5th Planet Games A/S - Gothersgade 11, 1123 Copenhagen, Denmark - CVR No.: 3359 7142
5th Planet Games A/S
ANNUAL
REPORT
2025
Approved on general meeting 30th April 2026
Chairman of the meeting
2
ANNUAL REPORT 2025
5th Planet Games At-A-Glance
CEO Letter
Outlook & Business Development
Game Releases
Financial Review
Risk Management in Practice
Corporate Social Responsibility
Board of Directors and Executive Management
Shareholder Information
Independent Auditors’ Report
Financial Statements
Notes to the Financial Statements
2
ANNUAL REPORT 2025
3
4
5
6
7-10
7
8
9
10
11
Index
3
4
5
6
7
10
11
13
15
16
18
20
21
26
27
28
29
30
Management review
• 5th Planet Games A/S At-A-Glance
• CEO Letter
• Outlook & Business Development
• Game Releases
• Financial Review
• Key Figures and Financial Performance
• Risk Management in Practice
• Corporate Social Responsibility
• Remuneration Report
• Board of Directors and Executive Management
• Shareholder Information
• Statement by The Board of Directors and the Executive Management...
Independent Auditors’ Report
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
Docusign Envelope ID: CF17925A-E2D4-49CF-904D-BB9AC4ECC27F
3
ANNUAL REPORT 2025
5th Planet Games At-A-Glance
CEO Letter
Outlook & Business Development
Game Releases
Financial Review
Risk Management in Practice
Corporate Social Responsibility
Board of Directors and Executive Management
Shareholder Information
Independent Auditors’ Report
Financial Statements
Notes to the Financial Statements
3
ANNUAL REPORT 2025
5th Planet Games At-A-Glance
CEO Letter
Outlook & Business Development
Game Releases
Financial Review
Risk Management in Practice
Corporate Social Responsibility
Board of Directors and Executive Management
Shareholder Information
Independent Auditors’ Report
Financial Statements
Notes to the Financial Statements
5th Planet Games A/S At-A-Glance
5th Planet Games A/S is an international, publicly traded company founded in 2011 focused on the financing and
publishing of video games, but with interests now extending into TV and Film production.
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 A/S creates strategic partnerships with global IP holders to create unique opportunities for game
content creation by our outstanding development partners worldwide and secures co-publishing and/or co-financing
status in games across all platforms.
With a strong and growing portfolio of titles and, since 2021, a partnership with Skybound Entertainment, 5th Planet
Games A/S now has access to proven IP including The Walking Dead and Invincible. The increasing strength of the
portfolio has also enabled 5th Planet Games A/S to increase the range and scope of its business activities. This has
grown to include (i) the licensing of self-developed games, (ii) sales of games on online platforms, (iii) sales of physical
games and associated merchandise to wholesale distribution channels, and (iv) co-funding games with Skybound LLC
for acquired royalty rights in the performance of those properties.
September 2023 saw 5th Planet Games A/S grow its business interests further still with its co-investment in Sagafilm
ehf a successful and well-established film and TV production company based in Reykjavik, Iceland.
Due to a high-quality back catalogue of games and an exciting release schedule ahead, 5th Planet Games A/S has
many more exciting opportunities still to come!
5th Planet Games At-A-Glance
CEO Letter
Outlook & Business Development
Game Releases
Financial Review
Risk Management in Practice
Corporate Social Responsibility
Board of Directors and Executive Management
Shareholder Information
Independent Auditors’ Report
Financial Statements
Notes to the Financial Statements
Docusign Envelope ID: CF17925A-E2D4-49CF-904D-BB9AC4ECC27F
4
ANNUAL REPORT 2025
5th Planet Games At-A-Glance
CEO Letter
Outlook & Business Development
Game Releases
Financial Review
Risk Management in Practice
Corporate Social Responsibility
Board of Directors and Executive Management
Shareholder Information
Independent Auditors’ Report
Financial Statements
Notes to the Financial Statements
4
ANNUAL REPORT 2025
CEO Letter
Mark Stanger - CEO
It’s with a sense of both relief and anticipation that we close the books on 2025; relief that we
close a challenging year, not just for 5th Planet Games A/S, but for the entire global games
industry and anticipation as I could not be more excited about the opportunities that lie directly
ahead of us, and which we have been working towards for a long time.
The 2025 accounts speak to the challenges that we faced, however due to the fair value
attributed to our investments in the upcoming new games in the Invincible and The Walking
Dead franchises we were still able to achieve a modest pre-tax profit on the year.
It was September 2024 that we announced our investment in the new Invincible game, which
we now know as the tag-fighter Invincible VS; since that time we (and a huge global audience)
have been eagerly awaiting the release of the game, and I’ve taken great effort in recent
weeks to keep everyone updated with our progress as we countdown towards the release on
April 30
th
.
One of the key waypoints ahead of the Invincible VS release was the launch, just a few weeks
ago, of Season 4 of the Invincible TV show on Amazon Prime Video, a launch that received
an amazing reaction from fans and critics alike, as well as a 100% perfect score on Rotten
Tomatoes, the popular American review-aggregation website. It was a very encouraging sign.
Looking slightly further ahead in 2026, we will see the release of the new game in The Walking
Dead universe, a game that we signed a co-financing deal for in the Autumn of 2024.
After such a tumultuous period, the video games market (and players) are seeking a degree
of certainty when making their buying decisions, and that’s why co-financing games based on
established, proven, global IP is so important.
In addition to the vital work with Skybound LLC and these pillar entertainment brands, the 5th
Planet Team have been busy too; we increased our Physical distribution capability in 2025 with
new agreements with BigBen Interactive (Dec 2025) and Glomerk SA (Mar 2025) extending our
reach into the Benelux and Eastern Europe regions. Physical distribution forms a key part of our
plan for 2026 as the market has responded incredibly well to the Physical variants of Invincible
VS and especially the Collectors Edition, created in a great partnership with our fellow Danes
at Scanavo.
I am grateful for the continued support and truly excited about what lies ahead of us.
Mark
5th Planet Games At-A-Glance
CEO Letter
Outlook & Business Development
Game Releases
Financial Review
Risk Management in Practice
Corporate Social Responsibility
Board of Directors and Executive Management
Shareholder Information
Independent Auditors’ Report
Financial Statements
Notes to the Financial Statements
Docusign Envelope ID: CF17925A-E2D4-49CF-904D-BB9AC4ECC27F
5
ANNUAL REPORT 2025
5th Planet Games At-A-Glance
CEO Letter
Outlook & Business Development
Game Releases
Financial Review
Risk Management in Practice
Corporate Social Responsibility
Board of Directors and Executive Management
Shareholder Information
Independent Auditors’ Report
Financial Statements
Notes to the Financial Statements
5
ANNUAL REPORT 2025
5th Planet Games At-A-Glance
CEO Letter
Outlook & Business Development
Game Releases
Financial Review
Risk Management in Practice
Corporate Social Responsibility
Board of Directors and Executive Management
Shareholder Information
Independent Auditors’ Report
Financial Statements
Notes to the Financial Statements
Outlook & Business Development
Outlook for 2026
2026 is a pivotal year for the business and one in which we expect to see considerable growth;
this growth will be increasingly driven by high profile, proven, global entertainment brands,
Invincible and The Walking Dead as 5th Planet Games A/S is a co-financing partner in new
video games for both franchises.
5th Planet Games A/S will not only have a significant interest in the overall global publishing
activity of the new Invincible and The Walking Dead video games but will also have a further
interest in the physical distribution of the games and associated merchandise because of new
distribution partnership agreements made in 2025.
We continue to actively maintain our back catalogue and are looking at new distribution
opportunities for that catalogue.
Key risks to the outlook include potential delays in game development and release dates,
changes in consumer preferences and increased competition from similar games can affect
management estimates.
A combination of all the above results in guidance for the year of achieving a revenue position
of 28-32m DKK, and EBITDA for the year within the range of 20-23m DKK.
We fully expect to see further significant growth in revenue and profit in 2026 driven by the new
games and will provide further guidance on that in due course.
Business Development
Our partnership with Skybound LLC remains strategically significant for 5th Planet Games A/S,
as it provides access to a portfolio of globally recognized intellectual property, supports the
development of higher-quality game titles, and enables co-financing structures that reduce
upfront capital requirements while enhancing long-term revenue potential, as well as the ability
to commercialize physical products under global licenses obtained by Skybound LLC, supported
by existing wholesaler relationships previously established by 5th Planet Games A/S. The
Company seeks to balance the risk created by the dependency arising from this partnership by
exploring additional indepedent licensing and monetization opportunities
Restatement of prior periods
During the year, management restated the beginning balance of fiscal year 2024 related to
(i) the recognition of a derivative liability, (ii) the classification and measurement of certain
financial assets, (iii) the calculation of earnings per share, (iiii) the classification of a receivable
with a related party and (iiiii) the classification of restricted cash. These restatements have
been recognized retrospectively in accordance with IAS 8, and comparative figures have been
restated accordingly. The impact of the restatement is presented in Note 1 to the financial
statements, including the effects on profit or loss, financial position, and equity. Management
has assessed that the restatements do not impact the underlying operating performance or
cash flows of the Company.
5th Planet Games At-A-Glance
CEO Letter
Outlook & Business Development
Game Releases
Financial Review
Risk Management in Practice
Corporate Social Responsibility
Board of Directors and Executive Management
Shareholder Information
Independent Auditors’ Report
Financial Statements
Notes to the Financial Statements
Docusign Envelope ID: CF17925A-E2D4-49CF-904D-BB9AC4ECC27F
6
ANNUAL REPORT 2025
5th Planet Games At-A-Glance
CEO Letter
Outlook & Business Development
Game Releases
Financial Review
Risk Management in Practice
Corporate Social Responsibility
Board of Directors and Executive Management
Shareholder Information
Independent Auditors’ Report
Financial Statements
Notes to the Financial Statements
6
ANNUAL REPORT 2025
2025 Game Releases
ORCS MUST DIE! DEATHTRAP
Developer:
Robot Entertainment
Release Date:
September 2025
Platforms:
PS5, XBX
GOODNIGHT UNIVERSE
Developer:
Nice Dream
Release Date:
December 2025
Platforms:
PS5, NSW2
FROSTPUNK 2 ICEBREAKER EDITION
Developer:
11Bit Studios
Release Date:
November 2025
Platforms:
PS5, XBX
FROSTPUNK 2 WHITEOUT EDITION
Developer:
11Bit Studios
Release Date:
November 2025
Platforms:
PS5, XBX
5th Planet Games At-A-Glance
CEO Letter
Outlook & Business Development
Game Releases
Financial Review
Risk Management in Practice
Corporate Social Responsibility
Board of Directors and Executive Management
Shareholder Information
Independent Auditors’ Report
Financial Statements
Notes to the Financial Statements
Docusign Envelope ID: CF17925A-E2D4-49CF-904D-BB9AC4ECC27F
7
ANNUAL REPORT 2025
5th Planet Games At-A-Glance
CEO Letter
Outlook & Business Development
Game Releases
Financial Review
Risk Management in Practice
Corporate Social Responsibility
Board of Directors and Executive Management
Shareholder Information
Independent Auditors’ Report
Financial Statements
Notes to the Financial Statements
7
ANNUAL REPORT 2025
5th Planet Games At-A-Glance
CEO Letter
Outlook & Business Development
Game Releases
Financial Review
Risk Management in Practice
Corporate Social Responsibility
Board of Directors and Executive Management
Shareholder Information
Independent Auditors’ Report
Financial Statements
Notes to the Financial Statements
Financial Review
The financial results of 2025 bear testimony to how challenging the year was for 5th Planet
Games A/S, and equally they demonstrate the ‘transitional’ nature of the year.
For the year ending December 31st 2025 we can announce a small pre-tax profit DKK 4.6m,
this is largely the result of financial income and specifically the ‘fair value’ attributed to our
recent investments in the upcoming video games in the Invincible and The Walking Dead
universes.
Our revenue projections for the year were significantly impacted by the late release
of Goodnight Universe and the resulting impact on Digital Revenues, and on Physical
distribution we saw some titles slip out of the year e.g. Litle Nightmares III or removed
completely from our catalogue e.g. Cuphead and the PlayStation variants of Stray; our
back catalogue of mobile and online games performed according to the original budget.
On a much more positive note, and with direct relevance to 2026, we saw a considerable
increase in the fair value attributed to our recent investment in the new Invincible and The
Walking Dead games under the accounting standards for this type of asset; this has been
the most significant factor in delivering a Financial Income for the year of 13.6m DKK and
also increased our assets to the level of 87.3m DKK.
With the new Invincible and The Walking Dead games both scheduled for release in 2026
and 5th Planet Games A/S involved and taking benefit from publishing across all channels
globally (Digital and Physical distribution channels), the company is uniquely positioned for
significant growth; this growth is reflected in our guidance for the year.
Despite the difficult market, we were able to continue to expand our physical distribution
capability and concluded new distribution agreements with BigBen Interactive (Benelux) in
December 2025 and Glomerk SA (Poland) in March 2025.
Additional Warrants and Other Significant Items
Milestone Warrants
Skybound Games has the right to subscribe for 12.724.314 warrants, each warrant entitling
Skybound Games to subscribe for one share of nominal DKK 0.05 at an exercise price of
NOK 0.90, total NOK 11,451,883 when certain milestones are met (the “Milestone warrants”):
• 13.6% of the Milestone Warrants upon 5th Planet Games A/S having a market value of
USD 75,000,000 or more.
• 13.6% of the Milestone Warrants upon 5th Planet Games A/S having a market value of
USD 100,000,000 or more.
• 13.6% of the Milestone Warrants upon 5th Planet Games A/S having a market value of
USD 125,000,000 or more.
5th Planet Games At-A-Glance
CEO Letter
Outlook & Business Development
Game Releases
Financial Review
Risk Management in Practice
Corporate Social Responsibility
Board of Directors and Executive Management
Shareholder Information
Independent Auditors’ Report
Financial Statements
Notes to the Financial Statements
Docusign Envelope ID: CF17925A-E2D4-49CF-904D-BB9AC4ECC27F
8
ANNUAL REPORT 2025
5th Planet Games At-A-Glance
CEO Letter
Outlook & Business Development
Game Releases
Financial Review
Risk Management in Practice
Corporate Social Responsibility
Board of Directors and Executive Management
Shareholder Information
Independent Auditors’ Report
Financial Statements
Notes to the Financial Statements
8
ANNUAL REPORT 2025
Indemnification Warrants
As part of the investment agreement, 5th Planet Games A/S has provided certain
representations and warranties to Skybound Games. Should Skybound Games suffer
a loss due to certain specific warranties not being true, not being accurate, and/or
being misleading, Skybound Games will, at its own discretion, have the option of being
indemnified from its loss by exercising up to 2,200,000 warrants (depending on the loss),
each warrant entitling Skybound Games to subscribe for 1 share of nominal DKK 0.05 at
par value (the “Indemnification Warrants”).
Since 5th Planet Games A/S believes the representations and warranties made to
Skybound Games were true, accurate and not misleading, and no evidence to the contrary
has been identified, the indemnification warrants have not been recognized in the financial
statements. For further information see note 12 - Derivative Liabilities – Milestone Warrant.
Comments on the financial results of 2025
The financial results of 2025 bear testimony to how challenging the year was for 5th Planet
Games A/S, and equally they demonstrate the ‘transitional’ nature of the year.
To summarize the high-level results here, we achieved (all DKK)
• Revenue 3.6m (2024; 12.6m)
• EBIT -4.6m (2024; 2.5m)
• Net Profit (pre tax) +4.6m (2024; 3.5m)
The decrease in revenue from 12.6m DKK to 3.6m DKK was caused by royalty income
from new digital releases was below projection, our physical distribution of games was
impacted by certain delays and a number of titles performed poorly in the tough market
conditions; on a more positive note we saw consistent sales on our physical back catalogue,
particular for mass-market titles such as ‘Stray’ and our mobile back catalogue performed
to expectation and benefits from ongoing active management.
There was a slight decrease of 0.3m DKK in general and administrative costs to 6.9m DKK
reflecting a continuous focus on cost control measures.
The shift from a 2.5m DKK EBIT gain in 2024 to a 4.6m DKK loss in the current period was
primarily driven by a decrease in revenue.
Net financials were negatively impacted by the USD / DKK exchange rate on our unrealized
currency exposure 1.8m DKK and positively affected by a fair value adjustment on co-
publishing games with 11.0m DKK.
The positive fair value adjustment resulted in a Net profit before tax 4.6m DKK, compared
to 2024 which had a Net profit of 3.5m DKK.
Other financial considerations in the report include the recognition of a deferred tax liability
in the 2025 accounts 6.0m DKK, which also affects total liability increase from 83.0m DKK
in 2024 to 89.9m DKK in 2025.
5th Planet Games At-A-Glance
CEO Letter
Outlook & Business Development
Game Releases
Financial Review
Risk Management in Practice
Corporate Social Responsibility
Board of Directors and Executive Management
Shareholder Information
Independent Auditors’ Report
Financial Statements
Notes to the Financial Statements
Docusign Envelope ID: CF17925A-E2D4-49CF-904D-BB9AC4ECC27F
9
ANNUAL REPORT 2025
5th Planet Games At-A-Glance
CEO Letter
Outlook & Business Development
Game Releases
Financial Review
Risk Management in Practice
Corporate Social Responsibility
Board of Directors and Executive Management
Shareholder Information
Independent Auditors’ Report
Financial Statements
Notes to the Financial Statements
9
ANNUAL REPORT 2025
5th Planet Games At-A-Glance
CEO Letter
Outlook & Business Development
Game Releases
Financial Review
Risk Management in Practice
Corporate Social Responsibility
Board of Directors and Executive Management
Shareholder Information
Independent Auditors’ Report
Financial Statements
Notes to the Financial Statements
Other financial assets increased from 63.4m DKK to 76m DKK because of the positive fair
value adjustment and is the main driver in the increase of total assets from DKK 83.0m DKK
to DKK 89.9m.
Cash flow is negative with 1.3m DKK, mainly caused by investments in co-publishing games
2.1m DKK and negative operating cash flow 0.7m DKK.
Key risks affecting the 2025 results include the uncertainty of fair value measurements,
and the performance of co-publishing investments. For more information see note 11a.
Management continuously monitors these risks and will update guidance if material
changes occur.
Whilst these results are quite different from the guidance we offered at the start of 2025,
revenue did not increase at the previously expected c70% rate and EBITDA did not land in
the 0.5M to 2M DKK range, they broadly align with the updated guidance provided later
in the year.
The results for the year are affected by the restatement of prior periods identified during
2025. Comparative figures for 2024 have been restated accordingly. Reference is made to
Note 1 to the financial statements, which provides a detailed description of the nature of
the restatements.
5th Planet Games At-A-Glance
CEO Letter
Outlook & Business Development
Game Releases
Financial Review
Risk Management in Practice
Corporate Social Responsibility
Board of Directors and Executive Management
Shareholder Information
Independent Auditors’ Report
Financial Statements
Notes to the Financial Statements
Docusign Envelope ID: CF17925A-E2D4-49CF-904D-BB9AC4ECC27F
10
ANNUAL REPORT 2025
5th Planet Games At-A-Glance
CEO Letter
Outlook & Business Development
Game Releases
Financial Review
Risk Management in Practice
Corporate Social Responsibility
Board of Directors and Executive Management
Shareholder Information
Independent Auditors’ Report
Financial Statements
Notes to the Financial Statements
10
ANNUAL REPORT 2025
Key figures and financial performance
DKK ‘000
IFRS
2025
IFRS
restated
2024
IFRS
not restated
2023*
3
IFRS
not restated
2022*
3
IFRS
not restated
2021*
3
Income statement*
1
Revenue and other income 3 576 12 577 17 301 11 300 4 809
Gross profit and other income 2 290 9 693 16 324 11 143 4 688
Profit / loss before special items (EBITDA) -4 639 2 472 7 499 1 677 -9 465
Operating profit / loss (EBIT) -4 639 2 472 -136 -736 -15 066
Net Financials exclusive change in derivative instruments 9 255 1 054 -332 -179 656
Change in financials instruments 0 0 25 065 -32 793 7 729
Change in other financial assets, fair value 11 019 -1 056 0 0 0
Net Financials 9 255 1 054 24 733 -32 972 8 385
Loss from discontinued operations 0 0 0 0 -9 651
Profit / loss before tax 4 616 3 457 24 543 -33 708 -16 254
Net profit / loss for the year -1 383 3 457 24 543 -33 708 -16 254
Statement of financial positision*
1
Total assets 89 954 83 050 91 304 58 845 28 359
Equity 77 354 78 737 75 038 28 886 23 461
Cash 7 642 9 694 49 305 36 261 13 607
Financial ratios*
2
Gross Margin % 64,0% 77,1% 94,4% 98,6% 97,5%
EBITDA margin % -129,7% 19,7% 43,3% 14,8% -196,8%
Return of investment % (ROI) -5,4% 2,8% -0,2% -1,7% -54,1%
Solvency ratio % 86,0% 94,8% 82,2% 49,1% 82,7%
Return on equity (ROE)
-1,8%
4,5% 47,2% -128,8% -73,3%
Basic earnings per share
-0,005
0,013 0,108 -0,201 -0,058
*
1
Figures for 2021 are only for continued operations.
*
2
Please refer to definition and calculation for key figures and key ratios from the Danish Finance Society “Recommendations & Financial Ratios”
published 2025.
*
3
Comparative figures for the years 2023–2021 could not be determined due to lack of sufficient underlying data. Accordingly, no restatement has
been made for these years. Management considers that the impact on key financial metrics cannot be reliably quantified.
5th Planet Games At-A-Glance
CEO Letter
Outlook & Business Development
Game Releases
Financial Review
Risk Management in Practice
Corporate Social Responsibility
Board of Directors and Executive Management
Shareholder Information
Independent Auditors’ Report
Financial Statements
Notes to the Financial Statements
Docusign Envelope ID: CF17925A-E2D4-49CF-904D-BB9AC4ECC27F
11
ANNUAL REPORT 2025
5th Planet Games At-A-Glance
CEO Letter
Outlook & Business Development
Game Releases
Financial Review
Risk Management in Practice
Corporate Social Responsibility
Board of Directors and Executive Management
Shareholder Information
Independent Auditors’ Report
Financial Statements
Notes to the Financial Statements
11
ANNUAL REPORT 2025
5th Planet Games At-A-Glance
CEO Letter
Outlook & Business Development
Game Releases
Financial Review
Risk Management in Practice
Corporate Social Responsibility
Board of Directors and Executive Management
Shareholder Information
Independent Auditors’ Report
Financial Statements
Notes to the Financial Statements
Risk Management in Practice
Risk management is a high priority at 5th Planet Games A/S. The Board of Directors and the
management monitor the company’s risk factors closely to minimize risk exposure. This ensures
quick reaction time if conditions change. A risk assessment is made prior to every major decision.
Risks and uncertainties
The most important risks facing 5th Planet Games A/S are related to market/commercial risk
and development risk. However, where the conventional game development is associated with
large risks due to long development periods with substantial associated costs and a high risk
of failure, 5th Planet Games A/S is focused on developing and utilizing modular code bases in
order to reduce the development time and risk of failure significantly.
• Financial risk
The games market is volatile and despite all the due diligence undertaken by 5th Planet
Games A/S and its publishing partners, the performance of any individual game cannot
be guaranteed. This is main financial risk that 5th Planet Games A/S faces. For further
information see note 11a.
• Product development risk
Product development is a creative process and regularly subject to delays, which
invariably means additional costs. Whilst 5th Planet Games A/S looks to mitigate this risk,
by increasingly working with experienced development teams, the risk remains of delays
and additional expense.
• Foreign currency risk
5th Planet Games’ revenue, costs and cash position is for a significant part related to USD
and a significant change in the DKK/USD exchange rate could result in loss related hereto.
The financial impact from currency fluctuations can be significant since management is
not hedging the currency risk, but the company has accounts in foreign currency which
reduces the risk.
• Disputes
The company may from time to time be involved in disputes, including disputes
regarding intellectual property rights, all with ensuing risks and costs, which could have a
material adverse effect on 5th Planet Games’ business, financial condition, and results of
operations. For further information see note 15. Contingent liabilities.
• Partnership risk
In the short term, 5th Planet Games A/S is heavily reliant on Skybound LLC as a source of
new games; whilst in general terms this is a positive thing it also carries a certain risk; in
order to mitigate this risk 5th Planet Games A/S continues to proactively manage its own
catalogue of titles and maintains a business development function to find new games,
new financing and new publishing opportunities
5th Planet Games At-A-Glance
CEO Letter
Outlook & Business Development
Game Releases
Financial Review
Risk Management in Practice
Corporate Social Responsibility
Board of Directors and Executive Management
Shareholder Information
Independent Auditors’ Report
Financial Statements
Notes to the Financial Statements
Docusign Envelope ID: CF17925A-E2D4-49CF-904D-BB9AC4ECC27F
12
ANNUAL REPORT 2025
5th Planet Games At-A-Glance
CEO Letter
Outlook & Business Development
Game Releases
Financial Review
Risk Management in Practice
Corporate Social Responsibility
Board of Directors and Executive Management
Shareholder Information
Independent Auditors’ Report
Financial Statements
Notes to the Financial Statements
12
ANNUAL REPORT 2025
• Geopolitical risk
The Business operates in a global environment and is exposed to geopolitical risks
and macroeconomic uncertainties, including evolving trade policies, sanctions, and
restrictions on cross-border digital commerce. While the Business’s products and co-
production arrangements are primarily nonphysical and therefore have limited direct
exposure to disruptions in physical supply chains, the Business remains subject to
indirect risks, including potential limitations on platform access, payment processing,
user reach, and monetization in certain jurisdictions. Management has considered
these risks in the preparation of the financial statements, including in the development
of cash flow forecasts and key assumptions used in impairment assessments and
fair value measurements, such as revenue projections, discount rates, and scenario
analyses. Further details on how these uncertainties are reflected in Level 3 fair value
measurements are disclosed in Note 11.
5th Planet Games At-A-Glance
CEO Letter
Outlook & Business Development
Game Releases
Financial Review
Risk Management in Practice
Corporate Social Responsibility
Board of Directors and Executive Management
Shareholder Information
Independent Auditors’ Report
Financial Statements
Notes to the Financial Statements
Docusign Envelope ID: CF17925A-E2D4-49CF-904D-BB9AC4ECC27F
13
ANNUAL REPORT 2025
5th Planet Games At-A-Glance
CEO Letter
Outlook & Business Development
Game Releases
Financial Review
Risk Management in Practice
Corporate Social Responsibility
Board of Directors and Executive Management
Shareholder Information
Independent Auditors’ Report
Financial Statements
Notes to the Financial Statements
13
ANNUAL REPORT 2025
5th Planet Games At-A-Glance
CEO Letter
Outlook & Business Development
Game Releases
Financial Review
Risk Management in Practice
Corporate Social Responsibility
Board of Directors and Executive Management
Shareholder Information
Independent Auditors’ Report
Financial Statements
Notes to the Financial Statements
The Board of Directors serves as a qualified and experienced partner for the management team.
The Board of Directors is responsible for providing strategic direction for the business, identifying key
industry insights and trends. The Board also brings important and diverse business and financial skills,
as well as many years of management experience.
Climate and environmental impact
5th Planet Games A/S products and co-produced products are mostly nonphysical. We aim
to minimize the negative environmental impact caused by our operations. Currently, the most
significant environmental impact is caused by the consumption of electricity associated with IT
equipment, servers and gaming. Awareness of gaming’s oversized environmental impact has
grown, prompting major manufacturers to promise reductions in environmental footprint over the
next two decades.
5th Planet Games A/S recognizes that companies need to strike a balance
between innovation and sustainability to maintain their financial performance.
We continue to be mindful of our obligations and use best efforts to reduce our environmental
impact. The simplification of our corporate entity structure, move to the predominant holding
of online meetings, and entry into physical distribution game sales without incurring a net, new
incremental warehousing footprint are evidence of our goal to grow responsibly with respect to
our environment. Going forward, we will make an ‘environmental review’ part of our formal board
meetings on a regular basis and make public the conclusions of this review. We also have plans to
‘benchmark’ our performance in this area with other companies operating in the same sector as
part of our growing participation in the Danish Video Games industry.
For 2025, we have continued to closely monitor and regularly review our performance in relation
to our stated environmental objectives; key developments in this regard have included, the further
reduction of in-person meetings and associated air travel, previously company meetings were
held on a monthly basis and were conducted in-person, now we have moved to quarterly in-
person meetings with all other meetings conducted online. Regarding our physical distribution, we
actively review legislation relating to the use of certain plastics and the management of waste
materials, this involves close coordination with manufacturing and distribution partners based in
the Nordic region and more widely across Europe.
5th Planet Games A/S business model
Our business model incorporates our policies on sustainability and is based on multiple pillars,
these include;
• Actively managing and maintaining our back catalogue of Mobile and Online games
• Co-financing new games developed for all current global games platforms including Sony
PlayStation, Microsoft Xbox, Nintendo Switch.
• The physical and digital distribution of video games and associated merchandise including
limited editions and collectors editions.
• Strategic investments in companies that are ‘sector adjacent’ to 5th Planets core business for
example TV and Film production.
• The board of directors strives to operate the business in a manner that supports our broader
corporate social responsibilities that are detailed here
Corporate Social Responsibility
5th Planet Games At-A-Glance
CEO Letter
Outlook & Business Development
Game Releases
Financial Review
Risk Management in Practice
Corporate Social Responsibility
Board of Directors and Executive Management
Shareholder Information
Independent Auditors’ Report
Financial Statements
Notes to the Financial Statements
Docusign Envelope ID: CF17925A-E2D4-49CF-904D-BB9AC4ECC27F
14
ANNUAL REPORT 2025
5th Planet Games At-A-Glance
CEO Letter
Outlook & Business Development
Game Releases
Financial Review
Risk Management in Practice
Corporate Social Responsibility
Board of Directors and Executive Management
Shareholder Information
Independent Auditors’ Report
Financial Statements
Notes to the Financial Statements
14
ANNUAL REPORT 2025
Social responsibility
As a globally operating company, 5th Planet Games A/S values diversity and treats all employees
equally. All staff members are treated fairly and equally regardless of their ethnic origin, nationality,
political views, gender, sexual orientation, disability, family situation or age. 5th Planet Games A/S
adheres to the principle of equal opportunity. We expect all 5th Planet Games A/S employees to
treat each other, all our subcontractors, service providers and other partners fairly and equally. 5th
Planet Games A/S aims to develop the company in a sustainable manner and to achieve shared
benefits for the company, the shareholders and employees alike. All employees are entitled to
good management and a chance to grow as professionals.
Currently, 5th Planet Games A/S makes every reasonable effort to maintain and optimize
the wellbeing of its employees and contractors. We invest time and energy to ensure that our
employees and contractors are valued, respected and motivated in their work. As there are very
few employees in the company, no concrete measures have been taken, but we monitor our
efforts closely by one-to-one conversations with our employees and support and encourage work
life balance and career goals.
Going forward, we will extend this duty of care to include all customers, suppliers and service
providers to the company, and make every reasonable effort to maintain the highest professional
and ethical standards.
For 2025, we introduced a new initiative designed to continue to develop and improve our
performance in relation to our staff and external business partners; we now regularly meet with
HR teams at key partners, e.g. Skybound Entertainment to discuss initiatives relating to staff
retention; during 2025 these have included subjects such as staff performance appraisals and the
benchmarking of staff remuneration.
Human rights
5th Planet Games A/S is committed to respecting human rights across all our business activities.
We make every reasonable effort to ensure our workplace is safe, inclusive, and free from
discrimination or harassment. We do not tolerate forced or child labor in our operations or in our
supply chain. We are committed to fostering a culture of respect, conducting due diligence to
identify potential risks, and providing a safe, confidential avenue for employees to report concerns.
This statement is overseen by The Board of Directors and reviewed annually. We have continued to
review and can confirm compliance throughout 2025.
Anti-corruption and bribery
At 5th Planet Games A/S, we are committed to conducting our business honestly, fairly, and with
integrity. We have a zero-tolerance approach to bribery and corruption. We prohibit our employees
and business partners from offering, promising, giving, requesting, or accepting any bribe or
improper advantage to secure business or gain a commercial advantage. We comply with all
applicable anti-bribery and anti-corruption laws. We have continued to review and can confirm
compliance throughout 2025 and in 2026, we plan to continue our actions.
Data policy
At 5th Planet Games A/S, we are committed to protecting the privacy and security of our customers,
employees, and partners. We collect only the data necessary to provide our services and process
it lawfully. We implement appropriate technical measures to secure personal information against
unauthorized access or breaches. We do not sell personal data, and we only share information
with trusted partners necessary for our business operations. Individuals have the right to access,
correct, or request deletion of their data at any time. In 2025, we aligned on a high-level approach
to data governance and ethics which is summarized below.
5th Planet Games At-A-Glance
CEO Letter
Outlook & Business Development
Game Releases
Financial Review
Risk Management in Practice
Corporate Social Responsibility
Board of Directors and Executive Management
Shareholder Information
Independent Auditors’ Report
Financial Statements
Notes to the Financial Statements
Docusign Envelope ID: CF17925A-E2D4-49CF-904D-BB9AC4ECC27F
15
ANNUAL REPORT 2025
5th Planet Games At-A-Glance
CEO Letter
Outlook & Business Development
Game Releases
Financial Review
Risk Management in Practice
Corporate Social Responsibility
Board of Directors and Executive Management
Shareholder Information
Independent Auditors’ Report
Financial Statements
Notes to the Financial Statements
15
ANNUAL REPORT 2025
5th Planet Games At-A-Glance
CEO Letter
Outlook & Business Development
Game Releases
Financial Review
Risk Management in Practice
Corporate Social Responsibility
Board of Directors and Executive Management
Shareholder Information
Independent Auditors’ Report
Financial Statements
Notes to the Financial Statements
2025 2024
2023 2022 2021
DKK´000 Joined Resigned
Fixed
base
fee
Share-
based
payments
Total
Fixed
base
fee
Share-
based
payments
Total
Fixed
base
fee
Share-
based
payments
Total
Fixed
base
fee
Share-
based
payments
Total
Fixed
base
fee
Share-
based
payments
Total
*Jon Edward Goldman 07.09.2021 395 0 395 395 0 395 395 0 395 395 0 395 12 0 12
Henrik Nielsen 27.11.2019 395 0 395 395 0 395 395 426 821 395 687 1 082 38 389 427
David Alpert 07.09.2021 395 0 395 395 0 395 395 0 395 395 0 395 12 0 12
Søren Kokbøl 27.04.2021 50 0 50 50 4 54 50 22 72 50 57 107 38 32 70
Kim Friland 27.04.2021 07.09.2021 0 0 0 0 0 0 0 0 0 0 0 0 50 48 98
Bjarke Ingemann Finlov 27.04.2021 07.09.2021 0 0 0 0 0 0 0 0 0 0 0 0 25 0 25
Peter Ekman 27.11.2019 07.09.2021 0 0 0 0 0 0 0 0 0 0 0 0 25 0 25
Caspar Rose 06.02.2015 27.04.2021
0 0 0 0 0 0 0 0 0 0 0 0 0 15 15
Total 1 235 0 1 235 1 235 4 1 239 1 235 448 1 683 1 235 744 1 979 200 484 684
Remuneration – Executive Management
The remuneration of the Executive Management teams is following the recommendation by the
Chairman of the Board of Directors. The current remuneration program for the Executive Management
team is a monetary remuneration.
2025 2024 2023 2022 2021
DKK´000 Joined Resigned
Fixed
base
fee
Share-
based
payments
Total
Fixed
base
fee
Share-
based
payments
Total
Fixed
base
fee
Share-
based
payments
Total
Fixed
base
fee
Share-
based
payments
Total
Fixed
base
fee
Share-
based
payments
Total
Mark Stanger, CEO 07.09.2021 803 0 803 740 0 740 602 0 602 962 0 962 372 0 372
Henrik Nielsen, CEO
1
29.09.2017 22.01.2021 0 0 0 0 0 0 0 0 0 0 0 0 40 113 153
Caspar Rose, CEO
2
22.01.2021 07.09.2021
0 0 0 0 0 0 0 0 0 0 0 0 350 224 574
Total 803 0 803 740 0 740 602 0 602 962 0 962 762 337 1 099
*Chairman of the Board
1. As of 22/1 2021 Henrik Nielsen retired as CEO from 5th Planet Games A/S. The remuneration until January 2021 is included in the above table whereas the severance payment 1.965 TDKK
(Fixed base fee 213 TDKK and Share based Payments 982 TDKK) is not included.
2. As of 7/9 2021 Caspar Rose retired as CEO from 5th Planet Games A/S. The remuneration until September 2021 is included in the above table, whereas the severance payment 337 TDKK
(Fixed base fee 150 TDKK and Share based Payments 187 TDKK) is not included.
Summary of Our Approach to Data Governance and Data Ethics
• Transparency: We are open about how we collect, use, and store data, ensuring all processing
complies with applicable laws, e.g., GDPR.
• Data Minimization: We only collect the data we need and do not retain it longer than
necessary.
• Security: We utilize industry-standard encryption for data at rest and in transit. Access to
personal data is restricted to authorized staff only.
• Continuous Improvement: We review our data protection practices annually to keep pace
with evolving digital threats and regulations.
• Data Ethics: in holding the company to the principles and practices outlined above, and
through regular review of our performance in this area we maintain our commitment to
ethical data management.
Corporate governance report
5th Planet Games’ Board of Directors and Management continually work with corporate governance
principles to ensure that the management structure and control systems are appropriate and
satisfactory. 5th Planet Games A/S 2025 statutory report on corporate governance, cf. the Danish
Financial Statements Act, Section 107b, is available on 5th Planet Games A/S website at https://
www.5thplanetgames.com/investors/documents/.The Company complies with 23 of the 40 Danish
recommendations on corporate governance https://corporategovernance.dk/
Remuneration Report
On 30th April 2026 the remuneration policy was approved at the Company’s general meeting
with the required majority https://www.5thplanetgames.com/investors/documents/
Remuneration – Board of Directors
The remuneration of members of the Board of Directors is, due to the current size and structure of
the company, comprised of direct payments and warrants
5th Planet Games At-A-Glance
CEO Letter
Outlook & Business Development
Game Releases
Financial Review
Risk Management in Practice
Corporate Social Responsibility
Board of Directors and Executive Management
Shareholder Information
Independent Auditors’ Report
Financial Statements
Notes to the Financial Statements
Docusign Envelope ID: CF17925A-E2D4-49CF-904D-BB9AC4ECC27F
16
ANNUAL REPORT 2025
5th Planet Games At-A-Glance
CEO Letter
Outlook & Business Development
Game Releases
Financial Review
Risk Management in Practice
Corporate Social Responsibility
Board of Directors and Executive Management
Shareholder Information
Independent Auditors’ Report
Financial Statements
Notes to the Financial Statements
16
ANNUAL REPORT 2025
Jon Goldman (m)
(1965)
Chairman of the Board
Position:
Chairman of the Board
Skybound Group
Educational background:
Harvard University
Kyoto University
UCLA Anderson School of
Management
Competencies:
Financial strategy
Capital Markets
Current Directorships:
none
Member of the boards of:
Skybound Games Studios and
Group companies
LiveLike
Free Range
WAVEXR, INC.
FLAVOURWORKS
Shares in 5th Planet Games A/S:
135,000 shares
Warrants in 5th Planet Games A/S:
0 warrants
Independent Board Member:
No
Election Term:
1 year
Board member since:
7 September 2021
Henrik Nielsen (m)
(1967)
Board Member
Position:
CEO of HNI Trading ApS
Educational background:
M.Sc. in Marketing and Strategy
from the Copenhagen Business
School
Competencies:
Strategy and Finance
Current Directorships:
HNI TRADING ApS
Shares in 5th Planet Games A/S:
4,844.262 shares
Warrants in 5th Planet Games A/S:
30,633,100 warrants
Independent Board Member:
Yes
Election Term:
1 year
Board member since:
27 November 2019
David Alpert (m)
(1975)
Board Member
Position:
CEO of Skybound Group
Educational background:
Havard University
New York University Law School
Competencies:
Digital Entertainment
Strategic Partnerships
Company Management
Current Directorships:
Skybound Games Studios and
certain of its subsidiaries
Member of the boards of:
Skybound Games Studios and
Group companies
Sagafilm ehf.
Shares in 5th Planet Games A/S:
135,000 shares
Warrants in 5th Planet Games A/S:
0 warrants
Independent Board Member:
No
Election Term:
1 year
Board member since:
7 September 2021
Søren Kokbøl Jensen (m)
(1966)
Board Member
Position:
CEO of ECLIPSE HOLDING ApS
CEO ZenRide ApS
Educational background:
N/A
Competencies:
Entrepreneurship
Digital Media
Business strategy
Current Directorships:
ECLIPSE HOLDING ApS
Member of the boards of:
None
Shares in 5th Planet Games A/S:
0 shares
Warrants in 5th Planet Games A/S:
240,000 warrants
Independent Board Member:
Yes
Election Term:
1 year
Board member since:
27 April 2021
Management
Board of Directors and Executive Management
5th Planet Games At-A-Glance
CEO Letter
Outlook & Business Development
Game Releases
Financial Review
Risk Management in Practice
Corporate Social Responsibility
Board of Directors and Executive Management
Shareholder Information
Independent Auditors’ Report
Financial Statements
Notes to the Financial Statements
Docusign Envelope ID: CF17925A-E2D4-49CF-904D-BB9AC4ECC27F
17
ANNUAL REPORT 2025
5th Planet Games At-A-Glance
CEO Letter
Outlook & Business Development
Game Releases
Financial Review
Risk Management in Practice
Corporate Social Responsibility
Board of Directors and Executive Management
Shareholder Information
Independent Auditors’ Report
Financial Statements
Notes to the Financial Statements
17
ANNUAL REPORT 2025
5th Planet Games At-A-Glance
CEO Letter
Outlook & Business Development
Game Releases
Financial Review
Risk Management in Practice
Corporate Social Responsibility
Board of Directors and Executive Management
Shareholder Information
Independent Auditors’ Report
Financial Statements
Notes to the Financial Statements
Mark Stanger (m)
(1967)
CEO
Employed since September 2021
Educational background:
Economics and Business – Wyggeston
and Queen Elizabeth College,
Leicester.
Chairman of the board of:
n/a
Member of the boards of:
Skybound Games UK Limited
Skybound Games Europe BV
Sagafilm Ehf.
Shares in 5th Planet Games A/S:
490,536 shares
Warrants in 5th Planet Games A/S:
0 warrants
Executive Management
5th Planet Games At-A-Glance
CEO Letter
Outlook & Business Development
Game Releases
Financial Review
Risk Management in Practice
Corporate Social Responsibility
Board of Directors and Executive Management
Shareholder Information
Independent Auditors’ Report
Financial Statements
Notes to the Financial Statements
Docusign Envelope ID: CF17925A-E2D4-49CF-904D-BB9AC4ECC27F
18
ANNUAL REPORT 2025
5th Planet Games At-A-Glance
CEO Letter
Outlook & Business Development
Game Releases
Financial Review
Risk Management in Practice
Corporate Social Responsibility
Board of Directors and Executive Management
Shareholder Information
Independent Auditors’ Report
Financial Statements
Notes to the Financial Statements
18
ANNUAL REPORT 2025
An investment in 5th Planet Games A/S is an investment in games - a market in continuous
strong growth.
5th Planet Games A/S shares
The official share price as of 31 December 2025 was NOK 0,806 with a market capitalization
of NOK 216,313k (DKK 136,695k). Total turnover of shares in 2025 was 32 million with a total
transaction value of NOK 27,9m.
MASTER DATA
Stock Exchange:
Sector:
ISIN Code:
Symbol:
LEI Code:
EURONEXT EXPAND SOLO
Communication
DK00609455467
5PG
213800MC2SGVSIBN7J53
Share capital DKK:
Denomination:
No. of Shares:
Negotiable instruments:
Voting restrictions:
13,418,930
DK 0.05
268,378,600
Yes
No
Share Capital
The nominal share capital of 5th Planet Games A/S as of 31 December 2025 was DKK
13,418,930, consisting of 268,378,600 shares of DKK 0.05 each. 5th Planet Games A/S has
only one share class. The Board of Directors and the Executive Management regularly
assess whether the share capital and share structures are aligned with the interests of the
shareholders and the company.
Shareholding structure
5th Planet Games A/S shareholders are primarily residents of Denmark, Iceland, Norway,
and the United States of America. As of 31 December 2025, only Skybound Game Studios
Inc. holds with their 151,786,111 shares (56,6%) more than 5% of the share capital or the votes.
As of 31 December 2025, members of the Board of Directors and members of management
and their related parties held 5,604,798 shares (nominal value DKK 280,240), corresponding
to 2,09% of the share capital and a market value of DKK 2,9m.
Annual general meeting
The Annual General Meeting will be held on 30th April 2026 at noon at Gothersgade 11, 1123
København K.
Shareholder information
5th Planet Games At-A-Glance
CEO Letter
Outlook & Business Development
Game Releases
Financial Review
Risk Management in Practice
Corporate Social Responsibility
Board of Directors and Executive Management
Shareholder Information
Independent Auditors’ Report
Financial Statements
Notes to the Financial Statements
Docusign Envelope ID: CF17925A-E2D4-49CF-904D-BB9AC4ECC27F
19
ANNUAL REPORT 2025
5th Planet Games At-A-Glance
CEO Letter
Outlook & Business Development
Game Releases
Financial Review
Risk Management in Practice
Corporate Social Responsibility
Board of Directors and Executive Management
Shareholder Information
Independent Auditors’ Report
Financial Statements
Notes to the Financial Statements
19
ANNUAL REPORT 2025
5th Planet Games At-A-Glance
CEO Letter
Outlook & Business Development
Game Releases
Financial Review
Risk Management in Practice
Corporate Social Responsibility
Board of Directors and Executive Management
Shareholder Information
Independent Auditors’ Report
Financial Statements
Notes to the Financial Statements
Dividend and allocation of profit
The Board of Directors recommends to the annual general meeting that no dividend be
declared in respect of the 2025 financial year. The Board of Directors recommends to the
shareholders that the loss for the year of DKK 1,4m to be transferred to retained earnings.
Investor queries
Any questions or comments from shareholders, analysts, and other stakeholders should be
addressed to CEO Mark Stanger via the investor e-mail: ir@5thplanetgames.com
The Board
The Board of Directors appoints its own chairman and vice chairman. The present 5th
Planet Games’ Board of Directors consists of four members headed by Jon Goldman as
chairman. The present members of the Board of Directors are presented on page 16.
Going forward, two of the Members of the Board of Directors are independent of the
company.
At the general meeting on the 23rd April 2026 it was decided that the Board of Directors
shall receive a fixed remuneration of DKK 50,000 for all board members for the year 2025
and for 2026. Furthermore, it was decided, that the Board of Directors in the future may
be granted warrants, exercisable at market value in the Company in combination with the
above mentioned fixed remuneration.
Without any time, limitation (AOA 2.4 – milestone warrants Skybound LLC), the Board
of Directors is authorized to increase the company’s share capital in one issue without
preemptive rights for the existing shareholders of the company with DKK 636,215.7 against
issue of 12,724,314 shares to an exercise price of NOK 0.90 against cash payment if certain
milestones have been achieved.
Without any time limitation (AOA 2.5 – indemnification warrants Skybound LLC), the Board
of Directors is authorized to increase the company’s share capital in one issue without pre
emptive rights for the existing shareholders of the company with DKK 110,000 against issue
of 2,200,000 shares to an exercise price of DKK 0.05
Until 1 July 2026 (AOA 2.6 – Warrants for employed etc.), the Board of Directors is authorized
to increase the company’s share capital in one or more issues without pre-emptive rights
for the existing shareholders of the company by up to a total nominal amount of DKK
1,131,050.25 against cash.
5th Planet Games At-A-Glance
CEO Letter
Outlook & Business Development
Game Releases
Financial Review
Risk Management in Practice
Corporate Social Responsibility
Board of Directors and Executive Management
Shareholder Information
Independent Auditors’ Report
Financial Statements
Notes to the Financial Statements
Docusign Envelope ID: CF17925A-E2D4-49CF-904D-BB9AC4ECC27F
20
ANNUAL REPORT 2025
5th Planet Games At-A-Glance
CEO Letter
Outlook & Business Development
Game Releases
Financial Review
Risk Management in Practice
Corporate Social Responsibility
Board of Directors and Executive Management
Shareholder Information
Independent Auditors’ Report
Financial Statements
Notes to the Financial Statements
20
ANNUAL REPORT 2025
Statement by the Board of Directors and the
Executive Management on the Annual Report
The Board of Directors and the Executive Management have today considered and
approved the annual report of 5th Planet Games A/S for the financial year 1 January 2025
– 31 December 2025.
The financial statements have been prepared in accordance with the International
Financial Reporting Standards (IFRS) as adopted by the EU. Furthermore, the annual report
has been prepared in accordance with the additional Danish disclosure requirements for
annual reports of listed companies.
In our opinion, the accounting policies applied are appropriate, thus ensuring that the
financial statements and the financial statements provide a fair presentation of the
company’s assets, liabilities, and financial position as of 31 December 2025 and of the
results of the company’s operations and cash flows for the financial year 1 January 2025 -
31 December 2025.
We believe that the management review contains a true and fair review of the development
and performance of the company’s business activities and financial situation, the earnings
for the year and the financial position of the company, together with a description of the
principal risks and uncertainties that the company face.
The annual report is submitted for adoption by the general meeting.
Copenhagen, 8th April 2026
Executive Management
Mark Stanger
Søren Kokbøl Jensen
Board of Directors:
Jon Goldman
Chairman
David Albert
5th Planet Games At-A-Glance
CEO Letter
Outlook & Business Development
Game Releases
Financial Review
Risk Management in Practice
Corporate Social Responsibility
Board of Directors and Executive Management
Shareholder Information
Independent Auditors’ Report
Financial Statements
Notes to the Financial Statements
Docusign Envelope ID: CF17925A-E2D4-49CF-904D-BB9AC4ECC27F
Henrik Nielsen
21
ANNUAL REPORT 2025
5th Planet Games At-A-Glance
CEO Letter
Outlook & Business Development
Game Releases
Financial Review
Risk Management in Practice
Corporate Social Responsibility
Board of Directors and Executive Management
Shareholder Information
Independent Auditors’ Report
Financial Statements
Notes to the Financial Statements
21
ANNUAL REPORT 2025
5th Planet Games At-A-Glance
CEO Letter
Outlook & Business Development
Game Releases
Financial Review
Risk Management in Practice
Corporate Social Responsibility
Board of Directors and Executive Management
Shareholder Information
Independent Auditors’ Report
Financial Statements
Notes to the Financial Statements
To the shareholders of 5th Planet Games A/S
Qualified opinion
We have audited the financial statements of 5th Planet Games A/S for the financial
year 1 January – 31 December 2025 comprising the Income statement and statement of
other comprehensive income, Balance sheet, Statement of changes in equity, Cash flow
statement and notes, including accounting policies. The financial statements are prepared
in accordance with the IFRS Accounting Standards as adopted by the EU and additional
requirements in the Danish Financial Statements Act.
In our opinion, except for the possible effects of the matter described in the “Basis for
qualified opinion” section of our report, the financial statements give a true and fair view
of the Company’s assets, liabilities and financial position at 31 December 2025 and of the
results of the Company’s operations and cash flows for the financial year 1 January – 31
December 2025 in accordance with the IFRS Accounting Standards as adopted by the EU
and additional requirements in the Danish Financial Statements Act.
Our opinion is consistent with our long-form audit report to the Board of Directors.
Audited financial statements
5th Planet Games A/S’ financial statements for the financial year 1 January – 31 December
2025 comprise the Income statement and statement of other comprehensive income,
Balance sheet, Statement of changes in equity, Cash flow statement and notes, including
summary of material accounting policy information, for the Company (the financial
statements). The financial statements are prepared in accordance with the IFRS
Accounting Standards as adopted by the EU and additional requirements in the Danish
Financial Statements Act.
Basis for qualified opinion
Previously the Company had recognised an asset relating to co-publishing games as
”Development projects in progress” measured at cost. Management has concluded that
the co-publishing games does not meet the recognition criteria of an intangible asset
under development in accordance with IAS 38. Instead, the co-publishing games should
have been classified as a financial asset measured at fair value through profit or loss.
Management has restated comparative figures at 31 December 2024 to DKK 42,127
thousand, with a corresponding adjustment to opening equity of DKK 8,340 thousand, in
accordance with IFRS.
At 31 December 2025, the co-publishing games are recognised as Other financial assets in
the balance sheet at DKK 54,864 thousand with a corresponding fair value adjustment of
DKK 13,643 thousand recognised as financial income for 2025.
Independent Auditors’ Report
5th Planet Games At-A-Glance
CEO Letter
Outlook & Business Development
Game Releases
Financial Review
Risk Management in Practice
Corporate Social Responsibility
Board of Directors and Executive Management
Shareholder Information
Independent Auditors’ Report
Financial Statements
Notes to the Financial Statements
Docusign Envelope ID: CF17925A-E2D4-49CF-904D-BB9AC4ECC27F
22
ANNUAL REPORT 2025
5th Planet Games At-A-Glance
CEO Letter
Outlook & Business Development
Game Releases
Financial Review
Risk Management in Practice
Corporate Social Responsibility
Board of Directors and Executive Management
Shareholder Information
Independent Auditors’ Report
Financial Statements
Notes to the Financial Statements
22
ANNUAL REPORT 2025
Management has determined the fair value of these co-publishing games based on
assumptions regarding the future performance of co-published games that have not yet
been released to the market. As described in note 11a to the financial statements, these
valuations are subject to significant estimation uncertainty, which are highly sensitive
and depend on key assumptions, including the amount and timing of projected future
cash flows and discount rate assumptions. Changes in these assumptions could have a
material impact on the fair value of the financial assets. The co-publishing games are not
yet finalised, which increases the uncertainty and complexity of the valuation. An analysis
showing the sensitivity of the valuation of these assets to changes in key assumptions has
been provided.
Management have however not been able to provide evidence supporting the assumptions
applied in determining the fair value and we have therefore not been able by other means
to obtain sufficient and appropriate audit evidence to support the valuation of the co-
publishing games at 1 January 2024, 31 December 2024 and 31 December 2025.
Accordingly, we have not been able to determine whether changes to results for the years
2024 and 2025, financial assets and opening balance including restated figures were
necessary.
We conducted our audit in accordance with International Standards on Auditing (ISAs) and
the additional requirements applicable in Denmark.
Our responsibilities under those standards and requirements are further described in the
“Auditor’s responsibilities for the audit of the financial statements” section of our report.
We believe that the audit evidence we have obtained is sufficient and appropriate to
provide a basis for our qualified opinion.
Independence
We are independent of the Company in accordance with the International Ethics Standards
Board for Accountants’ International Code of Ethics for Professional Accountants (IESBA
Code) and the additional ethical requirements applicable in Denmark, and we have
fulfilled our other ethical responsibilities in accordance with these requirements and the
IESBA Code.
We declare, to the best of our knowledge and belief, that we have not provided any
prohibited non-audit services, as referred to in Article 5(1) of the Regulation (EU) 537/2014
and that we remained independent in conducting the audit.
We were appointed auditors of 5th planet games A/S for the first time on 20 June 2025 for
the financial year 2025.
Key Audit Matters
Key audit matters are those matters that, in our professional judgment, were of most
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significance in our audit of the financial statements of the current period. These matters
were addressed in the context of our audit of the financial statements as a whole, and in
forming our opinion thereon, and we do not provide a separate opinion on these matters.
Except for the matter described in the “Basis for qualified opinion” section, we have
determined that there are no other key audit matters to communicate in our report.
Statement on Management’s Review
Management is responsible for the Management’s review.
Our opinion on the financial statements does not cover the Management’s review, and we
do not express any form of assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the
Management’s review and, in doing so, consider whether the Management’s review is
materially inconsistent with the financial statements or our knowledge obtained during the
audit, or otherwise appears to be materially misstated.
Moreover, it is our responsibility to consider whether the Management’s review provides
the information required by relevant law and regulations.
As described in the section “Basis for qualified opinion”, the Company has restated
comparative figures due to an identified error in the recognition and measurement of
financial assets. Management has corrected the figures for 2024 and 2025 in the highlights
and key figures section of the Management’s review, but figures for earlier years have not
been adjusted accordingly. Except for this matter, and based on the work performed, it is
our opinion that the Management’s review is in accordance with the financial statements
and has been prepared in accordance relevant law and regulations.
Management’s responsibility for the financial statements
Management is responsible for the preparation of financial statements that give a true
and fair view in accordance with IFRS Accounting Standards as adopted by the EU and
additional requirements in the Danish Financial Statements Act and for such internal
control that Management determines is necessary to enable the preparation of financial
statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, Management is responsible for assessing the
Company’s ability to continue as a going concern, disclosing, as applicable, matters related
to going concern and using the going concern basis of accounting unless Management
either intends to liquidate the Company or to cease operations, or has no realistic
alternative but to do so.
Auditor’s responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance as to whether the financial statements
as a whole are free from material misstatement, whether due to fraud or error, and to
issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of
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24
ANNUAL REPORT 2025
assurance but is not a guarantee that an audit conducted in accordance with ISAs and the
additional requirements applicable in Denmark will always detect a material misstatement
when it exists. Misstatements may arise from fraud or error and are considered material
if, individually or in the aggregate, they could reasonably be expected to influence the
economic decisions of users taken on the basis of these financial statements.
As part of an audit conducted in accordance with ISAs and the additional requirements
applicable in Denmark, we exercise professional judgement and maintain professional
scepticism throughout the audit. We also:
• identify and assess the risks of material misstatement of the financial statements,
whether due to fraud or error, design and perform audit procedures responsive to
those risks, and obtain audit evidence that is sufficient and appropriate to provide a
basis for our opinion. The risk of not detecting a material misstatement resulting from
fraud is higher than for one resulting from error as fraud may involve collusion, forgery,
intentional omissions, misrepresentations or the override of internal control.
• obtain an understanding of internal control relevant to the audit in order to design
audit procedures that are appropriate in the circumstances, but not for the purpose of
expressing an opinion on the effectiveness of the Company’s internal control.
• evaluate the appropriateness of accounting policies used and the reasonableness of
accounting estimates and related disclosures made by Management.
• conclude on the appropriateness of Management’s use of the going concern basis of
accounting in preparing the financial statements and, based on the audit evidence
obtained, whether a material uncertainty exists related to events or conditions that
may cast significant doubt on the Company’s ability to continue as a going concern.
If we conclude that a material uncertainty exists, we are required to draw attention
in our auditor’s report to the related disclosures in the financial statements or, if such
disclosures are inadequate, to modify our opinion. Our conclusions are based on the
audit evidence obtained up to the date of our auditor’s report. However, future events
or conditions may cause the Company to cease to continue as a going concern.
• evaluate the overall presentation, structure and contents of the financial statements,
including the disclosures, and whether the financial statements represent the underlying
transactions and events in a manner that gives a true and fair view.
We communicate with those charged with governance regarding, among other matters,
the planned scope and timing of the audit and significant audit findings, including any
significant deficiencies in internal control that we identify during our audit.
We also provide those charged with governance with a statement that we have complied
with relevant ethical requirements regarding independence, and to communicate with
them all relationships and other matters that may reasonably be thought to bear on our
independence, and where applicable, actions taken to eliminate threats or safeguards
applied.
From the matters communicated to those charged with governance, we determine those
matters that were of most significance in the audit of the financial statements of the current
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period and therefore the key audit matters. We describe these matters in our auditor’s
report unless law or regulation precludes public disclosure about the matter or when, in
extremely rare circumstances, we determined that a matter should not be communicated
in our report because the adverse consequences of doing so would reasonably be expected
to outweigh the public interest benefits of such communication.
Report on compliance with the ESEF Regulation
As part of our audit of the Financial Statements of the Company, we performed
procedures to express an opinion on whether the annual report for the financial year 1
January to 31 December 2025 with the file name “213800MC2SGVSIBN7J53-2025-12-31-
1-en” is prepared, in all material respects, in compliance with the Commission Delegated
Regulation (EU) 2019/815 on the European Single Electronic Format (ESEF Regulation) which
includes requirements related to the preparation of the annual report in XHTML format.
Management is responsible for preparing an annual report that complies with the ESEF
Regulation. This responsibility includes the preparing of the annual report in XHTML format.
Our responsibility is to obtain reasonable assurance on whether the annual report is
prepared, in all material respects, in compliance with the ESEF Regulation based on the
evidence we have obtained, and to issue a report that includes our opinion. The procedures
consist of testing whether the annual report is prepared in XHTML format.
In our opinion, the annual report of the Company for the financial year 1 January to 31
December 2025 with the file name “213800MC2SGVSIBN7J53-2025-12-31-1-en” is
prepared, in all material respects, in compliance with the ESEF Regulation
Copenhagen, April 8, 2026
KPMG
Statsautoriseret Revisionspartnerselskab
CVR no. 25 57 81 98
Simon Vinberg Andersen
State Authorised
Public Accountant
mne35458
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DKK´000 Note 2025
Restated
2024
Revenue 3 3 576 12 577
Costs of sales 4 1 286 2 884
Gross Profit 2 290 9 693
Research and development expenses 5 405 553
General and administrative expenses 5 6 524 6 668
Operating profit/loss (EBIT) -4 639 2 472
Share of loss from equity investments in group companies 0 -69
Financial income 7 13 667 2 239
Financial expenses 8 4 412 1 185
Profit before tax 4 616 3 457
Income taxes 9 5 999 0
Profit / loss for the year -1 383 3 457
Other comprehensive income 0 0
Comprehensive income -1 383 3 457
Distribution of comprehensive income:
Parent company´s shareholders -1 383 3 457
Total -1 383 3 457
Basic earnings per share DKK 10 -0,005 0,013
Diluted earnings per share DKK 10 -0,005 0,011
Income statement and statement of
other comprehensive income
Financial Statements
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DKK´000 Note
31. December
2025
Restated
31. December 2024
Restated
1. January 2024
Non-current assets
Other financial assets 11 76 551 63 456 23 291
Other receivables 12 1 272 2 724 4 084
Total non-current assets 77 823 66 180 27 375
Current Assets:
Trade receivables 12 1 604 3 312 2 747
Other receivables 12 2 721 3 693 4 418
Accrued expenses 163 171 25
Restricted cash 0 0 250
Cash and cash equivalents 7 642 9 694 49 055
Total current assets 12 131 16 870 56 495
Total assets 89 954 83 050 83 870
EQUITY AND LIABILITIES
DKK´000 Note
31. December
2025
Restated 31.
December 2024
Restated
1. January 2024
Equity:
Share capital 13 419 13 419 13 404
Retained earnings 63 935 65 318 61 634
Total Equity 13 77 354 78 737 75 038
Non-current liabilities
Derivative financials instruments 14 2 914 2 891 2 949
Deferred tax liability 9 6 018 0 0
Total non-current liabilities 8 933 2 891 2 949
Current liabilities
Trade payables 15 1 830 978 5 055
Other payables 15 1 838 444 828
Total current liabilities 3 668 1 422 5 883
Total liabilities 12 601 4 313 8 832
Total equity and liabilities 89 954 83 050 83 870
Balance Sheet
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Statement of changes in equity
DKK´000
Share
capital
Share
premium
Reserve for capitalised
development costs
Retained
earnings
Total
equity
Balance at 01.01.2025 13 419 0 0 65 318 78 737
Net Profit 0 0 0 -1 383 -1 383
Comprehensive income 0 0 0 -1 383 -1 383
Balance at 31.12.2025 13 419 0 0 63 935 77 354
Balance at 1. Janaury 2024,
as previously reported
13 404 0 7 329 64 688 85 421
Impact of corrections of errors 0 0 -7 329 -3 054 -10 383
Restated balance at 01.01.2024 13 404 0 0 61 634 75 038
Net Loss 0 0 0 3 457 3 457
Other comprehensive income 0 0 0 0 0
Comprehensive income 0 0 0 3 457 3 457
Capital increase 15 97 0 0 112
Share-based payments 0 0 0 130 130
Transfer of reserves 0 -97 0 97 0
Transactions with owners 15 0 0 227 242
Restated balance at 31.12.2024 13 419 0 0 65 318 78 737
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DKK´000 Note 2025 2024
Profit before tax 4 616 3 457
Share-based payments 0 130
Change in other financial assets and liabilities, fair value -11 019 1 056
Financial income, excluding fair value financial assets -24 -2 239
Financial expenses, excluding fair value financial assets and fx on cash 758 306
Changes in:
Current assets 2 687 14
Current liabilities 2 246 -4 462
Income tax paid 19 0
Operating cash flow -717 -1 738
Interest received 24 711
Interest and other financial expenses paid -5 -5
Cash flow generated from operations -698 -1 032
Proceeds received from installment collection on sale
of intellectual property rights. 1 452 1 360
Investments in other financial assets 11 -2 075 -41 221
Cash flow from investing activities -623 -39 861
Proceeds from cash capital increase 0 112
Cash flow from financing activities 0 112
Total cash flow for the period -1 321 -40 781
Cash, beginning of period 9 694 49 305
Effect of movements in foreign exchange rates on cash -731 1 170
Cash and cash equivalents, end of period 7 642 9 694
Cash flow statement
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1. Accounting policies
5th Planet Games A/S is a limited liability company domiciled in Denmark. The financial
statements for 2025 have been prepared in accordance with International Financial
Reporting Standards (IFRS) as endorsed by the EU and additional Danish disclosure
requirements.
Danish kroner (DKK) is the company’s presentation currency and the functional currency of
the company. The financial statements are presented in Danish kroner (DKK) rounded off
to the nearest DKK 1,000.
Implementation of new and revised standards and interpretations
Certain new accounting standards and amendments to accounting standards have been
published that are not mandatory for 31 December 2025 reporting periods and have not
been early adopted by 5th planet Games A/S.
New or amended IFRS Accounting Standards and interpretations issued by the IASB that
have not yet become effective are generally not adopted until they become effective and
endorsed by the EU.
5th Planet Games’ assessment of the impact of these new standards and amendments is
that only IFRS 18 will be applicable for 5th Planet Games A/S. IFRS18 will be adopted when
it is mandatory from 1 January 2027.
IFRS 18 Presentation and Disclosure in Financial Statements (effective for annual
periods beginning on or after 1 January 2027)
IFRS 18 will replace IAS 1 Presentation of Financial Statements and applies for annual
reporting periods beginning on or after 1 January 2027. The new accounting standard
introduces the following key new requirements.
• Entities are required to classify all income and expenses into five categories in the
statement of profit or loss, namely the operating, investing, financing, discontinued
operations and income tax categories. Entities are also required to present a newly-
defined operating profit subtotal. Entities net profit will not change.
• Management-defined performance measures (MPMs) are disclosed in a single note in
the financial statements.
• Enhanced guidance is provided on how to group information in the financial statements
In addition, all entities are required to use the operating profit subtotal as the starting point
for the statement of cash flows when presenting operating cash flows under the indirect
method.
The company is still in the process of assessing the impact of the new accounting standard,
particularly with respect to the structure of the company’s statement of profit or loss, the
statement of cash flows and the additional disclosures required for MPMs. The company
Notes to the Financial Statements
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is also assessing the impact on how information is grouped in the financial statements,
including for items currently labelled as ‘other’
Correction of errors
Classification of Receivables
In our balance, 31. January 2024, an amount of other receivables DKK 748k from our German
subsidiary was previously presented as trade receivables but has been reclassified to other
receivables to better reflect its nature. This reclassification has no impact on profit or loss,
equity, or cash flows.
Classification of restricted cash
In our balance, 1. January 2024, an amount of restricted cash DKK 250k was previously
presented as cash and cash equivalents but has been reclassified to restricted cash to
better reflect its nature. This reclassification has no impact on profit or loss, equity, or cash
flows.
Correction of Error – Derivative Financial Liability
Historically, the Company did not recognize the milestone warrants issued in 2021 as a
derivative financial liability. As a result, the warrants were not measured at fair value
through profit or loss and were omitted from the statement of financial position. Upon
reassessment, management has determined that the milestone warrants meet the
definition of a derivative financial liability under IFRS 9, as the instruments include
contingent settlement features and do not meet the fixed-for-fixed criterion under IAS
32, the warrants are settled in NOK (foreign currency) and not DKK (functional currency).
Accordingly, the warrants should be classified as financial liabilities measured at fair value
through profit or loss (FVTPL).
As a result, the Company has retrospectively recognized the derivative liability in the 2025
financial statements, and comparative figures have been restated accordingly, including
the opening balance as of 1 January 2024, in accordance with IAS 8. In the opening balance
as of January 2024 an amount of DKK 2949k has been restated to derivative financial
instrument liability. It was not previously recognised in the balance statement and have
therefore affected retained earnings.
Correction of Error – Financial Assets
Historically from 2022, 5th Planet Games A/S has recognized investments in games
co-published with Skybound LLC as intangible assets under “development projects.”
The investments have therefore been recognized incorrectly at cost with deduction
of amortization and impairment. 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 restated the relevant investments
in the 2025 financial statements, comparative figures have been restated accordingly and
the beginning balance 1. January 2024.
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Correction of Error – Earnings per Share
Historically, the Business did not apply a consistent or appropriate methodology in the
calculation of earnings per share (“EPS”), including diluted EPS, and as a result, EPS was
Impact of correction of errors31. December 2024 As previously Adjustments As restatedDKK’000reportedIncome StatementDepreciation and amortisation -9 396 9 396 0Financial income 2 182 57 2 239Financial expenses -129 -1 056 -1 185Total -7 343 8 397 1 054Non-current assetsDevelopment projects in progress 41 221 -41 221 0Other financial assets 21 329 42 127 63 456Total 62 550 906 63 456Current assetsTrade receivables 4 060 -748 3 312Other receivables 2 945 748 3 693Total 7 005 0 7 005Non-current liabilitiesDerivative financial instruments 0 2 891 2 891Total 0 2 891 2 891EquityRetained earnings 67 304 -1 986 65 318Total 67 304 1 986 65 318Impact of correction of errors1. January 2024 As previously Adjustments As restatedDKK’000reportedNon-current assetsCompleted development projects 9 396 -9 396 0Other financial assets 21 329 1 962 23 291Total 30 725 -7 434 23 291Current assetsRestricted cash 0 250 250Cash and cash equivalents 49 305 -250 49 055Total 49 305 0 49 305Non-current liabilitiesDerivative financial instruments 0 2 949 2 949Total 0 2 949 2 949EquityRetained earnings 72 017 -10 383 61 634Total 72 017 -10 383 61 634
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incorrectly calculated in prior periods. Upon reassessment, management determined that
the prior calculations did not comply with the requirements of IAS 33 Earnings per Share,
particularly with respect to the treatment of dilutive instruments.
Management has corrected the methodology and applied the treasury stock method
for the calculation of diluted EPS in accordance with IAS 33. In addition, the impact of
the correction of error on EPS also reflects the effects of previously identified errors that
resulted in the restatement of the statement of profit or loss. See discussion in Correction
of Classification – Financial Assets. Accordingly, EPS has been recalculated using the
corrected profit or loss attributable to ordinary shareholders.
As a result, the Business has retrospectively restated EPS for the year ended December 31,
2024. Comparative figures have been restated accordingly in the 2025 financial statements.
This correction does not impact total equity or cash flows; however, it reflects both (i) the
correction in EPS calculation methodology and (ii) the restated results of operations.
Group internal merger
In 2024 there was a group internal merger between 5th Planet Games A/S as the
continuing company and 5th Planet Games Development ApS as the dissolving entity.
5th Planet Games A/S was the continuing company, while 5th Planet Games A/S
Development ApS was dissolved without liquidation by transferring its assets and liabilities
as a whole to 5th Planet Games A/S. As the merger were an internal group merger
between 5th Planet Games A/S and its only material subsidiary, the group was considered
dissolved and therefore no consolidated financial statement were prepared for 2024
The merger was completed with the group method and had accounting effect from
1 January 2024. Consistently, comparative figures of 5th Planet Games A/S were adjusted
to reflect the financial statement as if the 5th Planet Games A/S and 5th Planet Games
Development ApS were one company since acquisition. Prior to the merger, 5th Planet
Games A/S prepared its stand-alone financial statement in accordance with the
Danish Financial Statement act. As 5th Planet Games A/S subsequently was going
to prepare the Financial Statement after IFRS, it was considered a first-time adoption
of IFRS in 2024. IFRS 1 paragraph D17 were used whereby the comparative figures from
consolidated financial statement was adopted.
No new shares were issued as part of the merger.
(DKK) As previously stated Adjustment As restatedBasic earnings per share (0.018) +0.031 0.013Diluted earnings per share (0.014) +0.025 0.011
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Principal accounting policies set out below have been consistently applied in the
preparation of the financial statements for all the years presented.
Earnings per share
Basic earnings per share are calculated as the net result for the period that accrues
to the company´s shares divided by the weighted average number of ordinary shares
outstanding. Diluted earnings per share are calculated as the net result for the period that
accrues to the company´s shares divided by the weighted average number of ordinary
shares out-standing adjusted by the dilutive effect of potential shares.
Segment reporting
Management has determined that the Company has one operating segment for financial
reporting purposes. This conclusion is based on the internal reporting reviewed by the
Chief Operating Decision Maker (CODM), being the CEO and the Board of Directors, who
are responsible for allocating resources and assessing performance.
Although the Company generates revenues from multiple lines of business (including mobile
games, distribution, and licensing/royalties), these activities are managed and assessed
on a consolidated basis rather than as separate operating segments. While management
monitors revenue and certain direct costs by line of business for operational purposes, the
Company does not allocate all costs, assets, or liabilities by individual business line in its
internal reporting to the CODM. Accordingly, these activities do not meet the definition of
separate operating segments under IFRS 8.
The single operating segment is reported in a manner consistent with the internal
management structure of the Company and the financial information regularly reviewed
by the CODM. Operating profit (loss) is the primary measure used by management to
evaluate performance and allocate resources.
Segment revenue of geographic locations has been based on the geographic location of
customers and is disclosed in Note 4 Revenue.
Foreign currency translation
On initial recognition, transactions in currencies other than the functional currency of
the company are recognized at the exchange rate applicable at the transaction date.
Receivables, payables, and other monetary items denominated in foreign currency not
settled at the balance sheet date are translated using the exchange rate applicable at the
balance sheet date. Exchange rate differences between the exchange rate applicable at
the transaction date and the exchange rate at the date of payment and the balance sheet
date, respectively, are recognized in the income statement as financial income or financial
expenses. Non-monetary assets purchased in foreign currency and measured based on
historical cost are translated at the exchange rate applicable at the transaction date.
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Outlook & Business Development
Game Releases
Financial Review
Risk Management in Practice
Corporate Social Responsibility
Board of Directors and Executive Management
Shareholder Information
Independent Auditors’ Report
Financial Statements
Notes to the Financial Statements
Tax
Tax for the year, consisting of current tax and changes in deferred tax, is recognized in the
income statement at the portion attributable to tax on the profit or loss for the year, and
directly in equity or in other comprehensive income at the portion attributable to amounts
recognized directly in equity or in other comprehensive income, respectively.
Current tax payables and receivables are recognized in the balance sheet as tax computed
on the basis of the taxable income for the year and taxes paid or refunded.
Current tax for the year is computed based on the tax rules and tax rates applicable at
the balance sheet date.
Deferred tax is recognized using the balance sheet liability method on the basis of
all temporary differences between the carrying amounts and tax bases of assets and
liabilities, except for deferred tax on temporary differences due to either initial recognition
of good-will or initial recognition of a transaction that is not a business combination, and
where the temporary difference ascertained at the time of initial recognition does not
affect either the tax result or the taxable income. The deferred tax is calculated based on
the planned use of the individual asset or settlement of the individual liability.
Deferred tax is measured by applying the tax rules and tax rates expected to be applicable
when the deferred tax is expected to crystallize as current tax. Any change in deferred tax
as a result of changes in tax rules or rates is recognized in the income statement unless the
deferred tax is attributable to transactions that have previously been recognized directly
in equity or in other comprehensive income. In the latter case, the change is recognized
directly in equity or in other comprehensive income, respectively.
Deferred tax assets, including the tax base of tax losses allowed for carry forward, are
recognized in the balance sheet at the expected realizable value, either through offsetting
against deferred tax liabilities or as a net tax asset for offsetting against future positive
taxable incomes to the extent that there is convincing evidence that sufficient taxable
profit will be available against which the unused tax losses can be utilized. An assessment
is made at each balance sheet date of whether it is probable that sufficient taxable
income will be generated in future to enable utilization of the deferred tax asset. Deferred
tax assets and liabilities are offset only if certain criteria are met.
Statement of comprehensive income
Revenue
Revenue from the sale of games and in-app purchases is recognized in the income
statement when control is transferred to the purchaser which is when the purchaser is
able to download the games or use the in-app purchases. For sales of games and in-
app purchases where control is transferred through third parties (platform distribution
partners), 5th Planet Games A/S is the primary contractual party for the users and are
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Game Releases
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Risk Management in Practice
Corporate Social Responsibility
Board of Directors and Executive Management
Shareholder Information
Independent Auditors’ Report
Financial Statements
Notes to the Financial Statements
responsible for establishing the selling prices. Sales of games and in-app purchases are
consequently recognized as 5th Planet Games A/S being the principal, where the full sales
prices are recognized as revenue, while costs for the third party are recognized under cost
of sales.
Revenue from license and royalties occurs from Co-development arrangements where
5th Planets Games A/S are entitled to part of the sale which the Co-developer receives
through the sales and distribution of the games. 5th Planet Games A/S recognized the
license and royalties at a point in time (a) when control is transferred to the customer,
which is when the purchaser is able to download the games or use the in-app purchases.
or (b) the enjoyment of those rights is being realized by the customer. Payment terms for
the above revenue streams generally range from immediate settlement to 30 days or on
a quarterly basis upon royalty reporting.
Revenue from physical distribution occurs when delivery has taken place, which is
considered the time when risk has passed to the purchaser before the balance sheet date,
and if the revenue can be determined reliably and is expected to be received. Payment
terms for physical distribution are generally 45 days from the date of shipment. Discounts
and returns are only applicable to physical distribution (P) and are accounted for as
reductions of revenue as estimated at the time of sale based on historical return rates
when incurred, as they are recorded consistently with the original sale transaction.
For all revenue streams, revenue is measured net of value-added tax (“VAT”) and other
similar taxes. VAT is applied only on domestic sales within Denmark and is recorded as
a liability in the statement of financial position. For sales within the European Union, the
reverse charge mechanism applies, and for sales outside the European Union, VAT is
applied at a rate of 0%.
Accordingly, revenue is recognized at the transaction price, net of discounts, returns, and
VAT, if any.
Research and development costs
Research and development costs comprise external research and development costs.
General and administrative expenses
Other external expenses comprise expenses relating to administrative staff including
wages and other employee cost, costs of premises, bad debts, and other administrative
expenses.
Financial income and financial expences
Financial income and financial expences consists of interest income, interest expenses and
bank charges as well as realized and unrealized gains and losses on transactions in foreign
currency.
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Board of Directors and Executive Management
Shareholder Information
Independent Auditors’ Report
Financial Statements
Notes to the Financial Statements
Share-based payments
Share-based payments of the company were equity-settled warrants granted to
employees, for which an option pricing model was used to estimate the fair value at grant
date. That fair value was charged as an expense in the statement of profit or loss over the
period that the employee becomes unconditionally entitled to the options (vesting period),
with a corresponding increase in equity. Equity is also increased by the proceeds received,
as and when employees choose to exercise their options.
The estimate of the grant date fair value of each option issued is based on a Black &
Scholes model, taking into account the terms and conditions on which the share options
were granted.
Balance sheet
Financial assets
5th Planet Games A/S financial assets are other financial assets, other receivables, trade
receivables, prepaid expenses and cash.
Classification and recognition
5th Planet Games A/S classifies its financial assets as either financial assets measured at
amortized cost or financial assets measured at fair value through profit or loss (FVTPL).
Classification is determined in accordance with IFRS 9 based on:
• the Company’s business model for managing the financial assets; and
• whether the contractual cash flows represent solely payments of principal and interest
(SPPI) on the principal amount outstanding.
All purchases and sales of financial assets are recognized on the trade date, being the date
on which the Company becomes a party to the contractual provisions of the instrument.
For financial assets measured at amortized cost, transaction costs that are directly
attributable to the acquisition are included in the initial carrying amount. For financial
assets measured at FVTPL, transaction costs are recognized immediately in profit or loss.
Financial assets are derecognized when:
• the contractual rights to the cash flows from the financial asset expire; or
• the Company transfers the financial asset and substantially all the risks and rewards
of ownership; or
• the Company neither transfers nor retains substantially all the risks and rewards but no
longer retains control of the asset.
Financial assets measured at fair value through profit or loss
In this category 5th Planet Games A/S classifies other financial assets, other financial assets
measured at FVTPL, relates to co-publishing games and equity investments.
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Risk Management in Practice
Corporate Social Responsibility
Board of Directors and Executive Management
Shareholder Information
Independent Auditors’ Report
Financial Statements
Notes to the Financial Statements
The fair values of financial assets in this category are determined by reference to active
market transactions or using a valuation technique where no active market exists and
subsequently remeasured at fair value at the end of each reporting period.
Fair value measurement
Fair values are categorized into different levels in a fair value hierarchy based on the
degree to which the inputs to the measurement are observable and the significance of the
inputs to the fair value measurement in its entirety:
When measuring the fair value of an asset, the Company uses observable market data
as far as possible. Fair values are categorized 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 categorized 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 recognizes transfers between levels of the fair value hierarchy at the end of
the reporting period during which the change occurred.
Further information about the assumptions made in measuring fair values is included in the
following notes: Note 11: Other Financial Assets
Financial assets measured at amortized cost
This category includes non-current and current other receivables, trade receivables and
cash. They are measured are measured at amortized cost if the assets meet the following
conditions: (a) they are held within a business model whose objective is to hold the financial
assets and collect its contractual cash flows, and (b) the contractual terms of the financial
assets give rise to cash flows that are solely payments of principal and interest on the
principal amount outstanding.
After initial recognition, these are measured at amortized cost using the effective interest
method. An impairment loss is recognized when the carrying amount of the asset exceeds
its recoverable amount. Discounting is omitted where the effect of discounting is immaterial.
Financial assets measured at amortized cost are subject to impairment using the expected
credit loss model. The Company applies the simplified approach for receivables, recognizing
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ANNUAL REPORT 2025
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Risk Management in Practice
Corporate Social Responsibility
Board of Directors and Executive Management
Shareholder Information
Independent Auditors’ Report
Financial Statements
Notes to the Financial Statements
lifetime expected credit losses from initial recognition. Based on this assessment, no
material expected credit losses have been recognized.
Credit risk is a risk that counterparty couldn’t perform the payment obligations. The
company’s credit risk consists of trade receivables and the company controls the risk
already when negotiating the agreements by evaluating the credit worthiness of the
counterparty. Furthermore, the financial department follows constantly the payment
behavior of customers. Expected credit loss is evaluated individually for each significant
customer by their probability of defaulting. The company hasn’t had significant credit
losses in the past years
The carrying amounts of current receivables are expected to substantially equal their fair
values and are current assets that are intended to hold for less than 12 months from the
end of reporting period.
Cash consists of deposits in bank accounts.
Financial Liabilities
Financial liabilities consist of financial instruments, current other- and trade liabilities.
Current financial liabilities comprise bank debt, trade payables, other payables to public
authorities, and other liabilities. They are initially recognized at fair value. Transactions costs
are only included in the original carrying amount for those not at FVTPL. Subsequently these
financial liabilities are measured at amortized cost using the effective interest rate (EIR) or
FVTPL method. Interest expenses and foreign exchange gains and losses are recognized
in profit or loss.
A financial liability (or part of the liability) is not derecognized until the liability has ceased
to exist, that is, when the obligation identified in a contract has been fulfilled, cancelled or
is no longer effective.
Financial assets measured at amortized cost
Financial assets measured at amortized cost are subject to impairment using the expected
credit loss model. The Company applies the simplified approach for receivables, recognizing
lifetime expected credit losses from initial recognition. Based on this assessment, no
material expected credit losses have been recognized.
Derivative Liabilities – Milestone Warrants
The Company’s milestone warrants are classified as derivative financial liabilities measured
at fair value through profit or loss, as they do not meet equity classification under IAS 32 due
to contingent settlement features as these warrants are settled in NOK (foreign currency)
instead of DKK. The fair value of each tranche is determined using the Black-Scholes
option pricing model, assuming the relevant milestone is achieved, and subsequently
adjusted using probability-weighting based on management’s estimate of achieving each
milestone over a 10-year horizon. The valuation incorporates both observable inputs (e.g.,
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Board of Directors and Executive Management
Shareholder Information
Independent Auditors’ Report
Financial Statements
Notes to the Financial Statements
share price, volatility, risk-free rate) and significant unobservable inputs (probabilities), and
is therefore classified as Level 3 (see FN 14) under IFRS 13.
Financial instruments
Financial assets and financial liabilities are recognized when the company becomes a party
to the contractual provisions of the financial instrument. Financial assets are derecognized
when the contractual rights to the cash flows from the financial asset expire, or when
the financial asset and substantially all the risks and rewards are transferred. A financial
liability is derecognised when it is extinguished, discharged, cancelled, or expires.
All financial assets and liabilities are initially measured at fair value adjusted for transaction
costs (where applicable). Financial assets and liabilities, other than those designated and
effective as hedging instruments, are classified into the following categories:
• amortised cost
• fair value through profit or loss (FVTPL)
• fair value through other comprehensive income (FVOCI).
Derivative financial instruments are accounted for at fair value through profit and loss
(FVTPL) except for derivatives designated as hedging instruments in cash flow hedge
relationships. The company only has financial instruments classified as FVTPL. Derivative
financial instruments in this category are measured at fair value with gains or losses
recognised in profit or loss. All income and expenses recognised in profit or loss are
presented within finance costs or finance. The fair values of financial assets and liabilities
in this category are determined by reference to active market transactions or using a
valuation technique where no active market exists.
Capital and reserves
Share Capital
The company’s share capital consists of the company’s ordinary shares classified as equity.
The subscription price of a share received by the company in connection with share issues
is credited to the share capital, unless it is provided in the share issue decision that a part
of the subscription price is to be recorded in the invested non-restricted equity reserve.
Transaction costs directly attributable to the issue of new shares are recorded in equity as
a deduction, net of tax, from the proceeds. The company has one share class. The share
has no nominal value. All issued shares have been fully paid.
Retained earnings
Retained earnings are earnings accrued over previous financial years that have not been
transferred to equity reserves or issued as dividends to owners.
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Board of Directors and Executive Management
Shareholder Information
Independent Auditors’ Report
Financial Statements
Notes to the Financial Statements
Cash flow statement
The cash flow statement shows cash flows from operating, investing, and financing
activities as well as cash at the beginning and end of the year.
Cash flows from operating activities are presented in accordance with the indirect method
and are determined as the operating profit or loss adjusted for non-cash operating items,
changes in working capital and paid financial income, financial expenses, and income tax.
Cash flows from investing activities comprise payments in connection with the acquisition
and sale of companies and financial assets as well as the purchase, development,
improvement, and sale of property, plant and equipment, and intangible assets.
Cash flows from financing activities comprise changes in the company’s share capital and
associated costs as well as the raising and repayment of loans, the repayment of inter-
est-bearing debt, the purchase and sale of treasury shares and the payment of dividends.
Cash flows in currencies other than the functional currency are recognized in the cash flow
statement using average exchange rates unless they deviate significantly from the actual
exchange rates at the transaction dates.
Cash and cash equivalents comprise cash less overdraft facilities that are an integrated
part of the cash management.
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Board of Directors and Executive Management
Shareholder Information
Independent Auditors’ Report
Financial Statements
Notes to the Financial Statements
2. Significant accounting estimates and judgments
The preparation of IFRS financial statements requires company’s management to make
judgments, estimates and assumptions. These affect the reported amounts of assets
and liabilities, and disclosure of contingent assets and liabilities at the period-end as
well as the reported amounts of income and expenses during the reporting period. The
estimates and assumptions are based on historical experience of the company and
other justified assumptions, such as future expectations, considering the circumstances
at the end of the reporting period and the time when the estimates and assumptions
were made. Management believes that the estimates made and the assumptions used
are reasonable. Actual results may ultimately differ from the estimates and assumptions
made. Changes in accounting estimates may be necessary as a result of new information
or more experience, or if the underlying circumstances evolve. The company reviews the
estimates and underlying assumptions at each reporting. Such changes are recognized in
the period in which the estimate or the assumption is revised
Judgements and estimates that management has made in the process of applying
accounting policies, and that have the most significant effect on the amounts recognized
in the financial statements, relate to the following:
• Judgement in classification of equity investments and assessment of significant
influence – conclusion: investment classified as financial asset at FVTPL
(refer to n. 11b)
Management has assessed whether its equity investments should be accounted for
as associates under IAS 28 or as financial assets under IFRS 9. For the investment in
Sagafilm ehf, although the Company holds a 24.99% ownership interest, management
concluded that it does not have significant influence. This is based on the absence of
board representation, no participation in policy-making decisions, no contractual rights
to participate in operating or financing decisions, and the presence of a controlling
shareholder with decision-making authority.
• Estimation uncertainty in fair value of financial assets (refer to n. 11)
The determination of fair value for Level 3 financial assets involves significant
unobservable inputs, including projected cash flows, discount rates, and other valuation
assumptions.
• Judgement in non-recognition of deferred tax assets (refer to n. 9)
Management has concluded that deferred tax assets on unused tax losses are not
recognized due to a history of losses and insufficient evidence of future taxable profits.
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Game Releases
Financial Review
Risk Management in Practice
Corporate Social Responsibility
Board of Directors and Executive Management
Shareholder Information
Independent Auditors’ Report
Financial Statements
Notes to the Financial Statements
4. Cost of sales
DKK´000 2025 2024 Purchase expenses 1 058 2 618License expenses 228 266Total 1 286 2 884
DKK´000 2025 2024 Denmark 40 35Ireland 268 563Malta 693 809France 94 307Sweden 641 2 894Poland 514 0Other Europa 151 443USA 1 175 7 526Total 3 576 12 577
3. Revenue
Specification of revenue and trade receivables from related parties is disclosed in note 22
Disaggregation of revenue by geographical market.
The Business disaggregates revenue by geographical location of customers, primarily
between the United States and Europe, as these regions represent the principal markets in
which the Business operates and reflect differing economic and regulatory environments.
Revenue generated from other regions is not separately presented as it is not material.
DKK´000 2025 2024 Sales of games and in-app purchases 491 950Physical product sales 1 155 2 894License income 1 931 8 670Other revenue 0 63Total 3 576 12 577
Major customers
DKK´000 2025 2024 Customer A 693 0Customer B 641 2 894Customer C 514 0Customer D 1 175 7 526Total 3 023 10 420
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Game Releases
Financial Review
Risk Management in Practice
Corporate Social Responsibility
Board of Directors and Executive Management
Shareholder Information
Independent Auditors’ Report
Financial Statements
Notes to the Financial Statements
Salary and wages
DKK´000 2025 2024 Wages and salaries 1 978 1 780Pensions 72 68Other social security costs 14 9Share-based payment 0 130Total 2 064 1 987Total Staff costs are recognized as follows:Administrative expenses 2 064 1 987Total 2 064 1 987
Average number of employees during the year
2 2
Number of employees end of year
2 2
Remuneration of board of directors and executive management:
Board of directors:
Cash remuneration 1 235 1 235Share-based payment 0 4Total 1 235 1 239Executive managementGross Salary 803 740Total 803 740
Other expenses
DKK´000 2025 2024 Research and development cost 405 553Remuneration of board of directors 1 235 1 239Other administrative expenses3 225 3 442Total 4 864 5 234
5. Nature of cost
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Corporate Social Responsibility
Board of Directors and Executive Management
Shareholder Information
Independent Auditors’ Report
Financial Statements
Notes to the Financial Statements
Avr.Outstanding, Outstanding, Exercixe Fair value No. of Date Classification Vesting termsexercise beginning of Granted Forfeited Expiredend of the Vesting conditionsend dateat grantwarrantspricethe periodperiod15-11-2027 - 16-11-2017 - Board Vested upon grant Continued service 30-09-2031 1,65 0,48 20 779 399 19 307 314 0 0 0 19 307 31409-09-2021Member- 3 yearsas a board memberand Milestones23-05-2019 - 2 years - 2 years 31-05-2029 - Continued CEO0,64 0,57 13 101 821 11 069 970 0 0 0 11 069 97017-11-2020incl acceleration30-11-2030employment16-11-2017 - 1 years -12 months 30-09-2027 - Continued Employee1,21 1,15 8 382 752 5 421 093 0 0 0 5 421 09317-11-2020cliff - 4 years30-11-2030employment
Expected volatility was determined taking into consideration the volatility of the company’s
share price over a 12-month period. All outstanding warrants are exercisable. No warrants
have been issued since 2021.
6. Share-based payment
5th Planet Games A/S has established a warrant program for executive management
(CEO), board members, employees, and others.
Warrant plans.
The plans provide board members, executive management, and employees with the
option to purchase newly issued shares of 5th Planet Games A/S at a fixed price. There
are no cash settlement alternatives. Warrants has been granted with monthly vesting over
24-48 months subject to continued employment. The exercise price of the share options
is, in general, equal to the market price less 25% at the date of grant. The table below
summarizes the number of options that were outstanding, their exercise price as of 31
December 2025, as well as the movements during the period.
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Risk Management in Practice
Corporate Social Responsibility
Board of Directors and Executive Management
Shareholder Information
Independent Auditors’ Report
Financial Statements
Notes to the Financial Statements
7. Financial Income
DKK´000 2025 2024 Other financial income 24 711 Change in derivative financials instruments, fair value 0 57Change in other financial assets, fair value 13 643 0 Foreign exchange gains, net 0 1 471 Total 13 667 2 239
8. Financial expenses
DKK´000 2025 2024 Other financial costs 5 5Change in derivative financials instruments, fair value 23 0Change in other financial assets, fair value 2 624 1 056Foreign exchange loss, net 1 761 124Total 4 412 1 185
Foreign exchange losses are due to decrease in exchange rate of USD/DKK during the year.
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Game Releases
Financial Review
Risk Management in Practice
Corporate Social Responsibility
Board of Directors and Executive Management
Shareholder Information
Independent Auditors’ Report
Financial Statements
Notes to the Financial Statements
9. Tax
DKK´000 2025 Restated 2024Tax reconcilliation:Net result for the year before tax 4 616 3 457Tax rate 22% 22%Expected tax expenses 1 015 761Prior-year adjustments -19 0Change in deferred tax 6 018 -761Total tax on profit / loss for the year 5 999 0Deferred tax:Beginning of the year -99 371 -102 803Other financial assets 25 328 12 490Tax losses carried forward -18 810 -9 058Basis at year end -92 853 -99 371Tax rate 22% 22%Calculated Potential deferred tax assets -20 428 -21 862Write-down of deferred tax assets (tax losses carried forward) 26 446 21 862Recognized deferred tax liability 6 018 0
The deferred tax liability relates to other financial assets.
The Company has substantial deferred tax assets which are not recognized as the future
utilization is subject to uncertainty. The deferred tax asset do not expire but is carried
forward to offset future taxable income indefinitely.
When calculating deferred tax items, the company makes certain assumptions and
estimations about the future tax effects resulting from differences between the book
values of assets and liabilities recorded in the financial statements and their tax values.
Management judgment is needed especially when determining how much deferred tax
assets can be recorded. Discretion has been used especially when deciding whether to
record a deferred tax asset for unused tax losses. The amount of the book entry depends
on the amount of taxable income that is likely to be generated in the future 3-5 years against
which the unused tax losses can be utilized. Estimating future taxable profits is based on
5th Planet Games A/S strategy, forecasts and estimation of uncertainties. Management
monitors the company’s financial position and evaluates the future development every
month. In assessing whether deferred tax assets should be recognized for unused tax
losses, management applied significant judgment to determine whether sufficient future
taxable profits are probable. Management placed significant weight on the Company’s
recent history of tax losses, which represents negative evidence under IAS 12, and concluded
that forecasted taxable profits did not provide sufficient objective support for recognition.
Management also considered the availability of taxable temporary differences and tax-
planning opportunities.The unused tax losses do not expire. The amount of deferred tax
assets recorded for tax losses is assessed on the end date of each reporting period.
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Game Releases
Financial Review
Risk Management in Practice
Corporate Social Responsibility
Board of Directors and Executive Management
Shareholder Information
Independent Auditors’ Report
Financial Statements
Notes to the Financial Statements
10. Earnings per share
DKK´000 2025 Restated 2024Net profit/loss for the period -1 383 3 457 Weighted average number of shares outstanding 268 379 268 369 Warrants 51 829 51 829 Average number of shares in circulation 320 207 320 197 Diluted average number of shares in circulation 274 754 290 015 Basic earnings per share -0,005 0,013Diluted earnings per share -0,005 0,011
Further information concerning warrants is disclosed in note 6
11a. Other financial assets – Co-publishing Games
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.
DKK´000 31.12.2025 Restated 31.12.2024Cost beginning of period 71 899 30 678Additions 2 075 41 221Disposals 0 0Cost end of period 73 974 71 899Value adjustment beginning of period -29 771 -28 715Value adj. during the year 11 482 -1 056Value adjustment end of period -18 289 -29 771Carrying amount end of period 55 685 42 128The investments relates to: 31.12.2025 Restated 31.12.2024 Instrument A 821 907Instrument B 32 974 27 362Instrument C 21 890 13 859Carrying amount end of period 55 685 42 128
Docusign Envelope ID: CF17925A-E2D4-49CF-904D-BB9AC4ECC27F
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Game Releases
Financial Review
Risk Management in Practice
Corporate Social Responsibility
Board of Directors and Executive Management
Shareholder Information
Independent Auditors’ Report
Financial Statements
Notes to the Financial Statements
Measurement of fair values
Co-publishing arrangements relate to agreements under which the Company obtains
the right to participate in the development and commercialization of specific game titles
in exchange for an upfront investment. In substance, the Company contributes funding
to support game development and, in return, receives a contractual right to share in
future revenues generated by the game, typically based on an agreed revenue-sharing
mechanism after distribution platform fees and other agreed costs. The Company does
not obtain ownership of the underlying intellectual property but is entitled to a share of
the economic benefits derived from the exploitation of the game over its commercial life.
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.
Description of geopolitical risks
The company’s game-related cash flows are primarily generated through digital
distribution and the company’s products, and co-production products are mostly
nonphysical. Accordingly, management considers the company to have limited direct
exposure to disruption in physical supply chains.
In estimating the fair value of its Level 3 financial assets, the Company has considered
the potential impact of geopolitical and macroeconomic uncertainties, including global
economic volatility, changes in regulatory environments, and disruptions in international
markets. Management has concluded that such risks are primarily reflected in the
valuation through the application of risk-adjusted discount rates and conservative revenue
assumptions. Given the digital nature of the underlying game assets, the absence of
material geographic concentration in end-user markets, and the lack of direct exposure
to sanctioned or restricted jurisdictions, management does not consider geopolitical
uncertainties to have a separate or incremental material impact on the fair value
measurement at the reporting date.
Valuation technique
The fair value of co-publishing arrangements is determined using an income approach,
specifically a discounted cash flow model. The valuation is primarily driven by projected
game sales over the expected commercial life of each title, which form the basis for
estimating future revenue streams attributable to the Company under the contractual
revenue-sharing mechanism. These projected cash flows are discounted to present value
using a risk-adjusted discount rate reflecting the uncertainty and risk profile of game
development and commercialization. The discounted cash flow model is applied over a
three-year revenue window beginning in 2026 and reflects the present value of net cash
inflows expected to be received by the Company under its co-publishing arrangements.
The underlying cash flows are generated by the commercial performance of the related
game titles, rather than the asset itself, and represent the Company’s contractual share
Docusign Envelope ID: CF17925A-E2D4-49CF-904D-BB9AC4ECC27F
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ANNUAL REPORT 2025
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Financial Review
Risk Management in Practice
Corporate Social Responsibility
Board of Directors and Executive Management
Shareholder Information
Independent Auditors’ Report
Financial Statements
Notes to the Financial Statements
Key Unobservable Valuation Range Average DescriptionInputsTechniqueProjected game units Income (DCF) 213,776 – 730,374 575,000 units Market participant assumptions for future demand volume sold unitsand title performance, incorporating historical sales trends, user adoption patterns, and uncertainties associated with game development and commercialization risk. Projected digital price Income (DCF) 121,83 – 245,40 per unit Market participant assumptions for monetization 343,58 per unit and pricing strategy, incorporating historical pricing data, platform dynamics, and market conditions affecting achievable selling prices. Risk-adjusted discount rate Income (DCF) 25.3% 25.3% Discount rate reflecting market participant assumptions for a single-title game, derived using a build-up approach based on a risk-free rate, equity risk premium and beta, with additional premia for size and illiquidity, development execution risk, certification risk, heightened launch and market acceptance uncertainty, IP-related factors, and platform economics.
Instrument B – announced, not yet released (DKK)
Key Unobservable Valuation Rate DescriptionInputsTechniqueProjected royalty return Income (DCF) -89% Ratio of cumulative expected royalty cash inflows to initial co-publishing investmentRisk-adjusted discount rate Income (DCF) 21.3% Discount rate reflecting market participant assumptions for single-title game development, derived using a build-up approach based on a risk-free rate, equity risk premium and beta, with additional premia for size and illiquidity, development and execution risk, certification risk, launch and market acceptance uncertainty, IP-specific factors, and platform economics.
Instrument A – published, out in the market
Summary of significant unobservable inputs
of revenues. Estimated cash inflows are derived from projected game sales, calibrated
against the performance of comparable titles within the same genre. These projected
revenues are translated into net cash inflows based on the agreed royalty distribution
waterfall, which allocates revenues after platform fees and other applicable costs. The
resulting cash flows are discounted to present value using a risk-adjusted discount rate
reflecting the uncertainty associated with game development and commercialization.
Credit risk associated with the valuation is limited to the Company’s exposure to
counterparty performance under the co-publishing arrangements, primarily the collection
of royalty payments. Management has considered counterparty credit risk in estimating
expected cash flows and has assessed the likelihood of non-payment to be low based
on the counterparty’s financial position and historical payment experience, which has not
indicated any material credit losses. Accordingly, no significant adjustment for credit risk
has been incorporated into the projected cash flows.
Docusign Envelope ID: CF17925A-E2D4-49CF-904D-BB9AC4ECC27F
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Independent Auditors’ Report
Financial Statements
Notes to the Financial Statements
Instrument B – announced, not yet released (DKK’000)
Sensitivity of unobservable inputs
Projected game units volume sold
Change in projected sale Monetary Impact on Profit&Loss % of Total Investment+1000 bps 3 513 46.7%-1000 bps -3 513 -46.7%
Instrument C – in development, not yet released (DKK’000)
Change in projected sale Monetary Impact on Profit&Loss % of Total Investment+1000 bps 1 036 11.3%-1000 bps -1 917 -20.9%
Projected digital price per unit
Instrument B – announced, not yet released (DKK’000)
Change in projected sale Monetary Impact on Profit&Loss % of Total Investment+1000 bps 3 513 46.7%-1000 bps -3 513 -46.7%
Instrument C – in development, not yet released (DKK’000)
Change in projected sale Monetary Impact on Profit&Loss % of Total Investment+1000 bps 1 036 11.3%-1000 bps -1 917 -20.9%
Key Unobservable Valuation Range Average DescriptionInputsTechniqueProjected game units Income (DCF) 420,826 – 664, 505 550,000 units Market participant assumptions for future demand volume sold units and title performance, incorporating historical sales trends, user adoption patterns, and uncertainties associated with game development and commercialization risk. Projected digital price Income (DCF) 41.63 – 210.35 per 99.79 per unit Market participant assumptions for monetization unit and pricing strategy, incorporating historical pricing data, platform dynamics, and market conditions affecting achievable selling prices. Risk-adjusted discount rate Income (DCF) 33.1% 33.1% Discount rate reflecting market participant assumptions for single-title game development risk, incorporating a risk-free rate, equity risk premium and additional project-specific risk premia.
Instrument C – in development, not yet released
Docusign Envelope ID: CF17925A-E2D4-49CF-904D-BB9AC4ECC27F
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ANNUAL REPORT 2025
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Corporate Social Responsibility
Board of Directors and Executive Management
Shareholder Information
Independent Auditors’ Report
Financial Statements
Notes to the Financial Statements
Risk-adjusted Discount Rate
Instrument B – announced, not yet released (DKK’000)
Change in Discount Rate Monetary Impact on Profit&Loss % of Fair Value+500 bps -1 913 -25.4%-500 bps 2 154 28.6%
Instrument C – in development, not yet released (DKK’000)
Change in Discount Rate Monetary Impact on Profit&Loss % of Fair Value+500 bps -1 475 -16.1%-500 bps 1 660 18.1%
11b. Other financial assets – Equity investments
Restated DKK´000 31.12.202531.12.2024 Cost beginning of period 21 329 21 329 Additions 0 0 Disposals 0 0 Cost end of period 21 329 21 329 Value adjustment beginning of period 0 0 Value adj.during the year (incl. in financial income) -463 0 Value adjustment end of period -463 0 Carrying amount end of period 20 866 21 329Fair value at 31. Fair value at 31. The investments relates to: December 2025December 2024 Skybound LLC 3 037 3 500 Sagafilm ehf. 17 829 17 829 Carrying amount 20 866 21 329
Other financial assets (Equity investments): Are measured at fair value on a recurring
basis, where 5th Planet Games A/S on each reporting date evaluated the valuation of the
investments. The selected valuation approaches are based on the information available to
5th Planet Games A/S at the reporting date.
Docusign Envelope ID: CF17925A-E2D4-49CF-904D-BB9AC4ECC27F
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ANNUAL REPORT 2025
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Financial Review
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Corporate Social Responsibility
Board of Directors and Executive Management
Shareholder Information
Independent Auditors’ Report
Financial Statements
Notes to the Financial Statements
Measurement of fair values
Fair value hierarchy
During 2025, the Company changed the valuation technique applied to market approach
and income approach. 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
Market and income approaches (discounted cash flows): The Company applies different
valuation techniques depending on the nature of the investment. For the investment in
Skybound LLC, the market approach is applied by considering information generated by
observable market transactions involving identical or comparable instruments, including
recent capital raises, and applying a weighted assessment to reflect their relative
relevance and reliability. For the investment in Sagafilm ehf, the income approach is used,
whereby fair value is determined using a discounted cash flow model based on projected
net cash flows, representing expected operating profits after tax adjusted for working
capital movements and capital expenditures, and discounted using an appropriate risk-
adjusted discount rate.
Description of Geopolitical Risks
In relation to the Business’s equity investments in Skybound Entertainment and Sagafilm
ehf, management considers the underlying operations to be primarily service- and
content-based and therefore not directly exposed to disruptions in physical supply chains.
However, these investments remain subject to broader geopolitical and macroeconomic
uncertainties, including changes in regulatory environments, market access, and global
economic conditions within their respective jurisdictions. In estimating the fair value of Level
3 investments, management considers geopolitical and macroeconomic uncertainties
in a manner consistent with the applied valuation techniques. For Sagafilm ehf, such
uncertainties are reflected through risk-adjusted discount rates, scenario analyses, and
conservative assumptions applied to projected cash flows within the discounted cash flow
model. For Skybound LLC, which is valued using the market approach, these uncertainties
are inherently reflected in observable transaction prices, including recent capital raises,
as determined by market participants at the transaction date. Given the nature of the
underlying businesses, their geographic operating environments, and the absence of
exposure to sanctioned or highly restricted jurisdictions, management does not consider
geopolitical risks to have a separate or incremental material impact on the fair value
measurement at the reporting date.
Docusign Envelope ID: CF17925A-E2D4-49CF-904D-BB9AC4ECC27F
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Corporate Social Responsibility
Board of Directors and Executive Management
Shareholder Information
Independent Auditors’ Report
Financial Statements
Notes to the Financial Statements
Significant unobservable inputs
Investment in Skybound LLC
In determining the fair value of its investment classified as a Level 3 financial asset measured
at fair value through profit or loss, the Business considers multiple observable transaction
price points including the use of valuation report from third party services. The significant
unobservable inputs in this approach are that nothing has changed between the transaction
and the reporting date and the allocation percentage assigned to each observable data
point, which requires judgment in evaluating the nature, size, and circumstances of each
transaction. Management assigns higher weighting to price points derived from larger
and arm’s-length transactions, while lower weighting is attributed to data points reflecting
smaller-scale transactions or those influenced by promotional or non-market factors, and
the lowest weighting is assigned to valuation-derived estimates that does not consider
as a market transaction. It represents an estimate based on unobservable inputs and is
therefore assigned a lower weighting compared to observable transaction prices. This
weighting methodology reflects management’s view of market participant assumptions
and results in a blended fair value estimate.
Investment in Sagafim ehf
Sensitivity of unobservable inputs
Investment in Skybound LLC
Key Unobservable Valuation Rate DescriptionInputsTechniqueEstimated based on Sagafilm’s historical margin profile and industry benchmarks for mid-sized Profit after-tax Income (DCF) 9%international production studios, reflecting expected marginoperating leverage as scale increasesDiscount rate derived from Skybound’s enterprise-level cost of capital, adjusted for differences in Risk-adjusted sovereign risk and risk-free rates between the Income (DCF) 16.3%discount rateUnited States and Iceland, incorporating country-specific risk factors.
Allocation Implied Fair Value % Change in Impact on Profit ScenarioAssumptionper Unit (USD)Fair Valueor Loss (DKK)100% allocated to lowest Downside case85.00 (11.0%) (333,900)observable price100% allocated to highest Upside case100.00 4.7% 143,100observable price
Docusign Envelope ID: CF17925A-E2D4-49CF-904D-BB9AC4ECC27F
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ANNUAL REPORT 2025
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Board of Directors and Executive Management
Shareholder Information
Independent Auditors’ Report
Financial Statements
Notes to the Financial Statements
Investment in Sagafilm ehf
Profit after tax margins for international film and television represent one of the long-term,
globally comparable metrics for value creation for studios that own IP and derive the
monetization benefits from that ownership.
Profit After-Tax Margin Sensitivity (‘000)
Discount Rate Sensitivity (‘000)
Management has assessed the projections used in arriving at the fair value of financial
assets. On the basis of its best judgment, 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.
Change in profit after tax margin Monetary Impact on Profit/(Loss) (DKK) % of Fair Value+100 bps 2 270 12.7%-100 bps -1 920 -10.7%
Change in Discount Rate Monetary Impact on Profit/(Loss) (DKK) % of Fair Value+100 bps -1,420 -8.0%-100 bps 1,700 9.5%
Docusign Envelope ID: CF17925A-E2D4-49CF-904D-BB9AC4ECC27F
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ANNUAL REPORT 2025
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Financial Review
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Corporate Social Responsibility
Board of Directors and Executive Management
Shareholder Information
Independent Auditors’ Report
Financial Statements
Notes to the Financial Statements
DKK´000 2025 2024 Trade and other receivables (gross), beginning of year, non-current 2 724 2 724 Trade and other receivables (gross), beginning of year, current 7 005 8 525 Trade receivables (net), end of year 9 729 11 249 Provision for bad debt 0 0 Change of provision in the year 0 0 Realised losses in the year 0 0 Provision for bad debt, end of year 0 0 Trade and other receivables (net), end of year 5 598 9 729 Trade and other receivables (due 0-3 months after the balance sheet date) 3 054 4 763 Trade and other receivables (due 3-12 months after the balance sheet date) 1 272 2 192 Trade and other receivables (due 12 months after the balance sheet date) 1 272 2 774 Trade receivables (net), end of year 5 598 9 729 Trade receivables 678 669 Trade receivables from related party 926 2 643 Other receivables 176 223 Receivables from related parties - current 2 545 3 470 Receivables from related parties - non-current 1 272 2 724 Trade and other receivables 5 598 9 729
12. Trade and other receivable
Specification of trade receivables from related parties is disclosed in note 21.
Docusign Envelope ID: CF17925A-E2D4-49CF-904D-BB9AC4ECC27F
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Board of Directors and Executive Management
Shareholder Information
Independent Auditors’ Report
Financial Statements
Notes to the Financial Statements
13. Equity
Share capital
As of 31.12.2025 the company’s share capital consists of 268,378,600 shares of DKK 0.05
each. The shares are fully paid. The shares are not divided into classes, and no shares enjoy
special rights.
Warrants
For more information see note 6.
Treasury shares
The company held no treasury shares at the end of the 2025 or 2024 reporting periods.
Capital management
The company aims to ensure structural and financial flexibility as well as competitive
strength. For that purpose, the company regularly assesses the appropriate capital
structure for the company. Reference is made to the paragraph “Capital resources” in note
3 and significant accounting estimates and judgments in note 2.
Dividend
It is proposed that no dividend be paid.
Share capital development during 2021-2025
History of share capital development since incorporation
Change in Share Per value Total share Number of Total number Date Type of changeCapital DKKDKKcapital DKKnew sharesof shares13.04.2011 Formation 80 000 1,00 80 000 80 000 80 00009.09.2014 Share capital increase 28 917 1,00 108 917 28 917 108 91730.12.2015 Conversion to A/S 9 891 083 1,00 10 000 000 9 891 083 10 000 00006.02.2016 Share split 0 0,50 10 000 000 10 000 000 20 000 00026.06.2016 Share capital increase 2 500 000 0,50 12 500 000 5 000 000 25 000 00027.01.2016 Share capital increase 137 074 0,50 12 637 074 274 148 25 274 14803.08.2016 Share capital increase 10 000 000 0,50 22 637 074 20 000 000 45 274 14812.04.2017 Share capital increase 2 239 948 0,50 24 877 022 4 479 895 49 754 04312.06.2017 Share capital increase 31 948 835 0,50 56 825 857 63 897 670 113 651 71331.10.2017 Share split -22 460 686 0,50 34 365 171 -44 921 371 68 730 34229.11.2017 Share split -23 000 000 0,50 11 365 171 -46 000 000 22 730 34201.12.2017 Share capital increase 9 261 680 0,50 20 626 851 18 523 361 41 253 70301.01.2018 Share capital increase 650 000 0,50 21 276 851 1 300 000 42 553 70324.01.2018 Share capital increase 485 434 0,50 21 762 285 970 868 43 524 57123.05.2019 Share capital increase 1 963 865 0,50 23 726 150 3 927 729 47 452 30024.05.2019 Share capital increase 1 802 451 0,50 25 528 601 3 604 902 51 057 20227.11.2019 Share size reduction -22 975 741 0,05 2 552 860 0 51 057 20212.12.2019 Share capital increase 133 940 0,05 2 686 800 2 678 808 53 736 01025.05.2020 Share capital increase 379 110 0,05 3 065 910 7 582 200 61 318 21003.08.2020 Share capital increase 2 250 000 0,05 5 315 910 45 000 000 106 318 21007.09.2021 Share capital increase 1 083 888 0,05 6 399 799 21 677 765 127 995 97526.04.2022 Share capital increase 1 806 480 0,05 8 206 279 36 129 608 164 125 58330.08.2022 Share capital increase 2 167 777 0,05 10 374 056 43 355 530 207 481 11314.11.2022 Share capital increase 23 919 0,05 10 397 975 478 380 207 959 49307.09.2023 Share capital increase 476 883 0,05 10 874 857 9 537 655 217 497 14807.09.2023 Share capital increase 2 529 073 0,05 13 403 930 50 581 452 268 078 60012.01.2024 Share capital increase 15 000 0,05 13 418 930 300 000 268 378 600
Docusign Envelope ID: CF17925A-E2D4-49CF-904D-BB9AC4ECC27F
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Board of Directors and Executive Management
Shareholder Information
Independent Auditors’ Report
Financial Statements
Notes to the Financial Statements
14. Derivative Liabilities - Milestone Warrants
Measurement of fair values
Fair value hierarchy
During 2025, the Company updated the valuation approach applied to the milestone
warrants. In prior periods, the warrants were not recognized as a derivative financial
liability. Upon reassessment, management determined that the instruments meet the
definition of a derivative under IFRS 9 and should be measured at fair value through profit
or loss.
The fair value measurement is classified as Level 3 in the fair value hierarchy, as it
incorporates significant unobservable inputs, including the probability of achieving
milestone conditions.
In measuring the fair value of the warrants, management applies a valuation approach
whereby each tranche is valued using an option pricing model and adjusted for the
probability of achieving the underlying milestone conditions. This approach reflects the
economic characteristics of the instruments and supports a reliable and relevant fair value
measurement in accordance with IFRS 13.
Valuation technique
Market and income approaches (option pricing and probability-weighted models):
The Company has applied an option-based valuation technique using the Black-Scholes
model income approach to estimate the value of each tranche of milestone warrants,
assuming the relevant market condition is achieved. The resulting values are then adjusted
using a probability-weighted approach to reflect the likelihood of achieving each milestone
within a 10-year horizon.
The valuation incorporates observable market inputs, including the Company’s share price,
historical volatility, and risk-free interest rates. In addition, the model includes significant
unobservable inputs, primarily the probability of achieving the milestone share price
Restated DKK´000 31.12.202531.12.2024 Carrying amount beginning of period 2 948 2 948 Additions 0 0 Disposals 0 0 Carrying amount end of period 2 948 2 948 Value adjustment beginning of period -57 0 Value adj.during the year (incl. in financial expense) 23 -57 Value adjustment end of period -34 -57 Carrying amount end of period 2 914 2 891
Docusign Envelope ID: CF17925A-E2D4-49CF-904D-BB9AC4ECC27F
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Independent Auditors’ Report
Financial Statements
Notes to the Financial Statements
thresholds, which are estimated by management based on an assessment of current
market conditions, required share price appreciation, historical volatility, and downside
risks, including potential delisting constraints.
The Company has considered the relationship between the required share price multiples
and the long-term volatility of the underlying shares, and applies a declining probability
structure across milestones to reflect increasing levels of uncertainty at higher price
thresholds.
Significant Unobservable Inputs
Sensitivity of unobservable inputs (in thousands)
Key Unobservable Inputs Valuation Technique Range DescriptionEstimated likelihood of the Company’s share price reaching the defined mile-stone thresholds within a 10-year horizon, Probability of achieving Probability weighting 10% – 17%based on current trading levels, required milestone conditionsprice appreciation (3.5x–5.8x), observed volatility, and downside risks including potential delisting constraints
Scenario Monetary Impact on Profit&Loss % of FVConservative 231 7.91%Upside -231 -7.91%
Docusign Envelope ID: CF17925A-E2D4-49CF-904D-BB9AC4ECC27F
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Financial Statements
Notes to the Financial Statements
15. Trade and other Payables
DKK´000 2025 2024 Current:Trade payables 1 084 835Trade payables to related parties 746 143Social security liabilities 109 66Accrued expenses and other payables 1 729 377Total current other payables 3 668 1 421
16. Contingent liabilities
Based on management’s assessment the company is not involved in any lawsuits,
arbitration cases or other matters which could have a material impact on the company’s
financial position or results of operations.
In connection with the investment agreement with Skybound Game Studios, Inc. (“Skybound
LLC”), the Company issued 2,200,000 Indemnification Warrants at Closing. Each warrant
entitles Skybound LLC to subscribe for one share in the Company with a nominal value of
DKK 0.05 at par value.
Under Clause 2.9 of the Investment Agreement, Skybound LLC may, at its discretion,
exercise a number of Indemnification Warrants only if Skybound LLC suffers a loss arising
from a breach of the Company’s warranties relating to the Warrant Cap Table (Clause
10.5.4). The number of warrants exercisable is limited to the amount necessary to:
(i) maintain Skybound’s ownership percentage in the Company as if the relevant warranty
had been accurate; and
(ii) cover any other loss Skybound LLC would not have incurred had the warranty been true
and correct.
Skybound LLC is not deemed to have suffered a loss unless an existing warrant holder
makes a claim in excess of what is reflected in the Warrant Cap Table and such claim is
ultimately settled in favour of the warrant holder.
As at the reporting date, no such claims have been made, and management is not
aware of any facts or circumstances that would indicate that the Warrant Cap Table was
materially incorrect. Accordingly, management considers the likelihood of a loss under
the Indemnification Warrants to be remote, and no provision has been recognized in
accordance with IAS 37. Based on management’s assessment the company is not involved
in any lawsuits, arbitration cases or other matters which could have a material impact on
the company’s financial position or results of operations.
Docusign Envelope ID: CF17925A-E2D4-49CF-904D-BB9AC4ECC27F
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Financial Statements
Notes to the Financial Statements
17. Security provided
None.
18. Financial risks and financial instruments
5th Planet Games A/S activities are exposed to various financial risks which are:
- market risk (foreign currency risk and interest rate risk) and
- other financial risks (credit and liquidity risk).
The company’s financial risk management focuses on before-mentioned risks and aims
to reduce uncertainty, which financial markets changes possibly have regarding the
company’s financial result and cash flow. The target is to ensure contingency in different
market conditions and to ensure the company’s long-term strategic development.
Management takes care of the company’s financial risk management together with the
Board of Directors.
The Board of Directors defines the generic guidelines for risk management. 5th Planet
Games A/S does not have a specific treasury function, but management is responsible for
financing, liquidity, finance relations and financial risks. The Board of Directors follows the
development of financial status.
Interest rate risk
Interest rate risk is a risk that fair values or future cash flows of financial instruments will
vary due to changes in market interest rates. Possible changes in market interest rates
can have straight impact on expenses of additional financing available and on financial
instruments already existing.
The company has no interest-bearing debt and therefore interest risk is not material.
Fluctuation of the market interest rates would have limited effect on company’s sales
or other operative cash flows. The company controls the interest risk by monitoring the
amount of interest-bearing liabilities and market interest rates.
Credit risk
The maximum credit risk relating to receivables corresponds to the carrying amount.
Information about trade receivables due appears from note 14.
Credit risk is a risk that counterparty couldn’t perform the payment obligations. The
company’s credit risk mainly consists of trade receivables and other receivables. The
company’s counterparties consist of global platforms and known customers in Europe.
The aim is to mitigate cost effectively the possible losses which are caused by unfilled
obligations by the counterparty. 5th Planet Games A/S controls the risk already when
Docusign Envelope ID: CF17925A-E2D4-49CF-904D-BB9AC4ECC27F
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Independent Auditors’ Report
Financial Statements
Notes to the Financial Statements
negotiating the agreements by evaluating the credit worthiness of the counterparty and
obtaining insurance on relevant customers. Furthermore, the financial department follows
constantly the payment behavior of customers. All the assets are invested in banks which
have good credit rating and financial instruments with low risk.
The company hasn’t had significant credit losses in the past years, and the company is not
subject to material credit risks.
Currency risk
The company’s exposure to the risk of changes in foreign exchange rates relates primarily
to the company’s monetary assets and liabilities denominated in foreign currencies. The
following tables demonstrate the sensitivity to a reasonably possible change in USD
exchange rate, with all other variables held constant. The company’s exposure to foreign
currency changes to all other currencies than USD are not material
31.12.2025Change in USD rate 5% 1 770 1 770Change in USD rate -5% -1 770 -1 77031.12.2024Change in USD rate 5% 2 731 2 731Change in USD rate -5% -2 731 -2 731
Foreign currency risks are managed as part of the Executive Management’s day-to-day
monitoring of the company. Currently, the management is not hedging any currency risks.
Docusign Envelope ID: CF17925A-E2D4-49CF-904D-BB9AC4ECC27F
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ANNUAL REPORT 2025
5th Planet Games At-A-Glance
CEO Letter
Outlook & Business Development
Game Releases
Financial Review
Risk Management in Practice
Corporate Social Responsibility
Board of Directors and Executive Management
Shareholder Information
Independent Auditors’ Report
Financial Statements
Notes to the Financial Statements
19. Liquidity risk
Liquidity risk is related to risks involved in financial liabilities of the company. The target of
liquidity management is to ensure sufficient liquid funds at hand. The company’s finance
function follows liquidity needs on ongoing basis to ensure that there are always enough
funds for business needs. Operative cash flow and liquid funds, together with possible new
equity or debt financing, are the main source of funding for future payments.
The company’s cash position is strong, in 2025 the cash position was DKK 7.6 (2024: DKK 9.7
million) and the financial liabilities comprise of trade and other payables. The maturities of
financial liabilities appear from the tables below. All amounts are contractual cash flows,
i.e. inclusive of interest.
DKK´000 3 MTH 3-6 MTH 6-9 MTH 9-12 MTH TotalAs at 31/12 2025Trade payables 1 830 0 0 0 1 830Other payables 1 537 0 251 50 1 838Total as at 31/12 2025 3 367 0 251 50 3 668As at 31/12 2024Trade payables 830 0 148 0 978Other payables 377 0 0 66 443Total as at 31/12 2024 1 207 0 148 66 1 421
The fair value of the company’s assets and liabilities measured at amortized cost
substantially corresponds to the carrying amount due to the short term nature of the
positions.
Docusign Envelope ID: CF17925A-E2D4-49CF-904D-BB9AC4ECC27F
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ANNUAL REPORT 2025
5th Planet Games At-A-Glance
CEO Letter
Outlook & Business Development
Game Releases
Financial Review
Risk Management in Practice
Corporate Social Responsibility
Board of Directors and Executive Management
Shareholder Information
Independent Auditors’ Report
Financial Statements
Notes to the Financial Statements
20. Financial assets and liabilities
31 December 2025
Amortised DKK´000costs FVTPL TotalFinancial assets - long-term:Other financial assets 0 76 551 76 551Other receivables 1 272 0 1 272Financial assets - short-term:Trade receivables 1 604 0 1 604Other receivables 2 721 0 2 721Cash and cash equivalents 7 642 0 7 642Total financial assets 13 240 76 551 89 791Financial Liabilities:Derivative financial instruments 0 2 914 2 914Trade payables 1 830 0 1 830Other payables 1 838 0 1 838Total financial liabilities 3 668 1 417 6 58331 December 2024 Amortised DKK´000 FVTPL Totalcosts Financial assets - long-term:Other financial assets 0 63 456 63 456Other receivables 2 724 0 2 724Financial assets - short-term:Trade receivables 3 312 0 3 312Other receivables 3 693 0 3 693Cash and cash equivalents 9 694 0 9 694Total financial assets 19 423 63 456 82 879Financial Liabilities:Derivative financials instruments 0 2 891 2 891Trade payables 978 0 978Other payables 443 0 443Total financial liabilities 1 421 2 891 4 312
Docusign Envelope ID: CF17925A-E2D4-49CF-904D-BB9AC4ECC27F
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ANNUAL REPORT 2025
5th Planet Games At-A-Glance
CEO Letter
Outlook & Business Development
Game Releases
Financial Review
Risk Management in Practice
Corporate Social Responsibility
Board of Directors and Executive Management
Shareholder Information
Independent Auditors’ Report
Financial Statements
Notes to the Financial Statements
21. Related party transactions
DKK´000 2025 2024 Sales and purchases of services and investmentsRoyalty from co-productions, Skybound Game Studios, Inc. (Parent entity) 1 170 7 396Remuneration board of directors 1 235 1 235Purchase of other financial assets, Skybound Game Studios, Inc. (Parent entity) 2 081 41 221Purchase of games for distribution, Skybound Games Europe B.V. (Related entity) 1 058 2 618Purchase of management services from related party, Skybound Games Europe BV (Related entity) 803 741Purchase of management services from related party, Skybound LLC (Parent entity) 50 36Trade and other receivablesTrade receivables, Skybound Game Studios, Inc (Parent entity) 926 2 119Other receivables, installment collection on sale of intellectual property rights., Skybound LLC (Parent entity) 2 545 2 722Non current receivables, Skybound LLC (Parent entity) 1 272 2 724Trade and other payablesTrade payables, Skybound Games Europe BV (Related entity) 746 143
DKK´000 Type Place of incorporation Ownership 2025 Skybound Game Studios, Inc. Immediate parent entity Delaware 56,6%Skybound Holdings LLC Ultimate parent entity and controlling party Delaware 56.6% *
*Skybound Holdings LLC holds 100% of the issued ordinary shares of Skybound Games Studios, Inc.
22. Fee to auditors appointed at the general meeting
Transactions with members of the board are specified in the remuneration report.
DKK´000 2025 2024 Statutory audit 720 719 Other assurance engagements 0 372 Tax Consultancy 0 0 Other services 176 47 Total fees for the year 896 1 138
Docusign Envelope ID: CF17925A-E2D4-49CF-904D-BB9AC4ECC27F
66
ANNUAL REPORT 2025
5th Planet Games At-A-Glance
CEO Letter
Outlook & Business Development
Game Releases
Financial Review
Risk Management in Practice
Corporate Social Responsibility
Board of Directors and Executive Management
Shareholder Information
Independent Auditors’ Report
Financial Statements
Notes to the Financial Statements
66
ANNUAL REPORT 2025
Contact details
Mark Stanger, CEO
mstanger@5thplanetgames.com
Investor Relations
ir@5thplanetgames.com
5th Planet Games A/S
Gothersgade 11
1123 Copenhagen
Denmark
CVR No.: 3359 7142
Docusign Envelope ID: CF17925A-E2D4-49CF-904D-BB9AC4ECC27F
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