Thunderful Group Interim Report January–September 2025

Third quarter July–September 2025

• Net revenue decreased SEK 1.0 million to SEK 73.3 million (74.3).
• Operating profit (EBIT) decreased SEK 217.9 million to SEK –288.2 million (–70.3), corresponding to an operating margin of –393.3 percent (–94.6).
• Write-down of intangible fixed assets in the quarter amounted to SEK 267.8 million, of which SEK 236.6 million comprised acquisitionrelated goodwill.
• Adjusted EBITDA increased SEK 15.7 million to SEK 11.9 million (–3.7), corresponding to an adjusted EBITDA margin of 16.3 percent (–5.0).
• Adjusted EBITA increased SEK 5.7 million to SEK –47.6 million (–53.3), corresponding to an adjusted EBITA margin of –64.9 percent (–71.8).
• Profit & loss for the quarter amounted to SEK –283.4 million (6,5), and for continuing operations SEK –283.1 million (–19.0).
• Earnings per share before and after dilution amounted to SEK –1.45 (0.09), and for continuing operations SEK –1.45 (–0.27).
• Cash flow from operating activities amounted to SEK –0.8 million (–37.8), of which SEK 0.1 million (–0.9) pertained to discontinuing operations.
• Consolidated cash and cash equivalents together with unutilised credit facilities amounted to SEK 28.6 million (120.4) as per 30 September 2025.
• The extraordinary general meeting resolved to approve a directed new share issue of up to 333,333,334 shares to Atari SA. Through the directed share issue, the company received issue proceeds of approximately SEK 50 million before deduction of issuance costs.
• The extraordinary general meeting resolved, through new elections, to appoint Geoffroy Châteauvieux and Andreas Deptolla as ordinary members of the board of directors.
• The extension agreement with Danske Bank entered into force, and the company was granted permission to retain EUR 8.0 million of its operating credit facility.

The period January–September 2025

• Net revenue during the period decreased SEK 21.1 million to SEK 194.2 million (215.3).
• Operating profit (EBIT) decreased SEK 119.3 million to SEK –405.20 million (–285.9), corresponding to an operating margin of –208.6 percent (–132.8).
• Write-down of intangible fixed assets in the period amounted to SEK 297.1 million, of which SEK 236.6 million comprised acquisitionrelated goodwill.
• Adjusted EBITDA increased SEK 10.2 million to SEK –20.4 million (–30.6), corresponding to an adjusted EBITDA margin of –10.5 percent (–14.2).
• Adjusted EBITA increased SEK 73.9 million to SEK –155.2 million (–229.1), corresponding to an adjusted EBITA margin of –79.9 percent (–106.4).
• Profit & loss for the period amounted to SEK –386.6 million (–394.6), and for continuing operations SEK –383.8 million (–216.4).
• Earnings per share before and after dilution amounted to SEK –3.40 (–5.61), and for continuing operations SEK –3.38 (–3.08).
• Cash flow from operating activities amounted to SEK –40.4 million (214.7), of which SEK –7.7 million (300.6) pertained to discontinuing operations.

Events after the end of the quarter
The Board appoints Mikael Falkner, the company’s CFO, as interim CEO effective November 14.