Slides
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Q4 2025 Maria Redin, CEO Nick Hopkins, CFO February 5, 2026
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All time high revenues and adjusted EBITDA 2 8 % Organic growth SEK 717 m Adj. EBITDA SEK 3,123 m Net sales SEK 878 m Unlevered free cash flow 25 % Organic UA spend YoY growth 108 % Net sales CC 1 YoY growth ( Like for like currency impact of - 12% ) 23 % Adj. EBITDA margin (58% YoY growth) 66 % LTM U nlevered cash conversion Note: All numbers are for 2025 Q4 unless otherwise stated Note: USD figure presented based on reported financials converted from SEK at an FX rate of 9.42 1 CC refers to constant currency (98% total group CC 1 YoY growth) ($ 332 m) ($76m) ($92m) Q4 2025 performance
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4 sequential quarters of organic growth, with 9% for FY2025 1) Gaming only 2) Annualized CAGR, time period: 4.75 years 3) Reported at constant FX Note: Figures from Plarium are included from 1 February in Q1 2025 3 Reported revenue 1 , SEKm Reported revenue 1 , SEKm LTM 767 810 Q3’21 Q4’21 Q1’22 Q2’22 Q3’22 Q4’22 Q1’23 Q2’23 Q3’23 Q4’23 Q1’24 Q2’24 Q3’24 Q4’24 Q2’25 Q3’25 Q4’25 Q1’25 Q1’21 1,081 1,272 1,357 1,379 1,412 1,388 1,306 1,458 Q2’21 1,571 1,447 1,437 1,438 1,494 2,557 2,911 2,987 3,123 1,693 5% 3 Q2’21 Q3’21 Q4’21 Q1’22 Q2’22 Q3’22 Q4’22 Q1’23 Q2’23 Q3’23 Q4’23 Q1’24 Q2’24 Q3’24 Q4’24 Q1’25 Q2’25 Q4’25 Q3’25 6,015 2,824 2,891 3,294 3,931 4,521 5,090 5,421 5,537 5,485 Q1’21 5,646 5,829 5,970 5,949 5,564 7,126 8,599 10,148 11,579 5,893 +14% 35 % CAGR 2 YoY Organic growth Reported at c onstan t FX 6% 79 % 9 % 11 7 % 15% 126 % 8 % 108 %
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Strong end to the year from Word Games, Racing & RAID 4 671 674 608 598 615 719 567 530 569 581 184 198 173 112 101 135 Q4’24 95 108 114 Q1’25 85 89 Q2’25 88 86 Q3’25 97 89 Q4’25 1,693 2,557 2,911 2,987 3,123 1,066 1,424 1,431 1,464 Other smaller franchises Tower Defense Racing Strategy & Simulation Word Games Plarium Revenue by franchise, SEKm Q4 r evenue per franchise 47% 23% 19% 6% 3% 3% 50% 8% 42% Top 3 Top 5 Other Q4 largest games by revenue + 28 % - 14 % - 10% + 43 % YoY development in reported currencies YoY development at constant currencies - 12 % +7 % +4% +23 % - 13% - 7 %
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Direct - to - Consumer contribution up 600bps to 32% Note: Revenue generated by platform affected by the acquisition of Plarium in Q1’25 5 Revenue streams Revenue generated by platform, % 58% 58% 59% 61% 62% 75% 79% 78% 74% 35% 36% 35% 33% 32% 36% 19% 20% 22% 8% 6% 5% 6% 6% 4% 4% 2% 2% 4% 0 10 20 30 40 50 60 70 80 Q3’23 Q4’23 Q1’24 Q2’24 Q3’24 60% Q4’24 21% Q1’25 Q2’25 Q3’25 Q4’25 IAP IAA Third party publication platforms (Other) 75% 78% 75% 76% 77% 78% 69% 70% 69% 64% 20% 19% 20% 19% 19% 19% 24% 24% 26% 32% 4% 3% 4% 5% 5% 3% 7% 5% 5% 4% 0 10 20 30 40 50 60 70 80 90 Q3’23 Q4’23 Q1’24 Q2’24 Q3’24 Q4’24 Q1’25 Q2’25 Q3’25 Q4’25 Mobile app stores Direct to consumer Other
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• Q4 25 UA spend represented 38% of revenues, up slightly from 37% in Q3 25 • Full year 2025 UA spend represented 37% of revenues • Original studios UA spend up 25% YoY, driven by scaling of new casual games and established Racing franchise titles Continued UA investment with positive momentum 6 600 527 470 548 677 959 1,054 1,112 1,192 0 100 200 300 400 500 600 700 800 900 1,000 1,100 1,200 38% Q4’23 36% Q1’24 33% Q2’24 38% Q3’24 40% Q4’24 38% Q1’25 36% Q2’25 37% Q3’25 38% Q4’25 UA spend development UA spend, SEKm UA spend as % of revenue • Total group UA spend up by 76% on reported basis, and up 98% year over year in constant currencies in Q4, driven by consolidation of Plarium
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23% adjusted EBITDA margin for both FY and Q4 1) Gaming only, 2) Annualized CAGR, time period: 4.75 years Note: Figures from Plarium are included for a two - month period in Q1 2025 7 Reported adj. EBITDA 1 , SEKm Reported adj. EBITDA 1 , SEKm LTM CAGR 2 Adj. EBITDA margin 27 % 24 % 22% 182 203 339 378 342 357 374 299 263 397 449 439 396 426 390 455 616 640 675 717 Q1’21 Q2’21 Q3’21 Q4’21 Q1’22 Q2’22 Q3’22 Q4’22 Q1’23 Q2’23 Q3’23 Q4’23 Q1’24 Q2’24 Q3’24 Q4’24 Q1’25 Q2’25 Q3’25 Q4’25 +58% 775 796 903 Q1’22 Q2’22 Q3’22 Q4’22 Q1’23 Q2’23 Q3’23 Q4’23 Q1’24 Q2’24 Q3’24 Q4’24 Q1’25 Q2’25 Q3’25 Q4’25 1,103 Q1’21 Q2’21 Q3’21 1,263 1,416 1,451 1,372 Q4’21 1,333 1,408 1,548 1,682 1,711 1,293 1,666 1,886 2,101 2,386 2,648 1,651 +11% + 30 % +59% 2 3 % 2 3 %
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Strong cash flow and cash conversion , with healthy leverage 1) Realised FX effects are added back to be excluded from UFCF 2) Paid interest is added back to be excluded from UFCF 3) Adj. Net Income is defined as net income excluding non - cash items in the net finance and PPA 4) Includes C - shares held in Treasury amounting to 6,194,343 as of 2025 - 12 - 31 5 ) LTM EBITDA SEK 2,472 m including Plarium for the full period 8 Group cash flow statement, SEKm Q4’25 LTM Q4’25 Income before tax adjusted for items not included in cash flow 66 8 2,2 59 Taxes paid - 7 5 - 69 5 Changes in working capital 2 47 1 59 Cash flow from operations 84 0 1,7 23 CAPEX - 5 2 - 19 8 Realised FX effects 1 - 20 - 2 2 Le vered free cash flow 808 1, 547 Paid interest 2 - 70 - 191 Unlevered free cash flow 878 1, 738 Adj. EBITDA 2,648 Unlevered cash conversion rate 66 % Adj. Net Income 3 1,390 Average number of outstanding shares 4 122,695,176 Adj. EPS 11.33 UFCF per share 14.16 Sunrise Village Financial leverage ratio 5 1.02x Leverage ratio 5 1.58x Net financial debt 2,522 Net debt 3,916
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Conclusion : Record end to a transformative year 9 • All - time high revenue and adjusted EBITDA • Delivered on guidance • New District structure implemented from start of 2026 • Midcore transformation progressing well • Pre - IPO study for PlaySimple concluded • Well - positioned to deliver on medium - term outlook
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10 Q&A