Interim report
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Q2 FY 2026/27
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Net sales amounted to SEK 267 million SECOND QUARTER, JULY-SEPTEMBER 2026 (COMPARED TO JULY-SEPTEMBER 2025) > Net sales increased by 19% (18% organic growth in constant currencies) to SEK 267 million (224). > EBIT amounted to SEK 8 million (44), an EBIT margin of 3% (20%). > Cash EBIT amounted to SEK 75 million (69), a Cash EBIT margin of 28% (31%). > Cash flow from operating activities amounted to SEK 98 million (129). Net investments in intangible assets amounted to SEK -27 million (-46). Free cash flow after working capital amounted to SEK 68 million (78). > Adjusted earnings per share amounted to SEK 0.15 (0.25). Key performance indicators* SEK m Jul-Sep 2026 Jul-Sep 2025 Apr-Sep 2026 Apr-Sep 2025 Apr 2025- Mar 2026 Net sales 267 224 519 408 961 EBIT 8 44 23 46 55 Cash EBIT 75 69 170 106 333 Cash EBIT, margin 28% 31% 33% 26% 35% Adjusted EBIT 37 83 91 126 288 Adjusted EBIT margin 14% 37% 17% 31 % 30% Cash flow from operating activities 98 129 231 261 453 Headcount 252 246 252 246 243 COFFEE STAIN GROUP INTERIM REPORT JULY-SEPTEMBER 2026 COFFEE STAIN GROUP AB (PUBL) | JULY-SEPTEMBER 2026 2 Q2 FY 2026/27 Net Sales and Cash EBIT % I Quarterly*) SEK m 224 293 260 253 267 31% 50% 31% 38% 28% Baseline Game Launch upliftCash EBIT % Q2 Q3 Q4 Q1 26/27 Q2 1,013 917 961 1,029 1,073 40% 36% 35% 38% 37% Baseline Game Launch upliftCash EBIT % Q2 Q3 Q4 Q1 26/27 Q2 *) See section Key Performance indicators for definitions In this report, all figures in brackets refer to the corresponding period of the previous year, unless otherwise stated. Net Sales and Cash EBIT % I Last twelve months SEK m
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CEO COMMENTS Valheim drove growth in the quarter Net sales increased by 19% to SEK 267 million (224) in the second quarter, driven by Valheim’s 1.0 release and its launch on PlayStation 5 and Nintendo Switch 2 in September. After years in Early Access, the full release was an important milestone for us, Iron Gate and the players who have supported the game. The additional platforms also brought Valheim to new audiences. Cash EBIT amounted to SEK 75 million (69), with a margin of 28% (31%). The lower margin reflects a higher share of sales from Valheim, where we share revenue with Iron Gate. Free cash flow after working capital amounted to SEK 68 million (78). Baseline net sales slightly declined, mainly due to lower sales from Deep Rock Galactic and Welcome to Bloxburg. These games are important to our business, and returning them to growth is a priority. The teams are developing new content and adjusting their update plans based on player feedback and engagement and we hope to see that work translate into stronger performance. Game portfolio On September 29, we held The Big Break Showcase, sharing upcoming content fo r Satisfactory, Deep Rock Galactic and Goat Simulator 3 , alongside new games from our studios and publishing partners.. One of the highlights was Core Values, Satisfactory’s upcoming paid expansion, which It takes factory building underground. We are building a substantial addition to the game with a clear goal: to make it worth our players’ time and money. It was fun to see the community show great response to the reveal, which bodes well for the future release. Ghost Ship Games presented plans for the Deep Rock Galactic franchise and upcoming publishing titles. The original game will receive two new free seasons and its first paid DLC expansion, planned for summer 2027. Together, these give players more reasons to return and are an important part of our work to bring the franchise back to growth. Goat Simulator remains one of our largest contributors, more than a decade after the original release. New content, broad platform availability and commercial partnerships have helped extend the franchise’s life. A platform agreement contributed to sales this quarter, and Goat Simulator 3 ’s next major DLC, Ticket to Dizzyworld, is scheduled for November 19. Looking ahead There’s a lot of things going on right now in Coffee Stain Group. New technology is changing how games can be made and I am excited about what it can do for our teams. Used well, these tools can help us do things that were previously out of reach and give us more time for work that calls for creativity and judgment. I see further potential in our established games and the new ideas our teams are developing. Realising it means taking considered risks and giving our teams room to create. We will be honest about the results, change course when something is not working and back the ideas that show promise. Anton Westbergh Co-founder and CEO COFFEE STAIN GROUP AB (PUBL) | JULY-SEPTEMBER 2026 3
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FINANCIAL PERFORMANCE SECOND QUARTER *) Definitions in Key Performance indicators SUMMARY Net sales increased by 19% to SEK 267 million (224), mainly driven by Valheim’s full release and additional platform launches in September. The release more than offset lower baseline sales. Cash EBIT increased to SEK 75 million (69) corresponding a Cash EBIT margin of 28% (31%). Higher net sales were largely offset by higher royalty costs associated with Valheim, while cash operating expenses remained unchanged at SEK -130 million (-130). Free cash flow after working capital amounted to SEK 68 million (78). The decrease, despite higher Cash EBIT, mainly reflected adjustments for non-cash income from associates and a lower working capital contribution, partly offset by lower taxes paid. Cash and cash equivalent on quarter end amounted to SEK 792 million. At the end of the quarter, Iron Gate AB, in which Coffee Stain holds a 30% ownership, declared a dividend of which Coffee Stain’s share amounts to SEK 105 million. This amount is not included in the quarter-end cash balance. NET SALES Net sales for the quarter amounted to SEK 267 million (224), an increase of 19% (18% organic growth in constant currencies). Game launch uplift amounted to SEK 96 million (37), mainly reflecting Valheim 1.0 , its launches on additional platforms and a Goat Simulator 3 Game Pass renewal agreement. Baseline net sales amounted to SEK 171 Million (186), with lower contribution from Deep Rock Galactic and Welcome to Bloxburg compared with the previous year. Net sales from Other Platforms ( Roblox and mobile) amounted to SEK 37 million (41) of which Welcome to Bloxburg contributed SEK 19 million (25). EBIT AND CASH EBIT EBIT amounted to SEK 8 million (44), a decrease of SEK -36 million. The decrease mainly reflected higher Goods for resale, higher depreciation, amortization and impairment and lower share of capitalization of own development costs. These effects were partly offset by higher net sales and higher share of profit of an associate. Cash EBIT amounted to SEK 75 million (69), corresponding to a margin of 28% (31%). COGS, as defined in the Cash EBIT bridge, amounted to SEK -62 million (-25), while cash operating expenses remained unchanged at SEK -130 million (-130). COFFEE STAIN GROUP AB (PUBL) | JULY-SEPTEMBER 2026 4 FINANCIAL COMMENTS 37 87 26 63 96 224 293 260 253 267 69 146 81 95 75 Baseline Game Launch upliftCash EBIT Q2 Q3 Q4 Q1 26/27 Q2 130 116 142 131 130 25 31 37 27 62 154 147 179 158 192 Cash operating expensesCOGS Q2 Q3 Q4 Q1 26/27 Q2 Net Sales and Cash EBIT I Quarterly SEK m Operational cost base*) I Quarterly SEK m
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> Goods for resale amounted SEK -77 million (-26), mainly reflecting higher net sales share from Valheim. Under the publishing agreement, 70% of net sales are payable to Iron Gate as Royalties. Separately, Coffee Stain recognizes its 30% share of Iron Gate’s profit after tax through its ownership interest in the studio in share of profit of an associate, which amounted to SEK 15 million (1). > Other external expenses SEK -50 million (-53), Lower third-party development cost was partly offset by increased marketing expenses related to the Valheim release. > Work performed by the company for its own use and capitalized costs, SEK 17 million (31) reflecting a lower level of development expenditure meeting the capitalization criteria. > Personnel expenses increased to SEK -62 million (-56), mainly reflecting a higher headcount and the full cost of the parent company and central functions after being listed, which were not fully reflected in the comparative period. > Depreciation, amortization and impairment amounted to SEK -103 million (-77). Operational depreciation and amortization increased to SEK -71 million (-39) where amortization of game amounted to SEK -65 mainly driven by Fellowship and Deep Rock Galactic: Rogue Core. NET PROFIT/LOSS FOR THE PERIOD Net profit for the quarter amounted to SEK 9 million (19). Tax for the quarter amounted to SEK 1 million (3) of which current income tax amounted to SEK -7 million (-18) and deferred tax amounted to SEK 8 million (21). CASH FLOW AND FINANCIAL POSITION Cash flow from operating activities amounted to SEK 98 million (129) including a positive working capital contribution of SEK 11 million (21). Operating liabilities increased by SEK 35 million, mainly due to accrued royalties related to Valheim, partly offset by a a SEK 24 million increase in operating receivables. Cash flow from investing activities amounted to SEK -25 million (-46) reflecting a lower share of cost being capitalized. Free cash flow after working capital amounted to SEK 68 million (78). The decrease mainly reflected adjustments for non-cash income from associates and a lower working capital contribution, partly offset by higher Cash EBIT. The reconciliation is presented under “Selected key performance indicators.” As of September 30, 2026 , cash and cash equivalents amounted to SEK 792 million (269). YEAR TO DATE DEVELOPMENT Net sales amounted to SEK 519 million (408), an increase o f 27%. Growth was mainly driven by the releases of Deep Rock Galactic: Rogue Core and Valheim 1.0. EBIT amounted to SEK 23 million (46).Higher net sales were more than offset by higher royalty expenses, increased operational amortization and lower share of capitalization of development costs. Acquisition- related amortizations amounted to SEK -71 million (-78). Cash EBIT increased to SEK 170 million (106), corresponding to a Cash EBIT margin of 33% (26%). Higher net sales more than offset increased COGS, while cash operating expenses remained broadly unchanged at SEK -260 million (-257). Free cash flow after working capital amounted to SEK 168 million (163), COFFEE STAIN GROUP AB (PUBL) | JULY-SEPTEMBER 2026 5 FINANCIAL COMMENTS
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OTHER FINANCIAL INFORMATION SIGNIFICANT EVENTS DURING THE QUARTER At the end of the quarter, Iron Gate AB, in which Coffee Stain Group holds a 30% ownership interest, declared a dividend. Coffee Stain Group’s share amounts to SEK 105 million. The payment date has not yet been announced. At the annual general meeting on September 24, 2026: > A dividend of SEK 0.68 per share, payable in four installments of SEK 0.17. Further details are provided under “Dividend and share repurchase.” > The election of Susana Meza Graham as a new Board member and the re-election of Sara Börsvik, Henrik Tjärnström, Lars Wingefors, Anton Westbergh and Jacob Jonmyren. Jacob Jonmyren was re- elected Chair of the Board. > The re-election of PwC as auditor, with Martin Bengtsson appointed as the new auditor in charge. > Authorization for the Board, until the next Annual General Meeting, to resolve on issues of B shares, convertibles and/or warrants corresponding to no more than 10% of the shares outstanding when the authorization is first used. > Approval of Warrant Program 2026/2029, comprising up to 1,200,000 warrants for the CEO and CFO, to be subscribed for at market value. MATERIAL EVENTS AFTER THE QUARTER > After quarter-end, the CEO and CFO subscribed for 900,000 warrants under Warrant Program 2026/2029 at SEK 3.40 each, totaling SEK 3.06 million. The strike price is set at 135% of the volume- weighted average share price during the ten trading days following the AGM. The warrants provide for cashless exercise, with maximum dilution of approximately 0.40% of shares and 0.29% of votes, subject to recalculation under the terms. RISKS AND UNCERTAINTY FACTORS Coffee Stain Group is exposed to risks, particularly the dependence on key persons for the success of game development, the sales performance of launched games, dependence on a few distributors and the success and performance of acquisitions. The complete risk analysis is found in the company's most recent Annual Report . Additional significant risks and assumptions are described in Note 2 in this report DIVIDEND AND SHARE REPURCHASE The Board of Directors intends to return approximately SEK 300 million to shareholders by the Annual General Meeting in 2027 through dividends and share repurchases. > The Annual General Meeting on September 24, 2026 approved a dividend of SEK 0.68 per share, payable in four equal installments of SEK 0.17. The first installment was distributed 1 October 2026. The remaining installments are scheduled for January 12, April 8 and July 8, 2027. > As previously communicated, the Board intends to initiate a share repurchase program of up to SEK 150 million after the new legislation enters into force on December 5, 2026, subject to the necessary shareholder authorization. AUDITOR’S REVIEW This Interim Report has been subject to limited review by the Company's auditor. FINANCIAL CALENDAR Interim Report Q3, October - December 2026 February 4, 2027 Year-end report Q4, January - March 2027 May 12, 2027 FOR MORE INFORMATION Find more information about the Company at its website: coffeestain.com For further information, please contact: Erik Sunnerdahl, CFO erik.sunnerdahl@coffeestain.com COFFEE STAIN GROUP AB (PUBL) | JULY-SEPTEMBER 2026 6
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SIGNATURES AND ASSURANCE The Chief Executive Officer hereby certify that this interim report for the second quarter gives a true and fair view of the Group’s operations, financial position and results of operations and describes the significant risks and uncertainties facing the Group. Karlstad, Sweden, November 5, 2026 Anton Westbergh Chief Executive Officer This information is information that Coffee Stain Group AB (publ) is obliged to make public pursuant to the EU Market Abuse Regulation 596/2014. The information was submitted for publication, through the agency of the contact persons set out above, on November 5, 2026, at 08:00 CET. The persons above may also be contacted for further information. This report contains forward-looking statements that reflect management’s current views with respect to certain future events and potential financial performance. Forward-looking statements are subject to risks and uncertainties. Results could differ materially from forward-looking statements as a result of, among other factors, (i) changes in economic, market and competitive conditions, (ii) success of business initiatives, (iii) changes in the regulatory environment and other government actions, (iv) fluctuations in exchange rates and (v) business risk management. This report is based solely on the circumstances at the date of publication and except to the extent required under applicable law or applicable marketplace regulations, Coffee Stain Group AB (publ) is under no obligation to update the information, opinions or forward-looking statements in this report. COFFEE STAIN GROUP AB (PUBL) | JULY-SEPTEMBER 2026 7
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AUDITOR’S REPORT To the Board of directors Coffee Stain Group AB, corporate identity number 559280-0014 INTRODUCTION We have conducted a limited review of the condensed interim financial information (interim report) for Coffee Stain Group AB as of September 30, 2026, and the six-month period ending on that date. The board of directors and the managing director are responsible for preparing and presenting this interim report in accordance with IAS 34. Our responsibility is to express a conclusion on this interim report based on our limited review. THE FOCUS AND SCOPE OF THE LIMITED REVIEW We have conducted our limited review in accordance with the International Standard on Review Engagements ISRE 2410, "Review of Interim Financial Information Performed by the Independent Auditor of the Entity." A limited review consists of making inquiries, primarily of persons responsible for financial and accounting matters, performing analytical procedures, and other review procedures. A limited review has a different focus and a significantly smaller scope compared to the focus and scope of an audit conducted in accordance with ISA and generally accepted auditing standards. The review procedures taken in a limited review do not enable us to obtain the assurance that we would become aware of all significant matters that might have been identified in an audit. Therefore, the conclusion expressed based on a limited review does not have the assurance that a conclusion expressed based on an audit has. CONCLUSION Based on our limited review, nothing has come to our attention that causes us to believe that the interim report is not, in all material respects, prepared for the group in accordance with IAS 34. Öhrlings PricewaterhouseCoopers AB Stockholm, November 5, 2026 Martin Bengtsson Authorized Public Accountant COFFEE STAIN GROUP AB (PUBL) | JULY-SEPTEMBER 2026 8
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CONSOLIDATED STATEMENT OF PROFIT OR LOSS Amounts in SEK m Note Jul-Sep 2026 Jul-Sep 2025 Apr-Sep 2026 Apr-Sep 2025 Apr 2025- Mar 2026 Net sales 3 267 224 519 408 961 Other operating income 1 1 5 1 2 Total operating income 268 224 524 409 963 Work performed by the company for its own use and capitalized 17 31 35 66 120 Goods for resale -77 -26 -106 -46 -115 Other external expenses -50 -53 -102 -96 -233 Personnel expenses -62 -56 -127 -118 -248 Depreciation, amortization and impairment -103 -77 -218 -162 -422 Other operating expenses 0 0 0 -7 -13 Share of profit of an associate 15 1 17 1 3 Operating profit/loss (EBIT) 8 44 23 46 55 Net financial items 1 -28 5 -47 -47 Profit/loss before tax 8 16 27 -1 8 Income tax 1 3 6 2 5 Net profit/loss for the period 9 19 33 1 13 Net profit/loss for the period attributable to: Equity holders of the parent 9 23 35 -2 11 Non-controlling interests 0 -4 -2 4 2 Earnings per share Basic earnings per share* (SEK) 0.04 0.10 0.16 -0.01 0.05 *) There were no outstanding instruments with potential dilutive effect during the period; therefore, diluted earnings per share equal basic earnings per share. CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME Amounts in SEK m Note Jul-Sep 2026 Jul-Sep 2025 Apr-Sep 2026 Apr-Sep 2025 Apr 2025- Mar 2026 Net profit/loss for the period 9 19 33 1 13 Other comprehensive income Items that may be reclassified to profit or loss (net of tax): Exchange differences on translation of foreign operations 32 -12 51 16 -1 Reclassification of translation differences to profit or loss — — — — 0 Total other comprehensive income for the period, net of tax 32 -12 51 16 -1 Total comprehensive income for the period, net of tax 41 7 84 17 12 Total comprehensive income attributable to: Equity holders of the parent 41 11 86 13 12 Non-controlling interests 0 -4 -2 4 0 COFFEE STAIN GROUP AB (PUBL) | JULY-SEPTEMBER 2026 9
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CONSOLIDATED STATEMENT OF FINANCIAL POSITION Amounts in SEK m Note Sep 30, 2026 Sep 30, 2025 Mar 31, 2026 ASSETS Non-current assets Goodwill 2,072 2,042 2,028 Intangible assets 706 847 852 Property, plant and equipment 9 14 12 Right-of-use assets 13 27 20 Investments in associates 265 244 247 Non-current financial assets 6 13 6 Deferred tax assets 26 18 9 Total non-current assets 3,097 3,205 3,173 Current assets Trade receivables 161 108 149 Current tax assets — 0 23 Other receivables 42 20 28 Prepaid expenses 18 10 11 Cash and cash equivalents 792 269 620 Total current assets 1,013 408 832 TOTAL ASSETS 4,110 3,613 4,005 CONT.>> COFFEE STAIN GROUP AB (PUBL) | JULY-SEPTEMBER 2026 10
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>>CONTINUED CONSOLIDATED STATEMENT OF FINANCIAL POSITION Amounts in SEK m Note Sep 30, 2026 Sep 30, 2025 Mar 31, 2026 EQUITY AND LIABILITIES Equity Share capital 1 1 1 Reserves 150 116 99 Retained earnings, including net profit/loss 3,559 3,091 3,525 Total equity attributable to equity holders of the parent 3,710 3,208 3,625 Non-controlling interests 17 21 19 Total equity 3,727 3,229 3,644 Non-current liabilities Lease liabilities 3 10 6 Provisions — 0 0 Contingent considerations 12 21 20 Non-current liabilities to employees related to historical acquisitions — 10 5 Deferred tax liabilities 130 168 150 Total non-current liabilities 145 210 181 Current liabilities Trade payables 19 47 33 Lease liabilities 10 16 16 Contract liabilities 0 0 0 Contingent considerations 24 15 11 Tax liabilities 17 10 0 Current liabilities to employees related to historical acquisitions 4 — 3 Other current liabilities 22 14 13 Accrued expenses and prepaid income 142 72 104 Total current liabilities 238 173 180 TOTAL EQUITY AND LIABILITIES 4,110 3,613 4,005 COFFEE STAIN GROUP AB (PUBL) | JULY-SEPTEMBER 2026 11
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CONSOLIDATED STATEMENT OF CHANGES IN EQUITY Equity attributable to equity holders of the parent Amounts in SEK m Share capital Reserves 1) Retained earnings including profit for the period Total equity attributable to equity holders of the parent Non- controlling interests Total equity Opening balance 2025-04-01 0 100 1,347 1,447 9 1,456 Net profit/loss — — -2 -2 4 2 Other comprehensive income — 16 — 16 — 16 Total comprehensive income for the period — 16 -2 14 4 18 Transactions with the owners New share issue 0 — — — — 0 Shareholder contribution — — 1,955 1,955 — 1,955 Change in minority interest — — — — 8 8 Other* — — -208 -208 — -208 Total 0 — 1,747 1,747 8 1,755 Closing balance 2025-09-30 1 116 3,091 3,208 21 3,229 Opening balance 2026-04-01 1 99 3,525 3,625 19 3,644 Net profit/loss — — 35 35 -2 33 Other comprehensive income — 51 — 51 — 51 Total comprehensive income for the period — 51 35 86 -2 84 Closing balance 2026-09-30 1 150 3,559 3,710 17 3,727 1) Includes currency translation difference. *) Other includes the movements in equity related to the combined financial statements. COFFEE STAIN GROUP AB (PUBL) | JULY-SEPTEMBER 2026 12
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CONSOLIDATED CASH FLOW STATEMENT Amounts in SEK m Jul-Sep 2026 Jul-Sep 2025 Apr-Sep 2026 Apr-Sep 2025 Apr 2025- Mar 2026 Operating activities Profit/loss before tax 8 16 27 -1 8 Adjustment for differences between profit before tax and net cash flow 85 108 195 206 471 Tax paid/received -6 -16 10 27 -21 Cash flow from operating activities before changes in working capital 87 108 232 232 458 Cash flow from changes in working capital Change in operating receivables -24 58 4 73 45 Change in operating liabilities 35 -37 -5 -44 -50 Cash flow from operating activities 98 129 231 261 453 Investing activities Acquisition of property, plant and equipment -1 — -1 — -1 Proceeds from sales of property, plant and equipment 0 — 0 — — Acquisition of intangible assets -27 -46 -57 -89 -169 Acquisition of financial assets 0 — -1 — 0 Interest received 3 0 6 1 5 Cash flow from investing activities -25 -46 -53 -88 -165 Financing activities Proceeds from borrowings 1 — 1 — — Transactions with owners* — -206 — -367 -119 Payment of lease liabilities -5 -5 -10 -9 -20 Interest paid 0 0 0 0 -2 Cash flow from financing activities -4 -211 -9 -376 -141 Total cash flow 69 -128 169 -203 147 Cash and cash equivalents at the beginning of period 722 397 620 472 472 Exchange-rate differences in cash and cash equivalents 1 0 3 0 1 Cash and cash equivalents at the end of period 792 269 792 269 620 *) Net of shareholder contribution and payment of liabilities. COFFEE STAIN GROUP AB (PUBL) | JULY-SEPTEMBER 2026 13
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NOTES NOTE 1 MATERIAL ACCOUNTING POLICIES This interim report comprises the consolidated financial statements of Coffee Stain Group AB (publ) (“Coffee Stain”), with corporate registration number 559280-0014, and its subsidiaries. The Group conducts management and development of intellectual property rights, publishing, development of computer games, video games, and mobile games. The parent company is a limited liability company with its registered office in Karlstad, Sweden. The address of the head office is Tullhusgatan 1B, 652 09 Karlstad, Sweden. The Group’s interim financial statements have been prepared in accordance with IAS 34 Interim Financial Reporting. The interim report presents consolidated financial information only and does not include separate financial statements for the parent company. The Group has applied the same accounting policies, calculation methods and assumptions as those applied in the Annual Report for the financial year ended March 31, 2026. For a complete description of the Group's applied accounting policies, see the notes in the Annual Report for the financial year ended March 31, 2026 . The disclosures required by IAS 34.16A are presented throughout this interim report in addition to the interim financial statements and related notes. All amounts are presented in millions of Swedish kronor (”SEK m”), unless otherwise indicated. Rounding differences may occur. NOTE 2 SIGNIFICANT ESTIMATES AND ASSUMPTIONS When preparing the financial statements, management and the Board of Directors must make certain assessments and assumptions that impact the carrying amount of asset and liability items and revenue and expense items, as well as other provided information. Actual outcome may differ from the estimates if the estimates or circumstances change. The significant estimates and assumptions correspond to the ones described in the Annual Report for the financial year ended March 31, 2026. NOTE 3 REVENUE FROM CONTRACTS WITH CUSTOMERS Revenue from contracts with customers Jul-Sep 2026 Jul-Sep 2025 Apr-Sep 2026 Apr-Sep 2025 Apr 2025- Mar 2026 Type of products PC/Console 230 183 447 326 799 Other platforms 37 41 72 82 162 Total 267 224 519 408 961 "PC/Console" comprises sales from titles distributed through platforms such as Steam, Sony and Microsoft. "Other platforms" includes revenue generated through platforms with differing revenue models and user dynamics, such as Roblox and Mobile platforms. COFFEE STAIN GROUP AB (PUBL) | JULY-SEPTEMBER 2026 14
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DEFINITIONS OF KEY PERFORMANCE INDICATORS (KPIs) The Board and management of Coffee Stain believe it is important to separate the operational performance of the business from the acquisition part. Certain KPI’s are used to provide internal and external stakeholders the best picture of the underlying operational performance of the business, by the measurement of performance excluding specific items related to historical acquisitions and items affecting comparability. The individual KPI's, definitions and purpose are described more in detail below. Name Definition Adjusted Earnings per share Net profit for the period excluding specific items related to historical acquisitions, items affecting comparability net of tax and changes in fair value for contingent consideration net of tax, divided by the average number of shares in the period. Net taxes are calculated using the effective tax rate. Adjusted EBIT EBIT excluding specific items related to historical acquisitions and items affecting comparability. Adjusted EBIT margin % Adjusted EBIT as a percentage of net sales. Average number of shares Weighted average number of shares that are outstanding during the period. Cash EBIT Adjusted EBIT excluding operational depreciation and amortization expenses, less investments in intangible and tangible assets and payments of lease liabilities. Cash EBIT Margin % Cash EBIT as a percentage of net sales. EBIT EBIT equals Operating profit in the Consolidated statement of profit or loss. EBIT margin % EBIT as a percentage of net sales. Free cash flow after working capital Cash EBIT less tax paid, other cash flow items, changes in working capital and cash effect from items affecting comparability. Free cash flow before working capital Cash EBIT less tax paid, other cash flow items and cash effect from items affecting comparability. Headcount Number of internal employees in the Group at the end of the reporting period. Items affecting comparability Transactions that are not related to recurring business operations, but affecting the financial outcome in a material way, and where the probability of reoccurrence over the coming year is limited. Net investment in acquired companies Acquisition of subsidiaries, net of cash acquired plus cash impact from specific items related to historical acquisitions, plus acquisition of IPs through asset deal structures. Net sales growth Net sales for the current period compared to the same period previous year. Net sales split - Game launches and Baseline Baseline Recurring net sales from the existing game portfolio and back catalogue. Game Launches Temporary net sales impact from releases, updates, or deals (≤60 days). Organic growth Growth between periods where net sales from companies acquired/divested in the last five quarters have been excluded. The comparison period is adjusted for differences in exchange rates. Operational cost base Total cost included in Cash EBIT including payments of lease liabilities and investments in intangible and tangible assets. COGS Goods for resale, net of share of profit from associates. Cash operating expenses Remaining costs included in Cash EBIT after deduction of COGS. Specific items related to historical acquisitions Specific income/expenses related to historical acquisitions consist of personnel cost related to acquisitions (in connection with certain business combinations, contingent consideration agreements that are not classified as part of the consideration transferred, as there is a requirement for continued employment to receive the amount. Accordingly, the amount is classified as consideration for future services), amortization of surplus values of acquired intangible assets (e.g. IP-rights, publishing rights, brand name), transaction costs (costs for legal- financial- tax- and commercial due diligence for completed transactions.), remeasurement of participation in associated companies and remeasurement of contingent consideration. COFFEE STAIN GROUP AB (PUBL) | JULY-SEPTEMBER 2026 15
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SELECTED KEY PERFORMANCE INDICATORS ADJUSTED EBIT - DERIVATION Jul-Sep 2026 Jul-Sep 2025 Apr-Sep 2026 Apr-Sep 2025 Apr 2025- Mar 2026Amounts in SEK m EBIT 8 44 23 46 55 Non-operational amortization- acquisition-related 32 39 71 78 156 Items affecting comparability 1) — — — — 75 Personnel costs related to acquisitions -3 0 -3 1 2 Adjusted EBIT 37 83 91 126 288 1) See next page for further explanation on items affecting comparability CASH EBIT - DERIVATION Jul-Sep 2026 Jul-Sep 2025 Apr-Sep 2026 Apr-Sep 2025 Apr 2025- Mar 2026Amounts in SEK m Adjusted EBIT 37 83 91 126 288 Operational depreciation and amortization expenses 71 39 147 84 235 Investments in intangible and tangible assets -28 -47 -58 -95 -170 Payments of lease liabilities -5 -5 -10 -9 -20 Cash EBIT 75 69 170 106 333 CASH EBIT - BRIDGE Jul-Sep 2026 Jul-Sep 2025 Apr-Sep 2026 Apr-Sep 2025 Apr 2025- Mar 2026Amounts in SEK m Net sales 267 224 519 408 961 COGS -62 -25 -89 -45 -112 Cash operating expenses -130 -130 -260 -257 -516 Cash EBIT 75 69 170 106 333 FREE CASH FLOW - DERIVATION Jul-Sep 2026 Jul-Sep 2025 Apr-Sep 2026 Apr-Sep 2025 Apr 2025- Mar 2026Amounts in SEK m Cash EBIT 75 69 170 106 333 Taxes paid/received -6 -16 10 27 -21 Other cash flow items* -15 4 -17 2 1 Free cash flow before working capital 54 57 163 135 313 Changes in working capital1) 14 21 5 29 -12 Free cash flow after working capital 68 78 168 163 301 1) Cash payments relating to items affecting comparability excluded from changes in working capital -3 — -6 — -8 *) Other cash flow items for the current year mainly comprise the Group's share of profit from associates. COFFEE STAIN GROUP AB (PUBL) | JULY-SEPTEMBER 2026 16
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ADJUSTED EARNINGS PER SHARE - DERIVATION Jul-Sep 2026 Jul-Sep 2025 Apr-Sep 2026 Apr-Sep 2025 Apr 2025- Mar 2026Amounts in SEK m Net profit for the period attributable to equity holders of the parent 9 23 35 -2 11 Adjustments Personnel costs related to acquisitions -3 0 -3 1 1 Amortization of surplus values of acquired intangible assets 32 39 71 78 156 Change in fair value contingent consideration 3 1 4 1 -3 Items affecting comparability — — — — 75 Adjustments pre tax 32 40 72 80 230 Tax effects on adjustments -7 -8 -15 -16 -47 Adjustments post tax 25 32 57 64 183 Adjusted net profit for the period 34 55 92 62 194 Average number of shares , million 223 223 223 223 223 Adjusted Earnings per share , SEK 0.15 0.25 0.41 0.28 0.87 ORGANIC GROWTH - DERIVATION Jul-Sep 2026 Jul-Sep 2025 ChangeAmounts in SEK m Net sales 267 224 19 % Difference in exchange rate 3 Organic growth 267 227 18 % ITEMS AFFECTING COMPARABILITY, IAC Jul-Sep 2026 Jul-Sep 2025 Apr-Sep 2026 Apr-Sep 2025 Apr 2025- Mar 2026Amounts in SEK m Impairment intangible assets — — — — -31 Costs related to the listing project — — — — -33 Provision for restructuring — — — — -11 Total — — — — -75 DEPRECIATION, AMORTIZATION AND IMPAIRMENT Jul-Sep 2026 Jul-Sep 2025 Apr-Sep 2026 Apr-Sep 2025 Apr 2025- Mar 2026Amounts in SEK m Operational depreciation and amortization expenses 71 39 147 84 235 Acquisition related amortizations 32 39 71 78 156 Items affecting comparability — — — — 31 Total 103 77 218 162 422 COFFEE STAIN GROUP AB (PUBL) | JULY-SEPTEMBER 2026 17
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Coffee Stain Group brings together Scandinavian game developers and publishers with a portfolio of community-driven games primarily for PC and console. It has a proven track record of building successful titles such as Goat Simulator, Satisfactory, Deep Rock Galactic, Valheim, Teardown and Welcome to Bloxburg . The Group consists of around 250 employees and 12 game studios including Coffee Stain, Ghost Ship and Tuxedo Labs. They share a common ambition: " small teams making big games for huge audiences" Coffee Stain Group AB (publ) Tullhusgatan 1B SE-652 09 Karlstad Sweden coffeestain.com