Interim report
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Interim Report January-June 2025 Scout Gaming Group AB (publ) 559119-1316 B2B FANTASY SPORTS & BETTING PROVIDER Fantasy Sports & Fantasy Beƫng Second quarter: April - June 2025 · Total revenues amounted to mSEK 11.8 (11.1), an increase of 7 % · B2B revenues amounted to mSEK 9.1 (8.3), an increase of 9 % · B2C revenues amounted to mSEK 1.4 (1.4) · Other revenues amounted to mSEK 1.3 (1.3), an increase of 1 % · EBITDA improved to mSEK 0.0 (-0.9) · Net result improved to mSEK -0.3 (-1.9) · Earnings per share amounted to SEK -0.01 (-0.07) Interim period: January - June 2025 · Total revenues amounted to mSEK 24.2 (19.1), an increase of 27 % · B2B revenues amounted to mSEK 17.9 (14.8), an increase of 21 % · B2C revenues amounted to mSEK 3.3 (2.9), an increase of 13 % · Other revenues amounted to mSEK 3.1 (1.3), an increase of 138 % · EBITDA improved to mSEK -1.2 (-3.7) · Net result improved to mSEK -1.2 (-4.8) · Earnings per share amounted to SEK -0.11 (-0.17) Significant events aŌer the quarter Scout’s B2C brand, Fanteam, has in the first half of August launched a new third party Sportsbook. For addiƟonal informaƟon, please contact: Niklas Jönsson, CEO niklas.jonsson@scoutgaminggroup.com Andreas L Olsen, CFO andreas.olsen@scoutgaminggroup.com Amounts are expressed in mSEK (millions of SEK), unless otherwise stated.
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Interim report | January – June 2025 | Scout Gaming Group AB (publ) CEO comment Q2 was a quarter of clear progress and strategic milestones for Scout. We closed the period with EBIT just below break-even and strong cash forecasts that give us the Ɵme and resources to achieve posiƟve cash flow — a target we have pursued with determinaƟon and now see within our grasp. Our decision to reduce reliance on external consultants through targeted recruitment in late 2024 and early 2025 is already paying off. The shiŌ has lowered costs, strengthened operaƟonal control, and ensured that product development follows our strategic prioriƟes and Ɵmelines. This leaner, more agile structure posiƟons us to execute faster and more efficiently. Seasonal traffic was naturally lower without the European Championship, which last year generated significant engagement. However, the introducƟon of the FIFA Club World Cup in June provided new momentum. We believe that as this tournament gains recogniƟon, it has the potenƟal to become a major traffic driver alongside the Euros and Copa America. A key highlight, in the first half of August, was the launch of our new sportsbook on our B2C brand Fanteam, powered by Altenar. This plaƞorm offers a broader selecƟon of markets, enhanced in-play beƫng, and a significantly stronger compeƟƟve posiƟon compared to our previous in-house soluƟon. While early days, we expect it to deliver meaningful revenue growth over Ɵme. Looking ahead, we remain commiƩed to unlocking the full potenƟal of our products and partnerships. By leveraging our in-house account management, development, and operaƟons teams, we will conƟnue to aƩract and retain users through tailored markeƟng and superior customer experiences. With a solid operaƟonal foundaƟon, an enhanced product porƞolio, and a moƟvated team, Scout is entering the second half of 2025 with confidence, clarity, and a clear path to sustainable growth and long-term shareholder value. Niklas Jönsson CEO
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Interim report | January – June 2025 | Scout Gaming Group AB (publ) Financial performance Revenues Total revenues amounted to 11.8 (11.1) for the quarter and 24.2 (19.1) for the period, an increase of 7 % for the quarter and an increase of 27 % for the period. B2B revenues amounted to 9.1 (8.3) for the quarter and 17.9 (14.8) for the period, an increase of 9 % for the quarter and an increase of 21 % for the period. The Group has by end of the quarter 11 integrated and acƟve B2B partners. B2C revenues amounted to 1.4 (1.4) for the quarter and 3.3 (2.9) for the period, a decrease of 0 % for the quarter and an increase of 13 % for the period. Other revenue amounted to 1.3 (1.3) for the quarter and 3.1 (1.3) for the period, an increase of 1 % for the quarter and an increase of 138 % for the period. Other revenue relates to change orders from partners, recogniƟon of deferred revenue from setup fees due to contract terminaƟon prior to the service going live and other items, these are all non-recurring. Revenues for B2C operaƟons are booked at the date the transacƟon takes place (for Daily Fantasy Games (DFS) or when a bet is seƩled. For B2B operaƟons revenues are invoiced partners aŌer month end based on either minimum fees specified in the agreements or revenue share agreements. Expenses Total expenses amounted to 11.8 (12.0) for the quarter and 25.5 (22.7) for the period, a decrease of 1 % for the quarter and an increase of 12 % for the period. Personnel costs amounted to 6.9 (5.3) for the quarter and 14.1 (10.0) for the period, an increase of 30 % for the quarter and an increase of 41 % for the period. Other external expenses amounted to 4.9 (6.7) for the quarter and 11.3 (12.8) for the period, a decrease of 26 % for the quarter and a decrease of 11 % for the period. Guarantee losses are recognized once tournament registraƟon closes and refer to the porƟon of the prize pool not covered by user buy-ins (via our B2C brand or network partners). Player and partner related debts and assets The company classifies all player funds as “client assets” in the financial statements, furthermore buy-ins from networked partners are booked as the same based on the transacƟon date. Buy-ins are invoiced aŌer month end from all partners but as a “network operator” the Group incurs the debt at transacƟon date. Funds held with Payment Service Providers (PSPs) are classified as “other receivables” due to the funds being a receivable from another enƟty. Per quarter end these amounts to 7.6 (4.1).
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Interim report | January – June 2025 | Scout Gaming Group AB (publ) Per period end the company had 9.3 (13.6) of liabiliƟes related to player balances and ongoing tournaments. Player funds accounted for at 7.8 (9.0) and networked buy-ins at 1.5 (4.6). All debts related to buy-ins included per quarter end will be seƩled as follows: - Next quarter 1.3 - AŌer the next quarter 0.2 Both the B2B and B2C enƟƟes maintain sufficient liquidity at all Ɵmes to fully cover client obligaƟons, including networked buy-ins and player funds. Remaining capital is allocated based on operaƟonal requirements. Result OperaƟng loss amounted to 0.0 (1.2) for the quarter and 3.7 (4.8) for the period. Net result amounted to -0.7 (-1.9) for the quarter and -3.1 (-4.8) for the period. Liquidity, financing and financial posiƟon Cash flows from operaƟng acƟviƟes amounted to -8.4 (-3.5) for the quarter and -13.5 (-9.3) for the period. Cash flows for the quarter amounted to -8.4 (-9.3) for the quarter and -3.5 (-13.5) for the period. Cash and cash equivalents amounted to 22.6 (38.0) at the end of the period. The higher decrease in cash compared to previous quarters are connected with most season games are finalizing during the second quarter. During the third and fourth quarters the season games start up again and therefore there will be an increase relaƟng to money in play.
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Interim report | January – June 2025 | Scout Gaming Group AB (publ) Key RaƟos Apr-Jun 2025 Apr-Jun 2024 Jan-Jun 2025 Jan-Jun 2024 Full year 2024 Revenue 11.8 11.1 24.2 19.1 44.4 Growth, % 6.7 9.0 27.2 19.0 43.1 EBITDA -0.0 -0.9 -1.2 -3.7 -4.8 EBITDA-margin, % Neg Neg Neg Neg Neg Operating profit -0.0 -0.9 -1.2 -3.7 -4.8 Number of shares at the end of the period 225,200,470 225,200,470 225,200,470 225,200,470 225,200,470 Average number of shares 225,200,470 225,200,470 225,200,470 225,200,470 225,200,470 Employees at end of the period 44 37 44 37 43 Earnings per share (SEK) -0.01 -0.07 -0.11 -0.17 -0.24 Shareholders' equity per share (SEK) 0.00 0.00 0.00 0.00 0.00 * Includes contract staff in Ukraine. Other Parent company Revenues amounted to 1.1 (2.1) for the quarter and 2.1 (1.0) for the period. OperaƟng loss amounted to 1.0 (2.1) for the quarter and 2.1 (3.4) for the period. Net result amounted to -1.0 (-2.4) for the quarter and -2.1 (-3.4) for the period. The parent company's cash and cash equivalents amounted to 17.6 (32.6) at the end of the quarter and equity amounted to 98.6 (104.2). Risks Scout Gaming's operaƟons are subject to certain risks that may affect performance or financial posiƟon to varying degrees. These can be divided into industry and business-related risks as well as financial risks. In assessing the Group's future development, it is important to consider, in addiƟon to possible opportuniƟes for profit growth, the risk factors. The development of the legal situaƟon regarding the type of gaming services provided by Scout Gaming is a key risk factor for the Group's future earning ability. As the majority of the company's customers are acƟve in Europe, legal status in the EU becomes parƟcularly interesƟng and monitored and managed by the Group conƟnuously. Nevertheless, for cases where the legislaƟon should be interpreted in an unfavorable or unexpected manner, there is a risk that Scout Gaming's terms of growth, profitability and product development will change. Similarly, an interpretaƟon in a favorable direcƟon could have a posiƟve impact on the Group. For further informaƟon about Scout Gaming's risks and risk management, refer to the Annual Report 2024, which is found on the company's website.
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Interim report | January – June 2025 | Scout Gaming Group AB (publ) AccounƟng principles The interim report has been prepared in accordance with the Annual Accounts Act and the Board of Directors' General Advice BFNAR 2012: 1 Annual Report and Consolidated Financial Statements (K3). Owners per June 30th 2025 Shareholders No. Shares Ownership Topline Capital Partners LP 67,560,140 29.9 % Scobie Ward 27,306,667 12.1 % Novobis AB 20,721,580 9.2 % Knutsson Holdings AB 19,939,600 8.9 % Atle Sundal Holding AS 9,018,340 4.0 % SIA Optibet 8,333,330 3.7 % Clearstream Banking S.A. 5,401,673 2.4 % Mats Gidlund 4,003,180 1.8 % Bjørn Fjellby Holding AS 3,705,000 1.6 % Lennart Ago 2,550,537 1.1 % Top 10 shareholders 168,540,047 74.8 % Other shareholders 56,660,423 25.2 % Total number of shares 225,200,470 Calendar Scout Gaming will publish reports according to the following schedule: - Interim report January-September, November 13th, 2025 - Year-end report 2025, February 27th, 2026
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Interim report | January – June 2025 | Scout Gaming Group AB (publ) Amounts are expressed in kSEK (thousands of SEK). Condensed consolidated income statement Group income statement Apr-Jun 2025 Apr-Jun 2024 Jan-Jun 2025 Jan-Jun 2024 Full year 2024 Revenue 10,487 9,709 21,146 17,703 39,899 Other revenues 1,307 1,348 3,092 1,348 4,509 Total Revenues 11,794 11,058 24,238 19,051 44,408 Personnel expenses -6,900 -5,317 -14,114 -9,987 -21,993 Other external expenses -4,929 -6,657 -11,339 -12,757 -27,246 Total operating expenses -11,828 -11,975 -25,453 -22,744 -49,239 Operating profit/loss -34 -917 -1,215 -3,693 -4,831 Financial items -220 -987 -1,479 -1,140 -1,531 Profit before tax -254 -1,904 -2,694 -4,832 -6,362 Tax - - - - Profit/loss for the period -254 -1,904 -2,694 -4,832 -6,362
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Interim report | January – June 2025 | Scout Gaming Group AB (publ) Amounts are expressed in kSEK (thousands of SEK). Condensed consolidated balance sheet Group balance sheet 30.06.2025 30.06.2024 31.12.2024 Assets Accounts receivable 6,665 6,163 3,712 Other receivables 8,474 4,747 8,796 Prepaid expenses and accrued income 1,294 708 923 Cash and cash equivalents 22,585 38,031 35,993 Total current assets 39,018 49,650 49,425 TOTAL ASSETS 39,018 49,650 49,425 Equity and liabilities Share capital 11,853 11,853 11,853 Other capital contributed 423,424 423,424 423,424 Reserves -114 -89 -165 Retained earnings including profit for the period -411,702 -407,477 -409,008 Total equity 23,461 27,711 26,105 Accounts payable 2,392 3,362 2,519 Client assets 9,297 13,536 16,564 Other current liabilities 1,103 469 788 Accrued expenses and prepaid income 2,765 4,572 3,449 Total short-term liabilities 15,557 21,939 23,320 TOTAL EQUITY AND LIABILITIES 39,018 49,650 49,425
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Interim report | January – June 2025 | Scout Gaming Group AB (publ) Amounts are expressed in kSEK (thousands of SEK). Consolidated changes in equity Comparative periods Share capital Capital contributed Reserves Retained earnings Total equity 01.01.2024 11,853 423,424 -65 -402,645 32,567 Conversion difference -201 -201 Profit/loss for the quarter -2,928 -2,928 30.06.2024 11,853 423,424 -266 -405,573 29,438 Share capital Capital contributed Reserves Retained earnings Total equity 01.04.2024 11,853 423,424 -266 -405,573 29,438 Conversion difference 177 177 Profit/loss for the quarter -1,904 -1,904 30.06.2024 11,853 423,424 -89 -407,477 27,711 Current periods Share capital Capital contributed Reserves Retained earnings Total equity 01.01.2025 11,853 423,424 -165 -409,008 26,105 Conversion difference 470 470 Profit/loss for the quarter -2,440 -2,440 31.03.2025 11,853 423,424 305 -411,448 24,135 Share capital Capital contributed Reserves Retained earnings Total equity 01.04.2025 11,853 423,424 305 -411,448 24,135 Conversion difference -419 -419 Profit/loss for the quarter -254 -254 30.06.2025 11,853 423,424 -114 -411,701 23,461
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Interim report | January – June 2025 | Scout Gaming Group AB (publ) Amounts are expressed in kSEK (thousands of SEK). Consolidated statement of cash flows Group statement of cash flows Apr-Jun 2025 Apr-Jun 2024 Jan-Jun 2025 Jan-Jun 2024 Full year 2024 Profit before tax -254 -1,904 -2,694 -4,832 -6,362 Adjustment for items not included in cash flows Non cashflow affecting -1,036 409 -79 -45 -73 Tax paid - - - - - Operating activities before change in WC -1,290 -1,495 -2,773 -4,877 -6,436 Changes in working capital -7,133 -1,979 -10,765 -4,444 -4,876 Cash flows from operating activities -8,422 -3,473 -13,537 -9,321 -11,312 Cash flow from investing activities - - - - - Cash flow from financing activities - - - - - Cash flow for the period -8,422 -3,473 -13,537 -9,321 -11,312 Cash and cash equivalents at start of period 30,391 41,737 35,993 47,332 47,332 Exchange rate differences 616 -233 130 20 -27 Cash and cash equivalents at end of period 22,585 38,031 22,586 38,031 35,993
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Interim report | January – June 2025 | Scout Gaming Group AB (publ) Amounts are expressed in kSEK (thousands of SEK). Condensed Parent Company income statement Parent company income statement Apr-Mar 2025 Apr Jun 2024 Jan-Jun 2025 Jan-Jun 2024 Full year 2024 Total revenue 1,050 - 2,100 1,014 4,139 Personnel expenses -637 -771 -1,444 -1,524 -3,116 Other external expenses -1,372 -1,592 -2,775 -2,919 -5,432 Total expenses -2,010 -2,362 -4,218 -4,443 -8,548 Operating profit/loss -961 -2,362 -2,118 -3,429 -4,408 Financial items* - -130 10 -11 -10 Profit before tax -961 -2,492 -2,108 -3,440 -4,419
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Interim report | January – June 2025 | Scout Gaming Group AB (publ) Amounts are expressed in kSEK (thousands of SEK). Condensed Parent Company balance sheet Parent company balance sheet 30.06.2025 30.06.2024 31.12.2024 Assets Financial assets 63,870 63,870 63,870 Total non-current assets 63,870 63,870 63,870 Group internal receivables 17,659 7,926 14,624 Other receivables 594 334 780 Prepaid expenses and accrued income 79 865 34 Cash and cash equivalents 17,596 32,592 22,993 Total current assets 35,927 41,716 38,431 TOTAL ASSETS 99,797 105,586 102,301 Equity and liabilities Share capital 11,853 11,852 11,853 Other contributed capital 379,468 379,468 379,468 Retained earnings including profit for the period -292,735 -287,150 -290,622 Total equity 98,586 104,170 100,699 Accounts payable 411 214 308 Other current liabilities 72 70 74 Accrued expenses and prepaid incomes 728 1,131 1,220 Total current liabilities 1,211 1,416 1,602 TOTAL EQUITY AND LIABILITIES 99,797 105,586 102,301
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Interim report | January – June 2025 | Scout Gaming Group AB (publ) SIGNATURES AND ASSURANCE This Report has not been subject to review by the Company’s auditor. The Board of Directors and the Chief ExecuƟve Officer offer their assurance that this Interim Report gives a true and fair view of the Group’s and Parent Company’s operaƟons, financial posiƟon and results of operaƟons and describes the significant risks and uncertainƟes facing the Group and Parent Company. Stockholm, August 14th, 2025 Niklas Braathen, Chairman Fredrik Rüden, Member Jonathan PeƩemerides, Member Hans Isoz, Member Niklas Jönsson, CEO For addiƟonal informaƟon please contact: Niklas Jönsson, CEO +46 725 49 41 73 niklas.jonsson@scoutgaminggroup.com. Andreas L Olsen, CFO +47 970 75 255 andreas.olsen@scoutgaminggroup.com Scout Gaming Group AB (publ) www.scoutgaminggroup.com Corporate idenƟty number: 559119-1316
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Interim report | January – June 2025 | Scout Gaming Group AB (publ) InformaƟon about Nasdaq First North Growth Market Nasdaq First North Growth Market (”First North”) is an alternaƟve marketplace operated by the consƟtuent exchanges of Nasdaq Stockholm. It does not have the same legal status as a regulated marketplace. Companies quoted on First North are subject to First North’s rules, rather than the legal requirements set for trading on a regulated marketplace. An investment in a company trading on First North implies higher risk than one in a listed company. Companies must apply to the exchange and gain approval before trading on First North can commence. A CerƟfied Adviser guides the company through the lisƟng process and also ensures that the company conƟnuously saƟsfies First North’s standards. Corpura Fondkommission AB is Scout Gaming’s CerƟfied Adviser. DefiniƟons Revenue – Total revenue for the current period Revenue growth - Revenue for the current period through revenue for the same period last year EBITDA - OperaƟng profit before depreciaƟon and amorƟzaƟon EBITDA margin - EBITDA as a percentage of Revenue OperaƟng profit - Consolidated operaƟng profit for the period OperaƟng margin - Group operaƟng profit as a percentage of revenue Number of shares at the end of the period - The number of shares outstanding at the end of the period. Average number of shares - Opening number of shares for the period added with outstanding number of shares divided by 2 Number of employees at the end of the period - Number of employees in the Group at the end of the period, including contract employees in Ukraine Earnings per share - Profit aŌer tax divided by the average number of shares during the period Equity per share - Equity divided by the number of outstanding shares during the period