. Nitro Games does not recognize the initial download of its free to play game
from a digital storefront as a creation of contract in accordance with IFRS 15, because of the lack of commercial
substance. As the initial downloading of the game is free of charge, a contract between Nitro Games and the
customer occurs as the separate election by the player to make an in-app\
lication purchase. The consideration
promised in a contract with a customer may include fixed amounts, variab\
le amounts, or both. Advertising
revenues create a contract between Nitro Games and the advertising network, as the consideration is paid by the\

advertising network. The Co-development deal creates a contract between Nitro Games and the other party.
2. Identification of performance obligation. Games- as-a-service business model encompasses a single
combined performance obligation which is to make the game and the ongoin\
g game related services available.
This is further defined as the provision of ongoing game related services such as hosting of game play, storage of
customer content, maintaining of virtual currency, continuing displaying and providing access to purchased virtual
goods, and reasonable service or content updates. For advertising revenue, the performance obligation is fulfilled
after the advertisement has been shown. The performance obligation in Co\
-development business is laid down in
each individual customer contract.
3. Determination of transaction price. The transaction price is the amount of consideration to which Nitro
Games expects to be entitled in exchange for transferring promised goods or services to a customer, excluding
amounts collected on behalf of third parties (for example, some sales taxes).
4. Allocation of transaction price to the performance obligation. In the games-as-a-service business model,
the transaction price is allocated entirely to the single combined performance obligation. Service obligation to\
a
customer is fulfilled at the point of time when the customer payment i\
s made at the Digital Storefront.
5. Recognition of revenue. Digital storefronts pay Gross Bookings for the period monthly. Nitro Games
recognizes revenue when (or as) the entity satisfies a performance obligation by\
transferring a promised good
or service (i.e. an asset) to a customer. An asset is transferred when (or as) the customer obtains control of that
asset. When (or as) a performance obligation is satisfied, Nitro Games recognizes as revenue the amount of the
transaction price that is allocated to that performance obligation.
Consumables satisfy the performance obligation “at a point in time”\
and are recognized at the point of purchase.
Advertising revenue is recognized net, in the month of impression delivered (“at a point in time”), based on
revenue reports from the ad network indicating the number of impressions delivered, price per impression and
payables due to Nitro Games. Simultaneously to sending the revenue report, the advertisement network also
commits to paying the money to Nitro Games, and collection can be reasonably assured. Nitro Games also defer
Cost of Revenues that are derived from contracts with customers. Deferred Cost of Revenue includes platform
cuts (revenue shares paid to digital storefronts), license fees (revenue share that is paid to license owners), and
server and hosting expenses (revenue shares paid to technology providers).
Revenue recognition from Service business is based on contracts and revenues related to them are recorded on
an accrual basis.
Key Judgment and Estimates: Deferred Revenue
Revenue recognition requires management to make key judgments relating to the classification of durable items.
In identifying durable items, the economics of each individual game, as \
well as the usage of customers (paying
users) virtual currency and durable products, is analysed and considered.
Currently Nitro Games offers only consumables in the Games business area. In Service business contracts can
span over a longer period and advance payments might be required from the customers.
In preparation of the Financial Statements, management is required to make estimates over what period revenue
is to be deferred. Advance payments are booked as contract liabilities, and the revenue recognition is based on
accrual method.

38
Estimates are continuous and have historically been revised when performance or user characteristics change.
Changes in estimates of the player lifetime, or classification of what\
to defer in a certain title may result in revenue
being recognized on a basis different from prior periods’ and may cause operating results to fluctuate. Such
events may include serious technical problems causing players being unable to access the game for a period.
Pandemics and other situations hindering the capability of free movement may also impact location-based
games.
2.2 Other operating income
Other Operating income includes income other than the actual sale, such \
as rental income and public grants.
Other operating income 20242023
Rental income 8425,721
2.3 Material and services
Accounting policy
Purchased services include game maintenance (hosting), user acquisition c\
osts, application store commissions,
and other external subcontracting services directly related to game production and maintenance. Expenses are
recorded for the month in which they are incurred.
Materials and services 20242023
Materials and services UA costs 80,9852,292,752
External services 3,052,0782,173,024
3,133,063 4,465,776
2.4 Personnel
2.4.1 Employee benefits
Employee benefits include short-term employee benefits, benefits p\
aid upon termination and post employee
benefits. Short-term employee benefits include salaries and fringe b\
enefits, annual holidays, and bonuses. Nitro
Games also has multiple Equity plans, which costs are recorded to employee expenses according to IFRS 2
principles. Benefits are classified into defined contribution and defined benefit plans\
. The Group has no defined
benefit-based pension plans, i.e. no post-employment payment obligatio\
ns. Benefits paid upon termination refer
to benefits arising from termination of employment, not performance of work.
Accounting Principles: Employee Benefits
Liabilities arising from short-term benefits are recognized in other payables in respect of employees’ services
up to the reporting date and are measured at the amounts expected to be paid when the liabilities are settled.
Incentive plans are approved annually. The Company utilizes defined contribution pension plans under which \
the
Company pays fixed contributions into a separate entity with no legal \
or constructive obligations to pay further
contributions if the fund does not hold sufficient assets to pay all employees the benefits relating to employee
service in the current and prior periods. Contributions to the defined contribution plans\
are charged directly to
the statement of comprehensive income in the year to which these contributions relate.
Personnel expenses 20242023Muutos %
Salaries and bonuses during the
accounting period 3,227,670
3,186,545 1.3
Pension and other personel expenses 639,372672,299
Stock-based option programs 137,676116,453
Capitalized to product development costs 0-406,042
Total personnel costs 4,004,7183,569,255 12.2

39
ANNUAL REPORT
JANUARY–DECEMBER 2024 NITRO GAMES OYJ
2.4.2 Number of personnel
2024
2023Muutos %
Average number of personnel 4749-4.1
Number of personnel at the end of the year 50484.2
2.4.3 Share-based payments
At the year-end 31.12.2024 Nitro had three active plans, Equity plans 1/2022, 2023A and 2023B.
Accounting policy
Nitro Games has several option programs. The programs include conditions requiring the option holder to be
employed in the company for a certain period (service condition).
Non-market vesting conditions are not considered when measuring the fair value of an option on the grant date.
Service conditions are considered on each reporting date to estimate the quantity of awards that will vest, and
expense will be adjusted accordingly. Expense will ultimately reflect those awards that do ultimately vest.
Options are measured at fair value on their grant date and expense is recognized as an expense to employee
benefits and to accumulated losses in equal tranches for the vesting p\
eriod.
The fair value on grant date is determined using Black-Scholes. The vari\
ous assumptions used as input are spot
price of the company’s share on grant date, option strike price, vesting period, risk-free interest rate and the
volatility of the company’s share.
When the options are exercised, the proceeds received from the share subscriptions are recognized in accordance
with the terms of the plan under the reserve for invested unrestricted equity, adjusted for any transaction costs.
Employees and key staff employed by Nitro Games are entitled to receive remuneration in the form of share-
based payments, whereby employees render services as consideration for equity instruments (equity-settled \
transactions). The cost of equity- settled transactions is determined b\
y the fair value at the date when the grant
is made using an appropriate valuation model, Black-Scholes. That cost is recognized in employee benefits
expense, together with a corresponding increase in equity (retained earnings) over the period in which the service
and, where applicable, the performance conditions are fulfilled (the vesting period). The cumulative expense
recognized for equity-settled transactions at each reporting date until the vesting date reflects the extent to which
the vesting period has expired and the Company’s best estimate of the number of equity instruments that will
ultimately vest.
The expense or credit in the statement of comprehensive income for a period represents the movement in
cumulative expense recognized as at the beginning and end of that period. Service conditions\
are not considered
when determining the grant date fair value of awards, but the likelihood of the conditions being met is assessed
as part of the Company’s best estimate of the number of equity instruments that will ultimately\
vest. No expense
is recognized for awards that do not ultimately vest because service conditions have not been \
met. When the
terms of an equity-settled award are modified, the minimum expense recognized is the grant date fair value of
the unmodified award, provided the original terms of the award are met. An additional expense, measured as at
the date of modification, is recognized for any modification that increases the total fair value of the share-based
payment transaction, or is otherwise beneficial to the employee. Where an award is cancelled by the entity or
by the counterparty, any remaining element of the fair value of the award is expensed immediately through
statement of comprehensive income.
Option programs
Nitro Games has established option programs as incentive programs for the company’s personnel, including the
company’s employees and other key personnel. The purpose of issuing the option r\
ights is to bind the option
holders to the economic growth of the company and to the development of the company’s value as well as
create a long-term relationship between the company and the option holders, which benefits\
the company both
economically and operationally.

40
According to the option programs the subscription right may be used only if the option holder has \
an
employment or service relationship with the company at the time of the subscription. The option\
programs also
include a condition related to the continuance of the work or service relationship, according to which the option
holders lose their right to the options if they terminate their employme\
nt or service relationship. If the option
holder’s relationship is terminated by the company, the option holder is entitled to retain the vested options and
the options that will vest during the following vesting event.
Current stock options programs
Changes in the 2023 reporting period Changes in the 2024 reporting period
Max
authorized Number
of options 1.1.2023 GrantedNumber
of options
31.12.2023 Number
of options 1.1.2024 Granted
Forfeited Exercised ExpiredNumber
of options
31.12.2024
1/2019 73,13222,000 22,00022,000 22,0000
2/2020 1,057,018 1,045,072 1,045,0721,045,072 1,045,0720
1/2022 335,000 113,000222,000335,000335,000 5,000 330,000
2023A 2,243,192 2,243,1922,243,1922,243,192 126,574 2,116,618
2023B 249,244 3,0003,0003,00099,000 20,000 82,000
Total
options 3,957,586
1,180,0722,468,1923,648,2643,648,264 99,000151,574 1,067,0722,528,618
Stock option programs 31.12.2024
1/20192/20201/2022 2023A 2023B
Max autorized 73,1321,057,018 335,0002,243,192 249,244
Number of options outstanding 00330,000 2,116,618 82,000
Subscription price €/share 7.2415 SEK VWAP30 6 SEKSVWAP 30+10%
Subscription period ends 31.12.2331.12.2331.12.27 12.6.28 27.6.28
Number of entiled subscribers 10541245 10
Johdon omistus ja optio-oikeudet
Yhtiön hallituksella, johtoryhmällä, tiimillä sekä heidä\
n lähipiiriinsä kuuluvilla tahoilla oli tilinpäätöshetkel\
lä
hallussaan osakkeita ja optio-oikeuksia seuraavasti:
31.12.2024 31.12.2023
Osakkeet % osuus OptiotOsakkeet % osuus Optiot
Hallitus 1,487,3396.0 % 0584,555 2.3 % 0
CEO ja johto* 1,622,6036.5 %1,890,949 690,9762.8 %2,874,681
Tiimi 50,2450.2 %614,669 36,8210.1 %668,109
Yhteensä 3,160,18712.7 %2,505,618 1,312,352 5.3 %3,542,790
Osakkeiden kokonaismäärä 24,924,364 24,924,364
Annettujen Optio-oikeuksien määrä 2,528,618 3,648,264
* Antti Villanens shares and options are included under the management. He is also a member of the Board.
Significant estimate and assumptions used in measuring fair value
The fair value of stock options is determined on their grant date. The f\
air value is determined using the Black-
Scholes option pricing model. The expected volatility is based on the Co\
mpany’s available historical volatility. The
company’s uses Finnish Government 10-year bonds as a proxy for the risk-free rate.
On each reporting date, the company estimates the amount of awards that will vest, and expense cost will be

41
ANNUAL REPORT
JANUARY–DECEMBER 2024 NITRO GAMES OYJ
adjusted accordingly.
Key Judgments and Estimates: Share-based Payments
Nitro Games uses the Black-Scholes pricing model to value share-based payments. All parameters used in the
calculation are presented in the tables below.
Option pricing model
EUR 31.12.202331.12.2022
Equity plan 2023B2023A 2023B2022
Valuation model Black-ScholesBlack-Scholes Black-Scholes
Fair value of option grants during period €0,06-0,13€0,06€ 0.06€0,35-0,56
Main assumptions:
Expected volatility 86 %90%% 90%%90 %
Share price at the valuation date €0.18-0.36€ 0.25€ 0.18€0,89-1,20
Weighted average share price during the period € 0.29€ 0.25 € 0.25€ 1.14
Exercise price €0.21-€0.47€ 0.52€ 0.25€1.03-€1.17
Expected dividend yield 0 %0 % 0 %0 %
Risk free interest rate 4.00 %4.00 % 4.00 %4.00 %
2.5 Other operating expenses
Accounting policy
Other operating expenses include expenses such as premises, IT and telecommunication, administrative,
maintenance and marketing and communication. In addition, lease payments\
recognised in the income statement
on leases classified as short-term leases or leased assets classifie\
d as of low value are included in other operating
expenses. Other operating expenses also include losses arising from the disposal of intangible assets.
Other operating expenses
EUR 20242023
Voluntary employee benefits 89,86596,643
ICT Equipment and software licenses 421,001506,882
HR external expenses 103,114128,256
Travel expenses 260,723226,885
Office expenses 151,609178,979
Stock Exchange expenses 162,668150,227
Credit losses on sales -50634,274
Legal and advisory services 564,481526,981
Funding costs 0617,888
Staff fund expenses 5,1270
Other expenses 153,028161,712
Transferred to captalized development costs -70,273-99,922
1,840,837 2,528,805
Auditors fees
EUR 20242023
Statutory audit 19,20116,393
Tax advisory 2500
Other fees 6304,547
20,081 20,940

42
2.6 Depreciation, amortization and impairment losses
Accounting policy
Depreciation is recognised as an expense in the income statement on a straight-line basis\
over the estimated
useful lives of intangible assets. Right-of-use assets are depreciated over the lease term.
Depreciation and impairment 20242023
Intellectual property rights 750,523435,523
Development costs 947,611812,342
Right-of-use assets 61,98060,419
1,760,114 1,308,284
Principles for depreciation according to plan
Development costs 5 yearsStraight-line depreciation
Right-of-use assets 3-5 yearsStraight-line depreciation
Intellectual property rights 3-10 yearsDepreciation begins when the economic recovery begins
2.7 Earnings per shares
Accounting policy
Basic earnings per share is calculated by dividing the profit for the financial year attributable to the company’s
shareholders by the weighted average number of shares outstanding during the financial year, excluding own
shares held by Nitro Games.
Diluted earnings per share are calculated by adjusting the average weighted number of shares by diluting
all potentially dilutive shares, such as share options and convertible bond shares. This changes the weighted
average of the number of shares outstanding.
Calculation of earning per share 20242023
Net profit /loss (EUR thousand) 475.3-3,283.1
Number of shares, average 24,924,36417,440,052
Number of shares, average diluted 24,924,36417,440,052
Number of shares at the end of the period 24,924,36424,924,364
Number of Share options 2,528,6183,648,264
Number of Special Right 693,663 2,000,139
Equity per share (EUR) 0.100.07
Earnings per share (EUR) undiluted 0.02-0.19
Earnings per share (EUR) diluted 0.02-0.19

43
ANNUAL REPORT
JANUARY–DECEMBER 2024 NITRO GAMES OYJ
3. Operating assets and liabilities
3.1 Right of use of assets
IFRS 16 Leases requires lessees to recognise all leases in the balance sheet. This is done by recognising the
right-of-use asset and the lease liability at the inception of each cont\
ract. The values of these are based on
the present value of future rental payments. Instead of recognising lease costs in the income statement,
depreciation is recognised for right-of-use assets and interest expenses for lease liabilities.
The Company leases mainly IT equipment. The Company has not identified\
any service contracts under which
there are identifiable assets that should be recognised separately in accordance with IFRS 16.
Accounting policy
The moment each contract is agreed upon, the Company assesses whether the contract in question is a
lease or whether it contains a lease. This assessment is made in accordance with IFRS 16 based on whether
a contract conveys the right to control the use of an identified asset for a period of time in exchange for\

consideration. For each identified lease in which it acts as a tenant,\
the Company recognises a right-of-use
asset and the corresponding lease liability at the inception of the lease. The starting po\
int is defined as the
moment when the leased asset is available for use by the Company.
The valuation of the lease liability is made at the beginning of the con\
tract by discounting future lease
payments to present value. These fees take into account fixed fees, variable fees ba\
sed on an index or a rate,
residual value guarantees, which are expected to be payable by the Company and the exercise price of a
purchase option if the Company is reasonably likely to exercise the option. Various penalty fees for terminating
the lease are only taken into account in the valuation if the use of a termination o\
ption has been taken into
account when assessing the lease period.
According to IFRS 16, the discount rate used for measuring the lease liabilit\
y and right-of-use asset must be
the internal rate of the lease. Often, however, this rate is not easy for the lessee to define, in which case the
lessee is allowed to use the Company’s incremental borrowing rate instead. The incremental borrowing rate is
defined as the interest that the Company would have to pay if it borrowed, for an equivalent period and with
similar collateral, the money needed to acquire an asset with a corresponding value to the right-of-use asset in
a similar economic environment.
After the commencement of the lease, the lease liability is measured by adding in the interest expense
on the lease liability and reducing it by the lease payments made. The amount of the lease liability\
must
be remeasured if there are changes in future lease payments as a result of, for example, index changes, a
reassessment of the exercise of options included in the contract or other lease changes.
Right-of-use assets are measured at cost, which is determined as the sum of the initial lease liabilit\
y, rents
paid in advance, initial direct costs, and restoration costs. Depreciation of right-of-use assets is made on a
straight-line basis over the asset’s useful life or the lease term depending on which is shorter. If the Company is
reasonably certain that the purchase option included in the contract will be exercised and the exercise amount
of the purchase option is included in the valuation of the lease liability, the asset’s useful life must be used as
the depreciation period.
The Company recognises in the income statement the interest expense on the lease liability and depreciation
on right-of-use assets. In the cash flow statement, the Company presents the portion of interest of the
lease payments as cash flows from financing activities. The principal payment portion of lease paymen\
ts are
presented as cash flows from financing activities. Payments related to short-term and low-value leases as well
as variable lease payments that are not considered in the measurement of the lease liability are presented in
cash flows from operating activities.
The Company does not have any activities as a lessor.

44
Key estimates and judgments
Applied exemptions
The Company has applied the exemptions provided by IFRS 16, according to which it is not mandatory to
recognise short-term and low-value leases in the balance sheet. The rental period of a short-term lease is 12
months or less. Lease payments associated with such leases are recognised as an expense on a straight-line basis
in other costs. In addition, the Company does not apply IFRS 16 to intan\
gible assets.
Lease term determination
The lease term is the period of time during which the lease cannot be te\
rminated, including the periods covered by
any extension option, if the Company is reasonably certain that the option will be exercised. The periods covered
by a termination option are also included if the Company is reasonably certain that the option in question will not
be exercised. The Company will take into account all factors and circumstances that create a financial incentive
to exercise the extension option and not to exercise the termination option. Management re-evaluates the lease
period if any significant events occur or circumstances change. Also, the lease term of leases valid until further
notice is determined according to the principles described above. The lease term of each such leas\
e is based on
the management assessment of the circumstances and the existence of any economic incentives.
Incremental borrowing rate determination
The internal interest rate of the Company’s leases is not easily determined, which is why the Company uses the
incremental borrowing rate to discount the lease payments. The incremental borrowing rate may have a very
significant impact on the valuation of lease liabilities. As basis for\
determining the incremental borrowing rate,
the Company uses the loan interests agreed with financial institutions and following the requirements of IFRS 16
it is ensured that the rate used reflects the lease commencement date, lease term, leased assets and ope\
rating
environment.
Lease contracts
Right-of-Use assets, EUR 20242023
Acquisition cost at 1.1 282,767266,924
Additions 56,84515,843
Balance at 31.12 339,612282,767
Amortisation and impairment
Balance at 1.1 159,45595,813
Depreciations for the period 61,98063,642
Balance at 31.12 221,435159,455
Net book value 31.12 118,177123,312
Lease expenses from short-term leases and from leases of low-value assets are included in other operating
expenses and the total amount in 2024 was 0 euros (2023 it was 5,001 euros).
The maturity analysis of lease liabilities is disclosed under note 5.4.3\
Liquidity and refinancing risk. Lease interest
expenses are presented under note 5.2 Financial income and expenses.

45
ANNUAL REPORT
JANUARY–DECEMBER 2024 NITRO GAMES OYJ
3.2 Trade and other receivables
Accounting policy
Nitro Games trade receivables are from invoicing of development contracts. The Company’s largest clients are
private entities.
Nitro Games financial assets consist of cash equivalents, trade receivables and other receivables that are
measured at amortized cost using the effective interest method. Financial assets at amortized cost are assets held
to collect contractual cash flows, and those cash flows are solely payments of equity and interest.
Other receivables consist mainly of receivables from customer contracts, prepaid expenses and accrued income
and other receivables.
Key estimates and judgments
Impairment of trade and other receivables
Nitro Games records the expected credit losses related to trade receivables and other receivables based on
an estimate proactively. Nitro Games applies a simplified method for the measuring trade receivables and
assets from customer contracts. Impairments on trade receivables and assets based on customer contracts are
calculated according to the Expected Credit Losses (ECL) model. Estimates on expected credit losses and credit
loss provisions to be recognized in trade receivables are based on the amount corresponding credit losses during
the entire asset life cycle, whereby a credit loss is recognized based on credit losses expected over the entire life
cycle of trade receivables or an asset based on customer contracts.
A provision will be recorded in the balance sheet for expected future credit losses, and it will remain on the
balance sheet until it is recognized in the income statement or is reversed. Due to the nature of Nitro Games
business, provisions may remain on the balance sheet for several years if the receivable involves, for example, the
outcome of a lawsuit.
The company’s trade receivables are mainly from large platforms such as Google Play store and Apple, who have
already collected the payments from the end-users. Hence there is no history of credit losses from users the app
users, and the Company is therefore not using portfolio risk approach when assessing the risk of credit losses from
Publication business area. There is a review during the financial year and at the year end to judge if a provision for
credit losses is needed.
For large individual trade receivables or customers, the credit loss provisions are calculated based on estimates of
the probability that the customer will become insolvent. These estimates are from available market information,
the customers’ credit ratings and the customer-specific experience of Nitro Games project management.
Adjustments are made if there are indications of a decrease of customers’ credit ratings, for example, based on
payment behaviour.
According to Nitro Games management’s judgement, expected credit losses related to trade receivables and
assets based on customer contracts are not material and therefore not recorded in the financial statement of 31
December 2024.
Trade and other receivables, EUR 31.12.202431.12.2023
Non-current other receivables 31,66130,021
Trade receivables, current 1,200,566712,873
Other receivables 17,71621,623
Taxes 119,13176,866
Accrued income 223,517388,325
Trade and other receivables 1,232,227742,894

46
3.3 Cash and cash equivalents
Accounting policy
Cash and cash equivalents, in both the balance sheet and the cash flow\
statement, include bank balances and
other current investments with a due date within three months of the acquisition date.
EUR 31.12.202431.12.2023
Cash and cash equivalents 2,016,1523,825,829
3.4 Trade and other payables
Accounting policy
Trade payables and other financial liabilities included in the item are classified as financial liabilities measured
at amortised cost. The book values of trade and other payables are considered to correspond to their fair value
because of their short maturity. The liabilities are unsecured and are normally settled within 30 days of their initial
recognition. The book value of trade payables and other financial liabi\
lities included in this balance sheet item is
presented in Note 5.4 Financial Risk Management.
Trade and other payables are classified as current liabilities if they fall due within 12 months of the end of the
reporting period. Advances received are contractual liabilities until the Company meets the performance
obligation promised to the customer.
Trade and other payables, EUR 31.12.202431.12.2023
Trade and other payables 5563,097
Lease liabilities 71,84870,342
Contract liability 300,000
Total non-current liabilities 72,404373,439
Trade and other payables 340,6381,921,909
Lease liabilities 52,02857,552
Other current financial liabilities 80,98975,614
Contract liability 200,0001,450,000
Accrued liabilities 918,862632,221
Total current liabilities 1,592,5164,137,296
Trade and other payables 1,664,9214,510,735
3.5 Provisions
The biggest risk of credit losses is related to trade receivables.
In the Games business, game users pay for the service when using the gam\
e to the Store front, which account for
the funds to Nitro Games. Trading places are solvent companies and historically there have been no problems or
credit losses in accounting for assets.
In the Service business sector, the company has a few large development partners as customers. The business
model often includes advance payments to finance the project.
Since a large part of receivables is collected in advance, the risk of credit losses is small. The customers are also
large solvent companies whose ability to pay is not subject to uncertainty.
According to Nitro Games management’s assessment, no credit losses are expected for trade receivables from
customer contracts in the foreseeable future, so management does not consider it necessary to record a provision
for credit losses in the financial statements on December 31, 2024.

47
ANNUAL REPORT
JANUARY–DECEMBER 2024 NITRO GAMES OYJ
4. Acquisitions and capital expenditure
4.1 Intangible assets
An intangible asset is recognized if the item is identifiable, Nitro Games controls the asset, there are future
economic benefits associated with the intangible asset and it is probable that the future economic benefits
that are attributable to the asset will flow to the Company, and the cost of the asset can be measured reliably.
Intangible assets are initially measured at cost, except for assets acquired as part of a business combination.
Subsequently, intangible assets are carried at cost less any accumulated amortization and accumulated
impairment losses. Amortization is provided on a straight-line basis over the useful lives of the assets.
Research and development costs
The Company capitalizes technology and development costs relating to the development of the game platform,
when all the following criteria are met:

Nitro Games can demonstrate the technical feasibility of completing the inta\
ngible asset so that it will be
available for use or sale.

The Company intends to complete the intangible asset and use or sell it.\

Nitro Games is able to use or sell the intangible asset.

The Company is able to demonstrate how the intangible asset will generat\
e probable future economic
benefits.

Nitro Games has adequate technical, financial, and other resources available to complete the development
and to use or sell the intangible asset.

Nitro Games is able to measure reliably the expenditure attributable to the intangible asset during its
development.
Capitalization of development expenditures begins when all the criteria described above are met and ceases
when the intangible asset is available for use as intended by management\
. Capitalized development costs
comprise all directly attributable costs of preparing the asset for its intended use. Those costs at Nitro Games
mainly include employee benefit costs and purchases from third parties. The Company has also: capitalized
borrowing costs incurred by Nitro Games, from the government loans drawn for development activities, or from
the generally borrowed funds, where a capitalization rate is applied to the expenditures on that asset.
Amortization periods
The intangible assets are amortized over 3 to 10 years. The amortization period for development \
costs is 5 years
and for intellectual property rights 3-10 years.
Nitro Games reviews the amortization periods and methods applied at least at each fi\
nancial year- end. If
the expected useful life of an asset is different from previous estimates, the amortization period is adjusted
prospectively. The changes in useful lives may arise from technical developments, or changes in demand or
competition, for example.
Key estimates and judgments
The value of intangible assets obtained in an acquisition are determined based on fair value and their remaining
useful lives are determined as well. Assigned values and useful lives as well as the un\
derlying assumptions are
based on management’s views. Different assumptions and useful lives could have a significant impact on th\
e
reported amounts.
Impairment testing during the reporting period
No indication of impairment of individual assets or cash-generating unit\
s was observed during the reporting
period. The Company does not have assets with unlimited useful lives or \
unfinished development projects that
should undergo impairment testing annually.

48
Impairment testing
The carrying values intangible assets, property, plant and equipment, right-of-use assets, and non-financial
investments are reviewed regularly for indication of impairment.
Impairment testing is performed if there is an indication of impairment; and the asset is written down to its
recoverable amount if it carrying amount is greater than the estimated recoverable amount.
Annual impairment testing is performed on a cash-generating unit level. \
Nitro Games defines cash-generating
unit as the smallest group of assets that generate cash flows that are independent of the cash flows generated by
other assets.
Nitro Games uses value in use to establish the recoverable number of cash-generating units. Value in use is
determined by discounting future cash flows expected to be derived from a group of assets. The carrying amount
of a group of cash generating units comprises net operating assets.
All assets are subsequently reassessed for indications an impairment loss previously recognised may no longer
exist. An impairment loss is reversed if the assets or cash-generating unit’s recoverable amount exceeds it carrying
amount.
Intangible assets Intellectual property rightsDevelopment costs Total
Acquisition cost 1.1.2024 3,331,5704,722,4108,053,981
Additions 42,23342,233
Acquisition cost 31.12.2024 3,331,5704,764,6438,096,214
Accumulated amortization1.1. -646,047-2,067,206 -2,713,253
Amortization -750,523-964,884-1,715,407
Accumulated amortization 31.12 -1,396,570-3,032,090-4,428,660
Net book value 31.12.2024 1,935,0001,732,5543,667,554
Net bok value 31.12.2023 2,685,5232,655,2055,340,728
Acquisition cost 1.1.2023 3,331,5703,508,6496,840,219
Additions 1,213,7611,213,761
Acquisition cost 31.12.2023 3,331,5704,722,4108,053,981
Accumulated amortization1.1. -210,523-1,248,450 -1,458,973
Amortization -435,523-818,756-1,254,279
Accumulated amortization 31.12 -646,047-2,067,206 -2,713,253
Net book value 31.12.2023 2,685,5232,655,2055,340,728
Net bok value 31.12.2022 3,121,0472,285,8835,406,930

49
ANNUAL REPORT
JANUARY–DECEMBER 2024 NITRO GAMES OYJ
5. Capital structure
5.1 Equity
Accounting policy
Equity
The Company’s equity consists of share capital and accumulated profits. Nitro Games Oyj has one class of shares,
and all shares have an equal right to dividends. Shares of Nitro Games Oyj have no nominal value. The transaction
costs arising from the share issue, or the subscription of options are presented as a deduction on equity.
Dividends
Dividends are recognised as debt after the Annual General Meeting has approved the amount of dividend to be
distributed.
Reserve for invested unrestricted equity
The portion of the subscription prices of the share issues that is not recognised in share capital, is recognised in
the reserve for invested unrestricted equity. The accounting principles of share-based payments made by Nitro
Games are set out in Note 2.4.3.
5.1.1. Share capital
Equity, EUR 31.12.202431.12.2023
Restricted equity
Issued capital 1.1 80,00080,000
Share capital 31.12. 80,00080,000
Unrestricted equity
Invested unrestricted equity reserve 1.1 30,674,98526,841,485
Share issue 4,071,783
Invested unrestricted equity reserve 31.12 30,674,98530,913,268
Retained earnings -28,845,885-26,023,777
Profit (loss) of the financial year 475,326-3,283,131
Total unrestricted equity 2,304,4271,606,361
Total equity 2,384,4271,686,361
Distributable funds, EUR 31.12.202431.12.2023
Reserve for Invested unrestricted equity 30,674,98530,913,268
Retained earnings -28,845,885-26,023,777
Profit (loss) of the financial year 475,326-3,283,131
Capitalized development costs -1,732,553-2,655,198
Total distributable funds 571,874-1,048,837

50
5.2 Financial income and expenses
EUR20242023
Financial income Other interest income 1,03121,379
Total interest income 1,03121,379
Interest expense Other 29,140261,251
Total interest expense, other 29,140261,251
Finance expenses
Interest expense on lease liabilities 8,2939,411
Capitalized interest -24,960-20,711
Interest expense on convertible loan 85,274111,596
Interest on government loan 75,77560,773
Other financing expenses 6,3622,808
Total other financial expenses 150,744163,877
Total financial expenses 179,884425,128
Total finance income and expenses 178,853403,749
5.3 Financial assets and liabilities
Accounting policy
5.3.1. Financial assets
The Company’s financial assets are classified in accordance with IFRS 9 Financial Instruments in the following
categories: financial assets recognised at amortised cost, financial assets at fair value through profit or loss, and
financial assets recognised at fair value through other comprehensive income. The classification is based on the
purpose of the financial assets at the time of the initial acquisition\
.
Financial assets are recognised on the balance sheet on the trade date on which the Company un\
dertakes to
purchase or sell the financial instrument. Financial assets are derecognised when the rights to cash flows have
ceased or have been transferred to another party, and the Company has transferred substantially all the risks and
rewards of ownership to the other party.
5.3.1.1. Financial assets measured at amortised cost Nitro Games measures financial assets at amortised cost
when the financial asset is included in a business model whose primary\
purpose is to hold the assets until maturity
and the payments are fixed or determinable and consist of principal or interest on capital. They arise when the
Company provides money, goods or services directly to a debtor. Financial assets at amortised cost include non-
derivative financial assets with fixed or determinable payments that\
are not quoted in an active market.
Financial assets at amortised cost are subject to impairment using expected credit loss (ECL) model. Gains
and losses from derecognition of the asset are recognised in profit and loss. Refer to the table below for list of
financial assets recognised using amortized cost.
5.3.1.2. Financial assets measured at fair value through profit or loss include financial assets held for trading in
the short term, financial assets designated upon initial recognition irrevocably as fair value through profit or loss
and financial assets mandatorily recognised at fair value through profit or loss according to IFRS 9. Derivatives are
classified as held for trading unless they are designated as effective hedging instruments. Gains and losses arising
from changes in the fair value are included in the income statement in the period in which they arise.

51
ANNUAL REPORT
JANUARY–DECEMBER 2024 NITRO GAMES OYJ
5.3.1.3. Financial assets measured at fair value through other comprehensive income valued at fair value through
other comprehensive income are equity instruments, which are held for collection of contractual cash flows or
held for selling the assets, and where contractual cash flows are solely payments of principal and/or interest.
Change in fair value is recognized in other comprehensive income (OCI). Equity investments designated at fair
value through other comprehensive income are not subject to impairment assessment and accumulated reserves
are not recycled to profit or loss upon derecognition. Dividends received are recognised in profit and loss.
5.3.1.4. Derecognition
Nitro Games derecognises financial assets when the rights to receive cash flows from the assets have expired or
when it has substantially transferred the risks and rewards of the assets outside of the Company.
5.3.1.5. Impairment
Nitro Games recognises an allowance for expected credit losses (ECL) according to IFRS 9 for financial assets
measured at amortised cost. See further information on ECL in Note 3.2 Trade and other receivables.
Financial assets measured at fair value through profit or loss are not included in ECL assessment as they are
already measured at fair value. A financial asset is written-off when there is no reasonable expectation of
recovering the contractual cash flows.
5.3.2. Financial liabilities
The Company’s financial liabilities are classified either as financial liabilities recognised at amortised cost or
as financial liabilities recognised at fair value through profit or loss The Company has no financial liabilities
recognised at fair value through comprehensive income.
Financial liabilities are included in long-term and short-term liabilities and may be interest-bearing or interest-free.
Financial liabilities are classified as short-term unless the Company has the absolute right t\
o transfer the payment
of the liability at least 12 months from the balance sheet date.
A financial liability is derecognised when the Company either pays the debt to the lender or is lega\
lly exempted
from the principal liability obligation as a result of a legal process or by the lender.
The maturity distribution of financial liabilities is presented in Note 5.4.3.
5.3.2.1. Financial liabilities measured at amortised cost
Loans, trade payables and other liabilities meeting the criteria for fi\
nancial liability are included in the liabilities
measured at amortised cost. Drawn-up loans are initially recognised at fair value minus transaction costs.
Subsequently, the loans are measured at amortised cost and the difference between the amount of the loan
deducted from transaction costs and the amount to be repaid is recognised as a financial expense using the
effective interest method over the maturity.
Long-term amortised financial liabilities measured at amortised cost consist of loans from financial institutions and
other loans.
Short-term amortised financial liabilities consist of financial inst\
itution loans, other loans, payables and other
liabilities.
5.3.2.2. Financial liabilities measured at fair value through profit or loss.
Financial liabilities at fair value through profit or loss include financial liabilities held for trading and fi\
nancial
liabilities designated upon initial recognition as at fair value through profit or loss.
Financial liabilities are classified as held for trading if they are incurred for the purpose of repurchasing in the
near term. This category also includes derivative financial instrument\
s entered into by the Company that are not
designated as hedging instruments in hedge relationships as defined by IFRS 9. Separated embedded derivatives
are also classified as held for trading unless they are designated as effective hedging instruments. The Company
has not designated any financial liability as at fair value through profit or loss.

52
5.3.3. Fair value measurement
Fair value measurements are classified using a fair value hierarchy i.e. Level 1, Level 2 and Level 3 that reflects the
significance of the inputs used in making the measurements.
5.3.3.1. Level 1
The fair value of financial assets and liabilities classified as Lev\
el 1 is based on unadjusted quoted prices in active
markets at the closing date.
5.3.3.2. Level 2
The fair value of financial assets and liabilities classified as Lev\
el 2 is based on observable input parameters, which
are other than quoted prices.
The fair value of financial instruments traded in active markets in Le\
vel 2 is calculated using prices derived from
quoted market prices at the closing date. Known calculation techniques, \
such as estimated discounted cash
flows, are used to determine fair value of interest rate and currency financial instruments. The fair value of interest-
rate swaps is calculated as the present value of the estimated future cash flows. The fair value of forward foreign
exchange contracts is determined using forward exchange market rates at the closing date. Fair values of options
are determined by using option valuation models. The fair value of finan\
cial liabilities is estimated by discounting
the future contractual cash flows at the current market interest rate that is available to the Company for similar
financial instruments. The counterparty credit risk has been taken into account when determining fair value. The
credit risk is determined based on a portfolio valuation in a bilateral ap\
proach covering both Nitro Games own
credit risk and the credit risk of the corresponding counterparty.
The Company bases the calculation on existing market conditions at each \
closing date. Financial instruments
used in Nitro Games are standardised products that are either cleared via exchanges or widely traded in the
market. Credit risk from trading commodity derivatives is mitigated by clearing trades through exchanges or by
limiting trades to OTC counterparties considered to be creditworthy or secured by credit worthy guarantees.
Financial derivatives are traded with creditworthy counterparts.
5.3.3.3. Level 3
The fair value of financial assets and liabilities classified as Lev\
el 3 is based on unobservable input parameters.
Level 3 consist mainly investments in unlisted shares and debt instruments classified as other investments for
which the fair value can’t be reliably measured and derivative financial instrument for which the fair value has be\
en
determined using valuation techniques with unobservable inputs. The inpu\
t parameters of Level 3 of the fair value
hierarchy for equity investments are specified taking into account economic developments and available in\
dustry
and corporate data. The counterparty credit risk has been adjusted when determining the fair value.
2024
Carrying amounts Fair value
Fair value through profit or loss
Euro Amortized
cost Level 1 Level 2 Level 3 TotalFair value
Total
Non-current receivables 31,661 31,66131,661
Trade receivables 1,200,566 1,200,5661,200,566
Cash and cash equivalents 2,016,152 2,016,1522,016,152
Total Financial assets 3,248,37900 03,248,379 3,248,379
Non-current Interest-bearing loans
and borrowings 2,800,826
2,800,8262,800,826
Non-current trade and other payables 556556556
Current trade and other payables 340,638 340,638340,638
Contingent consideration liabilities 689,765689,765 689,765
Other current financial liabilities 80,989 80,98980,989
Total Financial liabilities 3,223,00900689,765 3,912,774 3,912,774

53
ANNUAL REPORT
JANUARY–DECEMBER 2024 NITRO GAMES OYJ
5.4 Financial Risk Management
Accounting policy
The Company’s principal financial liabilities, other than derivatives, comprise of\
loans and borrowings, and trade
and other payables. The main purpose of these financial liabilities is\
to finance the Company’s operations. The
Company’s principal financial assets include trade receivables, and cash and short-term deposits that derive
directly from its operations.
The Company is exposed to liquidity risk, interest rate risk, foreign currency risk and credit risk. The Company’s
board of directors oversees the management of these risks. The Company’s senior management monitors and
reports to the board of directors that the Company’s financial risk activities are governed by appropriate principles
and procedures and that financial risks are identified, measured and managed in accordance with the Company’s
policies and risk objectives. The Company does not use derivatives in it\
s risk management. The Board of Directors
reviews and agrees policies for managing each of these risks, which are summarised below.
5.4.1. Interest rate risk
Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of
changes in market interest rates. The Company’s exposure to the risk of changes in market interest rates relates
primarily to the Company’s long-term debt obligations with floating interest rates. The Company manages its
interest rate risk firstly by capital structure management and secondary by having a balanced portfolio of fixed
and variable rate loans and borrowings. Changes in interest rates does not have a significant impact on Nitro
Games profit and loss or equity as of 31.12.2024 Due to this, no sensitivity a\
nalysis has been presented for interest
rate risk.
5.4.2. Credit risk
Credit risk is the risk that a counterparty will not meet its obligations \
under a financial instrument or customer
contract, leading to a financial loss. The Company is exposed to credit risk from its operating activities (primarily
trade receivables) and from its financing activities, including deposits with banks and finan\
cial institutions, foreign
exchange transactions and other financial instruments.
Customer credit risk is managed by each business unit subject to the Company’s established principles,
procedures and control relating to customer credit risk management. Credit quality of a customer is assessed
each time Company enters into business contract with the customer. Outstanding customer receivables and
contract assets are regularly monitored and credit insurances for major customers’ receivables are obtained from
third parties if deemed necessary.
2023
Carrying amounts Fair value
Fair value through profit or loss
Euro Amortized
cost Level 1 Level 2 Level 3 TotalFair value
Total
Non-current receivables 30,021 30,02130,021
Trade receivables 712,873 712,873712,873
Cash and cash equivalents 3,825,829 3,825,8293,825,829
Total Financial assets 4,568,72300 04,568,723 4,568,723
Interest-bearing loans and borrowings 1,708,301 1,708,3011,708,301
Non-current trade and other payables 3,097 3,0973,097
Current trade and other payables 1,921,909 1,921,9091,921,909
Interest-bearing loans and borrowings 839,747 839,751839,747
Contingent consideration liabilities 1,919,8961,919,896 1,919,896
Other current financial liabilities 75,614 75,61475,614
Total Financial liabilities 4,548,668001,919,896 6,468,568 6,468,564

54
An impairment analysis is performed at each reporting date to measure expected credit losses. The provisions
are based on the managements review of past history of various customers with previous losses. The calculation
reflects the reasonable and supportable information that is available at the reporting date about past events,
current conditions, and forecasts of future economic conditions. The Company does not hold collateral as
security.
Refer to note 3.2 for information about the credit risk exposure on the Company’s trade receivables and contract
assets using a provision matrix.
5.4.3. Liquidity and refinancing risk
Nitro Games solvency risk is divided into refinancing and liquidity risks.
The liquidity risk is related to a circumstance in which the Company does not have access to sufficient liquid
assets to meet its obligations. To maintain sufficient liquidity, the Company prepares short-term, and long-
term cash forecasts and makes arrangements for additional financing if necessary. Approximately 21% of the
Company’s debt will mature in less than one year on 31 December 2024 (2023: 62%) based on the c\
arrying value
of borrowings reflected in the financial statements.
The Company’s loan agreements do not include any covenants.
The table below summarises the maturity profile of the Company’s financial liabilities based on contractual
undiscounted payments:
31.12.2024
EUR 20252026202720282029- Total
Interest-bearing liabilities 695,000403,207785,207785,207827,2073,495,827
Lease liabilities 52,02842,98925,748 3,111 -123,876
Total 747,028446,196810,954788,317827,2073,619,703
31.12.2023
EUR 202420252026202720282029- Total
Interest-bearing
liabilities 2,845,747
417,096403,207 –888,000 4,554,050
Lease liabilities 63,34339,56922,63514,300 –139,847
Total 2,909,090456,665425,842 14,300 888,0004,693,897
Debt maturities 31.12.2024
EUR 1-3 months4-12 months 1-5 years Total
Government agency loan 2,800,8262,800,826
Current Bank loans
Lease liabilities 13,00739,02171,848123,876
Trade payables 105,407316,220 421,627
Accrued liabilities 229,715689,146 918,861
Convertible loan 513,765176,000 689,765
Total liabilities 861,8941,220,387 2,872,674 4,954,955
5.4.3.2. Refinancing risk
The refinancing risk is related to a circumstance in which the Company does not have sufficient liquid assets to
repay its loans or in which refinancing is not available on favourable terms. The Company seeks to \
protect against
the refinancing risk by diversifying the maturity distribution of its loan \
portfolio and by assessing the share of
short-term financing and the Company’s need for long-term financing.

55
ANNUAL REPORT
JANUARY–DECEMBER 2024 NITRO GAMES OYJ
Financial liabilities, EUR
31.12.202431.12.2023
Non-current loans
Non-current Government agency loan 2,800,8261,694,412
Non-current Bank loans 13,889
Lease liabilities 71,84870,342
Convertible loan
Total non-current loans 2,872,6741,778,643
Current loans
Current Government agency loan 689,765806,414
Current Bank loans 33,333
Lease liabilities 52,02857,552
Convertible loan 1,919,896
Total current loans 741,7932,817,195
Total loans 3,614,4674,595,838
5.4.4. Foreign Currency risk
Foreign currency risk is described as the uncertainty in cash flow, profit and loss, and balance sheet that is caused
by the fluctuation of foreign currency exchange rates. Direct foreign currency transaction risk, that derives from
business or financial transactions, is insignificant for the Company\
.
Most of the Company business operations is conducted in EUR, as customer\
invoicing in done in EUR in
accordance with the customer contracts. Hence the Company has only a minor ex\
posure to translation risk in its
EUR-denominated profit and loss statement.
As the Company’s exposure to direct foreign currency transaction risk is insignificant, no sensitivity analysis has
been presented for foreign currency risk.
5.5 Capital Management
Primary objective in Company’s capital structure management is to ensure capabilities to acquire financing also
in uncertain operating environment to safeguard the continuity of business operations. In addition, by optimizing
capital structure, the Company aims to increase efficiency in terms of capital costs and return on capital
employed.
The Company manages its capital structure and makes adjustments in light of changes in economic conditions.
EUR 31.12.202431.12.2023
Interest bearing loans and borrowings 3,614,4674,595,838
Less: cash and short term deposits 2,016,1523,825,829
Net debt 1,598,315770,009
Equity 2,384,4271,686,361
Gearing ratio % 67.0%45.7%
In order to achieve this overall objective, the Company’s capital structure management, among other things, aims
to ensure that it meets financial covenants attached to the interest-bearing loans and borrowings that define
capital structure requirements. The company do not have any financial covenants of any interest-bearing loans
and borrowings during the reporting periods 1.1.-31.12.2023 and 1.1.-31.12.2024. The maturity profile of financial
liabilities has been presented in note 5.4.3.
EUR 31.12.202431.12.2023
Operating profit 654,179-3,024,847
Depreciation, amortisation and impairment 1,760,1141,308,284
EBITDA 2,414,294-1,716,563
Net debt to EBITDA 0.66-0.45

56
6. Other notes
Income taxes
Accounting policy
The income tax expense in profit or loss comprises both current tax and change in deferred taxes. Income taxes
are recognized in profit or loss.
Where tax positions are uncertain, accruals are recorded within income tax liabilities for management’s
best estimate of the ultimate liability expected to arise based on the s\
pecific circumstances, Company’s
interpretation of the tax laws and historical experience.
6.1. Current tax Income taxes on the income statement
The current income tax charge is calculated on the taxable income based on the tax rate and tax law\
s enacted
(or substantively enacted) by the period-end date in the countries whe\
re the Company operates and generates
taxable income. Current taxes are adjusted for the taxes of previous financial periods, if applicable.
Taxable profit may differ from the profit reported in financial statements, since some income or expense items
may be taxable or deductible in other years, and/or certain income items\
are not taxable, or certain expense
items are non-deductible for taxation purposes.
6.2 Deferred taxes
Deferred taxes are calculated on temporary differences between the tax bases of assets and liabilities and their
carrying amounts in the financial statements. Deferred taxes are determined using the statutory tax rates (and
tax laws) or the tax rates substantively enacted by the period-end.
Deferred tax liabilities
A deferred tax liability is recognized for taxable temporary differences between the carrying amount of the item
and the tax base.
Deferred tax assets
A deferred tax asset is recognized for deductible temporary differences, the carry forward of unused tax losses
and unused tax credits, only to the extent that it is probable that future taxable profits will be available, against
which Nitro Games can utilize the abovementioned items.

Recognized deferred tax assets: the Company reviews the amount and the probability of the utilization
of such assets at each period-end. If the utilization of the related tax benefit is not considered probable
anymore, Nitro Games recognizes a write-down against the deferred tax asset.

Unrecognized deferred tax assets: Nitro Games reassesses these items at each period-end and recognizes
those to the extent that it has become probable that future taxable profits will allow the deferred tax asset
to be recovered. This applies, for example, to deferred tax assets to be recognized on tax losses carried
forward. In making this determination, the Company considers all available pos\
itive and negative evidence
including projected future taxable income, future reversals of existing temporary differences, changes in tax
laws and/or rates and recent financial arrangements.
Tax losses for which no deferred tax asset is recognized.
Of the tax losses carried forward for which no deferred tax asset is recognized, EUR 26,527 thousand have arisen
in Nitro Games Oyj (EUR 24,243 thousand on 31 December 2023). EUR 15,646 thou\
sand of the losses expire
between 2024 and 2028 and EUR 12,371 thousand expires after 5 years.

57
ANNUAL REPORT
JANUARY–DECEMBER 2024 NITRO GAMES OYJ
Tax losses: deferred tax assets and liabilities, EUR thousand
20242023
Confirmed losses, unrecognized tax assets 26,52724,243
Confirmed losses on the basis of which a tax asset has been recognized 1,490727
Total tax losses 28,01724,970
Recognized deferred tax asset 145145
Unrecognized deferred tax assets 5,4584,849
Total tax assets 5,6034,994
Current tax on profit for the period -1530
Adjustments for current tax of prior periods 00
Total current income tax expense -1530
Deferred income tax
Change in deferred tax assets 153145
Change in deferred tax liabilities
Total deferred tax expense 153145
Income tax expense 0145
Carry forward tax losses
Confirmed losses expire in 10 years. Tax losses expire as follows:
EUR 20242023
Due in five years 15,6466,815
Due later than 5 years 12,37118,155
In total 28,01724,970
6.3 Remuneration of related parties and key management
6.3.1 Salaries and remuneration paid to the management
Compensation and benefits 2024
EUR Board of
Directors CEOExecutive
Management Team Total
Salaries, remunerations and other
short-term employee benefits * 52,800
187,300 586,675826,775
Share based payments 30,28960,57790,866
Total 52,800217,589 647,252917,641
2023
EUR Board of
Directors CEOExecutive
Management Team Total
Salaries, remunerations and other
short-term employee benefits * 48,000
154,000 537,291739,291
Share based payments 25,62051,23976,859
Total 48,000179,620 588,530816,150
* The company’s pension contributions are to defined contribution plans. Statutory pension contributions
are paid as part of payroll payments. Termination benefits are based on standard employment contracts
and are included in Salaries and other short-term employee benefits, See note 2.4.1

58
6.3.2 Related parties
Parties are considered to be related parties if a party is able to exercise control over the other or substantially
influence its decision-making concerning its finances and business o\
perations.
Related parties do not have any loans from the company. No guarantees or other guarantees have been provided
on behalf of the company’s related parties. All transactions between related parties have been done on an arm’s-
lengths basis.
6.3.3 Key Management Personnel (KMP) Share Transactions
During the financial year, key management personnel (or their close family members) traded shar\
es of the
Company. Individual transactions were disclosed to the stock exchange in accordance with Swedish Market
Regulations, and details are available on the Company’s website. The following is a summary of these transactions
for the year ended 31.12.2024:
Transaction Type Total Shares
Acquired Total Shares
Sold Total Value
EUR 000 Terms
Outside trading venue 1,782,200238Reference-based
Outside trading venue 6,492,636844Reference-based

6.4 Contingent liabilities and commitments
The company has no guarantees or liability commitments on 31 December 20\
24 or 31 December 2023.

59
ANNUAL REPORT
JANUARY–DECEMBER 2024 NITRO GAMES OYJ
Signatures to the financial statements
Original signed
Kotka, 22 April 2025
Johan Biehl Antti Villanen Susana Meza Graham
Chairman of the Board Board of member Board of member
Jussi Tähtinen
CEO
Auditor’s note
A report on the audit performed has been issued today.
Tampere, 22 April 2025
Moore Idman Oy, Authorised Public Accountants
Antti Niemistö
Authorised Public Accountant
The accounting has been performed by using Procountor accounting software.
Financial statements Electronic file
Journal and general ledger Electronic file
Accounts payable and receivable Electronic file
Bank receipts Electronic file
Purchase invoices Electronic file
Sales invoices Electronic file
Payroll accounts Electronic file
Memo vouchers Electronic file
Paper invoices are scanned and will be stored only in an electronic form in a paperless archive.
List of accounting books and
document types

60
Auditor´s report Translation of the finnish original
To the Annual General Meeting of Nitro Games Oyj
Audit of financial statements
Opinion
We have audited the financial statements of Nitro Games Oyj (business identity code 2134819-6) for the year
ended 31.12.2024. The financial statements comprise the balance sheet,\
income statement, statement of
comprehensive income, statement of changes in equity, statement of cash flows and notes, including material
accounting policy information.
In our opinion, the financial statements give a true and fair view of \
the company’s financial position, financial
performance and cash flows in accordance with IFRS Accounting Standards as adopted by the EU and comply
with statutory requirements.
Basis for Opinion
We conducted our audit in accordance with good auditing practice in Finland. Our responsibilities under good
auditing practice are further described in the Auditor’s Responsibilities for the Audit of the Financial Statements
section of our report. We are independent of the company in accordance with the ethical requirements that
are applicable in Finland and are relevant to our audit, and we have fulfilled our other ethical responsibilities
in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and
appropriate to provide a basis for our opinion.
Responsibilities of the Board of Directors and the Managing Director for the Financial Statements
The Board of Directors and the Managing Director are responsible for the preparation of financial statements that
give a true and fair view in accordance with IFRS Accounting Standards as adopted by the EU and comply with
statutory requirements. The Board of Directors and the Managing Director are also responsible for such internal
control as they determine is necessary to enable the preparation of financial statements that are free from material
misstatement, whether due to fraud or error.
In preparing the financial statements, the Board of Directors and the Managing Director are responsible for
assessing the company’s ability to continue as a going concern, disclosing, as applicable, mat\
ters relating to
going concern and using the going concern basis of accounting. The fin\
ancial statements are prepared using the
going concern basis of accounting unless there is an intention to liquidate the company or cease operations, or
there is no realistic alternative but to do so.
Auditor’s Responsibilities for the Audit of the Financial Statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole \
are free
from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our
opinion. Reasonable assurance is a high level of assurance, but is not a\
guarantee that an audit conducted in
accordance with good auditing practice will always detect a material misstate\
ment when it exists. Misstatements
can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably
be expected to influence the economic decisions of users taken on the \
basis of the financial statements.
As part of an audit in accordance with good auditing practice, we exercise professional judgment and maintain
professional skepticism throughout the audit. We also:
• Identify and assess the risks of material misstatement of the financia\
l statements, whether due to fraud or
error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is
sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material miss\
tatement
resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery,
intentional omissions, misrepresentations, or the override of internal control.

61
ANNUAL REPORT
JANUARY–DECEMBER 2024 NITRO GAMES OYJ
• Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are
appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the
company’s internal control.
• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates
and related disclosures made by management.
• Conclude on the appropriateness of the Board of Directors’ and the Managing Director´s use of the going
concern basis of accounting and based on the audit evidence obtained, wh\
ether a material uncertainty exists
related to events or conditions that may cast significant doubt on the \
company’s ability to continue as a going
concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s
report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify
our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’\
s report.
However, future events or conditions may cause the company to cease to continue as a g\
oing concern.
• Evaluate the overall presentation, structure and content of the financial statements, including the disclosures,
and whether the financial statements represent the underlying transactions and events so that the financial
statements give a true and fair view.
We communicate with those charged with governance regarding, among other matters, the planned scope and
timing of the audit and significant audit findings, including any si\
gnificant deficiencies in internal control that we
identify during our audit.
Other Reporting Requirements
Other Information
The Board of Directors and the Managing Director are responsible for the other information. The other
information comprises the report of the Board of Directors. Our opinion on the financial statements does not
cover the other information.
In connection with our audit of the financial statements, our responsibility is to read the other information and,
in doing so, consider whether the other information is materially incons\
istent with the financial statements or our
knowledge obtained in the audit, or otherwise appears to be materially m\
isstated. Our responsibility also includes
considering whether the report of the Board of Directors has been prepared in accordance with the applicable
laws and regulations.
In our opinion, the information in the report of the Board of Directors is consistent with the information in the
financial statements and the report of the Board of Directors has been prepared in accordance with the applicable
laws and regulations.
If, based on the work we have performed, we conclude that there is a material misstatement of the report of the
Board of Directors, we are required to report that fact. We have nothing to report in this regard.
Kotka, 22. April 2025
Moore Idman Oy
Authorised Public Accountants
Antti Niemistö
Authorised Public Accountant (KHT)

For Further information, please contact:
Jussi Tähtinen, CEO
+358 44 388 1071
jussi@nitrogames.com
nitrogames.com/investors
Ticker: NITRO
FI21348196
Kotka office
Juha Vainion katu 2
48100 Kotka
Finland
Helsinki office
Kaisaniemenkatu 2 B, 5th Floor
00100 Helsinki
Finland