[unclear] co-founder and Chief Strategy Officer, good morning.

Good morning. Welcome to our webcast for the year-end report 2025.

Setup is bit of a change. We are now in...

Twitch.

Yes.

Let's see how this goes.

Channel for the gamers, for the gaming company.

Indeed. In case you're new to Nitro, we're known for action and shooter games.

We operate with various brands across platforms.

We've been here for close to 20 years. Worked with various projects, games, and partners around the world.

The action and shooter brands are something where we are shining.

Yes, indeed. This is part of our strategy where we focus on working with various partners and also with our own games we call Nitro Originals.

We focus on this specific category, over time we've become better and better, and also get to work on better and better projects if you will.

Exactly.

Coolness. Let's have a quick look at the highlights from the report.

We're happy to say that it was a little bit turbulent year, but despite of all the things we're happy to say that we delivered, I think, second-best year ever.

I think so, second-best and there was a challenges, but nothing that we wouldn't overcome and now we have a much better foundation for the future.

Definitely, yes. We again delivered profits, and that was very much a focus point for us in 2025 to maintain profitability.

Overall in the games business during these 20 years, we've seen a lot of ups and downs in the whole industry, and we've seen a lot of new companies come and then some go, but our focus is always that when things get shaky, we start to focus on making sure that we are one of the winners coming out of turbulent times when they're over. Happy to say that by the looks of things, it seems that maybe things are starting to be a little bit better in this industry overall.

We were last week in one of the industry events in US, and it seems that there are bit of a positive signals and positive trends, and people seems to be a little bit positive, and many of the comments and statements that kind of rock bottom has been seen, and people are initiating new projects and new ventures, and it seems that things might be going in a little bit better direction from the whole industry point of view.

I definitely agree with that one. On the Nitro side, we have some recent events again this quarter and after the quarter that we wanted to share.

We signed a 1.6 million development agreement with one of the big European partner. Also with the Starbreeze continued with them and some expansion.

As you who have been following us longer, you maybe have recognized the trend that we quite often start with something a little bit smaller with the partner, and then expand and expand and continue the collaboration. It's shown in these cases also, that...

Yeah. We're big fans of long-term partnerships, but also we're big fans of being selective, and that goes both ways.

I think it's a healthy way to start, let's do something small together and make sure that both parties are happy, and then do something bigger and bigger and bigger and take it forward.

That is something you might see in the future from our new stuff that we are doing also. Also what we are very happy is that the Pistolo, the iGaming product that we did together with the great partner, it started to generate significant revenues and income for us.

Yeah. This is our sort of side venture, if you will, into the world of iGaming, but it's a great example on how we're able to take advantage from things we've done in the past.

There's so many great game core loops, so many great gaming brands we've built with mobile free-to-play back in the day, and those are all available for us to try to find new ways to monetize them. This is a prime example of how we can recycle stuff from the past and modify it in a new environment.

One wiser man once said that the best people are making the best games, and it definitely applies to us also. We have a two good examples of homegrown talent growing up in their career path, and we're very happy that Mr.

Antti Ruonala and Miikka Tarkkiainen have kind of climbed up into the C-level and was nominated as... They're

now part of the management team.

Management team. We are very very very proud and happy that those people have found their places and contributing to the success of Nitro even better and higher than before.

Indeed. This whole concept of homegrown people and talent, while we, of course, also hire best talent out there, we're big believers in thinking these things long term.

We're very famous for getting interns in, and over the years, they might get employed by Nitro, and then they might grow in Nitro. We still have quite a few people who've been with us almost since the beginning and quite a few who have been with us since the beginning, so...

10 years, 15 years,

yeah. Yeah.

Then we also recently announced that we received €0.3 million of funding. This is related to the projects we had with Business Finland, which is a governmental entity supporting export companies who specialize in tech, and this was the last payment from the project that we've now completed, and it's been approved, very good for us.

Overall, if we look at the financial performance, this is five years from us. Revenue and EBITDA are the sort of key KPIs for us that we tend to follow and highlight.

In our case, we believe that also the EBITDA is a very good representation of what's happening operationally in our case. It gives a very healthy view into the business.

Clearly shows that we're continuing with the path of profitability that we started towards the end of 2023, and revenues might evolve, go up and down depending on how we're doing with the projects,

and... Most importantly, it's the EBITDA and profitability and securing the cash and those are, especially on a times like these, on our industry, those are more important for us.

Yes, definitely. If we look at things in a little bit more detail, here's, on the left side you can see the P&L statement, and then we have the balance sheet there.

Something that I think is very good for us, especially with that long-term mindset, is that behind this profitability, we were able to manage our cost structure, we're now leaner in many ways, which, of course, is a good foundation to build on moving forward. We were also able to improve things on the balance sheet side.

We were able to repay back the loans to Nordisk Games.

Yes. Improved equity, yeah.

I think the protecting the cash is the key on a times like this, that we have a reserves and we can either allocate into the investments or then we can secure for the uncertainties, and I think that's kind of healthy and wise thing to... Yes, definitely.

...lead the business in that manner.

Yeah. Moving forward, we obviously intend to continue with the same mindset that we want to be mindful with everything where we invest that cash, and make sure that we continue with the focus on profitability.

We have a quite unique way of building the setup here in Nitro. We have a global and scalable team, and we've been building the setup where we have a core senior leadership within the Nitro in Finland, and then again lots of affiliate and partner studios that we've been working for 10 to 15 years.

They're using our processes and tools and sharing the culture and values. That is the way also where we can scale up in the bigger projects and then scale down when every now and then projects are ending.

That's very handy and effective way of building both the gaming studio, but also the projects, staffing for the projects.

Yeah. I think it's maybe a little bit our secret sauce that while we focus on profitability in Nitro, we position both ourselves and our partnerships also that we're not the cheapest, and we always make sure that we invest in quality, both when it comes to our own staff, but especially what comes to these partners we work with.

I think some of the partnerships we've had are well over 10 years now, it's really good setup. As if you have been following us for a longer time, you've seen it sometimes scale up and down, and this is visible in the materials and services in our P&L where we have a third-party outsourcing.

So... Especially in our partner business, we are quite close to the movie studio model where the core leadership is within the company and then every project are staffed with the best people from various partner studios.

Yes, indeed. That's a good analogy, by the way.

Action and shooter brands across platforms, this is what we do, and we have kind of two business areas, if you will. Nitro Originals, it's our own games, to speak, based on our own IP.

Last year on this front, Autogun Heroes, we expanded it to various platforms, on mobile, web, we went to Discord, we released the game on Steam, and that's now live there. Then we have Pistolo, which was our adventure in iGaming, and as we mentioned earlier, started to generate revenue share for us, we consider that a great start on that field.

Obviously, we want to look further down that path as well. Then Nitro MVP process stands for Minimum Viable Product, and this is where we have all the new stuff, and it is part of our DNA that on a continuous basis, there's always some new stuff brewing, but at this point in time, maybe more than usual.

We're very heavily looking into new things: PC, cross-platform, there's mobile stuff, and then there's obviously things related to iGaming.

A similar kind of methodology applies on our MVP process as with our partner projects. We are starting very small, we are validating stuff, and then we are extending or further investing when we already have some proof that there could be something, there could be a market, there could be a fit on a concept or prototype or game that we are working.

Yeah. On our Nitro Partners, we are very happy to have a great companies to work with.

Great partners, some of them now with a little bit longer term. There is a Digital Extremes that we've been working already, what, three years, I think?

Even more. Just showing the strength of the partnership, and how we've been building the collaboration in various projects.

Now one of the project is kind of on a finalization stage, and then there might be something coming along in the future also with them.

Yeah. This is a great life cycle that projects always come and go.

That's the nature of the business. These partnerships are really the thing where you invest in the long run.

Yeah. Void Interactive and Starbreeze then a little bit earlier on our partnership.

Partnership lifestyle, but I think both of them very much in fit for our action and shooter brands across the platforms, kind of slate. Very happy to see both of those partnerships evolving, and new needs coming up, and new offering and need matching, and finding lots of synergies between what we are doing and what they are looking for.

Yeah. Given that these things are still early, as always, we're can't talk about the process too much yet at this point, but I'm sure everybody knows what these companies are known for, so really good match for us.

Of course, just last week we were in Las Vegas in this event called D.I.C.E. It's one of the big ones for us every year, especially with North American...

North American executives and bigger North American companies that we are constantly in discussions, and positive signals from the industry overall, and a couple of very interesting discussions that could be foster some logos from there someday.

Yeah. Yeah.

One day, one day. Then if we look a little bit of the road map horizon, we've been enjoying each other for almost 20 years now under Nitro Games, but we actually, met met before that when we worked with your previous company.

With Nitro Games, we're at a very exciting point in our journey. End of last year, we basically completed our previous strategy period, and now now we are busy busy starting a new one, and we have this five years horizon that we like to like to use because it keeps us sort of enough of long term in our mindset.

Our focus has been on action and shooter brands, where we come from, and now moving forward, we want to basically take the natural next steps. We're profitable, we're able to operate on various platforms, various channels, we have the track record of working with many great partners, we now want to go towards being more and more recognized for category-leading games.

That's the long-term vision that we have.

We kind of are there already with our partner, in Nitro Partners, and with our partner projects, but we want to also grow the Nitro Originals to be and to meet that vision alongside with our partner projects. As you can see, the big map of logos, and there are quite a few companies that we've working on their top titles, and even today, those projects that we are working on are definitely in category leading on their subcategories.

Yeah. Some of these things we've done throughout the years also called white label, we work on cool stuff, but we can't go too much into detail.

Sometimes we take ownership of the title, and then we can more freely talk about what the game was, and so on. I think moving forward, we are especially interested in continue to leverage our expertise, and we're known for good quality, high technical expertise, and then also for our process of building new products and the sort of data-driven approach, and those are usually the things that people come to look for when they want to work with us.

Now especially the later one seems to be resonating on traditional platforms even more, on PC and console. Kind of what has been norm in the mobile gaming.

This data-driven development is starting to be something that PC and console developers and publishers are looking for also to, early enough, minimize the risk of development and validating the games before doing the big investments, and there is a bit of an advantage for us as we are coming from those mobile, data-driven development side of things. Definitely.

Especially if still couple of years back, things tended to be very much that you have something happening on free-to-play mobile, and then you have, let's call it PC premium on the other end, and there's very little similarities, but now these are coming together in many ways, and we're seeing PC IP coming to mobile, there's these new business models like try-before-you-buy type of things on mobile, and so many new type of opportunities.

Exactly. Yeah.

Somebody claims that the five years strategy period could be quite long in these turbulent times, and we fully agree, and that is the reason why we have every year kind of annual theme, and a shorter, one year is the kind of horizon that we are taking on operationally. For this year, the theme for the year is the New Growth.

Yes. What this stands for is that we are focusing on many new things.

This means Nitro Originals, like we discussed. We have many cool things going on, we feel positive that things will start to surface from that this year, and then we build the release road map for the years to come.

We have a lot of cool stuff in the Nitro Partners. We have some fresh new partnerships we've started recently.

Obviously, we're looking to get new things going moving forward as well. We have the whole iGaming thing to explore, that's a new thing for us, and whatever other things happen moving forward.

I think it's a very exciting point in time because we are in a good position to explore many of these new things in Nitro. I think that's probably all from us

maybe. There are few questions already came in.

Yes, let's see.

Maybe if I throw the questions and... Then we can...

The first one is there about the long-term potential of the new contract with the European game developer. Can we see gains or extension after the current project is finished?

Short answer is yes.

It's always yes. It's in our DNA to work like this that when we start something new, we start small and we are big fans of taking things in steps.

I think it works for all parties associated, and obviously the goal is always to find avenues for long-term collaboration. Not all partnerships end up being long-term collaborations, but I think we can safely say that we have a pretty solid track record of getting these what some call returning customers, if you will.

Yeah. Then there's a question about our partnership with the Starbreeze and a note that both are cutting costs and increasing focus on Payday on the Starbreeze side.

Question is that is this aligned with what we are working with them and with our partnerships? I think we shouldn't be go deeply into what they are doing, but safe to say that we are part of the future rather than past.

Yeah. We're big fans of looking into the future.

I'm happy to say that we are very happy with the collaboration with Starbreeze so far, and very much looking forward to seeing how things develop moving forward as well.

Then there's a question about the Nitro Originals and timing, when do we starting to see the potential with the launches on the Nitro Original games? Potential is something that we are already measuring, but when we are starting to see some concrete signs and make a final decisions, that's probably within this year, at least making the decisions whether those games are going to see the light of the day.

And...

Yeah. We're not that concerned internally about when are we actually launching those new games.

Our focus is on building quality and make sure we do things right. With Nitro Originals, there's so many different things on different platforms and things can go so many ways.

If we look at any of the free-to-play mobile games we have there, we want to take things forward step-by-step, data-driven, because everything is so dictated by user acquisitions still. What comes to exploring anything on PC or cross-platform, then probably the first steps are, once we have gotten to a certain point, we're going to talk with game publishers and explore any potential collaborations with that title ahead of the potential launch.

In the field of iGaming, those are maybe more simplistic by nature, like the actual game software, things might move forward a little bit quicker.

The value chain is a little bit more difficult for us.

Yeah. It depends, but we are very much on it and I'm sure we will talk a lot more about new stuff this year.

Yeah. This is a great segue to the next question that is about the iGaming, and it's been stated that after the now solid start with the Pistolo, will there be more and are we going to explore the iGaming world more after the now solid start with the Pistolo?

Short answer being yes, and we're already doing... Yes.

Short answer is always yes.

We also been doing that already, and with the current partner, but you were just visiting one event and we are exploring also the outside of the current partnership.

Yeah. We were in January in this event called ICE Barcelona, which I've understood is one of the biggest events in this basically casino business.

It had a lot of land casino stuff, but we're obviously more focused on the online casino side. Moving forward, I think it's becoming more and more clear how we want to position ourselves and what's the added value we bring to the table because we're not big fans of going and competing whoever is already winning there, but we want to come with something new.

On that front, it seems like there's both a supply from us and a demand on the other side, we're busy exploring how those things materialize.

Yeah. Then there's a question about the growth in '26, and whether we are going to also maintain a focus on profitability and cash flow while looking for that new growth.

Again...

Yes. We want to stay very clever about it.

If we need to, we're not ashamed to break down a little bit what comes to investing in new product development in order to protect our cash position, while at the same time, we want to make sure that we take, how to say, the maximal effect from the cash and the position that we have. We will definitely keep our focus on the bottom line.

Yeah. Then the final question that I at least have at this point, there was about the last quarter and about the decline on materials and service costs, whether it's kind of sustainable or was it a temporary drop on the quarter.

I think starting this year, we are starting it lower cost base overall, including the materials and services.

Definitely. In that sense, it is sustainable, and you can expect that from us moving forward.

Like we discussed with our unique scalable global team model, as we go forward, and then when there are times that we need more staffing, that's always a positive thing, then obviously we can expect to ramp up those things as well.

Yeah. Exactly.

Yes. I believe that's all the questions we have for now, thank you all.

Great questions by this time, so... Yes.

There wasn't anymore.

Not anymore, I just checked. Thank you for tuning in, and hope the new Twitch thingy worked out fine.

Fingers crossed. We'll see you guys the next time the latest in April when we put out our numbers and the webcast for the first quarter of the year.

Tusen tack. Coolness.

We're done. Tusen tack.

Thank you. Bye-bye.

Have a great day.

Have a great day. Bye-bye.