“The fourth quarter of 2025 was a period of mixed performance where we saw strong strategic progress and record gross margins, but also continued pressure on our top-line revenue,” said Vlad Suglobov, CEO of G5 Entertainment. “In USD terms, which better reflects the underlying performance of our business, revenue for the quarter decreased 9% year-over-year and 2.2% sequentially. In the first half of the year, we saw a decline of revenue in USD terms of 13.0%, and in the second half - a decline of 8.5%, so we believe we continue to see the slowing down of the decline and we work towards the strategic goal of stabilizing the top-line revenue. From the product perspective, there are three main pillars of our revenue generation with about equal share in the total revenue. One is our game Sherlock, another is our licensed game Hidden City, and the third is what we call Jewels family of games, consisting of six games which are managed by the same team. In the second half of 2025, we achieved progress in stabilizing the performance of Sherlock and Hidden City: in USD terms in Q4 Hidden City grew 8.4% sequentially from Q3. While Sherlock declined sequentially in Q4 by 5.2% after a strong development in Q2 and Q3, year-over-year it only declined by 5%, which is way less than before. Also, Sherlock was negatively impacted by specific events in November, but outside of November the game continued to perform better than previously. The growing sales through the G5 Store played an important role in the stabilization of Sherlock and Hidden City. 23.4% (16.0%) of the group’s gross revenue in Q4 was generated through the G5 Store, and in USD terms G5 Store grew 20% year-over-year. Group’s Gross Margin increased to a record 71.6% (69.1%) due to the growth of the G5 Store, and also because direct payment processing on mobile platforms, including through the web-shop, more than doubled from 3% in Q3 to 6.4% in Q4, as a percentage of total net revenue. If we are successful, 3rd party game distribution through G5 Store can become our fourth revenue pillar in the following quarters. While we are working on stabilizing our main game revenue streams, we are also finding opportunities to create new revenue streams through new games and new business opportunities. During the fourth quarter, a new game successfully cleared another stage of our Soft Launch process. Work is also ongoing on another promising new game in a new genre for G5 but a popular one for mobile players. This game should enter the early Soft Launch stage in the first quarter. Our teams are also making and testing about 6 new concepts every 4 months and we are excited to see what will come out of this initiative over time.”

October – December 2025

• During the fourth quarter of 2025, revenue amounted to SEK 221.1 M (279.4), representing a 21% year-over-year decline in SEK terms. In USD terms, revenue decreased 9% year-over-year and 2% sequentially.
• Gross margin increased to 71.6% (69.1%), primarily driven by a higher share of revenue via G5’s direct-to-consumer channel, resulting in a lower effective commission rate.
• EBIT amounted to SEK -6.0 M (32.8), corresponding to an EBIT margin of -2.7% (11.8%). EBIT was negatively impacted by revaluations related to fx, primarily the USD, recorded in other income and expense amounting to SEK -7.9 M (5.9). Adjusting for the negative impact from other income and expense the EBIT margin would be 0.8% (9.6%). Compared to Q4 2024, EBIT was impacted negatively as user acquisition has been increased from 17% to 23% of gross revenue.
• The net result for the period was SEK -2.2 M (33.5), positively impacted by tax income primarily related to deferred tax effects SEK 4.3 M (-1.4) and negatively impacted by finance net of SEK -0.5 M (2.0).
• Cash flow for the period amounted to SEK -31.1 M (18.9), negatively impacted by changes in the working capital of SEK -26.4 M (-21.5).
• G5 Store gross revenue increased 20.1% year-over-year and 2.7% sequentially in USD terms, reflecting continued progress in direct-to-consumer initiatives.
• Average Monthly Active Users (MAU) declined 13% year-over-year to 3.8 million, while Average Daily Active Users (DAU) decreased 16% year-over-year to 1.1 million. Average Monthly Unique Payers (MUP) declined 15% year-over-year to 108.6 thousand, while Average Monthly Gross Revenue per Paying User (MAGRPPU) increased 9% year-over-year to USD 71.7, indicating improved monetization efficiency.

Full year 2025

• Revenue for the year was SEK 941.6 M (1,134.5), a decrease of 17% compared to 2024 in SEK terms. In USD terms revenue declined by 11%.
• Gross profit amounted to SEK 664.9 M (776.1), corresponding to a gross margin of 70.6% (68.4%). This was primarily driven by a higher share of revenue via G5’s direct-to-consumer channel.
• EBIT for the year was SEK 23.0 M (116.8), a decrease of 80%. Revaluations related to fx, mainly the USD, recorded in other income and expense amounted to SEK -32.9 M (11.6). Adjusting for the negative impact from other income and expense the EBIT margin would be 5.9% (9.3%).
• Earnings per share for the year was 3.87 SEK (15.22), a decrease of 75%.
• The Board proposes a dividend of 2.0 SEK/share (8.0) approximately equal to SEK 15.3 M (62.4)

About Us
About G5 Entertainment
G5 Entertainment AB (Publ) (G5) develops and publishes high quality free-to-play games for smartphones, tablets and personal computers that are family friendly, easy to learn, and targeted at the widest audience of both experienced and novice players. The company distributes its games through the G5 Store, Apple App store, Google Play, Amazon Appstore and Microsoft Store. The company’s portfolio includes popular games like Jewels of Rome®, Sherlock: Hidden Match-3 Cases, Jewels of the Wild West®, Hidden City®, Mahjong Journey® and The Secret Society®.

Through its head entity G5 Entertainment AB (Publ), G5 Entertainment Group is publicly listed on Nasdaq Stockholm’s main market mid cap segment under trade symbol G5EN.ST.

More information about G5 Entertainment can be found at: https://corporate.g5.com

This information is information that G5 Entertainment is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact persons set out above, at 2026-02-17 07:00 CET.

Attachments
G5E Q4 2025 EN

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