Enad Global 7 Ab · OMXSTO:EG7
Enad Global 7 Ab — Investor Day (September 2023)
85 slides from Enad Global 7 Ab's investor day presentation, September 2023
Slide 1: Capital Markets Day
COMPANY PRESENTATION Capital Markets Day September 2023
Slide 2: Disclaimer
ENAD GLOBAL 7 | COMPANY PRESENTATION Disclaimer This presentation, which should be understood to include these slides, their contents or any part of them, any oral presentation, any question or answer session and any written or oral materials discussed or distributed during a company presentation (t
Slide 3: Primary Goals for the Presentation
ENAD GLOBAL 7 | COMPANY PRESENTATION • Target Audience > Existing and prospective investors Primary Goals for > Capital markets community the Presentation • Primary Topics > What, who and where we are today > Business focus and strategy for our future > Go forward plan > Future financial goals • Wha
Slide 4: Main Topics
MAIN TOPICS I. Company Overview – EG7 Today II. Leadership Background III. Progression IV. Industry Dynamics and Business Opportunity V. Business Strategy VI. Go Forward Plan VII. Financial Targets and Outlook VIII. Topics for Shareholder Consideration IX. Summary ENAD GLOBAL 7 X. Appendix – Busines
Slide 5: Company Overview – EG7 Today
I. COMPANY OVERVIEW EG7 TODAY COMPANY PRESENTATION 5
Slide 6: Summary Snapshot
ENAD GLOBAL 7 | COMPANY PRESENTATION • Headquartered in Stockholm with Key Figures Summary operations in North America and Europe LTM 2Q23 • Originally founded as a co-development Snapshot studio in 2013 • Acquisition growth into a gaming group Net Revenues with 6 business units today comprised of:
Slide 7: Group Companies
Group Companies Acquisition 2020 2020 2021 Founded 2013 2019 2019 Business PC and console live Mobile, PC and PC and console PC and console game Indie publishing and Creative branding service game console game premium and live co-development console game and marketing developer and developer and ser
Slide 8: Capabilities Across the Value Chain
ENAD GLOBAL 7 | COMPANY PRESENTATION Capabilities Across the Value Chain Development Live Service Publishing Distribution PC / Consoles Mobile Value-Add Services Services 3rd Party 8
Slide 9: Globally Recognized 1st and 3rd Party IP Portfolio
ENAD GLOBAL 7 | COMPANY PRESENTATION 1st Party Owned IPs Globally Recognized 1st and 3rd Party IP Portfolio 3rd Party Major Global IPs 9
Slide 10: Financial Performance
• Demonstrated consistency ENAD GLOBAL 7 | COMPANY PRESENTATION • Exceptional growth since 3Q21: Financial Performance > 1.8x LTM Net Revenue growth > 2.4x LTM Adjusted EBITDA growth (MSEK) • All organic with no M&A driven growth since 2Q21 > MTGO deal in 1Q22 not a traditional M&A but rather a comb
Slide 11: Revenue Mix by Region and Platform
Net Revenues Mix by Region – LTM 2Q23 ENAD GLOBAL 7 | COMPANY PRESENTATION Revenue Mix by Region and Platform Net Revenues Mix by Platform– LTM 2Q23 11
Slide 12: Contribution by Business Unit
Net Revenues Mix – LTM 2Q23 ENAD GLOBAL 7 | COMPANY PRESENTATION Contribution by Business Unit Adjusted EBITDA Mix – LTM 2Q23 12
Slide 13: Daybreak financial performance
(MSEK) • Consistent and highly profitable • Biggest revenue source for the group • Topline maintaining above the pre-pandemic levels • Solid margins but reduced due to a combination of: > Fixed cost component > Inflation driven cost increases • A classic portfolio that’s steady but expected to see m
Slide 14: Monthly Gross Revenue Trend by Game
ENAD GLOBAL 7 | COMPANY PRESENTATION Monthly Gross Revenue Trend by Game ● Monthly Gross Revenues down but maintaining above pre-pandemic level ● DCUO has seen notable declines from the peak as it came down off highs of the pandemic 14
Slide 15: MAU Trends by Game
ENAD GLOBAL 7 | COMPANY PRESENTATION MAU Trends by Game (000s) 15
Slide 16: Big Blue Bubble financial performance
(MSEK) • Back-to-back record performance • 2022 growth: > Net Revenue 184% YoY growth > EBITDA 233% YoY growth • LTM 2Q23: > Net Revenue 371% YoY growth > EBITDA 424% YoY growth • 2023 performance driven by the viral uptick from end of 2022 • Expected to calibrate around a new normalized level secon
Slide 17: My Singing Monsters KPIs
ENAD GLOBAL 7 | COMPANY PRESENTATION My Singing Monsters KPIs ● Exponential growth in 4Q22 and first part of 2023 ● Still operating at significantly higher level compared to pre-uptick ● Team firing on all cylinders to service the larger audience ● Some time before we know where the new “normal” is
Slide 18: Piranha Games financial performance
(MSEK) • Strong performance in 1Q thanks to a successful release of MechWarrior DLC 4 • Successfully signed WFH contract worth SEK 100 million over 18 months in 2Q23 • MechWarrior DLC 5 to be released on September 28 • New MechWarrior Clans title to be released in 2024 as announced on Sep 15th * 202
Slide 19: Toadman financial performance
(MSEK) • Successfully continues to ramp up its WFH-business • SEK 10.8 million of Net Revenue for 2Q from WFH – a 96.4 percent increase over 1Q • Signed new external WFH contract in 3Q • Estimated to reach positive EBITDA contribution towards the end of the year * 2917/18 consist of 16 months 19
Slide 20: Fireshine financial performance
(MSEK) • Slower first half of 2023 • In 2022, a nice outcome with Core Keeper that drove performance • No comparable title for 2023 • Additionally, physical distribution volume lower first half of 2023 and on a downward trend long-term • 2H23 expected to outperform the 1H * 2919 shows extrapolation
Slide 21: Petrol financial performance
(MSEK) • Step up in revenue base since 2021 but operating at a lower margin > Team focused on improving margins over the near-term • Faced some challenges for 1H23 with delays in client projects • Big title releases in the 2H by Petrol’s clients, which should result in improved performance 21
Slide 22: Summary – Where Do We Stand Today?
ENAD GLOBAL 7 | COMPANY PRESENTATION Highlights Summary – • Stable and predictable Where Do • Solid cash flows • Strong liquidity position We Stand • Good assets Today? • Limited risk Questions • What’s next? • What’s going to drive growth? • How are we going to deploy cash and for what reasons? 22
Slide 23: Leadership Background
II. LEADERSHIP BACKGROUND COMPANY PRESENTATION 23
Slide 24: Group Management and the Board
ENAD GLOBAL 7 | COMPANY PRESENTATION Group Management and the Board EG7 Executive Team Board of Directors Ji Ham Fredrik Rüdén Jason Epstein Marie-Louise Gefwert Gunnar Lind Ben Braun Ron Moravek Acting CEO and board Deputy CEO and CFO Chairman of the board Board member Board member Board member Boa
Slide 25: Demonstrated and Repeated Success
ENAD GLOBAL 7 | COMPANY PRESENTATION Demonstrated and Repeated Success Acquisition Acquisition Acquisition Dev & Publishing from from from from Jan 2015 Dec 2016 Aug 2020 Jan 2022 ● Acquisition and restructure ● Acquisition and optimization ● Studio acquisition ● Product carve out, acquihire ● Large
Slide 26: Combination of Unique Skillset and Expertise
ENAD GLOBAL 7 | COMPANY PRESENTATION Combination of Unique Skillset and Expertise Requisite Sector Expertise Unique Skillset & Expertise ● Game development ● Institutional underwriting of business and game opportunities ● Publishing and distribution ● Development and execution of tailored ● Live ser
Slide 27: Progression
III. PROGRESSION COMPANY PRESENTATION 27
Slide 28: Stages of Progression
ENAD GLOBAL 7 | COMPANY PRESENTATION Stages of Progression Stage 3 Growth Phase Stage 2 Establish Foundation Stage 1 Former Leadership (Aug 2021) Growth Vehicle Stable Cash Flow Business Roll-Up Vehicle Stage 0 Founded as a WFH studio 28
Slide 29: Stage 1 – Roll-Up Strategy
ENAD GLOBAL 7 | COMPANY PRESENTATION Stage 1 – Roll-Up Strategy (MSEK) ● Originally an M&A rollup play ● Post IPO from 2019, aggressive M&A growth ● Ultimately resulted in a “buy what you can” vs. “buy what makes sense” ● Market shifted and M&A no longer a viable growth strategy 29
Slide 30: Stage 2 – Rationalization Phase
ENAD GLOBAL 7 | COMPANY PRESENTATION Stage 2 – Rationalization Phase Desired Outcome Rationale Actions Taken ✔ Reduce the overall risk ● M&A growth strategy no ● Shutdown high risk projects: ✔ Increase business longer viable ○ Minimal Affect predictability ● Reduce “randomness” and ○ Block N Load 2
Slide 31: Then and Now Comparison
ENAD GLOBAL 7 | COMPANY PRESENTATION Then and Now Comparison (MSEK) ● Comparison of before and after the transformation > Then: LTM 1Q22, which included full year results from all acquisitions > Now: LTM 2Q23, which is the latest period data ● Significant improvements across all metrics with one les
Slide 32: Solid Position Today and Ready for the Next Phase
ENAD GLOBAL 7 | COMPANY PRESENTATION Solid Position Today and Ready for the Next Phase • Stage 2 mission completed successfully with solid outcomes: > Solid foundation and footing > Highly profitable > Highly predictable > Solid liquidity • We are exactly where we want to be Now shifting focus from
Slide 33: Industry Dynamics & Business Opportunity
IV. INDUSTRY DYNAMICS & BUSINESS OPPORTUNITY COMPANY PRESENTATION 33
Slide 34: Identifying the Opportunity
ENAD GLOBAL 7 | COMPANY PRESENTATION Identifying the Opportunity 01 Underwrite industry dynamics and market opportunities > Solid grasp of the landscape > Identify clear opportunities and risks > Conviction around a rational PoV 02 Establish the business thesis and define the strategy and plan for t
Slide 35: First – How Do We Define the Gaming Industry?
ENAD GLOBAL 7 | COMPANY PRESENTATION First – How Do We Define the Gaming Industry? • What best describes or is the closest to the gaming industry? > Content > Software / SaaS > Technology > Platform • Key determinant is utility vs. consumption > Games are consumed like other media content > Games ar
Slide 36: Global Gaming Industry Growth Trends
ENAD GLOBAL 7 | COMPANY PRESENTATION Global Gaming Industry Growth Trends • Big and attractive industry Global Gaming Market with solid fundamentals • A large step up in growth (USD in MMs) during the pandemic period > 34% growth from 2019 to the pandemic peak in 2021 • After a dip in 2022, back on
Slide 37: Market Segmentation by Platform
ENAD GLOBAL 7 | COMPANY PRESENTATION Market Segmentation by Platform • Underlying growth trends (2022-2025) vary based on the distribution platform • Console games are expected to show strongest growth with 8.6% CAGR • PC games are expected to be largely flat with 0.9% CAGR • Mobile games are also n
Slide 38: Market Segmentation by Competitive Tiers
ENAD GLOBAL 7 | COMPANY PRESENTATION Market Segmentation by Competitive Tiers ● Industry is more or less mature ● However, there are parts of the industry “less firm/mature” that are quite attractive ● Important to evaluate the competitive tiers to zero in on the target opportunity Platforms • Conso
Slide 39: Competitive Dynamics
ENAD GLOBAL 7 | COMPANY PRESENTATION Competitive Dynamics ● A range of competitive dynamics by segment ● A few control a large part of the market Platforms Platforms • Oligopoly • Highly institutionalized Top Publishers Top publishers • Semi-oligopoly • Highly institutionalized Mid-market Mid-market
Slide 40: Market Share by Segment
ENAD GLOBAL 7 | COMPANY PRESENTATION Market Share by Segment Platforms and Top Publishers have 75% of the market Market Share Platforms • USD 90+ billion or 50% of total market Top publishers • Top 10 players in 2022 had: Platforms > 25% of total market, or > 50% of the market excluding platforms Mi
Slide 41: Addressable Target Market
ENAD GLOBAL 7 | COMPANY PRESENTATION Addressable Target Market ● Our target is USD 43 billion market share occupied by indie to midsized publishers ● Not looking to compete against the Platforms or the Top 10 Publishers USD 183 BN Total Market (2022) USD 92 BN Market excluding Platforms 41 Source: N
Slide 42: The Birth of the Lower Market Segment with Steam’s D2C Distribution
ENAD GLOBAL 7 | COMPANY PRESENTATION The Birth of the Lower Market Segment with Steam’s D2C Distribution ● Direct to consumer (D2C) distribution came about due to Steam ● Steam D2C distribution effect: Number of Annual Game Releases on Steam > Volume of releases have skyrocketed > Volume growth but
Slide 43: More Releases but at Way Lower Quality
ENAD GLOBAL 7 | COMPANY PRESENTATION More Releases but at Way Lower Quality Film / TV Publishing Game Industry Production Game Studios D2C Houses Strict QC Moderate QC Strict QC Limited QC Film/TV Studios Leading Publishers Indie Studios Indie Publishers Little to No QC (e.g. Disney, WB, Netflix, et
Slide 44: Big Differences in Characteristics
ENAD GLOBAL 7 | COMPANY PRESENTATION Big Differences in Characteristics Top Publishers / AAA Indie / Mid-Market Publishers Business Model • Business model based on repeatability and • Volume based portfolio approach with little to no predictability – core franchise model predictability • Batting for
Slide 45: Industry Summary and Opportunity
ENAD GLOBAL 7 | COMPANY PRESENTATION Industry Summary and Opportunity Market Dynamics Value Creation Opportunities ● Mature industry with good secular ● Lower market leadership up for grabs trends ● Lack of institutional management and ● Oligopoly at the top of the market best practices in the lower
Slide 46: Business Strategy
V. BUSINESS STRATEGY COMPANY PRESENTATION 46
Slide 47: Business Plan – “What”
ENAD GLOBAL 7 | COMPANY PRESENTATION Business Plan – “What” • Long-term objective is to establish one of the leading video game businesses in the middle market segment > Large emphasis on building a “business” designed to produce repeatable outcomes > Not banking on “hits” to build a business around
Slide 48: Rationale – “Why”
ENAD GLOBAL 7 | COMPANY PRESENTATION Rationale – “Why” A sizable “white space” in the mid-market segment that we aim to pursue as everyone else is chasing the “cool” and “wow” • Building an institutional business vs. a portfolio • Mid-market A-AA, premium first model based on franchises vs. GaaS and
Slide 49: Strategy – “How”
ENAD GLOBAL 7 | COMPANY PRESENTATION Strategy – “How” • Existing: Baseline business > Active management of existing products and service businesses for stability > Optimize for cash flows > Invest where it clearly aligns with the new strategy • New: Mid-market publishing > Pursue 3rd party publishin
Slide 50: Institutional Publishing Model
ENAD GLOBAL 7 | COMPANY PRESENTATION Institutional Publishing Model Business Model • Business model based on repeatability and predictability › Core franchise model › All about franchises over one-off hits • Batting for doubles with chances for homeruns • Focused on improving the batting average vs.
Slide 51: Examples of Institutional Publishing Model in Action
ENAD GLOBAL 7 | COMPANY PRESENTATION Examples of Institutional Publishing Model in Action • Big success with the first release • Best football simulation sports game Business Model • Design and set up dev and publishing for annual release • Established monopoly in football games cadence • An exclusi
Slide 52: Target Subsegment – A Narrower Focus
ENAD GLOBAL 7 | COMPANY PRESENTATION Target Subsegment – A Narrower Focus Targeting the upper half of the lower market segment given: • “Right” size of investment with “big” enough upside • More balanced risk profile • Typically, some foundation to start with vs. smaller indies • More meaningful imp
Slide 53: Balance between Publishing and Development
ENAD GLOBAL 7 | COMPANY PRESENTATION Balance between Publishing and Development Indie / Mid-market “Idealistic” Balance Institutional Model Publisher Model Developer Publisher Pub Dev Publisher Developer ● Volume / portfolio based ● Ideally, publisher and ● AAA publisher model indie and mid-market d
Slide 54: Summary of Strategic Goals
ENAD GLOBAL 7 | COMPANY PRESENTATION Summary of Strategic Goals Aspiration Avoid ▲ Leading publisher in the mid-market ▼ Aggressive M&A roll-up strategy ▲ Core franchise based, institutional publishing business ▼ A collection of assets and disparate businesses ▲ Home of globally recognized franchise
Slide 55: Go Forward Plan
VI. GO FORWARD PLAN COMPANY PRESENTATION 55
Slide 56: Re-Prioritization of Business to Support Growth
ENAD GLOBAL 7 | COMPANY PRESENTATION Re-Prioritization of Business to Support Growth PC / Console • Daybreak will go into middle market publishing • Fireshine will go up market to larger opportunities • Existing live games will be maintained with: > Investment necessary to fully support the existing
Slide 57: Sources and Uses of Funds for Growth
ENAD GLOBAL 7 | COMPANY PRESENTATION Sources and Uses of Funds for Growth ● Sources of Funds > Existing cash balance > Cash flows from live games and service businesses ● Growth Investments 1st Party Game Dev > 3rd party game publishing & Publishing > 1st party game dev and publishing > MSM extensio
Slide 58: Summary of Middle-Market Publishing Criteria
ENAD GLOBAL 7 | COMPANY PRESENTATION Summary of Middle-Market Publishing Criteria Product Target Criteria Investment Parameters Game Type Shooters, action RPGs, sandbox Investment Size $10-30mm per project subject RPGs to an annual cap for the total IP / Franchise Established branded IP No. of Playe
Slide 59: Target Franchise Pipeline Model
ENAD GLOBAL 7 | COMPANY PRESENTATION Target Franchise Pipeline Model ● Franchise model vs. a portfolio of singular products ● Methodical, disciplined and structured build up > Combination of 1st and 3rd party titles > Aiming for 2 major releases each year > Release of sequels every 3 years ● Predict
Slide 60: Franchise Pipeline Plan
ENAD GLOBAL 7 | COMPANY PRESENTATION Franchise Pipeline Plan 2024 2025 2026 2027 2028 3rd Party Franchise B 3rd Party Franchise C Notes: • Toadman’s Evil v Evil planned for release in 2024. It is not a part of the long-term franchise model as a result, not included in the franchise pipeline. • MechW
Slide 61: Franchise Plan
ENAD GLOBAL 7 | COMPANY PRESENTATION Franchise Plan Overview Franchise Plan ● MechWarrior is an iconic video ● Existing products game franchise set in the > MechWarrior Online – continuing support of BattleTech universe the core community ● First release in 1989 > MechWarrior 5 – 2 more DLCs planned
Slide 62: Studio and Product Overview
ENAD GLOBAL 7 | COMPANY PRESENTATION Studio and Product Overview Overview New Product ● Based in San Jose, CA ● New product based on a major global IP ● Studio behind Aliens Fireteam Elite license (AFE) ● Multiplayer third-person shooter in-line ● Multiplayer third person shooter shop with Cold Iron
Slide 63: Transaction Overview
ENAD GLOBAL 7 | COMPANY PRESENTATION Transaction Overview Transaction Structure Deal Returns Sensitivity ● Transaction comprised of: ● Co-development agreement > Daybreak publishing deal with Cold Iron > Toadman hired for co-development > Cold Iron co-dev deal with Toadman > Contract value of approx
Slide 64: Related Party Information
ENAD GLOBAL 7 | COMPANY PRESENTATION Related Party Information Related Party Background Fully Independent Review Process ● Formerly wholly owned by Daybreak ● Fully independent contract oversight committee (“Committee”) comprised of 4 independent members formed ● EG7 opted not to include in Daybreak
Slide 65: First Party Game Plans
ENAD GLOBAL 7 | COMPANY PRESENTATION First Party Game Plans Game Type Sandbox survival Mech action/simulation Fantasy MMORPG IP / Franchise H1Z1 with over 40+ mm downloads Iconic BattleTech franchise IP that ushered in the golden era of MMOs IP Ownership Daybreak Microsoft Daybreak No. of Players Mi
Slide 66: Financial Targets and Outlook
VII. FINANCIAL TARGETS AND OUTLOOK COMPANY PRESENTATION 66
Slide 67: Target Financial Goals
ENAD GLOBAL 7 | COMPANY PRESENTATION Target Financial Goals 3-Year Group Forecast (MSEK) ● Targeting Net Revenue of SEK 3 billion by 2026 ● Targeting Adjusted EBITDA of SEK 1 billion by 2026 ● CAGR of 16% for Net Revenue and 28% for EBITDA from 2023-2026 67
Slide 68: Key Assumptions for the Projections
ENAD GLOBAL 7 | COMPANY PRESENTATION Key Assumptions for the Projections Existing Products and Service Units New Growth Opportunities ● Primary role as a cash flow business as ● New business opportunities opposed to growth going forward > Cold Iron product in 2025 with sequels ● Existing live games
Slide 69: Positive Growth Trend Maintained from 2021 to 2024P
ENAD GLOBAL 7 | COMPANY PRESENTATION Positive Growth Trend Maintained ● 2024 could be a down year from from 2021 to 2024P 2023 with MSM reaching a new normalized level > 4Q22 and 2023 results elevated by MSM’s step up in 2021A to 2024E performance (MSEK) > Forecasting MSM to perform at a reduced lev
Slide 70: Capital Allocation Priority and Financing Requirements
ENAD GLOBAL 7 | COMPANY PRESENTATION Capital Allocation Priority and Financing Requirements Capital Allocation Funding Requirements 1. New growth business ● Over 2023-24, potentially up to 500 MSEK > 3rd party game publishing funding for the new growth business > 1st party game development and publi
Slide 71: Topics for Shareholder Considerations
VIII. TOPICS FOR SHAREHOLDER CONSIDERATIONS COMPANY PRESENTATION 71
Slide 72: Shareholder Capital Return
ENAD GLOBAL 7 | COMPANY PRESENTATION Shareholder Capital Return • The board has proposed the following shareholder capital return program > Up to 50% of Net Income for shareholder capital return program > Based on the estimated 2023 Net Income, 50% is estimated to be approximately SEK 100 million •
Slide 73: Potential Change in the Listing Venue
ENAD GLOBAL 7 | COMPANY PRESENTATION Potential Change in the Listing Venue • The company is seeking to uplist to the Main Market (Nasdaq Stockholm) > Actively working with advisors for the effort > Targeting end of 2024 for the uplisting • Potential benefits of uplisting: > Access to broader base of
Slide 74: Summary
IX. SUMMARY COMPANY PRESENTATION 74
Slide 75: Key Takeaways
ENAD GLOBAL 7 | COMPANY PRESENTATION Key Takeaways • Meaningful “progression” of the business in the right direction • Exactly where we want to be and ready for the next phase • Compelling industry dynamics > Biggest publishers and AAA studios getting acquired by the platforms > A chance for the nex
Slide 76: Investment Case
ENAD GLOBAL 7 | COMPANY PRESENTATION Investment Case Performance track record and history ✓ Financial and business position today ✓ Industry dynamics ✓ Business strategy and plan ✓ Growth potential ✓ Value proposition ✓ Risk profile ✓ Leadership capabilities and track record ✓ 76
Slide 77: Appendix
X. APPENDIX COMPANY PRESENTATION 77
Slide 78: Daybreak Game Company
ENAD GLOBAL 7 | COMPANY PRESENTATION DAYBREAK GAME COMPANY Summary Highlights ● Acquired Dec 2020 ● One of the best known Massively ● Developer and publisher of online Multiplayer Online RPG (MMORPG) multiplayer games developer/publisher globally ● Founded in 1998 ● MMO industry pioneer with the rel
Slide 79: Game Portfolio
ENAD GLOBAL 7 | COMPANY PRESENTATION Game Portfolio Release Date 2011 2006 1999 2004 2007 2002 2012 Type MMORPG MMORPG MMORPG MMORPG MMORPG Online TCG MMOFPS Genre Superhero fantasy High fantasy High fantasy High fantasy High fantasy Fantasy Sci-fi IP/Brand DC Comics Dungeons & Dragons Own IP Own IP
Slide 80: Big Blue Bubble
ENAD GLOBAL 7 | COMPANY PRESENTATION BIG BLUE BUBBLE Summary Highlights ● Acquired 2020 ● LTM Net Rev growth rate of 334% ● Mobile game developer and over the comparable period publisher ● Almost 150mm lifetime downloads ● Founded in 2002 ● Hit #1 game in the music game ● HQ in London, Ontario, CN c
Slide 81: Piranha Games
ENAD GLOBAL 7 | COMPANY PRESENTATION PIRANHA GAMES Summary Highlights ● Acquired 2021 ● Studio behind MechWarrior titles ● PC/console game developer since 2012 > Own game and co- ● Highly regarded co-dev studio with development over 20 titles to its credit > Expertise around shooters and ● Exciting
Slide 82: Toadman Interactive
ENAD GLOBAL 7 | COMPANY PRESENTATION TOADMAN INTERACTIVE Summary Highlights ● Founding organization of EG7 ● Studio behind the highly acclaimed ● PC/console game developer Chaos Waste DLC for Warhammer Vermintide 2 > Highly experienced co- development studio ● 150 staff strong with capabilities acro
Slide 83: Fireshine Games
ENAD GLOBAL 7 | COMPANY PRESENTATION FIRESHINE GAMES Summary Highlights ● Acquired 2019 ● Have published and released 80 ● PC and console indie publisher titles over the past five years ● Retail distribution partner for ● Building a solid track record of Frontier, Rebellion and Team 17 quality indie
Slide 84: Petrol
ENAD GLOBAL 7 | COMPANY PRESENTATION PETROL Summary Highlights ● Acquired 2019 ● One of the global premier AAA ● Creative marketing asset development and creative marketing agencies production ● Responsible for all the key art for ● Marketing agency services CoD franchise over the last 17 years ● Fo
Slide 85: Slide 85