Thunderful Group FY2024 Q4 Earnings Release

Q4
2024

Q4

• Net revenue decreased 29.6 MSEK to 77.4 MSEK (107.0) compared
to the same quarter last year.
• Operating profit (EBIT) decreased 76.2 MSEK to –631.5 MSEK
(–555.2), corresponding to an operating margin of –815.5
p e r c e n t (– 51 9. 0).
• Write-down of capitalised development cost amounted to 560.2
MSEK for the quarter, of which 444.0 MSEK was acquisition-related
goodwill values.
• Adjusted EBITDA increased 7.1 MSEK to –10.8 MSEK (–17.9),

corresponding to an adjusted EBITDA margin of –13.9 percent
(–1 6 . 7 ).
• Adjusted EBITA increased 0.1 MSEK to –154.8 MSEK (–154.9),

corresponding to an adjusted EBITA margin of –199.9 percent
(–1 4 4 . 8).
• Profit & loss for the quarter amounted to –492.9 MSEK (–595.1),
and for continuing operations –449.1 MSEK (–541.0).
• Earnings per share before and after dilution amounted to –7.01
SEK (–8.47), and for continuing operations –6.39 SEK (–7.70).
• Cash flow from operating activities amounted to 26.7 MSEK
(300.0), of which discontinued operations amounted to
–7.4 M S EK (4 89. 2).
• Consolidated cash and cash equivalents together with

unutilised credit facilities amounted to 150.2 MSEK (209.1)
as of 31 December 2024.
• Thunderful has signed an agreement with Jumpship’s former
owner, Dino Patti, for the transfer of all shares in Jumpship —
Limited. The company has also reached a settlement agree –
ment regarding former seller claims on future earnouts in
exchange for shares in Jumpship Ltd. According to the settle –
ment agreement, Jumpship shall receive 752,6 TGBP from
Thunderful, which corresponds to expected wind-down costs.
Thunderful shall also waive all internal loans to Jumpship. The
transfer of shares is conditional upon shareholder approval at
the extraordinary shareholders’ meeting.
Fourth quarter October–December 2024 The period January–December 2024
A more agile and sustainable
game company following
restructuring program
Q4
• Net revenue decreased 91.7 MSEK to 292.8 MSEK (384.4)

compared to the same period last year.
• Operating profit (EBIT) decreased 371.4 MSEK to –917.3 MSEK
(–546.0), corresponding to an operating margin of –313.3
percent (–142.0).
• Write-down of capitalised development cost amounted to 659.3
MSEK for the period, of which 444.0 MSEK was acquisition-related
goodwill values.
• Adjusted EBITDA decreased 150.6 MSEK to –41.3 MSEK (109.2),

corresponding to an adjusted EBITDA margin of –14.1 percent
(28 .4).
• Adjusted EBITA decreased 287.4 MSEK to –383.9 MSEK (–96.5),

corresponding to an adjusted EBITA margin of –131.1 percent
(–2 5 .1).
• Profit & loss for the period amounted to –887.5 MSEK (–629.8),
and for continuing operations –665.5 MSEK (–579.6).
• Earnings per share before and after dilution amounted to
–12.63 SEK (–8.96), and for continuing operations –9.47 SEK
(– 8 . 2 5).
• Cash flow from operating activities amounted to 241.3 MSEK
(299.0), of which discontinued operations amounted to 343.6
M S EK (34 6 . 2).
Events after the end of the quarter
• On February 10, 2025 the Thunderful shareholders
approved the transfer of the Jumpship shares.
Closing of the divestment is expected to be con –
cluded shortly.
THUNDERFUL GROUP INTERIM REPORT JANUARY–DECEMBER 2024 2

Q4

Key performance indicators Quarter Period
GROUP Q4 2024 Q4 2023 Δ% Jan-Dec 2024 Jan-Dec 2023 Δ%
Net revenue, MSEK 77.4 107.0 –27.6% 292.8 384.4 –23.8% Gross profit, MSEK 53.4 56.2 –5.0% 229.6 319.4 –28.1% Gross margin 69.0% 52.6% 78.4% 83.1% EBITDA, MSEK –29.7 –22.4 –32.8% –69.4 99.8 –169.5% Adjusted EBITDA, MSEK –10.8 –17.9 39.6% –41.3 109.2 –137.8% Adjusted EBITDA margin –13.9% –16.7% –14.1% 28.4% EBITA, MSEK –173.7 –159.4 –9,0% –411.9 –105.9 288.9% Adjusted EBITA, MSEK –154.8 –154.9 0.1% –383.9 –96.5 297.8% Adjusted EBITA margin –199.9% –144.8% –131.1% –25.1% Operating result (EBIT), MSEK –631.5 –555.2 –13.7% –917.3 –546.0 –68.0% Operating margin (EBIT margin) –815.5% –519.0% –313.3% –142.0% Profit & loss for the period, MSEK –492.9 –595.1 17.2% –887.5 –629.8 –40.9% Profit & loss for the period for continuing operations, MSEK –449.1 –541.0 17.0% –665.5 –579.6 –14.8% Net core working capital, MSEK 8.9 526.3 –98.3% 8.9 526,3 –98.3% Cash flow from operating activities, MSEK 26.7 300.0 –91.1% 241.3 299.0 –19.3% Interest-bearing net debt, MSEK –7.7 402.1 –101.9% –7.7 402.1 –101.9% Interest-bearing net debt/adjusted EBITDA, R12M, MSEK 0.2 3.7 –94.6% 0.2 3.7 –94.6% Earnings per share before dilution, SEK –7.01 –8.47 17.2% –12.63 –8.96 –41.0% Earnings per share after dilution, SEK –7.01 –8.47 17.2% –12.63 –8.96 –41.0% Earnings per share before dilution for continuing operations, SEK –6.39 –7.70 17.0% –9.47 –8.25 –14.8% Earnings per share after dilution for continuing operations, SEK –6.39 –7.70 17.0% –9.47 –8.25 –14.8% Net profit margin –636.5% –556.2% –303.1% –163.8% Net profit margin for continuing operations –580.0% –505.7% –227.3% –150.8%
See page 27 for the definition of key per formance indicators.
Q4
LOST IN RANDOM: THE ETERNAL DIE STORMTELLER GAMES
THUNDERFUL GROUP INTERIM REPORT JANUARY–DECEMBER 2024 3

Q4
CEO Comments
2024 was a transformative year for Thunderful Group.
We have taken critical steps to strengthen our financial
control, streamline operations, and create a clearer path
forward. The decision in November to focus more explicitly
on game publishing in collaboration with external studios
also marks an important change. The many changes
throughout the year have laid the foundation for a more
financially sustainable and flexible business.
During the fourth quarter, we implemented the restructuring pro –
gram announced in November. The program aims to streamline
our publishing operations and is expected to generate annual
cost savings of 80–90 MSEK. At the same time, we are increasing
our investment in publishing rights to strengthen our future game
portfolio and create new revenue streams. One-time costs related
to the restructuring are estimated at a maximum of 30 MSEK, of
which 19 MSEK was recognized in the fourth quarter. Additionally,
we have made write-downs of development costs, goodwill, and
game rights amounting to 560 MSEK, of which 216 MSEK were
related to the restructuring program and 344 MSEK were adjust –
ments of acquisition-related goodwill values to better reflect
market valuation of industry assets.
The Group’s net revenue for the fourth quarter 2024 amounted
to 77 MSEK (107), with an operating result of –632 MSEK (–555).
Publishing
In the Publishing segment, net revenue amounted to 49 MSEK (68),
a decline explained by fewer game releases and one-time reve –
nue during the same period last year. Costs have decreased due
to reduced personnel expenses, as well as high one-time

royalty costs in the comparison period. Transactional sales
remained stable at approximately 45 MSEK (45), demonstrating
the growing strength of our portfolio and the value of efficient
back catalogue management.
Co-development & Services
For the Co-development & Ser vices segment, net revenue for the
quarter decreased to 29 MSEK (39), primarily due to lower reve –
nue from Coatsink—a result of a reduced monthly billing rate in
exchange for a revenue-sharing model for an upcoming game
release. Revenue from Ser vices remains limited and declined
marginally compared to the same quarter last year.
Looking ahead to the future
Despite major challenges this year, we have seen improvements
in our operational efficiency and financial control. These positive
developments give us renewed confidence, which, combined
with several exciting and important launches in 2025, make us
optimistic about the future. Our commercial ambition for the year
is clear: to ensure positive cash flow and create the necessary
conditions for sustainable growth.
Our increased focus on collaboration with external game stu –
dios makes it easier to adapt to changing market conditions. This
strategic choice results in lower fixed costs, greater flexibility,
and improved control over our cash flow. At the same time, our
remaining internal game studios ensure that we retain the long-
term ability to capitalise on the creative and commercial poten –
tial of our own established IPs and brands.
The past year has not been easy for the organisation, and
we still have challenges to overcome. However, the foundation
has been laid to create long-term value in the coming years for
shareholders, partners and players worldwide. I remain excited
to lead Thunderful Group and I have confidence that, together
with our incredibly talented and dedicated leaders and employees,
we will succeed in making this happen.
Martin Walfisz
CEO of Thunderful Group
February 2024
THUNDERFUL GROUP INTERIM REPORT JANUARY:DECEMBER 2024 4

Q4
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, five 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 297 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, Q4 2023– Q4 2024 Adjusted EBITA, Q4 2023– Q4 2024
100
50 0
–50
–100
–150
–200 MSEK
Q4
2024
2023 Q4
Q1 Q3
Q2
Publishing
Co\bdevelopment & services
MSEK
Q4
2024
2023
Q4 Q1 Q3
Q2
150
120 90
60
30 0
150120 90
60
30 0
Publishing
C\b-devel\bpment & services
About Thunderful
Group
THUNDERFUL GROUP INTERIM REPORT JANUARY–DECEMBER 2024 5

Q4
Financial development
of the Group
Fourth quarter (1 October–31 December)
Net revenue
The Group’s net revenue for the quarter amounted to 77.4 MSEK
(107.0), corresponding to a decrease of 27.6 percent.
Segment
Net revenue amounted to 48.8 MSEK (68.3) in the Publishing

segment, a decrease of 28.7 percent, as a result of fewer game
releases in the quarter in addition to one-off revenue in the same
quarter last year. In the Co-
development & ser vices segment
net revenue amounted to 28.7 MSEK (38.7), an decrease of 25.8
percent, primarily due to a lower charge rate in exchange for
future revenue share.
MSEK 2024 Q4 2023 Q4 Δ%
Thunderful Publishing 48.8 68.3 –28.7%
Thunderful Co-development & services 28.7 38.7 –25.8%
Net revenue 77.4 107.0 –27.6%
Operating expenses
Purchased games-development services and royalties amounted
to –24.4 MSEK (–51.4), an decrease of 52.6 percent, primarily due
to higher royalty expense in the same quarter 2023.
Other external expenses amounted to –22.6 MSEK (–29.9), an
decrease of 24.4 percent, mainly due to one-off costs in the same
quarter last year.
Personnel expenses in the quarter were unchanged compared
to same quarter last year and amounted to –76.6 MSEK (–77.0).
The fourth quarter includes restructuring costs in the amount of
16.9 MSEK, offset by a reduction in number of employees when
compare to the same quarter prior year. The total number of
employees at the end of the quarter was 297 (358).
Depreciation and amortisation amounted to –601.8 MSEK
(–532.9), an increase of 12.9 percent, primarily due to higher
write-down of intangible assets in the quarter. PPA-related
depreciation and amortisation (Purchase Price Allocation)
amounted to –457.8 MSEK (–395.8), an increase of 15.7 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 quarter amounted to –10.8 MSEK (–17.9),
corresponding to an adjusted EBITDA margin of –13.9 percent (–16.7).
Adjusted EBITDA was adjusted for non-recurring items of –18.9 MSEK
(–4.5), mainly attributed to personnel related restructuring costs.
Segment
Adjusted EBITDA for the Publishing segment amounted to –18.6
MSEK (–29.7) for the quarter, corresponding to an adjusted
EBITDA margin of –38.1 percent (–43.5). Adjusted EBITDA was
adjusted for non-recurring items of –18.9 MSEK (–4.5), mainly
attributed to personnel related restructuring costs.
Adjusted EBITDA for the Co-development & ser vices segment
amounted to 7.8 MSEK (11.8) for the quarter, corresponding to an
adjusted EBITDA margin of 27.1 percent (30.6).
Adjusted operating profit, EBITA
Adjusted operating profit before acquisition-related depreciation
and amortisation (EBITA) amounted to –154.8 MSEK (–154.9) for
the quarter, corresponding to an adjusted EBITA margin of –199.9
percent (–144.8). Adjusted EBITA was adjusted for non-recurring
items of –18.9 MSEK (–4.5), mainly attributed to personnel related
restructuring costs.
Segment
Adjusted EBITA for the Publishing segment amounted to –160.9
MSEK (–166.7) for the quarter, corresponding to an adjusted
EBITA margin of –330.0 percent (–243.9). Adjusted EBITA was
adjusted for non-recurring items of –18.9 MSEK (–4.5), mainly
attributed to personnel related restructuring costs.
Adjusted EBITA for the Co-development & ser vices segment
amounted to 6.1 MSEK (11.8) for the quarter, corresponding to
an adjusted EBITA margin of 21.4 percent (30.5).
Operating profit, EBIT
Operating profit during the quarter amounted to –631.5 MSEK
(–555.2), corresponding to an operating margin of –815.5 percent
(–518.9). Operating profit includes adjustments for non-recurring
items of –18.9 MSEK (–4.5), mainly attributed to personnel related
restructuring costs.
Segment
Operating profit in the Publishing segment amounted to –573.1
MSEK (–418.8) for the quarter, corresponding to an operating

margin of –1,175.5 percent (–612.9). Operating profit includes
adjustments for non-recurring items of –18.9 MSEK (–4.5), mainly
attributed to personnel related restructuring costs.
Operating profit in the Co-development & ser vices segment
amounted to –58.3 MSEK (–136.4) for the quarter, corresponding
to an operating margin of –203.5 percent (–352.9).
THUNDERFUL GROUP INTERIM REPORT JANUARY–DECEMBER 2024 6

Q4
Financial net
Financial net amounted to 119.5 MSEK (9.0) for the quarter. Of the
total financial net, 47.6 MSEK (–41.3) comprised the net of exchange
gains and exchange losses, –1.0 MSEK (–8.5) of the net from interest
cost and interest income, 74.7 MSEK (54.0) of the net from the
revaluation of earn-outs and –1.7 MSEK (4.8) of results from asso –
ciated companies.
Net exchange gains and exchange losses includes 38.3 MSEK
of unrealised exchange effects.
Profit/loss for the quarter
Profit/loss for the quarter amounted to –492.9 MSEK (–595.1),
corresponding to a net profit margin of –636.5 percent (–556.2).
Profit/loss for the quarter for continuing operations amounted to
–449.1 MSEK (–541.0), corresponding to a net profit margin of –580.0
percent (–505.7).
Other comprehensive income
Other comprehensive income during the quarter was impacted
by currency translation differences in foreign operations and
totalled 20.0 MSEK (–74.0).
ASKASAND SAILOR STUDIO
THUNDERFUL GROUP INTERIM REPORT JANUARY–DECEMBER 2024 7

Q4
Financial development
of the Group
The period (1 January–31 December)
Net revenue
The Group’s net revenue for the period amounted to 292.8 MSEK
(384.4), corresponding to a decrease of 23.8 percent.
Segment
Net revenue amounted to 181.7 MSEK (196.4) in the Publishing

segment, a decrease of 7.5 percent. Net revenue amounted to
111.1 MSEK (188.0) in the Co-development & ser vices segment,
a decreased 40.9 percent, mainly due to lower sales related to
investing services.
MSEK 2024 Jan–Dec 2023 Jan–Dec Δ%
Thunderful Publishing 181.7 196.4 –7.5%
Thunderful Co-development & services 111.1 188.0 –40.9%
Net revenue 292.8 384.4 –23.8%
Operating expenses
Purchased games-development services and royalties amounted
to –65.7 MSEK (–78.0), a decrease of 15.7 percent, primarily due
to higher royalty cost in the prior year.
Other external expenses amounted to –109.7 MSEK (–84.0), an
increase of 30.6 percent, mainly due to higher marketing costs
when compared to the same period 2023. Other external expenses
also includes restructuring costs of –5.0 MSEK in 2024.
Personnel expenses amounted to –281.6 MSEK (–267.9), an
increase of 5.1 percent. The increase is attributed to restructuring
costs of 23.0 MSEK. The total number of employees at the end of
the period was 297 (358).
Depreciation and amortisation amounted to –848.0 MSEK
(–645.8), an increase of 31.1 percent, mainly due to write-downs
of intangible assets. PPA-related depreciation and amortisation
(Purchase Price Allocation) amounted to –505.4 MSEK (–440.0),
an increase of 14.9 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 year amounted to –41.3 MSEK (109.2),
corresponding to an adjusted EBITDA margin of –14.1 percent (28.4).
Adjusted EBITDA was adjusted for non-recurring items of –28.0
MSEK (–9.4), mainly attributed to personnel related restructuring
costs.
Segment
Adjusted EBITDA for the Publishing segment amounted to –63.2
MSEK (4.9) for the period, corresponding to an adjusted EBITDA
margin of –34.8 percent (–2.5). Adjusted EBITDA was adjusted for
non-recurring items of –27.6 MSEK (–9.4), attributed to personnel
related restructuring costs.
Adjusted EBITDA for the Co-development & ser vices segment
amounted to 21.8 MSEK (114.1) for the period, corresponding to an
adjusted EBITDA margin of 19.6 percent (60.7). 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 –383.9 MSEK (–96.5) for
the period, corresponding to an adjusted EBITA margin of –131.1
percent (–25.1). Adjusted EBITA was adjusted for non-recurring
items of –28.0 MSEK (–9.4), mainly attributed to personnel related
restructuring costs.
Segment
Adjusted EBITA for the Publishing segment amounted to –403.9
MSEK (–210.1) for the period, corresponding to an adjusted EBITA
margin of –222.4 percent (–107.0). Adjusted EBITDA was adjusted
for non-recurring items of –27.6 MSEK (–9.4), attributed to personnel
related restructuring costs.
Adjusted EBITA for the Co-development & ser vices segment
amounted to 20.1 MSEK (113.6) for the period, corresponding to
an adjusted EBITDA margin of 18.1 percent (60.4). 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 –917.3 MSEK
(–546.0), corresponding to an operating margin of –313.3 percent
(–142.0). Operating profit includes non-recurring items of –28.0 MSEK
(–9.4), mainly attributed to personnel related restructuring costs.
Segment
Operating profit in the Publishing segment amounted to –865.2
MSEK (–504.3) for the period, corresponding to an operating
margin of –473.3 percent (–256.8). Operating profit includes
non-recurring items of –27.6 MSEK (–9.4), attributed to personnel
related restructuring costs.
Operating profit in the Co-development & ser vices segment
amounted to –52.1 MSEK (–41.7) for the period, corresponding to
an operating margin of –46.9 percent (–22.1). Operating profit
includes non-recurring items of –0.4 MSEK (0.0), attributed to
personnel related restructuring costs.
THUNDERFUL GROUP INTERIM REPORT JANUARY–DECEMBER 2024 8

Q4
Financial net
Financial net amounted to 186.8 MSEK (–22.3) for the period.
Of the total financial net, 50.5 MSEK (–45.5) comprised the net
of exchange gains and exchange losses, –21.5 MSEK (–28.0) of
the net from interest cost and interest income, 160.3 MSEK (46.4)
of the net from the revaluation of earn-outs and –2.5 MSEK (4.8)
of results from associated companies.
Net exchange gains and exchange losses includes 25.5 MSEK
of unrealised exchange effects.
Profit/loss for the period
Profit/loss for the period amounted to –887.5 MSEK (–629.4),

corresponding to a net profit margin of –303.1 percent (–163.8).
Profit /loss for continuing operations for the period amounted
to –665.5 MSEK (–579.2), corresponding to a net profit margin
of –227.3 percent (–150.8).
Other comprehensive income
Other comprehensive income during the period was impacted
by currency translation differences in foreign operations and
totalled 103.1 MSEK (7.9).
AUGMENTED EMPIRE COATSINK
THUNDERFUL GROUP INTERIM REPORT JANUARY–DECEMBER 2024 9

Q4
Financial position
Financial position and liquidity
The Group’s total assets on 31 December 2024 amounted to 772.9
MSEK, compared with 3,151.0 MSEK on 31 December 2023.
Core working capital on 31 December 2024 amounted to 8.9
MSEK, compared with 526.3 MSEK on 31 December 2023, mainly
as a result of the divestment of the distribution companies at the
end of the second quarter.
The Group’s equity on 31 December 2024 totalled 578.0 MSEK,
compared with 1,361.9 MSEK on 31 December 2023. The reduction
is primarily due to write-downs of intangible assets in the fourth
q u a r t e r.
Thunderful Group has a confirmed credit facility of 10.5 MEUR
(120.6 MSEK on 31 December 2024) with Danske Bank. On the bal –
ance-sheet date, 31 December 2024, Thunderful Group utilised 1.5
MSEK of this facility and cash and cash equivalents amounted to
31.0 MS EK.
Including the unutilised portion of the confirmed credit facility,
the group’s cash and cash equivalents as per 31 December 2024
amounted to 150.2 MSEK, compared with 209.1 MSEK on 31
December 2023.
Cash flow and investments
Cash flow from operating activities during the fourth quarter
amounted to 26.7 MSEK (300.0) and during the period to 241.3
MSEK (299.0). Cash flow from operating activities for discontinued
operations amounted to –7.4 MSEK (489.2) for the quarter and
343.6 MSEK (346.2) for the period.
Various investments, noted below, were made during the quarter
and period:
Quarter Period
MSEK 2024Q4 2023Q4 2024 Jan–Dec 2023 Jan–Dec
Internal game development capex 16.8 39.8 97.9 186.1
Publishing licences capex 15.1 19.3 62.8 76.0
Game projects capex 0.0 –2.4 0.0 1.7
Acquisition capex 0.0 0.0 0.0 23.8
Other capex –0.1 –0.8 1.0 1.1
Cash flow from discon – tinued operations 0.0 –0.1 –298.3 25.2
Total investments 31.8 55.8 –136.6 313.8
Cash flow from investing activities amounted to –31.8 MSEK
(–55.8) for the fourth quarter and 136.6 MSEK (–313.8) for the
period. The positive cash flow in the period January through
December 2024 is related to the divestment of intangible assets
from discontinued operations.
Cash flow from financing activities amounted to 14.1 MSEK
(–70.4) for the quarter and –559.2 (167.8) 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 16.4 MSEK (10.4), operating result to –449.0 MSEK (–34.0) and
profit for the period to –1,041.7 MSEK (–364.6). The Parent Company’s
revenue comprises intra-group services. During the period write-
down of shares in the amount of 831.5 MSEK were made for sub –
sidiaries from discontinued operations. A realised loss of 404.4
MSEK was booked in the Parent Company related to divestment
of subsidiaries.
THUNDERFUL GROUP INTERIM REPORT JANUARY–DECEMBER 2024 10

Operational overview
by segment
Q4
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
transactional sales (i.e. direct sales to consumers via online
stores), supplemented by platform deals and collaborations with
various marketing, commercialisation, and distribution partners.
Back catalogue 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

capitalised game development projects which generally have
a development cycle spanning several years before they can
begin generating 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
THUNDERFUL GROUP INTERIM REPORT JANUARY–DECEMBER 2024 11

Q4
Games released during
and after the fourth
quarter of 2024
During the fourth quarter of 2024, the Group released two
games of which one was from an internal studio. No games
were released after the end of the quarter but before the publi –
cation of this report.
The Group has 8 ongoing internal game-development projects
and 4 ongoing game-development projects that are being devel –
oped by third parties, which are intended to be published by the
Group’s publishing company.
CLONE DRONE IN THE HYPERDOMEDOBOROG GAMES
THUNDERFUL GROUP INTERIM REPORT JANUARY–DECEMBER 2024 12

Q4
Announced releases of internally developed games
Game description Platforms
Title Release Publisher
PC Console Mobile VR
Reignbreaker 2025, 1H Thunderful
Lost in Random: The Eternal Die 2025, 1H Thunderful
Vampire’s Fall 2 2025, 1H Early Morning Studio
“Neapolitan” 2025, 1H Coatsink
“Strawberry” 2025, 1H Coatsink
“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, 2H
Replaced 2026
“Peach” 2026
“Kiwi Mango” 2026
Game released during the fourth quarter 2024
Game description Platforms
Title Release Publisher Studio
PC Console Mobile VR
Augmented Empire 2024-11-21 Coatsink Coatsink
Game released after the fourth 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
THUNDERFUL GROUP INTERIM REPORT JANUARY–DECEMBER 2024 13

Q4
Organisation
As of 31 December 2024, the number of full-time employees was
297 (358), of whom 88 (97) women and 209 (276) men.
Related party transactions
The following related party transactions have occurred in

Thunderful Group during the period. Thunderful Group divested
the German subsidiary, Headup GmbH, for a purchase price of
500 KEUR. The buyer was Headup’s CEO Dieter Schoeller.
Thunderful Group divested the operations and assets of

Nordic Game Supply for a purchase 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.
Thunderful has signed an agreement with Jumpship’s former
owner, Dino Patti, for the transfer of all shares in Jumpship Limited.
The company has also reached a settlement agreement regarding
former seller claims on future earnouts in exchange for shares in
Jumpship Ltd. The transfer of shares is conditional upon share –
holder approval at the annual general meeting.
There were no other related party transactions of significant
value during the period.
Other information
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 intangible
fixed assets on an ongoing basis and has made the assessment
that no further material write-down needs exist as at the balance
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. As per the fourth quarter of 2024, the Group holds
assets and liabilities held for sale.
Summary of profit / loss and cash flow effects from discontinued operations
Quarters Period
MSEK 2024Q4 2023Q4 2024 Jan–Dec 2023 Jan–Dec
Discontinued operations Games –0.4 –124.0 –57.2 –127.8
Of which
Realised loss on divestment 0.0 0.0 –42.7 0.0
Transaction costs 0.0 0.0 –3.1 0.0
Operating results –0.4 –124.0 –11.4 –127.8
Discontinued operations Distribution –43.4 69.9 –164.7 77.6
Of which
Realised loss on divestments –4.8 0.0 –5.6 0.0
Transaction costs –0.1 0.0 –19.2 0.0
Operating results –38.4 69.9 –139.9 77.6
Cash flow analysis
Adjustment for nonwcash items 37.4 175.1 96.3 224.4
Paid taxes –5.6 2.4 7.4 –1.1
Net cash flow from operating activities 4.2 363.6 461.4 169.5
Net cash flow from investing activities 0.0 0.1 298.3 –25.2
Net cash flow from financing activities 33.9 –5.0 25.0 –18.0
Net change in cash and cash equivalents from discontinued operations 69.9 536.2 888.3 349.6

THUNDERFUL GROUP INTERIM REPORT JANUARY–DECEMBER 2024 14

Q4
The comparison period includes adjustments not previously
considered material, but due to the reduced scope of the contin –
ued operations, these adjustments are now deemed necessary,
resulting in a decrease of approximately 20 MSEK in both net
income and capitalized development costs.
For further information on the Group’s accounting policies,
refer to the 2023 A nnual Report, which is published on the
company’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 is
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 –
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 appropriate.
Events during the quarter
Thunderful has signed an agreement with Jumpship’s former
owner, Dino Patti, for the transfer of all shares in Jumpship

Limited. The company has also reached a settlement agreement
regarding former seller claims on future earnouts in exchange
for shares in Jumpship Ltd. According to the settlement agree –
ment, Jumpship shall receive 752,6 TGBP from Thunderful, which
corresponds to expected wind-down costs. Thunderful shall also
waive all internal loans to Jumpship. The transfer of shares is
conditional upon shareholder approval at the annual general
meeting.
Events after the end of the period
On February 10, 2025 the Thunderful shareholders approved the
transfer of the Jumpship shares. Closing of the divestment is
expected to be con
cluded shortly.
Auditors’ review
This interim report has not been subject to review by the
company’s auditors.
Thunderful Gothenburg, rebranded to Stormteller Games, announced after the end of the quarter
THUNDERFUL GROUP INTERIM REPORT JANUARY–DECEMBER 2024 15

Q4
The share
As of 31 December 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
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 June 2025
Warrant programme 2023/2026 860,000 860,000 1.2% 20.28 19 May – 30 June 2026
Warrant programme 2024/2027 6,173,889 6,173,889 8.8% 3.34 1 June – 15 July 2027
Total 7,303,889 7,303,889
the company’s share is traded on First North Premier Growth Market
(THUNDR). On the balance-sheet date of 31 December 2024,

Thunderful Group’s market capitalisation was around 47.9 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)
Financial statements and other
financial and general information are
published on the Group’s website
www.thunderfulgroup.com
Responsible for IR issues is
CFO Mikael Falkner
+46 760 35 64 34
mikael.falkner@thunderfulgroup.com
Name Shares Shares of capital and votes, %
Bergsala Holding AB 17,913,693 25.49%
Avanza Pension 5,529,701 7.87%
Brjann Sigurgeirsson (privately and through companies 4,375,000 6.22%
Lyngeled Holding AB 4,275,000 6.08%
Nordea Liv & Pension 2,619,950 3.73%
Johan Henningsson 2,513,703 3.58%
Knutsson Holdings AB 2,496,028 3.55%
Nordnet Pensionsförsäkring 2,259,696 3.21%
ÖstVäst Capital Management 2,200,000 3.13%
Andreas Johansson 1,539,742 2.19%
TOTAL TOP 10 45,722,513 65.05%
Other 24,568,084 34.95%
TOTAL 70,290,597 100.0%
THUNDERFUL GROUP INTERIM REPORT JANUARY–DECEMBER 2024 16

Q4
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, 13 February 2025
Martin Walfisz
Chief Executive Officer
Patrick Svensk
Chairman
Magdalena Rodell Andersson
Board member
Owe Bergsten
Board member
Tomas Franzén
Board member
Adolf Kristjansson
Board member
Sara Bach
Board member
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
Mikael Falkner, CFO, Thunderful Group AB
+46 760 35 64 34
mikael.falkner@thunderfulgroup.com
THUNDERFUL GROUP INTERIM REPORT JANUARY:DECEMBER 2024 17

Q4
MSEK 2024 Q4 2023 Q4 2024 Jan–Dec 2023 Jan–Dec
Net revenue 77.4 107.0 292.8 384.4
Other operating income 0.4 0.6 2.5 12.9
Operating income 77.8 107.6 295.3 397.3
Capitalised work on own account 16.8 31.9 96.0 141.4
Purchased games-development services and royalties –24.4 –51.4 –65.7 –78.0
Other external expenses –22.6 –29.9 –109.7 –84.0
Personnel expenses –76.6 –77.0 –281.6 –267.9
Depreciation, amortisation and impairment of property, plant and equipment and intangible assets –601.8 –532.9 –848.0 –645.8
Other operating expenses –0.7 –3.6 –3.7 –9.0
Operating profit –631.5 –555.2 –917.3 –546.0
Financial income 107.5 61.1 218.1 85.4
Financial cost 12.0 –52.2 –31.3 –107.6
Financial items 119.5 9.0 186.8 –22.3
Profit/loss after financial items –511.9 –546.3 –730.5 –568.2
Tax on profit for the period 62.8 5.2 65.0 –11.4
Profit/loss from continuing operations –449.1 –541.0 –665.5 –579.6
Profit/loss from discontinued operations Distribution –43.4 69.9 –164.7 77.6
Profit/loss from discontinued operations Games –0.4 –124.0 –57.2 –127.8
Net profit/loss for the period –492.9 –595.1 –887.5 –629.8
Other comprehensive income
Currency translation difference in foreign operations 20.0 –74.0 103.1 7.9
Comprehensive income for the period –472.9 –669.1 –784.4 –621.9
Net profit for the period attributable to:
Shareholders of the Parent Company –492.9 –595.1 –887.5 –629.8
Earnings per share from continuing operations before dilutions, SEK –6.39 –7.70 –9.47 –8.25
Earnings per share before dilution, SEK –7.01 –8.47 –12.63 –8.96
Earnings per share from continuing operations after dilutions, SEK –6.39 –7.70 –9.47 –8.25
Earnings per share after dilution, SEK –7.01 –8.47 –12.63 –8.96
Comprehensive income for the period attributable to:
Shareholders of the Parent Company –472.9 –669.1 –784.4 –621.9
Average number of shares 70,290,597 70,290,597 70,290,597 70,290,597
Group income
statement
THUNDERFUL GROUP INTERIM REPORT JANUARY–DECEMBER 2024 18

Q4
MSEK 20 24 –1 2–31 20 23–1 2–31
ASSETS
Fixed assets
Intangible assets
IT systems 0.0 2.5
Capitalised development expenditure, games 154.8 282.4
Publishing licences 70.0 143.6
Investments in game projects 11.2 13.5
Publishing and distribution relationships 0.0 223.0
Goodwill 337.1 479.7
Game rights 36.7 291.8
Customer relationships 17.3 88.7
Other intangible assets 20.7 22.9
647.8 1,548.1
Property, plant and equipment
Right-of-use assets 21.7 113.7
Buildings and land 0.0 2.8
Equipment, tools, fixtures and fittings 2.3 20.5
24.0 137.0
Financial assets
Participation in associated companies 2.5 4.6
Other securities held as non-current assets 0.2 0.2
Other non-current receivables 2.1 7.4
4.8 12.2
Deferred tax assets 0.3 1.1
Total fixed assets 676.9 1,698.4
Current assets
Inventories, etc.
Finished goods and goods for resale 0.1 557.4
Advance payments to suppliers 0.2 50.8
0.2 608.2
Current receivables
Assets held for sale 5.3 0.0
Accounts receivable 16.0 470.8
Current tax assets 6.7 14.3
Other receivables 8.1 15.6
Prepayments and accrued income 28.5 134.6
64.7 635.3
Cash and cash equivalents 31.0 209.1
Total current assets 96.0 1,452.6
TOTAL ASSETS 772.9 3,151.0
Group balance
sheet
THUNDERFUL GROUP INTERIM REPORT JANUARY–DECEMBER 2024 19

Q4
MSEK 20 24 –1 2–31 20 23–1 2–31
EQUITY AND LIABILITIES
Equity
Share capital 0.7 0.7
Other capital contributions 1,274.8 1,274.8
Other equity, including net profit for the year –697.5 86.4
578.0 1,361.9
Non–current liabilities
Non-current earn-out considerations 21.5 181.6
Deferred tax liabilities 20.3 152.5
Provisions 0.2 2.0
Non-current lease liabilities 11.6 86.6
53.5 422.6
Current liabilities
Overdraft facility 1.5 0.0
Liabilities to credit institutions 0.0 499.3
Liabilities related to assets held for sale 4.6 0.0
Advance payments from customers 0.0 1.1
Accounts payable 7.4 552.8
Current tax liabilities 32.9 26.9
Other liabilities 14.6 75.0
Current earn-out considerations 26.1 97.9
Current lease liabilities 10.4 25.3
Accrued expenses and deferred income 43.9 88.2
141.4 1,366.5
TOTAL EQUITY AND LIABILITIES 772.9 3,151.0
Group balance
sheet
BATMAN: ARKHAM SHADOW
Coatsink supported the develop – ment of Batman: Arkham Shadow
THUNDERFUL GROUP INTERIM REPORT JANUARY–DECEMBER 2024 20

Q4
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 86.4 1,361.9
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 year 0.0 0.0 –784.4 –784.4
Closing balance, 31 December 2024 0.7 1,274.8 –697.5 578.0
Opening balance, 1 January 2023 0.7 1,274.8 707.2 1,982.7
Issued warrants 0.0 0.0 1.1 1.1
Transactions with owners 0.0 0.0 1.1 1.1
Total comprehensive income for the year 0.0 0.0 –621.9 –621.9
Closing balance, 31 December 2023 0.7 1,274.8 86.4 1,361.9
Group statement
of changes in
equity
THUNDERFUL GROUP INTERIM REPORT JANUARY–DECEMBER 2024 21

Q4
MSEK 2024 Q4 2023 Q4 2024 Jan–Dec 2023 Jan–Dec
Operating activities
Profit/loss after financial items continuing operations –511.9 –546.4 –730.5 –568.2
Profit/loss after financial items discontinued operations –43.4 –51.9 –221.4 –46.7
Adjustment for non-cash items
Depreciation, amortisation and impairment 601.8 532.9 848.0 645.8
Translation differences 8.4 –31.1 52.8 6.0
Revaluation of earn-out debts –74.0 –54.1 –159.6 –44.8
Other adjustments –8.7 –5.1 –135.4 –13.7
Adjustments for discontinued operations 37.4 175.1 96.3 224.4
9.6 19.4 –249.9 202.8
Income tax paid –10.4 6.8 –6.1 –17.6
Income tax paid discontinued operations –5.6 2.4 7.4 –1.1
Cash flow from operating activities before changes in working capital –6.4 28.6 –248.6 184.1
Changes in working capital
Change in inventories and advance payments to suppliers 2.3 –27.3 0.1 –27.2
Change in accounts receivable 9.3 12.4 10.8 61.3
Change in accounts payable –5.5 –3.3 –12.7 –1.7
Change in other working capital 22.8 –74.0 30.3 –86.9
Change in working capital for discontinued operations 4.2 363.6 461.4 169.5
Cash flow from operating activities 26.7 300.0 241.3 299.0
Investing activities
Acquisition of subsidiaries/business 0.0 0.0 0.0 –23.8
Investment in property, plant and equipment 0.1 1.0 –1.0 –0.8
Investment in capitalised game development expenditure –16.8 –39.8 –97.9 –186.1
Investment in game projects 0.0 2.4 0.0 –33.6
Investment in publishing rights –15.1 –19.3 –62.8 –76.0
Investment in other intangible assets 0.0 –0.2 0.0 –0.2
Sale of fixed assets 0.0 0.0 0.0 31.9
Cash flow from investing activities discontinued operations 0.0 0.1 298.3 –25.2
Cash flow from investing activities –31.8 –55.8 136.6 –313.8
Financing activities
Change in overdraft facility –17.2 –41.4 1.5 –63.6
Borrowings from credit institutions/amortisation of loans 0.0 –17.9 –499.3 388.0
Repayment of lease liabilities –2.6 –6.1 –9.9 –15.6
Repayment of earn-out liabilities 0.0 0.0 –77.1 –124.1
Payments from issued warrants 0.0 0.0 0.6 1.1
Cash flow from financing activities discontinued operations 33.9 –5.0 25.0 –18.0
Cash flow from financing activities 14.1 –70.4 –559.2 167.8
Cash flow for the period 9.0 173.8 –181.3 153.0
Cash and cash equivalents at the beginning of the period 20.5 37.0 209.1 56.6
Exchange-rate differences in cash and cash equivalents 1.6 –1.8 3.3 –0.5
Cash and cash equivalents at the end of the period 31.0 209.1 31.0 209.1
Group cash flow
statement
THUNDERFUL GROUP INTERIM REPORT JANUARY–DECEMBER 2024 22

Q4
MSEK 2024 Jan–Dec 2023 Jan–Dec
Net revenue 16.4 10.4
Other operating income 0.2 0.2
Operating income 16.7 10.7
Operating expenses
Other external expenses –46.7 –26.4
Personnel expenses –14.3 –18.2
Depreciation/amortisation and impairment of property, plant and equipmen\
t and intangible assets 0.0 0.0
Other operating expenses –404.7 –0.1
Total operating expenses –465.7 –44.7
Operating profit –449.0 –34.0
Profit from participations in subsidiaries –782.8 –376.7
Financial income 198.8 89.6
Financial cost –24.7 –63.2
Financial items –608.7 –350.3
Profit after financial items –1,057.7 –384.3
Year-end appropriations 14.3 19.7
Deferred tax 0.0 0.0
Tax on profit for the period 1.8 0.1
Net profit/loss for the period and comprehensive income for the period –1,041.7 –364.6
Parent Company
income statement
REIGNBREAKERSTUDIO FIZBIN
THUNDERFUL GROUP INTERIM REPORT JANUARY–DECEMBER 2024 23

Q4
MSEK 20 24 –1 2–31 20 23–1 2–31
ASSETS
Fixed assets
Tangible fixed assets
Equipment, tools, fixtures and fittings 0.0 0.1
0.0 0.1
Financial assets
Shares in Group companies 874.0 2,020.9
Total fixed assets 874.1 2,021.0
Current assets
Receivables from Group companies 87.1 297.2
Current tax assets 0.1 0.1
Other receivables 2.8 3.1
Prepayments and accrued income 0.4 2.1
Total current assets 90.5 302.5
Cash and bank balances 0.0 148.8
TOTAL ASSETS 964.5 2,472.3
EQUITY AND LIABILITIES
Equity
Restricted equity
Share capital 0.7 0.7
0.7 0.7
Unrestricted equity
Retained earnings –264.8 99.9
Share premium reserve 1,971.2 1,970.6
Net profit/loss for the year –1,041.7 –364.6
Total unrestricted equity 664.8 1,705.8
Total equity 665.5 1,706.5
Non–current liabilities
Non–current earn–out considerations 21.5 171.8
Total non–current liabilities 21.5 171.8
Current liabilities
Overdraft facility 1.5 0.0
Liabilities to credit institutions 0.0 499.3
Liabilities to Group companies 244.8 0.1
Accounts payable 3.0 4.7
Other liabilities 0.5 0.7
Current earn–out considerations 26.1 87.4
Accrued liabilities 1.8 1.8
Total current liabilities 277.6 594.0
TOTAL EQUITY AND LIABILITIES 964.5 2,472.3
Parent Company
balance sheet
THUNDERFUL GROUP INTERIM REPORT JANUARY–DECEMBER 2024 24

Q4
MSEK 2024 Q4 2023 Q4 2024 Jan–Dec 2023 Jan–Dec
Net revenue
Thunderful Publishing 48.8 68.3 181.7 196.4
Thunderful Co-development & services 28.7 38.7 111.1 188.0
Net revenue 77.4 107.0 292.8 384.4
Adjusted EBITDA
Thunderful Publishing –18.6 –29.7 –63.2 –4.9
Thunderful Co-development & services 7.8 11.8 21.8 114.1
Adjusted EBITDA –10.8 –17.9 –41.3 109.2
Adjusted non-recurring items (Publishing) –18.9 –4.5 –27.6 –9.4
Adjusted non-recurring items (Co-development & services) 0.0 0.0 –0.4 0.0
EBITDA –29.7 –22.4 –69.4 99.8
Adjusted EBITDA-margin – Thunderful Publishing –38.1% –43.5% –34.8% –2.5%
Adjusted EBITDA-margin – Thunderful Co-development & services 27.1% 30.6% 19.6% 60.7%
Adjusted EBITA-marginal – Thunderful Group –13.9% –16.7% –14.1% 28.4%
Adjusted EBITA
Thunderful Publishing –160.9 –166.7 –403.9 –210.1
Thunderful Co-development & services 6.1 11.8 20.1 113.6
Adjusted EBITA –154.8 –154.9 –383.9 –96.5
Adjusted non-recurring items (Publishing) –18.9 –4.5 –27.6 –9.4
Adjusted non-recurring items (Co-development & services) 0.0 0.0 –0.4 0.0
EBITA –173.7 –159.4 –411.9 –105.9
Adjusted EBITA-margin – Thunderful Publishing –330.0% –243.9% –222.4% –107.0%
Adjusted EBITA-margin – Thunderful Co-development & services 21.4% 30.5% 18.1 % 60.4%
Adjusted EBITA-margin – Thunderful Group –199.9% –144.8% –131.1 % –25.1%
EBIT
Thunderful Publishing –573.1 –418.8 –865.2 –504.3
Thunderful Co-development & services –58.3 –136.4 –52.1 –41.7
EBIT –631.5 –555.2 –917.3 –546.0
EBIT-margin – Thunderful Publishing –1,175.5% –612.9% –476.3 % –256.8%
EBIT-margin – Thunderful Co-development & services –203.5% –352.9% –46.9 % –22.1%
EBIT-margin – Thunderful Group –815.5% –518.9% –313.3 % –142.0%
Thunderful Group monitors net revenue, adjusted EBITDA , adjusted EBITA and operating profit (EBIT) per segment.
Segment reporting
THUNDERFUL GROUP INTERIM REPORT JANUARY–DECEMBER 2024 25

Q4
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
intangible 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.
THUNDERFUL GROUP INTERIM REPORT JANUARY–DECEMBER 2024 26

Q4
MSEK Q4 2024 Q4 2023 2024 Jan–Dec 2023 Jan–Dec
Net revenue growth
Net revenue previous period 107.0 182.6 384.4 447.7
Net revenue current period 77.4 107.0 292.8 384.4
Net revenue growth, % –27.6% –41.4% –23.8% –14.1%
Gross profit and gross margin
Operating income 77.8 107.6 295.3 397.3
Costs for game projects –24.4 –51 .4 –65.7 –78.0
Gross profit, MSEK 53.4 56.2 229.6 319.4
Gross margin, % 69.0% 52.6% 78.4% 83.1%
Adjusted EBITDA and adjusted EBITDA margin
Operating profit (EBIT) –631.5 –555.2 –917.3 –546.0
Depreciation, amortisation and impairment of property, plant and equipme\
nt and intangible assets 601.8 532.9 848.0 645.8
Adjusted non-recurring items 18.9 4.5 28.0 9.4
Adjusted EBITDA –10.8 –17.9 –41.3 109.2
Adjusted EBITDA margin, % –13.9% –16.7% –14.1% 28.4%
Adjusted EBITA and adjusted EBITA-margin
Operating profit (EBIT) –631.5 –555.2 –917.3 –546.0
Amortisation and impairment of acquisition-related intangible assets 457.8 395.8 505.4 440.0
Adjusted non-recurring items 18.9 4.5 28.0 9.4
Adjusted EBITA –154.8 –154.9 –383.9 –96.5
Adjusted EBITA-margin, % –199.9% –144.8% –131.1% –25.1%
Core working capital, net
Inventories 0.2 608.2 0.2 608.2
Accounts receivable 16.0 470.8 16.0 470.8
Accounts payable –7.4 –552.8 –7.4 –552.8
Total core working capital 8.9 526.3 8.9 526.3
Interest-bearing net debt
Non-current interest-bearing liabilities 11.6 86.6 11.6 86.6
Current interest-bearing liabilities 11.8 524.6 11.8 524.6
Cash equivalents –31.0 –209.1 –31.0 –209.1
Interest-bearing net debt –7.7 402.1 –7.7 402.1
Adjusted EBITDA R12M –41.3 109.2 –41.3 109.2
Interest-bearing net debt/adjusted EBITDA, R12M 0.2 3.7 0.2 3.7
Calculation of
alternative KPIs
THUNDERFUL GROUP INTERIM REPORT JANUARY–DECEMBER 2024 27

Other information
Financial calendar
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 27 August 2025
Interim report Jul–Sep 2025 13 November 2025
For more 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
Mikael Falkner, CFO
+46 760 35 64 34
mikael.falkner@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
THUNDERFUL GROUP INTERIM REPORT JANUARY–DECEMBER 2024 28
Q4
2024