Embracer Group Results Presentation Deck

Careful 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

View entire presentation