24.8.2022 16:30:14 CEST | Play Magnus AS | Half yearly financial reports and
audit reports / limited reviews

(Oslo, 24 August 2022) - Play Magnus Group, a global leader in the chess
industry, today published its financial results for the second quarter 2022
showing revenue of USD 5.9 million, a Y/Y growth of 16 percent. Second quarter
2022 bookings were USD 6.3 million, a growth of 4 percent Y/Y. Adjusted EBITDA
was USD -2.0 million an improvement from USD -3.5 million in Q2 2021 and USD
-2.5 million in Q1 2022.

"Play Magnus Group continues to grow, however we experienced a slowdown in our
growth rate compared to previous quarters. This is a result of more challenging
market conditions leading to a lower number of monthly paying users. We have
during recent months enacted a significant program to adapt our cost base to the
changed market environment, which has resulted in an improvement in adjusted
EBITDA," said CEO of Play Magnus Group Andreas Thome. 

Play Magnus Group has previously communicated a target of reaching EBITDA
break-even on a run-rate basis by the end of 2022 and continue with positive
results in 2023.

"During the first quarter we reduced our cost base on an annual run rate basis
by approx. USD 2 million, and now in the second quarter we have reduced our cost
base on an annual run rate basis by an additional approx. USD 5 million, which
is expected to begin showing impact from the third quarter 2022. This means that
we are well on track to meet our EBITDA break-even target by the end of the
year. We are also glad to see signs of recovery in the elearning segment in
August," Andreas Thome said.

Play Magnus Group sees a positive long-term outlook and maintains its annual
run-rate bookings target of USD 100 million by the end of 2025.

The Board of Play Magnus AS today announced its unanimous recommendation of an
offer from Chess.com - http://chess.com to acquire 100 percent of the shares of
Play Magnus Group at an offer price of NOK 13.00 per share. Please refer to a
separate release published today or Play Magnus Group's website 
https://playmagnusgroup.com/investor/ for more information.

Financial highlights in the second quarter 2022:

 * Bookings USD 6.3 million (+4% Y/Y)
 * Revenue USD 5.9 million (+16% Y/Y)
 * Monthly Paying Users 57,300 (-5% Y/Y)
 * Average Revenue per Paying User (ARPPU) USD 18.7 (+14% Y/Y)
 * Adjusted EBITDA USD -2.0 million (-3.5 million in Q2 21)



Please find enclosed Play Magnus Group's H1 2022 report and the Q2 2022
presentation.

CEO Andreas Thome and CFO Dmitri Shneider will present the quarterly results in
a live webcast today at 17:00 CEST immediately followed by a Q&A session.
Viewers are invited to submit written questions during the presentation and the
Q&A session.



The live webcast can be accessed through the following channels:

- via the Investor section of the Play Magnus Group website: 
www.playmagnusgroup.com/investor - http://www.playmagnusgroup.com/investor

- or the following link: 
https://channel.royalcast.com/hegnarmedia/#!/hegnarmedia/20220824_8

The presentation will be made available at www.playmagnusgroup.com/investor -
http://www.playmagnusgroup.com/investor, www.newsweb.no - http://www.newsweb.no,
and www.otcmarkets.com - http://www.otcmarkets.com.

DISCLOSURE REGULATION

This release is an announcement issued pursuant to legal information obligations
and is subject of the disclosure requirements pursuant to the Market Abuse
Regulation (MAR) Article 17 no. 1 and section 5-12 of the Norwegian Securities
Trading Act, and was submitted for publication by Arkus Fredriksson, Chief
Strategy Officer of Play Magnus Group.

CONTACTS

 * Dmitri Shneider, CFO, Play Magnus Group, dmitri@playmagnus.com 
 * Investor Relations, ir@playmagnus.com 

ABOUT PLAY MAGNUS AS

Play Magnus Group is a global leader in the chess industry focused on providing
premier digital experiences for millions of chess players and students. The
company offers elearning and entertainment services via its market leading
brands: chess24, Chessable, iChess, New In Chess, Everyman Chess, Silver
Knights, CoChess, Aimchess, the Play Magnus App Suite, and the Meltwater
Champions Chess Tour. The Group's mission is to grow chess to make the world a
smarter place by encouraging more people to play, watch, study, and earn a
living from chess.


Play Magnus Group is listed on Euronext Growth Oslo under the ticker PMG and
OTCQX® Best Market under the ticker PMGMF. For more information visit pmg.me -
http://pmg.me/.

ATTACHMENTS

Download announcement as PDF.pdf -
https://kommunikasjon.ntb.no/ir-files/16823864/1688/2265/Download%20announcement
%20as%20PDF.pdf

Play Magnus Group Q2 2022 Presentation.pdf -
https://kommunikasjon.ntb.no/ir-files/16823864/1688/2263/Play%20Magnus%20Group%2
0Q2%202022%20Presentation.pdf

Play Magnus Group H1 2022 Report.pdf -
https://kommunikasjon.ntb.no/ir-files/16823864/1688/2264/Play%20Magnus%20Group%2
0H1%202022%20Report.pdf