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Capital Markets Event 2025 17 November 2025
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2 01 INTRODUCTION TO COFFEE STAIN 02 GAMING MARKET DYNAMICS 03 GAME PORTFOLIO AND STUDIOS 04 05 AGENDA 06 CONCLUSION AND Q&A GROWTH AVENUES FINANCIAL PROFILE
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3 TODAY’S SPEAKERS ANTON WESTBERGH CEO & CO-FOUNDER COFFEE STAIN ERIK SUNNERDAHL CFO COFFEE STAIN ROBERT LAZIC STUDIO MANAGER COFFEE STAIN STUDIOS SEBASTIAN ERIKSSON CEO & CO-FOUNDER COFFEE STAIN NORTH MARCUS DAWSON CEO TUXEDO LABS MATT KENNEY STUDIO MANAGER COFFEE STAIN GÖTEBORG SØREN LUNDGAARD CEO & CO-FOUNDER GHOST SHIP JACOB JONMYREN CHAIR OF THE BOARD COFFEE STAIN
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01 INTRODUCTION TO COFFEE STAIN ANTON WESTBERGH CEO & CO-FOUNDER 4
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5 Small Teams making Big Games for Huge Audiences “ ” Source: Company information, Twitch, Discord, Steam, Redditand Roblox Note: 1) Approximately 250 FTEs, 2) FY24/25, 3) Based on total number of followers/members for core games on Twitch, Discord, Steam, Reddit and Welcome to Bloxburg: Fan Club SEK1bn Net sales2) 250 FTEs1) +12.5m Followers3) 44% Cash EBIT margin2)
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Source: Company information Note: 1) Excludes minority owned studios: Iron Gate (30% ownership), Other Tales Interactive (18.4% ownership), Great Ape Games (10.18% ownership) and Ugly Duckling Games (30% ownership), 2) Approximately 250 FTEs 6 SMALL STUDIOS IN A LEAN ORGANIZATION BUILT ON OWNERSHIP AND CREATIVITY Studios1)Group S T U D I O S M A L M Ö N O R T H . P U B L I S H I N G G Ö T E B O R G 2 Publishers 250 FTEs2) 13 Majority owned studios Publishing Key KPIs
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7 CORE PORTFOLIO BASED ON SIX FRANCHISES ACCOUNTING FOR 90% OF NET SALES 1) 97% Positive reviews SEK 1,100m Lifetime Net sales 98% Positive reviews2) SEK 1,400m Lifetime Net sales 97% Positive reviews SEK 1,250m Lifetime Net sales Source: Company information, Steam and Roblox as of Oct-25 Note: 1) Per FY 24/25, 2) Based on Goat Simulator 3, 3) Positive Roblox reviews 88% Positive reviews3) SEK 1,350m Lifetime Net sales 96% Positive reviews SEK 450m Lifetime Net sales 94% Positive reviews SEK 2,000m Lifetime Net sales
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8 15 YEARS+ OF CRAFTING AND FINDING LONG -LASTING, COMMUNITY DRIVEN GAMES Note: 1) Welcome to Bloxburg released in 2014 (in paid access), 2) Teardown released in 2020 2010 2014 20252)2018 2019 2021 20221) Release Release Release Release Acquisition Release Integration
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9 GAME DEVELOPMENT POWERED BY PUBLISHING & PARTNERSHIPS Publishing and Partnership Long-term value Created through a network of passionate teams building, publishing and supporting games that last The value chain From making great games to getting them into players’ hands Gameplay first Lean teams Creativity Community Publishing Partnership P U B L I S H I N G Game development Studio Game Focus Area
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10 COFFEE STAIN’S METHODOLOGY DELIVERS UNIQUE GAMES MADE BY LEAN TEAMS FOCUSED ON GAMEPLAY AND COMMUNITY Focusing on original and memorable gaming experiences that leave a lasting impression Bet on bold ideas and creativity Engage with game communities Working as a partner throughout the development process and after release Driving their own vision, moving fast, taking ownership and bringing ideas to life Develop games with lean teams1. GAMEPLAY FIRST Focusing on players by delivering depth, quality and lasting experiences 2. LEANTEAMS 3. CREATIVITY 4.COMMUNITY
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Source: Steam 11 GREAT PLAYER EXPERIENCES CREATED BY PUTTING GAMEPLAY FIRST GAMEPLAY FIRST “It's a great game I mean like one of the best sandbox games out there. It has a great vibe and great mods… ” “The true GOAT. This game is so dumb yet so fun… ” “Everything about this game is just one word: perfect. The community, the devs, the weapons and gadgets … it’s all amazing… ” “This is one of the greatest games to have ever been made” Player comments on games 1 Built to last through depth Focus on player experience Focus investments on game content Gameplay first
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12 PASSIONATE DEVELOPERS MAKE THE BEST GAMES Ideation Development Community feedback Content cadence Studios Lean teams Small, dynamic teams of developers with wide skill sets Development phases Team size Full release LEAN TEAMS 2
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13 INVEST IN BOLD IDEAS TO DISCOVER NEW NICHES CREATIVITY New niches Developing games ahead of player demand Bold and original game concepts … picking up unique and bold ideas … allowing creative freedom through autonomy … providing support to bring ideas to life Encourage creativity by… 3
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Source: Twitch, Discord, Steam, Reddit and Roblox as of Oct-25 Note: 1) Data on Welcome to Bloxburg: Fan Club 14 EARLY COMMUNITY INVOLVEMENT DRIVES ENGAGEMENT AND LONG -TERM DEVELOPMENT Communities By integrating the audience in the game development… … Coffee Stain creates engaged and loyal communities that drive the success of the games Followers Members Followers Members 295K 242K 394K 392K 136K 628K 2.8M 408K 94K 36K 129K 12K N.A. 141K 4.9M1) 58K 432K 150K 505K 542K 30K 33K 210K 28K COMMUNITY Symbiotic developer-player relationship Listen & interact Build loyal fanbases 4
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15 PUBLISHING & PARTNERSHIP - COFFEE STAIN’S MODEL TO DISCOVER PROMISING GAMES TO PUBLISH AND PARTNER WITH DevelopmentPublisher Partnership model Current partnership Historic partnership With a unique portfolio, brand and track-record, Coffee Stain is an attractive partner Discover Evaluate Invest Publishing Identify bold ideas and fun games early Selectively evaluate opportunities Boost unique games with support to shine Publishing can lead to financial investments P U B L I S H I N G How we find new games Partnership Studio Minority ownership Game
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Source: Company information Note: 1) Concurrent users 16 A MODEL THAT DELIVERS LONG -TERM VALUE Coffee Stain’s long-term focus on development first, goes well beyond the impact of single releases and quarterly fluctuations Early access Full release Illustrative, CCUs1) Early development cycle Ideation / Initial development Community feedback Establishing fanbase Releasing continuous updates and DLCs to keep engagement high As game gains traction, investment and headcount grow Development starts with small team size Focus on unique games Fine-tuning game development ~ 5+ years~ 1 year ~ 3-5 years
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02 GAMING MARKET DYNAMICS ANTON WESTBERGH CEO & CO-FOUNDER 17
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18 Of the world’s population play games44% Source: Newzoo Global Games Market Report August 2025 and World Bank Population Estimates and Projections, DataBank
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Gaming is the largest segment of the global entertainment industry Source: Embracer Group AB, Annual General Meeting Presentation, 18 September 2025 GAMES ARE PART OF THE LARGER ENTERTAINMENT INDUSTRY 19 Games USD 183bn Box Office USD 28bn Music USD 21bn TV USD 171bn Home Entertainment USD 143bn Entertainment industry sales Estimates 2024
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GAMING MARKET EXPECTED TO GROW GLOBALLY ON ALL PLATFORMS Source: Newzoo Global Games Market Report August 2025 2.7% 2.2% 2.0% 4.1% 4.7% 3.3% CAGR ’22-’25 CAGR ’25-’28 Market drivers: ✓ Increasing willingness to spend ✓ Increasing Steam adoption ✓ Anticipated price increases ✓ Increasing mobile adoption Market trends: ✓ Increasing importance of post- launch content for engagement Global market by platform, USDbn Coffee Stain core markets PC MobileConsole 55% 24% 21% 174 177 183 189 196 202 207 2022 2023 2024 2025 2026 2027 2028 20
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Source: Company information and BCG 21 MARKET SHIFTS ENABLE BROADER PLATFORM PRESENCE AND PLAYER REACH Consoles • More similar to a PC • Expected to grow market further Cloud gaming • Enables demanding titles on low-end devices • Lowers barrier of entry • Geographical expansion AI • Accelerates production and empowers smaller teams
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THE GAMING MARKET IS GETTING EVERMORE SATURATED… 22 # of games % of games with 500+ reviews Cumulative game releases on Steam1) Rising number of game releases intensifies competition for attention Source: SteamDB as of Oct-25 Note: 1) Following clarification from the information provider regarding data interpretation the figure has been updated and revises the version previously included in the information brochure 18k 27k 35k 45k 56k 68k 83k 101k23% 18% 17% 16% 14% 13% 12% 11% 2017 2018 2019 2020 2021 2022 2023 2024
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23 … BUT COFFEE STAIN CONSISTENTLY MAKES A DENT IN THE MARKET Decentralized, creative teams focused on gameplay and community, delivering games that last Approach focused on creating great games + Favorable market shifts for growth From new consoles to AI and cloud technology, innovation is expanding Coffee Stain’s potential reach Top 3 # reviews 5 Games have 50K+ reviews 15 Games have 500+ reviews 75k+ Average # of reviews per game Coffee Stain portfolio1) 354k 97% 510k 94% 246k 97% Positive# Reviews Source: Steam as of Oct-25 Note: 1) Games published on Steam
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03 GAME PORTFOLIO AND STUDIOS ANTON WESTBERGH CEO & CO-FOUNDER 24
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ANTON WESTBERGH CEO & CO-FOUNDER COFFEE STAIN ROBERT LAZIC STUDIO MANAGER COFFEE STAIN STUDIOS SEBASTIAN ERIKSSON CEO & CO-FOUNDER COFFEE STAIN NORTH MARCUS DAWSON CEO TUXEDO LABS MATT KENNEY STUDIO MANAGER COFFEE STAIN GÖTEBORG SØREN LUNDGAARD CEO & CO-FOUNDER GHOST SHIP 25
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SEBASTIAN ERIKSSON CEO & CO-FOUNDER COFFEE STAIN NORTH 26
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FROM A HUMOROUS PROJECT TO A LEGENDARY FRANCHISE Source: Steam as of Oct-25 and Company information Note: 1) Based on Steam reviews for Goat Simulator 3, 2) Sum of the average playtime for all Goat Simulator titles, 3) Internal FTEs working on the franchise as of Oct-25 27 Released GenreStudio 2014 Casual sandbox Platforms SEK 1,400m Lifetime Net sales 21H Avg. playtime2) 98% Positive reviews1) 32 Team size3) Ruin your way through the open world in the biggest waste of your time since the original Goat Simulator! N O RTH
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- 200k 400k 600k 800k 1,000k 1,200k 1,400k Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 20/21 21/22 22/23 23/24 24/25 25/26 Base game units2) Source: Company information Note: 1) Base + DLCs for Goat Simulator, Goat Simulator Remastered and Goat Simulator 3, 2) Base games include Goat Simulator, Goat Simulator Remastered and Goat Simulator 3 29 ENDURING FRANCHISE SUSTAINED BY CONTINUOUS RELEASES, RECOGNIZED FOR UNIQUENESS AND CREATIVITY Continue growing the franchise Goat Simulator ongoing success Initiatives Released in 2014 Units1) sold per quarter DLC units Launched Goat Simulator 3 in 2022, eight years after the original Released both free and paid content updates, from small drops to major DLCs Expanded to multiple new platforms since launch 1 2 3
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30 STRATEGY GOING FORWARD • Brand expanding with merchandise, card and pinball games • Collaborations with Fortnite and Catan Beyond games • Goat Simulator proves the value of unconventional thinking • Coffee Stain North pushes creative game design Innovation and creativity Long-term support • New DLCs, patches and content • Expanding content library • Retaining and attracting players • Launched on four platforms in 2024 • Featured on Game Pass and PlayStation Plus New platform and services
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31 NEAR TERM RELEASE FOR THE GOAT SIMULATOR FRANCHISE
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33 ROBERT LAZIC STUDIO MANAGER COFFEE STAIN STUDIOS
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Source: Steam as of Oct-25 and Company information Note: 1) Based on Steam reviews, 2) Internal FTEs working on the franchise as of Oct-25 34 A FAN FAVORITE FACTORY GAME WITH ENDLESS OPPORTUNITIES FOR CREATIVE PLAYERS 2019 Factory simulation SEK 1,100m Lifetime Net sales 96H Avg. playtime 97% Positive reviews1) Satisfactory is a first-person open-world factory building game with a dash of exploration and combat. Play alone or with friends, explore an alien planet, create multi-story factories and enter conveyor belt heaven! S TU D IOS 31 Team size2) Released GenreStudio Platforms
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0k 20k 40k 60k 80k 100k 120k 140k 160k 180k 200k Apr-24 Jul-24 Oct-24 Jan-25 Apr-25 Jul-25 Oct-25 Source: Steam as of Nov-25 and Company information Note: 1) CCU data on weekly peak over period 36 REGULAR UPDATES FOR LASTING PLAYER ENGAGEMENT Regular updates & platform expansion Continued strong player engagement Launch Early access in 2019 10 Updates by October 2025 Hovering around 25-30k CCUs UpdatesPlatform expansion Example updates # of CCUs1) Release of Satisfactory 1.0, which peaked at 185k CCU
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Source: Steam as of Oct-25 and Company information 37 SATISFACTORY; A GAME BUILT THROUGH COMMUNITY -DRIVEN DEVELOPMENT Develop unique core concept Iteration based on community feedback Release to early access Mar-19 Full access release Sep-24 Ideation / Initial development Community feedback Establishing fanbase Fine-tuning the game 31 Team size 10 Updates … by a lean team in a capital-light model… Developed by a lean team, who later added 10 updates 1,000+ Mods available 100+ Hours of content … creating deep gameplay with endless possibilities Players become attached to the world they build by satisfying progression,100s of hours of content and modding available Community focused development… Built with feedback from thousands of loyal fans around the world with help from our community management team 5y In early access 246k Reviews 97% Overwhelmingly positive
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38 THE RELEASE OF 1.0 WAS JUST THE BEGINNING Full release Sep-24 Additional opportunities New platforms Events Updates Continued community feedback through early (experimental) releases on PC Grow existing large & loyal community
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39 SØREN LUNDGAARD CEO & CO-FOUNDER GHOST SHIP
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Source: Steam as of Oct-25 and Company information Note: 1) Based on Steam reviews, 2) Internal FTEs working on the franchise as of Oct-25 40 A LIVE AND BREATHING TITLE WITH DEPTH AND AN ENGAGED COMMUNITY 2018 Action SEK 1,250m Lifetime Net sales 55H Avg. playtime 97% Positive reviews1) 1-4 player co-op FPS featuring badass space Dwarves, 100% destructible environments, procedurally- generated caves and endless hordes of alien monsters 37 Team size2) Released GenreStudio Platforms
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Source: Company information 42 AIMING TO HAVE AN IMPACT ON THE GAME INDUSTRY AND FINDING THE PERFECT PARTNER IN COFFEE STAIN Location Copenhagen Impact on the gaming industry Focus Consistently growing team ✓ Same “make happy decisions” mentality ✓ Valuable insight into the Swedish game industry ✓ Continue the successful journey Partnership with Coffee Stain '16 '17 '18 '19 '20 '21 '22 '23 '24 '25 Studio headcount 47 FTEs 6 FTEs A long-term journey
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Source: Steam 43 CO-OP FIRST AND OPEN DEVELOPMENT AS COMPONENTS OF THE SUCCESS Focusing on co-op and open development… ... to build a strong community of Deep Rock Galactic ambassadors Awards & reviews • Develop the game together with the community • Critical to Deep Rock Galactic’s success Open development • Collaboration to achieve greater goals • Both as a company and between the players Co-op first • Helps us find bugs and suggesting changes • Helped us translate the game into 30 languages Build a community • Community as a number one priority • Bold and creative decision making Alignment with Coffee Stain
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44 BRINGING A COMMUNITY TOGETHER WITH ONE EMOTE: ROCK AND STONE!
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June 2024 June 2023 April 2022 November 2021 Source: Steam as of Nov-25 and Company information Note: 1) CCU data on weekly peak over period 45 A CONTINUOUS FOCUS ON KEEPING PLAYER COUNT HIGH THROUGH REGULAR UPDATES AND SEASONS November 2022 # of CCUs1) Season 6 release just announced 0k 10k 20k 30k 40k 50k 60k Feb-18 Aug-18 Feb-19 Aug-19 Feb-20 Aug-20 Feb-21 Aug-21 Feb-22 Aug-22 Feb-23 Aug-23 Feb-24 Aug-24 Feb-25 Aug-25
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Source: Steam, SteamDB and Company information 46 DEEP ROCK IS NOW A FRANCHISE, NOT JUST A SINGLE GAME Deep Rock Galactic: Survivor Developed together with Funday Games ~2M units sold ~57k peak CCUs Deep Rock Galactic: Rogue Core Expecting early access in 2026 Currently #39 most wishlisted game on Steam Deep Rock Galactic: Boardgame Kickstarter reached: ∼ 20k backers and EUR 2.5m
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47 MARCUS DAWSON CEO TUXEDO LABS
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Source: Steam as of Oct-25 and Company information Note: 1) Based on Steam reviews, 2) Internal FTEs working on the franchise as of Oct-25 48 AN AWARD -WINNING PHYSICS -DRIVEN SANDBOX 2020 Destruction sandbox SEK 450m Lifetime Net sales 29H Avg. playtime 96% Positive reviews1) Teardown features a fully destructible and truly interactive world built on best-in-class physics, where player freedom and emergent gameplay are the driving mechanics 15 Team size2) Released GenreStudio Platforms
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Source: Company information 50 WE ARE POWERING INNOVATION THROUGH OUR OWN GAME ENGINE ✓ Flexible solutions that elevate innovation ✓ Attracts top talent in game development ✓ Offers a unique selling point ✓ Allows Coffee Stain to keep more revenue by limiting third-party fees Proprietary game engine created by Tuxedo Labs Tech development Game ideation How Tuxedo Labs develops games Launch "We build games from scratch" “We like having full control of the entire code stack as it makes us able to create things not possible in traditional game engines” 15 people Location Size Malmö Technology Focus
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Source: Steam 51 EMBRACE THE CHAOS Play the main campaign where you utilize destruction to perform heists… …. or play around in the fully destructible physics-based sandbox… … or play any of the DLC campaigns
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52 BLOCKY REALISM The appealing contrast between the blocky voxels and the realistic lighting The realistic lightning is created using 100% raytraced rendering The Teardown engine can provide an art style which is hard to replicate
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Mods are user-created modifications that change or add features to the game Source: Company information 53 INFINITE POSSIBILITES WITH MODS Characters Assets Maps Gameplay VehiclesTools Transforms the game into anything you want Over 10,000 mods created by our amazing community, with the number growing fast Mods
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Source: Company information 54 CONSTANT DEVELOPMENT OF ADDITIONS TO ENHANCE THE GAMING EXPERIENCE PlayStation 5 Tornados Animations Game controller Creative mode Physics-driven robots DLC Time Campers More levels Art Vandals expansion DLC Folkrace Campaign part 2 Characters Spawning Dynamic weather DLC Greenwash Gambit Winter Xbox S | X More tools Featured mods Mod support 20 big feature updates since launch
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55 IN THE PROCESS OF LAUNCHING TEARDOWN MULTIPLAYER More game modes will be released over time Play with or against friends, or match up with strangers Enormous potential for having fun together Expand gameplay capabilities through mods TEARDOWN MULTIPLAYER IT’S HAPPENING
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56 CONTINUING TO DEVELOP A GREAT GAME TOGETHER WITH COFFEE STAIN + Tuxedo Labs is one of the newest additions to Coffee Stain Shared understanding of the importance of a great game ✓ Work with the community on where to take the game next ✓ Multiplayer opens new possibilities for expansions ✓ We have a lot of new exciting tech ready to be released into the world The collaboration going forward
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57 MATT KENNEY STUDIO MANAGER COFFEE STAIN GÖTEBORG
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Source: Roblox as of Oct-25 and Company information Note: 1) Based on positive Roblox reviews, 2) Average over year, 3) Internal FTEs working on the franchise as of Oct-25 58 A CATEGORY -DEFINING LIFE SIMULATION AT THE HEART OF THE ROBLOX ECOSYSTEM 2016 Sandbox RPG SEK 1,350m Lifetime Net sales 791K Daily active users2) 88% Positive reviews1) One of the most popular multiplayer open-world role playing games on Roblox A town where you can be anything you want to be! G ÖTE BOR G 17 Team size3) Released GenreStudio Platforms
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Source: Company information 60 EMPOWERING PLAYER CREATIVITY Homes Businesses + More! Flexible building tools for both casual and advanced creators Extensive furniture & décor catalog including seasonal and event items Player-driven roleplay servers that support social play A player-driven creative and social sandbox allowing for endless creativity… …with a catalog including nearly 4,000 unique items!
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Source: Company information 61 KEY MILESTONES IN BLOXBURG’S GROWTH JOURNEY: FROM PASSION PROJECT TO GLOBAL PLATFORM 2014 2024 Welcome to Bloxburg founded by solo teenage developer Lifted paywall to become free-to-play in 2024 2016 Released to paid access beta 2017 Expanded to duo 2022 Joined Coffee Stain and grew into a team of 17 people Significant events shaping Welcome to Bloxburg… … ultimately becoming a free- to-play hit in 2024
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Source: Roblox platform dashboard as of Oct-25 and Company information Note: 1) Average over year PERFORMANCE TO DATE LEADING TO MULTIPLE AWARDS 62 Key KPIs 9.7 Billion visits 10.5 Million MAU 791 Thousand DAU1) Roblox awards Favorite Updated Game 2018 Best Custom Items 2018 Highest Rated 2018 Most Returning 2018 Best Roleplaying Game 2019 Mobile Game of the Year 2020 Best International Hit 2022
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Source: Company information 63 MONETIZATION MIX: UNLOCKS, CURRENCIES AND SUBSCRIPTIONS Unlocks Currencies Subscriptions Our free-to-play mindset ✓ Non-pay to win progression ✓ Earn currencies through both play and purchases ✓ Optional one-time unlocks for features ✓ No random chance mechanics such as loot boxes SEK 1,350m Lifetime Net sales Free-to-play players can earn currencies + rewards through gameplay too! Extra perks Modifiers Premium currency Limited currency Player owned servers Normal currency Building tools Recurring currency purchases Welcome to Bloxburg continues to rank in top earning games on the Roblox platform
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Source: Company information 64 WHY THE DECLINE? 0 50 100 150 200 250 300 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 22/23 23/24 24/25 25/26 Net sales LTM quarterly SEKm Changing player expectations • Players now seek faster progression, more content and less friction Increased competition • Much stronger competition on the platform and in the genre today Paid access • Was negatively impacting core KPIs and hurting discoverability • Transitioned to free-to-play in 2024 Player trust • Hurt player trust last year with some design and economy changes • Have since reverted changes and are working to rebuild confidence
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65 THE WELCOME TO BLOXBURG STRATEGY GOING FORWARD • Boosting transparency and engagement • Adding more feedback channels Communications • Rebuilding player trust • Delivered two highly requested features - new map + school location Trust • Changes in management • Expanding team strategically • Partnering externally to accelerate growth People • Streamlining production for faster content delivery • Aligning content cadence with player expectations Processes • Updating core gameplay for today’s players • Enhancing UI, audio and social systems Modernization
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66 ANTON WESTBERGH CEO & CO-FOUNDER COFFEE STAIN
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Source: Steam as of Oct-25 and Company information Note: 1) Based on Steam reviews 67 THE EPIC SAGA WITH LEGENDARY COMMUNITY 2021 Open world viking survival SEK 2,000m Lifetime Net sales 66H Avg. playtime 94% Positive reviews1) Brutal exploration and survival game set in a procedurally- generated world inspired by Norse mythology. Craft powerful weapons, construct longhouses and slay mighty foes to prove yourself to Odin! Released GenreStudio Platforms 16m Units sold
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Source: Steam 69 A VIKING WORLD WINNING SEVERAL AWARDS… Deep, immersive gameplay - rewarded with multiple awards
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Consistent high number of players 70Source: Steam and Company information Note: 1) Selected updates that introduced substantial new gameplay features, biomes, or core mechanics, 2) CCU data on weeklypeak over period … THAT CONTINUES TO GROW WITH CONTENT UPDATES KEEPING THE NUMBER OF USERS HIGH Supported with content updates1) Frost caves Hildir’s Request The Bog Witch # of CCUs2) 0k 100k 200k 300k 400k 500k Feb-21 Aug-21 Feb-22 Aug-22 Feb-23 Aug-23 Feb-24 Aug-24 Feb-25 Aug-25 1.0 Release & new platform releases upcomingHovering around 35-40k CCUs Peak of 502k CCUs just after release
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Source: Company information 71 COFFEE STAIN OPERATES A SUCCESSFUL PARTNERSHIP MODEL THAT DIVERSIFIES REVENUE STREAMS A strategic partnership where Coffee Stain owns 30% of Iron Gate and publishes Valheim, while Iron Gate owns the IP and manages the game development Ownership 30% Development Publisher
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Core portfolio wrap-up 72
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Source: Company information, Steam and Metacritic as of Oct-25 Note: Net sales = Gross sales – Platform fees, 1) Reviews based on Goat Simulator 3, 2) Data applicable for Deep Rock Galactic, 3) Coffee Stain owns the IP but developed by third-part, 4) As of Aug-2025, 5) Approximate number given the game was acquired in Aug-22, 6) Positive Roblox Reviews, 7) Data from Steam, 8) Sum of the average playtime for all Goat Simulator titles 73 HOME TO HUGELY POPULAR LANDMARK IPS WITH QUALITY, DEPTH & HIGHLY ENGAGED COMMUNITIES IN A WIDE RANGE OF GENRES Franchise Core owned & operated portfolio Core partnership 6+Years in market 11+ 7+ 5+ Platforms Avg. playtime7) 55H96H21H8) 29H Steam / Metacritic reviews 97%97%98% 96%8.87.7 8.4 8.1/ / / / 1,100m Lifetime Net sales, SEK4) 1,400m 1,250m 450m 2) 3) 1) Steam reviews 94% Lifetime Net sales, SEK 2,000m Announced upcoming releases Acquired in Aug-22 9+ N.A. 88%6) 1,350m5) • Goat Simulator 3 DLC Baadlands: Furry Road • Deep Rock Galactic: Rogue Core • Teardown multiplayer • Valheim on PS5
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74 CORE PORTFOLIO COMPLEMENTED BY A DIVERSE RANGE OF SUPPORTING IPS 90% 92% 95% 86% 86% 77% 84% Selected other titles Despite modest reach, titles are consistently well-reviewed Steam reviews Steam reviews Source: Steam as of Oct-25 + Others
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04 FINANCIAL PROFILE ERIK SUNNERDAHL CFO 75
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76 COFFEE STAIN’S FINANCIAL DYNAMICS Note: 1) Cash EBIT = Adjusted EBIT + Operational D&A - Gross investments - Payment of lease liabilities Stable base with launch-driven upside • Our net sales naturally fluctuates - that’s the nature of making games • Two types of Net sales streams 1. Baseline: Recurring part driven by our existing games and back catalogue 2. Launch uplift effect: Temporary boost from major game content release or partnership deal Cost base - scale teams with success - not before • Small, autonomous teams keep fixed costs low • Only add headcount if long-term need is there • External partners to meet temporary development peaks in our core games Cash EBIT1) reflects our true performance • Our key metric for operating strength - consider investments as a part of our business • Includes both expensed and capitalized development 1. 3. 2.
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906 107 1,013 LTM Q2 - 25/26 Source: Company information Note: 1) Goods for resale and share of profit of an associate, 2) Excluding personnel related ACQ cost and contractors 77 STABLE BASE, LEAN COSTS AND STRONG CASH GENERATION Other operating costs Personnel costs2) A strong gross margin… SEKm … and a low fixed cost base, where approximately 80% is allocated to core games... … enable a high Cash EBIT margin that provides options in capital allocation strategy 401 LTM Q2 - 25/26 253 228 24 505 LTM Q2 - 25/26 Marketing costs Net sales & gross profit Operating cost base split Cash EBIT 89% COGS1) Net sales Gross profit
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881 208 165 246 1,182 660 1,861 1,085 1,089 78 119 587 246 999 510 484 18/19 19/20 20/21 21/22 22/23 23/24 24/25 Source: Company information Note: 1) Game launch uplift: impact of releases and deals within 60 days post-launch, 2) New studios added to the Coffee Stain Group as of 21/22: Frame Break & Invisible Walls, 22/23: Welcome to Bloxburg and Tuxedo Labs, 23/24: Kavalari & Mediocre 78 STRONG BASELINE BOOSTED BY GAME LAUNCHES Game launch uplift1) Baseline Net sales Net sales2) and Cash EBIT SEKm Inorganic Net sales Cash EBIT New releases create upside Lean costs keep the cash flow strong Release Game Pass Game Pass Steam release Full release Early access Core games drive a steady base Baseline Net sales has grown at a 34% CAGR from FY19/20 to FY24/25
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Source: Company information Note: 1) Game launch uplift: impact of releases and deals within 60 days post-launch 79 QUARTERLY SWINGS, DURABLE TREND Game launch uplift1) Baseline Net sales Cash EBIT SEKm Net sales and Cash EBIT Net sales and Cash EBIT, LTM 820 193 1,080 1,102 1,211 1,089 1,045 1,013 468 480 549 484 438 401 Q1 - 24/25 Q2 - 24/25 Q3 - 24/25 Q4 - 24/25 Q1 - 25/26 Q2 - 25/26 186 37 228 256 389 216 184 224 83 106 217 79 36 69 Q1 - 24/25 Q2 - 24/25 Q3 - 24/25 Q4 - 24/25 Q1 - 25/26 Q2 - 25/26 Impact of FX headwinds due to USD/SEK exposure Stable baseline where new content aimed to give growth Quarterly swings reflect game launch timing Even with strong fluctuations, Coffee Stain has maintained a solid cash EBIT margin
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Source: Company information Note: 1) Defined as: Free cash flow after working capital / Cash EBIT, 2) Corresponding to transactions with Embracer Group, 3) Includes acquisitions of financial assets and proceeds from borrowings 80 HIGH CASH CONVERSION GIVING OPTIONS IN CAPITAL ALLOCATION Free cash flow conversion SEKm 23/24 24/25 LTM Q2 - 25/26 Average Cash EBIT 510 484 401 Tax Paid (130) (4) (18) Other cash flow items 9 6 1 FCF before changes in working capital 389 486 384 Changes in working capital 102 112 98 FCF after changes in working capital 491 598 482 Cash conversion (%)1) 96% 123% 120% 113% Transactions with owners2) (679) (439) (792) Other cash flow from financing activities3) (1) 2 3 Net cash flow from acquired/divested companies (87) 0 0 Cash flow (277) 161 (307) Cash flow (excluding transactions with owners) 402 600 485 Dividend policy: if growth does not pay off, capital will be returned to shareholders The low tax expenses reflect transferred taxable profit to the parent company through group contributions Working-capital swings reflect platform payment terms and royalties paid to partner studios Solid cash conversion reflects its lean and efficient operating model
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81 NET CASH POSITION HIGHLIGHTS STRONG FINANCIAL POSITION Net cash overview SEKm 23/24 24/25 Q2 - 25/26 Cash and cash equivalents 312 472 269 Liabilities to credit institutions 0 0 0 Net cash excl. contingent considerations 312 472 269 Contingent considerations (66) (53) (35) Net cash incl. contingent considerations 246 419 234 Leverage ratio N.A. N.A. N.A. Source: Company information Note: 1) Intangible assets: ongoing games, finished games and IP surplus, 2) The Coffee Stain pro-forma Q2 - 25/26 cash position amounts to SEK 500m, excluding contingent considerations of SEK 35m. However, the cash position at the time of the listing will amount to SEK 500m plus (less) any additional (reduced) cash generated from 30 September 2025 attributable to Coffee Stain Strong net cash position, enabling efficient capital allocation Lower net cash position than expected due to group contributions made to the parent company Solid debt-free balance sheet that stays strong through cycles Total assets Q2 - 25/26 7% 3% 14% 7% 57% 13% Finished games1) Ongoing games1) Other Cash IP surplus1) Goodwill At listing, the pro-forma Q2 - 25/26 cash position amounts to SEK 500m2) SEK 3.6bn
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82 PROFITABLE, LEAN AND BUILT TO LAST Source: Company information Note: 1) Core portfolio includes Goat simulator & Goat Simulator 3, Satisfactory, Deep Rock Galactic, Teardown, Welcome to Bloxburg and Valheim, 2) Per FY 24/25 Strong balance sheet Small teams, big games Game financials – built for the long-term Capital allocation – invest or return Proven track record • 4-year average Net sales of SEK ~1.2 bn • Alongside FY24/25 cash EBIT margin of 44% • Strong base Net sales with launch-driven upside • Core portfolio1) represents 90% of sales2), where average age since release is 7 years • Low overhead costs driven by small, autonomous teams • Scale when it pays off, not before • Invest in growth where returns are compelling - otherwise, surplus capital will be returned to shareholders • Strong net cash position with no external debt • Enables M&A when attractive opportunities arise
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05 GROWTH AVENUES ANTON WESTBERGH CEO & CO-FOUNDER 83
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GROWTH BUILT ON WHAT ALREADY WORKS Build on what works Continue with our operating model Learn from the past Carry forward lessons from what got us here Maintain the culture Stay true to the values that make us who we are Value is in the people Our growth comes from our people’s passion and talent 84
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Growth avenues M&A 2 Prioritization Develop existing IPs Create new IPs 4 3 MULTIPLE ROADMAPS FOR FUTURE GROWTH Potential avenue Focus avenues 85
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FOCUS AVENUES Core ambition is to continue developing existing IPs to keep engagement high in communities while also reaching new players through new platforms and IPs Develop existing IPs Create new IPs 86 Expand to new platforms Improve and develop new game modes, add content, expand through spin-offs, DLCs and transmedia Develop new IPs that fit the development model
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xw POTENTIAL AVENUES Targeted M&A and partnership opportunities may be explored with handpicked studios and established partners 87 M&A Selected M&A and partnership opportunities
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06 CONCLUSION 88 ANTON WESTBERGH CEO & CO-FOUNDER
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89 STRONG MODEL FOR CONTINUED FUTURE SUCCESS Expand franchises to broaden their reach, combined with new games and partnerships Growth potential Financial stability Long-lived, diversified portfolio enables high cash generation Lean teams and a decentralized model Engaged communities Involve the players to guide us towards long-term success Autonomy leads to original, creative, and bold game ideas
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90 Q&A
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91 Thank you!
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