Slide 1: Q3 2025 interim report
Q3 2025 interim report 4 November 2025 1
Slide 2: Presenters
PRESENTERS CHRISTOFFER KÄLLBERG PER ALNEFELT GROUP CEO GROUP CFO 2
Slide 3: Q3 Highlights
Q3 HIGHLIGHTS ACCELERATED SEQUENTIAL GROWTH IN REVENUE AND EARNINGS DRIVEN BY OPERATIONAL AND COMMERCIAL MOMENTUM Operational highlights Financial highlights ▪ Closed 48 new deals, demonstrating strong commercial ▪ Revenue of 52 MEUR (39% YoY and 15% QoQ growth), performance driven by successful com
Slide 4: New Game Releases
NEW GAME RELEASES 30 ▪ Pace of in-house game releases remained at 4 per month in Q3, with total of 12 in-house 25 games released in Q3, and 41 games released since end of Q3 2024 20 ▪ 15 third party studio games released on OpenRGS platform in Q3, and 43 games 15 released since end of Q3 2024. Six s
Slide 5: In-House Developed Game Releases
IN-HOUSE DEVELOPED GAME RELEASES Invictus Eye of Medusa The Luxe Aiko and the Wind Spirit 3 July 10 July 17 July 24 July Rainbow Princess Marlin Masters: Bullets and Bounty Miami Mayhem 7 August The Big Haul 21 August 28 August 14 August Tiger Legends Le Zeus Stormborn Chaos Crew 3 4 September 11 Se
Slide 6: 3rd Party Studios Active on OpenRGS Platform
3RD PARTY STUDIOS ACTIVE ON OPENRGS PLATFORM 6
Slide 7: Key Operational Performance Indicators
KEY OPERATIONAL PERFORMANCE INDICATORS AVERAGE DAILY NUMBER OF Rounds PLAYED (INDeXED) 300 275 262 250 236 ▪ 50% YoY increase in average number of daily 219 rounds played in Q3 200 183 152 150 122 100 100 50 0 Q4 23 Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 GROSS GAMING REVENUE per game 14% ▪ Broade
Slide 8: Financial Highlights
FINANCIAL HIGHLIGHTS Revenue MEUR ▪ Revenue of 52 MEUR (39% YoY growth) 60 - growth in # of customers and deals 50 52 - growth in # of games 40 44 45 45 - growth in # of rounds played 30 37 30 20 26 22 10 0 Q4 23 Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Adjusted* Operating profit (EBIT) ▪ Adjusted*
Slide 9: Cash Flow & CapEx
CASH FLOW & CAPEX cash flow from operating activities MEUR 120 ▪ Cash flow from operating activities of 37 104 MEUR (133% YoY growth) 100 80 ▪ Changes in working capital fluctuate between 60 50 quarters largely due to changes in VAT 37 40 ▪ Free cash flow* of 35 MEUR (139% YoY 20 16 growth) 0 ▪ Free
Slide 10: Financial Position
FINANCIAL POSITION Cash and cash equivalents ▪ Healthy financial position with cash and cash 100 94 equivalents of 88 MEUR 90 88 80 ▪ No outstanding financial debt 70 ▪ Total asset base of 134 MEUR (43% YoY 60 57 53 increase) 50 44 44 40 ▪ Total equity of 112 MEUR (36% YoY increase) 30 30 26 20 10 0
Slide 11: Key Takeaways
KEY TAKEAWAYS ▪ Revenue growth 39% year-on-year and 15% quarter-on-quarter ▪ 48 deals closed and 27 games released ▪ Adjusted operating margin of 81% ▪ Free cash conversion at 89% (last twelve months) ▪ Strong strategy focused on product innovation and increasing monetisation to capitalise on huge m
Slide 12: Q&A
Q&A 12