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Embracer Group’s FY2024/25 (April 2024 – March 2025) saw a decrease in net sales across its PC/Console and Mobile Games segments. Here’s a breakdown of the key figures and factors:
Overall Financial Performance
- Net Sales: Decreased by 18% to SEK 22.37 billion, compared to SEK 27.41 billion in the previous fiscal year.
- Organic Growth: Despite the decrease in net sales, there was an organic growth of -9%.
- Adjusted EBIT: Decreased by 33% to SEK 3.34 billion.
- EBIT: Amounted to SEK 3.535 billion, compared to a loss of SEK 14.40 billion in the previous year.
Segment Performance
- PC/Console Games:
* Net sales decreased by 27% to SEK 10.45 billion.
* Organic growth of -13%.
- Mobile Games:
* Net sales decreased by 9% to SEK 5.36 billion.
* Organic growth of -1%.
- Entertainment & Services:
* Net sales decreased by 7% to SEK 6.56 billion.
* Organic growth of -7%.
Q4 2024/25 Performance (January-March 2025)
- Net Sales: Decreased by 6% to SEK 5.39 billion.
- Organic Growth: 19%.
- PC/Console Games: Net sales decreased by 2% to SEK 3.07 billion, but an increase of 22% organically.
- Mobile Games: Net sales decreased by 31% to SEK 943 million, but an increase of 30% organically.
- Entertainment & Services: Net sales increased by 9% to SEK 1.37 billion
Factors Influencing Performance
- Divestments: The divestment of Saber and Gearbox impacted net sales growth.
- Organic Growth: The company emphasizes organic growth in several segments, indicating underlying strength despite overall declines.
- Kingdom Come: Deliverance II: This title performed well, driving PC/console games performance in Q4 2024/25.
- User Acquisition: Substantial investments in user acquisition impacted the Adjusted EBIT contribution from the Mobile Games segment in Q4.
- Spin-offs: The spin-off of Asmodee Group (Tabletop Games) also impacted the overall figures.
Q3 2024/25 Performance (October-December 2024)
- Net Sales: Decreased by 3% to SEK 7.36 billion.
- Organic Growth: 7%.
- PC/Console Games: Net sales decreased by 23% to SEK 2.60 billion.
- Mobile Games: Net sales increased by 2% to SEK 1.67 billion.
- Entertainment & Services: Net sales increased by 19% to SEK 3.09 billion.
Embracer’s Transformation and Future Outlook
Embracer Group has been undergoing a significant transformation, including divestments and spin-offs, to optimize its business and unlock value.
- Focus on Optimization: The company is dedicated to further optimizing its business.
- Spin-offs: The divestment of Easybrain and the Asmodee spin-off have been completed. The Coffee Stain Group is also planned to be spun off.
- Name Change: Embracer itself will be renamed “Fellowship Entertainment” after the Middle-earth IP.
Expectations for FY 2025/26
- PC/Console Games: Expects a relatively stable Adjusted EBIT year-over-year in Q1 2025/26, with no significant new releases.
- Mobile Games: Expects limited topline growth year-over-year on a pro forma basis, with a somewhat higher pro forma Adjusted EBIT contribution sequentially compared to Q4, driven by lower UAC relative to net sales.
- Overall: Net sales are expected to be slightly above FY 2024/25, with both EBITDAC and Adjusted EBIT broadly in line with FY 2024/25.
Conclusion: Navigating Transformation Amidst Market Dynamics
Embracer Group’s FY2024/25 was marked by declining net sales in its PC/Console and Mobile Games segments, reflecting broader challenges and strategic shifts within the company. While the top-line figures indicate a contraction, the underlying organic growth in certain areas suggests resilience and potential for future recovery. The decrease in net sales for both PC/Console and Mobile Games highlights the challenges Embracer faced in the fiscal year. The PC/Console segment, despite its decline, showed pockets of strength with specific titles driving performance. The Mobile Games segment, while also experiencing a decrease, demonstrated some stability. The group’s strategic focus on optimizing its operations through divestments and spin-offs, such as the successful separation of Asmodee, is aimed at streamlining its structure and enhancing long-term value. The expected spin-off of Coffee Stain Group and the subsequent rebranding to “Fellowship Entertainment” underscores a forward-looking approach to capitalize on key intellectual properties and market opportunities.