Thunderful Group Year-End Report January–December 2025

Fourth quarter October–December 2025

• Net revenue decreased SEK 12.3 million to SEK 65.1 million (77.4).
• Operating profit (EBIT) increased SEK 543.3 million to SEK –88.2 million (–631.5), corresponding to an operating margin of –135.5 percent (–815.5).
• Write-down of intangible fixed assets in the quarter amounted to SEK 45.1 million, of which SEK 31.1 million comprised acquisitionrelated goodwill.
• Adjusted EBITDA increased SEK 37.7 million to SEK –10.9 million (–48.6), corresponding to an adjusted EBITDA margin of –16.7 percent (–62.8).
• Adjusted EBITA increased SEK 139.4 million to SEK –53.2 million (–192.6), corresponding to an adjusted EBITA margin of –81.7 percent (–248.7).
• Profit & loss for the quarter amounted to SEK –55.7 million (-473.0), and for continuing operations SEK –56.0 million (–429.3).
• Earnings per share before and after dilution amounted to SEK –0.14 (0.09), and for continuing operations SEK –0.14 (–0.27).
• Cash flow from operating activities amounted to SEK –3.2 million (26.7), of which SEK 0.6 million (–7.4) pertained to discontinuing operations.
• Consolidated cash and cash equivalents together with unutilised credit facilities amounted to SEK 11.7 million (150.2) as per 31 December 2025.
• The Board appoints Mikael Falkner, the company’s CFO, as interim CEO effective November 14.
• Owe Bergsten, at his own request and due to other commitments, has decided to resign from the board of Thunderful as per 18 November.
• The Board of Directors has as per 24 November decided to initiate a restructuring program within the co-development segment, to balance operational expenses with current contracted revenue. The restructuring is expected to result in redundancies of 50–60 employees and cost reductions of SEK 10–12 million during the first half of 2026 and SEK 25–30 million for the full year 2026.
• The Board of Directors has per 19 December resolved, subject to approval by an extraordinary general meeting (the “EGM”), to carry out a directed cash share issue of SEK 35 million to Atari SA. The share issue comprises 350,000,000 new shares issued at a subscription price of SEK 0.10 per share. Atari intends to initiate a compulsory redemption of shares and request that the Company will be delisted from Nasdaq First North Growth Market in Stockholm.

The period January–December 2025

• Net revenue during the period decreased SEK 33.5 million to SEK 259.3 million (292.8).
• Operating profit (EBIT) decreased SEK 423.9 million to SEK –493.4 million (–917.3), corresponding to an operating margin of –190.3 percent (–313.3).
• Write-down of intangible fixed assets in the period amounted to SEK 342.2 million, of which
  SEK 267.9 million comprised acquisitionrelated goodwill.
• Adjusted EBITDA increased SEK 10.0 million to SEK –31.3 million (–41.3), corresponding to an adjusted EBITDA margin of –12.1 percent (–14.1).
• Adjusted EBITA increased SEK 175.6 million to SEK –208.3 million (–383.9), corresponding to an adjusted EBITA margin of –80.4 percent (–131.1).
• Profit & loss for the period amounted to SEK –442.3 million (–867.7), and for continuing operations SEK –439.8 million (–645.7).
• Earnings per share before and after dilution amounted to SEK –2.33 (–5.61), and for continuing operations SEK –2.32 (–3.08).
• Cash flow from operating activities amounted to SEK –43.6 million (241.3), of which SEK –6.9 million (343.6) pertained to discontinuing operations.

Events after the end of the quarter

• On 26 January 2026, an extraordinary general meeting resolved to approve the Board’s proposal for a directed share issue to Atari SA, providing the company with approximately SEK 35 million and increasing Atari’s ownership to 90.2 percent.
• Following the increased ownership, the company announced on 9 February 2026 that Atari SA has initiated compulsory redemption of the remaining shares, leading the Board to resolve on the same day to apply for delisting from Nasdaq First North Premier Growth Market.
• Nasdaq has approved the company’s delisting application and confirmed that the last day of trading for Thunderful Group’s shares will be 24 February 2026.