===== SIDA 1 ===== Adjusted EBIT amounted to SEK 528 million THIRD QUARTER, OCTOBER-DECEMBER 2025 (COMPARED TO OCTOBER-DECEMBER 2024) > During Q3 FY 2025/26 Embracer Group has reclassed Coffee Stain Group as non-current assets held for distribution and discontinued operations as a consequence of the spin-off and listing that took place on December 11th 2025. More information is presented in note 6, on page 33. > Net sales decreased by -26% (-8% organic growth) to SEK 5,176 million (6,985). The sales split per operating segment: > PC/Console Games: decreased by -11% (-3% organic growth) to SEK 1,989 million (2,223). > Mobile Games: decreased by -66% (-15% organic growth) to SEK 566 million (1,669). > Entertainment & Services: decreased by -15% (-10% organic growth) to SEK 2,621 million (3,093). > EBIT1) amounted to SEK 663 million (454), an EBIT margin of 13% (7%). Adjusted EBIT decreased by -44% to SEK 528 million (948), corresponding to an Adjusted EBIT margin of 10% (14%). > Cash flow from operating activities amounted to SEK 443 million (1,474). Net investments in intangible assets amounted to SEK -763 million (-837). Free cash flow after changes in working capital amounted to SEK -75 million (719). > Basic earnings per share was SEK 2.25 (3.88) and diluted earnings per share SEK 2.25 (3.88). Adjusted earnings per share was SEK 1.77 (5.10). Adjusted earnings per share after full dilution was SEK 1.76 (4.97). > An adjusted EBIT of at least SEK 750 million is forecasted for the financial year 2025/26. The forecast compares to our previous expectation of at least SEK 1.0 billion, which included Coffee Stain Group, now reclassed as discontinued operations. On a comparable basis, our latest forecast represents a modest upgrade of our underlying expectations. NINE MONTHS, APRIL-DECEMBER 2025 (COMPARED TO APRIL-DECEMBER 2024) > Net sales decreased by -26% (-1% organic growth) to SEK 11,975 million (16,137). The sales split per operating segment: > PC/Console Games: decreased by -22% (-8% organic growth) to SEK 5,078 million (6,534). > Mobile Games: decreased by -63% (-7% organic growth) to SEK 1,621 million (4,415). > Entertainment & Services: increased by 2% (9% organic growth) to SEK 5,277 million (5,188). > EBIT1) amounted to SEK 250 million (-1,107), an EBIT margin of 2% (-7%). Adjusted EBIT decreased by -70% to SEK 545 million (1,796), an Adjusted EBIT margin of 5% (11%). > Cash flow from operating activities amounted to SEK 1,011 million (1,178). Net investments in intangible assets amounted to SEK -2,262 million (-2,603). Free cash flow after changes in working capital amounted to SEK -833 million (-73). > Basic earnings per share was SEK -0.10 (-7.76) and diluted earnings per share SEK -0.10 (-7.76). Adjusted earnings per share was SEK -0.13 (4.48). Adjusted earnings per share after full dilution was SEK -0.13 (4.37). Key performance indicators, Group Oct-Dec 2025 Oct-Dec 2024 Apr-Dec 2025 Apr-Dec 2024 Apr 2024- Mar 2025 Net sales, SEK m 5,176 6,985 11,975 16,137 21,314 EBIT1), SEK m 663 454 250 -1,107 3,324 EBIT margin 13% 7 % 2% -7 % 16 % Adjusted EBIT, SEK m 528 948 545 1,796 2,793 Adjusted EBIT margin 10% 14% 5% 11 % 13% Cash flow from operating activities, SEK m 443 1,474 1,011 1,178 2,660 Net investments in intangible assets, SEK m 763 837 2,262 2,603 3,389 Net sales growth -26% -3% -26% -22 % -19% Total game development projects 87 106 87 106 94 Total game developers 4,739 5,508 4,739 5,508 5,140 Total headcount 6,369 7,558 6,369 7,558 6,875 1) EBIT equals Operating profit in the Consolidated statement of profit or loss. In this report, all figures in brackets refer to the corresponding period of the previous year, unless otherwise stated. EMBRACER GROUP INTERIM REPORT OCTOBER-DECEMBER 2025 EMBRACER GROUP AB (PUBL) | OCTOBER-DECEMBER 2025 1 Q3 FY 2025/26 ===== SIDA 2 ===== CEO COMMENTS CORE IP PERFORMANCE DRIVES RESULTS EXCEEDING MANAGEMENT EXPECTATIONS In the third quarter, we delivered net sales of SEK 5.2 billion, with adjusted EBIT of SEK 528 million and EBITDAC of SEK 410 million, representing a clear improvement compared to Q1 and Q2 and ahead of our expectations. This was supported by a strong holiday season across core IPs including Kingdom Come: Deliverance. Following the completed spin-off of Coffee Stain Group, we are fully focused on strengthening our core IP portfolio, improving capital allocation discipline, and driving sustainable free cash flow generation. Our strategic direction is taking shape: to become a truly IP-first group centered around our best talents, studios and franchises. CORE IPs CONTINUE TO DRIVE OUTPERFORMANCE The profitability in the quarter is a clear improvement compared to Q1 and Q2. Organic growth amounted to -8% excluding FX effects, primarily reflecting strong comparables in Entertainment & Services in the prior year. Our performance in the quarter was driven by strong execution across core IPs including Kingdom Come: Deliverance, Dead Island and Tomb Raider driving higher engagement and earnings than our expectations in the third quarter. Kingdom Come: Deliverance II delivered a standout quarter as the release of the third expansion Mysteria Ecclesiae , combined with marketing, influencers and seasonal promotions converted high demand into strong sales. Kingdom Come: Deliverance II earned PC Gamer’s Game of the Year and four nominations at The Game Awards. The game is also among the nominees for Foreign Game of the Year at the Swedish Game Awards 2026, the first event of its kind in Sweden. Furthermore, we are happy to announce that Kingdom Come: Deliverance II has surpassed 5 million sold copies within its first year of release. Free cash flow exceeded internal expectations, although it was slightly negative in the quarter, due to working capital effects in our physical businesses. We expect this to normalize in the fourth quarter. We experienced headwinds from a strengthening SEK during the quarter, with the earnings impact partly offset by our natural cost hedge across Europe and North America. HIGHER UNDERLYING FY 2025/26 FORECAST We now expect adjusted EBIT of at least SEK 750 million for FY 2025/26. The forecast compares to our previous expectation of at least SEK 1.0 billion, which included Coffee Stain Group for the full FY 2025/26. On a comparable basis, excluding Coffee Stain Group, our latest forecast represents a modest upgrade to our underlying expectations. The release date of Gothic 1 Remake is moved to June 5th, giving time for final polishing. We continue to see upside potential to our forecast from the underlying business performance. REANIMAL, developed by Tarsier Studios in Malmö and releasing tomorrow, is our key game release in the fourth quarter. We are excited about the launch, which builds on a successful demo of the game and showcases Tarsier’s creative strengths. Early indications from press are positive and we can’t wait to get the game into players’ hands. Looking towards the end of the quarter, we are also excited about the potential of Milestone’s release of Screamer. STRONG EXECUTION ON STRATEGIC PRIORITIES On 11 December 2025, the spin-off of Coffee Stain Group was completed. With a powerful combination of strong IPs, engaged communities, and innovative talent, we remain confident that the separation will create shareholder value. It allows both ourselves and Coffee Stain Group to better concentrate on core strategies and growth opportunities. Our focus remains on executing against a well-defined pipeline of major game releases over the next three years. For the next financial year, we look forward to one long-awaited, major, in-house developed and in- house published title together with a range of important mid-sized titles. Execution discipline will be critical to converting this stronger pipeline into a clear profitability and cash generation inflection point in FY 2026/27. To further improve profitability and cash flow generation, we continue to execute on three strategic priorities: IP-led focus, operational discipline and targeted cost initiatives. During the quarter, we divested several non-strategic and unprofitable businesses in third-party publishing and work-for-hire, improving focus and capital efficiency. These assets jointly had a negative Adjusted EBIT of around SEK -178 million on a trailing twelve month basis. The divestments also free up resources to deploy in higher- return areas, or to return to shareholders. EMBRACER GROUP AB (PUBL) | OCTOBER-DECEMBER 2025 2 ===== SIDA 3 ===== We are continuously targeting a reduction in both opex and capex through next financial year, as we reduce exposure to non-core IP and as we complete consolidation initiatives. Simplifying and adapting our organization’s size and shape around a more focused portfolio will be key to making better decisions quicker, and to improving profitability. As discussed at our Annual General Meeting in September, we see significant and accelerating potential in AI-driven tools to meaningfully enhance development, production, and operations. The pace of technological advancement is extraordinary, and as an industry that has always embraced innovation, we actively explore and adopt AI where it strengthens our products and improves efficiency. We view AI as a tool to support and empower our teams. World-building, storytelling, and creative direction will remain firmly human-led, ensuring that creativity and originality continue to define our experiences. LONG-TERM DIRECTION IS TAKING SHAPE Our long-term direction is taking shape as we build towards a disciplined, IP-first group. We remain committed to continuing the distribution of any excess cash to our shareholders, and we will provide further updates on our strategy and structure as we make progress and as soon as we have more to share. To conclude, this quarter demonstrates the progress that we are making. By focusing on our core IPs, we can both delight our fans and improve our financial performance. Our focus now is consistent delivery and we thank you for your continued support. Phil Rogers Group CEO EMBRACER GROUP AB (PUBL) | OCTOBER-DECEMBER 2025 3 ===== SIDA 4 ===== FINANCIAL COMMENTS NET SALES Net sales, SEK m Oct-Dec 2025 Oct-Dec 2024 Change Apr-Dec 2025 Apr-Dec 2024 Apr 2024- Mar 2025 PC/Console Games 1,989 2,223 -11% 5,078 6,534 9,394 Mobile Games 566 1,669 -66% 1,621 4,415 5,359 Entertainment & Services 2,621 3,093 -15% 5,277 5,188 6,561 Total 5,176 6,985 -26% 11,975 16,137 21,314 Total net sales in th e quarter amounted to SEK 5,176 million, corresponding to a decrease of -26%. The negative net sales growth in the quarter is in all three segments primarily related to lower foreign exchange rates, combined with negative organic growth whilst Mobile Games also has a negative effect driven by the divestment of Easybrain. Both organic growth and pro forma growth amounted to -8% in the quarter. Entertainment & Services had both a negative organic and pro forma growth of -10%, which is mainly explained by several strong releases from PLAION Partners in the comparison quarter. For Mobile Games, both organic and pro forma growth amounted to -15%, explained by lower spend of User Acquisition Costs in the preceding and actual quarter. The decrease of -3% for both organic and pro forma growth in PC/Console Games in the quarter was mainly driven by decreased work-for-hire revenue. Oct-Dec 2025 Apr-Dec 2025 Net sales growth Net sales growth Organic growth Pro forma growth Net sales growth Organic growth Pro forma growth PC/Console Games -11% -3% -3% -22% -8% -8% Mobile Games -66% -15% -15% -63% -7% -7% Entertainment & Services -15% -10% -10% 2% 9% 9% Total -26% -8% -8% -26% -1% -1% EMBRACER GROUP AB (PUBL) | OCTOBER-DECEMBER 2025 4 FINANCIAL COMMENTS Tomb Raider: Catalyst Amazon Game Studios | Crystal Dynamics ===== SIDA 5 ===== EBIT AND ADJUSTED EBIT EBIT amounted to SEK 663 million (454) in the quarter, yielding an EBIT margin of 13% (7%). The increase compared to the previous year mainly relates to increased profit from sale of subsidiaries along with generally lower operating expenses than in the comparable quarter. Items affecting comparability (IAC - see definitions page 40) amounted to SEK 316 million (-96) in the quarter and are mainly related to profit from sale of subsidiaries of SEK 350 million. SEK -20 million relates to write-downs of intangible assets. These write-downs are related to minor game development projects and IP-rights across both PC/Console Games and Mobile Games. Other IAC amounted to SEK -14 million which are mainly related to profitability actions resulting in the discontinuation of studios and teams. IAC are presented in the table provided on page 43. Adjusted EBIT decreased by -44% and amounted to SEK 528 million (948) in the quarter, yielding a 10% margin (14%), with the lower margin year-over-year explained by the product mix. The Mobile Games segment, is affected by the divested assets of Easybrain which contributed with SEK 325 million in the comparable quarter while the decrease in PC/Console Games and Entertainment & Services is mainly explained by lower net sales. EBIT, SEK m Oct-Dec 2025 Oct-Dec 2024 Change Apr-Dec 2025 Apr-Dec 2024 Apr 2024- Mar 2025 PC/Console Games 509 78 553 % 158 -1,778 -4,067 Mobile Games 11 242 -95 % 169 837 9,101 Entertainment & Services 214 194 10 % 112 13 -1,096 Corporate -71 -59 -20 % -188 -179 -614 Total 663 454 46 % 250 -1,107 3,324 Adjusted EBIT, SEK m Oct-Dec 2025 Oct-Dec 2024 Change Apr-Dec 2025 Apr-Dec 2024 Apr 2024- Mar 2025 PC/Console Games 252 324 -22 % 183 392 1,341 Mobile Games 80 400 -80 % 197 1,292 1,383 Entertainment & Services 252 284 -11 % 334 292 324 Corporate -56 -60 7 % -169 -180 -256 Total 528 948 -44 % 545 1,796 2,793 FORECAST For our current full financial year 2025/26 we expect an adjusted EBIT of at least SEK 750 million. The forecast compares to our previous expectation of at least SEK 1.0 billion, which included Coffee Stain Group, now reclassed as discontinued operations, for the full FY 2025/26. On a comparable basis, our latest forecast represents a modest upgrade of our underlying expectations. EMBRACER GROUP AB (PUBL) | OCTOBER-DECEMBER 2025 5 FINANCIAL COMMENTS ===== SIDA 6 ===== OPERATING SEGMENT PC/CONSOLE GAMES The PC/Console Games operating segment includes the following operative groups: THQ Nordic, PLAION and Crystal D ynamics – Eidos. PC and console games have been a core business for Embracer Group ever sinc e its inception. The segment develops and publishes games for PC and console. It includes AAA, AA+, Indie, Free-to-play, Asset Care, VR, Work-for-Hire and other game development. Key performance indicators, PC/Console Games Oct-Dec 2025 Oct-Dec 2024 Apr-Dec 2025 Apr-Dec 2024 Apr 2024- Mar 2025 Net Sales, SEK m 1,989 2,223 5,078 6,534 9,394 of which Digital products, SEK m 1,345 1,318 3,229 3,782 5,916 of which Physical products, SEK m 185 309 349 707 903 of which Other products 1), SEK m 459 596 1,500 2,045 2,576 Net Sales growth -11 % -28% -22 % -38 % -30 % EBIT, SEK m 509 78 158 -1,778 -4,067 EBIT margin 26 % 4% 3 % -27 % -43 % Adjusted EBIT, SEK m 252 324 183 392 1,341 Adjusted EBIT, margin 13 % 15% 4 % 6 % 14 % Type of income New releases sales, SEK m 228 183 513 530 1,906 Back catalog sales 2), SEK m 1,302 1,444 3,065 3,960 4,913 Other1), SEK m 459 596 1,500 2,045 2,576 1) Primarily Work-for-Hire and other game development projects. 2) See Definitions, quarterly information. SEGMENT HIGHLIGHTS Net sales in the quarter for PC/Console Games amounted to SEK 1,989 million, a decrease of -11% compared to the same period last year, and -3% both organically and pro forma. The negative organic growth was primarily impacted by lower o ther revenue, related to a lower contribution from work-for-hire projects . EBIT amounted to SEK 509 million (78) yielding a 26% (4%) EBIT margin. Items affecting comparability amounted to SEK 312 million (-97) and relates primarily to profit from the divestment of Arc Games and Cryptic Studios. Adjusted EBIT amounted to SEK 252 million (324), yielding a 13% (15%) Adjusted EBIT margin. The lower Adjusted EBIT is primarily explained by lower net sales. Net sales from new releases amounted to SEK 228 million (183) in the quarter, an increase of 25% YoY. Among the new releases in the quarter, SpongeBob SquarePants: Titans of the Tide and Let's Sing 2026 were the main contributors. SpongeBob SquarePants: Titans of the Tide saw solid reviews from critics and users, but performed below management expectations across digital channels. Revenue from back catalog titles (including platform deals) amounted to SEK 1,302 million (1,444) in the quarter, a decrease of -10% YoY. The top-5 back catalog net sales drivers in the quarter included Kingdom Come: Deliverance II, Dead Island 2, Killing Floor 3, MX vs. ATV: Legends and Shadow of the Tomb Raider. Kingdom Come: Deliverance II performed well ahead of expectations, supported by a solid release of the third expansion, Mysteria Ecclesiae . Furthermore, Kingdom Come: Deliverance II reached another milestone as they after the quarter announced 5 million sold copies within its first year of release. Other net sales amounted to SEK 459 million (596) in the quarter, a decrease of -23% YoY, partly impacted by FX, but also driven by a reduction in the number of active work-for-hire projects and by the divestment of Lost Boys Interactive in the quarter. EMBRACER GROUP AB (PUBL) | OCTOBER-DECEMBER 2025 6 OPERATING SEGMENT PC/CONSOLE GAMES SHARE OF GROUP SALES 38% (32%) INTELLECTUAL PROPERTY (IP) 206 (221) INTERNAL HEADCOUNT 3,985 (4,891) INTERNAL STUDIOS 44 (52) ===== SIDA 7 ===== GAME DEVELOPMENT INVESTMENTS AND COMPLETED GAMES The finalized value of the completed and released games during the quarter amounted to SEK 598 million (486), driven by the release of SpongeBob SquarePants: Titans of the Tide, Wreckreation, Thief VR: Legacy of Shadow and Let's Sing 2026 . In total, SEK 666 million (734) were invested in the quarter. The ratio of investments to completed games decreased from 1.5x to 1.1x YoY . When new games are released, capitalized development costs are amortized, based on a degressive depreciation model over two years. EMBRACER GROUP AB (PUBL) | OCTOBER-DECEMBER 2025 7 OPERATING SEGMENT PC/CONSOLE GAMES 3.6x 2.0x 0.8x 3.2x 3.3x 2.1x 1.5x 1.9x 1.9x 3.1x 1.8x 1.5x 0.7x 3.9x 0.5x 1.1x Completed games Investments in game development Investments in game development as X times completed games Jan- Mar 2022 Apr- Jun Jul- Sep Oct- Dec Jan- Mar 2023 Apr- Jun Jul- Sep Oct- Dec Jan- Mar 2024 Apr- Jun Jul- Sep Oct- Dec Jan- Mar 2025 Apr- Jun Jul- Sep Oct- Dec 0 500 1,000 1,500 2,000 0 1 2 3 4 5 SEK million Times ===== SIDA 8 ===== ANNOUNCED PC/CONSOLE RELEASES AS OF FEBRUARY 12, 2025 Title Publishing Label IP Owner Main Developer Platforms Deus Ex Remastered Aspyr Own Internal PC, PS5, XB X|S Rushing Beat X: Return of Brawl BrothersClear River Games External External TBC Taito Milestones 4 Clear River Games External External Switch Truxton Extreme Clear River Games Own Internal PC, PS5 WiZmans World Re;Try Clear River Games External External PS5, Switch Warhammer 40,000: Dawn of War IV Deep Silver / PLAION External External PC TENSE Demiurge Studios Own Internal PC Tomb Raider: Catalyst External Own Internal PC, PS5, XB X|S Tomb Raider: Legacy of Atlantis External Own Internal PC, PS5, XB X|S A Rat's Quest HandyGames External External PC Double Shake Limited Run Games External External PC, PS5, Switch Fear Effect 2 Limited Run Games External Internal PC, PS5, Switch, PS4 He-Man and the Masters of the Universe™: Dragon Pearl of Destruction Limited Run Games External External PC, PS5, Switch, PS4 Jaws: Retro Edition Limited Run Games External Internal PS5, Switch Nickelodeon Splat Pack Limited Run Games External Internal PC, PS5, Switch Renaine Limited Run Games External External PC, Switch Snow Bros: Classic Collection Limited Run Games Own Internal PC, PS5, Switch Ride 6 Milestone Own Internal PC, PS5, XB X|S Screamer Milestone External Internal PC, PS5, XB X|S MARVEL 1943: Rise of Hydra PLAION External External TBC Darksiders 4 THQ Nordic Own Internal PC, PS5, XB X|S Fatekeeper THQ Nordic Own External PC, PS5, XB X|S Gothic 1 Remake THQ Nordic Own Internal PC, PS5, XB X|S Pumuckl and the Crown of the Pirate King THQ Nordic External Internal PC, Switch REANIMAL THQ Nordic Own Internal PC, PS5, XB X|S, Switch 2 Söldner: Secret Wars Remastered THQ Nordic Own External PC The Eternal Life of Goldman THQ Nordic External External PC, PS5, XB X|S, Switch The Guild Europa 1410 THQ Nordic Own Internal PC Tides of Tomorrow THQ Nordic Own Internal PC, PS5, XB X|S NORSE: Oath of Blood Tripwire External External PC, PS5, XB X|S * PC/Console titles from the operating segments Mobile Games and Entertainment & Services are also included in the release list. For latest release dates please refer to above mentioned publishers. The release list does not include games where we only have physical distribution rights. The release list does not include DLCs or Work-For-Hire projects. EMBRACER GROUP AB (PUBL) | OCTOBER-DECEMBER 2025 8 OPERATING SEGMENT PC/CONSOLE GAMES ===== SIDA 9 ===== OPERATING SEGMENT MOBILE GAMES The Mobile Games operating segment consists of DECA Games, which includes CrazyLabs . The segment includes free-to-play, ad centric, in-app- purchase centric and pay-to-play mobile games. Key performance indicators, Mobile Games Oct-Dec 2025 Oct-Dec 2024 Apr-Dec 2025 Apr-Dec 2024 Apr 2024- Mar 2025 Net Sales, SEK m 566 1,669 1,621 4,415 5,359 Net Sales growth -66 % 2% -63 % -3% -9 % EBIT, SEK m 11 242 169 837 9,101 EBIT margin 2 % 14% 10 % 19 % 170 % Adjusted EBIT, SEK m 80 400 197 1,292 1,383 Adjusted EBIT, margin 14 % 24% 12 % 29 % 26 % User Acquisition Cost (UAC), SEK m 254 840 718 1,933 2,508 User Acquisition Cost (UAC), % of Net Sales 45 % 50% 44 % 44 % 47 % Total installs, million 143 254 476 736 940 Total Daily Active Users (DAU), million 9 26 10 27 27 Total Monthly Active Users (MAU), million 111 210 118 211 214 SEGMENT HIGHLIGHTS Net sales in the quarter for Mobile Games amounted to SEK 566 million, with both organic growth and pro forma growth of -15% YoY, driven by lower User Acquisition Cost (UAC) in the past few quarters. In total net sales decreased by -66% YoY, primarily due to the divestment of Easybrain. The development of total downloads, DAU and MAU, compared to the same period last year is mainly due to the divestment of Easybrain. EBIT amounted to SEK 11 million (242), yielding a 2% (14%) EBIT margin. Adjusted EBIT amounted to SEK 80 million (400), yielding a 14% (24%) Adjusted EBIT margin. UAC amounted to SEK 254 million (840), or 45% (50%) of net sales. The lower Adjusted EBIT YoY is entirely explained by the divestment of Easybrain, which contributed with SEK 325 million in the comparison quarter. DECA Games achieved a steady performance in the quarter, with a positive top line and profitability trend sequentially. CrazyLabs saw negative growth year-over-year, with lower UAC despite the successful scaling and growth of a new game, Sled Surfers, in December. Glow Fashion Idol continues to grow steadily with increased UAC . The back catalog across the Mobile Games segment continues to deliver a steady performance. The top-5 revenue generating titles in the quarter were: Glow: Fashion Idol, Party in My Dorm, Flop House, Coffee Mania and Sled Surfers. EMBRACER GROUP AB (PUBL) | OCTOBER-DECEMBER 2025 9 OPERATING SEGMENT MOBILE GAMES SHARE OF GROUP SALES 11% (24%) INTELLECTUAL PROPERTY (IP) 30 (51) INTERNAL HEADCOUNT 762 (1,092) INTERNAL STUDIOS 8 (10) ===== SIDA 10 ===== OPERATING SEGMENT ENTERTAINMENT & SERVICES The Entertainment & Services segment consists of three operative groups: Dark Horse Media, Freemode and PLAION's partner and film business . Dark Horse is a leading IP-focused creator, publisher, and distributor of comic books, art books & merchandise. Freemode is an ecosystem of fan-centric game and entertainment related businesses, including Middle-earth Enterprises and Limited Run Games. Key performance indicators, Entertainment & Services Oct-Dec 2025 Oct-Dec 2024 Apr-Dec 2025 Apr-Dec 2024 Apr 2024- Mar 2025 Net Sales, SEK m 2,621 3,093 5,277 5,188 6,561 of which Digital products, SEK m 1) 127 564 316 864 1,083 of which Physical products, SEK m 1) 2,348 2,416 4,591 4,083 5,144 of which Other products, SEK m 146 114 370 242 334 Net Sales growth -15 % 19 % 2 % -11 % -7 % EBIT, SEK m 214 194 112 13 -1,096 EBIT margin 8 % 6 % 2 % 0 % -17 % Adjusted EBIT, SEK m 252 284 334 292 324 Adjusted EBIT, margin 10 % 9 % 6 % 6 % 5 % 1) A correction is made of the Q1 figures 2025 with a reclassification from Digital to Physical sales. SEGMENT HIGHLIGHTS Net sales in the quarter for Entertainment & Services amounted to SEK 2,621 million, an decrease of -15% compared to the same period last year, or -10% organically and pro forma. The negative organic growth was primarily driven by PLAION Partners, which faced tough comparison numbers in the corresponding quarter, driven by the release of Undisputed across digital platforms. EBIT amounted to S EK 214 million (194), yielding a 8% (6%) EBIT margin. Adjusted EBIT amounted to SEK 252 million (284), yielding a 10% (9%) Adjusted EBIT margin. Items affecting comparability amounted to SEK 25 million (–). The lower Adjusted EBIT was driven by negative organic growth within PLAION Partners. Middle-earth Enterprises had no major new product releases within the quarter, but still generated a solid revenue and Adjusted EBIT. In the quarter, Middle-earth Enterprises entered into a strategic agreement with Asmodee Group to provide category management services across all tabletop games and tabletop gaming accessories based on The Lord of the Rings and The Hobbit. Dark Horse Media and Freemode's other businesses, with a higher share of sales from physical products, saw a seasonal ly stronger performance in Q3, in line with historical trends. Several strategic initiatives are ongoing to drive improved profitability within these businesses. EMBRACER GROUP AB (PUBL) | OCTOBER-DECEMBER 2025 10 OPERATING SEGMENT ENTERTAINMENT & SERVICES SHARE OF GROUP SALES 51% (44%) INTELLECTUAL PROPERTY (IP) 193 (193) INTERNAL HEADCOUNT 1,126 (845) INTERNAL STUDIOS 3 (3) ===== SIDA 11 ===== OTHER FINANCIAL INFORMATION NET PROFIT/LOSS FOR THE PERIOD Net profit/loss for continuing operations for the quarter amounted to SEK 477 million (806), corresponding to a decrease of SEK 329 million. The decrease is mainly related to negative net financial items in the current quarter compared with a positive amount in the comparable quarter. For the period April to December net profit for continuing operations amounted to SEK -20 million (-1,598), an increase of SEK 1,618 million. The increase explained by generally lower operating expenses and profit from sale of subsidiaries compared to losses from sales of subsidiaries in the comparable period. Net financial items amounted to SEK -87 million (578) in the quarter. Net interest income/ expenses and other financial income/expenses amounted to SEK -17 million (-108). Changes in fair value of financial assets and liabilities amounted to SEK -65 million (86). Exchange rate gain/ losses amounted to SEK -5 million (600), mainly related to the revaluation of intercompany financial receivables. Income tax amounted to SEK -99 million (-227) in the quarter. Current income tax amounted to SEK -126 million (-185) and deferred tax amounted to SEK 28 million (-14). Provision for Pillar 2 top-up tax amounted to SEK -1 million (-28). EMBRACER GROUP AB (PUBL) | OCTOBER-DECEMBER 2025 11 OTHER FINANCIAL INFORMATION Sled Surfers DECA Games | CrazyLabs ===== SIDA 12 ===== CONDENSED CASH FLOW SEK m Oct-Dec 2025 Oct-Dec 2024 Apr-Dec 2025 Apr-Dec 2024 Apr 2024- Mar 2025 Operating activities Cash flow from operating activities before changes in working capital 896 1,138 1,800 1,752 3,207 Cash flow from changes in working capital -453 336 -788 -574 -547 Cash flow from operating activities 443 1,474 1,011 1,178 2,660 Cash flow from investing activities -868 -1,167 -2,574 2,454 14,246 Cash flow from financing activities -766 -56 -576 -2,706 -12,041 Total cash flow, Continuing operations -1,191 251 -2,139 926 4,866 Total cash flow, Discontinued operations 495 654 495 607 5,274 Total cash flow, total Group -696 905 -1,644 1,534 10,141 Cash and cash equivalents at the beginning of period 6,127 4,052 7,097 3,507 3,507 Exchange-rate differences in cash and cash equivalents -22 92 -45 9 -95 Cash and cash equivalents in Discontinued operations -533 -1,836 -533 -1,836 -6,491 Cash and cash equivalents at the end of period 4,876 3,213 4,876 3,214 7,061 Cash flow from operating activities before working capital amounted to SEK 896 million (1,138) in the quarter. Cash flow from changes in working capital amounted to SEK -453 million (336) driven by lower trade payables at the end of the quarter. Cash flow from investing activities amounted to SEK -868 million (-1,167) for the quarter where cash flow from acquisition/divestment of subsidiaries amounted to SEK -97 million (-401). Investments in intangible assets amounted to SEK -763 million (-841), where SEK -685 million (-742) is invested in the portfolio of ongoing game development. Free cash flow after changes in working capital amounted to SEK -75 million (719) (see page 43). The comparable quarter includes a positive free cash flow of SEK 215 million generated from the divested assets of Easybrain. Cash flow from financing activities amounted to SEK -766 million (-56) in the quarter where proceeds from borrowings amounted to SEK 481 million (343) and reduced utilization of credit facilities amounted to SEK -288 million (-511). The cash flow from repurchase of own shares amounted to -428 MSEK (—). EMBRACER GROUP AB (PUBL) | OCTOBER-DECEMBER 2025 12 OTHER FINANCIAL INFORMATION ===== SIDA 13 ===== NET CASH/DEBT AND AVAILABLE FUNDS Net cash/Net debt, SEK m Dec 31, 2025 Dec 31, 2024 1) Mar 31, 2025 Cash 4,876 3,258 7,097 Current investments — — 0 Current liabilities to credit institutions -901 -589 -545 Non-current liabilities to credit institutions -1,108 -5,883 -1,119 Net Cash (+) / Net Debt (-) 2,866 -3,216 5,434 1) Reclassification of the assets and liabilities under IFRS 5 has been returned to the balances when the net debt and available funds was calculated. The change in net debt and available funds for the previous year is, therefore, not affected by this reclassification as it does not have a cash effect before completion of the transactions. As per December 31, 2025 , the reported net cash amounted to SEK 2.9 billion, consisting of around SEK 4.9 billion in cash, SEK -0.9 billion related to current liabilities to credit institutions, as well as SEK -1.1 billion in non-current liabilities. The leverage target is to have net debt to Adjusted EBIT of 1.0x on a 12-month forward looking basis. As per December 31, 2025 , the group had obligations related to historical acquisitions with an expected cash settlement of SEK 0.7 billion with an estimated maturity structure (see page 14). Avaliable funds, SEK m Dec 31, 2025 Dec 31, 2024 Mar 31, 2025 Cash 4,876 3,258 7,097 Current investments — — 0 Unutilized credit facilities 947 4,521 5,956 Available funds 5,823 7,779 13,053 During the quarter the previous revolving credit facility of EUR 400m was canceled as planned in conjunction with the spin-off of Coffee Stain Group. Share buyback program In the quarter Embracer repurchased 3,991,782 own Class B shares for a total consideration of SEK 428 million. The share buybacks are a part of the SEK 500 million program that Embracer announced on September 18, 2025. The buyback program started September 19, 2025 and ended on November 6, 2025 and a total of 4,830,742 shares where repurchased. As of December 31, 2025, Embracers’s holdings of treasury shares correspond to 2,4% of the total number of shares outstanding. EMBRACER GROUP AB (PUBL) | OCTOBER-DECEMBER 2025 13 OTHER FINANCIAL INFORMATION Screamer Milestone | Milestone ===== SIDA 14 ===== OBLIGATIONS RELATED TO HISTORICAL ACQUISITIONS In connection to certain business combinations, agreements have been entered regarding contingent considerations that are not classified as part of the transferred purchase consideration since there is a requirement for continued employment for the seller or other reasons for the contingent consideration to be accounted for as a separate transaction. More information is presented in Note 5. Obligations related to historical acquisitions to be settled in cash The table below gives an overview of obligations related to historical acquisitions in SEK million to be settled in cash as of December 31, 2025 . The present value of contingent considerations has been calculated based on expected outcome for financial and operational targets for each individual agreement. The financial obligation will vary over time depending on, among other things, the degree of fulfillment of conditions for payment, the development of certain exchange rates in relation to the Swedish krona and interest rates. Since the last quarter the total obligation has decreased with SEK 584 million which is primarily driven by ordinary payments. Financial year when settlement might occur Contingent consideration classified as part of purchase price, SEK m Obligations in relation to future personnel costs related to acquisitions, SEK m Total obligations related to historical acquisitions, SEK m 2025/2026 0 7 7 2026/2027 85 247 332 2027/2028 53 21 74 2028/2029 62 12 74 2029/2030 100 21 121 2030/2031 51 13 64 2031/2032 47 12 59 398 332 730 Contingent considerations classified as part of the purchase consideration and that are to be settled in cash are accounted for as debt in the group‘s balance sheet, divided into current and non-current debt. Obligations related to future personnel costs related to acquisitions which will be settled in cash are accounted for in the group‘s balance sheet, to the extent that it has been earned by the employee and is classified as debt. On December 31, 2025 , the debt amounted to SEK 297 million, divided into current and non-current debt. Obligations related to historical acquisitions to be settled in shares The table below provides an overview of obligations related to historical acquisitions on December 31, 2025 , which will be settled in shares . Contingent considerations classified as part of the purchase consideration is accounted for as e ither equity or debt in the group's balance sheet. Obligations related to future personnel costs related to acquisitions which will be settled in shares are accounted for in the group's balance sheet, to the extent that they have been earned by the employee and are classified as equity in the group's balance sheet. Additional information is available in Note 5. Number of shares, thousands Contingent consideration classified as part of purchase price Obligations in relation to future personnel costs related to acquisitions Total obligations related to historical acquisitions Already issued - clawback shares 1) 1,886 446 2,333 To be issued 1,558 174 1,733 Total number of shares 3,445 621 4,066 1) See definitions on page 44 The number of shares to be issued as additional purchase price can vary but never exceed 1.7 million according to the agreements. If all shares are issued, the dilution in capital will amount to 0.56% and 0.75% of the voting rights as of December 31, 2025 , and the total number of shares after full dilution will be 231 million. Expectations of shares to be issued as per December 31, 2025 based on target achievement is within the interv al 0.1 to 0.2 million. If EMBRACER GROUP AB (PUBL) | OCTOBER-DECEMBER 2025 14 OTHER FINANCIAL INFORMATION ===== SIDA 15 ===== shares within this interval are issued, the dilution in capital will amount to 0.06-0.08% and 0.05-0.06% of the voting rights as of December 31, 2025 . Compared with the last quarter the number of shares in the table has decreased due to several share issues to settle obligations. Specific items related to historical acquisitions The forecast is based on the average exchange rates for the period April 2025 to December 2025. The forecast includes closed acquisitions as per December 31, 2025 , which contain finalized purchase price allocati ons. 25/26 SEK m Q4 26/27 27/28 28/29 29/30 30/31 31/32 Total Amortization of surplus values of acquired intangible assets 152 502 349 336 313 289 287 2,228 Personnel costs related to acquisitions 29 51 44 38 21 2 — 185 Specific items related to historical acquisitions 181 553 393 374 334 291 287 2,413 EMBRACER GROUP AB (PUBL) | OCTOBER-DECEMBER 2025 15 OTHER FINANCIAL INFORMATION REANIMAL THQ Nordic | Tarsier Studios ===== SIDA 16 ===== PARENT COMPANY The parent company acquires and conducts operations through its subsidiaries and underlying companies. The parent company’s net sales for the quarter were SEK 48 million ( 21), and loss/profit before tax was SEK -1,578 million ( 902). Other income for the quarter amounted to SEK 166 million ( 0) and is attributable to purchase price adjustments related to previously completed acquisitions. Income tax includes "top-up" tax according to Pillar 2 - Income Inclusion Rule (IIR), amounting to SEK -1 million (-28). Loss/Profit after tax was SEK -1,585 million (766). The parent company’s net sales for April-December 2025 were SEK 121 million ( 64), and loss before tax was SEK -1,749 million ( -410). Other income for April-December 2025 amounted to SEK 166 million ( 1) and is attributable to purchase price adjustments related to previously completed acquisitions. Income tax includes "top-up" tax according to Pillar 2 - Income Inclusion Rule (IIR), amounting to SEK -3 million (-86). Loss after tax was SEK -1,728 million (-424). Cash and current investments as of December 31, 2025 were SEK 3,665 million (1,281). Available funds amounted to SEK 4,015 million as of December 31, 2025 . The parent company’s equity at the end of the p eriod was SEK 23,532 million (54,644). EMBRACER GROUP AB (PUBL) | OCTOBER-DECEMBER 2025 16 OTHER FINANCIAL INFORMATION NORSE: Oath of Blood Tripwire Presents | Arctic Hazard ===== SIDA 17 ===== SIGNIFICANT EVENTS DURING THE QUARTER > Between 19 September 2025 and 6 November 2025, Embracer Group repurchased in total 4,830,742 own B shares as part of the share buyback program initiated by the Board of Directors on 18 September 2025. Thus, shares with a total value of approximately SEK 500 million were repurchased. > On 17 November 2025, Embracer Group announced that it will leave Coffee Stain Group with a pro forma net cash position of SEK 500 million as of 30 September 2025. In connection with the planned spin-off and listing of Coffee Stain Group on Nasdaq First North Premier Growth Market in Stockholm. > On 26 November 2025, Embracer Group entered into a binding agreement to divest Arc Games and Cryptic Studios to Project Golden Arc, Inc., with financing from XD Inc., for expected net proceeds of approximately USD 30 million (SEK 287 million). The divestment has thereafter been completed. Embracer Group retained the publishing rights to the Remnant franchise and the rights to the online multiplayer title Fellowship. The latter were transferred to Coffee Stain Group in connection with its planned spin-off from Embracer Group. > On 8 December 2025, Coffee Stain Group AB published a company description on the company’s website for the listing of its Class B shares on Nasdaq First North Premier Growth Market in Stockholm. The listing was carried out through a spin-off to the shareholders of Embracer Group AB and trading in Coffee Stain Group's Class B shares commenced on 11 December 2025. SIGNIFICANT EVENTS AFTER THE QUARTER > On 15 January 2026, Embracer Group announced the appointment of Lee Guinchard as Chief Operating Officer and a member of the Executive Management Team. As CEO of Embracer Freemode and Middle-earth Enterprises, he has played a central role in the group’s development. In his new additional role as Chief Operating Officer of Embracer Group, he will bring this expertise to the wider group as the company evolves into Fellowship Entertainment. > On 4 February 2026, Embracer announced that the nomination committee for the 2026 Annual General Meeting has been appointed. The committee comprises Per Fredriksson, appointed by Lars Wingefors AB and Chair of the committee; Ola Åhman, appointed by Savvy Gaming Group; Magnus Tell, appointed by Alecta; Andreas Wollheim, appointed by SEB Asset Management; and Erik Granström, appointed by Folksam. EMBRACER GROUP AB (PUBL) | OCTOBER-DECEMBER 2025 17 OTHER FINANCIAL INFORMATION Tomb Raider: Legacy of Atlantis Amazon Game Studios | Crystal Dynamics | Flying Wild Hog ===== SIDA 18 ===== SUSTAINABILITY AND GOVERNANCE SUSTAINABILITY During the third quarter, we continued to strengthen our work with data quality, an area that has become even more prioritized in light of the new requirements arising from EU directives. To ensure a shared understanding and direction, we organized an in-person workshop with those responsible for ESG data within our global group. The purpose was to foster collaboration, build consensus, and increase engagement around the challenges and opportunities we face. We are convinced that this is the right path to meet increased regulatory requirements while also generating value for the business. A particular focus during the period has been the further development of our frameworks and processes, so that they are adapted to the new conditions associated with the transformation. By involving relevant parts of the organization in the development work, we aim to secure engagement and provide the opportunity for direct influence where business decisions are made. In this way, we are building a robust structure that not only meets external requirements but also strengthens our internal efficiency and ensures that we are working with our most material issues, impacts, opportunities, and risks in these areas. GOVERNANCE During the quarter, the Group re-launched the annual e-learning within Data Privacy. EMBRACER GROUP AB (PUBL) | OCTOBER-DECEMBER 2025 18 SUSTANABILITY AND GOVERNANCE The Lord of the Rings Magic The Gathering: Tales of Middle-earth, © & TM Mee under lic. to Wizards of the Coast ===== SIDA 19 ===== ANALYSTS FOLLOWING EMBRACER GROUP For an updated list of analysts covering Embracer Group, please refer to our website embracer.com. THE SHARE TOP 20 OWNERS AS OF DECEMBER 31, 2025 Change from Sep 30, 2025 Name Class A shares Class B shares Share of capital, % Share of votes, % Class A and B shares 1 Lars Wingefors AB 9,000,000 35,857,907 19.61 % 40.63 % — 2 Savvy Gaming Group 16,647,337 7.28 % 5.37 % — 3 DNB Asset Management AS 16,530,606 7.23 % 5.34 % 1,712,441 4 Matthew Karch 12,429,703 5.43 % 4.01 % — 5 Alecta Tjänstepension 6,750,000 2.95 % 2.18 % -500,000 6 Andrey Iones 6,586,275 2.88 % 2.13 % — 7 SEB Funds 5,903,304 2.58 % 1.91 % 33,296 8 Vanguard 5,724,498 2.50 % 1.85 % -104,555 9 Embracer Group AB 5,580,294 2.44 % 1.80 % 4,261,768 10 Norges Bank Investment Management 5,418,946 2.37 % 1.75 % — 11 Carnegie Fonder 5,250,000 2.29 % 1.69 % — 12 DNB Asset Management SA 4,422,819 1.93 % 1.43 % 248,329 13 Första AP-fonden 4,400,000 1.92 % 1.42 % 0 14 Folksam 4,129,709 1.81 % 1.33 % 38,477 15 Canada Pension Plan Investment Board (CPP) 4,080,176 1.78 % 1.32 % — 16 Skandia Fonder 3,728,489 1.63 % 1.20 % 415,013 17 Avanza Pension 3,101,981 1.36 % 1.00 % 1,666,101 18 BlackRock 3,094,924 1.35 % 1.00 % -149,869 19 Handelsbanken Fonder 2,733,492 1.19 % 0.88 % 274,908 20 Randy Pitchford 2,622,662 1.15 % 0.85 % — TOP 20 9,000,000 154,993,122 71.68 % 79.09 % OTHERS 0 64,784,843 28.32 % 20.91 % TOTAL 9,000,000 219,777,965 100.00 % 100.00 % Source: Monitor by Modular Finance. Shareholder lists are available on embracer.com and are updated in real time. INTERNATIONAL OWNERSHIP TOP 50 INSTITUTIONAL AS OF DECEMBER 31, 2025 BY CAPITAL Swedish Institutions 42.0% International Institutions 58.0% EMBRACER GROUP AB (PUBL) | OCTOBER-DECEMBER 2025 19 OTHER INFORMATION ===== SIDA 20 ===== RISKS AND UNCERTAINTY FACTORS Embracer Group is exposed to risks, particularly the dependence on key persons for the success of game development, the sales performance of launched games, dependence on a few distributors and the success and performance of acquisitions. The complete risk analysis is found in the company’s most recent Annual Report. Additional significant risks and assumptions are described in Note 2 in this report. AUDITOR’S REVIEW This Interim Report has not been subject t o review by the Company's auditor. FINANCIAL CALENDAR Full Year Report Q4, January-March 2026 May 20, 2026 Annual Report 2025/26 Week 25, 2026 Interim Report Q1, April-June 2026 August 13, 2026 Annual General Meeting 2026 September 24, 2026 Interim Report Q2, July-September 2026 November 12, 2026 Interim Report Q3, October-December 2026 February 11, 2027 Full Year Report Q4, January-March 2027 May 20, 2027 FOR MORE INFORMATION Find more information about the Company at its website: embracer.com For any questions on this report, please contact: Phil Rogers, CEO phil.rogers@embracer.com Müge Bouillon, Group CFO muge.bouillon@embracer.com Oscar Erixon, Head of Investor Relations oscar.erixon@embracer.com Beatrice Flink Forsgren, Head of Brand & Communication beatrice.forsgren@embracer.com EMBRACER GROUP AB (PUBL) | OCTOBER-DECEMBER 2025 20 OTHER INFORMATION Kingdom Come: Deliverance II Deep Silver | Warhorse Studios ===== SIDA 21 ===== SIGNATURES AND ASSURANCE The Board of Directors and Chief Executive Officer offer their assurance that this interim report for the third quarter gives a true and fair view of the Group’s and parent company’s operations, financial position and results of operations and describes the significant risks and uncertainties facing the Group and the parent company. Karlstad, Sweden, February 12, 2026 Lars Wingefors Chair of the Board Kicki Wallje-Lund Deputy Chair of the Board Yasmina Brihi Board member Bernt Ingman Board member Jacob Jonmyren Board member Cecilia Qvist Board member Brian Ward Board member Phil Rogers CEO This information is information that Embracer Group AB (publ) is obliged to make public pursuant to the EU Market Abuse Regulation 596/2014. The information was submitted for publication, through the agency of the contact persons set out above, at 2026-02-12 07:00 CET. The persons above may also be contacted for further information. This report contains forward-looking statements that reflect the Board of Directors’ and management’s current views with respect to certain future events and potential financial performance. Forward-looking statements are subject to risks and uncertainties. Results could differ materially from forward-looking statements as a result of, among other factors, (i) changes in economic, market and competitive conditions, (ii) success of business initiatives, (iii) changes in the regulatory environment and other government actions, (iv) fluctuations in exchange rates and (v) business risk management. This report is based solely on the circumstances at the date of publication and except to the extent required under applicable law or applicable marketplace regulations, Embracer Group AB is under no obligation to update the information, opinions or forward-looking statements in this report. EMBRACER GROUP AB (PUBL) | OCTOBER-DECEMBER 2025 21 OTHER INFORMATION Ride 6 Milestone | Milestone ===== SIDA 22 ===== CONSOLIDATED STATEMENT OF PROFIT OR LOSS Amounts in SEK m Note Oct-Dec 2025 Oct-Dec 2024 Apr-Dec 2025 Apr-Dec 2024 Apr 2024- Mar 2025 Net sales 3 ,4 5,176 6,985 11,975 16,137 21,314 Other operating income 6 426 91 618 314 8,389 Total operating income 5,603 7,076 12,593 16,451 29,703 Work performed by the Company for its own use and capitalized 528 643 1,617 1,980 2,587 Goods for resale -2,316 -2,906 -4,579 -5,149 -6,604 Other external expenses 7 -989 -1,555 -2,619 -4,110 -5,459 Personnel expenses 8 -1,309 -1,671 -3,797 -6,280 -8,107 Depreciation, amortization and impairment -850 -1,049 -2,891 -3,290 -8,684 Other operating expenses 9 -3 -85 -78 -711 -104 Share of profit of an associate after tax 1 1 3 1 -8 Operating profit/loss (EBIT) 663 454 250 -1,107 3,324 Net financial items 10 -87 578 -230 -228 -862 Profit/loss before tax 576 1,032 20 -1,335 2,461 Income tax -99 -227 -40 -263 -115 Profit for the year continuing operations 477 806 -20 -1,598 2,346 Profit from Discontinued operation, net after tax 1) 6 966 192 1,029 23 3,617 Net profit/loss for the period 1,443 997 1,009 -1,575 5,963 Net profit/loss for the period attributable to: Equity holders of the parent 1,442 996 1,007 -1,576 5,964 Non-controlling interests 1 1 2 1 -1 Earnings per share 2) Basic earnings per share including Discontinued operation (SEK) 6.82 4.81 4.81 -7.65 28.88 Diluted earnings per share including Discontinued operation (SEK) 6.82 4.80 4.81 -7.65 28.87 Basic earnings per share excluding Discontinued operation (SEK) 2.25 3.88 -0.10 -7.76 11.37 Diluted earnings per share excluding Discontinued operation (SEK) 2.25 3.88 -0.10 -7.76 11.36 1) Excluding non-controlling interests of discontinued operations 2) Recalculated with respect to the reversed split 1:6 carried out on January 15, 2025 as resolved at the extra general meeting on January 7, 2025. Number of shares for previous periods have been adjusted. CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME Amounts in SEK m Note Oct-Dec 2025 Oct-Dec 2024 Apr-Dec 2025 Apr-Dec 2024 Apr 2024- Mar 2025 Net profit/loss for the period 1,443 997 1,009 -1,575 5,963 Other comprehensive income Items that may be reclassified to profit or loss (net of tax): Exchange differences on translation of foreign operations -757 1,659 -1,113 -692 -4,831 Cash flow hedges -2 1 2 -1 -3 Items that will not be reclassified to profit or loss (net of tax): Remeasurement of defined benefit plans for employees — 0 — 0 -2 Total other comprehensive income for the period, net of tax -759 1,660 -1,111 -694 -4,836 Total comprehensive income for the period, net of tax 684 2,657 -102 -2,269 1,126 Total comprehensive income attributable to: Equity holders of the parent 683 2,656 -104 -2,270 1,127 Non-controlling interests 1 1 2 1 -1 EMBRACER GROUP AB (PUBL) | OCTOBER-DECEMBER 2025 22 ===== SIDA 23 ===== CONSOLIDATED STATEMENT OF FINANCIAL POSITION Amounts in SEK m Note Dec 31, 2025 Dec 31, 2024 Mar 31, 2025 ASSETS Non-current assets Goodwill 9,686 17,013 12,373 Intangible assets 11,924 16,433 14,312 Property, plant and equipment 455 591 527 Right-of-use assets 471 711 645 Investments in associates 6 262 246 Non-current financial assets 568 493 447 Deferred tax assets 1,629 1,628 1,665 Total non-current assets 24,738 37,131 30,215 Current assets Inventories 822 1,049 707 Trade receivables 2,581 3,128 2,200 Contract assets 307 208 82 Other receivables 1,185 1,372 1,351 Prepaid expenses 295 383 481 Current investments — — 0 Cash and cash equivalents 4,876 3,041 7,097 Total current assets 10,065 9,181 11,919 Assets held for sale or distribution 6 — 43,549 — TOTAL ASSETS 34,803 89,861 42,134 CONT.>> EMBRACER GROUP AB (PUBL) | OCTOBER-DECEMBER 2025 23 ===== SIDA 24 ===== >>CONTINUED CONSOLIDATED STATEMENT OF FINANCIAL POSITION Amounts in SEK m Note Dec 31, 2025 Dec 31, 2024 Mar 31, 2025 EQUITY AND LIABILITIES Equity Share capital 2 2 2 Other contributed capital 61,887 61,836 62,061 Reserves -121 5,133 990 Retained earnings, including net profit/loss -35,733 -16,256 -31,921 Total equity attributable to equity holders of the parent 26,035 50,715 31,133 Non-controlling interests 36 903 64 Total equity 26,071 51,618 31,196 Non-current liabilities Liabilities to credit institutions 1,108 5,883 1,119 Other non-current liabilities 192 175 103 Lease liabilities 337 489 438 Other provisions 185 39 186 Contingent considerations 5 368 1,505 822 Non-current employee benefits 4 3 5 Non-current liabilities to employees related to historical acquisitions 5 50 755 679 Deferred tax liabilities 717 1,450 1,226 Total non-current liabilities 2,962 10,300 4,578 Current liabilities Liabilities to credit institutions 901 589 545 Advances from customers 82 122 158 Trade payables 1,505 1,964 1,207 Lease liabilities 166 267 249 Contract liabilities 605 1,019 1,023 Contingent considerations 5 104 303 495 Tax liabilities 176 377 365 Current liabilities to employees related to historical acquisitions 5 246 101 164 Other current liabilities 496 471 498 Accrued expenses 1,489 2,136 1,656 Total current liabilities 5,771 7,348 6,360 Liabilities directly associated with assets classified as held for sale or distribution 6 — 20,596 — TOTAL EQUITY AND LIABILITIES 34,803 89,861 42,134 EMBRACER GROUP AB (PUBL) | OCTOBER-DECEMBER 2025 24 ===== SIDA 25 ===== CONSOLIDATED STATEMENT OF CHANGES IN EQUITY Equity attributable to equity holders of the parent Amounts in SEK m Share capital Other contributed capital Reserves1) Retained earnings including profit for the period Total equity attributable to equity holders of the parent Non- controlling interests Total equity Opening balance 2024-04-01 2 60,932 5,826 -14,341 52,419 64 52,482 Net profit/loss — — — -1,576 -1,576 1 -1,575 Other comprehensive income — — -694 — -694 0 -694 Total comprehensive income for the period — — -694 -1,576 -2,270 1 -2,269 Transactions with the owners New share issue 0 268 — — 268 — 268 Share-based remuneration according to IFRS 2 — 637 — — 637 — 637 Transactions with non-controlling interests — — — -339 -339 1,332 994 Dividend to non-controlling interests — — — — — -495 -495 Total 0 905 — -339 566 837 1,404 Closing balance 2024-12-31 2 61,836 5,133 -16,256 50,715 903 51,618 Opening balance 2025-04-01 2 62,061 990 -31,921 31,133 64 31,196 Net profit/loss — — — 1,007 1,007 2 1,009 Other comprehensive income — — -1,111 — -1,111 0 -1,111 Total comprehensive income for the period — — -1,111 1,007 -104 2 -102 Transactions with the owners New share issue 0 389 — — 389 — 389 Share-based remuneration according to IFRS 2 — -64 — — -64 — -64 Repurchase of own shares — -500 — — -500 — -500 Dividend — — — -4,819 -4,819 — -4,819 Transactions with non-controlling interests — — — 0 — -30 -30 Total 0 -174 — -4,820 -4,994 -30 -5,023 Closing balance 2025-12-31 2 61,887 -121 -35,733 26,035 36 26,071 1) Includes currency translation difference and cash flow hedge reserve as well as revaluation of defined benefit plans to employees. EMBRACER GROUP AB (PUBL) | OCTOBER-DECEMBER 2025 25 ===== SIDA 26 ===== CONSOLIDATED CASH FLOW STATEMENT Amounts in SEK m 2) Oct-Dec 2025 Oct-Dec 2024 Apr-Dec 2025 Apr-Dec 2024 Apr 2024- Mar 2025 Operating activities Profit/loss before tax 576 1,032 20 -1,335 2,461 Adjustments for non-cash items, etc. 391 292 2,141 3,715 1,447 Income tax paid -71 -186 -361 -628 -701 Cash flow from operating activities before changes in working capital 896 1,138 1,800 1,752 3,207 Cash flow from changes in working capital Change in inventories 58 114 -152 -126 5 Change in operating receivables -1,147 -951 -630 -826 237 Change in operating liabilities 636 1,173 -6 378 -788 Cash flow from operating activities 443 1,474 1,011 1,178 2,660 Investing activities Acquisition of property, plant and equipment -24 -28 -68 -104 -123 Proceeds from sales of property, plant and equipment 16 3 16 3 4 Acquisition of intangible assets -763 -841 -2,269 -2,624 -3,415 Proceeds from sales of intangible assets — 4 6 21 26 Acquisition of subsidiaries, net of cash acquired 1) -316 -379 -374 -684 -702 Divestment of subsidiaries, net of cash divested 219 -22 157 5,866 18,497 Acquisition of financial assets — 95 -44 -31 -47 Proceeds from sales of financial assets — 1 0 7 6 Cash flow from investing activities -868 -1,167 -2,574 2,454 14,246 Financing activities Repurchase of own shares -428 — -500 — — Proceeds from borrowings 481 343 1,493 6,884 7,272 Received dividend — — — 9,885 9,885 Payments received from and given to discontinued operations -470 190 -272 448 -4,118 Repayment of loans -288 -511 -1,102 -19,680 -24,763 Payment of lease liabilities -61 -78 -195 -243 -316 Cash flow from financing activities -766 -56 -576 -2,706 -12,041 Total cash flow, Continuing operations -1,191 251 -2,139 926 4,866 Total cash flow, Discontinued operations 495 654 495 607 5,274 Total cash flow, total Group -696 905 -1,644 1,534 10,141 Cash and cash equivalents at the beginning of period 6,127 4,052 7,097 3,507 3,507 Exchange-rate differences in cash and cash equivalents -22 92 -45 9 -95 Cash and cash equivalents in Discontinued operations -533 -1,836 -533 -1,836 -6,491 Cash and cash equivalents at the end of period 4,876 3,213 4,876 3,214 7,061 1) The change in the quarter refers to historical acquisitions. 2) The total cash flow for discontinued operations is presented as a separate row in the cash flow statement. Details are disclosed in note 6. EMBRACER GROUP AB (PUBL) | OCTOBER-DECEMBER 2025 26 ===== SIDA 27 ===== NOTES NOTE 1 MATERIAL ACCOUNTING PRINCIPLES This interim report comprises of the Swedish parent company Embracer Group AB (publ) (“Embracer”), with corporate registration number 556582-6558, and its subsidiaries. The Group conducts management and development of intellectual property rights, development and publishing of PC games, console games, mobile games and VR games and has partner publishing and niche positions in film and comic book publishing. The parent company is a limited liability company with its registered office in Karlstad, Sweden . The address of the head office is Tullhusgata n 1B, 652 09 Karlstad, Sweden. The Group’s interim financial statements have been prepared in accordance with IAS 34 Interim Financial Reporting and applicable parts of the Swedish Annual Accounts Act (1995:1554). For the parent company, the interim report has been prepared in compliance with the Swedish Annual Accounts Act and Recommendation RFR 2 Accounting for Legal Entities. For the Group, the same accounting policies and methods of computation have been applied as in the Annual Report for FY 2024/25, with additions described below . A complete description of the Group’s applied accounting policies can be found in Note 1 as well as separate sections in the respective notes in the Annual Report for FY 2024/25. For the parent company’s applied accounting policies, see Note P1. Disclosures in accordance with IAS 34.16A appear in addition to the financial statements and its related notes in the interim information on page 27-36 that from an integral part of this financial report. All amounts are presented in million Swedish kronor (”SEK m”), unless otherwise indicated. Rounding differences may occur. Accounting principles - Repurchase of own shares Expenditure for the purchase of own shares reduces retained earnings in equity in the Parent company and the portion of consolidated equity that pertains to owners of the Parent company. If these shares are sold, the sales proceeds are included in retained earnings in the equity pertaining to owners of the Parent company. NOTE 2 SIGNIFICANT ESTIMATES AND ASSUMPTIONS When preparing the financial statements, management and the Board of Directors must make certain assessments and assumptions that impact the carrying amount of asset and liability items and revenue and expense items, as well as other provided information. Actual outcome may differ from the estimates if the estimates or circumstances change. The key estimates and assumptions made when preparing the interim report correspond to the ones described in Note 2 as well as separate sections in the respective notes in the Annual Report for FY 2024/25. EMBRACER GROUP AB (PUBL) | OCTOBER-DECEMBER 2025 27 ===== SIDA 28 ===== NOTE 3 OPERATING SEGMENTS For accounting and monitoring, the Group has divided its operations into three operating segments based on how the chief operating decision maker reviews the operations for allocation of resources and assessment of performance. Embracer’s CEO is identified as the Group’s chief operating decision maker (CODM). The division of operating segments is based on differences in the goods and services that Embracer offers. PC/Console Games - This part of the business conducts development and publishing of premium games for PC and console. Mobile Games - This part of the business conducts development and publishing of mobile games. Entertainment & Services - This part of the business is engaged in development, publishing and distribution of comic books, conducts wholesale of publishing titles of games for console and PC as well as films, conducts publishing and external distribution of films and TV-series and produce and distribute merchandise. The CODM primarily uses the performance measure Adjusted EBIT to assess the operating segments’ performance. The CODM does not follow up on the assets and liabilities of the segments for allocation of resources or assessment of performance. The same accounting principles are used for the segments as for the Group. Oct-Dec 2025 PC/Console Games Mobile Games Entertainment & Services Total segments Eliminations Corporate Group total Revenue from external customers 1,989 566 2,621 5,176 – – 5,176 Revenue from transactions with other operating segment 18 9 13 40 -40 – – Total revenue 2,007 575 2,634 5,216 -40 – 5,176 Adjusted EBIT 252 80 252 584 – -56 528 Amortization of surplus values of acquired intangible assets -50 -50 -61 -162 – – -162 Personnel costs related to acquisitions -5 -13 -1 -20 – – -20 Items affecting comparability 312 -5 25 331 – -15 316 EBIT 509 11 214 734 – -71 663 Net financial items -87 Profit/loss before tax 576 Oct-Dec 2024 PC/Console Games Mobile Games Entertainment & Services Total segments Eliminations Corporate Group total Revenue from external customers 2,223 1,669 3,093 6,985 – – 6,985 Revenue from transactions with other operating segment 3 12 8 23 -23 – – Total revenue 2,226 1,681 3,101 7,008 -23 – 6,985 Adjusted EBIT 324 400 284 1,008 – -60 948 Amortization of surplus values of acquired intangible assets -90 -95 -89 -275 – – -275 Personnel costs related to acquisitions -58 -63 -1 -122 – – -122 Items affecting comparability -97 – – -97 – 1 -96 EBIT 78 242 194 513 – -59 454 Net financial items 578 Profit/loss before tax 1,032 Apr-Dec 2025 PC/Console Games Mobile Games Entertainment & Services Total segments Eliminations Corporate Group total Revenue from external customers 5,078 1,621 5,277 11,975 – – 11,975 Revenue from transactions with other operating segment 23 36 24 82 -82 – – Total revenue 5,100 1,656 5,300 12,057 -82 – 11,975 Adjusted EBIT 183 197 334 715 – -169 545 Amortization of surplus values of acquired intangible assets -169 -162 -195 -526 – – -526 Personnel costs related to acquisitions 9 139 -1 147 – – 147 Items affecting comparability 135 -5 -26 103 – -19 84 EBIT 158 169 112 438 – -188 250 Net financial items -230 Profit/loss before tax 20 CONT. >> EMBRACER GROUP AB (PUBL) | OCTOBER-DECEMBER 2025 28 ===== SIDA 29 ===== >> NOTE 3 CONTINUED Apr-Dec 2024 PC/Console Games Mobile Games Entertainment & Services Total segments Eliminations Corporate Group total Revenue from external customers 6,534 4,415 5,188 16,137 – – 16,137 Revenue from transactions with other operating segment 14 24 25 63 -63 – – Total revenue 6,548 4,439 5,213 16,200 -63 – 16,137 Adjusted EBIT 392 1,292 292 1,976 – -180 1,796 Amortization of surplus values of acquired intangible assets -322 -309 -267 -898 – – -898 Personnel costs related to acquisitions -1,097 -147 -11 -1,255 – – -1,255 Remeasurement of contingent consideration 4 – – 4 – – 4 Items affecting comparability -755 – – -755 – 1 -754 EBIT -1,778 837 13 -928 – -179 -1,107 Net financial items -228 Profit/loss before tax -1,335 Apr 2024- Mar 2025 PC/Console Games Mobile Games Entertainment & Services Total segments Eliminations Corporate Group total Revenue from external customers 9,394 5,359 6,561 21,314 – – 21,314 Revenue from transactions with other operating segment 21 40 35 95 -95 – – Total revenue 9,415 5,398 6,596 21,409 -95 – 21,314 Adjusted EBIT 1,341 1,383 324 3,049 – -256 2,793 Amortization of surplus values of acquired intangible assets -408 -371 -356 -1,135 – – -1,135 Personnel costs related to acquisitions -1,189 -335 -18 -1,542 – – -1,542 Remeasurement of contingent consideration 4 – – 4 – – 4 Items affecting comparability -3,815 8,424 -1,047 3,562 – -358 3,204 EBIT -4,067 9,101 -1,096 3,938 – -614 3,324 Net financial items -862 Profit/loss before tax 2,461 EMBRACER GROUP AB (PUBL) | OCTOBER-DECEMBER 2025 29 ===== SIDA 30 ===== NOTE 4 REVENUE FROM CONTRACTS WITH CUSTOMERS Oct-Dec 2025 PC/Console Games Mobile Games Entertainment & Services Group total Type of products Digital products 1,345 566 127 2,038 Physical products 185 – 2,348 2,533 Other 1) 459 – 146 605 Revenue from contracts with customers 1,989 566 2,621 5,176 Oct-Dec 2024 PC/Console Games Mobile Games Entertainment & Services Group total Type of products Digital products 1,318 1,667 564 3,549 Physical products 309 – 2,416 2,725 Other 1) 596 2 114 711 Revenue from contracts with customers 2,223 1,669 3,093 6,985 Apr-Dec 2025 PC/Console Games Mobile Games Entertainment & Services 2) Group total Type of products Digital products 3,229 1,621 316 5,167 Physical products 349 – 4,591 4,939 Other 1) 1,500 – 370 1,869 Revenue from contracts with customers 5,078 1,621 5,277 11,975 Apr-Dec 2024 PC/Console Games Mobile Games Entertainment & Services Group total Type of products Digital products 3,782 4,404 864 9,049 Physical products 707 – 4,083 4,790 Other 1) 2,045 12 242 2,298 Revenue from contracts with customers 6,534 4,415 5,188 16,137 Apr 2024- Mar 2025 PC/Console Games Mobile Games Entertainment & Services Group total Type of products Digital products 5,916 5,347 1,083 12,346 Physical products 903 – 5,144 6,046 Other 1) 2,576 12 334 2,922 Revenue from contracts with customers 9,394 5,359 6,561 21,314 1) See Operating segment, page 6-10 2) A correction is made of the Q1 figures 2025 with a reclassification from Digital to Physical sales. In add ition to the breakdown by revenue from contracts with customers for PC/Console Games, Mobile Games and Entertainment & Services, Embracer also monitor PC/Console in categories below: PC/Console Games Oct-Dec 2025 Oct-Dec 2024 Apr-Dec 2025 Apr-Dec 2024 Apr 2024- Mar 2025 IP-rights Owned titles 1,437 1,361 3,535 3,701 5,912 Publishing titles 552 862 1,542 2,833 3,482 Total 1,989 2,223 5,078 6,534 9,394 New releases 228 183 513 530 1,906 Back catalog 1,302 1,444 3,065 3,960 4,913 Other 459 596 1,500 2,045 2,576 Total 1,989 2,223 5,078 6,534 9,394 EMBRACER GROUP AB (PUBL) | OCTOBER-DECEMBER 2025 30 ===== SIDA 31 ===== NOTE 5 FINANCIAL INSTRUMENT Reclassification of the assets & liabilities under IFRS 5 has been returned to the balances in Note 5. The balances are, therefore, not affected by this reclassification as it does not have an effect before completion of the transactions. Fair value measurement Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The table below presents financial instruments measured at fair value based on the classification in the fair value hierarchy. The different levels are defined as follows: Level 1 - Quoted (unadjusted) market prices for identical assets or liabilities in active markets. Level 2 - Inputs other than quoted prices in level 1 that are observable for the asset or liability, either directly (i.e. price quotations) or indirectly (i.e. derived from price quotations). Level 3 - Input data for the asset or liability which is not based on observable market data (i.e. unobservable input data). Financial assets measured at fair value Financial assets measured at fair value as of December 31, 2025 Level 1 Level 2 Level 3 Total Current investments 112 — — 112 Financial assets measured at fair value as of December 31, 2024 Level 1 Level 2 Level 3 Total Current investments 45 — — 45 Financial assets measured at fair value as of March 31, 2025 Level 1 Level 2 Level 3 Total Current investments 50 — — 50 Financial liabilities measured at fair value Financial liabilities measured at fair value as of December 31, 2025 Level 1 Level 2 Level 3 Total Contingent consideration — — 472 472 Liabilities to employees related to historical acquisitions — — 297 297 Financial liabilities measured at fair value as of December 31, 2024 Level 1 Level 2 Level 3 Total Contingent consideration — — 1,808 1,808 Liabilities to employees related to historical acquisitions — — 855 855 Financial liabilities measured at fair value as of March 31, 2025 Level 1 Level 2 Level 3 Total Contingent consideration — — 1,317 1,317 Liabilities to employees related to historical acquisitions — — 843 843 Current receivables and current liabilities For current receivables and liabilities, such as trade receivables and trade payables and for liabilities to credit institutions (long- and short-term) and with variable interest rate, the carrying amount is considered to be a good approximation of the fair value. Contingent consideration The fair value of contingent considerations has been calculated based on expected outcome of financial and operational targets for each individual agreement. The estimated expected settlement will vary over time depending on, among other things, the degree of fulfillment of the conditions for the contingent considerations, the development of certain exchange rates against the Swedish krona and the interest rate environment. Contingent considerations to be settled with shares are also dependent on the development of Embracer’s share price. Contingent considerations classified as financial liabilities are measured at fair value by discounting expected cash flows at a risk-adjusted discount rate of 1.8%-12.1%. Measurement is therefore in accordance with Level 3 in the fair value hierarchy. Significant unobservable input data consists of forecasted turnover and a risk-adjusted discount rate as well operational targets. Contingent considerations Apr-Dec 2025 Apr-Dec 2024 Apr 2024- Mar 2025 Opening balance 2,264 3,935 3,935 Payment - shares to be issued -360 -79 -79 Payment - clawback shares -416 -459 -565 Payment - cash -377 -225 -243 FX effects 18 34 -85 Reclassifications -195 — — Disposals/divestments -21 -252 -252 Change in fair value recognized in consolidated statement of profit or loss -137 -94 -447 Closing balance 776 2,860 2,264 Given the contingent considerations recognized at the end of the reporting period, a higher discount factor of 1.5 percentage points will have an impact on the fair value of SEK -41 million and a lower discount factor of 1.5 percentage points will have an impact with SEK 44 million. CONT. >> EMBRACER GROUP AB (PUBL) | OCTOBER-DECEMBER 2025 31 ===== SIDA 32 ===== >> NOTE 5 CONTINUED The Group´s contingent considerations will be settled in cash or with issued shares. As at December 31, 2025 , the contingent considerations are expected to be settled according to the table below. Contingent consideration classified as financial liability Total contingent consideration classified as financial liability Contingent consideration classified as equity Total contingent considerationExpected settlement Cash settlement Newly issued shares Newly issued shares Total 398 74 472 304 776 As of December 31, 2025 Classified as financial liability Of which already issued Classified as equity Of which already issued Maximum number of shares related to contingent consideration 2,675,543 1,187,196 769,216 699,216 Liabilities to employees related to historical acquisition s Liabilities to employees related to historical acquisitions refers to part of the purchase price in historical acquisitions which according to IFRS is classified as personnel debt. Fair value for liabilities to em ployees related to historical acquisitions has been calculated based on expected outcome of financial and operational targets for each individual agreement. The estimated expected settlement will vary over time depending on, among other things, the degree of fulfillment of the conditions. Liabilities to employees related to historical acquisitions Apr-Dec 2025 Apr-Dec 2024 Apr 2024- Mar 2025 Opening balance 843 1,434 1,434 Accrual of personnel cost in consolidated statement of profit or loss -196 309 395 Payment - cash after the acquisition day -311 -1,264 -1,294 Change in fair value recognized in consolidated statement of profit or loss 5 31 32 Reclassifications 27 -386 — Disposals/divestments -49 713 317 FX-effects -23 19 -41 Closing balance 297 855 843 As of December 31, 2025 , the Group’s liabilities to employees related to historical acquisitions will be settled in cash. EMBRACER GROUP AB (PUBL) | OCTOBER-DECEMBER 2025 32 ===== SIDA 33 ===== NOTE 6 ASSETS (DISPOSAL GROUPS) HELD FOR SALE OR DISTRIBUTION Divestment of group companies During Q3 FY 2025/26 agreements were entered into to divest Arc Games, Cryptic Studios and Lost Boys Interactive. All transactions were closed in December 2025. Below table presents the effect in the quarter from divestments of subsidiaries and includes purchase price adjustments for divestments closed in previous quarters. Oct-Dec 2025 Divestment of entities Total Total consideration 337 Carrying amount of net assets sold 294 Gain (loss) on sale before income tax and reclassification of foreign currency translation reserve 43 Reclassification of foreign currency translation reserve 307 Income tax expense on gain — Gain (loss) on sale after income tax 350 Net cash consideration received 368 Less: Cash and cash equivalents in divested companies -149 Impact on the Groups' cash and cash equivalents 219 The net gain is recognized as Other operating income in the consolidated statement of profit or loss. The carrying amount of the assets and liabilities at the date of each sale were: Oct-Dec 2025 Assets and liabilities included in the sale Total Intangible assets 198 Property, plant and equipment 9 Right-of-use assets 16 Other non-current financial assets 21 Trade receivables 28 Other current assets 89 Cash and cash equivalents 149 Total assets 510 Lease liabilities -15 Trade payables -10 Other liabilities -191 Total liabilities -216 Net assets 294 CONT. >> EMBRACER GROUP AB (PUBL) | OCTOBER-DECEMBER 2025 33 ===== SIDA 34 ===== NOTE 6 CONTINUED IFRS 5 Non-current Assets Held for Sale and Discontinued Operations Distribution to owners At an extra general meeting held 3 November 2025 the formal decision to distribute all shares in Coffee Stain Group AB to the shareholders in Embracer was taken. In December the shareholders received one Coffee Stain share for each Embracer share. Coffee Stain Group was listed on Nasdaq First North Premier Growth Market in Stockholm on 11 December 2025, with an opening price of SEK 26.62 per share. The amounts for continuing and discontinued operations in the consolidated financial statements are presented after elimination of intragroup transactions and balances unless the similar types of transactions and balances are expected to continue also after the disposal. The continuing operations within PC/Console Games will continue to perform development services towards Coffee Stain Group after the distribution. At the distribution of the Coffee Stain shares, Embracer recognized a capital gain of SEK 861 million w ithin discontinued operations. The gain represents the difference between Coffee Stains fair value and the carrying amount of Coffee Stain's net assets at the time of the distribution. As part of the distribution all historical translation differences allocated to Coffee Stain Group, a mounting to SEK 0 million have been recycled to the income statement as Profit for discontinued operations. Assets and liabilities included in disposal groups held for sale or distribution as of December 31, 2025 Apr-Dec 2025 Apr-Dec 2024 1) Apr 2024- Mar 2025 Goodwill — 14,255 — Intangible assets — 19,553 — Property, plant and equipment — 272 — Right-of-use assets — 667 — Other non-current assets — 45 — Inventories — 2,288 — Other current assets — 4,461 — Cash and cash equivalents — 2,008 — Total assets included in disposal group held for sale or distribution — 43,549 — Non-current interest-bearing liabilities — -12,805 — Non-current non-interest-bearing liabilities — -4,045 — Current interest-bearing liabilities — -76 — Current non-interest-bearing liabilities — -3,669 — Total liabilities included in disposal group held for sale or distribution — -20,596 — Net assets — 22,953 — 1) During the last financial year Embracer assessed that the former operating segment Tabletop (Asmodee) qualified as discontinued operation and during the last financial year Asmodee was distributed to the shareholders in Embracer. CONT. >> EMBRACER GROUP AB (PUBL) | OCTOBER-DECEMBER 2025 34 ===== SIDA 35 ===== NOTE 6 CONTINUED Income statement for Discontinued operations Oct-Dec 2025 Oct-Dec 2024 Apr-Dec 2025 Apr-Dec 2024 Apr 2024- Mar 2025 Net sales 162 5,319 568 12,667 14,158 Other operating income 1 7 1 7 6 Total operating income 163 5,326 569 12,674 14,164 Work performed by the Company for its own use and capitalized 18 49 84 217 272 Goods for resale -15 -2,901 -60 -7,059 -7,940 Other external expenses -13 -904 -70 -1,749 -1,896 Personnel expenses -35 -646 -153 -1,799 -2,039 Depreciation, amortization and impairment 0 -369 -163 -1,146 -1,411 Other operating expenses 0 2 -8 -12 -12 Share of profit of an associate 1 6 2 29 32 Operating profit (EBIT) 120 563 202 1,153 1,170 Net financial items 0 -250 -24 -711 -925 Profit before tax 120 313 178 442 245 Income tax -11 -120 -6 -431 -364 Profit from operations 108 194 172 11 -119 Profit (Loss) on remeasurements to fair value Profit from dividend of operations 861 — 861 — 2,611 Reclassification of foreign currency translation reserve — — — — 1,112 Net profit for the period, discontinued operations 969 194 1,033 11 3,605 Net profit/loss for the period attributable to: Equity holders of the parent 966 192 1,029 23 3,617 Non-controlling interests 4 1 4 -13 -13 Cash flow statement for Discontinued operations Oct-Dec 2025 Oct-Dec 2024 Apr-Dec 2025 Apr-Dec 2024 Apr 2024- Mar 2025 Cash flow from operating activities 58 1,009 352 1,573 1,720 Cash flow from investing activities -29 -105 -117 -392 -455 Cash flow from financing activities 466 -250 260 -574 4,010 Cash flow for the period 495 654 495 607 5,274 EMBRACER GROUP AB (PUBL) | OCTOBER-DECEMBER 2025 35 ===== SIDA 36 ===== NOTE 7 RELATED PARTY TRANSACTIONS Related party transaction Related party Oct-Dec 2025 Oct-Dec 2024 Apr-Dec 2025 Apr-Dec 2024 Apr 2024- Mar 2025 Consulting service Logvreten AB 1) (supplier) 0 0 0 -1 -1 Transportation services Sola Service i Karlstad AB 2) (supplier) -3 -6 -9 -13 -17 Transportation services Sola Air AB 2) (supplier) 0 – 0 – – Transportation services Empterwik Special Services Ltd 2) (supplier) -5 -6 -15 -16 -22 Sale of goods/services Bröderna Wingefors AB 2) (supplier) – – – 0 0 Rent income Lars Wingefors AB 3) (purchaser) 0 – 0 – – Consulting service LW Comics 2) (supplier) 0 0 0 0 0 Total -8 -11 -24 -30 -40 1) Kicki Walje-Lund has controlling influence over the company 2) The company is part of Lars Wingefors AB 3) Lars Wingefors AB is owned by Lars Wingefors, Erik Stenberg, Mikael Brodén, Klemens Kreuzer, Reinhard Pollice and Jacob Jonmyren. NOTE 8 PERSONNEL EXPENSES SEK m Oct-Dec 2025 Oct-Dec 2024 Apr-Dec 2025 Apr-Dec 2024 Apr 2024- Mar 2025 Personnel expenses -1,291 -1,577 -3,924 -5,037 -6,550 Personnel costs related to acquisitions - Excluding FX gain/loss 1) -19 -93 127 -1,243 -1,558 Total -1,309 -1,671 -3,797 -6,280 -8,107 1) Personnel costs related to acquisitions has a positive effect in Apr-Dec 2025 due to several changes related to estimations of fulfillment degree and timing of such fulfillment. NOTE 9 OTHER OPERATING EXPENSES SEK m Oct-Dec 2025 Oct-Dec 2024 Apr-Dec 2025 Apr-Dec 2024 Apr 2024- Mar 2025 Other operating expenses -3 14 -78 9 -104 Divestment of subsidiaries — -87 — -707 0 Total -3 -85 -78 -711 -104 NOTE 10 NET FINANCIAL ITEMS SEK m Oct-Dec 2025 Oct-Dec 2024 Apr-Dec 2025 Apr-Dec 2024 Apr 2024- Mar 2025 Interest income and other financial income 22 23 95 70 121 Interest expense and other financial expense -39 -131 -108 -553 -645 Sum -17 -108 -13 -483 -524 Change in fair value financial assets and liabilities -65 86 151 93 489 Interest deferred consideration — — — -9 -9 Realized and unrealized exchange rate gains/losses -5 600 -369 171 -818 Total financial net -87 578 -230 -228 -862 EMBRACER GROUP AB (PUBL) | OCTOBER-DECEMBER 2025 36 ===== SIDA 37 ===== PARENT COMPANY’S INCOME STATEMENT Amounts in SEK m Note Oct-Dec 2025 Oct-Dec 2024 Apr-Dec 2025 Apr-Dec 2024 Apr 2024- Mar 2025 Net sales 48 21 121 64 87 Other operating income 166 0 166 1 2 Total operating income 214 21 287 64 89 Operating expenses Other external expenses -37 -35 -101 -105 -139 Personnel expenses -59 -35 -153 -100 -135 Depreciation, amortization and impairment of property, plant and equipment and intangible assets -1 -1 -3 -3 -4 Other operating expenses P2 -5 0 -3 -293 -389 Operating profit/loss 113 -51 28 -436 -578 Net financial items P3 -1,844 663 -1,826 -52 -2,570 Profit/loss after financial items -1,731 611 -1,798 -488 -3,148 Appropriations 154 290 49 78 52 Profit/loss before tax -1,578 902 -1,749 -410 -3,096 Income tax -7 -136 21 -14 95 Net profit/loss for the period -1,585 766 -1,728 -424 -3,001 Net profit/loss for the period in the parent company corresponds to the periods comprehensive income. EMBRACER GROUP AB (PUBL) | OCTOBER-DECEMBER 2025 37 ===== SIDA 38 ===== PARENT COMPANY BALANCE SHEET Amounts in SEK m Dec 31, 2025 Dec 31, 2024 Mar 31, 2025 ASSETS Non-current assets Intangible assets 1 3 3 Tangible assets 3 5 5 Shares in group companies 13,958 38,877 15,258 Receivables from group companies 7,177 18,257 12,100 Other financial assets 160 59 95 Deferred tax assets 205 93 181 Total financial assets 21,501 57,286 27,634 Total non-current assets 21,504 57,294 27,642 Current assets Receivables from group companies 6,786 3,588 3,096 Trade receivables 0 0 0 Other receivables 188 320 269 Prepaid expenses and accrued income 25 53 62 6,998 3,962 3,427 Cash and cash equivalents 3,665 1,281 5,648 Total current assets 10,663 5,242 9,075 TOTAL ASSETS 32,168 62,537 36,716 EQUITY AND LIABILITIES Restricted equity 2 2 2 Unrestricted equity 23,530 54,642 27,751 Total equity 23,532 54,644 27,752 Untaxed reserves 270 171 270 Provisions 72 97 101 Long-term liabilities Liabilities to credit institutions — 3,979 — Liabilities to Group companies 1,177 1,220 1,220 Other long-term liabilities — 28 — Total long-term liabilities 1,177 5,227 1,220 Current liabilities Trade payables 13 35 30 Liabilities to group companies 7,021 2,152 7,231 Tax liabilities 48 58 70 Other current liabilities 4 78 4 Accrued expenses and prepaid income 28 75 38 Total current liabilities 7,116 2,397 7,372 TOTAL EQUITY AND LIABILITIES 32,168 62,537 36,716 Tax liabilities includes SEK 89 million in booked top-up tax according to Pillar 2 and has also been offset against tax receivables even though it is likely to be paid later than within 12 months. EMBRACER GROUP AB (PUBL) | OCTOBER-DECEMBER 2025 38 ===== SIDA 39 ===== NOTE P1 THE PARENT COMPANY'S MATERIAL ACCOUNTING PRINCIPLES The year-end report for the parent company has been prepared in accordance with Chapter 9 of the Annual Accounts Act, Interim reports, and RFR 2 Accounting for legal entities. The same accounting principles, basis for calculations and assessments have been applied as applied in the Annual Report for FY 2024/25, with additions described below. For further description of the parent company´s applied accounting principles, see Note P1 in the Annual Report for FY 2024/25. Accounting principles - Repurchase of own shares Expenditure for the purchase of own shares reduces retained earnings in unrestricted equity in the Parent company. If these shares are sold, the sales proceeds are included in retained earnings in the equity pertaining to owners of the Parent company. NOTE P2 OTHER OPERATING EXPENSES SEK m Oct-Dec 2025 Oct-Dec 2024 Apr-Dec 2025 Apr-Dec 2024 Apr 2024- Mar 2025 Other operating expenses -5 0 -3 -263 -363 Loss sale of subsidiaries – – – -30 -26 Total -5 0 -3 -293 -389 NOTE P3 NET FINANCIAL ITEMS SEK m Oct-Dec 2025 Oct-Dec 2024 Apr-Dec 2025 Apr-Dec 2024 Apr 2024- Mar 2025 Dividend 137 296 137 10,184 12,923 Interest income 160 239 555 734 960 Interest expense -81 -87 -250 -396 -527 Other financial items 29 -29 -1 -133 -126 FX effects -96 247 -223 42 -432 Write-down subsidiaries -1,993 — -2,046 -10,500 -15,452 Expected credit loss — -3 2 18 85 Total -1,844 663 -1,825 -52 -2,570 EMBRACER GROUP AB (PUBL) | OCTOBER-DECEMBER 2025 39 ===== SIDA 40 ===== DEFINITIONS OF ALTERNATIVE PERFORMANCE MEASURES (APMs) In accordance with the guidelines from ESMA (European Securities and Markets Authority), regarding the disclosure of alternative performance measures, the definition and reconciliation of Embracer’s alternative performance measures are presented below. The guidelines entail increased disclosures regarding the financial measures that are not defined by IFRS. The performance measures presented below are reported in this report. They are used for internal control and follow-up. Since not all companies calculate financial measures in the same way, these are not always comparable to measures used by other companies. One impo rtant part of Embracer’s strategy is to pursue inorganic growth opportunities through acquisitions. Thereby expanding the ecosystem to include more entrepreneurs within the gaming and entertainment markets. An acquisitive strategy is associated with certain complexity in terms of accounting for business combinations. The board and management of Embracer believes that it is important to separate the operational performance of the business from the acquisition part. Certain APM’s are used to accomplish and give internal and external stakeholders the best picture of the underlying operational performance of the business, by the measurement of performance excluding specific items related to historical acquisitions and items affecting comparability. The individual APMs, definitions, purpose are described more in detail below. Name Definition Reason for Use Adjusted Earnings per share Net profit for the period excluding specific items related to historical acquisitions and items affecting comparability net of tax, change in fair value contingent consideration net of tax and Interest expense contingent consideration net of tax divided by the average number of shares in the period. Net taxes are calculated using the effective tax rate. Shows earnings per share after adjustments to specific items attributable to historical acquisitions, and items affecting comparability. Adjusted Earnings per share after full dilution Net profit for the period excluding specific items related to historical acquisitions and items affecting comparability net of tax, change in fair value contingent consideration net of tax and interest expense contingent consideration net of tax divided by the average number of shares after full dilution in the period. Net taxes are calculated using the effective tax rate. Shows earnings per share after adjustments to specific items attributable to historical acquisitions and items affecting comparability with regard for full dilution. Adjusted EBIT EBIT excluding specific items related to historical acquisitions and items affecting comparability. Adjusted EBIT in order to provide a true and fair picture of the underlying operational performance, by excluding specific items related to historical acquisitions and items affecting comparability. Adjusted EBIT margin Adjusted EBIT as a percentage of net sales. Adjusted EBITDA EBITDA excluding specific items related to historical acquisitions and items affecting comparability. Adjusted EBITDA in order to provide a true and fair picture of the underlying operational performance, by excluding specific items related to historical acquisitions and items affecting comparability. Adjusted EBITDA margin Adjusted EBITDA as a percentage of net sales. Average number of shares Weighted average number of shares that are outstanding during the period. Number of shares have been recalculated with respect to split of shares. Average number of shares after full dilution Weighted average number of ordinary shares and potential ordinary shares. Number of shares have been recalculated with respect to split of shares. EBIT margin EBIT as a percentage of net sales. CONT. >> EMBRACER GROUP AB (PUBL) | OCTOBER-DECEMBER 2025 40 ===== SIDA 41 ===== >> CONTINUED Name Definition Reason for Use EBITDA Earnings before interest, taxes, depreciation and amortization. EBITDA and EBITDA margin are reported because these are metrics commonly used by investors, financial analysts and other stakeholders to measure the Company’s financial results. EBITDA margin EBITDA as a percentage of net sales. EBITDA and EBITDA margin are reported because these are metrics commonly used by certain investors, financial analysts and other stakeholders to measure the Company’s financial results. EBITDAC Adjusted EBITDA less Gross investments in intangible and tangible assets. High level view on operational cash flow generation. Free cash flow after working capital Cash flow for the period, excluding cash flow from financing activities, acquisitions of subsidiaries including transaction costs, cash impact from personnel costs related to acquisitions and cash effect from items affecting comparability. Provide a true and fair picture of the underlying operational performance, by excluding cash flow from specific items related to historical acquisitions and from items affecting comparability. Gross margin Net sales less goods for resale divided by net sales. Measuring the profitability from the net sales of products and services. Items affecting comparability Transactions that are not related to recurring business operations, but affecting the financial outcome in a material way, and where the probability of reoccurrence over the coming year is limited. Items affecting comparability includes events and transactions with significant effects, which are relevant for understanding the financial performance when comparing income for the current period with previous periods. Net Debt (–) / Net Cash (+) The company’s cash and short-term investments decreased with the company’s short- and long-term interest-bearing liabilities excluding leasing liabilities according to IFRS16, pension provisions, contingent consideration The metric is commonly used by investors, financial analysts and other stakeholders to measure the debt compared to its liquid assets. This metric is also used in calculating the Company’s financial leverage. Net investment in acquired companies Acquisition of subsidiaries, net of cash acquired plus cash impact from specific items related to historical acquisitions, plus acquisition of IPs through asset deal structures. A measure of cash flow allocated to inorganic growth opportunities in the reporting period. Net sales growth Net sales growth for the current period compared to the same period previous year. Net sales growth is reported by the Company because it regards this KPI as contributing to investor understanding of the Company’s historical progress. Organic growth Growth between periods where net sales from companies acquired/divested in the last five quarters have been excluded. The comparison period is adjusted for differences in exchange rates. Growth measure for companies that has been part of Embracer Group for more than one year excluding effects of differences in exchange rates. Pro forma growth Growth between periods where net sales from companies acquired/divested in the last five quarters have been added/ adjusted historically. The comparison period is adjusted for differences in exchange rates. Growth measure for all companies that are a part of Embracer Group as per reporting date regardless of when the company became a part of Embracer Group excluding effects of differences in exchange rates. Specific items related to historical acquisitions Specific income/expenses related to historical acquisitions consist of personnel cost related to acquisitions (In connection with certain business combinations, contingent consideration agreements that are not classified as part of the consideration transferred, as there is a requirement for continued employment to receive the amount. Accordingly, the amount is classified as consideration for future services), amortization of surplus values of acquired intangible assets (e.g. IP-rights, publishing rights, brand name), transaction costs (Costs for legal- financial- tax- and commercial due diligence for completed transactions.), remeasurement of participation in associated companies and remeasurement of contingent consideration. Input used to calculate Adjusted EBITDA and Adjusted EBIT. EMBRACER GROUP AB (PUBL) | OCTOBER-DECEMBER 2025 41 ===== SIDA 42 ===== ALTERNATIVE PERFORMANCE MEASURES ADJUSTED EBIT AND ADJUSTED EBITDA - DERIVATION Oct-Dec 2025 Oct-Dec 2024 Apr-Dec 2025 Apr-Dec 2024 Apr 2024- Mar 2025Amounts in SEK m EBIT 663 454 250 -1,107 3,324 Depreciation, amortization and impairment 850 1,049 2,891 3,290 8,684 EBITDA 1,513 1,503 3,141 2,183 12,008 Personnel costs related to acquisitions 20 122 -147 1,255 1,542 Remeasurement of contingent consideration — — — -4 -4 Items affecting comparability 1) -336 96 -289 754 -7,535 Adjusted EBITDA 1,196 1,722 2,706 4,188 6,011 Depreciation, amortization and impairment -850 -1,049 -2,891 -3,290 -8,684 Items affecting comparability 1) 20 — 205 — 4,330 Amortization of surplus values of acquired intangible assets 162 275 526 898 1,135 Adjusted EBIT 528 948 545 1,796 2,793 ADJUSTED EARNINGS PER SHARE - DERIVATION Oct-Dec 2025 Oct-Dec 2024 Apr-Dec 2025 Apr-Dec 2024 Apr 2024- Mar 2025Amounts in SEK m Net profit for the period attributable to equity holders of the parent 476 805 -22 -1,599 2,347 Adjustments Personnel costs related to acquisitions 20 122 -147 1,255 1,542 Remeasurement of contingent consideration — — — -4 -4 Amortization of surplus values of acquired intangible assets 162 275 526 898 1,135 Change in fair value contingent consideration 102 -113 -148 -179 -555 Interest expense contingent consideration 1 27 19 95 72 Items affecting comparability 1) -316 96 -84 754 -3,203 Adjustments before tax -32 407 166 2,819 -1,013 Tax effects on adjustments -40 -64 -174 -213 -484 Adjustments after tax -73 343 -8 2,606 -1,498 Total continuing operations 403 1,147 -30 1,007 849 Average number of shares, million 2) 228 225 226 225 225 Adjusted Earnings per share, SEK 1.77 5.10 -0.13 4.48 3.78 Average number of shares after full dilution, million 2) 229 231 228 230 230 Adjusted Earnings per share after full dilution, SEK 1.76 4.97 -0.13 4.37 3.70 1) See next page for further explanation on items affecting comparability 2) Recalculated with respect to the reversed split 1:6 carried out on January 15, 2025 as resolved at the extra general meeting on January 7, 2025. Number of shares for previous periods have been adjusted. CONT. >> EMBRACER GROUP AB (PUBL) | OCTOBER-DECEMBER 2025 42 ===== SIDA 43 ===== >> CONTINUED ORGANIC GROWTH - DERIVATION Oct-Dec 2025 Oct-Dec 2024 ChangeAmounts in SEK m Net sales 5,176 6,985 -26 % Net sales from acquired/divested companies 1) -152 -1,097 Difference in exchange rate — -432 Organic growth 5,024 5,456 -8 % PRO FORMA GROWTH - DERIVATION Oct-Dec 2025 Oct-Dec 2024 ChangeAmounts in SEK m Net sales 5,176 6,985 -26 % Net sales from acquired/divested companies 2) -152 -1,097 Difference in exchange rate — -432 Pro forma growth 5,024 5,456 -8 % 1) Net sales from companies acquired or divested in the last five quarters have been excluded. 2) Net sales from acquired/divested companies in the last five quarters have been added/removed. FREE CASH FLOW AFTER WORKING CAPITAL Oct-Dec 2025 Oct-Dec 2024 Apr-Dec 2025 Apr-Dec 2024 Apr 2024- Mar 2025Amounts in SEK m Cash flow for the period -1,191 251 -2,139 926 4,866 Cash flow from financing activities 766 56 576 2,706 12,041 Net cash flow from acquired/divested companies 97 401 217 -5,182 -17,795 Investments in other companies — — 33 — — Payment personnel cost related to acquisitions 200 28 311 1,211 1,250 Cash flow effect IAC 53 -17 169 266 383 Free cash flow after working capital -75 719 -833 -73 745 ITEMS AFFECTING COMPARABILITY, IAC Oct-Dec 2025 Oct-Dec 2024 Apr-Dec 2025 Apr-Dec 2024 Apr 2024- Mar 2025Amounts in SEK m Revenue related to games reported as IAC — — 10 — — Other external expenses -18 -1 -32 -1 -35 Personnel expenses -22 -9 -66 -49 -131 Profit or loss sale of subsidiaries 350 -87 384 -707 7,951 Other operating income/expenses 26 — -7 3 -250 Total IAC affecting EBITDA 336 -96 289 -754 7,534 Write-down intangible assets -20 — -205 0 -729 Write-down tangible assets — — — — -1 Impairment of goodwill — — — — -3,601 Total IAC affecting EBIT 316 -96 84 -754 3,203 EMBRACER GROUP AB (PUBL) | OCTOBER-DECEMBER 2025 43 ===== SIDA 44 ===== DEFINITIONS, QUARTERLY INFORMATION Clawback shares Shares of the company issued to sellers at completion of acquisitions of companies or assets. Clawback shares are part of the earnout consideration to sellers of companies or assets. Clawback shares are held by sellers, either in escrow accounts or on regular accounts, with an agreed right for the company to receive the shares back, at no consideration, if specific earnout targets are not met. Clawback shares are kept by the sellers if earnout targets are met. Completed games Total book value of finished game development projects (released games) upon submission of completion. Upon completion the released games are reclassified from On-going Game Development Projects to Finished Games and amortization starts. DAU Average daily active users in the period. Digital product Product sold/transferred through digital/electronic channels. Digital sales Sales and transfer of products, physical and digital, through digital/electronic channels. External game developers Game developers engaged in game development projects by studios that are not owned by the group (external studios). External Studios Studios not owned by the group engaged in game development project financed by the Group. Game development projects On-going game development projects financed by the group and number of on-going game development projects financed by third party with notable expected royalty income. Internal employees, non-development Employees not directly engaged in game development (both employees and contractors). Internal game developers Game developers (both employees and contractors) engaged in game development projects by studios that are owned by the group (internal studios). Internal headcount Internal game developers + internal employees, non-development Internal Studios Studios owned by the group. MAU Average monthly active users in the period. Max cash consideration The maximum potential consideration to be paid in cash including upfront consideration and earnout consideration. The earnout consideration is based on the maximum potential consideration and is calculated based on the terms and FX-rates stated in each individual agreement. Max share consideration The maximum potential consideration to be paid in Embracer B shares including upfront consideration and earnout consideration. The earnout consideration is based on the maximum potential consideration and is calculated based on the terms, FX-rates and Embracer VWAP20 Share Price stated in each individual agreement. Max total consideration The sum of the max cash and share consideration. Note that the total max consideration might deviate from the total consideration used in the Purchase Price Analysis following movements in FX-rates and Embracer Share price between the signing and closing date as well as if the expected achievement of the individual earnout targets deviate from the maximum scenario. The Max total consideration includes contingent consideration in cash and shares that is classified as remuneration for future services and not part of the transferred consideration in the PPA according to IFRS 2 and IAS 19. Also note that for a limited amount of acquisitions, for which there is a material difference between the expected consideration and the maximum potential consideration, the expected cash and shares consideration have been used as measure. Net sales split – PC/Console segment Owned titles Net sales of game titles that are owned IPs or titles that are controlled by the group. Publishing titles Net sales of game titles of IPs the group does not own or control. New releases Net sales of game titles that are released in the current quarter. Back catalog Net sales of game titles that are not released in the current quarter. Number of IP:s Number of IPs owned by the group. Physical product Product sold/transferred through physical channels. Physical sales Sales and transfer of products, physical and digital, through physical channels. Total installs Total accumulated installs in the period. UAC (User Acquisition Cost) Marketing costs in the operating segment Mobile Games. EMBRACER GROUP AB (PUBL) | OCTOBER-DECEMBER 2025 44 ===== SIDA 45 ===== INFORMATION BY FINANCIAL YEAR AND QUARTER 2020/21 2021/22 2) 2022/23 2) 2023/24 3) 2024/25 4) 2025/26 4) Full year Full year Full year Full year Full year Cont. op Apr-Jun Jul-Sep Oct-Dec Net sales, SEK m 9,000 17,067 37,665 27,409 21,314 3,171 3,628 5,176 Sales growth, Group, YoY % 71% 90% 121% -27% -19% -32% -19% -26% EBIT, SEK m 2,058 -1,126 194 -14,400 3,324 -272 -141 663 EBIT, margin, % 23% -7% 1% -53% 16% -9% -4% 13% Adjusted EBIT, SEK m 2,858 4,465 6,366 4,984 2,793 18 -1 528 Adjusted EBIT, margin, % 32% 26% 17% 18% 13% 1% 0% 10% Adjusted EBITDA, SEK m 4,016 5,942 9,866 8,931 6,011 703 806 1,196 Adjusted EBITDA, margin, % 45% 35% 26% 33% 28% 22% 22% 23% Basic shares weighted average, million1) 120 151 178 198 206 208 209 212 Diluted shares weighted average1) 120 154 180 198 207 208 209 212 Average number of shares, million1) 133 172 209 220 225 225 225 228 Average number of shares after full dilution, million1) 133 181 227 237 230 230 231 229 Basic earnings per share, SEK -20.97 6.47 25.00 -67.28 11.37 -2.01 -0.38 2.25 Diluted earnings per share, SEK -20.97 6.36 24.72 -67.28 11.36 -2.01 -0.38 2.25 Adjusted Earnings per share, SEK 1) 18.87 22.07 26.43 14.66 3.78 -0.84 -1.09 1.77 Adjusted Earnings per share after full dilution, SEK 18.82 20.95 24.33 13.56 3.70 -0.84 -1.09 1.76 Cash flow from operating activities, SEK m 3,825 4,070 5,383 5,694 2,660 318 250 443 Organic growth, YoY, % — % — % — % -2 % -9% -1% 7% -8% Gross Margin, % 60% 72% 63% 73% 69% 68% 65% 55% Specific items related to historical acquisitions Amortization of surplus values of acquired intangible assets -510 -1,316 -2,973 -2,203 -1,135 -185 -179 -162 Transaction costs, SEK m -150 -367 -290 -8 — — — — Personnel costs related to acquisitions -181 -4,277 -2,631 -1,904 -1,542 -43 209 -20 Remeasurement of participation in associated companies, SEK m 41 416 — 3 — — — — Remeasurement of contingent consideration, SEK m — -46 — -18 4 — — — Total -801 -5,591 -5,894 -4,129 -2,673 -228 30 -181 Investments External game development and advances, SEK m 697 1,233 1,291 1,154 454 89 105 158 Internal capitalized development, SEK m 1,291 2,293 4,788 5,165 2,587 556 534 528 Sub-total - Investment in Game development, all segments 1,988 3,526 6,079 6,319 3,041 645 639 685 Other intangible assets/IP-rights, SEK m 151 190 416 537 354 63 152 78 Tangible assets, SEK m 71 344 500 225 122 28 15 23 Total 2,210 4,060 6,995 7,082 3,517 736 806 787 Completed games Completed games, PC/Console, SEK m 837 1,218 3,248 3,421 2,165 162 1,142 598 Other KPIs Game development projects, PC/Console Announced Game Dev projects 53 64 56 43 30 32 26 24 Unannounced Game Dev projects 107 159 165 98 64 74 72 63 Total 160 223 221 141 94 106 98 87 Headcount Total internal game developers 4,036 7,240 9,971 5,996 4,452 4,552 4,470 4,297 Total external game developers 1,079 1,346 1,455 1,387 688 670 490 442 Total internal employees, non-development 1,210 4,174 5,175 2,309 1,735 1,709 1,695 1,630 Total 6,325 12,760 16,601 9,692 6,875 6,931 6,655 6,369 Number of studios Total number External Studios 66 63 56 41 19 15 12 9 Total number Internal Studios 60 118 138 86 61 58 57 55 Total 126 181 194 127 80 73 69 64 IP-rights 225 815 896 497 444 444 440 429 1) Number of shares for FY 2020/21 have been adjusted and recalculated with respect to the 2:1 split carried out on September 30, 2021. Further, the number of shares for the fiscal years 2020/21, 2021/22, 2022/23, 2023/24 and 2024/25 have been recalculated due to the 1:6 reversed split carried out January 15, 2025. 2) Including discontinued operations 3) Excluding operating segment Tabletop Games 4) Excluding discontinued operations EMBRACER GROUP AB (PUBL) | OCTOBER-DECEMBER 2025 45 ===== SIDA 46 ===== Embracer Group is a global group of creative and entrepreneurial businesses in PC, console and mobile games, as well as other related media. The Group has an extensive catalog of over 400 owned or controlled franchises. With its head office based in Karlstad, Sweden, Embracer Group has a global presence through its operative groups: THQ Nordic, PLAION, DECA Games, Dark Horse, Freemode and Crystal Dynamics – Eidos. The Group includes 55 internal game development studios and engages nearly 6,500 talents across nearly 30 countries. Embracer Group AB (publ) Tullhusgatan 1B SE-652 09 Karlstad Sweden embracer.com