Embracer Group Mergers and Acquisitions Presentation Deck

Earnout achievement Financial earnout Illustrative example Adjusted EBITDA Low End Adjusted EBITDA High End Accumulated EBITDA Low End Accumulated EBITDA High End 41 77 77 41 FY21/22 98 183 106 57 FY22/23 190 353 92 170 FY23/24 1) Adjusted EBITDA is illustrative and based on Gearbox accounting principles (US GAAP), no capitalization of development costs. 622 335 145 269 FY24/25 936 504 169 314 FY25/26 1 304 701 197 368 FY26/27 EMBRACER GROUP 17

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