Enad Global 7 (EG7) investor relations material

Executive summary

• Net revenue for Q2 2026 reached SEK 474.6 million, up 25.3% year-over-year and 30.3% in constant currency, with adjusted EBITDA of SEK 99.4 million (20.9% margin) and net profit of SEK 46.0 million.

• Diluted EPS rose to SEK 0.52 from SEK 0.09 YoY, and operating cash flow was SEK 120.5 million, or SEK 93.8 million excluding working capital movements.

• All business units were profitable and generated positive cash flow, with significant contributions from Fireshine, Big Blue Bubble, and Piranha.

• Q3 began with successful launches of Denshattack! and EverQuest Legends, and Aliens: Fireteam Elite 2 is set for release in August.

• The acquisition of Cold Iron Studios was completed after the quarter, strengthening internal development and IP portfolio.

Financial highlights

• Net revenue up 30.3% FX-adjusted; adjusted EBITDA up 165% YoY to SEK 99.4 million, with margin improving to 20.9%.

• Operating cash flow was SEK 120.5 million, with SEK 65 million from working capital and SEK 78 million from operational improvements.

• Net debt at quarter-end was SEK 3.6 million; cash position at SEK 344.2 million, supported by strong Fireshine performance.

• LTM net revenue was SEK 1.6 billion, with an adjusted EBITDA margin of 18%.

• More predictable net revenues accounted for 78% of group total in Q2.

Outlook and guidance

• Q3 is expected to benefit from new releases, including Aliens: Fireteam Elite 2, and ongoing live service updates.

• Q3 off to a strong start with Denshattack! and EverQuest Legends launches; more content and titles planned for H2.

• Continued investment in publishing and R&D across business units, with Q3 investment levels expected to be similar to Q2, excluding Cold Iron acquisition.

• Fireshine's strong indie publishing pipeline is expected to support long-tail revenue growth.

• Focus remains on delivering profitable growth through a robust release pipeline and operational improvements.