Maximum Entertainment’s Q4 results reflect preliminary impact from the strategic shifts made by the company during the quarter. We delivered Net Sales of 25.5 MEUR compared to 34.4 MEUR in Q4 2023, driven by some exceptional titles in our publishing and sub-publishing catalogs but with a Q4 sub-publishing lineup that contained fewer blockbuster titles than the previous year.

Our Adjusted EBITDA for the quarter is 3.7 MEUR, amounting to 6.8 MEUR for the full year. Gross Margin is 31% over Q4, keeping the full year margin at 30% which is lower compared to last year. The share of revenue derived from Owned IP was 6% for the quarter and 10% for the year, almost stable against prior year for both periods. EBITDA and EBIT are impacted by a number of one-off adjustments recorded into the quarter that include adjustments to Earn-Outs, the sale of certain Merge assets and impairment on games and on Goodwill, all of which are detailed further in the report. The number of employees at the end of the period is 123, a decrease of 48% year-on-year.

SUMMARY OCTOBER – DECEMBER 2024

• Net sales for the quarter amounted to KEUR 25,467 (KEUR 34,356 in Q4 2023)
• Share of revenue derived from Owned IP amounted to 6% (6% in Q4 2023)
• Gross margin as a percentage of Net sales amounted to 31% (34% in Q4 2023)
• Adjusted EBITDA for the quarter amounted to KEUR 3,658 (KEUR 5,188 in Q4 2023)
• EBIT for the quarter amounted to KEUR -4,512 (KEUR -649 in Q4 2023)

HIGHLIGHTS DURING THE FOURTH QUARTER
Launches

• Squirrel with a Gun launched on Consoles on October 15
• Maximum Football launched into Early Access on November 7
• Diesel Legacy: The Brazen Age launched on December 3
• Overthrown released into Steam Early Access on December 5
• Maximum Football released on Xbox Game Preview on December 10

Updates

• Overthrown demo released at Steam Next Fest

Other

• Christina Seelye and Thierry Bonnefoi filed request for arbitration against Maximum Entertainment
• EGM on November 6, 2024 reelected Torgny Hellström, Jan Benjaminson, and Bart Reefman, and elected Bob Blake to the Board
• Maximum Entertainment announced it is in negotiations with lenders following covenant breaches
• Maximum Entertainment terminated COO Thierry Bonnefoi with immediate effect
• Maximum Entertainment divested certain assets in its subsidiary Merge Games

HIGHLIGHTS AFTER THE QUARTER
Updates

• Smalland: Survive the Wilds received World Balance update on consoles
• Diesel Legacy: The Brazen Age Demo released on consoles
• Maximum Football update introduced invite multiplayer feature
• 100-in-1 Games announced to release on May 22, 2025

This report, together with previously published reports, is available on the Maximum Entertainment webpage: https://maximument.com/investor-relations/

For more information about Maximum Entertainment, please visit: www.maximument.com.