Qiiwi Games AB (publ)

This presentation of Kiwi Games Q1 2026 will be the focus. After the break we will have Q&A and Q&A time. If you have any questions, please feel free to send them in and we will answer them. Men vi kör igång. Med mig på mötet idag har vi också som vanligt Daniel Svensson, Head of New Games, och Marcus Dahle som är teknikchef och Live Operations ansvarig. Så vi kör på. So, the summary of the first quarter is a better result and of course a lot of focus on Worthington Solitaire, which has really started to reach new heights and has had a very good start. And the people we see here in this picture are characters from the World of Solitaire game. And we bind together our slogan Intellectual Feel Good in this picture. So let's look first at revenue. It landed at about 3 million compared to 4.9 million the same period the previous year. And that reminder under the Q1 here is mainly due to the fact that we launched Backpacker Go during the same period last year. Backpacker Go's launch was launched towards the end of Q4 2024 and continued into Q1 2025. So that game was scaled up quite a bit during the same period. At the same time, we also had a lot more revenue from older game titles that have contributed less during this quarter this year. What is good to have in mind is that Worthington Solitaire did not contribute much during the reported period and we have tried to predict more after the period what Worthington Solitaire has started to contribute with and we will go through a little more about that later. Och det är ju framförallt då, eftersom att intäkterna för speltiteln började komma igång i april då, och vi startade ju bara marknadstest för spelet under mars, vilket då innebär en lite lugnare uppskalning och tester initialt för spelet. Tittar vi på de tre största så är det fortfarande Backpacker Go under perioden, 56%, Wordington 14%, och Backpacker 8%, och då är det ju Wordington is the original Wordington, our earlier game, which is a crossword-based Wordington. Moving on to the next slide, we see that the result is improved. EBITDA landed at minus 0.4 million SEK compared to minus 1.6. And that's... Framförallt kostnadsbesparingen som vi har arbetat med under 2025 som har gett effekt nu. Cirka 75% förbättring trots att vi når en lägre omsättning. Så vi har en... Ja, kostnadsbasen är ju väldigt låg om man ser till vår historik nu och är ju mer eller mindre så... I think we can be as well positioned in terms of staff and company costs to be able to reach break-even. We are now at a very good place in terms of costs to be able to reach break-even in the future. Maybe under Q2. It depends a little on how we choose to do with Worthington Solitaire and the development that it takes under Q2. We don't want to miss potential growth opportunities for that title, just because we are striving to reach a break-even goal in the last round during Q2. If we see potential scaled further, it is significantly better for the company in the long term to be able to achieve greater growth and better profitability and build a bigger player base. but very well positioned with our cost base and to be able to reach break-even and profitability in the last row. If we look at marketing, it has also gone down a lot compared to last year. It was a decrease of about 65% As I mentioned, it's related to the fact that we launched Backpacker Go during the comparison period. It's driven by UA and marketing. And under Q1, we have... Also invested a little less for Backpacker Go than we did under Q3 and Q4. The momentum we had during that period has stagnated a little under Q1. We have seen the trend earlier for Backpacker Go and generally a season pattern that it can be a little tougher under Q1 for Some have played a bit UA-like, but something that can change during the year ahead. But what we really expect now under Q2 is that UA-investments will increase, with regard to Worthington Solitaire's exchange rate and valuation, which we continue with. So, in all likelihood, we will see higher market share levels than those that are here under Q2. And if we take a look at New Games, Worthington Solitaire launched its market test in March. The game title has advanced rapidly in our MVP process, which we use when evaluating games and game ideas. And the reason it has advanced rapidly is of course The game itself is based on the narrative platform and story that we already have in Worthington, so there have been a lot of pieces already in place with this new Solitaire Associations gameplay. At the same time, we have worked with many other parts to make the game and the gameplay more engaging. But the growth has been very positive. During April, the title amounted to about 900,000 SEK. And then it's just World of Tanks Solitaire. And the first 10 days in May, about 470,000 SEK. So it's the title that in the current situation in the portfolio contributes to the absolute highest amount. Also a title with strong keys compared to the latest titles we have released. About 107% higher LTV value on day 7. If the players stay in the game for 7 days, then World Inton Solitaire has about 107% higher value. a player in Backpacker Go on the American market. And that indicates a part of what other types of opportunities we have with this game on such a large market as the United States, for example. It's positive. And as I said before, we continue with Worthington's Hall as the main focus here under Q2 to identify how high we can take this game. And move on to the next slide and send it over to you Daniel there to talk a little more about where we are and what we do according to our MVP process.

Yes, thank you very much Erik. As mentioned, it is clear that Worthington Solitaire has taken a central role in the work of New Games and for the company. And the most concrete step forward is that the game has taken on the soft landing that we see in our MVP process down there. It is an important signal that we are lifting the game forward here. That it shows such a strong performance, that we feel we can do it. And it's also a signal that the players have received the game in a good way. And that we see potential in the future. So now it's a lot of work on New Games to continue to improve the game. Understand what drives the commitment, even from a longer perspective in the game. develop gameplays and live ops elements in the game to keep the players busy for a longer period of time. At the same time as Worries on Solitaire is the main focus, we continue to work actively with We have had a period of time working with ideas in our MVP process as we can see down there. And where we can see during the soft launch we have Worthington Solitaire and during the market test we have a game called But Who. But Who is a kind of conclusion puzzle game where you have to point out characters. which we have got for a market test in a relatively short time here. We see that even during post-mortem we have two games where we have board an adventure which is a resource-based strategy game in a broad game format. And we also have World Solitaire World, which is a test we did with Solitaire Association, where we niched ourselves a little more in the categories to test how it went. But the two of them are on Smartem and are taking the lessons from there now. Prioritization is quite clear. We will continue to optimize WS and understand how far the game can go. So there is soft launch. This is a sign that we are focusing right now. While we collect data for Batuu still. To later decide how we continue with that title. So finally, clear focus WS. Positive development, fun to have a game, soft launch. when we continue to learn from projects that are not going as well to strengthen ourselves and move forward when we develop the game. Erik, I'll hand it back to you.

Yes, thank you. We'll move on to some live operations. I'll send it to you Marcus.

Ja, tack så mycket. På LiveOps har vi under det första kvartalet primärt fokuserat på BPGO eller Backpacker Go. Vi har lanserat flera nya erbjudanden eller... in-game purchases in the game, different passes, different slings you can get through. We have introduced more functions related to what we call star destinations so that we can also monetize better in there. We have improved long-term gaming and with that we hope to get better retention over time. At the same time, we keep a close dialogue with our core players. We get a lot of feedback, a lot of city proposals. And analyze what they want and what gives the best effect on the last row for Backpacker Go. Now that we are still focusing on Worthington Solitaire. At the same time, we launch new cities every week. We are now up in a total of 214 cities. We also export these cities to the old Backpacker game, where we can send over cities. And with that, we re-activate players there as well and get a double effect on the cities we actually create. For our other game titles, we have continued to make minor updates where we see that there is a need to keep them stable and keep the games we have in the games like Wordington, for example. If you jump to the next slide, Erik. Then we have AI, which no one has missed, I think, and which becomes a bigger and bigger part of Kiwi. It's a big part of how we work and we use it largely everywhere in the business. All from creating images, ad materials, videos, prototypes and much more. At the same time, it helps us a lot in analysis, planning and even development. More specifically, on the development side, it is largely exclusive in AI tools such as Codex from OpenAI, for example. where we can iterate, develop several things at the same time and get a much faster pace. We also build up AI agents and different workflows, among other things through Open Claw, there is something called that, where we have different agents that we assign more and more work tasks, from BI to idea spawning and analysis of changes we have made. This means that we, as a relatively small team as we are now, can work significantly more scalable. We can test more ideas faster. We can come up with what works and what actually shows potential. Sen går ju utvecklingen av AI extremt fort och vi ser ju ändringar om inte från dag till dag så i alla fall vecka till vecka och vi är och ser oss själva som extremt snabbfotade här och omfamnar AI på ett bra sätt och vill verkligen ta del av all nytta som kommer med det. Och med det lämnar jag tillbaks till dig Erik.

Tackar.

Yes, here we have the next slide, and it's more of a summary of the financial results for Q1. I'm not going to rattle them up here, but liquidation of about 12.8 million SEK at the start of the first quarter. And there is no need to make any form of capital acquisition or the like in the current situation. We manage very well with the liquidations we have. It's usually a question that pops up. Good to know that. Looking forward to 2026, Vi har en väldigt effektiv organisation. Den lägre kostnadsbasen har vi nu nått. Vi har ett tydligt ramverk som Marcus pratar om. Vi är extremt AI-drivna. Vi ser ett Kiwi Games framöver som kommer att vara drivet av AI-agenter och AI-arbetslag, som vi kallar det, där vi mer eller mindre styr och samordnar different types of AI-workshops based on what we want to focus on. And it's a fast-growing development, which is very nice. Now that we're a very easy-going team, a small team that everyone really cares about AI and takes part in that technology, it's much easier. So it feels like we're in a very good place, purely organizational-wise. And World of Solitaire, of course, a very exciting game that we continue to focus on during Q2. And of course, as usual, we hope that as many as possible will follow us on our journey. And with that, we will move on to some Q&A and Q&A time and see if we have received någonting here. Det går ju att skicka in frågor i Zoom. Jag tror att det är viktigt att man har den här senaste Zoom-klientversionen för att kunna skicka in frågor, såg jag notis om. Och frågorna som skickas in är ju sådana som vi kan se då i Q&A i själva Zoom. Vi har fått in en fråga här gällande... Hur ser ni idag på bolagslikviditet och eventuellt kapitalbehov framåt? Särskilt om World of Solitaire fortsätter, utvecklas positivt och UA-investeringar skalas upp? Med välhänslingar, Aron. Ja, men det är en bra fråga och för att skala mobilspel så krävs det att man har tillgång till kapital och ska man skala någonting stort idag så krävs det big volumes of UA capital to be able to invest. Something that we have already started to have contact with is with different types of UA funding partners, as they are called. where specific partners are focused on providing capital for mobile gaming companies, where they themselves have access to see how a game performs. And if they see that this game performs well, De kan låna ut kapital för att skala upp UA och på så sätt få en liten avkastning själva på det kapitalet de lånar ut. Lite som en bank att man lånar ut pengar och så tar man en liten ränta på det utlånade kapitalet. Skillnaden med en sån här partner är att man har inget återbetalningskrav förrän man har fått tillbaks pengarna utifrån spelets prestation så UA-partner har ju också en risk på så sätt att vi tror mycket på spelet och vi kommer vänta på att spelet har genererat tillbaks pengarna för att vi ser att det kommer göra det. Vi har en så pass stor tro på den datan och siffrorna som vi ser. Och här finns det ju partners som If you have a really good game that can be scaled up, then you can get access to extremely much capital to be able to scale games quickly and with a small cost. And then you often talk about that they take a... between 3-6% of the external capital. So if you have a game that is very safe, that it will reach 100%, at least 100% return within let's say 90 days or half a year. then that partner will borrow the money and then when we have reached 100% they will want to return this small percentage. So that is one alternative. Another alternative is of course to scale up something a little more calm and safe over time. And we can do that with our current liquidity we have on our own bank. So there are some different alternatives there. And then we have a question from Hugo. I interpret it as that Worthington Solitaire is the largest company that has happened in the last few years. Is this correct? Yes. In parallel with what we also talk about, with the difference we see on Backpacker Go, which was a positive launch for us when we did that launch, and which has been important for us during 2025, purely in terms of sales, Wordington Solitaire initially performed much better than Backpacker Go on important American markets, for example. And it is also a game where we have been able to market, actually for the first time in our history where we have been able to market a game in a very effective way on Applovin, which is It is actually the most important network nowadays to be able to market games to scale really large. So it is a positive sign. Then it is of course, as we also write, that it is an early phase for the game and it is always difficult to say exactly how far you can take a game over time when you also scale up to more UA investments. And there was a follow-up question here that I think I answered a little bit. How has the UA-spend in Worthington Solitaire looked so far? And we haven't gone out with any information about the UA-spend in Worthington Solitaire in any press release. But I can say that it has looked very good initially. Otherwise, we would not have seen the income levels that we saw in April and May. Then there was a question that I feel that I can't really answer well, so let's hope for that. Good. And those were the questions we got in here. It's fun that there are some questions and fun with a little more activity on the presentations here for the quarterly report. So the presentations will be available in the future on our YouTube channel and will be available via our website as usual. Så jag tror att vi avvaktar där och tackar för intresset. Så kommer vi informera via pressmedia som vanligt är när det finns mer att säga om eventuellt Werdentons hållet här och andra delar inom bolaget. Så yes, tack så mycket. Vi önskar fortsatt trevlig dag.