5th Planet Games A/S - Gothersgade 11, 1123 Copenhagen, Denmark - CVR No.: 3359 7142
5th Planet Games A/S
INTERIM REPORT
Q3 2025
Nine months ended 30 September 2025
2
INTERIM REPORT Q3 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 Q3 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 focused on financing and publishing
video game 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 game 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 an
improvement in financial results over the last couple of years with many more exciting opportunities ahead!
4
INTERIM REPORT Q3 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
Once again, the results that we are announcing today speak to the current challenges within
the global video games industry, however they speak even louder to the potential that lies
ahead of 5th Planet Games.
At the operational level 2025 has proved testing; our royalty income from the first catalogue of
titles we signed with Skybound Games, Before Your Eyes, Escape Academy and Wrestle Quest
now reflect the age and maturity of these games and the market response to our range of new
physical releases in H2 2025 has been weaker than expected at this point in the year, indeed at
the time of writing this letter, retail markets globally are significantly quieter than usual.
The fact that we are able to report a net profit for the year to date ending Sept 30th, speaks
once again, to the potential that lies immediately ahead of us; the financial income for the
period largely reflects the fair valuation of the anticipated royalty income of future releases,
specifically Invincible Vs and the new game in The Walking Dead universe, both of which were
announced earlier in the year. Apart from being a key financing partner in both new games, 5th
Planet Games will also play an increasing role in the distribution of the physical variants of both
titles next year.
We will continue to push and promote our 2025 catalogue as hard as possible through the
remaining weeks of the year, whilst we continue to plan for what looks like a very exciting 2026.
More detailed guidance will be given in due course, but even our most conservative view of next
year shows it being the biggest year in the history of 5th Planet Games, and we look forward to
providing additional details soon.
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 Q3 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
We maintain our previously stated guidance for the full year 2025, however we recognize and
acknowledge the potential impact of the trading conditions at the time of writing.
Globally, the video games market has started Q4 quieter and with lower levels of sales than
forecasted and this has impacted both Digital and Physical channels; we have plans in place to
address this and remain vigilant in our monitoring. We will provide further updates as new data
becomes available, and markets align to seasonal trading conditions.
DKK ‘000
Q3
2025
Q3
2024
Q1-3
2025
Q1-3
2024
FY
2024
Income statement
Revenue and other income 715 4 346 1 969 10 336 12 577
Gross profit and other income 421 2 267 1 397 8 002 9 693
Profit / Loss before special items (EBITDA) -1 020 692 -3 898 3 229 2 472
Operating profit/loss (EBIT) -1 020 692 -3 898 3 229 2 472
Net Financials -852 -4 105 8 486 -6 645 -7 343
Net profit/loss for the year -1 872 -3 413 4 588 -3 416 -4 940
Statement of financial positision
Total assets 88 295 90 093 88 295 90 093 82 144
Equity 85 311 82 243 85 311 82 243 80 723
Cash 8 078 24 959 8 078 24 959 9 694
Financial ratios*
1
Gross Margin % 58,9% 52,2% 71,0% 77,4% 77,1%
EBITDA margin % -142,6% 15,9% -198,0% 31,2% 19,7%
Return of investment % (ROI) -1,1% 0,8% -4,6% 3,6% 2,9%
Solvency ratio % 96,6% 91,3% 96,6% 91,3% 98,3%
Return on equity (ROE) -2,2% -4,1% 5,5% -4,1% -5,9%
Basic earnings per share -0,007 -0,013 0,017 -0,013 -0,018
*
1
Please refer to definition and calculation for key figures and key ratios from the Danish Finance Society.
In Q1-Q3 2025 5th Planet Games generated DKK 2.0M in revenue, this is DKK 8.0M below the
year-earlier period.
Gross profit for Q1-Q3 2025 amounted to DKK 1.4M, in Q1-Q3 2024 Gross Profit was DKK 8.0M
Costs for Q1-Q3 2025 amounted to DKK 5.3M compared to DKK 4.8M in Q3 2024.
EBITDA for the period is a loss of DKK 3.9M, in Q1-Q3 2024 EBITDA was a gain of DKK 3.2M. The decrease
in EBITDA is driven by a decrease in revenue.
Financial expenses for Q1-Q3 2025 are DKK 1,8M, mainly consisting of a negative effect of unrealized
currency translation adjustments.
Financial income for Q1-Q3 is DKK 10.3M, this includes a positive adjustment to the fair value of our
investments in games co-published with Skybound.
Profit before tax amounted to DKK 4.6M in Q1-Q3 2025 compared to a loss of DKK 3.4M in the year-earlier
period.
Cash flows from operating activities are positive with DKK 0.2M in Q1-Q3 2025 compared to a negative
3.3M in Q3 2024.
Cash position as of 30 September 2025 amounted to DKK 8.0M versus DKK 25.0M as of 30 September
2024. This decrease in cash position is mainly caused by investments in projects with DKK 20.2M.
Equity increases from DKK 82.2m in 2024 to DKK 85.3m in 2025, because of the positive result. The
company’s solvency ratio as of 30 September 2025 is 96.6% compared to 91.3% 30 September 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 Q3 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 September 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 not been audited or reviewed by the Company’s
auditors. In our opinion, the interim report gives a true and fair view of 5th Planet Games’
assets, liabilities and financial position on 30 September 2025, and of the results of 5th Planet
Games’ operations and cash flows for the period of 1 January 2025 – 30 September 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, 18 November 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 Q3 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 Q3 2025
Restated
Q3 2024
9M 2025
Restated
9M 2024
Restated
31.12.2024
Revenue 2 715 4 346 1 969 10 336 12 577
Costs of sales 294 2 079 572 2 334 2 884
Gross Profit 421 2 267 1 397 8 002 9 693
Research and development costs 16 109 312 355 553
General and administrative expenses 1 426 1 466 4 984 4 418 6 668
Operating profit/loss (EBIT) -1 020 692 -3 898 3 229 2 472
Share of loss from equity investments in group companies 0 0 0 0 -69
Financial income 1 007 194 10 313 114 2 182
Financial expenses 1 858 4 299 1 826 6 759 9 525
Profit/loss before tax -1 872 -3 413 4 588 -3 416 -4 940
Tax on profit/loss for the year 0 0 0 0 0
Profit/loss for the year -1 872 -3 413 4 588 -3 416 -4 940
Other comprehensive income 0 0 0 0 0
Comprehensive income -1 872 -3 413 4 588 -3 416 -4 940
Distribution of comprehensive income:
Parent company´s shareholders -1 872 -3 413 4 588 -3 416 -4 940
Total -1 872 -3 413 4 588 -3 416 -4 940
Basic earnings per share (DKK) 3 -0,007 -0,013 0,017 -0,013 -0,018
Diluted earnings per share (DKK) 3 -0,007 -0,013 0,017 -0,013 -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 Q3 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 30.09.2025
Restated
30.09.2024
Restated
31.12.2024
Non-current assets
Other financial assets 4 72 851 45 173 62 550
Other receivables 2 723 4 084 2 724
Total non-current assets 75 574 49 257 65 274
Current Assets:
Trade receivables 4 214 11 290 4 060
Other receivables 287 4 446 2 945
Accrual expenses 143 141 171
Cash 8 078 24 959 9 694
Total current assets 12 721 40 836 16 870
Total assets 88 295 90 093 82 144
EQUITY AND LIABILITIES
DKK´000 Note 30.09.2025
Restated
30.09.2024
Restated
31.12.2024
Equity:
Share capital 13 419 13 419 13 419
Retained earnings 71 892 68 824 67 304
Total Equity 85 311 82 243 80 723
Current liabilities
Trade payables 1 622 7 120 978
Other payables 1 363 730 443
Total current liabilities 2 985 7 850 1 421
Total Liabilities 2 985 7 850 1 421
Total equity and liabilities 88 295 90 093 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 Q3 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 Profit 0 0 4 588 4 588
Comprehensive income 0 0 4 588 4 588
Equity as at 30.09.2025 13 419 0 71 892 85 311
Equity as at 01.01.2024 13 404 0 72 017 85 421
Net Loss 0 0 -3 416 -3 416
Comprehensive income 0 0 -3 416 -3 416
Capital increase 15 97 0 112
Share-based payments 0 0 126 126
Transfer of reserves 0 -97 97 0
Transactions with owners 15 0 223 238
Equity as at 30.09.2024 13 419 0 68 824 82 243
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 Q3 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 Q3 2025
Restated
Q3 2024 9M 2025
Restated
9M 2024
Restated
31.12.2024
Profit before tax -1 871 -3 413 4 588 -3 416 -4 940
Share-based payments 0 12 0 126 130
Financial income 1 149 1 422 -10 313 -114 -2 182
Financial expenses -298 2 683 1 826 6 759 9 525
Change in working capital 200 3 236 4 097 -6 670 -4 448
Operating cash flow -819 3 940 199 -3 315 -1 915
Financial income, received 0 193 3 114 711
Financial expenses, paid 0 0 -5 -14 -5
Cash flow generated from operations -819 4 133 197 -3 215 -1 209
Investment in shares 0 0 0 -50 0
Long term receivable 0 0 0 0 1 360
Investments in projects 0 -20185 0 -20185 -41 221
Cash flow from investing activities 0 -20 185 0 -20 235 -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 -819 -16 052 197 -23 338 -40 958
Cash, beginning of period 8 592 43 554 9 694 49 305 49 305
Net foreign exchange difference 305 -2 543 -1 813 -1 008 1 347
Cash, end of period 8 078 24 959 8 078 24 959 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 Q3 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.
Change in assessment of accounting policy
5th Planet Games has historically shown Depreciation and Amortization separate in the
Income Statement. In 2025 depreciation and amortization cost have been included in
General and administrative expenses and we have changed comparative figures for Q1
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 reclassification
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
Other financial assets 21 329 41 221 62 550
Equity
Reserves 32 152 -32 152 0
Retained earnings 35 152 32 152 67 304
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.
12
INTERIM REPORT Q3 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
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
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
13
INTERIM REPORT Q3 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 Q3 2025
Restated
30.09.2024
9M 2025
Restated
9M 2024
Restated
31.12.2024
Sales of games and advertising for mobile devices 115 226 385 774 950
Physical product sales 184 2 174 435 2 174 2 894
License income 416 1 945 1 137 7 376 8 670
Other revenue 0 0 12 11 63
Total 715 4 346 1 969 10 336 12 577
2. Revenue
3. Earnings per share
DKK´000 Q3 2025 Q3 2024 9M 2025 9M 2024 FY 2024
Net profit/loss for the period -1 872 -3 413 4 588 -3 416 -4 940
Weighted average number of ordinary shares used as the denominator
in calculating basic earnings per share (in thousands) 268 379 268 379 268 379 268 367 268 369
Adjustments for calculation of diluted earnings per share:
Warrants 47 073 61 211 47 073 61 211 61 211
Average number of shares in circulation 315 452 329 590 315 452 329 578 329 580
Diluted average number of shares in circulation 264 370 283 721 271 713 296 397 293 934
Earnings per share of DKK 0,05 each (in DKK) -0,007 -0,013 0,017 -0,013 -0,018
Diluted earnings per share of DKK 0,05 each (in DKK) -0,007 -0,013 0,017 -0,013 -0,018
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 Q3 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
the 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 DKK 6.4m would currently be observed.
At the upper bound of outcomes, a present value gain of DKK 66.9m would currently be observed. The
weighted result which generated the Company’s 9M fair value gain of DKK 10.3m reflects the current pro-
jected 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 5.6% decline in the fair value estimate. Conversely, a
100-basis point decrease in the in the rate would result in a 5.8% increase in the fair value estimate.
4. Other financial assets - Co-publishing games
Measurement of fair values
Fair value hierarchy
The fair value measurement for other financial assets has been classified as Level 3, as it relies significantly
on unobservable inputs in the valuation techniques. There were no transfers between fair value levels
during the period.
DKK´000 30.09.2025
Restated
30.09.2024
Restated
31.12.2024
Balance beginning of period 41 221 0 0
Additions 0 23 844 41 221
Transfer 0 0 0
Balance end of period 41 221 23 844 41 221
Value adjustment beginning of period 0 0 0
Value adj.during the year (incl. in financial income) 10 301 0 0
Value adjustment end of period 10 301 0 0
Carrying amount end of period 51 522 23 844 41 221
15
INTERIM REPORT Q3 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
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.
DKK´000 30.09.2025
Restated
30.09.2024
Restated
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
16
INTERIM REPORT Q3 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