#1Q4 FY 22/23 EMBRACER GROUP INTERIM REPORT JANUARY - MARCH 2023 EMBRACER* GROUP#2EMBRACER GROUP - INTERIM REPORT Q4 FY 22/23 Disclamer IMPORTANT INFORMATION - PLEASE READ THE FOLLOWING BEFORE CONTINUING READING This presentation (the "Presentation") has been prepared by Embracer Group AB ("Embracer" or the "Company") and is provided for information purposes only. By attending a meeting where this Presentation is presented or by accessing information contained in or obtained from the Presentation, including by reading this Presentation, you agree to be bound by the following limitations and notifications. This Presentation may not be used for, or in connection with, any offer to, or solicitation by, any person in any jurisdiction or under any circumstances. This Presentation does not constitute or form part of, and should not be constructed as, any offer, invitation, solicitation or recommendation to purchase, sell or subscribe for any securities in the Company in any jurisdiction and does not constitute any form of commitment or recommendation on the part of Embracer or anyone else. The Presentation is intended to present background information on the Company and is not intended to provide complete disclosure. Readers of the Presentation should not treat the contents of this Presentation as an advice relating to legal, taxation, investment or any other matters. Neither the Presentation, nor any part of it, shall form the basis of, or be relied upon in connection with, any contract or commitment whatsoever. This presentation is not a research report. The Company and its affiliates, directors, advisors, employees and representatives disclaims any and all liability for direct and indirect consequences resulting from decisions which are wholly or partly based on information in the Presentation. The Presentation does not constitute and should not be considered as any form of financial opinion, advice or recommendation by the Company or anyone else. This Presentation is not a prospectus in accordance with the (EU) 1129/2019 Prospectus Regulation and has not been approved or reviewed by any governmental authority or stock exchange in any jurisdiction in the EEA. Nor has the Presentation been reviewed or approved by any other regulatory authority or stock exchange globally. The distribution of the Presentation in certain jurisdictions may be restricted by law and persons into whose possession the Presentation comes should make themselves aware of the existence of, and observe, any such restriction. The securities of the Company have not been and will not be registered under the U.S. Securities Act, as amended (the "Securities Act"), or under any of the relevant securities laws of any state or other jurisdiction of the United States and the Company does not intend to make a public offer of its securities in the United States. Certain information contained in this Presentation (including market data and statistical information) has been obtained from various sources prepared by other parties (including third party sources) that the Company has deemed to be relevant and trustworthy. Moreover, certain information in the Presentation is based on assumptions, estimates and other factors that were available to the Company at the time of when the information was prepared. Such assumptions, estimates or other factors, either made by the Company or by third parties, may prove to be, or become, incorrect, thus rendering the information in the Presentation to be inaccurate, incomplete or incorrect. No EMBRACER+ GROUP representation or warranty, express or implied, is made by the Company or any of its affiliates, directors, advisors, employees and representatives as to the accuracy, completeness or verification of any information contained in this Presentation. The Company has not made any independent review of information based on public statistics or information from any independent third parties regarding the market information that has been provided by such third party, the industry or general publications. Financial information contained in the Presentation is not necessarily directly extracted from the Company's accounting systems or records. No information in the Presentation has been independently reviewed or verified by the Company's auditors unless explicitly stated otherwise. In addition, certain financial information may be preliminary and has yet not been finalized, be forward-looking, or subject to review/audit from the Company's auditors. Accordingly, such preliminary financial information may change. Furthermore, certain financial information in this Presentation has been prepared for illustrative purposes only and is solely intended to describe the hypothetical situation of if the acquired companies were part of Embracer for the periods referred to in the Presentation. Statements in this Presentation, including those regarding the Company's and its industry's possible or assumed future, the Company's business strategies, its expansion and growth of operations, future events, objectives, trend projections and expectations, or other performance of the Company or its industry, constitute forward-looking statements. By their nature, forward-looking statements involve known and unknown risks, contingencies, uncertainties, assumptions and other factors as they relate to events and depend on circumstances that will or may occur in the future, whether or not outside the control of the Company. No assurance is given that such forward- looking statements will prove to be correct. Prospective investors should not place undue reliance on forward-looking statements and they speak only as at the date of this Presentation. Past performance does not guarantee or predict future performance. Moreover, the Company does not undertakes any obligation to review, update or confirm expectations or estimates or to release any revisions to any forward-looking statements to reflect events that occur or circumstances that arise in relation to the content of this Presentation unless required by law or Nasdaq First North Growth Market's Rulebook for issuers. The Company and its affiliates, directors, advisors, employees and representatives expressly disclaim any liability whatsoever for such forward-looking statements. This Presentation as well as any other information provided by or on behalf of Company in connection herewith shall be governed by Swedish law. The courts of Sweden, with the District Court of Stockholm as the first instance, shall have exclusive jurisdiction to settle any conflict or dispute arising out of or in connection with this Presentation or related matters. 2#3TODAY'S AGENDA PART 1 INTRODUCTION & FORECAST 09:00 10:00 PART 2 Q4 PRESENTATION, DEEP DIVES AND OTHER PRESENTATIONS ~10:00 - 11:00 Update on strategic partnership negotiations ■ Forecast ■ ■ ■ Q&A session #1 ■ Highlights from Q4 and Full Year Report Operating segments Q4 performance Financial performance Q4 Embracer and Sustainability EMBRACER+ GROUP ▪ Earnout per Year-End 5 years of PLAION and Dambuster Studios | Dead Island 2 ▪ Q&A session #2 3#4EMBRACER GROUP - INTERIM REPORT Q4 FY 22/23 Update on strategic partnership negotiations Late last night, we were informed that one ground-breaking strategic partnership that has been negotiated for seven months will not materialize The specific strategic partnership deal would have included USD 2bn+ contracted development revenue over a period of six years and would have enabled a catch-up payment at closing for already capitalized costs for a range of large-budget games 4#5EMBRACER GROUP - INTERIM REPORT Q4 FY 22/23 Forecast FY 23/24 ● ● ● ● ● ● Adjusted EBIT CURRENT FORECAST SEK 7,000 - 9,000 million PREVIOUS FORECAST SEK 10,300 - 13,600 million Compared to the previous guidance, a specific, significant transformative partnership will not materialize. Additionally, several notable games in the PC/Console Games segment have been delayed from FY 23/24 to FY 24/25. In the PC/Console Games segment, we expect a solid, underlying earnings growth driven by more owned and self-published, large- budget game releases during the financial year. The forecast includes more cautious assumptions for certain releases. Additionally, the forecast assumptions include slate changes for a few notable, unannounced games. In the Mobile Games segment, we expect a low single-digit organic growth, with gradually stronger growth during the financial year. We assume stable, soft underlying market trends with some gradual improvements to ad monetization throughout the year. The Adjusted EBIT margin is expected to be largely in line or slightly above FY 22/23. In the Tabletop Games segment, we expect high-single-digit organic growth driven by the trading cards product area, with an Adjusted EBIT margin slightly below FY 22/23. To give some background to the financial guidance for FY 23/24. When comparing to the original forecast given in Q2 FY21/22 it is notable the at least net six notable releases have moved out from FY 23/24 to later years. LO 5#6Q&A Moderated by Martin Arnell, DNB Markets, until -10:00 CEST PEPER E to 10 This will be followed by Part 2: Q4 Presentation, Deep Dives & Other Presentations#7Q4 Presentation, Deep Dives and Other Presentations#8HIGHLIGHTS FROM Q4 AND FULL YEAR REPORT Interim Report Q4 FY 22/23 I Q4 FY 22/23 Net Sales Group SEK 9,356m GROUP ORGANIC GROWTH 4% Adjusted EBIT SEK 915m FULL YEAR FY 22/23 Net Sales Group SEK 37,655m Adjusted EBIT SEK 6,366m Adjusted EPS AFTER FULL DILUTION SEK 4.06 Source: as of 31 March, 2023 YOY GROWTH 79% GROUP PRO FORMA GROWTH - 5% YOY GROWTH -14% YOY GROWTH 121% YOY GROWTH 43% (3.50) 2023/24 PIPELINE L POLC 2 MILLION UNITS SOLD REMNANT PAYDAY 3 MURVE MAR LÖRDERINGS ANNOUNCED PARTNERSHIPS SEVERAL NOTABLE GAMES EXPECTED THIS FY SEK 9,309m in capitalized development as of Q4 UPDATED FORECAST LILL Ⓡ WARHAMMER SPACE MARINE games SEK 7,000m - SEK 9,000m 8#9+ A Operating segments Q4 performance#10OPERATING SEGMENTS Q4 PERFORMANCE Operative Groups by segment { 0 4 PC/ CONSOLE GAMES Internal Headcount: 10,436 | Internal Studios: 102 | IP: 258 THQNORDIC MOBILE GAMES Internal Headcount: 1,177 | Internal Studios: 11 | IP: 48 PLAION DECA Easybrain ENTERTAINMENT & SERVICES Internal Headcount: 900 | Internal Studios: 3 | IP: 193 Source: as of 31 March, 2023 ▶ PLAION DARK HORSE FREEMODE MEDIA BY EMBRACER TABLETOP GAMES Internal Headcount: 2,582 | Internal Studios: 22 | IP: 397 asmodee Stain Mamplifier NET SALES SPLIT | Q4 FY 22/23 33% 16% PC/ CONSOLE GAMES 14% 37% SABER MOBILE GAMES gearbox entertainment 26% TABLETOP GAMES ADJUSTED EBIT SPLIT | Q4 FY 22/23 7% EMBRACER+ GROUP 33% eidos A montréal CRYSTAL DYNAMICS 34% ENTERTAINMENT & SERVICES 10#11{ 4,500 4,000 3,500 3,000 2,500 2,000 1,500 1,000 500 0 45% ✪ Q4 FY 20/21 PongeBo SQUAREPANTS (PC/Console Games NEW RELEASES 44% Back catalog sales COSMIC SHAKE MAID Q1 SCARS ABOVE Warlander HANOMALIES NET SALES REVENUE SPLIT SEKm & ADJUSTED EBIT MARGIN Source: as of 31 March, 2023 35% Q2 32% FY 21/22 Q3 26% Q4 New releases sales MI 26% Q1 Other 34% Q2 SpongeBob SquarePants The Cosmic Shake - Purple Lamp (THQ Nordic) 16% O FY 22/23 Q3 -Adjusted EBIT, margin % 3,478 10% 338 SEKM Q4 2,500 2,000 1,500 1,000 500 0 Q4 FY 20/21 Q1 SABER BACK CATALOG SALES SEKM THONORDIC I Q2 VALHEIM DEEP ROCH Q3 FY 21/22 TOP 10 BACK CATALOG TITLES Q3 FY22/23 Q4 — ONLINE Q1 METRO BORDERLANDS NEVERWINTER SATISFACTORY EXODUS OPERATIVE GROUPS entertainment PLAION Q2 Welcome to STAR TREK SNOW RUNNER Bloxburg Mamplifier Coffee tain Q3 FY 22/23 EMBRACER+ GROUP 1,693 OF Q4 RAIN eidos 4, montréal CRYSTAL DYNAMICS 11#12{ 1,800 1,600 1,400 1,200 1,000 800 600 400 200 0 DO (PC/Console Games 1.8x Q1 1.4x Q2 3.4x Source: as of 31 March, 2023 Q3 FY 20/21 INVESTED IN GAME DEVELOPMENT 4.8x Q4 2.6x Q1 3.1x Q2 2.5x Q3 FY 21/22 3.6x Q4 2.0x Q1 0.8x Q2 Value of completed game development Invesments in game development Investment in game development as X times completed Games 3.2x Q3 FY 22/23 3.3x Q4 250 200 150 100 50 Q1 Q2 Q3 FY 20/21 53 107 Q4 PROJECT PIPELINE # Q1 Q2 Q3 FY 21/22 64 159 Q4 Unannounced ■Announced Q1 Q2 EMBRACER+ GROUP Q3 FY 22/23 221 56 165 Q4 12#13{ PROJECT ROI >100 Project ROI (Contribution / Investment) 13 12 11 0 00 + 3 2 1 0 ✪ 0 (PC/Console Games Source: as of 31 March, 2023 5 PROJECT ROI (CONTRIBUTION/INVESTMENT) 10 Quarters since release 15 Average title project data: Sales 276 SEKm, Contribution 193 SEKM and Investment 78 SEKm. 20 SEK 18.2 Bn in net Sales SEK 12.8 Bn in Contribution SEK 5.1 Bn in Total Investments I 25 ● ● DETAILS Based on reported numbers until 31 March 2023 Sample includes projects with sales above SEK 40 mn or investment above SEK 40 mn (66 projects) ROI = Contribution / Investment Contribution = Gross Profit less marketing expenses from release to 31 March 2023. = EMBRACER+ GROUP Investment Capitalized Development Expenses including follow-on investment. 2.48x in average 1.0x in break even 13#14R 2,000 1,500 1,000 500 0 1,000 800 600 400 200 0 0 1,759 28% Q4 FY 21/22 898 51% Q4 FY 21/22 Mobile Games NET SALES & ADJUSTED EBIT MARGIN 1,488 19% Q1 Net sales, SEK m 883 59% Q1 1,573 29% 22% ||| 324 SEKM USER ACQUISITION COST UAC, SEK m 1,441 Q2 FY 22/23 -Adjusted EBIT, margin % 755 52% Q2 Q3 Source: as of 31 March, 2023 | *Accumulated downloads 733 47% Q3 FY 22/23 UAC, % of net sales 1,317 25% Q4 555 42% Q4 ℗ 350 million 300 250 200 150 100 50 0 DAILY ACTIVE USERS / MONTHLY ACTIVES USERS (PRO FORMA) 307 37 Q4 FY 21/22 307 36 Q1 MAU 300 Q2 CrazyLabs (DECA Games) 283 36 34 34 HH - DAU Q3 FY 22/23 316 Q4 CrazyLabs Easybrain SS SKS MILESTONES Jigsaw Puzzle Art Puzzle NET SALES DRIVERS EMBRACER+ GROUP 6.02 bn DOWNLOADS* 13 1.5 bn DOWNLOADS* 1 2 3 6 4 789 Nonogram.com Sudoku.com 3 X 12 1 2 3 977 987 Number Match Blockudoku OPERATIVE GROUPS DECA Easybrain 14#154,500 4,000 3,500 3,000 2,500 2,000 1,500 1,000 500 0 0 13% 571 3-5D-01 Q4 FY21/22 THE NUMBER STAR WARS UNLIMITED Tabletop Games NET SALES SEKm & ADJUSTED EBIT MARGIN Source: as of 31 March, 2023 2,665 17% Q1 Net sales 3,247 MARVEL DAGGER 14% Q2 FY22/23 4,146 STRONG LINEUP OF KEY NEW RELEASES FOR FY 23/24 21% Q3 Adjusted EBIT margin, % Disney Disi 3,074 8% 250 SEKM CORE SET Q4 STAR SHATTER DINT Star WarsTM: Unlimited Trading Card Game Coming 2024 ma The NETFLIX STRANGER THINGS ATTACK OF THE MIND PLAYER Werewolves of Miller's Hollow to Dodgle Disney NEW RELEASES NETFLIX 25 projects underway within Embracer Group's operative groups Strong free cash flow generation expected to convert above 100% of its Adjusted EBIT in FY 22/23 STAR WARE STAR WARS 841 AS D'OR JEU DE L'ANNÉE VUE VER CANNES 2923 NETFLIX SQUID GAME LET THE GAMES BEGIN X 7OPOLE EDIFICE CHALLENGERS! Several bolt-on acquisition opportunities in various stages Closing net inventory in line with our internal forecast (Q2 deep dive) EMBRACER+ GROUP asmodee Star Wars: The Deckbuilding Game 15#16(1) (2) Another solid P&L performance to close the year in seasonally quiet quarter Net Sales 3,074m SEK Adj. EBITDA 345m SEK Adj. EBIT 250m SEK Q4 +6% vs Q4 '21/22 (1) -12% vs Q4 '21/22 (²) -18% vs Q4 '21/22 (2) On a pro-forma basis at constant rates of exchange On an adjusted pro-forma basis at constant rates of exchange Full Year Net Sales 13,132m SEK Adj. EBITDA 2,318m SEK Adj. EBIT 2,010m SEK +2% vs last year -10% vs last (2) year -11% vs last (1) year (2) asmodee#17Careful working capital management and unwinding of inventory drives strong H2 cash generation Reminder from Q2 Seasonality Net Inventory Asmodee Historic Inventory Cycle Mar' 19 Jun'19 Sep 19 Dec'19 Mar 20 Jun'20 Sep'20 Dec 20 Asmodee Free Cashflow historic split H1/H2 H1 H2 '19/20 '19/20 H1 H2 '20/21 '20/21 Q4 closing value = 3,6bn SEK (¹) -659m SEK/ -21 days vs Q2 (2) (1) 322m€, including 11m€ of VR net inventory (2) -70m€, on like for like basis excluding 11m€ impact from VR acquisition Expectation Q4 update Free cashflow (3) Seasonal unwinding of stock to year end with ~70m€ of temp effects unwinding over next 12 months Strong H2 cash generation even after accounting for a partial phasing to next year 1,6bn SEK (4) generated in H2 140% conversion of H2 Adj EBIT Closing inventory is in line with internal forecasts from Q2 and careful working capital management delivers very strong H2 cash generation (3) Free Cashflow (FCF) = Adj. EBIT + operating D&A - capex +/- mvt in working capital (4) 144m€ asmodee#18DO 8% 429 Q4 FY20/21 9% DARK HORSE 466 OPERATIVE GROUPS MEDIA™ Q1 PLAION FREEMODE BY EMBRACER Source: as of 31 March, 2023 Entertainment & Services DARK HORSE COMICS 14% 465 Q2 ME NET SALES SEKm & ADJUSTED EBIT MARGIN LIMITER RUN FY21/22 1,360 8% Q3 Net sales PLAION PICTURES THINGS FROM ANOTHER WORLD 7C77 ENTERTAINMENT 811 4% GRIMFROSTⓇ Q4 לילי TOAPLAN Co.,Ltd. 671 Adjusted EBIT margin, % SPOT FILM RETWORK 3% Q1 COMPANIES BIT WAVE DARK HORSE ENTERTAINMENT DEVplus DPI Merchandising Inc. GIOTECK 784 1% Q2 clear FY22/23 2,328 8% Q3 QUANTIC LAB Quality Assurance. TATSUJIN 1,487 4% 66 SEKM Q4 solamedia GOE DISTRIBUTION sing trix Middle-earth Enterprises | The Lord of the Rings L OF LÖRDERINGS EMBRACER+ GROUP Five titles in production with 3rd party licensed partners that will release during the next 24 months. ▪ New Line Cinema and Warner Bros. Pictures concluded a multi-year agreement to collaborate on feature films based on "The Lord of the Rings" and "The Hobbit". Middle-earth Enterprises and Amazon Games announced a new open-world MMO adventure based on "The Lord of the Rings" and "The Hobbit". 18#19OPERATING SEGMENTS Q4 PERFORMANCE Market update GLOBAL VIDEO GAMES MARKET REVENUE FORECAST ● ● ● ● USD billion 144 2019 179 2020 183 III 193 2021 2022 2019-25 CAGR 6% 189 Source: as of 31 March, 2023 | * Newzoo (May 2023) | ** NPD / Circana and Asmodee 2023 Forecast 197 2024 206 2025 Source: Newzoo GLOBAL MARKET PC * expected to grow by +0.5% in 2023 Mobile * expected to grow by +2% in 2023 Console * expected to grow by +7% in 2023 Tabletop all-time record Q4 ** +10% YoY (CAGR of +10% for the last 4 full fiscal years) The global games market had a corrective year, generating USD 183 bn in 2022, a -5 % decrease YoY1). Compared to 2019 (pre-covid), the growth was 27%. The market is expected to grow by +3 % YoY to reach USD 189 bn** The longer-term growth prospects also remain strong, with Newzoo expecting a +6 % CAGR between 2019 and 2025*. The tabletop games market has proven resilient and has seen solid growth in January-March 2023, with 10% YoY growth and positive growth every month. 19#20往的住P劳稱硬性 蓝星 鸿运酒业 Financial Performance 大 院 THI #TBRE 11 # bou 福柱约图 (白) w nu 貴金 HOSPITAL 时 瑞業 叶 香调烟叶直销公司 君 Count gi 新 新看好有 新 in 新 会#21FINANCIAL PERFORMANCE Q4 Continued growth 0.75 4,124 501 1.41 5,541 FINANCIAL GROWTH (Full Year) SEKM 1,143 Full Year FY 18/191) Full Year FY 19/201) Net sales 3.14 9,000 2,858 3.50 17,067 4,465 37,665 4.06 6,366 Full Year FY 20/21 2) Full Year FY 21/22 2) Full Year FY 22/232) Adj. EBIT Adj. EPS after full dilution TOTAL HEADCOUNT 16,601 INTERNAL STUDIOS 138 ON-GOING PROJECTS 221 80 2,208 17 Q4 FY 18/19 1) According to previous reporting standards K3. 2) According to International Financial Reporting Standards (IFRS) | source: as of 31 March, 2023 103 3,109 26 Q4 FY 19/20 Total headcount OPERATIONAL GROWTH 160 6,325 60 Q4 FY 20/21 Internal studios 12,760 223 118 Q4 FY 21/22 On-going projects EMBRACER+ GROUP 16,601 221 138 Q4 FY 22/23 21#22FINANCIAL PERFORMANCE Q4 Key PNL Metrics Net sales Net sales - PC / Console Games Net sales - Mobile Games Net sales - Tabletop Games Net sales - Entertainment & Services Adjusted EBIT (margin %) Adjusted EBIT - PC/Console Games Adjusted EBIT - Mobile Games Adjusted EBIT - Tabletop Games Adjusted EBIT - Entertainment & Services Adjusted EPS, SEK Adjusted EPS after full dilution, SEK Source: as of 31 March, 2023 SEK million Q4 FY 22/23 9,356 3,478 1,317 3,074 1,487 915 (10%) 338 (10%) 324 (25%) 250 (8%) 66 (4%) 0.38 0.35 Q4 FY 21/22 5,238 2,097 1,759 571 811 1,069 (20%) 553 (26%) 494 (28%) 74 (13%) 30 (4%) 0.81 0.76 YOY GROWTH 79% 66% -25% 438% 83% -14% -39% -34% 237% 124% -53% -54% YOY YOY ORGANIC GROWTH PRO FORMA GROWTH -4% 17% -36% EMBRACER+ GROUP 20% -5% 0% -36% 6% 8% 22#23FINANCIAL PERFORMANCE Q4 Financial development 12,000 10,000 8,000 6,000 4,000 2,000 0 3,000 2,500 2,000 1,500 1,000 500 0 60% Q4 14% 76% FY 20/21 Q4 FY 20/21 Q1 19% Q1 GROSS MARGIN DEVELOPMENT SEKm Source: as of 31 March, 2023 76% Q2 20% 66% Q2 Q3 Net sales FY 21/22 17% DEVELOPMENT OF OPERATING EXPENSES, NET SEKm Q3 Operating Expenses, net 73% FY 21/22 65% 66% atli attu 56% 20% 20% 16% Q2 Q4 Q4 Q1 25% Gross margin Q4 Q3 FY 22/23 23% 22% 21% att Q2 Q1 FY 22/23 Q3 9,356 Operating Expenses, net, as % of sales 58% Q4 29% 1,400 1,200 1,000 2,669 Q4 800 600 400 200 0 2,500 2,000 1,500 1,000 500 0 1% Q4 FY 20/21 37% 13% Q4 FY 20/21 Q1 Marketing, Non UAC DEVELOPMENT OF MARKETING COSTS SEKM 37% Q1 17% Q2 FY 21/22 30% Q2 Q3 Marketing, UAC - Mobile ADJUSTED EBIT SEKM 22% FY 21/22 Q3 Adjusted EBIT 20% Q4 Q1 19% Q1 13% Q2 10% Q2 FY 22/23 Adjusted EBIT margin, % EMBRACER+ GROUP Q3 FY 22/23 555 Marketing, as % of Net Sales 10% 340 H. 22% 17% 915 10% Q3 Q4 Q4 23#24FINANCIAL PERFORMANCE Q4 EBITDA and Capex 2,500 2,000 1,500 1,000 500 0 1,000 800 600 400 200 0 98% Q4 FY 21/22 105% 5% 5% tihti kooli 65% Q2 FY 22/23 Q2 FY 22/23 0% Q4 FY 21/22 PC/CONSOLE GAMES Q1 FY 22/23 Adjusted EBITDA 7% Q1 FY 22/23 Capex* Adjusted EBITDA TABLETOP Capex* 120% Source: as of 31 March, 2023 | *Investments in Intangible Assets Q3 FY 22/23 Capex / EBITDA (%) 6% Q3 FY 22/23 154% 12% uh Q2 FY 22/23 Capex / EBITDA (%) Q4 FY 22/23 600 12% Q4 FY 22/23 500 400 300 200 100 0 300 250 200 150 100 50 0 2% Q4 FY 21/22 77% Q4 FY 21/22 Q1 FY 22/23 Adjusted EBITDA 138% MOBILE GAMES Q1 FY 22/23 Adjusted EBITDA Capex* ENTERTAINMENT & SERVICES 131% Q2 FY 22/23 Capex* 0% Q3 FY 22/23 Capex / EBITDA (%) 40% EMBRACER+ GROUP Q3 FY 22/23 Capex / EBITDA (%) 1% Q4 FY 22/23 67% Q4 FY 22/23 24#25FINANCIAL PERFORMANCE Q4 Cash flow and investments SEK million Adjusted EBITDA Cash Tax Other items Operating Cash flow Net investment in intangible assets Net investment in tangible assets Net investment in financial assets Net Investment Free Cash Flow before WC Change in working capital Free Cash Flow after WC Cash Flow from financing activities Net investment in acquired companies Cash Flow for the period Source: as of 31 March, 2023 FY22/23 Q4 1,938 -158 -251 1,529 -1,807 -178 62 -1,923 -395 363 -32 -877 -652 -1,561 FY21/22 Q4 1,527 -86 349 1,790 -998 -100 -62 -1,160 630 42 672 18,014 -27,914 -9,228 TTM Q4 9,867 -902 -288 8,677 -5,996 -497 -61 -6,554 2,123 -2,162 -39 8,501 -10,067 -1,605 EMBRACER+ GROUP Negative Free Cash flow Before WC mainly driven by increased net investment in portfolio of ongoing game development in PC/Console Games Segment. At the end of March 2023, net debt amounted to SEK 15.6 bn and available funds amounted to SEK 6.1 bn. Embracer Group AB has an agreement on covenants in its credit agreements. The terms for these are 2.5x net debt through Adjusted EBITDA calculated according to agreement with lenders. As per 31 March Embracer has substantial headroom to the covenants. Cash & credit facilities SEK 5.2bn Beginning of May 2023 25#26Embracer and Sustainability San#27EMBRACER AND SUSTAINABILITY Q4 FY 22/23 Goal for our sustainability work ● ● ● Minimizing the risk of negative impacts on our stakeholders. Finding and developing business opportunities to do good for our stakeholders and the rest of the world. Living our values. 27#28EMBRACER AND SUSTAINABILITY Q4 FY 22/23 Sustainability tools ● ● ● ● ● ● Sustainability goals Policies Ambassador Group Case database for sustainability work Internal webinars Employee Survey Whistleblower program Reporting 28#29EMBRACER AND SUSTAINABILITY Q4 FY 22/23 Result of the Employee Survey 2023 FY 22/23 FY 21/22 FY 22/23 FY 21/22 Response rate 85% 80% Collaboration 83 82 FY 22/23 FY 21/22 FY 22/23 FY 21/22 Global satisfaction rate 80 81 Engagement 82 83 FY 22/23 FY 21/22 Work environment FY 22/23 FY 21/22 Employee net promoter score (eNPS*) 81 82 * eNPS is rated from -100 to 100 29 33 29#30EMBRACER AND SUSTAINABILITY Q4 FY 22/23 Smarter business - Great People GREAT PEOPLE SMARTER BUSINESS FRAMEWORK SOLID WORK GOVERNANCE OUR PLANET 30#31HULLE THIS PRESENTATION IS CONFIDENTIAL AND PROPERTY OF EIDOS MONTREAL. LINDA DUCHAUSSOY Communications Director | Eidos- Montréal eidos™ A montréal 31 44#32SUSTAINABILITY | EIDOS-MONTRÉAL FOCUS ON GREAT PEOPLE THIS PRESENTATION IS CONFIDENTIAL AND PROPERTY OF EIDOS MONTREAL. eidos™ A montréal gamesindustry.biz Best Places to Work 2021 Canada Montréal's Employers 2023 32 eidos montréal 44#33OUR CONTEXT WORLD'S 5TH LARGEST VIDEO GAME DEVELOPMENT HUB MORE THAN 200 STUDIOS 19 000 TALENTS * Data from Montréal International THIS PRESENTATION IS CONFIDENTIAL AND PROPERTY OF EIDOS MONTREAL. GRANDS PRIX DU DESIGN 33#34WORK-LIFE BALANCE WELL- BEING CAREER DEVELOPMENT THIS PRESENTATION IS CONFIDENTIAL AND PROPERTY OF EIDOS MONTREAL. PAN PAIDEN N 34 44#35WORK-LIFE BALANCE □ HYBRID MODEL: WORK REMOTELY OR FROM THE OFFICE □ TIME MANAGEMENT POLICY HOLISTIC APPROACH TO WELL-BEING THIS PRESENTATION IS CONFIDENTIAL AND PROPERTY OF EIDOS MONTREAL. 35 44#36WELL-BEING HEALTHCARE ASSISTANCE □ PROVISION OF VARIOUS FITNESS FACILITIES AND ACTIVITIES GIVE BACK, BEING PART OF OUR COMMUNITY THIS PRESENTATION IS CONFIDENTIAL AND PROPERTY OF EIDOS MONTREAL. DE BERGE NETTOYAGER 36#37CAREER DEVELOPMENT □ INTERNAL MOBILITY: PEOPLE OR TECHNICAL PATH CONTINUOUS LEARNING COMMUNITIES OF PRACTICE THIS PRESENTATION IS CONFIDENTIAL AND PROPERTY OF EIDOS MONTREAL. SA 37#38CONCLUSION Net Promoter Score of 32 (Great) to the question : How likely is it that you would recommend your company to a friend? POSITIVE IMPACT ON EMPLOYEE SATISFACTION & ENGAGEMENT ☐ Improved employee well-being Reduced turnover and absenteeism Increased Talent acquisition and rehiring THIS PRESENTATION IS CONFIDENTIAL AND PROPERTY OF EIDOS MONTREAL. 38#39345414 Earnout per Year-End TOLO#40EARNOUT PER YEAR-END Earnouts - Fair value evaluation As part of the year-end closing, we have performed fair value evaluations on contingent considerations and other balance sheet items relating to earnouts. The evaluation considers the likelihood of meeting earnout targets, the timing of meeting earnout targets and the settlement structure. The results can be viewed from an IFRS and NON-GAAP perspective, with the following impacts on Profit & Loss (PL), Balance Sheet (BS), Cash Flow (CF) and dilution on capital. Impact on adjusted EBIT Decrease of personnel expenses in profit and loss IFRS Gain in financial net in profit and loss Total impact on PL/BS Decrease in future personnel expenses¹ Total decrease of future obligations Of which cash² Of which shares Of which number of shares³ Impact in SEKm 0 SEKM 1,029 SEKM 1,359 SEKM 2,388 SEKM 700 SEKM 3,088 SEKM 2,082 SEKM 1,006 SEKM 14 million shares Impact on adjusted EBIT NON-GAAP Decrease of personnel expenses in profit and loss Gain in financial net in profit and loss Total impact on PL Decrease in future personnel expenses¹ Total decrease of future obligations Of which cash² Of which shares Of which number of shares³ Impact in SEKm 1. No impact on PL or BS as of 31/3-2023 2. Total decrease from Q3 of 2640 MSEK also includes changes in settlement structure from cash to shares, payments in the quarter, new acquisitions, FX and present value. 3. According to the individual VWAP share price in each individual agreement. 0 SEKM 0 SEKM 0 SEKM 0 SEKM 0 SEKM 3,088 SEKM 2,082 SEKM 1,006 SEKM 14 million shares The present value of obligations as of 2023-03-31 represents managements best estimation for expected outcome for each individual agreement (SEK 8.6 bn in cash and 63-76 million shares to be issued) 40#41EARNOUTS AND APM UPDATE FY 2022/23 - derivation of P&L metrics Adjusted EBIT Derivation Reported EBIT Add back of acquistion related personnel expenses Add back of acquistion related amortizations Add back of transaction costs Non recurring items Adjusted EBIT GAAP 194 SEKM +0 SEKM +0 SEKM +0 SEKM +0 SEKM 194 SEKM NON-GAAP 194 SEKM +2,631 SEKM +2,973 SEKm +290 SEKM +278 SEKM 6,366 SEKM To reflect a true and fair picture of the underlying operational performance, specific items related to historical acquisitions and items affecting comparability are excluded from EBIT in NON-GAAP. Adjusted Net Profit Derivation Reported Net profit Add back Acq-rel. Items in financial net, net of tax Adjusted Net profit GAAP 4,454 SEKM +0 SEKM 4,454 SEKM NON-GAAP 4,454 SEKM +1,061 SEKM 5,515 SEKM The higher net profit in NON-GAAP is excluding adjustments to specific items attributable to historical acquisitions and items affecting comparability with regard for full dilution to be able to calculate Adjusted Earnings per share after full dilution. 41#42EARNOUTS AND APM UPDATE FY 2022/23 -– derivation of EPS and BS metrics Earn out Derivation Cash obligation included in purchase price Cash obligation classified as personnel cost Total cash obligation Share obligation included in purchase price Share obligation classified as personnel cost Total share obligation GAAP 5,595 SEKM 3,065 SEKM 8,595 SEKM 173 million shares 65 million shares 238 million shares NON-GAAP 8,595 SEKM 0 SEKM 8,595 SEKM 238 million shares 0 million shares 238 million shares To reflect a true and fair picture of the Obligations related to historical acquisitions, obligations treated as personnel liability is included as part of the purchase price under NON-GAAP. Hence, operationally it is more representative to include all of the cash and shares obligations as part of purchase price. Adjusted earnings per share Derivation Net profit Average number of shares, no dilution Dillution Average number of shares, dilluted Earnings per share after full dilution Not adjusted (GAAP) 4,454 SEKM 1,069 million +12 million 1,081 million 4,12 Adjusted (NON-GAAP) 5,515 SEKM 1,252 million +108 million 1,360 million 4,06 Average number of diluted shares under GAAP is lower due to that shares that has not been released to the recipients due to target achievement is excluded. The overall higher share count in NON-GAAP is used to reflect the actual shares outstanding and the maximal amount of shares that could be issued to settle future obligations. Hence the diluted share count is 279 million higher. 42#43스 PLAION Deep Dive: 5 Years of PLAION as Part of Embracer Group Klemens Kundratitz, CEO © 2023 PLAION / plaion.com#44Timeline 5 Years at Embracer Growing and Unlocking Potential Acquired by Embracer Group EMBRACER+ GROUP 2019 WARKDRSE MILESTONE Acquired Warhorse Studios and Milestone Released Metro Exodus METRO EXODUS Published Kingdom Come: Deliverance Kingdom Come Deliverance 2020 solamedia Acquired Sola Media voxler Acquired Voxler Acquired Flying Wild Hog FLYING WILD HOG Acquired Vertigo Games VERTIGOGAMES 2021 FREE RADICAL Established Free Radical Design Studio FORCE 53 FIELD Acquired Springboard VR and Force Field VR Acquired DigixArt Studio DIGIX RT splatter Acquired Splatter Connect 2022 DEVplus Acquired by Koch Films Spotfilm Networx SPOT FILM RETWERK Rebranding to PLAION Acquired DPI Merchandising ▶ PLAION PLANIME DEAD ISLAND & 2023 Acquired by PLAION PICTURES Anime Ltd. Release of Saints Row SAINTS ROW Release of Dead Island 2 TODAY © 2023 PLAION / plaion.com#45AAA Game Business Creating Long-Lasting Value By Building a AAA Games Business A track record of developing and publishing PC/console games to global success WAL METRO © 2023 PLAION / plaion.com#46Milestone Specialized in Racing Games Milestone On track for expanding the games portfolio and audience Hot Wheels Unleashed 64 £22901 | RIDE 5 otoGP 23 N22 $2.490 MotoGP 23. 60 THE MotoGP¹23 MotoGP 23 MotoGP¹23 MotoGP 23 MotoGP 23 MotoGP 20 11 © 2023 PLAION / plaion.com#47Vertigo VR Experts Vertigo Games Group | Leading AAA VR games developer and publisher After the Fall 4300 590 Arizona Sunshine © 2023 PLAION / plaion.com#48DPI Merchandising Transmedia Opportunities DPI Merchandising Expanding our reach and revenue through diverse merchandising opportunities tied to our game IPs and films FARD DUNE FIN FILM VON DAVID LY © 2023 PLAION / plaion.com#49PLAION PICTURES European Independent Film Company with Award-Winning Portfolio PLAION PICTURES The Whale, the next Oscar-winning film - further establishing our presence in the film industry TO T A WH 121 PLAION WH © 2023 PLAION / plaion.com#50Revenue Performance 5 Years of Commercial Success Revenue Performance 700 Milestone Publishing PLAION Publishing 600 500 PLAION Pictures Partner Publishing, Merchandising 400 ■Vertigo Publishing 300 200 100 O FY 2019 in million € FY 2020 1 FY 2021 FY 2022 FY 2023 © 2023 PLAION / plaion.com#51AAA Games Resurrecting an IP Dead Island 2 Pioneering zombie-slaying RPG genre, propelling PLAION's growth and brand recognition THE L OD HELLO 2 DEAD ISLAND © 2023 PLAION/plaion.com#52DEAD ISLAND 2 18 www.pegi.info PS4 DEAD ISLAND DEFINITIVE EDITION TECHLAND COLLECTION CONTAINS 2 COMPLETE GAMES DEAD ISLAND DEFINITIVE EDITION DEAD ISLAND: RIPTIDE DEFINITIVE EDITION & BONUS GAME RETRO REVENGE PLUS ALL ADDITIONAL CONTENT 18 MIL COPIES S DEEP SILVER DEAD ISLAND THE SLEEPING GIANT 100+ MIL YT VIEWS#53DEAD ISLAND 2 ISLAND D12 was already announced in 2014, players and press got promised a specific tone and content Microsoft Wor GAME O XBOX ONE PS4 PS4 BA. THE LAST OF US PART IL MATT PS4 EERO XBOX SERIES X - XBOX ONE NAUGHTY DOG 18 XBOX DYINGLIGHT2 STAY HUMAN 18 www.pegi.info PS4 X ULTRAD DELIVERY DAYS GONE A new iteration of D12 was deemed dead on arrival - way too many zombie IPs to be able to stand out bend STUDIO BRAND CHALLENGES PS3. DUKE NUKEN FOREVER The te be 18 HANG PlayStation Network HALF-LIFE MATURE 17+ M source VALVE Game was believed cancelled or in constant development hell#54DEAD ISLAND 2 1 JANU Face BROD Press to read your weapon. Version: official-4.30-1000895a-main Buildx392015 01:1297 Frame 16.13m Qunu 1.73 ma Gra: 1.51 me GPU: 16.12 and SPEEDER -Da' by RT tan bere the pat waspired by her heres of the screen Agile and tharess, she was the best in town the sece became disillusioned by od with and y ut the age or whe SELECT 541.7MU BACK PRE ALPHA FOOTAGE How do we live up to players expectations after an 11-year wait? CONNECTER 14 ANNIVERSARY DYING LIGHT RESIDENT EVIL biohazard Jan. 24, 2017 The first-person zombie genre has moved on. How do we stay relevant? DAMBUSTER CHALLENGES 7102 What features to focus on and where to excel?#55DEAD ISLAND 2 NEW BRAND ID & TONE BUILD UPON KEY DIFFERENCES CY LATARGER coniu NO SMOKE AND MIRRORS ME MOLICE & DEEP SILVER DAMBUSTER RESPONSE VENOG AIM FOR TOP TIER ASSET PRESENTS#56DEAD ISLAND 2 DEO 100 ESTABLISH KEY PILLARS LESS IS MORE LAKKOS SILVER MIST 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 3 RE NIGHT LIVING DEAD ALIENS FOCUS ON OUR PASSIONS BUFFY THE VAMPIRE SLAYER THE CABIN WOODS EDES 2015, JAI JAI TARE DHE STEBESAR 79m TRAIN BUSAN 28 DAYS LATER DAMBUSTER RESPONSE SHAUN OF THE DEAD FIRST NEW MONTURE THE INCREDIBLE MELTING MANI "THE INCREDIBLE MELTING MAN" ALEX REBAR-MICHAEL ALLDREDGE BRAD PITT PART MAX ALLEOP 79m ROBOCOP T beg Arveria Farin the des THE EVIL DEAD BRAD PITY PS4 Pro "WICKED, TWISTED FUN!" DAWN DEAD U TECHNICAL EXCELLENCE THE RETURN LIVING DEAD OF THE WE ARE GOING TO EAT YOU! ZOMBIE ...THE DEAD ARE AMONG US! OMANIA GRA PS5#57DEAD ISLAND 2 asher CKY, USA TTTTTT Sild EISU DEAD ISLAND 2 THE OUTCOME#58DEAD ISLAND 2 "MELEE COMBAT IS AS GLORIOUSLY EXCESSIVE AS EVER” TheSixthAxis "A LOVE LETTER TO ZOMBIES AND HORROR" Dextero Jurge "MINDLESS CHAOS AND EXCEPTIONAL ENTERTAINMENT" ST VG24/7 "A BRUTAL, BLOOD-SOAKED ZOMBIE SLAYER" Daily Star CO "DISGUSTING, FASCINATING, AND INCREDIBLY IMPRESSIVE" VGC LOG MENU DEAD ISLAND 2 REVIEW QUOTES THE END OF THE WORLD DONE RIGHT" The Mirror "WEIGHTY, SATISFYING, LIMB-CHOPPING COMBAT" VideoGamer TELEV "IMPRESSIVE GORE, FUN JOKES, AND SICKENINGLY CRUNCHY COMBAT" GAMINGbible "DEAD ISLAND 2 IS A MUST" Windows Central "FRESH, GORY ZOMBIE SLAYING ACTION" PushSquare#59DEAD ISLAND 2 desusnytone Christ 1 mese fa Honestly, taking in consideration how long this game has been in development hell, how many hands have passed it along, It's nothing short of a miracle that the game isn't a complete clusterfuck. 3324 Rispondi T I ✓ 25 risposte Tieu Long Doelzell Tel 7/10 for this 3189 PRESS 45 rispo Level 100 Bos Round of app 1176 18 rispo Italo Romeno Had never hea original and p 176 1 rispost ● ● 3 risposte ● ● managed to get this game out after all the troubles. Erick Lucio 1 m I'm glad they kept it simple and fun just like the original game 179 Rispondi ▼ 3 risposte Sahil Singh Pujji 4 settimane fa This game is amazing, first hour was boring but after getting guns and better weapons it's extremely fun to play. Graphics are amazin of zombies and detailing is next level. It's better than any other zombie game even if it seems generic, trust me you will enjoy this bett 2hours in the game. Better than dying light 2 anyday. 23 Rispondi Matz 3 settimane fa I'm honestly in love with this game, yes the story is short and tbh the cutscenes can be a bit boring for some quests but with the combat over the story and the combat is the best, the gore Physics are some of the best I've seen in a game, I would definitely Re enjoyed the earlier titles but I would wait till it's on offer to save money 1 Rispondi ● ● S V Killa Kage 1 mese fa i loved the simplicity of dead island. the character builds, side quests, collectibles, all of it. It was a simple hack and slash zombie game, but something about it always stuck with me. Dead island will always have a special place in my heart. 451 Rispondi ▾ 8 risposte Shane Bezzo 1 mese fa Game looks like a lot of fun to me and awesome graphics. I'm really looking forwar awesome. I'll be playing it and see if that 7/10 rating in Rispondi GAME RUNS SMOOTHLY AND LOOKS GORGEOUS IN EVERY PLATFORM GORE TECH IS AN IMPRESSIVE NEXT GEN FEAT CORE GAMEPLAY IS ADDICTIVE AND FUN LOS ANGELES LOOKS INCREDIBLE 39 ▼ 2 risposte Vitamin Me 1 mese fa Humor and endless gore is what I'm expecting with this game and I'm happy to see there are plenty of both! 57 Rispondi 1 risposta Jb Mar 1 mese fa Happy to see the game out, seeing reviews of this game is like amazing. 515 23 risposte Rispondi SENTIMENT Rispondi a game to date nothing comes close to the detail in the gore. Graphics are fantastic aswell very addictive fun time ra game that was set to be doomed and I'm all here for it PLAYERS MASSIVE PRAISE FOR DAMBUSTER'S WORK DESPITE ALL ODDS GAME SIMPLICITY IS ONE OF ITS CORE STRENGTHS TRUE TO NAME AND SPIRIT TO THE ORIGINAL DEAD ISLAND GAME TONE AND LOOK ARE SPOT ON for a game that was on life support, it l MANG. Charles Russell 3 settimane fa Honestly I'm perfectly fine with them taking this long to finish this game, it's absolutely beautiful and a LOAD of fun 26 Rispondi ut all the cool ou can't just n't take itself s gold and I#60DEAD ISLAND 2 a DEAD ISLAND 2 MILLION 2M COPIES SOLD! SALES NUMBERS SETTORAL#61DEAD ISLAND 2 P 5 BIL ZOMBIES DISPATCHED 201 10 BIL DISMEMBERMENTS "KEY STATS" 170 MIL PLAYER DEATHS#62DEAD ISLAND 2 FUTURE IS GORY 1Y AND GAME SUPPORT OF NEW CONTENT 7 WHAT'S COMING#63Navigating the Present Navigating the Present Embracing Opportunities and Challenges in the Entertainment Industry 邀 Adapting to market changes: Successfully navigating the evolving landscape in gaming and film during the COVID-19 pandemic and in the post-pandemic era OO On Portfolio Diversification: Balancing a mix of game IPs, film projects, and merchandising, driving success across multiple sectors في Re-branding from Koch Media to PLAION: Seamlessly transitioning to a new brand identity while maintaining a strong market presence Œ Global Distribution Network: Leveraging our extensive network of territory offices to effectively distribute our products worldwide © 2023 PLAION / plaion.com#64Guiding Principles PLAION's Strategy Update and Organizational Alignment Guiding Principles Going Forward Focused Streamlined portfolio, prioritizing quality over quantity and leveraging our IPs in gaming, film and merchandising & & & & © 2023 PLAION / plaion.com#65Guiding Principles PLAION's Strategy Update and Organizational Alignment Guiding Principles Going Forward Focused Streamlined portfolio, prioritizing quality over quantity and leveraging our IPs in gaming, film and merchandising 200 Better Commitment to delivering outstanding entertainment experiences for our players, viewers, and consumers & & & & © 2023 PLAION / plaion.com#66Guiding Principles PLAION's Strategy Update and Organizational Alignment Guiding Principles Going Forward Focused Streamlined portfolio, prioritizing quality over quantity and leveraging our IPs in gaming, film and merchandising 200 Better Commitment to delivering outstanding entertainment experiences for our players, viewers, and consumers & & & & 89 Together Fostering collaboration and teamwork within our organization to drive innovation and success in the entertainment industry & © 2023 PLAION / plaion.com#672024 & Beyond Building for The Future VERTIGOGAMES WARKDRSE FREE RADICAL DIGIX ART Development FLYING WILD HOG 31 voxler FISHLABS C DAMBUSTER STUDIOS MILESTONE FINAL FANTASY XVI Publishing SING PAYDAY 3 R EE 2024 XA- DIABLO © 2023 PLAION / plaion.com#68Smart Collaboration Supporting M&A Deal-Making and Strategic Partnerships Smart Collaboration within Embracer SABER M amplifier asmodee PLAION THONORDIC FREEMODE Easybrain BY EMBRACER EMBRACER+ GROUP DARK HORSE MEDIA DECA CRYSTAL DYNAMICS eidos A montréal Coffee Stain entertainment © 2023 PLAION / plaion.com#69A ▶ PLAION 7 Focused. Better. Together. A#70216 SOBOBA Q&A- Until -11:00 CEST G VA#71Appendix EMBRACER+ GROUP#72EARNOUTS AND APM UPDATE Example of a typical earnout structure Embracer has made an agreement to acquire a game studio with a deal term of total 1,500. 600 will be paid at day of closing and 900 is future payments pending on earnout agreements. Of the total earnout of 900, 300 is connected to that key employees are still employed three years from closing. Hence, this part is excluded from the purchase price in the PPA and will be accounted as personnel expenses. The remaining 600 of the earnout is contingent to financial targets from the day of closing to the three-year anniversary of closing. This earnout is part of the purchase price in the PPA. Total purchase price in the PPA sums therefore up to 1,200. Day 1 consideration Earnout contingent to future employment Earnout contingent to financial targets Sum Deal terms 600 300 600 1,500 Purchase price under IFRS 600 0 600 1,200 2#73EARNOUTS AND APM UPDATE Earnout effects on P&L, BS, CF and dilution Non-GAAP Earnout liability 1 Cash/Shares5 outflow Personnel expenses 0 Personnel liability IFRS Earnout liability² Personnel expenses³ Personnel liability4 Year 1 Cash/Shares outflow 900 0 600 Year 1 600 100 100 600 Year 2 900 0 0 0 Year 2 600 100 200 0 Year 3 900 0 0 0 Year 3 600 100 300 0 Year 4 0 0 0 900 Year 4 0 0 0 900 1. Corresponding to total liability in obligation table at page 21 of the quarterly report 2. Corresponding to contingent consideration presented in note 5 of the quarterly report 3. Corresponding to amount presented in Adjusted EBITDA/EBIT derivation table of the quarterly report 4. Corresponding to liabilities to employees presented in note 5 of the quarterly report 5. Assuming a share price of 1 per share NON-GAAP The full value of the earnout is recognized at day 1 No costs is accrued over the PL In year 4 when the conditions for earnout has been met 900 is paid to settle the earnout I Total cash flow/shares paid for the acquisition sums up to 1500 (600+900) IFRS Only the part of the earnout (part of the PPA) is recognized day 1 A yearly personnel cost of 100 is accrued in the PL (300/3 years) ▪ In year 4 when the conditions for the earnout have been met, 900 is paid to settle the earnout part of the PPA and the employee liability not part of the PPA. ▪ Total cash flow/shares paid for the acquisition sums up to 1,500 (600+900) 3#74EMBRACER GROUP +