5th Planet Games A/S - Gothersgade 11, 1123 Copenhagen, Denmark - CVR No.: 3359 7142
5th Planet Games A/S
INTERIM REPORT
1st Half Year 2025
Six months ended 30 June 2025
2
INTERIM REPORT H1 2025
5th Planet Games At-A-Glance
CEO Letter
Outlook for 2024, Key figures and financial performance
Statement by the Board of Directors and the Executive Board
Independent Auditiors’ review report
Consolidated income statement and statement of other comprehensive income
Consolidated Balance Sheet
Statement of changes in equity
Consolidated cash flow statement
Notes to the financial statements
Index
3
4
5
6
7-10
7
8
9
10
11
5th Planet Games At-A-Glance
CEO Letter
Outlook for 2025, Key Figures and Financial Performance
Statement by the Board of Directors and the Executive Board
Financial Statements
• Income Statement and Statement of Other Comprehensive Income
• Balance Sheet
• Statement of Changes in Equity
• Cash Flow Statement
Notes to the Financial Statements
3
INTERIM REPORT H1 2025
5th Planet Games At-A-Glance
CEO Letter
Outlook for 2024, Key figures and financial performance
Statement by the Board of Directors and the Executive Board
Independent Auditiors’ review report
Consolidated income statement and statement of other comprehensive income
Consolidated Balance Sheet
Statement of changes in equity
Consolidated cash flow statement
Notes to the financial statements
5th Planet Games At-A-Glance
5th Planet Games At-A-Glance
CEO Letter
Outlook for 2025, Key Figures and Financial Performance
Statement by the Board of Directors and the Executive Board
Income Statement and Statement of Other Comprehensive Income
Balance Sheet
Statement of Changes in Equity
Cash Flow Statement
Notes to the Financial Statements
5th Planet Games is an international, publicly traded company founded in 2011 and focused on financing and publishing
video games entertainment.
We are a small, lean company that is backed by a highly driven executive team from Europe and the USA, each of
whom have decades of experience in video games and entertainment creation, publishing, and distribution.
5th Planet Games enters into strategic partnerships with global IP holders to create unique opportunities for game
content creation by our outstanding development partners worldwide and secures co-publishing status in games
across all platforms, mobile, console and PC.
With a strong and growing portfolio of titles and, since 2021, a partnership with Skybound Entertainment, 5th Planet
Games now has access to compelling, proven, world-famous IP including The Walking Dead and Invincible.
Due to a high-quality back catalogue of games and an exciting release schedule ahead, 5th Planet Games has seen a
significant improvement in financial results over the last couple of years with many more exciting opportunities ahead!
4
INTERIM REPORT H1 2025
5th Planet Games At-A-Glance
CEO Letter
Outlook for 2024, Key figures and financial performance
Statement by the Board of Directors and the Executive Board
Independent Auditiors’ review report
Consolidated income statement and statement of other comprehensive income
Consolidated Balance Sheet
Statement of changes in equity
Consolidated cash flow statement
Notes to the financial statements
CEO Letter
Mark Stanger - CEO
The results that we present today clearly indicate that our business is ready for the next phase
of its growth, and in our case that growth will be based on proven, commercially successful,
global entertainment brands.
The first tranche of titles that we co-financed with Skybound, Before Your Eyes, Escape
Academy and WrestleQuest are now coming towards the end of their lifecycle, and whilst
we have enjoyed commercial success and positive returns, their age is now reflected in their
diminishing royalty revenues; meanwhile the much bigger, strategic investments that we have
made in the likes of Invincible VS and the next new game in The Walking Dead series are
opportunities for 2026 and beyond, hence our current ‘poised for growth’ status.
The great news for 5th Planet Games is that the initial response to Invincible VS has been
overwhelmingly positive. The official gameplay trailer was released at The Xbox Games
Showcase on June 8th, it very quickly amassed over 10m unique views across IGN and Xbox
owned channels and became the 2nd most watched trailer from the whole event on YouTube,
second only to the new Call of Duty game! You can read more about the game, and see the
new trailer for Invincible VS here;
www.invinciblevs.com
The Invincible TV show continues to be a growing worldwide phenomenon across Amazon
Prime Video and is now supported by a global consumer products licensing program; all of
which is being fueled by the eagerly anticipated Season 4 of the show in early 2026.
Our potential for significant growth in 2026 is starting to be reflected in our 2025 accounts.
In accordance with fair value accounting standards, the company has recorded a financial
gain equal to almost 11.5m DKK in the Q2 accounts of this year; in simple terms this reflects an
increase in the estimated value of our future royalty income, specifically from titles that we have
co-financed with Skybound, it’s identified as ‘financial income’ in the accounts. The fair value
of these financial assets related to future royalties may be subject to adjustment in the coming
months, but it’s certainly a hugely positive endorsement of these recent investments.
What about the remainder of 2025? As I stated in the Q1 report, our plans for this year will be
focused on our growing roster of physical games and our active mobile back catalogue. For
physical games, we have already announced two new titles for release later this year, Orcs
Must Die, Deathtrap from Robot Entertainment and Frostpunk 2 from 11bit studios, both games
will be released on schedule in September 2025.
With the new physical releases on schedule, and our back catalogue continuing to perform, our
guidance for the full year remains the same as published in the 2024 annual report at this time.
We are a business about to experience significant growth, powered by global entertainment
brands with a proven track record of success, that is our status today.
Mark Stanger
CEO – 5th Planet Games.
5th Planet Games At-A-Glance
CEO Letter
Outlook for 2025, Key Figures and Financial Performance
Statement by the Board of Directors and the Executive Board
Income Statement and Statement of Other Comprehensive Income
Balance Sheet
Statement of Changes in Equity
Cash Flow Statement
Notes to the Financial Statements
5
INTERIM REPORT H1 2025
5th Planet Games At-A-Glance
CEO Letter
Outlook for 2024, Key figures and financial performance
Statement by the Board of Directors and the Executive Board
Independent Auditiors’ review report
Consolidated income statement and statement of other comprehensive income
Consolidated Balance Sheet
Statement of changes in equity
Consolidated cash flow statement
Notes to the financial statements
Outlook for 2025, Key Figures and Financial Performance
Outlook for 2025
The H1 financial results should be considered in relation to the 2025 release schedule, and the fact
that the schedule is heavily weighted toward H2; this fact applies to the physical release schedule
whereby we have a number of important new releases scheduled from August onwards and
also for the recently announced Goodnight Universe, which is scheduled for a digital release in
Q4 of this year. Our guidance for the full year is unchanged from that given in the 2024 annual
report i.e. a c.70% increase in revenue, and EBITDA for the year within the range of 0.5m – 2m DKK.
Key figures and financial performance
DKK ‘000 Q2 2025 Q2 2024 H1 2025 H1 2024 FY 2024
Income statement
Revenue and other income 748 3 105 1 254 5 990 12 577
Gross profit and other income 610 2 990 976 5 735 9 693
Profit / Loss before special items (EBITDA) -1 292 1 265 -2 879 2 537 2 472
Operating profit/loss (EBIT) -1 292 1 265 -2 879 2 537 2 472
Net Financials 10 060 -1 593 9 338 -2 540 -7 343
Net profit/loss for the year 8 768 -328 6 459 -3 -4 940
Statement of financial positision
Total assets 89 616 86 910 89 616 86 910 82 144
Equity 87 182 85 644 87 182 85 644 80 723
Cash 8 592 43 554 8 592 43 554 9 694
Financial ratios*
1
Gross Margin % 81,5% 96,3% 77,8% 95,7% 77,1%
EBITDA margin % -172,7% 40,7% -229,6% 42,4% 19,7%
Return of investment % (ROI) -1,5% 1,5% -3,4% 2,8% 2,9%
Solvency ratio % 97,3% 98,5% 97,3% 98,5% 98,3%
Return on equity (ROE) 10,6% -0,4% 7,7% 0,0% -5,9%
Basic earnings per share 0,033 -0,001 0,024 0,000 -0,018
*
1
Please refer to definition and calculation for key figures and key ratios from the Danish Finance Society.
In H1 2025 5th Planet Games generated DKK 1.3M, this is DKK 4.7M below compared to the year-earlier period.
Gross profit for H1 2025 amounted to DKK 1.0M, in H1 2024 Gross Profit was DKK 5.7M
Costs for H1 2025 amounted to DKK 3.9M compared to DKK 3.2M in H1 2024.
EBITDA for the period is a loss of DKK 2.9M, in H1 2024 EBITDA was a gain of DKK 2.5M. The decrease in
EBITDA is driven by a decrease in revenue.
Financial expenses for H1 2025 are DKK 2.1M but it mainly consists of a negative effect of unrealized
currency translation adjustments
Financial income for H1 is DKK 11.5M, this includes a positive adjustment to the fair value of our investments
in games co-published with Skybound.
Profit before tax amounted to DKK 6.5M in H1 2025 compared to DKK 0.0M in the year-earlier period.
Cash flows from operating activities are positive with DKK 1.0M in H1 2025 against a negative 7.3M in H1
2024.
Cash position as of 30 June 2025 amounted to DKK 8.6M against DKK 43.5M as of 30 June 2024. This is
mainly caused by investments in projects with DKK 41.2M.
Equity increases from DKK 80.7m in 2024 to DKK 87.2m in 2025, because of the positive result.
The company’s solvency ratio as of 30 June 2025 is 97.3% compared to 98.5% in H1 2024.
5th Planet Games At-A-Glance
CEO Letter
Outlook for 2025, Key Figures and Financial Performance
Statement by the Board of Directors and the Executive Board
Income Statement and Statement of Other Comprehensive Income
Balance Sheet
Statement of Changes in Equity
Cash Flow Statement
Notes to the Financial Statements
6
INTERIM REPORT H1 2025
5th Planet Games At-A-Glance
CEO Letter
Outlook for 2024, Key figures and financial performance
Statement by the Board of Directors and the Executive Board
Independent Auditiors’ review report
Consolidated income statement and statement of other comprehensive income
Consolidated Balance Sheet
Statement of changes in equity
Consolidated cash flow statement
Notes to the financial statements
The Board of Directors and the Executive Board have discussed and approved the interim
report for the period of 1 January 2025 – 30 June 2025, of 5th Planet Games A/S. The
interim report has been prepared in accordance with IAS 34 Interim Financial Reporting,
as adopted by the EU, and additional Danish interim reporting requirements for listed
companies. The interim report has been subject to review. In our opinion, the interim report
gives a true and fair view of 5th Planet Games’ assets, liabilities and financial position on 30
June 2025, and of the results of 5th Planet Games’ operations and cash flows for the period
of 1 January 2025 – 30 June 2025. We also find that the management’s review provides a
fair statement of developments in the activities and financial situation of the company,
financial results for the period and the financial position of the company and describes the
significant risks and uncertainties pertaining to the company.
Copenhagen, 28 August 2025
Executive Management
Mark Stanger Henrik Nielsen
Søren Kokbøl Jensen
Board of Directors:
Jon Goldman
Chairman
David Alpert
Statement by the Board of Directors
and the Executive Board
5th Planet Games At-A-Glance
CEO Letter
Outlook for 2025, Key Figures and Financial Performance
Statement by the Board of Directors and the Executive Board
Income Statement and Statement of Other Comprehensive Income
Balance Sheet
Statement of Changes in Equity
Cash Flow Statement
Notes to the Financial Statements
7
INTERIM REPORT H1 2025
5th Planet Games At-A-Glance
CEO Letter
Outlook for 2024, Key figures and financial performance
Statement by the Board of Directors and the Executive Board
Independent Auditiors’ review report
Consolidated income statement and statement of other comprehensive income
Consolidated Balance Sheet
Statement of changes in equity
Consolidated cash flow statement
Notes to the financial statements
DKK´000 Note Q2 2025 Q2 2024 H1 2025
Restated
H1 2024
Restated
FY 2024
Revenue 2 748 3 105 1 254 5 990 12 577
Costs of sales 138 115 278 255 2 884
Gross Profit 610 2 990 976 5 735 9 693
Research and development costs 193 127 296 246 553
General and administrative expenses 1 708 1 598 3 558 2 952 6 668
Operating profit / loss (EBIT) -1 292 1 265 -2 879 2 537 2 472
Share of loss from equity investments in group companies 0 0 0 0 -69
Financial income 11 462 408 11 462 1 536 2 182
Financial expenses 1 402 2 001 2 124 4 076 9 525
Profit / loss before tax 8 768 -328 6 459 -3 -4 940
Tax on profit/loss for the year 0 0 0 0 0
Profit / loss for the year 8 768 -328 6 459 -3 -4 940
Other comprehensive income 0 0 0 0 0
Comprehensive income 8 768 -328 6 459 -3 -4 940
Distribution of comprehensive income:
Parent company´s shareholders 8 768 -328 6 459 -3 -4 940
Total 8 768 -328 6 459 -3 -4 940
Basic earnings per share:
Basic earnings per share (DKK) 3 0,033 -0,001 0,024 -0,000 -0,018
Total DKK) 0,033 -0,001 0,024 -0,000 -0,018
Diluted earnings per share:
Diluted earnings per share (DKK) 3 0,026 -0,001 0,019 -0,000 -0,015
Total DKK) 0,026 -0,001 0,019 -0,000 -0,015
Income statement and statement of
other comprehensive income
Financial Statements
5th Planet Games At-A-Glance
CEO Letter
Outlook for 2025, Key Figures and Financial Performance
Statement by the Board of Directors and the Executive Board
Income Statement and Statement of Other Comprehensive Income
Balance Sheet
Statement of Changes in Equity
Cash Flow Statement
Notes to the Financial Statements
8
INTERIM REPORT H1 2025
5th Planet Games At-A-Glance
CEO Letter
Outlook for 2024, Key figures and financial performance
Statement by the Board of Directors and the Executive Board
Independent Auditiors’ review report
Consolidated income statement and statement of other comprehensive income
Consolidated Balance Sheet
Statement of changes in equity
Consolidated cash flow statement
Notes to the financial statements
DKK´000 Note 30.06.2025
Restated
30.06.2024
Restated
31.12.2024
Non-current assets
Other financial assets 4 74 009 26 793 62 600
Other receivables 2 723 4 084 2 724
Total non-current assets 76 732 30 877 65 324
Current Assets:
Trade receivables 2 345 7 637 4 060
Other receivables 1 658 4 616 2 895
Accrual expenses 288 226 171
Cash 8 592 43 554 9 694
Total current assets 12 883 56 033 16 820
Total assets 89 616 86 910 82 144
EQUITY AND LIABILITIES
DKK´000 Note 30.06.2025 30.06.2024 31.12.2024
Equity:
Share capital 13 419 13 419 13 419
Retained earnings 73 763 72 225 67 304
Total Equity 87 182 85 644 80 723
Current liabilities
Trade payables 1 451 678 978
Other payables 982 588 443
Total current liabilities 2 433 1 266 1 421
Total Liabilities 2 433 1 266 1 421
Total equity and liabilities 89 616 86 910 82 144
Balance Sheet
5th Planet Games At-A-Glance
CEO Letter
Outlook for 2025, Key Figures and Financial Performance
Statement by the Board of Directors and the Executive Board
Income Statement and Statement of Other Comprehensive Income
Balance Sheet
Statement of Changes in Equity
Cash Flow Statement
Notes to the Financial Statements
9
INTERIM REPORT H1 2025
5th Planet Games At-A-Glance
CEO Letter
Outlook for 2024, Key figures and financial performance
Statement by the Board of Directors and the Executive Board
Independent Auditiors’ review report
Consolidated income statement and statement of other comprehensive income
Consolidated Balance Sheet
Statement of changes in equity
Consolidated cash flow statement
Notes to the financial statements
DKK´000 Share capital Share premium
Restated
Retained earnings Total equity
Equity as at 01.01.2025 13 419 0 67 304 80 723
Net Loss 0 0 6 459 6 459
Comprehensive income 0 0 6 459 6 459
Equity as at 30.06.2025 13 419 0 73 763 87 182
Equity as at 01.01.2024 13 404 0 72 017 85 421
Net Loss 0 0 -3 -3
Comprehensive income 0 0 -3 -3
Capital increase 15 97 0 112
Share-based payment 0 0 114 114
Transfer of reserves 0 -97 97 0
Transactions with owners 15 0 211 226
Equity as at 30.06.2024 13 419 0 72 225 85 644
Statement of changes in equity
5th Planet Games At-A-Glance
CEO Letter
Outlook for 2025, Key Figures and Financial Performance
Statement by the Board of Directors and the Executive Board
Income Statement and Statement of Other Comprehensive Income
Balance Sheet
Statement of Changes in Equity
Cash Flow Statement
Notes to the Financial Statements
10
INTERIM REPORT H1 2025
5th Planet Games At-A-Glance
CEO Letter
Outlook for 2024, Key figures and financial performance
Statement by the Board of Directors and the Executive Board
Independent Auditiors’ review report
Consolidated income statement and statement of other comprehensive income
Consolidated Balance Sheet
Statement of changes in equity
Consolidated cash flow statement
Notes to the financial statements
DKK´000 Note Q2 2025 Q2 2024 H1 2025
Restated
H1 2024
Restated
FY 2024
Profit before tax 8 768 -328 6 459 -3 -4 940
Share-based payments 0 57 0 114 130
Financial income -11 462 -408 -11 462 -1 536 -2 182
Financial expenses 1 402 2 001 2 124 4 076 9 525
Change in working capital 1 647 -2 689 3 897 -9 906 -4 448
Operating cash flow 356 -1 367 1 019 -7 255 -1 915
Financial income, received 3 0 3 0 711
Financial expenses, paid -4 -90 -5 -93 -5
Cash flow generated from operations 355 -1 457 1 017 -7 348 -1 209
Investment in shares 0 -50 0 -50 0
Long term receivable 0 0 0 0 1 360
Investments in projects 0 0 0 0 -41 221
Cash flow from investing activities 0 -50 0 -50 -39 861
Proceeds from cash capital increase 0 0 0 112 112
Cash flow from financing activities 0 0 0 112 112
Total cash flow for the period 355 -1 507 1 017 -7 286 -40 958
Cash, beginning of period 9 636 44 573 9 694 49 305 49 305
Net foreign exchange difference -1 398 488 -2 119 1 535 1 347
Cash, end of period 8 593 43 554 8 592 43 554 9 694
Cash flow statement
5th Planet Games At-A-Glance
CEO Letter
Outlook for 2025, Key Figures and Financial Performance
Statement by the Board of Directors and the Executive Board
Income Statement and Statement of Other Comprehensive Income
Balance Sheet
Statement of Changes in Equity
Cash Flow Statement
Notes to the Financial Statements
11
INTERIM REPORT H1 2025
5th Planet Games At-A-Glance
CEO Letter
Outlook for 2024, Key figures and financial performance
Statement by the Board of Directors and the Executive Board
Independent Auditiors’ review report
Consolidated income statement and statement of other comprehensive income
Consolidated Balance Sheet
Statement of changes in equity
Consolidated cash flow statement
Notes to the financial statements
1. Basis of preparation
The interim report has been prepared in accordance with IAS 34 Interim financial reporting,
as adopted by the EU, and additional Danish interim reporting requirements for listed
companies. The interim report does not include all the information and disclosures required
in the annual financial statements and should be read in conjunction with the Company’s
annual financial statements as of 31 December 2024. The interim report has not been
audited or reviewed by the Company’s auditors. The accounting policies adopted in the
preparation of the interim report are consistent with those followed in the preparation of
the Company’s annual financial statements for the year ended 31 December 2024.
Correction of errors
5th Planet Games has historically shown Depreciation and Amortization separate in the
Income Statement. In H1 2025 depreciation and amortization cost have been included in
General and administrative expenses and we have changed comparative figures for H1
2024 and FY 2024. The change has no effect on the result or equity
Correction of Classification – Financial Assets
Historically, 5th Planet Games A/S has recognized investments in games co-published
with Skybound as intangible assets under “development projects.” Upon reassessment,
management has determined that these investments meet the definition of financial
assets under IAS 32 and IFRS 9, and should be classified as financial assets measured at
fair value through profit or loss (FVTPL).
As a result, the company has retrospectively reclassified the relevant investments in the
2025 financial statements. Comparative figures have been restated accordingly.
Notes to the Financial Statements
5th Planet Games At-A-Glance
CEO Letter
Outlook for 2025, Key Figures and Financial Performance
Statement by the Board of Directors and the Executive Board
Income Statement and Statement of Other Comprehensive Income
Balance Sheet
Statement of Changes in Equity
Cash Flow Statement
Notes to the Financial Statements
Impact of correction of error
31. December 2024
DKK’000
As previously
reported Adjustments As restated
Income Statement
General and administrative expenses 16 064 -9 396 6 668
Financial expenses 129 9 396 9 525
Non-current assets
Development projects in progress 41 221 -41 221 0
Financial assets 21 379 41 221 62 600
Equity
Reserves 32 152 -32 152 0
Retained earnings 35 152 32 152 67 304
12
INTERIM REPORT H1 2025
5th Planet Games At-A-Glance
CEO Letter
Outlook for 2024, Key figures and financial performance
Statement by the Board of Directors and the Executive Board
Independent Auditiors’ review report
Consolidated income statement and statement of other comprehensive income
Consolidated Balance Sheet
Statement of changes in equity
Consolidated cash flow statement
Notes to the financial statements
5th Planet Games At-A-Glance
CEO Letter
Outlook for 2025, Key Figures and Financial Performance
Statement by the Board of Directors and the Executive Board
Income Statement and Statement of Other Comprehensive Income
Balance Sheet
Statement of Changes in Equity
Cash Flow Statement
Notes to the Financial Statements
Significant accounting estimates and judgments
The significant accounting estimates and judgments in the interim financial statements
remain which remain unchanged compared to those used in Annual Report 2024 are
described in the Annual Report 2024 in note 2.
A number of the Company’s accounting policies and disclosures require the measurement
of fair value for both financial and non-financial assets.
When measuring the fair value of an asset, the Company uses observable market data
as far as possible. Fair values are categorised into different levels in a fair value hierarchy
based on the inputs used in the valuation techniques as follows:
• Level 1: Quoted prices (unadjusted) in active markets for identical assets or liabilities.
• Level 2: Inputs other than quoted prices included in Level 1 that are observable for the
asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices).
• Level 3: Inputs for the asset or liability that are not based on observable market data
(unobserved inputs)
If the inputs used to measure the fair value of an asset or a liability fall into different levels
of the fair value hierarchy, then the fair value measurement is categorised in its entirety in
the same level of the fair value hierarchy as the lowest level input that is significant to the
entire measurement.
The Company recognises transfers between levels of the fair value hierarchy at the end of
the reporting period during which the change occurred.
Other financial assets (Equity investments): Are measured at fair value on a recurring
basis, where 5th Planet Games on each reporting date evaluated the valuation of the
investments. The selected valuation approaches are based on the information available to
5th Planet Games at the reporting date.
For other financial assets (investments in co-published games): The physical and digital
game market is rapidly changing due to technology innovations (artificial intelligence),
business model evolutions (free to play games), consumer preferences (new games versus
legacy franchises).
Video games, historically, are a hit driven business. The best performing games will exceed
average or above average benchmark performance data and poorly performing games
will come in under those averages. The Company’s budgets and prognoses for the coming
years and thus the determination of the fair value of the financial assets are substantially
impacted by management’s expectations for growth in connection with the launch of new
games.
Management has assessed the projections used in arriving at the fair value of financial
13
INTERIM REPORT H1 2025
5th Planet Games At-A-Glance
CEO Letter
Outlook for 2024, Key figures and financial performance
Statement by the Board of Directors and the Executive Board
Independent Auditiors’ review report
Consolidated income statement and statement of other comprehensive income
Consolidated Balance Sheet
Statement of changes in equity
Consolidated cash flow statement
Notes to the financial statements
5th Planet Games At-A-Glance
CEO Letter
Outlook for 2025, Key Figures and Financial Performance
Statement by the Board of Directors and the Executive Board
Income Statement and Statement of Other Comprehensive Income
Balance Sheet
Statement of Changes in Equity
Cash Flow Statement
Notes to the Financial Statements
DKK´000 Q2 2025 Q2 2024 H1 2025 H1 2024 FY 2024
Sales of games and advertising for mobile devices 129 243 270 548 950
Physical product sales 176 0 251 0 2 894
License income 443 2 862 733 5 431 8 670
Other revenue 0 0 0 11 63
Total 748 3 105 1 254 5 990 12 577
2. Revenue
3. Earnings per share
DKK´000 Q2 2025 Q2 2024 H1 2025 H1 2024 FY 2024
Net profit/loss for the period 8 768 -328 6 459 -3 -4 940
Weighted average number of ordinary shares used as the denominator
in calculating basic earnings per share (in thousands) 268 379 268 379 268 379 268 360 268 369
Adjustments for calculation of diluted earnings per share:
Warrants 64 297 70 367 64 297 70 367 64 297
Weighted average number of ordinary shares and potential ordinary shares
used as the denominator in calculating diluted earnings per share (in thousands)
332 676 338 746 332 676 338 727 332 666
Earnings per share of DKK 0,05 each (in DKK) 0,033 -0,001 0,024 0,000 -0,018
Diluted earnings per share of DKK 0,05 each (in DKK) 0,026 -0,001 0,019 0,000 -0,015
assets. On the basis of its best judgement, management believes that these valuations
reflect the best estimate of fair value based on the information and business knowledge
at this time. Management continues to monitor the reported performance on its investees
and the development milestones for the games and pre-launch market developments
and will update its assumptions as circumstances require.
Further information about the assumptions made in measuring fair values is included in the
following notes:
Note 4: Other Financial Assets
14
INTERIM REPORT H1 2025
5th Planet Games At-A-Glance
CEO Letter
Outlook for 2024, Key figures and financial performance
Statement by the Board of Directors and the Executive Board
Independent Auditiors’ review report
Consolidated income statement and statement of other comprehensive income
Consolidated Balance Sheet
Statement of changes in equity
Consolidated cash flow statement
Notes to the financial statements
5th Planet Games At-A-Glance
CEO Letter
Outlook for 2025, Key Figures and Financial Performance
Statement by the Board of Directors and the Executive Board
Income Statement and Statement of Other Comprehensive Income
Balance Sheet
Statement of Changes in Equity
Cash Flow Statement
Notes to the Financial Statements
Valuation technique Significant unobservable inputs
Market, cost and income approaches (discounted cash flows):
The Company has considered the three approaches and
reconciles and weighs the estimates under each technique
based on its assessment of the judgment that reasonable
observers would apply. The market approach considers the
current or other recent market price that the same or similar
investments have traded upon between unrelated parties. Cost
reflects the potential replacement cost of the asset. Discounted
cash flow for a 3-year revenue window in 2026 considers the
present value of the net cash flows expected to be generated
from the asset. Estimates are based on projected performance
of the game projects using projections of performance from
comparable games calibrated against the performance of
other similar game titles in the genre.
Projected royalty returns on the co-publishing
investment (ranging from 42% to 336%, weighted
average of 128%)
Risk adjusted discount rate (21.4% and 29.2%)
based on the less diversifiable risk of single
game projects
Sensitivity of unobservable inputs
In arriving at the projected royalty returns, the Company assessed a range of lower and upper bounds of
prospective outcomes related to the monetization of the games. While these are not absolute bounds, they
represent reasonable prospects related to below and above mid-point performance for the prospective
projects. At the lower bound of outcomes, a present value loss of USD 0.6M (DKK 3.8m) would currently be
observed. At the upper bound of outcomes, a present value gain of USD 9.6M (DKK 61.1m) would currently
be observed. The weighted result which generated the Company’s 2Q fair value gain of USD 1.8M (DKK
11.459m) reflects the current projected distribution within those bound outcomes.
With respect to the risk adjusted discount rates applied to the fair value of the co-published games, a
100-basis point increase in the rate would result in a 9.4% decline in the fair value estimate. Conversely, a
100-basis point decrease in the in the rate would result in a 7.6% increase in the fair value estimate.
4. Other financial assets - Co-publishing games
DKK´000 30.06.2025 30.06.2024
Restated
31.12.2024
Balance beginning of period 41 221 0 0
Additions 0 0 41 221
Transfer 0 0 0
Balance end of period 41 221 0 41 221
Value adjustment beginning of period 0 0 0
Value adj.during the year (incl. in financial income) 11 459 0 0
Value adjustment end of period 11 459 0 0
Carrying amount end of period 52 680 0 41 221
Measurement of fair values
Fair value hierarchy
The fair value measurement for Financial Assets has been categorized as a Level 3 fair value based on
the inputs to the valuation techniques used based on the significance of the various inputs to the entire
measurement. There have been no transfers between the fair value levels.
15
INTERIM REPORT H1 2025
5th Planet Games At-A-Glance
CEO Letter
Outlook for 2024, Key figures and financial performance
Statement by the Board of Directors and the Executive Board
Independent Auditiors’ review report
Consolidated income statement and statement of other comprehensive income
Consolidated Balance Sheet
Statement of changes in equity
Consolidated cash flow statement
Notes to the financial statements
5th Planet Games At-A-Glance
CEO Letter
Outlook for 2025, Key Figures and Financial Performance
Statement by the Board of Directors and the Executive Board
Income Statement and Statement of Other Comprehensive Income
Balance Sheet
Statement of Changes in Equity
Cash Flow Statement
Notes to the Financial Statements
Measurement of fair values
Fair value hierarchy
During 2025, the Company changed the valuation technique applied for unquoted equity investments. In
prior periods, these investments were measured using a cost approach, as management considered cost
to approximate fair value due to the absence of reliable market data and limited financial information
from the investees. In 2025, sufficient information on the investees’ projected performance and industry
benchmarks became available, enabling management to apply an income approach (discounted cash
flow model). The change was made to enhance the reliability and relevance of the fair value measurement
in accordance with IFRS 13.
The change in valuation technique did not result in a transfer between levels of the fair value hierarchy
(measurements remain classified as Level 3)
Valuation technique Significant unobservable inputs
Market and income approaches (discounted cash flows): The
Company has considered both approaches and reconciles
and weighs the estimates under each technique based on
its assessment of the judgment that reasonable observers
would apply. The market approach considers the current or
other recent market price that the same or similar investments
have traded upon between unrelated parties. Discounted
cash flow for a 5 year period considers the present value
of the net cash flows expected to be generated from the
investment. Estimates are based on projected performance
of the investees using projections of performance from other
comparable assets and publicly available data from unrelated
third-party sources.
Projected revenue growth (5 Year CAGR 19%
and 34%)
Risk adjusted discount rates (14% and 17%) based
on the more diversifiable risk of investments into
the equity of the underlying company.
4. Other financial assets - Equity investments
DKK´000 30.06.2025 30.06.2024 31.12.2024
Balance beginning of period 21 329 21 329 21 329
Additions 0 0 0
Transfer 0 0 0
Balance end of period 21 329 21 329 21 329
Value adjustment beginning of period 0 0 0
Value adj. during the year (incl. in financial income) 0 0 0
Value adjustment end of period 0 0 0
Carrying amount end of period 21 329 21 329 21 329
The investments relates to:
Skybound LLC 3 500 3 500 3 500
Sagafilm ehf. 17 829 17 829 17 829
Carrying amount end of period 21 329 21 329 21 329
Sensitivity of unobservable inputs
With respect to the risk adjusted discount rate applied to the fair value of the investment in Skybound LLC,
a 100-basis point increase in the rate would result in a 10.3% decline in the fair value estimate. Conversely,
a 100-basis point decrease in the rate would result in a 12.6% increase in the fair value estimate.
For the risk adjusted discount rate applied for the fair value of the investment in Sagafilm ehf, a 100-basis
point increase in the rate would result in a 7.2% decline in the fair value estimate. A 100-basis point decrease
in the rate would result in an 8.4% increase in the fair value estimate.
16
INTERIM REPORT H1 2025
5th Planet Games At-A-Glance
CEO Letter
Outlook for 2024, Key figures and financial performance
Statement by the Board of Directors and the Executive Board
Independent Auditiors’ review report
Consolidated income statement and statement of other comprehensive income
Consolidated Balance Sheet
Statement of changes in equity
Consolidated cash flow statement
Notes to the financial statements
Contact details
Mark Stanger, CEO
mstanger@5thplanetgames.com
Investor Relations
ir@5thplanetgames.com
Denmark
CVR No.: 3359 7142