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SEB Nordic Seminar 9 January, 2026 G5 Entertainment Stefan Wikstrand, CFO
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2 • Game Developer and publisher Casual free-to-play (F2P) games for tablets, smartphones and PCs • Puzzle and adventure game genres, such as Hidden Object, Match-3 and Mahjong Solitaire • Serving $100+ billion global market • Female audience 35+ • North America accounted for 63% of group revenue in 2024 G5 Entertainment in brief G5 Store Monthly Net Revenue (USD) 2020 2021 2022 2023 2024 2025 40% 45% 50% 55% 60% 65% 70% 75% 2017 2018 2019 2020 2021 2022 2023 2024 2025 Gross Margin (%)
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• Mobile gaming is the best -performing segment of the overall gaming market, with global revenues expected to reach $114 Bn USD by 2028 • 55% of 2025 global game revenue will come from mobile gaming • With almost 3.6 billion gamers worldwide today (+4% Y/Y), and 3.9 billion gamers projected by 2028, mobile gaming has more players than any other gaming segment • Asia is the biggest market, accounting for almost 46% of total revenues for the industry in 2024, followed by the US • G5’s main market is North America, followed by EU and Japan Global Mobile Games Market Revenues Mobile & PC Games , Bn USD G5 Revenue breakdown by geography Q3 2025 Global Mobile Gaming: A Growth Market *NEWZOO market data 2025 Global Games Market per region 37 47 46 43 44 46 47 49 50 52 67 88 98 96 97 100 104 108 111 114 0 20 40 60 80 100 120 140 160 180 2019 2020 2021 2022 2023 2024 2025 2026E 2027E 2028E PC Mobile 3 2025-2028 3% CAGR 2019-2024 6% CAGR G5 1% CAGR 60% 29% 6%5% North America Europe Asia ROW 28% 18% 46% 8% North America Europe Asia ROW
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G5 Development: 2014-2025 2016 2017 5 NEW games released 2019 Hidden City exits soft launch phase 2014 Starts trading on NASDAQ Stockholm: G5EN 31.0 million 2018 2020 8 NEW games released Accumulated downloads of group games in H1: 210 million 2015 New Generation Games • Jewels of Rome • Wordplay 5 NEW games released 2 NEW games released Two hidden object games gross >$100M lifetime Expansion & Investment: Development teams and new portfolio of games • Sherlock • Jewels of Egypt • Jewels of Wild West • New Generation Games 67% of Revenue • Sherlock: 13% of revenue in Q4 2021 Investment: G5 Store • Six new offices established • G5 Launcher released • Own games 71% of revenue 2022 22.1 million 4 2023 1 NEW game released globally Continued growth: G5 Store 2024/5
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G5 Store – Monthly Net Revenue (USD) • G5 Store accounts for 24.7% of total net revenue (17.1) • Growth was +26% Y/Y, +5% Q/Q in SEK +30% Y/Y, +6% Q/Q in USD • Web shop accounted for 3% (2.6% in Q2) of mobile revenue • G5 Store as a Distribution Channel 3rd party games from other mobile developers will be launching soon in G5 Store > First game before end of the year G5 Store Launched in 2020 Processing fees in G5 Store are low single digits compared to the 12-30% third party application store fees 2020 2021 2022 2023 2024 2025 Web shop store.g5.com Launched 2024 Direct payment processing from players on mobile devices Our D2C and 3rd largest distribution channel G5 Store 5
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6 G5 Store cont. Margin Expansion • Reduced store fees through DTC from 30% to single digit percentage • Better retention and higher payments 3rd Party Publishing • New revenue stream for developers • Increased traffic benefits the G5 Store • Destination for players of casual puzzle games Strategic Control • Full ownership of distribution, pricing and user experience • Reduced dependency on 3rd party stores Other Opportunities • Opens up for other strategic opportunities not yet disclosed G5 Store More for Developers 30% Future Possibilities & Unlocking Potential Full Ownership & Autonomy Additional Revenue Streams Incumbent Platforms
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G5’s Portfolio 7 “G5 has a range of games in the genres that are all liked by the company’s target audience.”
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A Unique Market: Women Age 35+ Growing demographic Underserved market Very loyal audience Strong paying audience $ Mahjong / Solitaire Match-3Hidden Object G5 Friends Network Target Audience and Game Genre New Genres 8
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• Strengthened development teams giving the company full control over game development and quality combined with tougher approach to underperforming games • Revenue from Own games have consistently grown and is now >73% of the total net revenue • We plan to work on 30 game ideas, soft -launching 5 -6 games. We expect to release one game globally . Building on previous technology and game play foundation with an emphasis on engaging storylines and immersive meta -mechanics • Balanced and diversified portfolio with games in different stages in their lifecycle creates a balance between profitability and growth Own/licensed revenue (MSEK) | Own games share (%) Our Portfolio Approach 9 Active: Own and actively managed Licensed: Licensed Harvest: Not actively supported games & older games, * Mahjong Journey included in harvest since Q1 2024 50% 55% 60% 65% 70% 75% 0 50 100 150 200 250 300 350 400 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 2023 2024 2025 Active Licensed Harvest Own games %
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10 Financials “We are confident that our strategic initiatives will bear fruit in the coming quarters, reinforcing our position in the market.”
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Financial Summary: Q3 2025 Own/Licensed revenue (MSEK) | Own games share (%) Capital Allocation (MSEK) Gross Margin (%) 11 Strong balance sheet • Capitalization impact on cash flow SEK -23.2 M (-25.5) • Movement of working capital SEK -1.7 M (27.2) • Repurchases amounted to SEK -8.4 M (0.0) • Total cash flow for the period SEK 10.4 M (53.3) • Total cash at end of period SEK 247.2 M (245.6) • Dividends and buybacks corner in the capital allocation, total of SEK 695 M repaid to shareholders Record gross margin and record MAGRPUU • Revenue was SEK 229 M +0.2% Q/Q | -7% Y/Y | -15% Y/Y in SEK • Own games >73% of net revenue (70) • Active own games: 66% (63) of net revenue, excl. Mahjong Journey that was put in harvest mode in Q1 • G5 Store accounts for 24.7% of total net revenue (17.1) • Growth was +26% Y/Y, +5% Q/Q in SEK | +30% Y/Y, +6% Q/Q in USD • Record gross margin 71.2% (68.8) • Record MAGRPPU $70.8 (64.9) Operating Profit (EBIT) SEK 12.6 M (22.9) EBIT margin 5.5% • EBIT was negatively impacted by revaluations related to fx SEK/USD movement of SEK -0.4 M (-0.4) • EBIT was also negatively impacted by the increase in UA (21% vs 19% ‘24) • Adjusted for negative impact from other income and expenses EBIT margin would be 5.7% (8.6) • Net capitalization impact on earnings was SEK 0.6 M (-5.4) 50% 55% 60% 65% 70% 75% 0 50 100 150 200 250 300 350 400 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 2023 2024 2025 Active Licensed Harvest Own games % 40% 45% 50% 55% 60% 65% 70% 75% 2017 2018 2019 2020 2021 2022 2023 2024 2025 0 100 200 300 400 500 600 700 800 900 1,000 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 2022 2023 2024 2025 Cash Acc Div Acc BB
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Status and Outlook for 2025/26 GLOBAL LAUNCH • Positive momentum going into the seasonally strong Q4 and Q1 • Continue to improve active games and increase UA to 25% of gross revenue to stabilize top -line and facilitate growth • 14 iterations on new games made in Q3 with one promising game setting new records on early engagement metrics • Game update: Twilight Land in Late-stage soft launch phase; UA spend will increase in Q4 • New games from 3 rd party developers will be released on G5 Store before the end of the year • Expansion of G5 Store through Web shop and distribution opportunities will boost our gross margin • Continued operational efficiencies • Strong financial discipline, strong cash flow generation and zero debt 1. PRE-PRODUCTION 2. PRODUCTION OF SOFT LAUNCH VERSION 3. SOFT LAUNCH – ENGAGEMENT TESTING 4. SOFT LAUNCH – MONETIZATION TESTING 5. SOFT LAUNCH – SCALABILITY TESTING 6. PREPARATION FOR GLOBAL LAUNCH Development funnel 1 Iteration 13 Iterations 12
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13 Q&A Stockholm headquarters G5 Entertainment AB Nybrogatan 6, 5th floor 114 34 Stockholm Sweden Email: investor@g5.com www.corporate.g5.com Thank you Contact