Interim Report as of March 31, 2025

Via Tortona, 37 - 20144 Milan, Italy VAT number 09554160151

Share Capital: Euro 6.024.334,80 of which Euro 5.706.014,80 subscribed Milan Companies House no. 290680-Vol. 7394 Chamber of Commerce no. 1302132

This report is available on the Company's website https://www.digitalbros.com Investor Relations / Financial Documents section

Please consider that this is an Italian to English translation: the Italian version shall always prevail in case of any discrepancy or inconsistency

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Index

BOARD OF DIRECTORS AND CORPORATE GOVERNANCE STRUCTURE 4

DIRECTORS' REPORT 6

1. GROUP ORGANIZATION 6

2. THE VIDEO GAMES MARKET 10

3. ALTERNATIVE PERFORMANCE RATIOS 12

4. SEASONALITY EFFECTS 12

5. SIGNIFICANT EVENTS DURING THE REPORTING PERIOD 13

6. CONSOLIDATED PROFIT AND LOSS STATEMENT AS OF MARCH 31ST, 2025 15

7. CONSOLIDATED BALANCE SHEET AS OF MARCH 31ST, 2025 19

8. SEGMENT REPORTING 22

9. Q3 FY23 CONSOLIDATED PROFIT AND LOSS STATEMENT 30

10. CONTINGENT ASSETS AND LIABILITIES 34

11. SUBSEQUENT EVENTS 34

12. BUSINESS OUTLOOK 34

13. OTHER INFORMATION 35

CONSOLIDATED BALANCE SHEET AS OF MARCH 31ST, 2025 39

CONSOLIDATED PROFIT AND LOSS STATEMENT FOR THE PERIOD ENDED MARCH 31ST, 2025. 40

CONSOLIDATED COMPREHENSIVE INCOME STATEMENT AS OF MARCH 31ST, 2025 41

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY AS OF MARCH 31ST, 2025 43

STATEMENT PURSUANT TO ART. 154- BIS (5) OF THE T.U.F 55

‌BOARD OF DIRECTORS AND CORPORATE GOVERNANCE STRUCTURE

(1)Financial Reporting Manager pursuant to Art. 154 bis of Legislative Decree 58/98

(2)Lead Independent Director

The Shareholders' Meeting held on October 27th, 2023 appointed the Board of Directors and the Board of Statutory Auditors. The terms of the Directors and the Statutory Auditors will expire at the Shareholders' Meeting which will approve the financial statements as of June 30th, 2026. On October 28th, 2024, the Shareholders' Meeting appointed Veronica Devetag Chalaupka as a new non-executive Director, who will remain in charge with the current Board of Directors until the approval of the financial statements as of June 30th, 2026.

On October 27th, 2023, the Shareholders' Meeting appointed Abramo Galante as Chairman of the Board of Directors. On November 9th, 2023, the Board of Directors appointed Abramo Galante and Raffaele Galante as Chief Executive Officers, granting adequate powers of attorney.

The Board of Directors held on August 7th, 2007 appointed the Executive Director Stefano Salbe as Financial Reporting Manager pursuant to Art. 154 bis of Legislative Decree 58/98 with appropriate powers.

On October 27th, 2021, the Shareholders' Meeting appointed EY S.p.A., based in Via Meravigli 12, Milan, as auditors of the Group's consolidated annual and half year condensed financial statements and Digital Bros S.p.A. annual financial statements until the approval of the financial statements as of June 30th, 2030.

The Board of Directors of May 14th, 2025 authorized the publication of Digital Bros Group's Interim Report as of March 31st, 2025.

Digital Bros S.p.A. is incorporated and operating in Italy. The Company is listed on the Euronext STAR segment of the Euronext Milan market operated by Borsa Italiana S.p.A..

‌DIRECTORS' REPORT

1. ‌GROUP ORGANIZATION

   Digital Bros Group ("the Group") develops, publishes and distributes video games on international markets. The Group is organized into five operational business segments:

   Premium Games: activities primarily involve the acquisition of intellectual property rights for video games from developers to distribute them primarily on digital marketplaces such as Steam, Sony PlayStation Network, Microsoft Xbox Live, Epic Game Store, etc..

   The Group develops video games either directly, through its internal development studios, or working with independent teams. In the case of video games developed by external studios, the Company secures global rights either through long-term exclusive licensing agreements or via perpetual acquisitions.

   The labels used for worldwide publishing are 505 Games and 505 Pulse.

   During the reporting period, Premium Games activities were carried out by the subsidiary 505 Games S.p.A., which coordinates this operating segment, together with 505 Games Ltd. and 505 Games (US) Inc.. As part of the Group's efforts to streamline its operations, starting from July 1, 2024, all activities that were previously carried out by 505 Games Interactive Inc. have been fully transferred to 505 Games US.

   The subsidiary 505 Pulse S.r.l. publishes video games with lower development budget.

   The Dutch company Rasplata B.V. is now 100% owned following the acquisition of the remaining 40% stake in August 2024. Rasplata B.V. owns the intellectual property and the technology used for the development of the video game Crime Boss: Rockay City.

   The voluntary liquidation of the subsidiaries 505 Games France S.a.s. and 505 Games Spain Slu was finalized in the reporting period, while the liquidation process for the German subsidiary 505 Games GmbH is still ongoing.

   The following internal development studios operate in the Premium Games segment:

   • the Italian company Kunos Simulazioni S.r.l., fully owned by the Group, developed and published the video games Assetto Corsa and Assetto Corsa Competizione. The team is now finalizing the development of the video game Assetto Corsa EVO, which was released in Early Access on Steam on January 16th, 2025;

   • the Czech company Ingame Studios a.s. a Brno-based studio in charge of the development of Crime Boss: Rockay City., which is fully owned by the Group;

   • the Italian company Avantgarden S.r.l., a Milan-based development studio fully owned by the Group;

   • the Italian company Supernova Games Studios S.r.l., a development studio based in Milan and fully owned by the Group;

   • the Canadian company Chrysalide Jeux et Divertissement Inc., held at 75% by the Group, which is currently developing the video game The Directorate: Novitiate.

   The Group established the Spanish joint venture MSE & DB S.l. with the development studio MercurySteam Entertainment S.l., which owns the intellectual property of the new video game Blades of Fire.

   Free to Play: activities involve developing and publishing video games and/or applications that are distributed for free on digital marketplaces and monetized through in-app purchases. Free to Play video games typically present lower technical complexity compared to Premium titles, but when successful, they tend to enjoy a longer life cycle. Following their launch, Free-to-Play games require ongoing maintenance and updates to keep the users' interested, increase the players retention and extend the game's longevity.

   Worldwide publishing activities are coordinated by 505 Mobile S.r.l., together with the U.S.-based 505 Mobile (US) Inc., which provides consultancy services to other Group companies and the UK-based DR Studios Ltd., which develops Free to Play video games.

   The Australian companies 505 Games Australia Pty Ltd., Infinite Interactive Pty. and Infinity Plus Two Pty own the intellectual properties for the video games Puzzle Quest and Gems of War, for which provide live support activities.

   In July 2022, 505 Games Mobile S.r.l. acquired 100% of D3Publisher of America Inc., an American publisher of Free to Play video games, including spin-offs of the Puzzle Quest series. The company was then rebranded 505 Go! Inc. after the acquisition was finalized.

   The labels 505 Mobile and 505 Go! are used for worldwide publishing activities in the Free to Play segment.

   Italian Distribution: consists of the distribution in Italy of video games purchased from international publishers. The operations are run by the Parent Company, Digital Bros S.p.A., under the Halifax brand. Other Activities: all remaining activities fall under the Other Activities operating segment for reporting purposes. This segment includes training and professional courses related to the video game industry carried out by the subsidiary Digital Bros Game Academy S.r.l..

   The Group also holds a 60% stake in the UK-based company Seekhana Ltd..

   Holding: activities consist of management of HR, financial planning and business development carried out by the Parent Company, Digital Bros S.p.A.. Digital Bros China Ltd., Digital Bros Asia Pacific (HK) Ltd. and 505 Games Japan K.K. support the Holding company with business development activities in the Asian markets. Digital Bros Holdings Ltd. was not active during the period.

   All the above-mentioned companies are fully owned, except for the 60% held in Seekhana Ltd and the 75% held in Chrysalide Jeux et Divertissement Inc..

   The organization chart for operating companies as of March 31st, 2025 was as follows:

   DIGITAL BROS S.P.A.

   ITALIAN DISTRIBUTION HOLDING

   505 GAMES S,P.A

   DIGITAL BROS ASIA PACIFIC (HK) LTD.

   DIGITAL BROS CHINA (SHENZ EN) LTD.

   505 MOBILE S.R.L.

   505 GAMES (US) INC.

   RASPLATA

   BV.

   KUNOS SIMULAZIONI S.R.L.

   505 GAMES JAPAN K.K.

   505 GAMES AUSTRALIA PTY LTD.

   DR STUDIOS

   LTD.

   505 MOBILE (US) INC.

   505 GAMES LTD.

   SUPERNOVA GAME STUDIOS S.R.L.

   AVANTGARDEN S.R.L.

   HOLDING

   DIGITAL BROS GAME ACADEMY S.R.L.

   INFINITY PLUS TWO PTY LTD.

   (") 60% INTEREST

   (") 75% INTEREST

   INFINITE INTERACTIVE PTY LTD.

   FREE TOPLAY

   505 GolNC.

   505 PULSE S.R.L.

   CHRYSALIDE JEUK INGAME ET DIVERTISSEMENT STUDIOS

   INC.*' A.S.

   PREMIUM GAMES

   SEEKHANA LTD.*

   OTHER ACTIVITIES

   During the reporting period, the Group operated in the following locations:

   Company	Address	Activity
   AvantGarden S.r.l.	Via Tortona, 37 Milan	Offices
   Chrysalide Jeux et Divertissement Inc. (1)	300 Rue Saint Paul - Bureau 410, Quebec City, Canada	Offices
   Digital Bros S.p.A.	Via Tortona, 37 Milan	Offices
   Digital Bros S.p.A.	Via Boccaccio 95, Trezzano sul Naviglio (Milan)	Logistics
   Digital Bros Asia Pacific (HK) Ltd.	33-35 Hillier Street, Sheung Wan, Hong Kong	Offices
   Digital Bros China (Shenzhen) Ltd.	Wang Hai Road, Nanshan district, Shenzhen, 518062, China	Offices
   Digital Bros Game Academy S.r.l.	Via Labus, 15 Milan	Offices
   DR Studios Ltd.	403 Silbury Boulevard, Milton Keynes, U.K.	Offices
   Game Entertainment S.r.l.	Via Tortona, 37 Milan	Offices
   505 Games S.p.A.	Via Tortona, 37 Milan	Offices
   505 Games Australia Pty Ltd.	333 Collins Street, South Melbourne Victoria, Australia	Offices
   505 Games Japan K.K.	Jimbocho, 2-11-15, Kandajimbocho Chiyoda-ku, Tokyo, Giappone	Offices
   505 Games Ltd.	403 Silbury Boulevard, Milton Keynes, U.K.	Offices
   505 Games (US) Inc.	5145 Douglas Fir Road, Calabasas, California, U.S.A.	Offices
   505 Go Inc.	5145 Douglas Fir Road, Calabasas, California, U.S.A.	Offices
   505 Pulse S.r.l.	Via Tortona, 37 Milan	Offices
   Ingame Studios a.s.	Moravské náměstí 249/8, Brno, Czech Republic	Offices
   Kunos Simulazioni S.r.l.	Via degli Olmetti 39, Formello (Rome)	Offices
   Infinite Interactive Pty Ltd.	333 Collins Street, Melbourne Victoria, Australia	Offices
   Infinity Plus Two Pty Ltd.	333 Collins Street, Melbourne Victoria, Australia	Offices
   505 Mobile S.r.l.	Via Tortona, 37 Milan	Offices
   505 Mobile (US) Inc.	5145 Douglas Fir Road, Calabasas, California, U.S.A.	Offices
   Rasplata B.V.	Churchill-laan 131 2, Amsterdam, Netherlands	Offices
   Seekhana Ltd.	403 Silbury Boulevard, Milton Keynes, U.K.	Offices
   Supernova Games Studios S.r.l.	Via Tortona, 37 Milan	Offices

   The companies have been fully consolidated using the line-by-line consolidation method, with recognition of the share of equity and profit or loss attributable to non-controlling interests.

2. ‌THE VIDEO GAMES MARKET

   The video game market is a key segment of the entertainment industry, alongside movies, books, magazines, and toys. These sectors share common characteristics, brands, features, and intellectual properties, contributing to a dynamic and interconnected entertainment landscape.

   The growth achieved by the video game industry during the pandemic generated widespread optimism, prompting many competitors to initiate new productions and significantly increase the average investment per game. As a result, an unprecedented and unexpected number of new video games were launched on the market, making it harder to meet the expected volume and revenue targets. Because of this, many companies were forced to reassess their strategies regarding portfolio investments and marketing expenditures to adapt to this competitive scenario. Starting from the second half of 2023, the market has seen waves of layoffs, studio closures, and project cancellations. As of the reporting date, such a situation remains unresolved.

   The video games market value chain is as follows:

   
   
   

   The COVID-19 pandemic further accelerated the decline of retail distribution, which has now become marginal and has been almost entirely supplanted by digital distribution channels.

   Developers

   Developers create and design video games, usually based on original ideas, a successful brand, a movie, sports simulations etc.. It has become increasingly common for highly successful video games to be adapted into movies, TV series, cartoons, and other media.

   Developers generally retain intellectual property rights, but they may transfer their rights to publishers for a limited period of time, which is defined contractually. Publishers play therefore a key role in this value chain, contributing to the production of video games, creating a player community, and managing its distribution across their global commercial networks.

   In some cases, developers may choose to publish and market the game independently. However, this approach significantly increases the financial and operational risks for these players.

   Publishers

   The publisher is responsible for the video game's launch, defining its global commercial strategy, overseeing product positioning and packaging, bearing all the related risks, while sharing instead all opportunities from the game success with the developer. Publishers typically finance the development process and often acquire the game's intellectual property either permanently or for a set period, including licensing rights for sequels.

   Console manufacturers

   The console manufacturer designs and produces the hardware used for playing video games. Sony manufactures the PlayStation, Microsoft the Xbox and Nintendo the Nintendo Switch. Console manufacturers often also operate as video game publishers.

   The key marketplaces that sell console video games are Sony's PlayStation Store, Microsoft's Xbox Live and Nintendo's eShop. Steam is the global leader in the digital distribution of video games for personal computers. More recently, the US company Epic Games Inc. launched its Epic Games Store for PC.

   The digitalization of the market has driven both Microsoft (with Xbox Game Pass) and Sony (with PlayStation Now) to develop digital platforms where players can access an entire library of video games for a predefined period by paying a subscription fee, rather than purchasing individual titles. Revenues for publishers and developers are recognized when a game is added to the platform, based on a predetermined annual fee defined for each product. Additionally, as end consumers play the games, the platform provides an incremental fee to the publishers based on user engagement.

   Digital distribution has extended the video game's lifecycle. Video games' availability is no longer limited to their launch on the retail channel, but rather they remain available on marketplaces for longer, thus generating a continuous revenue stream, which can be significantly influenced by promotional campaigns. The video games' life cycle can also be extended by releasing additional chapters and content after the official launch of the main game. The additional features (the so-called DLC, or Downloadable Contents) are available on digital marketplaces for consumers to buy or download for free.

   Free to Play video games are only available in digital format on the following marketplaces: the App Store for iPhone and iPad, the PlayStore for Android for Western markets and a number of different marketplaces for Far Eastern markets. Some Free to Play video games are also available on Sony PlayStation Store, Microsoft's Xbox Live for console, Steam and Epic Games Store for PC.

3. ‌ALTERNATIVE PERFORMANCE RATIOS

   The Group relies on specific key performance ratios to simplify the comprehension of the consolidated profit and loss statement and balance sheet. The key performance ratios used in this report are consistent with previous years.

   The following ratios are directly reported in the profit and loss statement:

   • Gross profit, being the difference between net revenue and total cost of sales;

   • EBITDA, being the difference between gross profit, other income and total operating costs plus other income;

   • EBIT, being the difference between EBITDA and total depreciation, amortization and impairment adjustments.

     With regards to the profit and loss statements, the same rationale is also valid for the net financial position, which is detailed in the Explanatory Notes.

     The ratios used by the Group could be misaligned with those adopted by other companies, as they are not defined by any accounting standard and therefore they could not be fully comparable.

     No reconciliation is required between the performance indicators included in the Directors' Report and the consolidated financial statements, as the metrics used by the Group are derived directly from the figures reported in the consolidated financial statements.

4. ‌SEASONALITY EFFECTS

   Market seasonality is heavily influenced by the release of highly anticipated and popular video games. The launch of a successful title in a specific period can lead to significant revenue volatility across quarters. Sales are often concentrated in the first few days following the game's release, especially when the launch is supported by targeted marketing and promotional campaigns.

   The digitalization of the market has contributed to a more stable revenue stream for publishers across quarters. Unlike physical retail cycles, digital marketplaces recognize revenue at the time of the end consumer's purchase, thereby reducing the impact of seasonal sales fluctuations.

   Promotional campaigns on digital marketplaces play a crucial role in boosting revenue during specific periods. Publishers strategically align their marketing efforts with peak consumer spending seasons, such as Christmas in European markets, Black Friday in the U.S., and the Chinese New Year.

   Revenues from Free-to-Play games tend to be less affected by seasonal fluctuations compared to Premium Games. Free-to-Play titles typically generate steadily increasing revenue over time, without significant spikes at launch, except in rare cases involving highly anticipated titles with exceptionally well-known brands. The impact of promotions on revenue performance is significant; however, unlike Premium Games, these promotions occur much more frequently and are spread over shorter intervals, preventing excessive revenue volatility across different quarters.

   The only residual contribution of physical distribution sales to the overall total consolidated revenue has also significantly reduced the volatility of net working capital requirements.

5. ‌SIGNIFICANT EVENTS DURING THE REPORTING PERIOD

   On October 28th, 2024, the Shareholders' Meeting of Digital Bros Group approved the Financial Statements for the fiscal year 2023-2024 and appointed Veronica Devetag Chalaupka as a new member of the Board of Directors. The new Director will remain in charge with the other current Directors until the Shareholders' Meeting convened for the approval of the financial statements as at June 30th, 2026.

   Relations with Starbreeze

   Over the past fiscal years, Digital Bros Group and Starbreeze group ("Starbreeze") have entered multiple different transactions, summarized below.

   In May 2016, the Group sold back the PAYDAY2 co-publishing rights to Starbreeze against a payment of USD 30 million and an earn-out of USD 40 million as 33% of the net revenues from the future video game PAYDAY3.

   In January and February 2020, the Group conducted the following transactions:

   • on January 15th, 2020, Digital Bros S.p.A. acquired 18,969,395 Starbreeze STAR A shares held by Swedish company Varvtre AB for a consideration of around SEK 25.8 million, at a price of SEK 1.36 per share;

   • on February 26th, 2020, Digital Bros S.p.A. completed the acquisition of all of the assets held by Smilegate Holdings in Starbreeze for a price of Euro 19.2 million. The assets acquired have a nominal value of Euro 35.3 million, as detailed below:

     1. a convertible bond of approximately SEK 215 million issued by Starbreeze for a total of Euro

        16.9 million;

     2. a receivable of around SEK 165 million for a consideration of Euro 100 thousand. This credit fell under the Starbreeze restructuring process and provided for repayment based on the terms of payment approved by the Swedish District Court and no later than December 2024;

     3. 3,601,083 Starbreeze STAR A shares and 6,018,948 Starbreeze STAR B shares for a total amount of Euro 2.2 million.

        On July 19th, 2023, the Company requested the full conversion of the convertible bond, which resulted in the issuance of no. 148.3 million Starbreeze B shares.

        During the last months of the previous fiscal year, different interpretations emerged between the Group and Starbreeze AB about the calculation of the earn out from the transfer of PAYDAY 2 rights to the Swedish developer and the repayment of receivables related to other contracts between the two groups.

        On February 27th, 2025, the Group reached a settlement agreement with the Swedish developer, resolving all outstanding matters. Consequently, the Provision for Starbreeze arbitration costs accrued as of June 30, 2024 was released, as no arbitration proceeding is required. The agreement did not have a significant impact on the net result in the reporting period, since the released provision was balanced by losses on Starbreeze receivables of Euro 0.9 million and financial charges of Euro 0.3 million, related to the net present value adjustment of the expected payments which will occur before January 2027.

        As of May 14th, 2025, the Group now holds no. 87 million Starbreeze A shares and no. 223.4 million Starbreeze B shares. This accounts for 19.11% of the share capital and 37.65% of voting rights.

        The Group reassessed its analysis on:

        • Starbreeze AB's governance structure and Digital Bros' representation in its corporate bodies;

        • Digital Bros' involvement in Starbreeze AB's decision making process;

        • the existing business relations between Digital Bros and Starbreeze AB;

        • the exchange of professionals and technical information between the two companies.

        As a result of such analysis, and consistent with previous fiscal years, Digital Bros concluded that it does not exercise significant influence over Starbreeze, despite holding a substantial portion of the voting capital.

6. ‌CONSOLIDATED PROFIT AND LOSS STATEMENT FOR THE PERIOD ENDED MARCH

   31ST, 2025

   	Euro thousand	March 31st, 2025		March 31st, 2024		Change
   1	Gross revenue	66,441	100.0%	75,842	100.1%	(9,401)	-12.4%
   2	Revenue adjustments	0	0.0%	(42)	-0.1%	42	n.m.
   3	Net revenue	66,441	100.0%	75,800	100.0%	(9,359)	-12.3%
   4	Purchase of products for resale	(515)	-0.8%	(1,581)	-2.1%	1,066	-67.4%
   5	Purchase of services for resale	(4,866)	-7.3%	(7,604)	-10.0%	2,738	-36.0%
   6	Royalties	(15,964)	-24.0%	(15,636)	-20.6%	(328)	2.1%
   7	Changes in inventories of finished products	(1,209)	-1.8%	(287)	-0.4%	(922)	n.m.
   8	Total cost of sales	(22,554)	-33.9%	(25,108)	-33.1%	2,554	-10.2%
   9	Gross profit (3+8)	43,887	66.1%	50,692	66.9%	(6,805)	-13.4%
   10	Other income	6,673	10.0%	8,218	10.8%	(1,545)	-18.8%
   11	Costs for services	(6,194)	-9.3%	(8,241)	-10.9%	2,047	-24.8%
   12	Rent and leasing	(409)	-0.6%	(333)	-0.4%	(76)	22.7%
   13	Payroll costs	(22,516)	-33.9%	(29,087)	-38.4%	6,571	-22.6%
   14	Other operating costs	(855)	-1.3%	(1,013)	-1.3%	158	-15.6%
   15	Total operating costs	(29,974)	-45.1%	(38,674)	-51.0%	8,700	-22.5%
   16	Gross operating margin (EBITDA) (9+10+15)	20,586	31.0%	20,236	26.7%	350	1.7%
   17	Depreciation and amortization	(17,894)	-26.9%	(23,478)	-31.0%	5,584	-23.8%
   18	Provisions	1,241	1.9%	0	0.0%	1,241	n.m.
   19	Asset impairment charge	(1,741)	-2.6%	(779)	-1.0%	(962)	n.m.
   20	Impairment reversal	131	0.2%	896	1.2%	(765)	-85.4%
   21	Total depreciation, amortization and impairment adjustments	(18,263)	-27.5%	(23,361)	-30.8%	5,098	-21.8%
   22	Operating margin (EBIT) (16+21)	2,323	3.5%	(3,125)	-4.1%	5,448	n.m.
   23	Interest and financial income	1,008	1.5%	1,665	2.2%	(657)	-39.4%
   24	Interest and financial expenses	(4,175)	-6.3%	(3,952)	-5.2%	(223)	5.6%
   25	Net interest income/(expenses)	(3,167)	-4.8%	(2,287)	-3.0%	(880)	38.5%
   26	Profit/ (loss) before tax (22+25)	(844)	-1.3%	(5,412)	-7.1%	4,568	-84.4%
   27	Current tax	(3,092)	-4.7%	(657)	-0.9%	(2,435)	n.m.
   28	Deferred tax	1,865	2.8%	(611)	-0.8%	2,476	n.m.
   29	Total taxes	(1,227)	-1.8%	(1,268)	-1.7%	41	-3.3%
   30	Net profit/loss	(2,071)	-3.1%	(6,680)	-8.8%	4,609	-69.0%
   	attributable to the shareholders of the Parent Company	(2,290)	-3.4%	(2,896)	-3.8%	606	-20.9%
   	attributable to non-controlling interests	219	0.3%	(3,784)	-5.0%	4,003	n.m.
   	Earnings per share:
   33	Basic earnings per share (in Euro)	(0.16)		(0.20)		0.04	0.0%
   34	Diluted earnings per share (in Euro)	(0.16)		(0.20)		0.04	0.0%

   In the post-pandemic period, the gaming industry passed through significant structural changes, connected to an exceptional number of new launches. The Group reassessed its portfolio of intellectual properties during the past fiscal year to address the new market dynamics, by re-evaluating each project based on the expected risk-return profile. This strategic review focused on higher-margin titles with more predictable revenue streams, especially fully owned intellectual properties with the potential to generate long-term value for the Group. Consequently, development was discontinued on several lower-budget projects, as well as certain high-budget titles with longer development timelines and lower profitability for the Group, including the new titles of the Control franchise.

   Given these market conditions and the corrective actions implemented, the Group expects full year revenue to decline compared to the previous fiscal year. However, such a reduction is not expected to materially impact on the Group's EBIT margin.

   As of March 31st, 2025, total revenue amounted to Euro 66.4 million, down by 12.4% compared to the first nine months in the previous fiscal year. During the reporting period, the Group released the new video game Assetto Corsa EVO in Early Access on Steam compared to the previous period when two titles (Brothers: A Tale of Two Sons and Ghostrunner 2) were launched.

   In the remaining quarter of the current fiscal year, the Group will launch the new video game Blades of Fire multiplatform and exclusively on the Epic Games Store for the Personal Computer version. The solid release schedule will see the multiplatform release of the highly anticipated video game Wuchang: Fallen Feathers in July, which will also be available through the Microsoft Game Pass subscription service.

   The breakdown of net revenue by operating segment as of March 31st, 2025, compared to the same period of the previous fiscal year is as follows:

   Net revenue

   Euro thousand	March 31st, 2025	March 31st, 2024	Change €	Change %
   Premium Games	54,438	59,603	(5,165)	-8.7%
   Free to Play	10,211	14,084	(3,873)	-27.5%
   Italian Distribution	1,204	1,372	(168)	-12.2%
   Other Activities	588	741	(153)	-20.6%
   Total net revenue	66,441	75,800	(9,359)	-12.3%

   As of March 31st, 2025, Premium Games revenue amounted to Euro 54.4 million, down by 8.7% and representing 82% of total net revenue. The Assetto Corsa brand showed particularly strong performances, generating Euro 25.6 million during the reporting period, a 34% increase compared to the Euro 19,1 million over the first nine months of the previous fiscal year. The brand performances benefitted from the launch of the new version Assetto Corsa EVO in Early Access on Steam on January 16th, 2025, developed by the internal studio Kunos Simulazioni.

   Revenue generated from fully owned Intellectual Properties (IPs) accounted for 60% of the Euro 54.4 million revenue generated by the Premium Games operating segment, increasing from 53% in the same period of the previous fiscal year, primarily driven by the launch of the fully owned Assetto Corsa EVO. Co-owned IPs and long-term publishing agreements accounted for 24% of Premium Games revenue.

   Free-to-Play revenue amounted to Euro 10.2 million, down by 27.5% compared to the first nine months of the previous fiscal year. The video games published by the subsidiary 505 Go! have been upgraded to a new game engine starting from the previous fiscal year. This will enhance the performance of the live support activities by allowing further reaching and more complex event updates, together with easier and more frequent promotional activities. The upgrade will also support localization into additional languages, expanding the game's player base to a global audience. As of the reporting date, the game is primarily available in English and, to a lesser extent, in major Western languages, with most revenue generated in the U.S.. The software upgrade to Unity is being finalized with the new version currently in test, with a global launch expected in Q4 of the current fiscal year.

   Non-domestic revenues were 97% of net revenue, while digital sales represented 91% of the total, consistent with prior years.

   The cost of sales as a percentage of total revenue remained largely unchanged at 33.9%, resulting in a decrease in gross profit of Euro 6,805 thousand, from Euro 50,692 thousand as of March 31st, 2024 to Euro 43,887 thousand. The gross profit margin remained stable at 66.1%.

   Other revenue amounted to Euro 6,673 thousand, down by Euro 1,545 thousand, primarily due to lower capitalization of internal studio video game development, since most projects have now transitioned into live support. The capitalization of internal studio video game development included:

   • the Free to Play game Hawken: Reborn, developed by the subsidiary DR Studios Ltd.;

   • the video game Assetto Corsa EVO, developed by the subsidiary Kunos Simulazioni S.r.l;

   • the video game Directorate: Novitiate developed by the subsidiary Chrysalide Jeux et Divertissement Inc..

   The reorganization process implemented in the previous fiscal year, combined with reduced costs for services in consideration of fewer release, enabled a decline in the operating costs of Euro 8,700 thousand. For such a reason, EBITDA slightly improved by Euro 350 thousand despite the revenue decline, increasing from Euro 20,236 thousand as of March 31st, 2024 to the current Euro 20,586 thousand.

   Total depreciation, amortization and impairment adjustments amounted to Euro 18,263 thousand, decreasing by Euro 5,098 thousand. Depreciation and amortization amounted to Euro 17,894 thousand, decreased by Euro 5,584 thousand from Euro 23,478 thousand as of March 31st, 2024. Provisions were positive at Euro 1,241 thousand, reflecting the reversal of the Provision for Starbreeze arbitration costs accrued as of June 30th, 2024, since no arbitration is needed following the agreement reached with the Swedish group. Asset impairment charges amounted to Euro 1,741 thousand, including Euro 966 thousand losses on Starbreeze receivables resulting from the settlement agreement. The remaining portion was mainly related to the lower-than-expected performance of some video games, whose impairment tests resulted in write-offs for Euro 750 thousand. As a result, the EBIT margin improved by Euro 5,448 thousand compared to the previous period, increasing from a negative Euro 3,125 thousand to a positive Euro 2,323 thousand as of March 31st, 2025.

   The net interest expense amounted to Euro 3,167 thousand, compared to Euro 2,287 thousand in the first nine months of the last fiscal year, primarily driven by lower exchange rate gains.

   The loss before tax was at Euro 844 thousand, significantly improving by Euro 4,568 thousand from the Euro 5,412 thousand loss before tax realized as of March 31st, 2024.

   The consolidated net loss for the period amounted to Euro 2,071 thousand, compared to the Euro 6,680 thousand net loss as of March 31st, 2024.

   The net loss attributable to the shareholders of the Parent Company was at Euro 2,290 thousand, improved by Euro 606 thousand compared to the previous fiscal year. The net profit attributable to non-controlling interests amounted to Euro 219 thousand, compared to the net loss of Euro 3,784 thousand in the previous reporting period. The last year net loss was attributable to the 40% minority interest pro-rata result of Euro 3,698 thousand of the Dutch subsidiary Rasplata B.V. which was fully acquired by the Group in August 2024.

   The basic loss per share and the diluted loss per share amounted to Euro 0.16, compared to the Euro 0.20 basic loss per share and diluted loss per share as of March 31st, 2024.

7. ‌CONSOLIDATED BALANCE SHEET AS OF MARCH 31ST, 2025

   Euro thousand		March 31st, 2025	June 30th, 2024	Change
   	Non-current assets
   1	Property, plant and equipment	5,983	7,379	(1,396)	-18.9%
   2	Investment properties	0	0	0	0.0%
   3	Intangible assets	128,147	129,614	(1,467)	-1.1%
   4	Equity investments	5,677	9,685	(4,008)	-41.4%
   5	Non-current receivables and other assets	2,625	7,945	(5,320)	-67.0%
   6	Deferred tax assets	23,357	21,166	2,191	10.4%
   7	Non-current financial activities	2,908	0	2,908	n.s.
   	Total non-current assets	168,697	175,789	(7,092)	-4.0%
   	Current assets
   8	Inventories	1,459	2,668	(1,209)	-45.3%
   9	Trade receivables	7,826	16,887	(9,061)	-53.7%
   10	Tax receivables	3,516	4,345	(829)	-19.1%
   11	Other current assets	5,590	8,902	(3,312)	-37.2%
   12	Cash and cash equivalents	5,509	11,981	(6,472)	-54.0%
   13	Other current financial assets	1,106	10,238	(9,132)	-89.2%
   	Total current assets	25,006	55,021	(30,015)	-54.6%
   	TOTAL ASSETS	193,703	230,810	(37,107)	-16.1%
   	Shareholders' equity
   14	Share capital	(5,706)	(5,706)	0	0.0%
   15	Reserves	(9,398)	(11,868)	2,470	-20.8%
   16	Treasury shares	0	0	0	0.0%
   17	Retained earnings	(107,248)	(113,426)	6,178	-5.4%
   	Equity attributable to the shareholders of the Parent Company	(122,352)	(131,000)	8,648	-6.6%
   	Equity attributable to non-controlling interests	(794)	3,314	(4,108)	n.s.
   	Total net equity	(123,146)	(127,686)	4,540	-3.6%
   	Non-current liabilities
   18	Employee benefits	(1,075)	(967)	(108)	11.1%
   19	Non-current provisions	(1,081)	(563)	(518)	92.1%
   20	Other non-current payables and liabilities	(771)	(1,657)	886	-53.5%
   21	Non-current financial liabilities	(3,554)	(10,324)	6,770	-65.6%
   	Total non-current liabilities	(6,481)	(13,511)	7,030	-52.0%
   	Current liabilities
   22	Trade payables	(31,251)	(43,737)	12,486	-28.5%
   23	Tax payables	(1,270)	(1,299)	29	-2.2%
   24	Short term provisions	0	(1,241)	1,241	n.s.
   25	Other current liabilities	(4,213)	(6,657)	2,444	-36.7%
   26	Current financial liabilities	(27,342)	(36,679)	9,337	-25.5%
   	Total current liabilities	(64,076)	(89,613)	25,537	-28.5%
   	TOTAL LIABILITIES	(70,557)	(103,124)	32,567	-31.6%
   	TOTAL NET EQUITY AND LIABILITIES	(193,703)	(230,810)	37,107	-16.1%

   Total non-current assets decrease by Euro 7,092 thousand.

   During the reporting period, intangible assets decrease by Euro 1,467 thousand, as a result of depreciation and impairment charges for Euro 16,933 thousand and investments for Euro 15,466 thousand.

   Equity investments decrease by Euro 4,008 thousand, mostly driven by the fair value adjustment of the Starbreeze shares held as of March 31st, 2025.

   Non-current receivables and other assets decrease by Euro 5,320 thousand, of which Euro 4,425 thousand related to the reclassified portion of the receivable from Starbreeze that is due beyond twelve months, according to the settlement agreement finalized with the Swedish developer on February 27th, 2025.

   Total current assets decrease by Euro 30,015 thousand compared to June 30th, 2024, mainly due to:

   • lower trade receivables by Euro 9,061;

   • lower cash and cash equivalent by Euro 6,472 thousand;

   • lower current financial assets by Euro 9,132 thousand resulting from the collection of the receivables from Remedy Entertainment, as per last years' agreement reverting all rights related to the Control franchise to the Finnish developer.

     Non-current liabilities decrease by Euro 7,030 thousand, mainly due to lower non-current financial liabilities for Euro 6,770 thousand.

     Total current liabilities are down by Euro 25,537 thousand, driven by:

   • lower trade payables for Euro 12,486 thousand;

   • the reversal of Euro 1,241 thousand accrued for the Provision for Starbreeze arbitration costs;

   • lower other current liabilities for Euro 2,444 thousand;

   • lower current financial liabilities by Euro 9,337 thousand.

   The net financial position as of March 31st, 2025 is detailed below, as restated by the Group consistently with previous fiscal years:

   	Euro thousand	March 31st, 2025	June 30th, 2024	Change
   12	Cash and cash equivalents	5,509	11,981	(6,472)
   13	Other current financial assets	1,106	10,238	(9,132)
   26	Current financial liabilities	(27,342)	(36,679)	9,337
   	Current net financial position	(20,727)	(14,460)	(6,267)
   7	Non-current financial assets	2,908	0	2,908
   21	Non-current financial liabilities	(3,554)	(10,324)	6,770
   	Non-current financial liabilities	(646)	(10,324)	9,678
   	Total net financial position	(21,373)	(24,784)	3,411

   The Group's restated net financial debt amounted to Euro 21,373 thousand, reflecting a decrease of Euro 3,441 thousand compared to June 30th, 2024. The Group expects to be able to meet its current liabilities through projected future cash flows.

   The restated net financial position, excluding the impact of IFRS 16, was negative at Euro 18,351 thousand.

   The net financial position, prepared in accordance with the Guidelines on disclosure requirements issued by the European Securities and Markets Authority (ESMA) on March 4th, 2021, was negative at Euro 25,387 thousand, improved by Euro 9,635 thousand compared to the previous fiscal year end.

8. ‌SEGMENT REPORTING

   Premium Games

   Reclassified P&L highlights

   Consolidated amounts in Euro thousand		Premium Games
   		March 31st, 2025		March 31st, 2024		Change
   1	Gross revenue	54,438	100.0%	59,615	100.0%	(5,177)	-8.7%
   2	Revenue adjustments	0	0.0%	(12)	0.0%	12	n.m.
   3	Net revenue	54,438	100.0%	59,603	100.0%	(5,165)	-8.7%
   4	Purchase of products for resale	(486)	-0.9%	(621)	-1.0%	135	-21.7%
   5	Purchase of services for resale	(2,124)	-3.9%	(4,605)	-7.7%	2,481	-53.9%
   6	Royalties	(11,591)	-21.3%	(11,505)	-19.3%	(86)	0.7%
   7	Changes in inventories of finished products	(500)	-0.9%	(16)	0.0%	(484)	n.m.
   8	Total cost of sales	(14,701)	-27.0%	(16,747)	-28.1%	2,046	-12.2%
   9	Gross profit (3+8)	39,737	73.0%	42,856	71.9%	(3,119)	-7.3%
   10	Other income	5,323	9.8%	6,408	10.8%	(1,085)	-16.9%
   11	Costs for services	(2,958)	-5.4%	(4,143)	-7.0%	1,185	-28.6%
   12	Rent and leasing	(117)	-0.2%	(65)	-0.1%	(52)	81.0%
   13	Payroll costs	(13,847)	-25.4%	(17,934)	-30.1%	4,087	-22.8%
   14	Other operating costs	(419)	-0.8%	(540)	-0.9%	121	-22.3%
   15	Total operating costs	(17,341)	-31.9%	(22,682)	-38.1%	5,341	-23.5%
   16	Gross operating margin (EBITDA) (9+10+15)	27,719	50.9%	26,582	44.6%	1,137	4.3%
   17	Depreciation and amortization	(15,187)	-27.9%	(20,543)	-34.5%	5,356	-26.1%
   18	Provisions	1,241	2.3%	0	0.0%	1,241	n.m.
   19	Asset impairment charge	(1,721)	-3.2%	(779)	-1.3%	(942)	n.m.
   20	Impairment reversal	0	0.0%	889	1.5%	(889)	n.m.
   21	Total depreciation, amortization and impairment adjustments	(15,667)	-28.8%	(20,433)	-34.3%	4,766	-23.3%
   22	Operating margin (EBIT) (16+21)	12,052	22.1%	6,149	10.3%	5,903	n.m.

   As of March 31st, 2025, Premium Games revenue amounted to Euro 54.4 million, down by 8.7% and representing 82% of total net revenue. The Assetto Corsa brand showed particularly strong performances, generating Euro 25.6 million during the reporting period, a 34% increase compared to the Euro 19,1 million over the first nine months of the previous fiscal year. The brand performances benefitted from the launch of the new version Assetto Corsa EVO in Early Access on Steam on January 16th, 2025, developed by the internal studio Kunos Simulazioni.

   Revenue generated from fully owned Intellectual Properties (IPs) accounted for 60% of the Euro 54.4 million revenue generated by the Premium Games operating segment, increasing from 53% in the same period of the previous fiscal year, primarily driven by the launch of the fully owned Assetto Corsa EVO. Co-owned IPs and long-term publishing agreements accounted for 24% of Premium Games revenue.

   A breakdown by type is provided below:

   Euro thousand	March 31st, 2025	March 31st, 2024	Change
   Retail distribution revenue	1,316	2,210	(894)	-40.5%
   Digital distribution revenue	50,562	55,509	(4,947)	-8.9%
   Sublicensing revenue	2,560	1,896	664	35.0%
   Total Premium Games revenue	54,438	59,615	(5,177)	-8.7%

   Digital distribution revenue amounted approximately to 93% of the gross revenue for the operating segment.

   Digital distribution revenue includes transactional revenue generated from the sale of video games to players via digital marketplaces and buyout revenue, related to the transfer of the video games' intellectual property rights and the related content to digital platforms. Buyout revenue includes income from subscription services, promotional campaigns, and minimum guarantee agreements.

   Sub-licensing revenue reflected the sub-licensing of video game rights to publishers on markets where the Group does not operate directly, especially the Far East.

   Digital distribution revenue for the period ended March 31st, 2025 is detailed below:

   Euro thousand	March 31st, 2025	March 31st, 2024	Change
   Console	18,634	24,882	(6,248)	-25.1%
   Personal Computer	29,690	27,367	2,323	8.5%
   Mobile	2,238	3,260	(1,022)	-31.3%
   Total digital distribution revenue	50,562	55,509	(4,947)	-8.9%

   The increase of Personal Computers revenue was offset by lower console and mobile revenue, reflecting a different product mix across the two reporting periods.

   The total cost of sales decreased by 12.2% compared to March 31st, 2024, from Euro 16,747 thousand to Euro 14,701 thousand.

   Gross profit amounted to Euro 39,737 thousand, representing 73% of Premium Games revenue, decreasing by Euro 3,119 thousand compared to March 31st, 2024, when it reflected 71.9% of revenue of the operating segment.

   Other revenue amounted to Euro 5,323 thousand, down by Euro 1,085 thousand primarily due to lower capitalization of internal studio video game development, since most projects have now transitioned into live support. The capitalization of internal studios development of video games included:

   • the video game Assetto Corsa EVO, developed by the subsidiary Kunos Simulazioni S.r.l;

   • the video game Directorate: Novitiate developed by the subsidiary Chrysalide Jeux et Divertissement Inc..

   The total operating costs decreased by 23.5%, a Euro 5,341 thousand reduction compared to the first nine months of the previous fiscal year. The reduction was mainly driven by lower payroll costs by Euro 4,087 thousand resulting from the reorganization implemented during the last fiscal year. Costs for services decreased significantly by Euro 1,185 thousand (-28.6%) due to fewer launches compared to the previous period and benefiting from cost cutting initiatives implemented along with the reorganization.

   The gross operating margin (EBITDA) amounted to Euro 27,719 thousand (50.9% of net revenue), increasing by Euro 1,137 thousand compared to Euro 26,582 thousand realized as of March 31st, 2024 (when it represented 44.6% of the net revenue of the operating segment).

   Total depreciation, amortization and impairment adjustments improved by Euro 4,766 thousand, contributing to an EBIT improvement of Euro 5,903 thousand compared March 31st, 2024. As of March 31st, 2025, EBIT was positive at Euro 12,052 thousand (22.1% of net revenue).

   Depreciation and amortization decreased by Euro 5,356 thousand, while provisions were positive for Euro 1,241 thousand, reflecting the release of the Provision for Starbreeze arbitration costs accrued as of June 30th, 2024, no longer needed as a result of the settlement agreement with the Swedish group.

   Asset impairment charges amounted to Euro 1,721 thousand and included Euro 966 thousand related to the net losses on the receivable from Starbreeze AB as part of the settlement agreement with the Swedish group. The remaining portion was mainly related to the lower-than-expected performance of some video games, whose impairment tests resulted in write-offs of Euro 750 thousand

   Free to Play

   Reclassified P&L highlights

   Consolidated amounts in Euro thousand		Free to Play
   		March 31st, 2025		March 31st, 2024		Change
   1	Gross revenue	10,211	100.0%	14,084	100.0%	(3,873)	-27.5%
   2	Revenue adjustments	0	0.0%	0	0.0%	0	0.0%
   3	Net revenue	10,211	100.0%	14,084	100.0%	(3,873)	-27.5%
   4	Purchase of products for resale	0	0.0%	0	0.0%	0	0.0%
   5	Purchase of services for resale	(2,742)	-26.9%	(2,999)	-21.3%	257	-8.6%
   6	Royalties	(4,373)	-42.8%	(4,131)	-29.3%	(242)	5.9%
   7	Changes in inventories of finished products	0	0.0%	0	0.0%	0	0.0%
   8	Total cost of sales	(7,115)	-69.7%	(7,130)	-50.6%	15	-0.2%
   9	Gross profit (3+8)	3,096	30.3%	6,954	49.4%	(3,858)	-55.5%
   10	Other income	1,350	13.2%	1,810	12.8%	(460)	-25.4%
   11	Costs for services	(1,568)	-15.4%	(2,226)	-15.8%	658	-29.6%
   12	Rent and leasing	(54)	-0.5%	(85)	-0.6%	31	-36.9%
   13	Payroll costs	(4,484)	-43.9%	(6,406)	-45.5%	1,922	-30.0%
   14	Other operating costs	(67)	-0.7%	(102)	-0.7%	35	-33.8%
   15	Total operating costs	(6,173)	-60.5%	(8,819)	-62.6%	2,646	-30.0%
   16	Gross operating margin (EBITDA) (9+10+15)	(1,727)	-16.9%	(55)	-0.4%	(1,672)	n.m.
   17	Depreciation and amortization	(1,770)	-17.3%	(1,890)	-13.4%	120	-6.3%
   18	Provisions	0	0.0%	0	0.0%	0	0.0%
   19	Asset impairment charge	0	0.0%	0	0.0%	0	0.0%
   20	Impairment reversal	131	1.3%	0	0.0%	131	0.0%
   21	Total depreciation, amortization and impairment adjustments	(1,639)	-16.1%	(1,890)	-13.4%	251	-13.3%
   22	Operating margin (EBIT) (16+21)	(3,366)	-33.0%	(1,945)	-13.8%	(1,421)	-73.1%

   A breakdown of Free to Play gross revenue by video games is provided below:

   Euro thousand	March 31st, 2025	March 31st, 2024	Change
   505 Go Inc.	6,827	10,221	(3,394)	-33.2%
   Gems of War	2,479	2,752	(273)	-9.9%
   Puzzle Quest 3	482	655	(173)	-26.4%
   Other products	423	456	(33)	-7.2%
   Total Free to Play revenue	10,211	14,084	(3,873)	-27.5%

   Free-to-Play revenues amounted to Euro 10.2 million, down by 27.5% compared to the first nine months of the previous fiscal year. The video games published by the subsidiary 505 Go! have been upgraded to a new game engine starting from the previous fiscal year. This will enhance the performance of the live support activities by allowing further reaching and more complex event updates, together with easier and more frequent promotional

   activities. The upgrade will also support localization into additional languages, expanding the game's player base to a global audience. As of the reporting date, the game is primarily available in English and, to a lesser extent, in major Western languages, with most revenue generated in the U.S.. The software upgrade to Unity is being finalized with the new version currently in test, with a global launch expected in Q4 of the current fiscal year.

   The video game Gems of War generated Euro 2,479 thousand revenue, down by 9.9% compared to the first nine months of the previous fiscal year. The title continues to deliver interesting volumes despite being launched over a decade ago.

   The total cost of sales decreased by Euro 7,115 thousand, driven by lower royalties related to the 505 Go! Inc. video games and by lower purchase of services for resale.

   Other income amounted to Euro 1,350 thousand, decreasing by Euro 460 thousand compared to March 31st, 2024 reflecting the video games currently in production by the Group's subsidiaries. The capitalization of own work consists of the development of different Free to Play video games, including the new title Hawken: Reborn in development by the subsidiary DR Studios Ltd. The same subsidiary is also involved in some development activities for the Premium Games operating segment.

   The total operating costs amounted to Euro 6,173 thousand, decreasing by Euro 2,646 thousand compared to the first nine months of the previous fiscal year. The reduction was driven by lower payroll costs by Euro 1,922 thousand from last year's reorganization and lower cost for services by Euro 658 thousand.

   The gross operating margin (EBITDA) was negative at Euro 1,727 thousand decreasing by Euro 1,672 thousand compared to the negative Euro 55 thousand as of March 31st, 2024.

   Depreciation and amortization amounted to Euro 1,770 thousand as of March 31st, 2025. This included Euro 1,320 thousand related to the portion of the goodwill for the Australian companies attributable to the reporting period. The remaining part related to the IFRS 16 application to the rental agreements for DR Studios Ltd. and the Australian companies, as well as the depreciation of the Group's intellectual properties for the reporting period.

   The operating margin (EBIT) amounted to negative Euro 3,366 thousand compared to the negative Euro 1,945 thousand as of March 31st, 2024.

   .

   Italian Distribution

   Reclassified P&L highlights

   Consolidated amounts in Euro thousand		Italian Distribution
   		March 31st, 2025		March 31st, 2024		Change
   1	Gross revenue	1,204	100.0%	1,402	102.2%	(198)	-14.1%
   2	Revenue adjustments	0	0.0%	(30)	-2.2%	30	n.m.
   3	Net revenue	1,204	100.0%	1,372	100.0%	(168)	-12.2%
   4	Purchase of products for resale	(29)	-2.4%	(960)	-70.0%	931	-97.0%
   5	Purchase of services for resale	0	0.0%	0	0.0%	0	0.0%
   6	Royalties	0	0.0%	0	0.0%	0	0.0%
   7	Changes in inventories of finished products	(709)	-58.9%	(271)	-19.7%	(438)	n.s.
   8	Total cost of sales	(738)	-61.3%	(1,231)	-89.7%	493	-40.0%
   9	Gross profit (3+8)	466	38.7%	141	10.3%	325	n.m.
   10	Other income	0	0.0%	0	0.0%	0	0.0%
   11	Costs for services	(94)	-7.8%	(154)	-11.3%	60	-39.2%
   12	Rent and leasing	(24)	-2.0%	(10)	-0.8%	(14)	75.0%
   13	Payroll costs	(470)	-39.0%	(737)	-53.7%	267	-36.3%
   14	Other operating costs	(41)	-3.4%	(35)	-2.6%	(6)	0.0%
   15	Total operating costs	(629)	-52.2%	(936)	-68.2%	307	-32.8%
   16	Gross operating margin (EBITDA) (9+10+15)	(163)	-13.6%	(795)	-57.9%	632	-79.5%
   17	Depreciation and amortization	(111)	-9.2%	(106)	-7.7%	(5)	0.0%
   18	Provisions	0	0.0%	0	0.0%	0	0.0%
   19	Asset impairment charge	(20)	-1.7%	0	0.0%	(20)	0.0%
   20	Impairment reversal	0	0.0%	7	0.5%	(7)	0.0%
   21	Total depreciation, amortization and impairment adjustments	(131)	-10.9%	(99)	-7.2%	(32)	32.9%
   22	Operating margin (EBIT) (16+21)	(294)	-24.4%	(894)	-65.1%	600	-67.1%

   The gross revenue from the Italian Distribution operating segment decreased by Euro 198 thousand, from Euro 1,402 thousand to Euro 1,204 thousand as of March 31st, 2025. Breakdown by revenue type is provided below:

   Euro thousand	March 31st, 2025	March 31st, 2024	Change
   Distribution of console video games	553	418	135	32.3%
   Distribution of trading cards	651	984	(333)	-33.8%
   Total Italian Distribution revenue	1,204	1,402	(198)	-14.4%

   During the reporting period, the activities of the Italian Distribution operating segment were limited to the sales of inventories, which decreased by Euro 709 thousand as of March 31st, 2025.

   The total operating costs amounted to Euro 629 thousand, decreasing by Euro 307 thousand compared to of March 31st, 2024, mainly driven by lower payroll costs by Euro 267 thousand.

   The gross operating margin (EBITDA) was negative for Euro 163 thousand, compared to the negative Euro 795 thousand as of March 31st, 2025. The operating margin (EBIT) was negative at Euro 294 thousand compared to negative Euro 894 thousand as of March 31st, 2024.

   Other Activities

   Reclassified P&L highlights

   Consolidated amounts in Euro thousand		Other Activities
   		March 31st, 2025		March 31st, 2024		Change
   1	Gross revenue	588	100.0%	741	100.0%	(153)	-20.7%
   2	Revenue adjustments	0	0.0%	0	0.0%	0	0.0%
   3	Net revenue	588	100.0%	741	100.0%	(153)	-20.7%
   4	Purchase of products for resale	0	0.0%	0	0.0%	0	0.0%
   5	Purchase of services for resale	0	0.0%	0	0.0%	0	0.0%
   6	Royalties	0	0.0%	0	0.0%	0	0.0%
   7	Changes in inventories of finished products	0	0.0%	0	0.0%	0	0.0%
   8	Total cost of sales	0	0.0%	0	0.0%	0	0.0%
   9	Gross profit (3+8)	588	100.0%	741	100.0%	(153)	-20.7%
   10	Other income	0	0.0%	0	0.0%	0	0.0%
   11	Costs for services	(91)	-15.4%	(176)	-23.8%	85	-48.7%
   12	Rent and leasing	(4)	-0.6%	0	0.1%	(4)	0.0%
   13	Payroll costs	(401)	-68.3%	(516)	-69.7%	115	-22.2%
   14	Other operating costs	(40)	-6.8%	(27)	-3.6%	(13)	47.4%
   15	Total operating costs	(536)	-91.3%	(719)	-97.0%	183	-25.4%
   16	Gross operating margin (EBITDA) (9+10+15)	52	8.9%	22	3.0%	30	n.s.
   17	Depreciation and amortization	(208)	-35.4%	(276)	-37.2%	68	-24.5%
   18	Provisions	0	0.0%	0	0.0%	0	0.0%
   19	Asset impairment charge	0	0.0%	0	0.0%	0	0.0%
   20	Impairment reversal	0	0.0%	0	0.0%	0	0.0%
   21	Total depreciation, amortization and impairment adjustments	(208)	-35.4%	(276)	-37.2%	68	-24.5%
   22	Operating margin (EBIT) (16+21)	(156)	-26.5%	(254)	-34.3%	98	-38.7%

   The revenue generated by the Other Activities operating sector decreased by Euro 153 thousand, while the operating costs decreased by Euro 183 thousand. EBITDA amounted to Euro 52 thousand, compared to Euro 22 thousand as of March 31st, 2024. EBIT was negative at Euro 156 thousand, improved by Euro 98 thousand compared to negative Euro 254 thousand as of March 31st, 2024.

   Holding

   Reclassified P&L highlights

   Consolidated amounts in Euro thousand		Holding
   		March 31st, 2025		March 31st, 2024		Change
   1	Gross revenue	0	0.0%	0	0.0%	0	0.0%
   2	Revenue adjustments	0	0.0%	0	0.0%	0	0.0%
   3	Net revenue	0	0.0%	0	0.0%	0	0.0%
   4	Purchase of products for resale	0	0.0%	0	0.0%	0	0.0%
   5	Purchase of services for resale	0	0.0%	0	0.0%	0	0.0%
   6	Royalties	0	0.0%	0	0.0%	0	0.0%
   7	Changes in inventories of finished products	0	0.0%	0	0.0%	0	0.0%
   8	Total cost of sales	0	0.0%	0	0.0%	0	0.0%
   9	Gross profit (3+8)	0	0.0%	0	0.0%	0	0.0%
   10	Other income	0	0.0%	0	0.0%	0	0.0%
   11	Costs for services	(1,483)	0.0%	(1,542)	0.0%	59	-3.8%
   12	Rent and leasing	(210)	0.0%	(173)	0.0%	(37)	21.2%
   13	Payroll costs	(3,314)	0.0%	(3,494)	0.0%	180	-5.1%
   14	Other operating costs	(288)	0.0%	(309)	0.0%	21	-6.7%
   15	Total operating costs	(5,295)	0.0%	(5,518)	0.0%	223	-4.0%
   16	Gross operating margin (EBITDA) (9+10+15)	(5,295)	0.0%	(5,518)	0.0%	223	-4.0%
   17	Depreciation and amortization	(618)	0.0%	(663)	0.0%	45	-6.8%
   18	Provisions	0	0.0%	0	0.0%	0	0.0%
   19	Asset impairment charge	0	0.0%	0	0.0%	0	0.0%
   20	Impairment reversal	0	0.0%	0	0.0%	0	0.0%
   21	Total depreciation, amortization and impairment adjustments	(618)	0.0%	(663)	0.0%	45	-6.8%
   22	Operating margin (EBIT) (16+21)	(5,913)	0.0%	(6,181)	0.0%	268	-4.3%

   Total operating costs amounted to Euro 5,295 thousand, decreasing by 4% compared to March 31st, 2024, mainly driven by lower payroll costs and lower costs for services.

   The operating margin (EBIT) was negative at Euro 5,913 thousand compared to the negative Euro 6,181 thousand as of March 31st, 2024.

9. ‌Q3 FY23 CONSOLIDATED PROFIT AND LOSS STATEMENT