Piranha

Enad Global 7 Annual Report 2021

Enad Global 7 underwent a period of rapid transformation and expansion during 2021, characterized by a strategic shift toward a decentralized management structure and the adoption of International Financial Reporting Standards.

• Enad Global 7 achieved a financial turnaround in 2021, reporting a profit of 96.7 million SEK and earnings per share of 1.13 SEK, compared to a 98.1 million SEK loss in 2020.
• Net sales grew to 1,670.5 million SEK in 2021, driven primarily by the aggressive acquisitions of Piranha Games and Innova.
• The company’s workforce expanded significantly, increasing from an average of 178.6 employees in 2020 to 807.6 in 2021.

Enad Global 7 Interim Report: January–December 2021

Enad Global 7 achieved significant financial expansion throughout 2021, culminating in a record-breaking fourth quarter with net revenue of SEK 573.1 million, representing a 193% year-over-year increase.

Enad Global 7 Interim Report: January–June 2021

Enad Global 7 experienced a period of rapid expansion during the first half of 2021, characterized by a 136 percent year-over-year revenue increase to SEK 769.0 million.

• Enad Global 7 achieved a 136% year-over-year revenue increase to SEK 769.0 million for the first half of 2021.
• The company recorded a net profit of SEK 14.5 million during the first half of 2021, supported by record-setting results in the second quarter.
• Growth was primarily driven by the strategic acquisitions of Piranha Games and Innova, alongside the successful relaunch of MechWarrior 5.

Code of Business Conduct

Enad Global 7 (EG7) establishes a comprehensive framework for ethical business conduct and legal compliance across its global subsidiaries, including Daybreak Games, Piranha Games, and Toadman Studios.

• Enad Global 7 (EG7) mandates a zero-tolerance policy toward bribery, corruption, and facilitation payments across all subsidiaries, including Daybreak Games, Piranha Games, and Toadman Studios.
• The framework enforces strict adherence to international anti-money laundering laws, export controls, and trade sanctions established by the EU, US, and UN.
• As a Nasdaq First North-listed entity, EG7 requires rigorous financial record-keeping and strictly prohibits insider trading by all directors, officers, employees, and third-party contractors.

Enad Global 7 Interim Report: January–March 2021

Enad Global 7 demonstrated substantial financial expansion during the first quarter of 2021, characterized by a 112 percent increase in total revenue to SEK 346.5 million and an EBITDA of SEK 87.0 million.

Annual Report 2020: Enad Global 7

The 2020 fiscal year marked a period of aggressive transformation for Enad Global 7, characterized by a strategic pivot from a service-oriented business toward a vertically integrated developer and publisher of interactive entertainment.

• Enad Global 7 pivoted from a service-oriented business to a vertically integrated developer and publisher through the 2020 acquisitions of Daybreak Game Company, Piranha Games, and Big Blue Bubble.
• Net revenue grew significantly to SEK 569.8 million in 2020, up from SEK 151.6 million in the previous year.
• The company reported a net loss of SEK 148.5 million, driven by financing costs and goodwill depreciation associated with its rapid acquisition strategy.

Enad Global 7 Interim Report: January–December 2020

Enad Global 7 underwent a period of rapid transformation throughout 2020, evolving into a major international gaming entity through aggressive acquisition and capital restructuring.

• Enad Global 7 achieved pro forma annual revenue of SEK 1.7 billion and an adjusted EBITDA of SEK 512 million in 2020, driven by a 245% increase in net revenue during the fourth quarter.
• The company executed a major expansion strategy by acquiring Daybreak Game Company, Piranha Games, and Big Blue Bubble to diversify its intellectual property and scale operations.
• To fund these acquisitions and restructure debt, the company raised SEK 1.7 billion in equity, significantly improving liquidity and reducing interest expenses.

GDC Plays MechWarrior 5: Mercenaries with Piranha Games' Russ Bullock

MechWarrior 5: Mercenaries serves as a modernization of the long-standing franchise, designed to translate the deliberate, heavy combat mechanics of the series into a deep, non-linear single-player campaign.

• Piranha Games developed MechWarrior 5: Mercenaries as a non-linear, single-player campaign, leveraging eight years of technical experience and assets from MechWarrior Online.
• The game features a complex damage model with dozens of distinct degradation states and fully destructible urban environments to simulate the experience of piloting a heavy tank.
• Development efficiency was bolstered by strategic partnerships, including asset sharing and localization collaboration with Harebrained Schemes.

THQ Nordic AB Acquires Piranha Bytes: Investor Presentation

THQ Nordic AB finalized the acquisition of Piranha Bytes in May 2019 to secure a veteran development studio specializing in atmospheric open-world role-playing games.

• THQ Nordic AB acquired Piranha Bytes in May 2019 to gain full ownership of the Gothic, Risen, and ELEX intellectual property portfolios.
• The acquired assets generated approximately 18 million EUR in net revenue during the three years leading up to the acquisition.
• By bringing the studio in-house, THQ Nordic eliminates future royalty payments and captures the full value of the studio's existing cash-generating assets.

Interim Report: Jan-Mar 2026

Enad Global 7 navigated a challenging first quarter of 2026, characterized by a 24.2% year-over-year decline in net revenue to SEK 345.3 million.

• Enad Global 7 reported a 24.2% year-over-year decline in net revenue to SEK 345.3 million for Q1 2026, driven by currency fluctuations and a backloaded release schedule.
• The company achieved a net profit of SEK 20.8 million, reversing a SEK 18.5 million loss from the same period in 2025, while maintaining an adjusted EBITDA of SEK 51.0 million.
• Management initiated restructuring at Piranha and Petrol, including staff reductions expected to generate SEK 60 million in annual cost savings.

Investor Presentation: Q2 2026

EG7’s Q2 2026 interim report demonstrates significant financial growth and improved operational efficiency across its diversified portfolio of gaming business units.

• EG7 achieved a net revenue of 474.6 million SEK in Q2 2026, marking a 25.3% year-over-year increase (30.3% adjusted for currency).
• Adjusted EBITDA rose 165% to 99.4 million SEK, with the adjusted EBITDA margin expanding by 11 percentage points to 20.9%.
• Net profit grew significantly to 46.0 million SEK, up from 8.4 million SEK in Q2 2025, resulting in a diluted earnings per share of 0.52 SEK.