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01 THUNDERFUL GROUP INTERIM REPORT JANUARY - MARCH 2021 • • FIRST QUARTER JANUARY - MARCH 2021 Revenue increased by 8.0 % to 568.3 MSEK ( 526.3 ) . Adjusted EBITA rose by 11.7 % to 54.5 MSEK ( 48.8 ) , corresponding to an adjusted EBITA margin of 9.6 % ( 9.3 ) . Adjusted EBITDA increased by 15.5 % to 62.7 MSEK ( 54.3 ) , corresponding to an adjusted EBITDA margin of 11.0 % ( 10.3 ) . · Operating profit ( EBIT ) declined by 10.4 % to 35.4 MSEK ( 39.5 ) , corresponding to an operating margin of 6.2 % ( 7.5 ) . Profit for the quarter amounted to 13.2 MSEK ( 21.6 ) . • Earnings per share after dilution amounted to 0.19 SEK ( 0.43 ) . • Operating cash flow amounted to -42.8 MSEK ( -39.5 ) . • On 15 March 2021 , Thunderful Group acquired the German game publisher and game developer Headup GmbH . HEADUP 1 EVENTS AFTER THE END OF THE QUARTER • On 30 April , Thunderful Group announced that its subsidiary Coatsink Software Ltd had signed new game development agreements valued at more than 20 MUSD . KEY PERFORMANCE INDICATORS GROUP Operating income , MSEK Quarter Jan - Mar Jan - Mar 2021 2020 12 months Apr 2020- Mar 2021 Full year * 2020 568.3 526.3 3,124.3 3,082.3 Net revenue , MSEK 538.9 520.2 3,066.5 3,047.8 Gross profit , MSEK 187.3 126.2 754.3 693.2 Gross margin , 33.0 % 24.0 % 24.1 % 22.5 % Operating profit ( EBIT ) , MSEK 35.4 39.5 210.8 214.9 Operating margin ( EBIT margin ) 6.2 % 7.5 % 6.7 % 7.0 % EBITA , MSEK 51.9 48.8 259.9 256.8 Adjusted EBITA , MSEK 54.5 48.8 277.2 271.5 Adjusted EBITA margin 9.6 % 9.3 % 8.9 % 8.8 % EBITDA , MSEK 60.1 54.3 282.5 276.7 Adjusted EBITDA , MSEK Adjusted EBITDA margin Profit for the period , MSEK Net working capital , MSEK Operating cash flow , MSEK 62.7 54.3 299.8 291.4 11.0 % 10.3 % 9.6 % 9.5 % 13.2 21.6 129.0 137.4 535.3 491.7 535.3 541.1 -42.8 -39.5 49.8 10.0 Cash conversion Interest - bearing net debt , MSEK Interest - bearing net debt / adjusted EBITDA , LTM Earnings per share before dilution , SEK Earnings per share after dilution , SEK * See Note 3 Revaluation of acquisition analysis according to IFRS 3 -68.3 % -72.7 % 16.6 % 3.4 % -309.6 271.2 -309.6 -305.1 -1.0 4.8 -1.0 -1.0 0.19 0.43 2.28 2.65 0.19 0.43 2.28 2.64 GAMES | DISTRIBUTION WWW.THUNDERFULGROUP.COM