EVPL: RBC Fireside chat with CEO Mikkel Weider

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EVPL: RBC Fireside chat with CEO Mikkel Weider

EQUITY RESEARCH QUICK TAKE

RBC Europe Limited

Ross Broadfoot (Analyst)

June 11, 2026

Everplay Group PLC

RBC Fireside chat with CEO Mikkel Weider

LSE: EVPL | GBp 246.50 | Outperform | Price Target GBp 455

Sentiment: Positive

We sat down with new CEO Mikkel Weider to discuss his early observations having joined Everplay 5 months ago. Please click on

the link to access the video: https://everplaygroupplc.com/webcasts-presentations-circulars

Strategy, Capex and Returns - Mikkel brings directly relevant experience to Everplay from his wealth of experience across

gaming, having grown Nordisk, the business he founded in 2016, to over 1,300 people, driving growth both organically and via

acquisition. He believes the Everplay strategy is the right one: the focus on higher-margin 1st party IP, nurturing the resilient back

catalogue, with clear positioning across each business unit. Game development spend is higher, but there are 20% more games

in development, with 60% of new titles being 1st party IP, which the group invests more behind. The vast majority of 3rd party

titles are sub-£1m spend, stripping out Wardogs, average 3rd party IP spend is down 30% on FY23. Payback per title typically lands

within a year, with multiple returns after three - some titles will outperform, others will be less successful.

Pipeline Strength & H2 weighting - The group is confident in delivery from the two major titles this year, Hell Let Loose: Vietnam

and Wardogs with over 1m wishlists on Steam between them. Re the former, whilst in our view, the delay to 13th August is

disappointing, the engagement in the recent open Beta test was very encouraging, with the group reporting 352,000 unique

players, with Daily Average Users peaking at over 184,000.