Interim report
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Q2 APRI L–JUNE 2026 I NTERI M REPORT
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MAXIMUM ENTERTAINMENT QUARTERLY REPORT SECOND QUARTER, APR-JUN 2026 (COMPARED TO APR-JUN 2025) FIRST HALF-YEAR, JAN-JUN 2026 (COMPARED TO JAN-JUN 2025) Key Performance Indicators Q2 2026 KEUR 04/01/26 06/30/26 04/01/25 06/30/25 01/01/26 06/30/26 01/01/25 06/30/25 01/01/25 12/31/25 Net Sales 12 058 13 702 22 756 28 708 62 050 Share of revenue derived from Owned IP 6% 8% 7% 7% 6% Gross Margin 30% 32% 30% 28% 25% Adjusted EBITDA 1 187 1 110 1 120 922 1 434 Adjusted EBITDA Margin 10% 8% 5% 3% 2% EBITDA -565 569 -778 -557 -1 204 EBITDA Margin -5% 4% -3% -2% -2% Adjusted EBIT -2 914 -1 201 -4 211 -2 992 -20 559 Adjusted EBIT Margin -24% -9% -19% -10% -33% EBIT -4 667 -1 742 -6 108 -4 471 -78 234 EBIT Margin -39% -13% -27% -16% -126% Total Headcount 86 118 86 118 98 Net sales amounted to 12.1 (13.7) MEUR.• Gross margin amounted to 30 (32)%.• Adjusted EBITDA amounted to 1.19 (1.11) MEUR.• Earnings per share amounted to -0.13 (-0.12) EUR.• Cash flow from operating activities amounted to -1.6 (-0.2) MEUR.• The number of employees stood at 86 (118) at the end of the period.• Discussions have continued with our financial partners, and the company is still depending on additional financing to support its business activities going forward. • Net sales amounted to 22.8 (28.7) MEUR.• Gross margin amounted to 30 (28)%.• Adjusted EBITDA amounted to 1.12 (0.92) MEUR.• Earnings per share amounted to -0.17 (-0.28) EUR.• Cash flow from operating activities amounted to -2.3 (-2.1) MEUR.• The number of employees stood at 86 (118) at the end of the period.• MAXIMUM ENTERTAINMENT AB (publ) Q2 2026 2
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COMMENTS TO THE FINANCIAL STATEMENTS NET SALES AND GROSS MARGIN Net Sales for Q2 2026 amounted to 12.1 (13.7) MEUR, down 1.6 MEUR or -12%. The drop in revenue can be explained by cash restrictions, which continued into Q2 2026, and affected the Company’s ability to seize business opportunities. Despite of lower sales, gross margin remained stable at 30% (32%). Sub-publishing sales in Q2 2026 benefited from strong titles such as Expedition 33 in the U.S. and other popular titles such as Poppy Playtime despite cash restrictions making it difficult to invest and fully seize on these opportunities. Simultaneously, the group is actively working on resolving cash issues with lenders and creditors. OPERATING EXPENSES AND EBIT Research and development consisting mainly of amortization of capitalized game development costs amounted to -3.9 (-1.6) MEUR. Sales and Marketing Expenses over the quarter decreased against Q2 2025, to -1.2 (-1.5) MEUR, while General and Administration expenses amounted to -3.2 (-2.7) MEUR. The number of employees stood at 86 (118) at the end of the period. These decreases are consistent with the Group’s strategic realignment and cost reduction policies. Total Operating Expenses amounted to -8.3 (-6.1) MEUR. Before Depreciation and Amortization, Operating Expenses totaled -4.4 (-4.1) MEUR. Adjusted EBITDA amounted to 1.19 (1.1) MEUR. Adjusted EBIT amounted to -2.9 (-1.2) MEUR. Further cost reductions are mainly the result of organizational changes. FINANCIAL ITEMS The financial results are driven by interest expense on loans and exchange rate fluctuations on USD-based intercompany loans. Financial Net Items amounted to -1.9 (-4.5) MEUR, partly due to exchange rate fluctuations. CAPITALIZED DEVELOPMENT Capitalized development includes studio costs and other capitalized costs related to the development of Owned IP games as well as milestones and other expenses generated for licensed publishing games still in development. At the end of June 2026, Capitalized Development totaled 2.7 MEUR versus 19.0MEUR on June 30, 2025. BORROWINGS Total Borrowings amount to 54.2 (40.0) MEUR. This change concerns an increase due to accrued interest and the new term loans announced on August 8, 2025, February 2026 and June 2026. The loan facilities in the US include provisions for covenants and termination events. The group breached these covenants at the end of each quarter from Q3 2024 to Q2 2026. While the group remains in discussions with its financial partners to obtain waivers for these breaches and to attempt to revise the covenants going forward, the loans are presented under current liabilities. During the period, the Group’s U.S. subsidiary received notices from Cathay Bank regarding the lender’s intention to exercise rights and remedies under the revolving credit facility following events of default. Cathay Bank indicated its intention to pursue available remedies under the applicable financing agreements, including seeking the appointment of a receiver over Maximum Entertainment LLC. On April 21, 2026, Cathay Bank filed a complaint in the Superior Court of California in connection with the enforcement of its rights under the revolving credit facility. As a result of the lender’s actions and the ongoing enforcement process, the revolving credit facility is no longer considered available for future drawdowns. On July 17, 2026, the company announced that it had agreed to Cathay’s request for stipulation of a receiver. On July 29, 2026, the Superior Court of California issued an order for the appointment of a receiver and preliminary injunction in aid of the receiver. In addition, after the period, a French court granted a provisional judicial pledge over the shares in the Company’s French subsidiary in favor of Olivine Holdings LLC as security for claims asserted by Olivine Holdings LLC. Following the granting of the provisional judicial pledge, The Company received a notice of default and enforcement of remedies under the applicable credit facility. These matters may affect the Group’s financing arrangements and liquidity position and are described further in Note 4. The Group remains in ongoing discussions with lenders and continues to explore the possibility of a resolution. At this time, the outcome is uncertain. Due to the default situations, the borrowings are booked as current liabilities. MAXIMUM ENTERTAINMENT AB (publ) Q2 2026 3
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NET DEBT Net Debt on June 30, 2026, amounted to 62.7 MEUR compared to 47.6 MEUR at the of June 2025. The Group decreased borrowing on its overdraft and short-term revolving lines of credit while increasing debt generated from accrued and unpaid interest and new term loans from Olivine Holdings LLC. Net debt includes liabilities to sellers for unpaid earnouts for which there was no variation in Q2 2026. A significant part of the reported Earn-Outs relates to the acquisition of Maximum Games. Since these amounts are disputed and subject to an ongoing arbitration, no changes have been made to previously adopted assessments, and no additional amounts have been accrued. The outcome of the arbitration may have a material impact on the financial result. The final award for this arbitration case was originally planned for no later than November 28, 2025, but have been delayed upon decision by the arbitration tribunal to postpone them. The final hearings were held in May 2026 and an award was rendered on 8 July, 2026. The arbitral tribunal found that the earn-out calculations determined by the Company’s board of directors in May 2023 (Earn-Out 1) and April 2024 (Earn-Out 2) were finally binding on the parties, and that Amendment II to the share purchase agreement is valid and binding. The Company has been ordered to pay approximately USD 9.6 million, SEK 36.8 million and EUR 110,000, together with interest and the costs of the arbitration proceedings, following the dismissal of the Company’s counterclaim in its entirety. The report of the Special Examiner was published on 21 May 2025 and was presented at the Annual General Meeting on 11 June 2025. CONTINGENT CONSIDERATIONS At the end of June 2026, there were no Contingent Considerations for future periods (0.7 MEUR). OTHER BALANCE SHEET COMMENTS Accounts Payable Accounts Payable at the end of the period amount to 5.5 MEUR down from 8.6 MEUR at the end of Q2 2025. The Group has negotiated payment plans and implemented procedures to ensure that it continues to pay down accumulated vendor debt, shoring up its balance sheet while restoring relationships with its partners. Due to the appointment of a receiver over the Group’s US companies, there is uncertainty as to whether these agreed payment plans will be fulfilled in accordance with their terms. Vendor debt discussions continued in Q1. Other Current Liabilities Other Current Liabilities amounted to 21.9 (19.8) MEUR at the end of Q2 2026. This account includes the liabilities related to unpaid Earn- Outs which were recorded as non-current liabilities from Q3 2024. Accruals and Deferred Income Accruals and Deferred Income at the end of Q2 2026 remained stable at 1.1 (1.0) MEUR. Intangible Assets Intangible Assets amounted to 3.0 (73.0) MEUR, a decrease due to further games impairment in Q2 2026 and impairments on games and goodwill during Q3 and Q4 2025. CASH FLOW Cash Flow from Operating Activities before change in working capital amounted to -1.6 (-0.2) MEUR. The decrease is mainly due to worsened Operating Profit before depreciation, amortisation and impairment. Operative Cash Flow (after change in Working Capital) amounted to -0.2 (3.1) MEUR. The reason for this decline is unfavorable changes to Working Capital. Maximum Entertainment has made payment plans with most of its suppliers and partners on delayed payments. Cash Flow from Investing Activities amounted to -0.1 (-2.1) MEUR as investment in Owned IP projects decreased following a strategic shift to derisk the business and accelerate cash flows. Cash Flow from Financing Activities amounted to 0.7 (-0.8) MEUR. The Group acquired new term loans and also delayed payment of cash interest while it continues its ongoing discussion with lenders and continues to explore the possibility of a resolution. At this time, the outcome is uncertain. At the end of the quarter, the Group finished with 1.8 (2.3) MEUR in cash. MAXIMUM ENTERTAINMENT AB (publ) Q2 2026 4
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SIGNIFICANT EVENTS DURING THE QUARTER AFTER THE QUARTER Olivine Holdings, LLC announced a cash takeover bid to the shareholders of Maximum Entertainment AB to tender all shares in Maximum Entertainment to Olivine Holdings. • Cathay Bank notified intention to seek appointment of receiver over U.S. subsidiary.• Maximum Entertainment’s Board of Directors engaged Redeye to issue a fairness opinion regarding the public cash offer from Olivine Holdings, LLC. • Cathay Bank filed a complaint with the Superior Court of the State of California against the company’s U.S. subsidiary, Maximum Entertainment, LLC, dated April 21, 2026. • The Board of Directors of Maximum Entertainment recommended that the shareholders of Maximum Entertainment accept the public offer from Olivine Holdings of SEK 0.30 in cash per share. Board member Bob Blake recorded a dissenting opinion as expressed in the press release dated May 6, 2026. • Maximum Entertainment received a provisional judicial pledge over shares in its French subsidiary, granted to Olivine Holdings LLC as security for claims under the Turning Rock Partners credit facility, and subsequently received a notice of default and enforcement of remedies under the credit agreement, including the potential exercise of lender rights and termination of previously granted waivers. • It was resolved that the company should continue its operations, following the balance sheet prepared for liquidation purposes.• On May 25, Olivine Holdings, LLC completed the public takeover offer, resulting in an ownership of 77% of the shares in Maximum Entertainment AB, and extended the acceptance period to June 8, 2026. • The annual report for the financial year 2025 was published without the auditor’s report on 2 June, 2026.• Board member Bob Blake resigned at his own request.• Maximum Entertainment terminated its agreement with Pareto Securities AB as liquidity provider.• The Annual Report for 2025 was published together with the auditor’s report on 11 June, 2026.• Maximum Entertainment AB (publ) received a summons from the Stockholm District Court in connection with legal proceedings initiated by Olivine Holdings, LLC. • The outcome of the arbitration proceedings regarding the earn-out dispute was announced.• Maximum Entertainment’s U.S. subsidiary agreed to Cathay Bank’s request for the stipulation of a receiver.• MAXIMUM ENTERTAINMENT AB (publ) Q2 2026 5
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GROUP FINANCIAL REPORTS CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME KEUR NOTE 04/01/26 06/30/26 04/01/25 06/30/25 01/01/26 06/30/26 01/01/25 06/30/25 01/01/25 12/31/25 Net Sales 5 12 058 13 702 22 756 28 708 62 050 Cost of Sales -8 440 -9 342 -15 961 -20 682 -46 677 Gross Profit 3 618 4 359 6 794 8 026 15 374 Research and Development (R&D) 6 -3 921 -1 616 -5 318 -3 143 -18 886 Sales and Marketing -1 183 -1 511 -2 736 -3 116 -6 594 General and Administration 7 -3 181 -2 735 -4 867 -6 000 -13 185 Other operating income 8 - 471 18 472 789 Other operating expenses 9 - -709 - -709 -55 732 Total Operating expenses -8 285 -6 101 -12 902 -12 497 -93 607 Operating Profit (EBIT) -4 667 -1 742 -6 108 -4 471 -78 234 Financial income 10 2 864 528 6 455 719 3 928 Financial expenses 10 -4 810 -5 057 -8 637 -10 395 -18 505 Financial items - net -1 946 -4 529 -2 182 -9 676 -14 577 Profit before Income tax -6 613 -6 271 -8 290 -14 146 -92 811 Deferred income tax 53 102 48 90 285 Current income tax -43 -36 -194 -133 -272 Profit for the period -6 603 -6 204 -8 435 -14 189 -92 798 Earnings per share, before dilution (EUR) -0.13 -0.12 -0.17 -0.28 -1.82 MAXIMUM ENTERTAINMENT AB (publ) Q2 2026 6
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STATEMENT OF OTHER COMPREHENSIVE INCOME - GROUP KEUR NOTE 04/01/26 06/30/26 04/01/25 06/30/25 01/01/26 06/30/26 01/01/25 06/30/25 01/01/25 12/31/25 Profit for the period -6 603 -6 204 -8 435 -14 189 -92 798 Other Comprehensive Income for the period Items that may be reclassified to profit or loss: Exchange differences on translation of foreign operations -1 093 2 220 -3 831 5 383 8 047 Other Comprehensive Income for the period -1 093 2 220 -3 831 5 383 8 047 Total Comprehensive Income for the period -7 696 -3 984 -12 266 -8 806 -84 750 Profit for the period attributable to: Owners of the parent company -6 603 -6 204 -8 435 -14 189 -92 798 Total comprehensive income for the period attributable to: Owners of the parent company -7 696 -3 984 -12 266 -8 806 -84 750 MAXIMUM ENTERTAINMENT AB (publ) Q2 2026 7
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CONSOLIDATED STATEMENT OF FINANCIAL POSITION KEUR NOTE 06/30/26 06/30/25 12/31/25 ASSETS Non-current assets Intangible assets Capitalized expenditure for development work and similar work 11 2 705 18 955 6 538 Trademarks 233 301 262 Licenses 43 37 24 Goodwill 12 - 53 717 - Total intangible assets 2 981 73 010 6 823 Property, plant and equipment Right-of-use assets 372 2 520 468 Equipment, tools, fixtures and fittings 175 455 228 Total property, plant and equipment 546 2 975 696 Non-current financial assets Other non-current receivables 29 44 45 Total non-current financial assets 29 44 45 Deferred tax assets 65 514 76 Total non-current assets 3 622 76 544 7 640 Current assets Inventories 4 792 5 352 4 242 Accounts receivable 7 973 9 418 9 755 Current tax receivables - - - Other receivables 455 1 145 428 Prepayments and accrued income 13 1 090 1 806 1 331 Cash and cash equivalents 1 781 2 301 2 070 Total current assets 16 091 20 022 17 826 Total Assets 19 712 96 566 25 466 MAXIMUM ENTERTAINMENT AB (publ) Q2 2026 8
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CONSOLIDATED STATEMENT OF FINANCIAL POSITION (CONT.) KEUR NOTE 06/30/26 06/30/25 12/31/25 EQUITY AND LIABILITIES Equity Share capital 455 455 455 Other contributed capital 76 159 76 159 76 159 Reserves 4 762 5 928 8 593 Retained earnings -137 860 -45 062 -45 062 Profit or loss for the period -8 435 -14 189 -92 798 Equity attributable to owners of the parent company -64 919 23 291 -52 653 Total Equity -64 919 23 291 -52 653 Liabilities Non-current liabilities Borrowings non-current 14/15 2 113 2 313 2 213 Lease liabilities L/T 1 481 2 075 1 611 Other non-current liabilities - 681 - Deferred tax liabilities 170 860 224 Total non-current liabilities 3 764 5 929 4 049 Current liabilities Borrowings 14/15 52 169 37 760 44 407 Lease liabilities S/T 591 561 604 Accounts payable 5 498 8 594 5 934 Current tax liabilities -353 -348 -727 Other current liabilities 16 21 882 19 824 22 967 Accruals and deferred income 1 081 955 885 Total Current Liabilities 80 867 67 345 74 070 Total Equity & Liabilities 19 712 96 566 25 466 MAXIMUM ENTERTAINMENT AB (publ) Q2 2026 9
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CONSOLIDATED STATEMENT OF CASH FLOWS KEUR NOTE 04/01/26 06/30/26 04/01/25 06/30/25 01/01/26 06/30/26 01/01/25 06/30/25 01/01/25 12/31/25 Cash flow from operating activities Operating profit (EBIT) -4 667 -1 742 -6 108 -4 471 -78 234 Adjustment for non-cash items: - Amortisation Depreciation and Impairment 3 870 1 979 5 097 3 582 76 557 - Capital gains/losses on intangible assets - 332 - 332 321 - Capital gains/losses on tangible fixed assets - - 2 - 151 - Value adjustments/depreciation assets 231 - 231 - - - EO revaluation included in Other Operating Income/Expense -315 - -92 - -331 Realised and Unrealised Gain / Loss -720 -22 -1 481 -22 -211 Variations in Accruals -5 -365 -96 -1 050 -341 Tax paid -11 -400 183 -461 -1 021 Cash flow from operating activities before change in Working Capital -1 615 -218 -2 264 -2 090 -3 108 Changes in Working Capital Change in Inventories -220 -272 -526 311 1 406 Change in Accounts receivables -1 672 61 3 094 4 463 3 341 Change in Other current receivables -67 -244 286 1 209 2 597 Change in Accounts payables 1 582 5 781 -568 1 807 -918 Change in Other current liabilities 1 799 -1 975 -1 699 -2 033 -1 282 Total Changes in Working Capital 1 423 3 351 587 5 758 5 144 Cash flow from Operations -192 3 132 -1 677 3 667 2 036 MAXIMUM ENTERTAINMENT AB (publ) Q2 2026 10
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CONSOLIDATED STATEMENT OF CASH FLOWS (CONT.) KEUR NOTE 04/01/26 06/30/26 04/01/25 06/30/25 01/01/26 06/30/26 01/01/25 06/30/25 01/01/25 12/31/25 Cash flow from Investing Activities Investments in Intangible Assets -66 -2 106 -1 048 -4 091 -7 065 Investments in Tangible Assets -5 -3 -5 -7 -36 Cash flow from Investing Activities -70 -2 109 -1 053 -4 099 -7 101 Cash flow from Financing Activities Proceeds from Borrowings 1 359 300 3 155 300 4 988 Loans paid -605 -141 -1 155 -688 -1 932 Revolving line of credit - -788 - -2 390 -2 313 Change in other long-term liabilities 8 - 9 - - Lease liabilities paid -63 -196 -132 -406 -712 Interest paid -33 -4 -112 -126 -582 Cash flow from Financing Activities 666 -829 1 765 -3 310 -550 Cash flow for the Period 404 194 -965 -3 741 -5 615 Decrease / Increase in cash and cash equivalents Cash and cash equivalents beginning of the period 1 031 2 641 2 070 6 106 6 106 Exchange rate difference on cash and cash equivalents 346 -534 676 -64 1 579 Cash and cash equivalents at the end of the period 1 781 2 301 1 781 2 301 2 070 MAXIMUM ENTERTAINMENT AB (publ) Q2 2026 11
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CONSOLIDATED STATEMENT OF CHANGES IN EQUITY Equity attributable to shareholders of parent company KEUR Share capital Other contributed capital Reserves Retained earnings Total Non- controlling interest Total equity Opening balance 2025-01-01 455 76 159 546 -45 062 32 098 - 32 098 Profit for the period - - - -14 189 -14 189 - -14 189 Other comprehensive income - - 5 383 - 5 383 - 5 383 Total comprehensive income for the period - - 5 383 -14 189 -8 806 - -8 806 Closing balance 2025-06-30 455 76 159 5 928 -59 251 23 292 - 23 291 Opening balance 2026-01-01 455 76 159 8 593 -137 860 -52 652 - -52 652 Profit for the period - - - -8 435 -8 435 - -8 435 Other comprehensive income - - -3 831 - -3 831 - -3 831 Total comprehensive income for the year - - -3 831 -8 435 -12 266 - -12 266 Closing balance 2026-06-30 455 76 159 4 762 -146 295 -64 919 - -64 919 MAXIMUM ENTERTAINMENT AB (publ) Q2 2026 12
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PARENT COMPANY FINANCIAL REPORTS PARENT COMPANY INCOME STATEMENT KSEK 04/01/26 06/30/26 04/01/25 06/30/25 01/01/26 06/30/26 01/01/25 06/30/25 01/01/25 12/31/25 Sales 15 272 7 15 272 7 29 960 Cost of Sales -14 349 -7 -14 349 -7 -30 991 Gross Profit 922 - 922 - -1 031 General and Administrative Total General & Administrative -38 194 -7 897 -48 790 -16 626 -48 168 Amortization of Intangible assets -49 -49 -97 -97 -49 Other Operating Income Other Operating Income 13 986 401 24 661 401 70 616 Other Operating Expenses Other Operating Expense -2 692 -4 504 -6 984 -9 659 -12 371 Operating Profit (loss) -26 026 -12 049 -30 287 -25 982 8 998 Financial items Result from shares in subsidaries - - - - -107 457 Result from receivables group - - - - -235 921 Other interest income and similar items 6 038 7 575 12 181 19 898 5 516 Interest costs and similar items -1 169 -27 700 -2 732 -69 469 -341 Net Financial Income 4 869 -20 125 9 449 -49 571 -338 202 Net Profit (loss) -21 157 -32 174 -20 838 -75 553 -329 205 MAXIMUM ENTERTAINMENT AB (publ) Q2 2026 13
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PARENT COMPANY BALANCE SHEET KSEK 06/30/26 06/30/25 12/31/25 Assets Intangible fixed assets Licenses and trademarks 113 307 210 Total intangible fixed assets 113 307 210 Financial assets Investments In Subsidiaries 81 727 192 846 81 727 Non-current receivables from group companies - 414 588 0 Other non-current receivables 15 -184 456 93 Total fixed assets 81 855 423 285 82 030 Current assets Accounts receivable - -6 838 9 Receivable from Group companies 20 798 24 440 14 869 Tax assets - - - Other receivables 780 2 993 224 Prepayments and accrued income 437 598 388 Cash and bank 89 188 84 Total current assets 22 104 21 381 15 573 TOTAL ASSETS 103 959 444 667 97 604 MAXIMUM ENTERTAINMENT AB (publ) Q2 2026 14
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PARENT COMPANY BALANCE SHEET, CONT. KSEK 06/30/26 06/30/25 12/31/25 Equity and Liabilities Equity Share capital 5 111 5 111 5 111 Share premium fund 853 681 853 681 853 681 Retained earnings -868 950 -464 008 -464 008 Result for the period -20 838 -75 553 -404 942 Total equity -30 997 319 231 -10 159 Provisions Other provisions - 7 663 - Total provisions - 7 663 - Non-current liabilities Other liabilities to group companies 10 279 20 961 9 792 Other non-current liabilities 36 814 36 814 36 814 Total non-current liabilities 47 093 57 776 46 606 Current liabilities Accounts payable 5 971 7 692 12 940 Liabilities to group companies 57 708 49 232 38 700 Tax liabilities -62 18 125 Other current liabilities 22 691 1 584 7 514 Accruals and deferred income 1 555 1 472 1 878 Total current liabilities 87 863 59 997 61 156 TOTAL EQUITY AND LIABILITIES 103 959 444 667 97 604 MAXIMUM ENTERTAINMENT AB (publ) Q2 2026 15
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NOTES TO THE FINANCIAL STATEMENTS NOTE 1: GENERAL INFORMATION Maximum Entertainment is a global entertainment company dedicated to crafting indie to AA video game experiences through original content and licensed partnerships. A fully integrated group with a broad portfolio of content, the company emphasizes collaboration and inclusivity in its partnerships to produce the highest level of interactive entertainment. With more than 300 titles in its catalog, Maximum Entertainment has joined forces with talented creators and renowned franchises around the globe to deliver magic to the gamer in everyone. Maximum Entertainment employs experienced professionals across the entire value chain of video games including development, publishing, transmedia, sales, and operations. Maximum Entertainment is headquartered in Stockholm and is a public company with company registration number 556778-7691. The Interim statements for the period 1 April 2026 to 30 June 2026 were authorized for issue by the Board of Directors and the CEO of Maximum Entertainment AB on August 31, 2026. NOTE 2: SUMMARY OF SIGNIFICANT ACCOUNTING PRINCIPLES Maximum Entertainment AB applies International Financial Reporting Standards (IFRS) as adopted by the EU. The group’s interim report has been prepared in accordance with IAS 34 Interim Financial Reporting and applicable parts of the Annual Accounts Act (1995: 1554). The parent company applies the Annual Accounts Act and RFR 2 Accounting for Legal Entities. For full accounting principles see annual report 2024. NOTE 3: KEY ESTIMATES AND ASSUMPTIONS Key estimates and assumptions, based on past experience and other factors, including expectations of future events deemed reasonable, are continuously evaluated. These estimates and assumptions may be used when evaluating liabilities such as contingent considerations and when conducting impairment testing on goodwill and capitalized game development. NOTE 4: RISK MANAGEMENT Through its operations, the Group is exposed to various financial risks attributable to primarily trade receivables, trade payables and borrowings. The Group strives to minimize potential unfavorable effects from these risks on the Group’s financial results. FINANCIAL RISKS Financing of Operations The Group’s strategic direction entails investments in IP rights and publishing operations, and Maximum Entertainment may need to raise additional capital. In the event of a future need for capital, there is a risk that additional capital cannot be raised on favourable terms, that such raised capital is not sufficient to finance the operations, or that capital cannot be raised at all. In addition, the Group is in breach of covenants and has triggered events of default on its loans at the end of 2025. The Group remains in ongoing discussions with its lenders and continue to explore the possibility of a sustainable resolution. There are significant risks associated with the outcome of these discussions, as the Group will be unable to continue operations if forced to reimburse the debt owed to our lenders. In the interim, the Group continues to invest in Games on a scale that corresponds to its current cash constraints. Maximum Entertainment continually monitors both its cash, financing and investing activities to ensure that sufficient resources remain available to meet targets. Exchange Rate Risk The revenue of Maximum Entertainment is mainly in USD, EUR and GBP, while the Group reporting currency is in EUR (Parent company currency remains SEK). Exchange rate fluctuations in relation to EUR may impact the appreciation of consolidated results. Interest Risk During Q2 2026, Maximum Entertainment relied on financing from credit institutions that include obligations to pay interest at variable rates. Fluctuations in interest rates can impact the cost of borrowing and our ability to meet our financial obligations and make future investments. MAXIMUM ENTERTAINMENT AB (publ) Q2 2026 16
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Liquidity Risk The Group ends the quarter in breach of covenants. Some loans in the Group require approval of a change in leadership for certain entities or for the Group for which waivers have yet to be obtained. The Group’s available resources at the end of the quarter are insufficient to allow reimbursement of the capital and accrued interest on the loans. We are in discussions with all lenders to better align with the Group’s abilities to pay but the Group could fail to achieve sustainable results. In addition to loans from credit institutions, the Group carries significant Accounts Payable and significant ongoing legal expenses which reduces cash available for the generation of future sales. The Group requires sufficient cash flow to allow it to continue meeting its ongoing obligations while making investments in games. Currently, the Group’s cash constraints impede execution of investments, jeopardizing the Group’s ability to acquire new games and feed the revenue pipeline, impacting its ability to continue operations. For additional information regarding financial risks, please refer to note 3 in the 2025 annual report. Arbitration During the last quarter of 2024, the sellers of Maximum Games filed a request for arbitration requesting immediate payment of approximately 116 MSEK under the share sale and purchase agreement for the acquisition. Maximum Entertainment AB disputes this claim. During 2025, Maximum Entertainment AB filed a counterclaim in this matter requesting repayment of previously paid out earn-outs and interest, amounting to USD 6.2M. Final hearings were held in May 2026, and an award was rendered on 8 July, 2026. The arbitral tribunal found that the earn-out calculations determined by the Company’s board of directors in May 2023 (Earn-Out 1) and April 2024 (Earn-Out 2) were finally binding on the parties, and that Amendment II to the share purchase agreement is valid and binding. The Company has been ordered to pay approximately USD 9.6 million, SEK 36.8 million and EUR 110,000, together with interest and the costs of the arbitration proceedings, following the dismissal of the Company’s counterclaim in its entirety. Default of Covenants As previously disclosed, the Group is in breach of certain financial covenants under its financing arrangements. As a result of these breaches, the Group has been unable to draw on its revolving credit facility in the United States, limiting its access to working capital and constraining its ability to finance ongoing operations. On July 17, 2026, the company announced that it had agreed to Cathay’s request for stipulation of a receiver. On July 29, 2026, the Superior Court of California issued an order for the appointment of a receiver and preliminary injunction in aid of the receiver. Balance Sheet for Liquidation Purposes The Board of Directors resolved in February 2026 to prepare a balance sheet for liquidation purposes (Sw. kontrollbalansräkning) following indications that the Company’s equity may be less than half of the registered share capital. As disclosed on March 30, 2026, the balance sheet, subsequently reviewed by the Company’s auditor, confirmed that the Company’s equity was below half of the registered share capital and was negative. As a result, the Board of Directors has resolved to convene an extraordinary general meeting (Sw: första kontrollstämma)in accordance with the Swedish Companies Act to determine whether the Company shall continue its operations. The Extraordinary General Meeting on May 21, 2026 resolved that the company should continue its operations. This situation reflects a material deterioration in the Company’s financial position and constitutes a significant uncertainty regarding the Company’s capital structure and its ability to continue operations without additional measures. MAXIMUM ENTERTAINMENT AB (publ) Q2 2026 17
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NOTE 5: NET SALES Net Sales by Line of Business KEUR 04/01/26 06/30/26 04/01/25 06/30/25 01/01/26 06/30/26 01/01/25 06/30/25 01/01/25 12/31/25 Owned IP 754 1 130 1 646 2 124 3 978 Licensed Publishing 1 862 1 868 3 336 4 996 10 451 Sub-publishing/Distribution/Transmedia 9 443 10 703 17 774 21 588 47 622 Total Sales 12 058 13 702 22 756 28 708 62 050 Net Sales by Region KEUR 04/01/26 06/30/26 04/01/25 06/30/25 01/01/26 06/30/26 01/01/25 06/30/25 01/01/25 12/31/25 North America 5 566 6 690 9 480 13 463 22 873 Europe 5 631 5 762 11 774 13 440 35 049 Asia 256 400 418 742 1 361 ROW 605 849 1 085 1 063 2 767 Total Sales 12 058 13 702 22 756 28 708 62 050 NOTE 6: GAME DEVELOPMENT Game Development KEUR 04/01/26 06/30/26 04/01/25 06/30/25 01/01/26 06/30/26 01/01/25 06/30/25 01/01/25 12/31/25 Non Capitalized Development and Studio Research -210 10 -500 -144 -122 Amortization/Impairments on Capitalized Development -3 711 -1 626 -4 818 -2 999 -18 764 Total Development -3 921 -1 616 -5 318 -3 143 -18 886 Non Capitalized Development includes costs related to work-for-hire contracts and studio expenses for pre-Greenlit projects. MAXIMUM ENTERTAINMENT AB (publ) Q2 2026 18
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NOTE 7: NON-RECURRING GENERAL AND ADMINISTRATION EXPENSES Non-Recurring G&A KEUR 04/01/26 06/30/26 04/01/25 06/30/25 01/01/26 06/30/26 01/01/25 06/30/25 01/01/25 12/31/25 IFRS Conversion Project - - - -27 -64 Maximum Games' Sellers Arbitration Costs -1 741 -139 -1 743 -320 -1 277 Special Examiner 26 -163 26 -251 -487 Restructuring Costs -38 -23 -181 -35 -137 Refinancing Costs - -215 - -845 -1 005 Total Non-Recurring G&A -1 753 -541 -1 897 -1 479 -2 970 Maximum Games Sellers’ Arbitration Costs primarily comprise accrued legal expenses related to the arbitral proceedings concerning the former owners of Maximum Games and the final arbitral award rendered on 8 July 2026. NOTE 8: OTHER OPERATING INCOME Operating Income KEUR 04/01/26 06/30/26 04/01/25 06/30/25 01/01/26 06/30/26 01/01/25 06/30/25 01/01/25 12/31/25 Adjustment of contingent consideration - - - - 331 Profit on Disposal of Business Assets - 435 - 435 419 Others - 36 18 37 39 Total Operating Income - 471 18 472 789 NOTE 9: OTHER OPERATING EXPENSES Operating Expenses KEUR 04/01/26 06/30/26 04/01/25 06/30/25 01/01/26 06/30/26 01/01/25 06/30/25 01/01/25 12/31/25 Impairment on goodwill - - - - -55 035 Fraudulent Email Incident - -299 - -299 -299 Settlement Payment with Partner - -411 - -411 -397 Total Operating Expenses - -709 - -709 -55 732 MAXIMUM ENTERTAINMENT AB (publ) Q2 2026 19
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NOTE 10: FINANCIAL NET Financial Net KEUR 04/01/26 06/30/26 04/01/25 06/30/25 01/01/26 06/30/26 01/01/25 06/30/25 01/01/25 12/31/25 Financial Income FX gain 2 864 528 6 455 719 3 928 Total Financial Income 2 864 528 6 455 719 3 928 Financial Expenses Interest expense borrowings -2 605 -1 542 -4 268 -3 104 -6 626 Interest expense liabilities related to right-of-use assets -4 77 -3 65 -46 Unwind of discount - -54 - 29 79 FX Loss -2 169 -3 368 -4 282 -7 031 -11 239 Other items - amortised loan fee -32 -170 -84 -354 -674 Total Financial Expenses -4 810 -5 057 -8 637 -10 395 -18 505 Financial Net -1 946 -4 529 -2 182 -9 676 -14 577 NOTE 11: INVESTMENTS IN GAMES Maintaining revenues in the OIP and Licensed Publishing areas of the Group’s business require the investment in game development. Investments in games are made through the Group’s internal studio structure as well as through the payment of milestones to third party studios in exchange for the IP or the full monetization rights to the game. Capitalized Game Development KEUR 06/30/26 06/30/25 12/31/25 Book Value as at opening 6 538 19 832 19 832 Additional Development Paid in 1 493 4 083 7 055 Amortization of launched Games -2 123 -3 043 -6 725 Disposal of Games - -248 -240 Adjustment/Impairment on Games -2 735 - -12 146 Exchange Rate Differences -467 -1 669 -1 238 Book Value as at closing 2 705 18 955 6 538 MAXIMUM ENTERTAINMENT AB (publ) Q2 2026 20
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NOTE 12: GOODWILL Goodwill KEUR 06/30/26 06/30/25 12/31/25 Book Value as at opening - 58 507 58 507 Goodwill impairment - - -55 035 Exchange Rate Differences - -4 789 -3 471 Book Value as at closing - 53 717 - NOTE 13: ACCRUED INCOME AND PREPAID EXPENSES Accrued Income and Prepaid Expenses KEUR 06/30/26 06/30/25 12/31/25 Accrued Income 560 540 835 Prepaid Expenses 530 1 266 496 Total accrued income and prepaid expenses 1 090 1 806 1 331 MAXIMUM ENTERTAINMENT AB (publ) Q2 2026 21
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NOTE 14: FINANCIAL INSTRUMENTS The book value of long-term financial instruments which are interest-bearing corresponds to the fair value in all material aspects, as the interest rates are in parity with current market rates. Other long-term financial instruments, mainly contingent considerations, are discounted. The book value of short-term financial instruments corresponds to the fair value in all material aspects as the effect of discounting is deemed insignificant. Financial Instruments KEUR 06/30/26 06/30/25 12/31/25 Non Current Loans from BNP 2 113 2 313 2 213 Contingent Considerations - 681 0 Total Non Current 2 113 2 995 2 213 Current Loans from BNP 500 700 700 Loans from Cathay 2 339 2 387 2 447 Loans from Turning Rock Partners 45 865 31 346 37 939 Revolving line of credit provided by Cathay 2 001 1 946 1 943 Loans from Private Investors 1 357 1 320 1 318 Vendor Loan Notes 10 273 9 924 10 352 Promissory Note Interest 105 60 60 Total Current 62 441 47 684 54 760 Financial Instruments - Liabilities 64 554 50 679 56 973 Loan facilities negotiated in the US are associated with covenants for which the group is in breach at the end of quarters Q3 2024 - Q2 2026. Loans in breach of covenants are recorded as current liabilities at the end of Q2 2025, Q4 2025, and Q2 2026. The Group is actively in discussions with lenders in the US to obtain waivers and amendments. For further information, please refer to the Annual Report 2025. Contingent Considerations KEUR 06/30/26 06/30/25 12/31/25 Book Value as at Opening - 638 638 Change recognized in the total comprehensive income - 24 -303 Conversion to other current liabilities - - -365 Exchange Rate Differences - 19 30 Book Value as at Closing - 681 0 MAXIMUM ENTERTAINMENT AB (publ) Q2 2026 22
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NOTE 15: COVENANTS AND NET DEBT Loan facilities negotiated in the US are associated with covenants for which the group is in breach as at Q3 2024 through Q2 2026. Net Debt KEUR 06/30/26 06/30/25 12/31/25 Liabilities to Credit Institutions - non amortized 47 523 32 966 39 607 Liabilities to Credit Institutions - amortized 4 652 5 100 5 010 Overdraft and Revolving Credit Facilities 2 001 1 946 1 943 Cash and cash equivalents -1 781 -2 301 -2 070 Net Debt before Earn-Outs 52 395 37 712 44 490 Liabilities to Sellers for Unpaid Earn-Outs (prior periods) 10 273 9 924 10 352 Net Debt after Earn-Outs 62 668 47 636 54 843 NOTE 16: OTHER CURRENT LIABILITIES Other Current Liabilities KEUR 06/30/26 06/30/25 12/31/25 Unpaid Earn-Outs 10 273 9 924 10 352 Other (Royalty payable VAT & Payroll liabilites etc) 11 610 9 899 12 615 Total Other Current Liabilities 21 882 19 824 22 967 Prior to 2024, unpaid Earn-Outs were recorded as non-current liabilities. MAXIMUM ENTERTAINMENT AB (publ) Q2 2026 23
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NOTE 17: RELATED PARTY TRANSACTIONS Related Party Transactions 2026-06-30 2025- 06-30 2025- 12-31 KEUR Value Outstanding Future Commitment Value Value Rental agreement Seebon LLC¹ (supplier) - - - 212 414 Rental agreement Kodinvest Kft ² (supplier) - - - 13 - Consulting Philippe Cohen Consulting SAS ³ 120 - 240 240 480 Total 120 - 240 466 894 ¹ a company owned by Christina Seelye and Thierry Bonnefoi. The rental agreement, which was due to run through September 30th 2031, has been terminated ² a company owned by Tamas Kozak. The lease runs indefinitely, with a 90-day notice period for termination ³ a company owned by Philippe Cohen, CEO of Maximum Entertainment. An indefinite contract with a 6 month notice period for termination A list of the Group’s subsidiaries, which are related parties to the parent company, is found in Further Information. All transactions between Maximum Entertainment AB and its subsidiaries have been eliminated in the consolidated financial statements. NOTE 18: PARENT COMPANY ACCOUNTING AND VALUATION POLICIES For information regarding the Parent Company accounting principles, please refer to Note 29 in the Company’s Annual Report 2025. MAXIMUM ENTERTAINMENT AB (publ) Q2 2026 24
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FURTHER INFORMATION ORGANIZATION AND GROUP STRUCTURE The Group’s parent company, Maximum Entertainment AB, have holdings in subsidiaries according to the table below. Subsidiaries Country Ownership interest % Maximum Entertainment Sweden AB (Dimfrost Studio AB) Sweden 100 Maximum Enterainment Hungary kft (invictus Games Kft) Hungary 100 Maximum Entertainment France (Just For Games SAS) France 100 Max Ent Games Ltd (Merge Games Ltd) The United Kingdom 100 MG1 Acquisition Corporation The United States 100 Maximum Entertainment LLC The United States 100 Modus Games LLC The United States 100 Maximum Entertainment Brazil Limitada Brazil 100 Maximum Entertainment Srl Romania 100 Maximum Entertainment Ireland Ltd Ireland 100 Maximum Entertainment Ltd The United Kingdom 100 Maximum Games GmbH Germany 100 Certified Adviser Augment Partners AB, email: info@augment.se, phone: +46 8 604 22 55, is the Company’s Certified Adviser in accordance with the regulations for Nasdaq First North. Liquidity Provider The company has an agreement with Pareto Securities AB to act as a Liquidity Provider in accordance with the regulations for Nasdaq First North. Outstanding Shares Outstanding shares at the close of the reported period amounted to 51,110,152 shares. During the reported period, no changes have been made to the total number of shares. Outstanding Shares Q2 2026 Number of shares 04/01/26 06/30/26 04/01/25 06/30/25 01/01/26 06/30/26 01/01/25 06/30/25 01/01/25 12/31/25 Number of shares outstanding 51 110 152 51 110 152 51 110 152 51 110 152 51 110 152 Average number of shares 51 110 152 51 110 152 51 110 152 51 110 152 51 110 152 Financial calendar Interim Report Q1 2026 2026-05-27 Annual General Meeting 2026-07-16 Interim Report Q2 2026 2026-08-31 Interim Report Q3 2026 2026-11-30 Contact information Philippe Cohen, CEO: ceo@maximument.com MAXIMUM ENTERTAINMENT AB (publ) Q2 2026 25
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GLOSSARY What we say What we mean Maximum Entertainment or The Company Refers to Maximum Entertainment AB, formerly Zordix AB (publ), company registration number 556778-7691, or the Group or companies in the Group in which Maximum Entertainment AB is the Parent Company. Owned IP Owned IP, OIP, or Owned Intellectual Property, refers to games for which the Group owns at least 50% of the IP rights to the game. In addition to full monetization rights for the game, Owned IP includes rights to prequels, sequels, spinoffs and other derivative rights. Publishing Publishing refers to activities related to games for which the Group has global monetization rights. This means that the Group owns global rights to the game via digital and physical distribution channels. The Group can have publishing rights for select platforms of a game (eg: publishing rights for Console versions only). Sub-publishing Sub-publishing refers to activities related to games for which the group has limited monetization rights. This typically means that rights are restricted to a defined channel or territory and do not include digital distribution. New Releases New releases are games which have launched within the current fiscal year. Games launched in Early Access are considered new both in the year of first EA release and in the year of 1.0 launch. Catalog Games or Titles Also referred to as back-catalog, catalog refers to games that have launched in previous fiscal years. Adjusted EBIT EBIT less impact from non-recurring and restructuring expenses, share-based compensation (if any), adjustment to contingent considerations and impairment of goodwill. Adjusted EBITDA EBITDA less impact from non-recurring and restructuring expenses, share-based compensation (if any) and adjustment to contingent considerations. Adjusted EBIT margin Adjusted EBIT over Net sales. Adjusted EBITDA margin Adjusted EBITDA over Net sales. Gross Margin Net sales less cost of sales. EBITDA EBIT before amortization, depreciation impairment, capital gains/losses on assets and any value adjustments on assets. EBITDA Margin EBITDA as a percentage of Net sales. EBIT Operating profit. EBIT Margin EBIT as a percentage of Net revenue. Number of Employees Number of employees at the end of the period. Live or Live Services Games that benefit from continual development throughout the life of the game and for which the monetization follows a freemium or micro-transactions model. MAXIMUM ENTERTAINMENT AB (publ) Q2 2026 26
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THE BOARD’S ASSURANCE The Board of Directors and the CEO confirm that this interim report provides a true and fair view of the group’s and the parent company’s operations, position and performance. Stockholm, August 31, 2026 THIS QUARTERLY REPORT HAS NOT BEEN SUBJECT TO REVIEW BY THE GROUP’S AUDITOR. JAN BENJAMINSON C HA I R MA N O F T HE B OA R D BART REEFMAN D I R E C T O R PHILIPPE COHEN D I R E C T O R & C E O MAXIMUM ENTERTAINMENT AB (publ) Q2 2026 27