Thunderful Group FY2024 Q3 Earnings Release

Q3
2024

• Net revenue decreased 8.9 MSEK to 74.3 MSEK (83.2) compared
to the same quarter last year.
• Operating profit (EBIT) decreased 59.3 MSEK to –68.9 MSEK
(–9.6), corresponding to an operating margin of –92.8 percent
(–11.5). Write-down of capitalised development cost amounted
to 11.4 MSEK for the quarter.
• Adjusted EBITDA decreased 34.8 MSEK to –2.4 MSEK (32.4),

corresponding to an adjusted EBITDA margin of –3.2 percent (39.0).
• Adjusted EBITA decreased 56.1 MSEK to –51.9 MSEK (4.1),

corresponding to an adjusted EBITA margin of –69.9 percent (5.0).
• Profit & loss for the quarter amounted to 7.9 MSEK (24.5), and
for continuing operations –17.7 MSEK (21.0).
• Earnings per share before and after dilution amounted to 0.11
SEK (0.35), and for continuing operations –0.25 SEK (0.30).
• Cash flow from operating activities amounted to –36.4 MSEK
(–61.9), of which discontinued operations amounted to –0.9 MSEK
(–1 2 4 . 0).
• Consolidated cash and cash equivalents together with

unutilised credit facilities amounted to 120.4 MSEK (110.6)
as of 30 September 2024.
• Mikael Falkner was appointed as new CFO and will assume his
role by 18 November 2024 at the latest, succeeding Per Alnefelt,
interim CFO.
Third quarter July–September 2024 The period January–September 2024
Focus on continued operational
improvements as well as investment
and cost optimizations
Q3
• Net revenue decreased 62.1 MSEK to 215.3 MSEK (277.4)

compared to the same period last year.
• Operating profit (EBIT) decreased 303.3 MSEK to –281.8 MSEK
(21.6), corresponding to an operating margin of –130.8 percent
(7.8). Write-down of capitalised development cost amounted
to 112.1 MSEK for the period.
• Adjusted EBITDA decreased 165.8 MSEK to –26.4 MSEK (139.4),

corresponding to an adjusted EBITDA margin of –12.3 percent
(50 . 2).
• Adjusted EBITA decreased 295.7 MSEK to –225.0 MSEK (70.7),

corresponding to an adjusted EBITA margin of –104.5 percent
(25 . 5).
• Profit & loss for the period amounted to –390.5 MSEK (–22.4),
and for continuing operations –212.3 MSEK (–26.3).
• Earnings per share before and after dilution amounted to –5.56
SEK (–0.32), and for continuing operations –3.02 SEK (–0.37).
• Cash flow from operating activities amounted to 218.8 MSEK
(11.2), of which discontinued operations amounted to 300.6
M S E K (–1 4 3 . 0).
Events after the end of the quarter
• Thunderful Group announced that they will

implement a strategic restructuring program
within its publishing segment. This program involves
increased focus on publishing third-party games
and a reduction of investments in internal game
projects. The program will result in a workforce
reduction of 80–100 employees and the discontin –
uation of certain internal game projects. Annual
cost savings are estimated at 80–90 MSEK, while
write-downs of capitalised game development
expenditure, goodwill and game rights, are expected
to amount to 220–240 MSEK.
2
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THUNDERFUL GROUP INTERIM REPORT JANUARYSEPTEMBER 2024

Key performance indicators Quarter Period
GROUP Q3 2024 Q3 2023 Δ% Jan-Sep 2024 Jan-Sep 2023 Δ%
Net revenue, MSEK 74.3 83.2 –10.7% 215.3 277.4 –22.4%
Gross profit, MSEK 69.0 92.4 –25.3% 176.1 272.0 –35.3%
Gross margin 93.0% 111.1% 81.8% 98.1%
EBITDA, MSEK –2.4 32.4 –107.3% –35.5 134.5 –126.4%
Adjusted EBITDA, MSEK –2.4 32.4 –107.3% –26.4 139.4 –119.0%
Adjusted EBITDA margin –3.2% 39.0% –12.3% 50.2%
EBITA, MSEK –51.9 4.1 –1,357.7% –234.1 65.8 –455.9%
Adjusted EBITA, MSEK –51.9 4.1 –1,357.7% –225.0 70.7 –418.2%
Adjusted EBITA margin –69.9% 5.0% –104.5% 25.5%
Operating result (EBIT), MSEK –68.9 –9.6 620.8% –281.8 21.6 –1,405.6%
Operating margin (EBIT margin) –92.8% –11.5% –130.8% 7.8%
Profit & loss for the period, MSEK 7.9 24.6 –67.8% –390.5 –22.4 –1,641.1%
Profit & loss for the period for continuing operations, MSEK –17.7 21.0 –183.9% –212.3 –26.3 –707.1%
Net core working capital, MSEK 14.5 841.5 –98.3% 14.5 841.5 –98.3%
Cash flow from operating activities, MSEK –36.4 –61.9 41.2% 218.8 11.2 1,853.6%
Interest-bearing net debt, MSEK 23.0 652.6 –96.5% 23.0 652.6 –96.5%
Interest-bearing net debt/adjusted EBITDA, R12M –0.6 2.4 –125.0% –0.6 2.4 –125.0%
Earnings per share before dilution, SEK 0.11 0.35 –67.8% –5.56 –0.32 –1,637.5%
Earnings per share after dilution, SEK 0.11 0.35 –67.8% –5.56 –0.32 –1,637.5%
Earnings per share before dilution for continuing operations, SEK –0.25 0.30 –183.9% –3.02 –0.37 –707.1%
Earnings per share after dilution for continuing operations, SEK –0.25 0.30 –183.9% –3.02 –0.37 –707.1%
Net profit margin 10.6% 29.5% –181.3% –8.1%
Net profit margin for continuing operations –23.8% 25.3% –98.6% –9.5%
See page 27 for the definition of key per formance indicators.
Q3
LOST IN RANDOM: THE ETERNAL DIE THUNDERFUL
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THUNDERFUL GROUP INTERIM REPORT JANUARYSEPTEMBER 2024

CEO Comments
Following the extensive restructuring and divestments
that characterized the first half of the year, we have now
laid the foundation for a smaller, more specialized com –
pany. With a new strategy and organisational structure
in place, we now focus on operational, investment and
cost-efficiency improvements to reach positive cash flow
as soon as possible.
The group’s net sales amounted to 74.3 MSEK (83.2) in the third
quarter of 2024, with an operating result of –68.8 MSEK (–9.6).
Personnel-related costs and other external expenses
amounted to 94.8 MSEK during the quarter, which is within the
range previously communicated in connection with the restruc –
turing program initiated in January.
Publishing
The Publishing segment, which includes the global releases of
games developed both by external third-party developers and
by our eight internal game studios, had net sales of 43.5 MSEK
(54.2) in the third quarter, approximately 20 percent lower than
last year. This change is partly due to several one-off revenues
linked to platform agreements in the third quarter of 2023.
The viking game Aska, which launched in Early Access at the
end of June, has continued to exceed sales expectations and
maintains strong momentum for a successful full release in 2025.
In August, we launched SteamWorld Heist II on PC, Switch,
PlayStation, and Xbox. Despite receiving critical acclaim, with an
average Metacritic score above 80 and 96% positive reviews on
Steam, we have faced challenges in re-engaging players who
enjoyed the first game. Following the launch, and as part of our
new strategy, we’ve decided on a different approach to market –
ing our games. We are placing greater focus on targeted audi –
ence activities and initiatives that build player communities and
drive long-term engagement with our games.
Although SteamWorld Heist II has performed below our expec –
tations, our other transactional sales – selling our games directly
to consumers through online stores – have continued to improve,
which is a positive indication of our increased commercial focus.
For the first nine months of the year, the segment’s net sales
totaled 132.9 MSEK (128.0), slightly higher than last year.
At the major gaming convention GamesCom in August,

Thunderful announced two new titles: Lost in Random: The

Eternal Die, an action-packed rogue-like adventure game that
will be available on multiple platforms, including PC, Xbox,

Nintendo Switch, and PS5, and Reignbreaker, another rogue-
like game with a unique “medievalpunk” aesthetic. Both games
are set to launch in 2025.
Co-development & Services
This segment includes co-development operations within Coat –
sink and ser vice operations within Robot Teddy. The quarter’s net
sales amounted to 30.7 MSEK (28.9), and adjusted EBITDA was
5.5 MSEK (22.4). The lower EBITDA result is partly due to slightly
higher personnel costs within Coatsink, but more significantly
due to a one-off effect in the form of a release of reser ves in the
same quarter of 2023.
The revenue primarily comes from co-development, where
Coatsink’s experienced game developers continue to deliver
VR-focused development ser vices to satisfied global clients such
as Meta and Sony Pictures. The team contributed to the develop –
ment of the critically acclaimed game Batman: Arkham Shadow,
which launched in October.
Following the end of the quarter, Robot Teddy’s partner Dob –
orog Games announced that the game Clone Drone in the
Hyperdome will be launched on Meta Quest and Steam VR in
December.
Continued Improvements
After a transformative first half of the year, Thunderful Group
now has a clear focus on refining and improving all parts of the
business to achieve goals of positive cash flow and future
growth.
Throughout the year, Thunderful has released several exciting
titles, and we have more games in the pipeline that we have high
expectations for. Our direction for ward is clear: although there is
still much work to be done before we reach our full potential, we
are seeing important improvements step by step, giving us rea –
son for long-term optimism.
Martin Walfisz
CEO of Thunderful Group
November 2024
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THUNDERFUL GROUP INTERIM REPORT JANUARY:SEPTEMBER 2024

Thunderful Group AB (publ) focuses on the publishing
and development of high-quality digital games primar –
ily for PC and console platforms. Headquartered in
Gothenburg, Sweden, Thunderful Group spans a sig –
nificant portion of the game industry value chain
through its two main operating segments: Publishing
and Co-Development & Services.
The group encompasses a global games publishing
business, eight game studios with various creative
and technological expertise, and a services business.
The segments work synergistically to develop, market,
and support a diverse portfolio of gaming experiences.
With 315 employees, Thunderful Group leverages a
talented workforce, primarily based in Europe, dedi –
cated to providing engaging and innovative digital
entertainment.
MISSION
To provide creative entertainment products
of the highest quality for people of all ages.
VISION
To be a leader in a world where
everyone can play.
Net revenue, Q3 2023– Q3 2024 Adjusted EBITA, Q3 2023– Q3 2024
100
50 0
–50
–100
–150
–200 MSEK
Q3
2024
2023
Q3
Q4 Q2
Q1
Publishing
Co\bdevelopment & services
MSEK
Q3
2024
2023
Q3 Q4 Q2
Q1
1 50
12090
60
30 0
1 5012090
60
30 0
Publishing
\bo-development & services
About Thunderful
Group
5
Q3
THUNDERFUL GROUP INTERIM REPORT JANUARYΔSEPTEMBER 2024

Financial development
of the Group
Third quarter (1 July–September 30)
Net revenue
The Group’s net revenue for the quarter amounted to 74.3 MSEK
(83.2), corresponding to a decrease of 10.7 percent.
Segment
Net revenue amounted to 43.5 MSEK (54.2) in the Publishing

segment, a decrease of 19.7 percent, as a result of one-off reve –
nues from platform deals in the same quarter last year. In the
Co-
development & ser vices segment net revenue amounted to
30.7 MSEK (28.9), an increase of 6.2 percent.
MSEK 2024 Q3 2023 Q3 Δ%
Thunderful Publicing 43.5 54.2 –19.7%
Thunderful Co-development & services 30.7 28.9 6.2%
Net revenue 74.3 83.2 –10.7%
Operating expenses
Purchased games-development services and royalties amounted
to –5.7 MSEK (–1.9), an increase of 198.2 percent, primarily due to
a reser ve release in the same quarter 2023.
Other external expenses amounted to –31.1 MSEK (–26.5), an
increase of 17.3 percent, mainly due to higher marketing costs
related to game releases in the quarter.
Personnel expenses amounted to –63.7 MSEK (–69.3), a decrease
of 8.1 percent, related to staff reductions as a result of the restruc –
turing program. The total number of employees at the end of the
quarter was 315 (365).
Depreciation and amortisation amounted to –66.5 MSEK
(–42.0), an increase of 58.6 percent, primarily due to write-down
of capitalised game development of 11.4 MSEK. PPA-related
depreciation and amortisation (Purchase Price Allocation)
amounted to –17.0 MSEK (–13.7), an increase of 23.6 percent.
Adjusted operating profit, EBITDA
Adjusted operating profit before depreciation, amortisation and
impairment of intangible assets and property, plant and equip –
ment (EBITDA) during the quarter amounted to –2.4 MSEK (32.4),
corresponding to an adjusted EBITDA margin of –3.2 percent
(39.0). Adjusted EBITDA was not subject to any adjustments in the
third quarter 2024.
Segment
Adjusted EBITDA for the Publishing segment amounted to –7.9
MSEK (10.0) for the quarter, corresponding to an adjusted EBITDA
margin of –18.1 percent (18.5).
Adjusted EBITDA for the Co-development & ser vices segment
amounted to 5.5 MSEK (22.4) for the quarter, corresponding to an
adjusted EBITDA margin of 17.8 percent (77.3).
Adjusted operating profit, EBITA
Adjusted operating profit before acquisition-related depreciation
and amortisation (EBITA) amounted to –51.9 MSEK (4.1) for the
quarter, corresponding to an adjusted EBITA margin of –69.9 per –
cent (5.0). Adjusted EBITA was not subject to any adjustments in
the third quarter 2024.
Segment
Adjusted EBITA for the Publishing segment amounted to –57.4
MSEK (–18.1) for the quarter, corresponding to an adjusted EBITA
margin of –131.9 percent (–33.4).
Adjusted EBITA for the Co-development & ser vices segment
amounted to 5.5 MSEK (22.2) for the quarter, corresponding to
an adjusted EBITA margin of 17.8 percent (76.8).
Operating profit, EBIT
Operating profit during the quarter amounted to –68.9 MSEK (–9.6),
corresponding to an operating margin of –92.8 percent (–11.6).

EBIT was not subject to any adjustments in the third quarter 2024.
Segment
Operating profit in the Publishing segment amounted to –71.9
MSEK (–29.4) for the quarter, corresponding to an operating mar –
gin of –165.2 percent (–54.3).
Operating profit in the Co-development & ser vices segment
amounted to 3.0 MSEK (19.8) for the quarter, corresponding to
an operating margin of 9.8 percent (68.5).
6
Q3
THUNDERFUL GROUP INTERIM REPORT JANUARY:SEPTEMBER 2024

ASKASAND SAILOR STUDIOS
Financial net
Financial net amounted to 50.9 MSEK (39.5) for the quarter. Of
the total financial net, –24.2 MSEK (58.8) comprised the net of
exchange gains and exchange losses, –0.9 MSEK (–8.3) of the net
from interest cost and interest income, 76.2 MSEK (–11.0) of the
net from the revalution of earn-outs and –0.2 MSEK (0.0) of
results from associated companies.
Net exchange gains and exchange losses includes –31.6 MSEK
of unrealised exchange effects.
Profit/loss for the quarter
Profit/loss for the quarter amounted to 7.9 MSEK (24.5), corre –
sponding to a net profit margin of 10.6 percent (29.5). Profit/loss
for the quarter for continuing operations amounted to –17.7 MSEK
(21.0), corresponding to a net profit margin of –23.8 percent (25.3).
Other comprehensive income
Other comprehensive income during the quarter was impacted
by currency translation differences in foreign operations and
totalled –13.4 MSEK (–67.9).
7
Q3
THUNDERFUL GROUP INTERIM REPORT JANUARY:SEPTEMBER 2024

Financial development
of the Group
The period (1 January–September 30)
Net revenue
The Group’s net revenue for the period amounted to 215.3 MSEK
(277.4), corresponding to a decrease of 22.4 percent.
Segment
Net revenue amounted to 132.9 MSEK (128.0) in the Publishing
segment, an increase of 3.8 percent. Net revenue amounted to
82.4 MSEK (149.4) in the Co-development & ser vices segment, a
decreased 44.8 percent, mainly due to lower sales in Robot Teddy.
MSEK 2024 Jan–Sep 2023 Jan–Sep Δ%
Thunderful Publishing 132.9 128.0 3.8%
Thunderful Co-development & services 82.4 149.4 –44.8%
Net revenue 215.3 277.4 –22.4%
Operating expenses
Purchased games-development services and royalties amounted
to –41.4 MSEK (–17.7), an increase of 134.1 percent, primarily due
to reser ve releases in the prior year.
Other external expenses amounted to –87.1 MSEK (–54.1), an
increase of 61.1 percent, mainly due to higher marketing costs
when compared to the same period 2023. Other external
expenses also includes restructuring costs of –3.0 MSEK in 2024.
Personnel expenses amounted to –205.0 MSEK (–191.0), an
increase of 7.3 percent. The increse is attributed to higher aver –
age employee count during the period compared to last year
and restructuring costs of 6.1 MSEK. The total number of employ –
ees at the end of the period was 315 (365).
Depreciation and amortisation amounted to –246.2 MSEK
(–112.9), an increase of 118.1 percent, mainly due to write-down of
capitalised game development cost of 112.1 MSEK in the period.
PPA-related depreciation and amortisation (Purchase Price

Allocation) amounted to –47.7 MSEK (–44.2), an increase of 7.7
percent.
Adjusted operating profit, EBITDA
Adjusted operating profit before depreciation, amortisation and
impairment of intangible assets and property, plant and equip –
ment (EBITDA) during the period amounted to –26.4 MSEK (139.4),
corresponding to an adjusted EBITDA margin of –12.3 percent
(50.2). Adjusted EBITDA was adjusted for non-recurring items of
–9.1 MSEK (–4.9), mainly attributed to personnel related restruc –
turing costs.
Segment
Adjusted EBITDA for the Publishing segment amounted to –40.5
MSEK (37.1) for the period, corresponding to an adjusted EBITDA
margin of –30.4 percent (29.0). Adjusted EBITDA was adjusted for
non-recurring items of –8.7 MSEK (–4.9), attributed to personnel
related restructuring costs.
Adjusted EBITDA for the Co-development & ser vices segment
amounted to 14.0 MSEK (102.3) for the period, corresponding to an
adjusted EBITDA margin of 17.0 percent (68.5). Adjusted EBITDA
was adjusted for non-recurring items of –0.4 MSEK (0.0),
attributed to personnel related restructuring costs.
Adjusted operating profit, EBITA
Adjusted operating profit before acquisition-related depreciation
and amortisation (EBITA) amounted to –225.0 MSEK (70.7) for the
period, corresponding to an adjusted EBITA margin of –104.5 per –
cent (25.5). Adjusted EBITA was adjusted for non-recurring items
of –9.1 MSEK (–4.9), mainly attributed to personnel related
restructuring costs.
Segment
Adjusted EBITA for the Publishing segment amounted to –238.9
MSEK (–31.1) for the period, corresponding to an adjusted EBITA
margin of –179.8 percent (–24.3). Adjusted EBITDA was adjusted
for non-recurring items of –8.7 MSEK (–4.9), attributed to person –
nel related restructuring costs.
Adjusted EBITA for the Co-development & ser vices segment
amounted to 13.9 MSEK (101.9) for the period, corresponding to an
adjusted EBITDA margin of 16.9 percent (68.2). Adjusted EBITDA
was adjusted for non-recurring items of –0.4 MSEK (0.0),
attributed to personnel related restructuring costs.
Operating profit, EBIT
Operating profit during the period amounted to –281.8 MSEK
(21.6), corresponding to an operating margin of –130.8 percent
(7.8). Operating profit includes non-recurring items of –9.1 MSEK
(–4.9), mainly attributed to personnel related restructuring costs.
Segment
Operating profit in the Publishing segment amounted to –288.0
MSEK (–73.2) for the period, corresponding to an operating mar –
gin of –216.7 percent (–57.1). Operating profit includes non-recur –
ring items of –8.7 MSEK (–4.9), attributed to personnel related
restructuring costs.
Operating profit in the Co-development & ser vices segment
amounted to 6.2 MSEK (94.7) for the period, corresponding to an
operating margin of 7.6 percent (63.4). Operating profit includes
non-recurring items of –0.4 MSEK (0.0), attributed to personnel
related restructuring costs.
8
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THUNDERFUL GROUP INTERIM REPORT JANUARY:SEPTEMBER 2024

Financial net
Financial net amounted to 67.3 MSEK (–31.2) for the period.
Of the total financial net, 2.8 MSEK (–4.1) comprised the net
of exchange gains and exchange losses, –20.4 MSEK (–19.5) of
the net from interest cost and interest income, 85.6 MSEK (–7.6)
of the net from the revalution of earn-outs and –0.7 MSEK (0.0)
of results from associated companies.
Net exchange gains and exchange losses includes –12.7 MSEK
of unrealised exchange effects.
Profit/loss for the period
Profit/loss for the period amounted to –390.5 MSEK (–22.4),

corresponding to a net profit margin of –181.3 percent (–8.1).
Profit /loss for continuing operations for the period amounted
to –212.3 MSEK (–26.3), corresponding to a net profit margin of
–9 8 . 6 p e r c e n t (–9. 5).
Other comprehensive income
Other comprehensive income during the period was impacted
by currency translation differences in foreign operations and
totalled 83.1 MSEK (81.9).
LOST IN RANDOM: THE ETERNAL DIE THUNDERFUL
9
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THUNDERFUL GROUP INTERIM REPORT JANUARY:SEPTEMBER 2024

Financial position
Financial position and liquidity
The Group’s total assets on 30 September 2024 amounted
to 1,415.3 MSEK, compared with 3,708.7 MSEK on 30 Septem –
ber 2023.
Core working capital on 30 September 2024 amounted to 14.5
MSEK, compared with 841.5 MSEK on 30 September 2023, mainly
as a result of the divestment of the distribution companies at the
end of the second quarter.
The Group’s equity on 30 September 2024 totalled 1,075.4
MSEK, compared with 2,043.4 MSEK on 30 September 2023.
Thunderful Group has a confirmed credit facility of 10.5 MEUR
(118.7 MSEK on 30 September 2024) with Danske Bank. On the
balance-sheet date, 30 September 2024, Thunderful Group uti –
lised 18.7 MSEK of this facility and cash and cash equivalents
amounted to 20.4 MSEK.
Including the unutilised portion of the confirmed credit facility,
cash and cash equivalents as per 30 September 2024 amounted
to 120.4 MSEK, compared with 110.6 MSEK on 30 September 2023.
Cash flow and investments
Cash flow from operating activities during the third quarter
amounted to –36.4 MSEK (–61.9) and during the period to 218.8
MSEK (11.2). Cash flow from operating activities for discontinued
operations amounted to –0.9 MSEK (–124.0) for the quarter and
300.6 MSEK (–143.0) for the period.
Various investments, noted below, were made during the quarter
and period:
Quarter Period Full-year 2023 MSEK 2024Q3 2023Q3 2024 Jan–Sep 2023 Jan–Sep RTM
Internal game development capex 27.9 51.5 97.2 158.6 141.1 202.4
Publishing licences capex 6.9 20.0 35.7 56.6 55.0 76.0
Game projects capex 0.0 0.0 0.0 4.1 –2.4 1.7
Acquisition capex 0.0 0.0 0.0 23.8 0.0 23.8
Other capex 1.1 0.4 1.1 1.8 0.4 1.1
Cash flow from discontinued operations 0.0 11.0 –298.3 25.3 –298.4 25.2
Total investments 35.9 82.9 –164.3 270.2 –104.3 330.2
Cash flow from investing activities amounted to –35.9 MSEK
(–82.9) for the third quarter and 164.3 MSEK (–270.2) for the
period. The positive cash flow in the period January through
September 2024 is related to the divestment of intangible assets
from discontinued operations.
Cash flow from financing activities amounted to –40.4 MSEK
(133.8) for the third quarter and –573.4 (238.1) for the period,
mainly attributed to a repayment in full of the previous loan
facility.
Parent Company
Net revenue in the Parent Company during the period amounted
to 16.1 MSEK (7.6), operating result to –408.8 MSEK (–23.3) and profit
for the period to –507.0 MSEK (–24.3). The Parent Company’s reve –
nue comprises intra-group services. During the period write-down
of shares in the amount of 248.7 MSEK were made for subsidiaries
from discontinued operations. A realised loss of 375.8 MSEK was
booked in the Parent Company related to the divestment of discon –
tinued operations.
10
Q3
THUNDERFUL GROUP INTERIM REPORT JANUARY:SEPTEMBER 2024

Operational overview
by segment
Q3
Publishing
The Publishing segment is dedicated to the development, market –
ing, distribution and commercialisation of digital games and
intellectual properties (IPs). This includes projects developed
internally by in-house studios as well as those created externally
by third-party teams.
Revenue for the Publishing segment primarily comes from trans –
actional sales (i.e. direct sales to consumers via online stores), sup –
plemented by platform deals and collaborations with various mar –
keting, commercialisation, and distribution partners. Back catalog
sales, which encompass all game titles released more than two
years ago, contribute to form an essential and stable foundation of
the segment’s income.
The Publishing segment requires ongoing investments in capital –
ised game development projects which generally have a develop –
ment cycle spanning several years before they can begin generat –
ing revenue. These investments are crucial for maintaining a steady
and growing pipeline of high-quality game releases.
The long-term objective of the Publishing segment is to create
commercially successful games and IPs that provide stable revenue
streams with strong financial performance, ensuring sustained
growth and profitability for the business.

The Co-Development & Ser vices segment offers a range of game
development and publishing services to external partners.
Co-Development focuses on ideating, planning, and develop –
ing game projects in collaboration with external partners and
licensees. This segment generates revenue through predictable
work-for-hire arrangements with stable margins and can include
revenue-sharing agreements. With external partners contributing
funding, Thunderful Group can efficiently manage costs while
fostering successful partnerships.
The Ser vices business offers tailored support to third-party
game developers who choose to self-publish. Utilizing the exper –
tise and resources of the Publishing segment, services include
business development, marketing support, release management,
and strategic reviews. Revenue is generated through a combina –
tion of consulting fees and revenue-sharing agreements, ensuring
predictable and stable margins.
The long-term objective of the Co-Development & Ser vices seg –
ment is to be recognised as a best-in-class ser vice provider, foster
enduring relationships that contribute to partners’ success, while
generating predictable revenue and profits for Thunderful Group.
Thunderful Groups’ operations are divided
into two segments:
Co-development & services
11
THUNDERFUL GROUP INTERIM REPORT JANUARY:SEPTEMBER 2024

Game released during
and after the third quarter
of 2024
During the third quarter of 2024, the Group released two
games of which one from an internal studio. No games were
released after the end of the quarter but before the publica –
tion of this report.
The Group has 8 ongoing internal game-development projects
and 3 ongoing game-development projects that are being devel –
oped by third parties, which are intended to be published by the
Group’s publishing company.
STEAMWORLD HEIST II THUNDERFUL GOTHENBURG
12
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THUNDERFUL GROUP INTERIM REPORT JANUARY:SEPTEMBER 2024

Announced releases of internally developed games
Game description Platforms
Title Release Publisher
PC Console Mobile VR
Augmented Empire 2024, 2H Coatsink
Reignbreaker 2025, 1H Thunderful
Lost in Random: The Eternal Die 2025, 1H Thunderful
“Neapolitan” 2025, 1H Coatsink
“Trident” 2025, 1H Early Morning Studio
“Oyster” 2025, 2H Coatsink
“Date” 2025, 2H Coatsink
“Lemon” 2025, 2H To The Sky
Announced releases of externally developed games
Game description Platforms
Title Release
PC Console Mobile VR
ASKA 2025, 1H
Replaced 2025, 2H
“Peach” 2025, 2H
Game released during the third quarter 2024
Game description Platforms
Title Release Publisher Studio
PC Console Mobile VR
SteamWorld Heist II 2024-08-08 Thunderful Internal
Phantom Spark 2024-08-15 Coatsink External
Game released after the third quarter 2024
Game description Platforms
Title Release Publisher Studio
PC Console Mobile VR
n/a n/a n/a n/a n/a n/a n/a n/a
“Non-advertised game name” Released Under development N/A
13
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THUNDERFUL GROUP INTERIM REPORT JANUARYΔSEPTEMBER 2024

Organisation
As of 30 September 2024, the number of full-time employees was
315 (365), of whom 100 (89) women and 215 (276) men.
Related party transactions
The following related party transactions have occurred in Thun –
derful Group during the period.
Thunderful Group divested the German subsidiary, Headup
GmbH, for a purchase price of 500 KEUR. The buyer was Head –
up’s CEO Dieter Schoeller.
Thunder ful Group divested the
operations and assets of Nor –
dic Game Supply for a puchase price corresponding to the book
value of the inventory with an agreed discount. The buyer is a
company owned by Henrik Mathiasen, CEO of Bergsala AB and
former CEO of Nordic Game Supply AB.
Thunderful Group divested the distribution companies AMO
Toys AB, Bergsala Aktiebolag, Thunderful 1 AB and Thunderful
Solutions AB to Bergsala NDP AB, owned by the founder of

Bergsala, Owe Bergsten.
There were no other related party transactions of significant
value during the period.
Risks and uncertainties
Thunderful Group is exposed to risks, particularly the valuation of
intangible assets, financing and launch risk for ongoing game
developments. The complete risk analysis is found on pages 48–53
and pages 68–69 of the Group’s 2023 Annual Report, published
on the company’s website. The company has evaluated its intangi –
Other information
ble fixed assets on an ongoing basis and has made the assess –
ment that no further material write-down needs exist as at the bal –
ance sheet date. The company’s assessment is that current and
available financing is sufficient to ensure continued operations.
Accounting policies
This interim report has been prepared in accordance with IAS 34
Interim Financial Reporting. For the Parent Company, the Swedish
Financial Reporting Board’s Recommendation RFR 2 Financial
Reporting for Legal Entities has been applied in the preparation
of this interim report. The accounting policies and basis of calcu –
lation correspond to the policies applied in the company’s most
recent annual report.
As per the second quarter of 2024, the Group applies IFRS 5
and reports the profit/loss for the period from discontinued
operations in the former Games and Distribution segments
separately.
For further information on the Group’s accounting policies,
refer to the 2023 A nnual Report, which is published on the com –
pany’s website.
Discontinued operations
During the second quarter, Thunderful divested the gaming

company Headup and discontinued operations in the gaming
company Stage Clear. The profit / loss from these operations are
reported separately in the Group as “discontinued operations
Games.” At the end of the second quarter, Thunderful divested
the sub-groups AMO Toys and Bergsala in the former Distribu –
Summary of profit / loss and cash flow effects from discontinued operations
Quarters Period
MSEK 2024Q3 2023Q3 2024 Jan–Sep 2023 Jan–Sep RTM Helår2023
Discontinued operations Games –0.6 –2.3 –56.8 –3.8 –180.9 –127.8
Of which
Realised loss on divestment 0.0 0.0 –42.7 0.0 –42.7 0.0
Transaction costs 0.0 0.0 –3.1 0.0 –3.1 0.0
Operating results –0.6 –2.3 –11.1 –3.8 –135.1 –127.8
Discontinued operations Distribution 26.2 5.8 –121.4 7.6 –51.4 77.6
Of which
Realised loss on divestments 0.0 0.0 –0.7 0.0 –0.7 0.0
Transaction costs –1.0 0.0 –19.1 0.0 –19.1 0.0
Operating results 27.2 5.8 –101.5 7.6 –31.6 77.6
Cash flow analysis
Adjustment for non-cash items –0.1 16.2 24.1 49.3 199.3 224.4
Paid taxes 1.1 1.6 –2.7 –3.4 –0.3 –1.1
Net cash flow from operating activities –27.5 –143.0 457.2 –194.1 820.8 169.5
Net cash flow from investing activities 0.0 –11.0 298.3 –25.3 298.4 –25.2
Net cash flow from financing activities 0.1 –3.6 –8.9 –13.0 –13.9 –18.0
Net change in cash and cash equivalents from discontinued operations –26.4 –139.8 768.0 –186.6 1,304.2 349.6

14
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THUNDERFUL GROUP INTERIM REPORT JANUARY:SEPTEMBER 2024

tion segment as well as assets and customer relationships in
the sub-group NGS. The profit / loss from these operations is
reported separately in the Group as “discontinued operations
Distribution”.
Dividend
Thunderful Group strives to invest its profit and cash flows
in organic growth initiatives and acquisitions to support value
creation, and therefore does not intend to pay annual dividends
in the medium term.
Financial targets
Thunderful Group has previously communicated financial

targets, however, in connection with the divestment of the

Distribution operations, the Board decided to withdraw these.
Thunderful Group intends to communicate new long-term

financial targets when appropriateate.
Events during the quarter
Mikael Falkner was appointed as new CFO and will assume his
role by 18 November 2024 at the latest, succeeding Per Alnefelt,
interim CFO.
Events after the end of the period
Thunderful Group announced that they will implement a strategic
restructuring program within its publishing segment. This pro –
gram involves increased focus on publishing third-party games
and a reduction of investments in internal game projects. The
program will result in a workforce reduction of 80–100 employ –
ees and the discontinuation of certain internal game projects.
Annual cost savings are estimated at 80–90 MSEK, while write-
downs of capitalised game development expenditure, goodwill
and game rights, are expected to amount to 220-240 MSEK.
Auditors’ review
This interim report has been subject to review by the company’s
auditors, see the audit report on pages 18.
ASKASAND SAILOR STUDIOS
15
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THUNDERFUL GROUP INTERIM REPORT JANUARYΔSEPTEMBER 2024

The share
Name Shares Shares of capi – tal and votes, %
Bergsala Holding AB 17,913,693 25.49%
Avanza Pension 5,332,085 7.59%
Brjann Sigurgeirsson (privately and through companies 4,375,000 6.22%
Lyngeled Holding AB 4,275,000 6.08%
Nordea Liv & Pension 2,670,960 3.80%
Johan Henningsson 2,513,703 3.58%
Knutsson Holdings AB 2,496,028 3.55%
ÖstVäst Capital Management 2,200,000 3.13%
Andreas Johansson 1,539,742 2.19%
Nordnet Pensionsförsäkring 1,532,643 2.18%
TOTAL TOP 10 44,848,854 63.80%
Other 25,441,743 36.20%
TOTAL 70,290,597 100.0%
Financial statements and other financial and general

information are published on the Group’s website
www.thunderfulgroup.com
Responsible for IR issues is
CFO Per Alnefelt
+46 727 17 02 17
per.alnefelt@thunderfulgroup.com
As of 30 September 2024, Thunderful Group AB’s share capital
amounted 702,905.97 SEK distributed across 70,290,597 shares with
a quotient value of 0.01 SEK per share. Thunderful Group AB (publ)
has been listed since December 2020 on Nasdaq Stockholm and the
Outstanding warrant programmes active at the time of this report’s publication are:
Warrant programme Number of warrants Corresponding number of shares Proportion of total shares Exercise price Expiration period
Warrant programme 2022/2025 270,000 270,000 0.4% 47.22 19 May–30 Jun 2025
Warrant programme 2023/2026 860,000 860,000 1.2% 20.28 19 May–30 Jun 2026
Warrant programme 2024/2027 5,470,983 5,470,983 7.8% 3.34 1 June–15 July 2027
Total 6,600,983 6,600,983
company’s share is traded on First North Premier Growth Market
(THUNDR). On the balance-sheet date of 30 September 2024,

Thunderful Group’s market capitalisation was around 85.8 MSEK.
Certified adviser
FNCA Sweden ABinfo@fnca.se ABG Sundal CollierSimon Jönsson+46 708 44 86 89simon.jonsson@abgsc.se
RedeyeAnton Hoof+46 764 92 50 26anton.hoof@redeye.se
Analysts who follow Thunderful Group AB (publ)
16
Q3
THUNDERFUL GROUP INTERIM REPORT JANUARY:SEPTEMBER 2024

Signature
The CEO offers his assurance that this interim report gives
a true and fair view of the Group’s and Parent Company’s
operations, financial position and results of operations and
describes the significant risks and uncertainties facing the
Group and the Parent Company.
Gothenburg, 14 November 2024
Martin Walfisz
Chief Executive Officer
This information is of a nature that Thunderful
Group AB (publ) is obligated to publish under
the EU’s Market Abuse Regulation. It was sub –
mitted for publication through the agency of
the contact persons set out below at 7:30 a.m.
CET on 14 November 2024.
For more information, please contact:
Martin Walfisz , Acting CEO,
Thunderful Group AB
+46 705 37 19 10
martin@thunderfulgroup.com
Per Alnefelt, CFO, Thunderful Group AB
+46 727 17 02 17
per.alnefelt@thunderfulgroup.com
17
Q3
THUNDERFUL GROUP INTERIM REPORT JANUARY:SEPTEMBER 2024

Gothenburg, November 14 2024
Öhrlings PricewaterhouseCoopers AB
Nicklas Kullberg
Authorized Public Accountant
Auditor’s report
(Unofficial translation)
Thunderful Group AB (publ), corp. reg. no. 559230-0445
Introduction
We have reviewed the condensed interim financial information
(interim report) of Thunderful Group AB as of 30 September 2024
and the nine-month period then ended. The board of directors
and the CEO are responsible for the preparation and presenta –
tion of the interim financial information in accordance with IAS
34 and the Swedish Annual Accounts Act. Our responsibility is to
express a conclusion on this interim report based on our review.
Scope of Review
We conducted our review in accordance with the International
Standard on Review Engagements ISRE 2410, Review of Interim
Report Performed by the Independent Auditor of the Entity. A
review consists of making inquiries, primarily of persons respon –
sible for financial and accounting matters, and applying analyti –
cal and other review procedures. A review is substantially less in
scope than an audit conducted in accordance with International
Standards on Auditing, ISA, and other generally accepted audit –
ing standards in Sweden. The procedures performed in a review
do not enable us to obtain assurance that we would become
aware of all significant matters that might be identified in an
audit. Accordingly, we do not express an audit opinion.
Conclusion
Based on our review, nothing has come to our attention that
causes us to believe that the interim report is not prepared, in all
material respects, in accordance with IAS 34 and the Swedish
Annual Accounts Act, regarding the Group, and with the Swedish
Annual Accounts Act, regarding the Parent Company.
18
Q3
THUNDERFUL GROUP INTERIM REPORT JANUARYSEPTEMBER 2024

MSEK 2024 Q3 2023 Q3 2024 Jan–Sep 2023 Jan–Sep 2024 R12M 2023 Full year
Net revenue 74.3 83.2 215.3 277.4 322.3 384.4
Other operating income 0.5 11.2 2.2 12.3 2.8 12.9
Operating income 74.7 94.3 217.5 289.7 325.1 397.3
Capitalised work on own account 23.7 38.7 83.4 112.8 116.4 145.9
Purchased games-development services and royalties –5.7 –1.9 –41.4 –17.7 –89.8 –66.1
Other external expenses –31.1 –26.5 –87.1 –54.1 –117.0 –84.0
Personnel expenses –63.7 –69.3 –205.0 –191.0 –282.0 –267.9
Depreciation, amortisation and impairment of property, plant and equipment and intangible assets –66.5 –42.0 –246.2 –112.9 –775.1 –641.8
Other operating expenses –0.3 –2.9 –3.0 –5.4 –6.6 –9.0
Operating profit –68.9 –9.6 –281.8 21.6 –828.9 –525.6
Financial income 70.2 32.0 110.6 24.2 171.8 85.4
Financial cost –19.4 7.5 –43.3 –55.5 –95.5 –107.6
Financial items 50.9 39.5 67.3 –31.2 76.3 –22.3
Profit/loss after financial items –18.0 30.0 –214.5 –9.7 –752.6 –547.8
Tax on profit for the period 0.4 –8.9 2.2 –16.6 7.4 –11.4
Profit/loss from continuing operations –17.7 21.0 –212.3 –26.3 –745.2 –559.2
Profit/loss from discontinued operations Distribution 26.2 5.8 –121.4 7.6 –51.4 77.6
Profit/loss from discontinued operations Games –0.6 –2.3 –56.8 –3.8 –180.4 –127.8
Net profit/loss for the period 7.9 24.5 –390.5 –22.4 –977.5 –609.4
Other comprehensive income
Currency translation difference in foreign operations –13.4 –67.9 83.1 81.9 9.1 7.9
Comprehensive income for the period –5.5 –43.3 –307.4 59.5 –968.4 –601.5
Net profit for the period attributable to:
Shareholders of the Parent Company 7.9 24.5 –390.5 –22.4 –977.5 –609.4
Earnings per share from continuing operations before dilutions, SEK –0.25 0.30 –3.02 –0.37 –10.60 –7.96
Earnings per share before dilution, SEK 0.11 0.35 –5.56 –0.32 –13.91 –8.67
Earnings per share from continuing operations after dilutions, SEK –0.25 0.30 –3.02 –0.37 –10.60 –7.96
Earnings per share after dilution, SEK 0.11 0.35 –5.56 –0.32 –13.91 –8.67
Comprehensive income for the period attributable to:
Shareholders of the Parent Company –5.5 –43.3 –307.4 59.5 –968.5 –601.5
Average number of shares 70,290,597 70,290,597 70,290,597 70,290,597 70,290,597 70,290,597
Net profit margin 10.6% 29.5% –181.3% –8.1% –303.3% –158.5%
Net profit margin from continuing operations –23.8% 25.3% –98.6% –9.5% –231.2% –145.5%
Group income
statement
19
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THUNDERFUL GROUP INTERIM REPORT JANUARYSEPTEMBER 2024

MSEK 2024–09–30 2023–09–30 20 23–1 2–31
ASSETS
Fixed assets
Intangible assets
IT systems 0.0 2.8 2.5
Capitalised development expenditure, games 308.1 381.2 307.1
Publishing licences 56.6 149.1 143.6
Investments in game projects 11.9 16.3 13.5
Publishing and distribution relationships 0.0 232.3 223.0
Goodwill 509.8 1,009.3 475.4
Game rights 241.9 314.5 291.8
Customer relationships 79.5 102.7 88.7
Other intangible assets 23.2 18.6 22.9
1,231.2 2,226.8 1,568.5
Property, plant and equipment
Right-of-use assets 24.5 133.7 113.7
Buildings and land 0.0 1.6 2.8
Equipment, tools, fixtures and fittings 2.7 17.7 20.5
27.2 153.1 137.0
Financial assets
Participation in associated companies 4.1 0.0 4.6
Other securities held as non-current assets 0.2 0.2 0.2
Other non-current receivables 2.4 7.4 7.4
6.7 7.6 12.2
Deferred tax assets 0.3 0.7 1.1
Total fixed assets 1,265.4 2,388.2 1,718.8
Current assets
Inventories, etc.
Finished goods and goods for resale 0.5 684.5 578.6
Advance payments to suppliers 0.1 66.6 50.8
0.6 751.2 629.4
Current receivables
Accounts receivable 26.8 398.1 472.3
Current tax assets 22.6 22.2 14.3
Other receivables 47.7 13.2 15.6
Prepayments and accrued income 31.8 98.7 134.6
128.9 532.3 636.8
Cash and cash equivalents 20.5 3 7. 0 209.1
Total current assets 150.0 1,320.5 1,475.3
TOTAL ASSETS 1,415.3 3,708.7 3,194.1
Group balance
sheet
20
Q3
THUNDERFUL GROUP INTERIM REPORT JANUARYSEPTEMBER 2024

MSEK 2024–09–30 2023–09–30 20 23–1 2–31
EQUITY AND LIABILITIES
Equity
Share capital 0.7 0.7 0.7
Other capital contributions 1,274.8 1,274.8 1,274.8
Other equity, including net profit for the year –200.1 767.8 106.8
1,075.4 2,043.4 1,382.3
Non–current liabilities
Non-current earn-out considerations 102.0 244.5 181.6
Deferred tax liabilities 92.4 160.5 152.5
Provisions 0.2 1.8 2.0
Non-current lease liabilities 13.9 100.1 86.6
208.5 507.0 422.6
Current liabilities
Overdraft facility 18.7 41.4 0.0
Liabilities to credit institutions 0.0 517.2 499.3
Advance payments from customers 0.0 0.0 1.1
Accounts payable 12.9 307.8 573.9
Current tax liabilities 21.0 28.6 26.9
Other liabilities 14.5 70.7 76.5
Current earn-out considerations 27.5 98.2 97.9
Current lease liabilities 10.8 31.0 25.3
Accrued expenses and deferred income 25.9 63.5 88.2
131.4 1,158.3 1,389.2
TOTAL EQUITY AND LIABILITIES 1,415.3 3,708.7 3,194.1
Group balance
sheet
REIGNBREAKERSTUDIO FIZBIN
21
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THUNDERFUL GROUP INTERIM REPORT JANUARYSEPTEMBER 2024

MSEK Share capital Other capital contributions
Other equity, incl. net profit for the period Total equity
Opening balance, 1 January 2024 0.7 1,274.8 106.8 1,382.3
Issued warrants 0.0 0.0 0.6 0.6
Transactions with owners 0.0 0.0 0.6 0.6
Total comprehensive income for the period 0.0 0.0 –307.4 –307.4
Closing balance, 30 September 2024 0.7 1,274.8 –200.1 1,075.4
Opening balance, 1 January 2023 0.7 1,274.8 707.2 1,982.7
Issued stock options 0.0 0.0 1.1 1.1
Total comprehensive income for the period 0.0 0.0 59.5 59.5
Closing balance, 30 Se ptember 2023 0.7 1,274.8 767.8 2,043.4
Issued warrants 0.0 0.0 0.0 0.0
Transactions with owners 0.0 0.0 0.0 0.0
Total comprehensive income for the period 0.0 0.0 –661.0 –661.0
Closing balance, 31 December 2023 0.7 1,274.8 106.8 1,382.3
Group statement
of changes in
equity
22
Q3
THUNDERFUL GROUP INTERIM REPORT JANUARYSEPTEMBER 2024

MSEK 2024 Q3 2023 Q3 2024 Jan–Sep 2023 Jan–Sep 2023/24 R12M 2023 Full year
Operating activities
Profit/loss after financial items continuing operations –18.0 29.9 –214.5 –9.7 –752.6 –547.8
Profit/loss after financial items discontinued operations 25.6 1.2 –178.1 5.3 –230.0 –46.7
Adjustment for non-cash items
Depreciation, amortisation and impairment 66.5 42.0 246.2 112.9 775.1 641.8
Translation differences –36.5 –27.4 44.4 37.1 13.3 6.0
Revaluation of earn-out debts –76.9 11.8 –85.6 9.3 –139.7 –44.8
Other adjustments 2.2 –8.6 –53.9 –8.6 –59.0 –13.7
Adjustments for discontinued operations –0.1 16.2 24.1 49.3 199.3 224.4
–37.2 65.1 –217.3 195.6 –193.7 219.2
Income tax paid –6.7 –1.5 –18.1 –24.5 –11.3 –17.6
Income tax paid discontinued operations 1.1 1.6 –2.7 –3.4 –0.3 –1.1
Cash flow from operating activities before changes in working capital –42.8 65.2 –238.1 167.7 –205.3 200.5
Changes in working capital
Change in inventories and advance payments to suppliers 2.4 0.3 –2.2 0.1 –29.6 –27.2
Change in accounts receivable 17.5 –5.2 1.5 48.9 13.9 61.3
Change in accounts payable 6.0 11.8 –7.1 1.6 –10.5 –1.7
Change in other working capital 8.0 9.0 7.6 –12.9 –66.4 –86.9
Change in working capital for discontinued operations –27.5 –143.0 457.2 –194.1 820.8 169.5
Cash flow from operating activities –36.4 –61.9 218.8 11.2 522.9 315.4
Investing activities
Acquisition of subsidiaries/business 0.0 0.0 0.0 –23.8 0.0 –23.8
Investment in property, plant and equipment –1.1 –0.4 –1.1 –1.8 –0.1 –0.8
Investment in capitalised game development expenditure –27.9 –51.5 –97.2 –158.6 –141.1 –202.4
Investment in game projects 0.0 0.0 0.0 –36.0 2.4 –33.6
Investment in publishing rights –6.9 –20.0 –35.7 –56.6 –55.0 –76.0
Investment in other intangible assets 0.0 0.0 0.0 0.0 –0.2 –0.2
Sale of fixed assets 0.0 0.0 0.0 31.9 0.0 31.9
Cash flow from investing activities discontinued opera – tions 0.0 –11.0 298.3 –25.3 298.4 –25.2
Cash flow from investing activities –35.9 –82.9 164.3 –270.2 104.3 –330.2
Financing activities
Change in overdraft facility 18.7 38.5 18.7 –22.2 –22.7 –63.6
Borrowings from credit institutions/amortisatation of loans 0.0 104.4 –499.3 405.8 –517.2 388.0
Repayment of lease liabilities –1.5 –3.1 –7.3 –9.5 –13.4 –15.6
Repayment of earn-out liabilities –58.3 –3.5 –77.1 –124.1 –77.1 –124.1
Payments from issued warrants 0.6 1.1 0.6 1.1 0.6 1.1
Cash flow from financing activities discontinued opera – tions 0.1 –3.6 –8.9 –13.0 –13.9 –18.0
Cash flow from financing activities –40.4 133.8 –573.4 238.1 –643.7 167.8
Cash flow for the period –112.7 –11.0 –190.3 –20.9 –16.5 153.0
Cash and cash equivalents at the beginning of the period 135.7 50.2 209.1 56.6 37.0 56.6
Exchange-rate differences in cash and cash equivalents –2.5 –2.2 1.7 1.3 –0.1 –0.5
Cash and cash equivalents at the end of the period 20.5 37.0 20.5 37.0 20.5 209.1
Exchange-rate dif ferences in the credit facility have been reclassified from exchange rate dif ferences in cash and cash equivalents to exchange rate dif ferences in adjustment for non-cash items in the comparative periods.
Group cash flow
statement
23
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THUNDERFUL GROUP INTERIM REPORT JANUARYSEPTEMBER 2024

MSEK 2024 Jan–Sep 2023 Jan–Sep
Net revenue 16.1 7.6
Other operating income 0.2 0.2
Operating income 16.4 7.8
Operating expenses
Other external expenses –36.5 –17.8
Personnel expenes –12.7 –13.2
Depreciation/amortisation and impairment of property, plant and equipmen\
t and intangible assets 0.0 0.0
Other operating expenses –376.0 –0.1
Total operating expenses –425.2 –31.1
Operating profit –408.8 –23.3
Profit from participations in subsidiaries –200.0 0.0
Financial income 123.5 48.0
Financial cost –23.5 –49.0
Financial items –99.9 –1.0
Profit after financial items –508.7 –24.3
Tax on profit for the period 1.8 0.0
Net profit/loss for the period and comprehensive income for the period –507.0 –24.3
Parent Company
income statement
STEAMWORLD HEIST IITHUNDERFUL GOTHENBURG
24
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THUNDERFUL GROUP INTERIM REPORT JANUARYSEPTEMBER 2024

MSEK 2024–09–30 2023–09–30 20 23–1 2–31
ASSETS
Fixed assets
Tangible fixed assets
Equipment, tools, fixtures and fittings 0.0 0.0 0.1
0.0 0.0 0.1
Financial assets
Shares in Group companies 1,322.2 2,397.6 2,020.9
Total fixed assets 1,322.3 2,397.7 2,021.0
Current assets
Receivables from Group companies 95.2 526.4 297.2
Current tax assets 0.0 4.0 0.1
Other receivables 41.0 3.4 3.1
Prepayments and accrued income 1.1 1.3 2.1
Total current assets 137.3 535.1 302.5
Cash and bank balances 0.0 0.0 148.8
TOTAL ASSETS 1,459,6 2,932.8 2,472.3
EQUITY AND LIABILITIES
Equity
Restricted equity
Share capital 0.7 0.7 0.7
0.7 0.7 0.7
Unrestricted equity
Retained earnings –264.8 99.9 99.9
Share premium reserve 1,971.1 1,970.6 1,970.6
Net profit/loss for the year –507.0 –24.3 –364.6
Total unrestricted equity 1,199.4 2,046.2 1,705.8
Total equity 1,200.1 2,046.9 1,706.5
Non–current liabilities
Non–current earn–out considerations 102.0 234.8 171.8
Total non–current liabilities 102.0 234.8 171.8
Current liabilities
Overdraft facility 18.7 41.4 0.0
Liabilities to credit institutions 0.0 517.2 499.3
Liabilities to Group companies 104.6 0.0 0.1
Accounts payable 2.5 2.0 4.7
Other liabilities 0.4 0.9 0.7
Current earn–out considerations 27.5 87.7 87.4
Accrued liabilities 3.8 1.9 1.8
Total current liabilities 157.5 651.1 594.0
TOTAL EQUITY AND LIABILITIES 1,459.6 2,932.8 2,472.3
Parent Company
balance sheet
25
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THUNDERFUL GROUP INTERIM REPORT JANUARYSEPTEMBER 2024

MSEK 2024 Q3 2023 Q3 2024 Jan–Sep 2023 Jan–Sep LT M 2023 Full year
Net revenue
Thunderful Publishing 43.5 54.2 132.9 128.0 201.2 196.4
Thunderful Co-development & services 30.7 28.9 82.4 149.4 121.1 188.0
Net revenue 74.3 83.2 215.3 277.4 322.3 384.4
Adjusted EBITDA
Thunderful Publishing –7.9 10.0 –40.5 37.1 –66.1 11.5
Thunderful Co-development & services 5.5 22.4 14.0 102.3 25.9 114.1
Adjusted EBITDA –2.4 32.4 –26.4 139.4 –40.2 125.6
Adjusted non-recurring items (Publishing) 0.0 0.0 –8.7 –4.9 –13.2 –9.4
Adjusted non-recurring items (Co-development & services) 0.0 0.0 –0.4 0.0 –0.4 0.0
EBITDA –2.4 32.4 –35.5 134.5 –53.8 116.2
Adjusted EBITDA-margin – Thunderful Publishing –18.1% 18.5% –30.4% 29.0% –32.8% 5.9%
Adjusted EBITDA-margin – Thunderful Co-development & services 17.8% 77.3% 17.0% 68.5% 21.4% 60.7%
Adjusted EBITA-marginal – Thunderful Group –3.2% 39.0% –12.3% 50.2% –12.5% 32.7%
Adjusted EBITA
Thunderful Publishing –57.4 –18.1 –238.9 –31.1 –397.5 –189.7
Thunderful Co-development & services 5.5 22.2 13.9 101.9 25.7 113.6
Adjusted EBITA –51.9 4.1 –225.0 70.7 –371.8 –76.1
Adjusted non-recurring items (Publishing) 0.0 0.0 –8.7 –4.9 –13.2 –9.4
Adjusted non-recurring items (Co-development & services) 0.0 0.0 –0.4 0.0 –0.4 0.0
EBITA –51.9 4.1 –234.1 65.8 –385.4 –85.5
Adjusted EBITA-margin – Thunderful Publishing –131.9% –33.4% –179.8% –24.3% –197.5% –96.6%
Adjusted EBITA-margin – Thunderful Co-development & services 17.8% 76.8% 16.9% 68.2% 21.2% 60.4%
Adjusted EBITA-margin – Thunderful Group –69.9% 5.0% –104.5% 25.5% –115.3% –19.8%
EBIT
Thunderful Publishing –71.9 –29.4 –288.0 –73.2 –698.7 –483.9
Thunderful Co-development & services 3.0 19.8 6.2 94.7 –130.2 –41.7
EBIT –68.9 –9.6 –281.8 21.6 –828.9 –525.6
EBIT-margin – Thunderful Publishing –165.2% –54.3% –216.7% –57.1% –347.2% –246.4%
EBIT-margin – Thunderful Co-development & services 9.8% 68.5% 7.6% 63.4% –107.5% –22.1%
EBIT-margin – Thunderful Group –92.8% –11.6% –130.8% 7.8% –257.2% –136.7%
Thunderful Group monitors net revenue, adjusted EBITDA , adjusted EBITA and operating profit (EBIT) per segment.
Segment reporting
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THUNDERFUL GROUP INTERIM REPORT JANUARYSEPTEMBER 2024

Alternative KPIs
Certain information in this report that management and analysts use to assess the Group’s development
has not been prepared in accordance with IFRS. Management believes that this information makes it easier
for investors to analyse the Group’s earnings development and financial position. Investors should consider
this information to be a complement to financial reporting in accordance with IFRS.
Definitions and explanations of alternative KPIs
Alternative KPI Definition Explanation
Net revenue growth Change in net revenue for the period,
calculated as an increase in net revenue
compared with the previous year, expressed as a percentage.
Indicates the business’s net revenue during the period compared with the previous period.
Gross profit Profit after operating income and costs for goods for resale and games-development services. Indicates the product profitability of the core business.
Gross margin Gross profit in relation to operating income. Indicates the product profitability of the core business.
Operating profit (EBIT) Operating profit after depreciation, amortisa – tion and impairment of property, plant and equipment and intangible assets.
Enables comparisons of profitability regardless of capital structure or tax situation.
Operating margin (EBIT margin) Operating profit in relation to operating income. Enables comparisons of profitability regardless of capital structure or tax situation.
EBITDA Operating profit before depreciation, amortisa – tion and impairment of property, plant and equipment and intangible assets.
Shows the company’s earning capacity from operating activities regardless of capital structure and tax situation and is intended to be compared with other companies in the same industry.
EBITDA margin EBITDA in relation to operating income. Shows the company’s earning capacity from operating activities regardless of capital structure and tax situation and is intended to be compared with other companies in the same industry.
Adjusted EBITDA EBITDA excluding items affecting comparability. Shows the company’s earning capacity from operating activities regardless of capital structure, tax situation and items affecting
comparability and is intended to be compared with other companies i n the same industry.
Adjusted EBITDA margin Adjusted EBITDA in relation to operating income. Shows the company’s earning capacity from operating activities regardless of capital structure, tax situation and items affecting
comparability and is intended to be compared with other companies in the same industry.
EBITA Operating profit before amortisation of other intan – gible assets and after impairment of goodwill. Shows the company’s earning capacity from operating activities regardless of capital structure and tax situation and is intended to be compared with other companies in the same industry.
EBITA margin EBITA in relation to operating income. Shows the company’s earning capacity from operating activities regardless of capital structure and tax situation and is intended to be compared with other companies in the same industry.
Adjusted EBITA EBITA excluding items affecting comparability. Shows the company’s earning capacity from operating activities regardless of capital structure and tax situation and is intended to be compared with other companies in the same industry.
Adjusted EBITA margin Adjusted EBITA in relation to operating income. Shows the company’s earning capacity from operating activities regardless of capital structure and tax situation and is intended to be compared with other companies in the same industry.
Core working capital, net Inventories plus accounts receivable minus accounts payable. Indicates the sum of core working capital that is tied up in the
business and can be analysed in relation to net revenue to assess how efficiently the core working capital is used in the business.
Interest-bearing net debt The sum of current and non-current inter – est-bearing liabilities to credit institutions, including overdraft facilities less cash and cash equivalents.
Interest-bearing net debt is a measure that shows the Group’s i nterest-bearing indebtedness.
Interest-bearing net debt/EBITDA, R12M Interest-bearing net debt as a share of adjusted EBITDA, R12M. Thunderful Group believes that this measure is helpful in showing financial risk and that it is a useful measure to monitor the Group’s\
debt level.
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THUNDERFUL GROUP INTERIM REPORT JANUARYSEPTEMBER 2024

MSEK Q3 2024 Q3 2023 2024 Jan–Sep 2023 Jan–Sep 2023/24 R12M 2023 Full year
Net revenue growth
Net revenue previous period 83.2 101.0 277.4 265.1 460.1 447.7
Net revenue current period 74.3 83.2 215.3 277.4 322.3 384.4
Net revenue growth, % –10.7% –17.6% –22.4% 4.7% –29.9% –14.1%
Gross profit and gross margin
Operating income 74.7 94.3 217.5 289.7 325.1 397.3
Costs for game projects –5.7 –1.9 –41.4 –17.7 –89.8 –66.1
Gross profit, MSEK 69.0 92.4 176.1 272.0 235.3 331.2
Gross margin, % 93.0% 111.1% 81.8% 98.1% 73.0% 86.2%
Adjusted EBITDA and adjusted EBITDA margin
Operating profit (EBIT) –68.9 –9.6 –281.8 21.6 –828.9 –525.6
Depreciation, amortisation and impairment of property, plant and equipment and intangible assets 66.5 42.0 246.2 112.9 775.1 641.8
Adjusted non-recurring items 0.0 0.0 9.1 4.9 13.6 9.4
Adjusted EBITDA –2.4 32.4 –26.4 139.4 –40.2 125.6
Adjusted EBITDA margin, % –3.2% 39.0% –12.3% 50.2% –12.5% 32.7%
Adjusted EBITA and adjusted EBITA-margin
Operating profit (EBIT) –68.9 –9.6 –281.8 21.6 –828.9 –525.6
Amortisation and impairment of acquisition-related intangible assets 17.0 13.7 47.7 44.2 443.5 440.0
Adjusted non-recurring items 0.0 0.0 9.1 4.9 13.6 9.4
Adjusted EBITA –51.9 4.1 –225.0 70.7 –371.8 –76.1
Adjusted EBITA-margin, % –69.9% 5.0% –104.5% 25.5% –115.4% –19.8%
Core working capital, net
Inventories 0.6 751.2 0.6 751.2 0.6 629.4
Accounts receivable 26.8 398.1 26.8 398.1 26.8 472.3
Accounts payable –12.9 –307.8 –12.9 –307.8 –12.9 –573.9
Total core working capital 14.5 841.5 14.5 841.5 14.5 527.8
Interest-bearing net debt
Non-current interest-bearing liabilities 13.9 100.1 13.9 100.1 13.9 86.6
Current interest-bearing liabilities 29.5 589.5 29.5 589.5 29.5 524.6
Cash equivalents –20.5 –37.0 –20.5 –37.0 –20.5 –209.1
Interest-bearing net debt 23.0 652.6 23.0 652.6 23.0 402.1
Adjusted EBITDA R12M –40.2 270.7 –40.2 270.7 –40.2 125.6
Interest-bearing net debt/adjusted EBITDA, R12M –0.6 2.4 –0.6 2.4 –0.6 3.2
Calculation of
alternative KPIs
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THUNDERFUL GROUP INTERIM REPORT JANUARYSEPTEMBER 2024

Other information
Financial calendar
Interim report Oct–Dec 2024 13 February 2025
Annual report 2024 29 April 2025
Interim report Jan–Mar 2025 15 May 2025
Annual General Meeting 2025 27 May 2024
Interim report Apr–Jun 2025 20 August 2025
Interim report Jul–Sep 2025 13 November 2025
För mer information
More information about the Group is available on its website:
thunderfulgroup.com
Contact details
Martin Walfisz , CEO
+46 705 37 19 10
martin@thunderfulgroup.com
Per Alnefelt, CFO
+46 727 17 02 17
per.alnefelt@thunderfulgroup.com
Certified adviser
Thunderful Group’s certified adviser is FNCA Sweden AB,
which can be contacted at: info@fnca.se
THUNDERFUL GROUP AB
Corp. Reg: No.: 559230-0445
Kvarnbergsgatan 2
SE-411 05 Gothenburg
www.thunderfulgroup.com
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