Slides
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a a a a a a a a a a Q2 2026 Earnings call 21 July 2026
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a a a a a a a a a a Today’s presenters MIKAEL RAHM GROUP CFO Ana Vrabic Verdir Interim Group CEO, board member
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a a a a a a a a a a Q2 highlights Operational highlights • Closed 106 new deals with new and existing clients • Started to provide its games in several new locally licensed jurisdictions • 17 new in-house developed games released; 17 new 3rd party studio developed games released on OpenRGS platform • Aloha Games and Good Times studios released their first games on OpenRGS • Secured Alberta registration, after the end of the quarter Financial highlights • Revenue of EUR 59m, 31% YoY growth, 33% FX adjusted • LTM revenue of EUR 224m, 31% growth compared to Q2 2025 LTM, 37% FX adjusted • Adjusted EBIT of EUR 48m, 82% margin • Operating cash flow of EUR 43m, 60% YoY growth, 38% adjusted for one-time items 2025 • Free cash flow of EUR 40m, 91% LTM conversion rate Continued growth and high margins 3
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a a a a a a a a a a Operational update
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a a a a a a a a a a IN-HOUSE DEVELOPED GAME RELEASES 5 July August September October November December January February March April May June
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a a a a a a a a a a 3RD PARTY STUDIOS ACTIVE ON the OPENRGS PLATFORM 6 108 games released since 2023
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a a a a a a a a a a KEY OPERATIONAL PERFORMANCE INDICATORS * During the third quarter 2024, a total of 3 unique games were launched per month. The remaining games launched were alternative versions of existing games. 7 Game releases by quarter (# of games) Average daily number of rounds played, LTM (Indexed) Revenue, LTM (EURm) 10 9 9 11 12 13 12 176 9 8 11 15 12 15 17 Q3 24* Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 Third-party developed games In-house developed games 16 18 17 22 27 25 27 181 220 256 292 321 347 367 379 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 115 137 156 171 186 197 210 224 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 34
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a a a a a a a a a a Financial update
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a a a a a a a a a a • Revenue of EUR 59m (31% YoY growth, 33% on a constant currency basis) FINANCIAL HIGHLIGHTS * Adjusted for items affecting comparability. 9 37 44 45 45 52 55 58 59 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 33 35 37 37 42 45 47 48 87% 80% 83% 82% 81% 82% 82% 82% 0% 10% 20% 30% 40% 50% 60% 70% 80% -5 5 15 25 35 45 55 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 Revenue (EURm) Adjusted* Operating profit (EBIT) (EURm) and Margin (%) • Adjusted* operating profit (EBIT) of EUR 48m (31% YoY growth) • Adjusted* EBIT margin of 82% (82) • Net income of EUR 46m (43% YoY growth)
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a a a a a a a a a a • Cash flow from operating activities of EUR 43m (60% YoY growth) • Q2 2025 was negatively impacted by dividend related one-time items of net EUR 4m. Adjusted for these, YoY growth was 38% • Free cash flow* of EUR 40m (57% YoY growth) • Adjusted YoY growth was 34% • Free cash flow conversion rate** of 91% LTM CASH FLOW & CAPEX * Defined as cash flow from operating activities less cash flow from investing activities. ** Defined as rolling 12-month free cash flow, divided by rolling 12-month EBITDA. 10 Capital expenditure (EURm) and share of revenue (%) • Capex amounted to EUR 3.5m and consisted primarily of capitalised development expenses • Capex as a percentage of total revenues at 6% 27 43 134 173 0 50 100 150 Q2 25 Q2 26 Q2 25 LTM Q2 26 LTM cash flow from operating activities (EURm) 1.7 3.5 5.4 10.0 Q2 25 Q2 26 Q2 25 LTM Q2 26 LTM ~4 ~6 ~3 ~5
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a a a a a a a a a a • Strong financial position with cash and cash equivalents of EUR 99m • Dividend of EUR 116m paid out in May 2026 • No interest-bearing debt • Total asset base of EUR 157m (31% decrease since March 2026) • Total equity of EUR 129m (35% decrease since March 2026) FINANCIAL POSITION 11 Cash and cash equivalents (EURM) 44 94 26 53 88 133 176 99 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 Q2 26
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a a a a a a a a a a Summary
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a a a a a a a a a a • Launch of 17 in-house developed games, 17 third-party games • 2 studios onboarded in Q2 and a total of 11 OpenRGS studios live per quarter-end • 106 deals with existing and new clients • Secured Alberta registration after the end of the quarter • LTM revenue of EUR 224m (31% growth compared to Q2 25 LTM, 37% adjusted for FX movements) • LTM EBIT of EUR 183m (82% margin) and Free Cash Flow Conversion at 91% Summary 13
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a a a a a a a a a a Q&A