Kvartalsrapport Q1 2026

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===== SIDA 1 =====

Adjusted EBIT amounted to SEK 528 million
THIRD QUARTER, OCTOBER-DECEMBER 2025 (COMPARED TO OCTOBER-DECEMBER 2024)
> During Q3 FY 2025/26 Embracer Group has reclassed Coffee Stain Group as non-current assets held 
for distribution and discontinued operations as a consequence of the spin-off and listing that took 
place on December 11th 2025. More information is presented in note 6, on page 33.
> Net sales decreased by -26% (-8% organic growth) to SEK 5,176 million (6,985).
The sales split per operating segment:
> PC/Console Games: decreased by -11% (-3% organic growth) to SEK 1,989 million (2,223).
> Mobile Games: decreased by -66% (-15% organic growth) to SEK 566 million (1,669).
> Entertainment & Services: decreased by -15% (-10% organic growth) to SEK 2,621 million (3,093).
> EBIT1) amounted to SEK 663 million (454), an EBIT margin of 13% (7%). Adjusted EBIT decreased by 
-44% to SEK 528 million (948), corresponding to an Adjusted EBIT margin of 10% (14%).
> Cash flow from operating activities amounted to SEK 443 million (1,474). Net investments in 
intangible assets amounted to SEK -763 million (-837). Free cash flow after changes in working 
capital amounted to SEK -75 million (719).
> Basic earnings per share was SEK 2.25 (3.88) and diluted earnings per share SEK 2.25 (3.88). 
Adjusted earnings per share was SEK 1.77 (5.10). Adjusted earnings per share after full dilution was 
SEK 1.76 (4.97).
> An adjusted EBIT of at least SEK 750 million is forecasted for the financial year 2025/26. The 
forecast compares to our previous expectation of at least SEK 1.0 billion, which included Coffee Stain 
Group, now reclassed as discontinued operations. On a comparable basis, our latest forecast 
represents a modest upgrade of our underlying expectations.
NINE MONTHS, APRIL-DECEMBER 2025 (COMPARED TO APRIL-DECEMBER 2024)
> Net sales decreased by -26% (-1% organic growth) to SEK 11,975 million (16,137).
The sales split per operating segment:
> PC/Console Games: decreased by -22% (-8% organic growth) to SEK 5,078 million (6,534).
> Mobile Games: decreased by -63% (-7% organic growth) to SEK 1,621 million (4,415).
> Entertainment & Services: increased by 2% (9% organic growth) to SEK 5,277 million (5,188).
> EBIT1) amounted to SEK 250 million (-1,107), an EBIT margin of 2% (-7%). Adjusted EBIT decreased by 
-70% to SEK 545 million (1,796), an Adjusted EBIT margin of 5% (11%).
> Cash flow from operating activities amounted to SEK 1,011 million (1,178). Net investments in 
intangible assets amounted to SEK -2,262 million (-2,603). Free cash flow after changes in working 
capital amounted to SEK -833 million (-73).
> Basic earnings per share was SEK -0.10 (-7.76) and diluted earnings per share SEK -0.10 (-7.76). 
Adjusted earnings per share was SEK -0.13 (4.48). Adjusted earnings per share after full dilution was 
SEK -0.13 (4.37).
Key performance indicators, Group
Oct-Dec
2025
Oct-Dec
2024
Apr-Dec
2025
Apr-Dec
2024
Apr 2024-
Mar 2025
Net sales, SEK m 5,176 6,985 11,975 16,137 21,314
EBIT1), SEK m 663 454 250 -1,107 3,324
EBIT margin  13%  7 %  2%  -7 %  16 %
Adjusted EBIT, SEK m 528 948 545 1,796 2,793
Adjusted EBIT margin  10%  14%  5%  11 %  13% 
Cash flow from operating activities, SEK m 443 1,474 1,011 1,178 2,660
Net investments in intangible assets, SEK m 763 837 2,262 2,603 3,389
Net sales growth  -26%  -3%  -26%  -22 %  -19% 
Total game development projects 87 106 87 106 94
Total game developers 4,739 5,508 4,739 5,508 5,140
Total headcount 6,369 7,558 6,369 7,558 6,875
1) EBIT equals Operating profit in the Consolidated statement of profit or loss.
In this report, all figures in brackets refer to the corresponding period of the previous year, unless otherwise stated.
EMBRACER GROUP
INTERIM REPORT
OCTOBER-DECEMBER 2025
EMBRACER GROUP AB (PUBL) | OCTOBER-DECEMBER 2025 1
Q3
FY 2025/26

===== SIDA 2 =====

CEO COMMENTS
CORE IP PERFORMANCE DRIVES RESULTS EXCEEDING 
MANAGEMENT EXPECTATIONS
In the third quarter, we delivered net sales of SEK 5.2 billion, with adjusted EBIT of SEK 528 
million and EBITDAC of SEK 410 million, representing a clear improvement compared to Q1 and 
Q2 and ahead of our expectations. This was supported by a strong holiday season across core 
IPs including Kingdom Come: Deliverance. Following the completed spin-off of Coffee Stain 
Group, we are fully focused on strengthening our core IP portfolio, improving capital allocation 
discipline, and driving sustainable free cash flow generation. Our strategic direction is taking 
shape: to become a truly IP-first group centered around our best talents, studios and franchises.
CORE IPs CONTINUE TO DRIVE 
OUTPERFORMANCE
The profitability in the quarter is a clear improvement 
compared to Q1 and Q2. Organic growth amounted to 
-8% excluding FX effects, primarily reflecting strong 
comparables in Entertainment & Services in the prior 
year.
Our performance in the quarter was driven by strong 
execution across core IPs including Kingdom Come: 
Deliverance, Dead Island and Tomb Raider driving 
higher engagement and earnings than our expectations 
in the third quarter. Kingdom Come: Deliverance II  
delivered a standout quarter as the release of the third 
expansion Mysteria Ecclesiae , combined with 
marketing, influencers and seasonal promotions 
converted high demand into strong sales. Kingdom 
Come: Deliverance II  earned PC Gamer’s Game of the 
Year and four nominations at The Game Awards. The 
game is also among the nominees for Foreign Game of 
the Year at the Swedish Game Awards 2026, the first 
event of its kind in Sweden. Furthermore, we are happy 
to announce that Kingdom Come: Deliverance II  has 
surpassed 5 million sold copies within its first year of 
release.
Free cash flow exceeded internal expectations, 
although it was slightly negative in the quarter, due to 
working capital effects in our physical businesses. We 
expect this to normalize in the fourth quarter. We 
experienced headwinds from a strengthening SEK 
during the quarter, with the earnings impact partly 
offset by our natural cost hedge across Europe and 
North America.
HIGHER UNDERLYING FY 2025/26 FORECAST
We now expect adjusted EBIT of at least SEK 750 
million for FY 2025/26. The forecast compares to our 
previous expectation of at least SEK 1.0 billion, which 
included Coffee Stain Group for the full FY 2025/26. On 
a comparable basis, excluding Coffee Stain Group, our 
latest forecast represents a modest upgrade to our 
underlying expectations. The release date of Gothic 1 
Remake is moved to June 5th, giving time for final 
polishing. We continue to see upside potential to our 
forecast from the underlying business performance.
REANIMAL, developed by Tarsier Studios in Malmö and 
releasing tomorrow, is our key game release in the 
fourth quarter. We are excited about the launch, which 
builds on a successful demo of the game and 
showcases Tarsier’s creative strengths. Early 
indications from press are positive and we can’t wait to 
get the game into players’ hands. Looking towards the 
end of the quarter, we are also excited about the 
potential of Milestone’s release of Screamer.
STRONG EXECUTION ON STRATEGIC 
PRIORITIES
On 11 December 2025, the spin-off of Coffee Stain 
Group was completed. With a powerful combination of 
strong IPs, engaged communities, and innovative talent, 
we remain confident that the separation will create 
shareholder value. It allows both ourselves and Coffee 
Stain Group to better concentrate on core strategies 
and growth opportunities.
Our focus remains on executing against a well-defined 
pipeline of major game releases over the next three 
years. For the next financial year, we look forward to 
one long-awaited, major, in-house developed and in-
house published title together with a range of important 
mid-sized titles. Execution discipline will be critical to 
converting this stronger pipeline into a clear profitability 
and cash generation inflection point in FY 2026/27.
To further improve profitability and cash flow 
generation, we continue to execute on three strategic 
priorities: IP-led focus, operational discipline and 
targeted cost initiatives. During the quarter, we 
divested several non-strategic and unprofitable 
businesses in third-party publishing and work-for-hire, 
improving focus and capital efficiency. These assets 
jointly had a negative Adjusted EBIT of around SEK -178 
million on a trailing twelve month basis. The 
divestments also free up resources to deploy in higher-
return areas, or to return to shareholders.
EMBRACER GROUP AB (PUBL) | OCTOBER-DECEMBER 2025 2

===== SIDA 3 =====

We are continuously targeting a reduction in both opex 
and capex through next financial year, as we reduce 
exposure to non-core IP and as we complete 
consolidation initiatives. Simplifying and adapting our 
organization’s size and shape around a more focused 
portfolio will be key to making better decisions quicker, 
and to improving profitability.
As discussed at our Annual General Meeting in 
September, we see significant and accelerating 
potential in AI-driven tools to meaningfully enhance 
development, production, and operations. The pace of 
technological advancement is extraordinary, and as an 
industry that has always embraced innovation, we 
actively explore and adopt AI where it strengthens our 
products and improves efficiency. We view AI as a tool 
to support and empower our teams.  World-building, 
storytelling, and creative direction will remain firmly 
human-led, ensuring that creativity and originality 
continue to define our experiences.
LONG-TERM DIRECTION IS TAKING SHAPE
Our long-term direction is taking shape as we build 
towards a disciplined, IP-first group. We remain 
committed to continuing the distribution of any excess 
cash to our shareholders, and we will provide further 
updates on our strategy and structure as we make 
progress and as soon as we have more to share.
To conclude, this quarter demonstrates the progress 
that we are making. By focusing on our core IPs, we can 
both delight our fans and improve our financial 
performance. Our focus now is consistent delivery and 
we thank you for your continued support.
Phil Rogers
Group CEO
EMBRACER GROUP AB (PUBL) | OCTOBER-DECEMBER 2025 3

===== SIDA 4 =====

FINANCIAL COMMENTS
NET SALES
Net sales, SEK m
Oct-Dec
2025
Oct-Dec
2024 Change
Apr-Dec
2025
Apr-Dec
2024
Apr 2024-
Mar 2025
PC/Console Games 1,989 2,223  -11% 5,078 6,534 9,394
Mobile Games 566 1,669  -66% 1,621 4,415 5,359
Entertainment & Services 2,621 3,093  -15% 5,277 5,188 6,561
Total 5,176 6,985  -26% 11,975 16,137 21,314
Total net sales in th e quarter amounted to SEK 5,176 million, corresponding  to a decrease of 
-26%. The negative net sales growth in the quarter is in all three segments primarily related to  
lower foreign exchange rates, combined with negative organic growth whilst Mobile Games 
also has a negative effect driven by the divestment of Easybrain. 
Both organic growth and pro forma growth amounted to -8% in the quarter. Entertainment & 
Services had both a negative organic and pro forma growth of -10%, which is mainly explained 
by several strong releases from PLAION Partners in the comparison quarter. For Mobile 
Games, both organic and pro forma growth amounted to -15%, explained by lower spend of 
User Acquisition Costs in the preceding and actual quarter. The decrease of -3% for both 
organic and pro forma growth in PC/Console Games in the quarter was mainly driven by 
decreased work-for-hire revenue. 
Oct-Dec 2025 Apr-Dec 2025
Net sales growth
Net sales 
growth
Organic 
growth
Pro forma 
growth
Net sales 
growth
Organic 
growth
Pro forma 
growth
PC/Console Games  -11%  -3%  -3%  -22%  -8%  -8% 
Mobile Games  -66%  -15%  -15%  -63%  -7%  -7% 
Entertainment & Services  -15%  -10%  -10%  2%  9%  9% 
Total  -26%  -8%  -8%  -26%  -1%  -1% 
EMBRACER GROUP AB (PUBL) | OCTOBER-DECEMBER 2025 4
FINANCIAL
COMMENTS
Tomb Raider: Catalyst
Amazon Game Studios | Crystal Dynamics

===== SIDA 5 =====

EBIT AND ADJUSTED EBIT
EBIT amounted to SEK 663 million (454) in the quarter, yielding an EBIT margin of 13% (7%). The 
increase compared to the previous year mainly relates to increased profit from sale of 
subsidiaries along with generally lower operating expenses than in the comparable quarter.
Items affecting comparability (IAC - see definitions page 40) amounted to SEK 316 million (-96) 
in the quarter and are mainly related to profit from sale of subsidiaries of SEK 350 million. SEK 
-20 million relates to write-downs of intangible assets. These write-downs are related to minor 
game development projects and IP-rights across both PC/Console Games and Mobile Games. 
Other IAC amounted to SEK -14 million which are mainly related to profitability actions resulting 
in the discontinuation of studios and teams. IAC are presented in the table provided on page 
43.
Adjusted EBIT decreased by -44% and amounted to SEK 528 million (948) in the quarter, 
yielding a 10% margin (14%), with the lower margin year-over-year explained by the product 
mix. The Mobile Games segment, is affected by the divested assets of Easybrain which 
contributed with SEK 325 million in the comparable quarter while the decrease in PC/Console 
Games and Entertainment & Services is mainly explained by lower net sales. 
EBIT, SEK m
Oct-Dec
2025
Oct-Dec
2024 Change
Apr-Dec
2025
Apr-Dec
2024
Apr 2024-
Mar 2025
PC/Console Games 509 78  553 % 158 -1,778 -4,067
Mobile Games 11 242  -95 % 169 837 9,101
Entertainment & Services 214 194  10 % 112 13 -1,096
Corporate -71 -59  -20 % -188 -179 -614
Total 663 454  46 % 250 -1,107 3,324
Adjusted EBIT, SEK m
Oct-Dec
2025
Oct-Dec
2024 Change
Apr-Dec
2025
Apr-Dec
2024
Apr 2024-
Mar 2025
PC/Console Games 252 324  -22 % 183 392 1,341
Mobile Games 80 400  -80 % 197 1,292 1,383
Entertainment & Services 252 284  -11 % 334 292 324
Corporate -56 -60  7 % -169 -180 -256
Total 528 948  -44 % 545 1,796 2,793
FORECAST
For our current full financial year 2025/26  we expect an adjusted EBIT of at least SEK 750 
million. The forecast compares to our previous expectation of at least SEK 1.0 billion, which 
included Coffee Stain Group, now reclassed as discontinued operations, for the full FY 
2025/26. On a comparable basis, our latest forecast represents a modest upgrade of our 
underlying expectations.
EMBRACER GROUP AB (PUBL) | OCTOBER-DECEMBER 2025 5
FINANCIAL
COMMENTS

===== SIDA 6 =====

OPERATING SEGMENT
PC/CONSOLE GAMES
The PC/Console Games operating segment includes the following  operative 
groups: THQ Nordic, PLAION and Crystal D ynamics – Eidos. PC and console 
games have been  a core business for Embracer Group ever sinc e its 
inception.  The segment develops and publishes games for PC and console. 
It includes AAA, AA+, Indie, Free-to-play, Asset Care, VR, Work-for-Hire and 
other game development.
Key performance indicators, 
PC/Console Games
Oct-Dec
2025
Oct-Dec
2024
Apr-Dec
2025
Apr-Dec
2024
Apr 2024-
Mar 2025
Net Sales, SEK m 1,989 2,223 5,078 6,534 9,394
of which Digital products, SEK m 1,345 1,318 3,229 3,782 5,916
of which Physical products, SEK m 185 309 349 707 903
of which Other products 1), SEK m 459 596 1,500 2,045 2,576
Net Sales growth  -11 %  -28%  -22 %  -38 %  -30 %
EBIT, SEK m 509 78 158 -1,778 -4,067
EBIT margin  26 %  4%  3 %  -27 %  -43 %
Adjusted EBIT, SEK m 252 324 183 392 1,341
Adjusted EBIT, margin  13 %  15%  4 %  6 %  14 %
Type of income
New releases sales, SEK m 228 183 513 530 1,906
Back catalog sales 2), SEK m 1,302 1,444 3,065 3,960 4,913
Other1), SEK m 459 596 1,500 2,045 2,576
1) Primarily Work-for-Hire and other game development projects.
2) See Definitions, quarterly information.
SEGMENT HIGHLIGHTS
Net sales in the quarter for PC/Console Games amounted to SEK 1,989 million, a decrease of 
-11% compared to the same period last year, and -3% both organically and pro forma. The 
negative organic growth was primarily impacted by lower o ther revenue, related to a lower 
contribution from work-for-hire projects .
EBIT amounted to SEK  509 million (78) yielding a 26% (4%) EBIT margin. Items affecting 
comparability amounted to SEK 312 million (-97) and relates primarily to profit from the 
divestment of Arc Games and Cryptic Studios.  Adjusted EBIT amounted to SEK 252 million 
(324), yielding a 13% (15%) Adjusted EBIT margin.  The lower Adjusted EBIT is primarily 
explained by lower net sales. 
Net sales from new releases amounted to SEK 228 million (183) in the quarter, an increase of 
25% YoY. Among the new releases in the quarter, SpongeBob SquarePants: Titans of the Tide  
and Let's Sing 2026  were the main contributors.  SpongeBob SquarePants: Titans of the Tide 
saw solid reviews from critics and users, but performed below management expectations 
across digital channels.
Revenue from back catalog titles (including platform deals) amounted to SEK 1,302 million (1,444) 
in the quarter, a decrease of -10% YoY. The top-5 back catalog net sales drivers in the quarter 
included Kingdom Come: Deliverance II, Dead Island 2, Killing Floor 3, MX vs. ATV: Legends and 
Shadow of the Tomb Raider. Kingdom Come: Deliverance II  performed well ahead of 
expectations, supported by a solid release of the third expansion, Mysteria Ecclesiae . 
Furthermore, Kingdom Come: Deliverance II  reached another milestone as they after the 
quarter announced 5 million sold copies within its first year of release.
Other net sales amounted to SEK 459 million (596) in the quarter, a decrease of -23% YoY, partly 
impacted by FX, but also driven by a reduction in the number of active work-for-hire projects and 
by the divestment of Lost Boys Interactive in the quarter.
  
EMBRACER GROUP AB (PUBL) | OCTOBER-DECEMBER 2025 6
OPERATING SEGMENT
PC/CONSOLE GAMES
SHARE OF 
GROUP SALES
38% (32%)
INTELLECTUAL
PROPERTY (IP)
206 (221)
INTERNAL
HEADCOUNT
3,985 (4,891)
INTERNAL 
STUDIOS
44 (52)

===== SIDA 7 =====

GAME DEVELOPMENT INVESTMENTS AND COMPLETED GAMES 
The finalized value of the completed and released games during the quarter amounted to SEK 
598 million (486), driven by the release of SpongeBob SquarePants: Titans of the Tide, 
Wreckreation, Thief VR: Legacy of Shadow and Let's Sing 2026 . In total, SEK 666 million (734) 
were invested in the quarter. The ratio of investments to completed games decreased from 
1.5x to 1.1x YoY . When new games are released, capitalized development costs are amortized, 
based on a degressive depreciation model over two years.
  
EMBRACER GROUP AB (PUBL) | OCTOBER-DECEMBER 2025 7
OPERATING SEGMENT
PC/CONSOLE GAMES
3.6x
2.0x
0.8x
3.2x 3.3x
2.1x
1.5x
1.9x 1.9x
3.1x
1.8x 1.5x
0.7x
3.9x
0.5x
1.1x
Completed games
Investments in game development
Investments in game development as X times completed games
Jan-
Mar
2022
Apr-
Jun
Jul-
Sep
Oct-
Dec
Jan-
Mar
2023
Apr-
Jun
Jul-
Sep
Oct-
Dec
Jan-
Mar
2024
Apr-
Jun
Jul-
Sep
Oct-
Dec
Jan-
Mar
2025
Apr-
Jun
Jul-
Sep
Oct-
Dec
0
500
1,000
1,500
2,000
0
1
2
3
4
5
SEK million Times

===== SIDA 8 =====

ANNOUNCED PC/CONSOLE RELEASES AS OF FEBRUARY 12, 2025
Title Publishing Label IP Owner
Main 
Developer Platforms
Deus Ex Remastered Aspyr Own Internal PC, PS5, XB X|S
Rushing Beat X: Return of Brawl BrothersClear River Games External External TBC
Taito Milestones 4 Clear River Games External External Switch
Truxton Extreme Clear River Games Own Internal PC, PS5
WiZmans World Re;Try Clear River Games External External PS5, Switch
Warhammer 40,000: Dawn of War IV Deep Silver / PLAION External External PC
TENSE Demiurge Studios Own Internal PC
Tomb Raider: Catalyst External Own Internal PC, PS5, XB X|S
Tomb Raider: Legacy of Atlantis External Own Internal PC, PS5, XB X|S
A Rat's Quest HandyGames External External PC
Double Shake Limited Run Games External External PC, PS5, Switch
Fear Effect 2 Limited Run Games External Internal PC, PS5, Switch, PS4
He-Man and the Masters of the 
Universe™: Dragon Pearl of Destruction Limited Run Games External External PC, PS5, Switch, PS4
Jaws: Retro Edition Limited Run Games External Internal PS5, Switch
Nickelodeon Splat Pack Limited Run Games External Internal PC, PS5, Switch
Renaine Limited Run Games External External PC, Switch
Snow Bros: Classic Collection Limited Run Games Own Internal PC, PS5, Switch
Ride 6 Milestone Own Internal PC, PS5, XB X|S
Screamer Milestone External Internal PC, PS5, XB X|S
MARVEL 1943: Rise of Hydra PLAION External External TBC
Darksiders 4 THQ Nordic Own Internal PC, PS5, XB X|S
Fatekeeper THQ Nordic Own External PC, PS5, XB X|S
Gothic 1 Remake THQ Nordic Own Internal PC, PS5, XB X|S
Pumuckl and the Crown of the Pirate 
King THQ Nordic External Internal PC, Switch
REANIMAL THQ Nordic Own Internal PC, PS5, XB X|S, 
Switch 2
Söldner: Secret Wars Remastered THQ Nordic Own External PC
The Eternal Life of Goldman THQ Nordic External External PC, PS5, XB X|S, 
Switch
The Guild Europa 1410 THQ Nordic Own Internal PC
Tides of Tomorrow THQ Nordic Own Internal PC, PS5, XB X|S
NORSE: Oath of Blood Tripwire External External PC, PS5, XB X|S
* PC/Console titles from the operating segments Mobile Games and Entertainment & Services are also included in the release list.
For latest release dates please refer to above mentioned publishers.
The release list does not include games where we only have physical distribution rights.
The release list does not include DLCs or Work-For-Hire projects.
  
EMBRACER GROUP AB (PUBL) | OCTOBER-DECEMBER 2025 8
OPERATING SEGMENT
PC/CONSOLE GAMES

===== SIDA 9 =====

OPERATING SEGMENT
MOBILE GAMES
The Mobile Games operating segment consists of DECA Games, which 
includes CrazyLabs . The segment includes free-to-play, ad centric, in-app-
purchase centric and pay-to-play mobile games.
Key performance indicators, 
Mobile Games
Oct-Dec
2025
Oct-Dec
2024
Apr-Dec
2025
Apr-Dec
2024
Apr 2024-
Mar 2025
Net Sales, SEK m 566 1,669 1,621 4,415 5,359
Net Sales growth  -66 %  2%  -63 %  -3%  -9 %
EBIT, SEK m 11 242 169 837 9,101
EBIT margin  2 %  14%  10 %  19 %  170 %
Adjusted EBIT, SEK m 80 400 197 1,292 1,383
Adjusted EBIT, margin  14 %  24%  12 %  29 %  26 %
User Acquisition Cost (UAC), SEK m 254 840 718 1,933 2,508
User Acquisition Cost (UAC), % of Net Sales  45 %  50%  44 %  44 %  47 %
Total installs, million 143 254 476 736 940
Total Daily Active Users (DAU), million 9 26 10 27 27
Total Monthly Active Users (MAU), million 111 210 118 211 214
SEGMENT HIGHLIGHTS
Net sales in the quarter for Mobile Games amounted to SEK 566 million, with both organic 
growth and pro forma growth of -15% YoY, driven by lower User Acquisition Cost (UAC) in the 
past few quarters. In total net sales decreased by -66% YoY, primarily due to  the divestment of 
Easybrain. The development of total downloads, DAU and MAU, compared to the same period 
last year is mainly due to the divestment of Easybrain.
EBIT amounted to SEK 11 million (242), yielding a 2% (14%) EBIT margin. Adjusted EBIT 
amounted to SEK 80 million (400), yielding a 14% (24%) Adjusted EBIT margin. UAC amounted 
to SEK 254 million (840), or 45% (50%) of net sales. The lower Adjusted EBIT YoY is entirely 
explained by the divestment of Easybrain, which contributed with SEK 325 million in the 
comparison quarter.
DECA Games achieved a steady performance in the quarter, with a positive top line and 
profitability trend sequentially. CrazyLabs saw negative growth year-over-year, with lower UAC 
despite the successful scaling and growth of a new game, Sled Surfers, in December.  Glow 
Fashion Idol continues to grow steadily with increased UAC . The back catalog across the 
Mobile Games segment continues to deliver a steady performance.
The top-5 revenue generating titles in the quarter were: Glow: Fashion Idol, Party in My Dorm, 
Flop House, Coffee Mania and Sled Surfers.
  
EMBRACER GROUP AB (PUBL) | OCTOBER-DECEMBER 2025 9
OPERATING SEGMENT
MOBILE GAMES
SHARE OF 
GROUP SALES
11% (24%)
INTELLECTUAL
PROPERTY (IP)
30 (51)
INTERNAL
HEADCOUNT
762 (1,092)
INTERNAL 
STUDIOS
8 (10)

===== SIDA 10 =====

OPERATING SEGMENT
ENTERTAINMENT & SERVICES
The Entertainment & Services segment consists of three operative groups: 
Dark Horse Media, Freemode and  PLAION's partner  and film business . Dark 
Horse is a leading IP-focused creator, publisher, and distributor of comic 
books, art books & merchandise. Freemode is an ecosystem of fan-centric 
game and entertainment related businesses, including Middle-earth 
Enterprises and Limited Run Games.
Key performance indicators, 
Entertainment & Services
Oct-Dec
2025
Oct-Dec
2024
Apr-Dec
2025
Apr-Dec
2024
Apr 2024-
Mar 2025
Net Sales, SEK m 2,621 3,093 5,277 5,188 6,561
of which Digital products, SEK m 1) 127 564 316 864 1,083
of which Physical products, SEK m 1) 2,348 2,416 4,591 4,083 5,144
of which Other products, SEK m 146 114 370 242 334
Net Sales growth  -15 %  19 %  2 %  -11 %  -7 %
EBIT, SEK m 214 194 112 13 -1,096
EBIT margin  8 %  6 %  2 %  0 %  -17 %
Adjusted EBIT, SEK m 252 284 334 292 324
Adjusted EBIT, margin  10 %  9 %  6 %  6 %  5 %
1) A correction is made of the Q1 figures 2025 with a reclassification from Digital to Physical sales.
SEGMENT HIGHLIGHTS
Net sales in the quarter for Entertainment & Services amounted to SEK 2,621 million, an 
decrease of -15% compared to the same period last year, or -10% organically and pro forma. 
The negative organic growth was primarily driven by PLAION Partners, which faced tough 
comparison numbers in the corresponding quarter, driven by the release of Undisputed across 
digital platforms.
EBIT amounted to S EK 214 million (194), yielding a 8% (6%) EBIT margin. Adjusted EBIT 
amounted to SEK 252 million (284), yielding a 10% (9%) Adjusted EBIT margin. Items affecting 
comparability amounted to SEK 25 million (–). The lower Adjusted EBIT was driven by negative 
organic growth within PLAION Partners. 
Middle-earth Enterprises had no major new product releases within the quarter, but still 
generated a solid revenue and Adjusted EBIT. In the quarter, Middle-earth Enterprises entered 
into a strategic agreement with Asmodee Group to provide category management services 
across all tabletop games and tabletop gaming accessories based on The Lord of the Rings  
and The Hobbit. 
Dark Horse Media and Freemode's other businesses, with a higher share of sales from physical 
products, saw a seasonal ly stronger performance in Q3, in line with historical trends. Several 
strategic initiatives are ongoing to drive improved profitability within these businesses.
  
EMBRACER GROUP AB (PUBL) | OCTOBER-DECEMBER 2025 10
OPERATING SEGMENT
ENTERTAINMENT
& SERVICES
SHARE OF 
GROUP SALES
51% (44%)
INTELLECTUAL
PROPERTY (IP)
193 (193)
INTERNAL
HEADCOUNT
1,126 (845)
INTERNAL 
STUDIOS
3 (3)

===== SIDA 11 =====

OTHER FINANCIAL INFORMATION
NET PROFIT/LOSS FOR THE PERIOD
Net profit/loss for continuing operations for the quarter amounted to SEK 477 million (806), 
corresponding to a decrease of SEK 329 million. The decrease is mainly related to negative net 
financial items in the current quarter compared with a positive amount in the comparable quarter. 
For the period April to December net profit for continuing operations amounted to SEK -20 
million (-1,598), an increase of SEK 1,618 million. The increase explained by generally lower 
operating expenses and profit from sale of subsidiaries compared to losses from sales of 
subsidiaries in the comparable period.
Net financial items amounted to SEK -87 million (578) in the quarter. Net interest income/ 
expenses and other financial income/expenses amounted to SEK -17 million (-108). Changes in 
fair value of financial assets and liabilities amounted to SEK -65 million (86). Exchange rate gain/
losses amounted to SEK -5 million (600), mainly related to the revaluation of intercompany 
financial receivables.
Income tax amounted to SEK -99 million (-227) in the quarter. Current income tax amounted to 
SEK -126 million (-185) and deferred tax amounted to SEK 28 million (-14). Provision for Pillar 2 
top-up tax amounted to SEK -1 million (-28).
EMBRACER GROUP AB (PUBL) | OCTOBER-DECEMBER 2025 11
OTHER FINANCIAL
INFORMATION
Sled Surfers
DECA Games | CrazyLabs

===== SIDA 12 =====

CONDENSED CASH FLOW
SEK m
Oct-Dec
2025
Oct-Dec 
2024
Apr-Dec
2025
Apr-Dec 
2024
Apr 2024-
Mar 2025
Operating activities
Cash flow from operating activities before 
changes in working capital 896 1,138 1,800 1,752 3,207
Cash flow from changes in working capital -453 336 -788 -574 -547
Cash flow from operating activities 443 1,474 1,011 1,178 2,660
Cash flow from investing activities -868 -1,167 -2,574 2,454 14,246
Cash flow from financing activities -766 -56 -576 -2,706 -12,041
Total cash flow, Continuing operations -1,191 251 -2,139 926 4,866
Total cash flow, Discontinued operations 495 654 495 607 5,274
Total cash flow, total Group -696 905 -1,644 1,534 10,141
Cash and cash equivalents at the beginning 
of period 6,127 4,052 7,097 3,507 3,507
Exchange-rate differences in cash and cash 
equivalents -22 92 -45 9 -95
Cash and cash equivalents in Discontinued 
operations -533 -1,836 -533 -1,836 -6,491
Cash and cash equivalents at the end of 
period 4,876 3,213 4,876 3,214 7,061
Cash flow from operating activities before working capital amounted to SEK 896 million (1,138) in 
the quarter.
Cash flow from changes in working capital amounted to SEK -453 million (336) driven by lower 
trade payables at the end of the quarter.
Cash flow from investing activities amounted to SEK -868 million (-1,167) for the quarter where 
cash flow from acquisition/divestment of subsidiaries amounted to SEK -97 million (-401). 
Investments in intangible assets amounted to SEK -763 million (-841), where SEK -685 million 
(-742) is invested in the portfolio of ongoing game development. 
Free cash flow after changes in working capital amounted to SEK -75 million (719) (see page 43). 
The comparable quarter includes a positive free cash flow of SEK 215 million generated from the 
divested assets of Easybrain. 
Cash flow from financing activities amounted to SEK -766 million (-56) in the quarter where 
proceeds from borrowings amounted to SEK 481 million (343) and reduced utilization of credit 
facilities amounted to SEK -288 million (-511). The cash flow from repurchase of own shares 
amounted to -428 MSEK (—).
EMBRACER GROUP AB (PUBL) | OCTOBER-DECEMBER 2025 12
OTHER FINANCIAL
INFORMATION

===== SIDA 13 =====

NET CASH/DEBT AND AVAILABLE FUNDS
Net cash/Net debt, SEK m
Dec 31, 
2025
Dec 31, 
2024 1)
Mar 31, 
2025
Cash 4,876 3,258 7,097
Current investments — — 0
Current liabilities to credit institutions -901 -589 -545
Non-current liabilities to credit institutions -1,108 -5,883 -1,119
Net Cash (+) / Net Debt (-) 2,866 -3,216 5,434
1) Reclassification of the assets and liabilities under IFRS 5 has been returned to the balances when the net debt and available funds was 
calculated. The change in net debt and available funds for the previous year is, therefore, not affected by this reclassification as it does not have 
a cash effect before completion of the transactions.
As per December 31, 2025 , the reported net cash amounted to SEK 2.9 billion, consisting of 
around SEK 4.9 billion in cash, SEK -0.9 billion related to current liabilities to credit institutions, 
as well as SEK -1.1 billion in non-current liabilities. The leverage target is to have net debt to 
Adjusted EBIT of 1.0x on a 12-month forward looking basis.
As per December 31, 2025 , the group had obligations related to historical acquisitions with an 
expected cash settlement of SEK 0.7 billion with an estimated maturity structure (see page 14).
Avaliable funds, SEK m
Dec 31, 
2025
Dec 31, 
2024
Mar 31, 
2025
Cash 4,876 3,258 7,097
Current investments — — 0
Unutilized credit facilities 947 4,521 5,956
Available funds 5,823 7,779 13,053
During the quarter the previous revolving credit facility of EUR 400m was canceled as planned 
in conjunction with the spin-off of Coffee Stain Group.
Share buyback program
In the quarter Embracer repurchased 3,991,782 own Class B shares for a total consideration of 
SEK 428 million. The share buybacks are a part of the SEK 500 million program that Embracer 
announced on September 18, 2025. The buyback program started September 19, 2025 and 
ended on November 6, 2025 and a total of 4,830,742 shares where repurchased. As of 
December 31, 2025, Embracers’s holdings of treasury shares correspond to 2,4% of the total 
number of shares outstanding.
EMBRACER GROUP AB (PUBL) | OCTOBER-DECEMBER 2025 13
OTHER FINANCIAL
INFORMATION
Screamer
Milestone | Milestone

===== SIDA 14 =====

OBLIGATIONS RELATED TO HISTORICAL ACQUISITIONS 
In connection to certain business combinations, agreements have been entered regarding 
contingent considerations that are not classified as part of the transferred purchase 
consideration since there is a requirement for continued employment for the seller or other 
reasons for the contingent consideration to be accounted for as a separate transaction. More 
information is presented in Note 5.
Obligations related to historical acquisitions to be settled in cash 
The table below gives an overview of obligations related to historical acquisitions in SEK 
million to be settled in cash as of December 31, 2025 . The present value of contingent 
considerations has been calculated based on expected outcome for financial and operational 
targets for each individual agreement. The financial obligation will vary over time depending 
on, among other things, the degree of fulfillment of conditions for payment, the development of 
certain exchange rates in relation to the Swedish krona and interest rates.
Since the last quarter the total obligation has decreased with SEK 584 million which is primarily 
driven by ordinary payments.
Financial year when 
settlement might occur
Contingent consideration 
classified as part of 
purchase price, SEK m
Obligations in relation to 
future personnel costs related 
to acquisitions, SEK m
Total obligations 
related to historical 
acquisitions, SEK m
2025/2026 0 7 7
2026/2027 85 247 332
2027/2028 53 21 74
2028/2029 62 12 74
2029/2030 100 21 121
2030/2031 51 13 64
2031/2032 47 12 59
398 332 730
Contingent considerations  classified as part of the purchase consideration and that are to be 
settled in cash are accounted for as debt in the group‘s balance sheet, divided into current and 
non-current debt. Obligations related to future personnel costs related to acquisitions which 
will be settled in cash are accounted for in the group‘s balance sheet, to the extent that it has 
been earned by the employee and is classified as debt. On December 31, 2025 , the debt 
amounted to SEK 297 million, divided into current and non-current debt.
Obligations related to historical acquisitions to be settled in shares 
The table below provides an overview of obligations related to historical acquisitions on 
December 31, 2025 , which will be settled in shares . Contingent considerations classified as 
part of the purchase consideration is accounted for as e ither equity or debt in the group's 
balance sheet. Obligations related to future personnel costs related to acquisitions which will 
be settled in shares  are accounted for in the group's balance sheet, to the extent  that they 
have been earned by the employee and  are classified as equity in the group's balance sheet. 
Additional information is available in Note 5.
Number of shares, 
thousands
Contingent consideration 
classified as part of 
purchase price
Obligations in relation to 
future personnel costs
related to acquisitions
Total obligations 
related to historical 
acquisitions
Already issued -  
clawback shares 1) 1,886 446 2,333
To be issued 1,558 174 1,733
Total number of shares 3,445 621 4,066
1) See definitions on page 44
The number of shares to be issued as additional purchase price can vary but never exceed 1.7 
million according to the agreements. If all shares are issued, the dilution in capital will amount 
to 0.56% and 0.75% of the voting rights as of December 31, 2025 , and the total number of 
shares after full dilution will be 231 million. Expectations of shares to be issued as per 
December 31, 2025  based on target achievement is within the interv al 0.1 to 0.2 million. If 
EMBRACER GROUP AB (PUBL) | OCTOBER-DECEMBER 2025 14
OTHER FINANCIAL
INFORMATION

===== SIDA 15 =====

shares within this interval  are issued, the dilution in capital will amount to 0.06-0.08% and 
0.05-0.06% of the voting rights as of December 31, 2025 . Compared with the last quarter the 
number of shares in the table has decreased due to several share issues to settle obligations. 
Specific items related to historical acquisitions
The forecast is based on the average exchange rates for the period April 2025 to December 
2025. The forecast includes closed acquisitions  as per December 31, 2025 , which contain 
finalized purchase price allocati ons.
25/26
SEK m Q4 26/27 27/28 28/29 29/30 30/31 31/32 Total
Amortization of surplus values of 
acquired intangible assets 152 502 349 336 313 289 287 2,228
Personnel costs related to 
acquisitions 29 51 44 38 21 2 — 185
Specific items related to 
historical acquisitions 181 553 393 374 334 291 287 2,413
EMBRACER GROUP AB (PUBL) | OCTOBER-DECEMBER 2025 15
OTHER FINANCIAL
INFORMATION
REANIMAL
THQ Nordic | Tarsier Studios

===== SIDA 16 =====

PARENT COMPANY
The parent company acquires and conducts operations through its subsidiaries and underlying 
companies.
The parent company’s net sales for the quarter were SEK 48 million ( 21), and loss/profit before 
tax was SEK -1,578 million ( 902). Other income for the quarter amounted to SEK 166 million ( 0) 
and is attributable to purchase price adjustments related to previously completed acquisitions.
Income tax includes "top-up" tax according to Pillar 2 - Income Inclusion Rule (IIR), amounting 
to SEK -1 million (-28). Loss/Profit after tax was SEK -1,585 million (766). 
The parent company’s net sales for April-December 2025  were SEK 121 million ( 64), and loss 
before tax was SEK -1,749 million ( -410). Other income for April-December 2025  amounted to 
SEK 166 million ( 1) and is attributable to purchase price adjustments related to previously 
completed acquisitions.
Income tax includes "top-up" tax according to Pillar 2 - Income Inclusion Rule (IIR), amounting 
to SEK -3 million (-86). Loss after tax was SEK -1,728 million (-424). 
Cash and current investments as of December 31, 2025  were SEK 3,665 million (1,281). 
Available funds amounted to SEK 4,015 million as of December 31, 2025 . The parent 
company’s equity at the end of the p eriod was SEK 23,532 million (54,644).
EMBRACER GROUP AB (PUBL) | OCTOBER-DECEMBER 2025 16
OTHER FINANCIAL
INFORMATION
NORSE: Oath of Blood
Tripwire Presents | Arctic Hazard

===== SIDA 17 =====

SIGNIFICANT EVENTS DURING THE QUARTER
> Between 19 September 2025 and 6 November 2025, Embracer Group repurchased in total 
4,830,742 own B shares as part of the share buyback program initiated by the Board of 
Directors on 18 September 2025. Thus, shares with a total value of approximately SEK 500 
million were repurchased.
> On 17 November 2025, Embracer Group announced that it will leave Coffee Stain Group with a 
pro forma net cash position of SEK 500 million as of 30 September 2025. In connection with 
the planned spin-off and listing of Coffee Stain Group on Nasdaq First North Premier Growth 
Market in Stockholm. 
> On 26 November 2025, Embracer Group entered into a binding agreement to divest Arc 
Games and Cryptic Studios to Project Golden Arc, Inc., with financing from XD Inc., for 
expected net proceeds of approximately USD 30 million (SEK 287 million). The divestment has 
thereafter been completed. Embracer Group retained the publishing rights to the Remnant 
franchise and the rights to the online multiplayer title Fellowship. The latter were transferred to 
Coffee Stain Group in connection with its planned spin-off from Embracer Group.
> On 8 December 2025, Coffee Stain Group AB published a company description on the 
company’s website for the listing of its Class B shares on Nasdaq First North Premier Growth 
Market in Stockholm. The listing was carried out through a spin-off to the shareholders of 
Embracer Group AB and trading in Coffee Stain Group's Class B shares commenced on 11 
December 2025.
SIGNIFICANT EVENTS AFTER THE QUARTER
> On 15 January 2026, Embracer Group announced the appointment of Lee Guinchard as Chief 
Operating Officer and a member of the Executive Management Team. As CEO of Embracer 
Freemode and Middle-earth Enterprises, he has played a central role in the group’s 
development. In his new additional role as Chief Operating Officer of Embracer Group, he will 
bring this expertise to the wider group as the company evolves into Fellowship Entertainment.
> On 4 February 2026, Embracer announced that the nomination committee for the 2026 Annual 
General Meeting has been appointed. The committee comprises Per Fredriksson, appointed 
by Lars Wingefors AB and Chair of the committee; Ola Åhman, appointed by Savvy Gaming 
Group; Magnus Tell, appointed by Alecta; Andreas Wollheim, appointed by SEB Asset 
Management; and Erik Granström, appointed by Folksam.
EMBRACER GROUP AB (PUBL) | OCTOBER-DECEMBER 2025 17
OTHER FINANCIAL
INFORMATION
Tomb Raider: Legacy of Atlantis
Amazon Game Studios | Crystal Dynamics | Flying Wild Hog

===== SIDA 18 =====

SUSTAINABILITY AND GOVERNANCE
SUSTAINABILITY 
During the third quarter, we continued to strengthen our work with data quality, an area that 
has become even more prioritized in light of the new requirements arising from EU directives. 
To ensure a shared understanding and direction, we organized an in-person workshop with 
those responsible for ESG data within our global group. The purpose was to foster 
collaboration, build consensus, and increase engagement around the challenges and 
opportunities we face. We are convinced that this is the right path to meet increased 
regulatory requirements while also generating value for the business.
A particular focus during the period has been the further development of our frameworks and 
processes, so that they are adapted to the new conditions associated with the transformation. 
By involving relevant parts of the organization in the development work, we aim to secure 
engagement and provide the opportunity for direct influence where business decisions are 
made. In this way, we are building a robust structure that not only meets external requirements 
but also strengthens our internal efficiency and ensures that we are working with our most 
material issues, impacts, opportunities, and risks in these areas.
GOVERNANCE
During the quarter, the Group re-launched the annual e-learning within Data Privacy.
EMBRACER GROUP AB (PUBL) | OCTOBER-DECEMBER 2025 18
SUSTANABILITY
AND GOVERNANCE
The Lord of the Rings
Magic The Gathering: Tales of Middle-earth, © & TM Mee under lic. to Wizards of the Coast

===== SIDA 19 =====

ANALYSTS FOLLOWING EMBRACER GROUP
For an updated list of analysts covering Embracer Group, please refer to our website 
embracer.com.
THE SHARE
TOP 20 OWNERS AS OF DECEMBER 31, 2025
Change from 
Sep 30, 2025
Name
Class A 
shares
Class B 
shares
Share of 
capital, %
Share of 
votes, %
Class A and B
shares
1 Lars Wingefors AB 9,000,000 35,857,907  19.61 %  40.63 % —
2 Savvy Gaming Group 16,647,337  7.28 %  5.37 % —
3 DNB Asset Management AS 16,530,606  7.23 %  5.34 % 1,712,441
4 Matthew Karch 12,429,703  5.43 %  4.01 % —
5 Alecta Tjänstepension 6,750,000  2.95 %  2.18 % -500,000
6 Andrey Iones 6,586,275  2.88 %  2.13 % —
7 SEB Funds 5,903,304  2.58 %  1.91 % 33,296
8 Vanguard 5,724,498  2.50 %  1.85 % -104,555
9 Embracer Group AB 5,580,294  2.44 %  1.80 % 4,261,768
10 Norges Bank Investment Management 5,418,946  2.37 %  1.75 % —
11 Carnegie Fonder 5,250,000  2.29 %  1.69 % —
12 DNB Asset Management SA 4,422,819  1.93 %  1.43 % 248,329
13 Första AP-fonden 4,400,000  1.92 %  1.42 % 0
14 Folksam 4,129,709  1.81 %  1.33 % 38,477
15 Canada Pension Plan Investment Board (CPP) 4,080,176  1.78 %  1.32 % —
16 Skandia Fonder 3,728,489  1.63 %  1.20 % 415,013
17 Avanza Pension 3,101,981  1.36 %  1.00 % 1,666,101
18 BlackRock 3,094,924  1.35 %  1.00 % -149,869
19 Handelsbanken Fonder 2,733,492  1.19 %  0.88 % 274,908
20 Randy Pitchford 2,622,662  1.15 %  0.85 % —
TOP 20 9,000,000 154,993,122  71.68 %  79.09 %
OTHERS 0 64,784,843  28.32 %  20.91 %
TOTAL 9,000,000 219,777,965  100.00 %  100.00 %
Source: Monitor by Modular Finance.
Shareholder lists are available on embracer.com and are updated in real time.
INTERNATIONAL OWNERSHIP TOP 50 INSTITUTIONAL
AS OF DECEMBER 31, 2025 BY CAPITAL
Swedish 
Institutions
42.0%
International 
Institutions
58.0%
EMBRACER GROUP AB (PUBL) | OCTOBER-DECEMBER 2025 19
OTHER
INFORMATION

===== SIDA 20 =====

RISKS AND UNCERTAINTY FACTORS
Embracer Group is exposed to risks, particularly the dependence on key persons for the 
success of game development, the sales performance of launched games, dependence on a 
few distributors and the success and performance of acquisitions. The complete risk analysis is 
found in the company’s most recent Annual Report.  Additional significant risks and 
assumptions are described  in Note 2 in this report.
AUDITOR’S REVIEW
This Interim Report has not been subject t o review by the Company's auditor.
FINANCIAL CALENDAR
Full Year Report Q4, January-March 2026 May 20, 2026
Annual Report 2025/26 Week 25, 2026
Interim Report Q1, April-June 2026 August 13, 2026
Annual General Meeting 2026 September 24, 2026
Interim Report Q2, July-September 2026 November 12, 2026
Interim Report Q3, October-December 2026 February 11, 2027
Full Year Report Q4, January-March 2027 May 20, 2027
FOR MORE INFORMATION 
Find more information about the Company at its website: embracer.com 
For any questions on this report, please contact:
Phil Rogers, CEO
phil.rogers@embracer.com
Müge Bouillon, Group CFO
muge.bouillon@embracer.com
Oscar Erixon, Head of Investor Relations
oscar.erixon@embracer.com 
Beatrice Flink Forsgren, Head of Brand & Communication
beatrice.forsgren@embracer.com 
EMBRACER GROUP AB (PUBL) | OCTOBER-DECEMBER 2025 20
OTHER
INFORMATION
Kingdom Come: Deliverance II
Deep Silver | Warhorse Studios

===== SIDA 21 =====

SIGNATURES AND ASSURANCE
The Board of Directors and Chief Executive Officer offer their assurance that this  interim report 
for the third quarter gives a true and fair view of the Group’s and parent company’s operations, 
financial position and results of operations and describes the significant risks and uncertainties 
facing the Group and the parent company.
Karlstad, Sweden, February 12, 2026
Lars Wingefors
Chair of the Board
Kicki Wallje-Lund
Deputy Chair of the Board
Yasmina Brihi
Board member
Bernt Ingman
Board member
Jacob Jonmyren
Board member
Cecilia Qvist
Board member
Brian Ward
Board member
Phil Rogers
CEO
This information is information that Embracer Group AB (publ) is obliged to make public pursuant to the EU Market Abuse 
Regulation 596/2014. The information was submitted for publication, through the agency of the contact persons set out 
above, at 2026-02-12 07:00 CET. The persons above may also be contacted for further information.
This report contains forward-looking statements that reflect the Board of Directors’ and management’s 
current views with respect to certain future events and potential financial performance. Forward-looking 
statements are subject to risks and uncertainties. Results could differ materially from forward-looking statements as a result 
of, among other factors, (i) changes in economic, market and competitive conditions, 
(ii) success of business initiatives, (iii) changes in the regulatory environment and other government actions, 
(iv) fluctuations in exchange rates and (v) business risk management.
This report is based solely on the circumstances at the date of publication and except to the extent required 
under applicable law or applicable marketplace regulations, Embracer Group AB is under no obligation to 
update the information, opinions or forward-looking statements in this report.
EMBRACER GROUP AB (PUBL) | OCTOBER-DECEMBER 2025 21
OTHER
INFORMATION
Ride 6
Milestone | Milestone

===== SIDA 22 =====

CONSOLIDATED STATEMENT OF PROFIT OR LOSS
Amounts in SEK m Note
Oct-Dec
2025
Oct-Dec 
2024
Apr-Dec
2025
Apr-Dec 
2024
Apr 2024-
Mar 2025
Net sales 3 ,4 5,176 6,985 11,975 16,137 21,314
Other operating income 6 426 91 618 314 8,389
Total operating income 5,603 7,076 12,593 16,451 29,703
Work performed by the Company for its own use and capitalized 528 643 1,617 1,980 2,587
Goods for resale -2,316 -2,906 -4,579 -5,149 -6,604
Other external expenses 7 -989 -1,555 -2,619 -4,110 -5,459
Personnel expenses 8 -1,309 -1,671 -3,797 -6,280 -8,107
Depreciation, amortization and impairment -850 -1,049 -2,891 -3,290 -8,684
Other operating expenses 9 -3 -85 -78 -711 -104
Share of profit of an associate after tax 1 1 3 1 -8
Operating profit/loss (EBIT) 663 454 250 -1,107 3,324
Net financial items 10 -87 578 -230 -228 -862
Profit/loss before tax 576 1,032 20 -1,335 2,461
Income tax -99 -227 -40 -263 -115
Profit for the year continuing operations 477 806 -20 -1,598 2,346
Profit from Discontinued operation, net after tax 1) 6 966 192 1,029 23 3,617
Net profit/loss for the period 1,443 997 1,009 -1,575 5,963
Net profit/loss for the period attributable to:
Equity holders of the parent 1,442 996 1,007 -1,576 5,964
Non-controlling interests 1 1 2 1 -1
Earnings per share 2)
Basic earnings per share including Discontinued operation  (SEK) 6.82 4.81 4.81 -7.65 28.88
Diluted earnings per share including Discontinued operation  (SEK) 6.82 4.80 4.81 -7.65 28.87
Basic earnings per share excluding Discontinued operation (SEK) 2.25 3.88 -0.10 -7.76 11.37
Diluted earnings per share excluding Discontinued operation (SEK) 2.25 3.88 -0.10 -7.76 11.36
1)   Excluding non-controlling interests of discontinued operations
2) Recalculated with respect to the reversed split 1:6 carried out on January 15, 2025 as resolved at the extra general meeting on January 7, 2025. Number of shares for previous 
periods have been adjusted.
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
Amounts in SEK m Note
Oct-Dec
2025
Oct-Dec
2024
Apr-Dec
2025
Apr-Dec
2024
Apr 2024-
Mar 2025
Net profit/loss for the period 1,443 997 1,009 -1,575 5,963
Other comprehensive income
Items that may be reclassified to profit or loss (net of tax):
Exchange differences on translation of foreign operations -757 1,659 -1,113 -692 -4,831
Cash flow hedges -2 1 2 -1 -3
Items that will not be reclassified to profit or loss (net of tax):
Remeasurement of defined benefit plans for employees — 0 — 0 -2
Total other comprehensive income for the period, net of tax -759 1,660 -1,111 -694 -4,836
Total comprehensive income for the period, net of tax 684 2,657 -102 -2,269 1,126
Total comprehensive income attributable to:
Equity holders of the parent 683 2,656 -104 -2,270 1,127
Non-controlling interests 1 1 2 1 -1
EMBRACER GROUP AB (PUBL) | OCTOBER-DECEMBER 2025 22

===== SIDA 23 =====

CONSOLIDATED STATEMENT OF FINANCIAL POSITION
Amounts in SEK m Note
Dec 31, 
2025
Dec 31, 
2024
Mar 31, 
2025
ASSETS
Non-current assets
Goodwill 9,686 17,013 12,373
Intangible assets 11,924 16,433 14,312
Property, plant and equipment 455 591 527
Right-of-use assets 471 711 645
Investments in associates 6 262 246
Non-current financial assets 568 493 447
Deferred tax assets 1,629 1,628 1,665
Total non-current assets 24,738 37,131 30,215
Current assets
Inventories 822 1,049 707
Trade receivables 2,581 3,128 2,200
Contract assets 307 208 82
Other receivables 1,185 1,372 1,351
Prepaid expenses 295 383 481
Current investments — — 0
Cash and cash equivalents 4,876 3,041 7,097
Total current assets 10,065 9,181 11,919
Assets held for sale or distribution 6 — 43,549 —
TOTAL ASSETS 34,803 89,861 42,134
CONT.>>
EMBRACER GROUP AB (PUBL) | OCTOBER-DECEMBER 2025 23

===== SIDA 24 =====

>>CONTINUED
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
Amounts in SEK m Note
Dec 31, 
2025
Dec 31, 
2024
Mar 31, 
2025
EQUITY AND LIABILITIES
Equity
Share capital 2 2 2
Other contributed capital 61,887 61,836 62,061
Reserves -121 5,133 990
Retained earnings, including net profit/loss -35,733 -16,256 -31,921
Total equity attributable to equity holders of the parent 26,035 50,715 31,133
Non-controlling interests 36 903 64
Total equity 26,071 51,618 31,196
Non-current liabilities
Liabilities to credit institutions 1,108 5,883 1,119
Other non-current liabilities 192 175 103
Lease liabilities 337 489 438
Other provisions 185 39 186
Contingent considerations 5 368 1,505 822
Non-current employee benefits 4 3 5
Non-current liabilities to employees related to historical acquisitions 5 50 755 679
Deferred tax liabilities 717 1,450 1,226
Total non-current liabilities 2,962 10,300 4,578
Current liabilities
Liabilities to credit institutions 901 589 545
Advances from customers 82 122 158
Trade payables 1,505 1,964 1,207
Lease liabilities 166 267 249
Contract liabilities 605 1,019 1,023
Contingent considerations 5 104 303 495
Tax liabilities 176 377 365
Current liabilities to employees related to historical acquisitions 5 246 101 164
Other current liabilities 496 471 498
Accrued expenses 1,489 2,136 1,656
Total current liabilities 5,771 7,348 6,360
Liabilities directly associated with assets classified as held for sale or distribution 6 — 20,596 —
TOTAL EQUITY AND LIABILITIES 34,803 89,861 42,134
EMBRACER GROUP AB (PUBL) | OCTOBER-DECEMBER 2025 24

===== SIDA 25 =====

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
Equity attributable to equity holders of the parent
Amounts in SEK m
Share 
capital
Other 
contributed 
capital Reserves1)
Retained earnings 
including profit 
for the period
Total equity 
attributable to 
equity holders 
of the parent
Non-
controlling 
interests Total equity
Opening balance 2024-04-01 2 60,932 5,826 -14,341 52,419 64 52,482
Net profit/loss — — — -1,576 -1,576 1 -1,575
Other comprehensive income — — -694 — -694 0 -694
Total comprehensive income for the period — — -694 -1,576 -2,270 1 -2,269
Transactions with the owners
New share issue 0 268 — — 268 — 268
Share-based remuneration according to IFRS 2 — 637 — — 637 — 637
Transactions with non-controlling interests — — — -339 -339 1,332 994
Dividend to non-controlling interests — — — — — -495 -495
Total 0 905 — -339 566 837 1,404
Closing balance 2024-12-31 2 61,836 5,133 -16,256 50,715 903 51,618
Opening balance 2025-04-01 2 62,061 990 -31,921 31,133 64 31,196
Net profit/loss — — — 1,007 1,007 2 1,009
Other comprehensive income — — -1,111 — -1,111 0 -1,111
Total comprehensive income for the period — — -1,111 1,007 -104 2 -102
Transactions with the owners
New share issue 0 389 — — 389 — 389
Share-based remuneration according to IFRS 2 — -64 — — -64 — -64
Repurchase of own shares — -500 — — -500 — -500
Dividend — — — -4,819 -4,819 — -4,819
Transactions with non-controlling interests — — — 0 — -30 -30
Total 0 -174 — -4,820 -4,994 -30 -5,023
Closing balance 2025-12-31 2 61,887 -121 -35,733 26,035 36 26,071
1) Includes currency translation difference and cash flow hedge reserve as well as revaluation of defined benefit plans to employees.
EMBRACER GROUP AB (PUBL) | OCTOBER-DECEMBER 2025 25

===== SIDA 26 =====

CONSOLIDATED CASH FLOW STATEMENT
Amounts in SEK m 2)
Oct-Dec
2025
Oct-Dec 
2024
Apr-Dec
2025
Apr-Dec 
2024
Apr 2024-
Mar 2025
Operating activities
Profit/loss before tax 576 1,032 20 -1,335 2,461
Adjustments for non-cash items, etc. 391 292 2,141 3,715 1,447
Income tax paid -71 -186 -361 -628 -701
Cash flow from operating activities before changes in working capital 896 1,138 1,800 1,752 3,207
Cash flow from changes in working capital
Change in inventories 58 114 -152 -126 5
Change in operating receivables -1,147 -951 -630 -826 237
Change in operating liabilities 636 1,173 -6 378 -788
Cash flow from operating activities 443 1,474 1,011 1,178 2,660
Investing activities
Acquisition of property, plant and equipment -24 -28 -68 -104 -123
Proceeds from sales of property, plant and equipment 16 3 16 3 4
Acquisition of intangible assets -763 -841 -2,269 -2,624 -3,415
Proceeds from sales of intangible assets — 4 6 21 26
Acquisition of subsidiaries, net of cash acquired 1) -316 -379 -374 -684 -702
Divestment of subsidiaries, net of cash divested 219 -22 157 5,866 18,497
Acquisition of financial assets — 95 -44 -31 -47
Proceeds from sales of financial assets — 1 0 7 6
Cash flow from investing activities -868 -1,167 -2,574 2,454 14,246
Financing activities
Repurchase of own shares -428 — -500 — —
Proceeds from borrowings 481 343 1,493 6,884 7,272
Received dividend — — — 9,885 9,885
Payments received from and given to discontinued operations -470 190 -272 448 -4,118
Repayment of loans -288 -511 -1,102 -19,680 -24,763
Payment of lease liabilities -61 -78 -195 -243 -316
Cash flow from financing activities -766 -56 -576 -2,706 -12,041
Total cash flow, Continuing operations -1,191 251 -2,139 926 4,866
Total cash flow, Discontinued operations 495 654 495 607 5,274
Total cash flow, total Group -696 905 -1,644 1,534 10,141
Cash and cash equivalents at the beginning of period 6,127 4,052 7,097 3,507 3,507
Exchange-rate differences in cash and cash equivalents -22 92 -45 9 -95
Cash and cash equivalents in Discontinued operations -533 -1,836 -533 -1,836 -6,491
Cash and cash equivalents at the end of period 4,876 3,213 4,876 3,214 7,061
1) The change in the quarter refers to historical acquisitions.
2) The total cash flow for discontinued operations is presented as a separate row in the cash flow statement. Details are disclosed in note 6. 
EMBRACER GROUP AB (PUBL) | OCTOBER-DECEMBER 2025 26

===== SIDA 27 =====

NOTES
NOTE 1 MATERIAL ACCOUNTING PRINCIPLES
This interim report comprises of the Swedish parent company 
Embracer Group AB (publ) (“Embracer”), with corporate 
registration number 556582-6558, and its subsidiaries. The 
Group conducts management and development of intellectual 
property rights, development and publishing of PC games, 
console games, mobile games and VR games and has partner 
publishing and niche positions in film and comic book 
publishing. The parent company is a limited liability company 
with its registered office in Karlstad, Sweden . The address of the 
head office is Tullhusgata n 1B, 652 09 Karlstad, Sweden.
The Group’s interim financial statements have been prepared in 
accordance with IAS 34 Interim Financial Reporting and 
applicable parts of the Swedish Annual Accounts Act 
(1995:1554). For the parent company, the interim report has 
been prepared in compliance with the Swedish Annual 
Accounts Act and Recommendation RFR 2 Accounting for Legal 
Entities.
For the Group, the same accounting policies and methods of 
computation have been applied as in the Annual Report for FY 
2024/25, with additions described below . A complete 
description of the Group’s applied accounting policies can be 
found in Note 1 as well as separate sections in the respective 
notes in the Annual Report for  FY 2024/25. For the parent 
company’s applied accounting policies, see Note P1.
Disclosures in accordance with IAS 34.16A appear in addition to 
the financial statements and its related notes in the interim 
information on page 27-36 that from an integral part of this 
financial report.
All amounts are presented in million Swedish kronor (”SEK m”), 
unless otherwise indicated. Rounding differences may occur.
Accounting principles - Repurchase of own shares
Expenditure for the purchase of own shares reduces retained 
earnings in equity in the Parent company and the portion of 
consolidated equity that pertains to owners of the Parent 
company. If these shares are sold, the sales proceeds are 
included in retained earnings in the equity pertaining to owners 
of the Parent company.
NOTE 2 SIGNIFICANT ESTIMATES AND ASSUMPTIONS
When preparing the financial statements, management and the 
Board of Directors must make certain assessments and 
assumptions that impact the carrying amount of asset and 
liability items and revenue and expense items, as well as other 
provided information. 
Actual outcome may differ from the estimates if the estimates or 
circumstances change. The key estimates and assumptions 
made when preparing the interim report correspond to the ones 
described in Note 2 as well as separate sections in the 
respective notes in the Annual Report for FY 2024/25. 
EMBRACER GROUP AB (PUBL) | OCTOBER-DECEMBER 2025 27

===== SIDA 28 =====

NOTE 3 OPERATING SEGMENTS
For accounting and monitoring, the Group has divided its 
operations into three operating segments based on how the 
chief operating decision maker reviews the operations for 
allocation of resources and assessment of performance. 
Embracer’s CEO is identified as the Group’s chief operating 
decision maker (CODM). The division of operating segments is 
based on differences in the goods and services that Embracer 
offers.
PC/Console Games  - This part of the business conducts 
development and publishing of premium games for PC and 
console.
Mobile Games  - This part of the business conducts 
development and publishing of mobile games.
Entertainment & Services - This part of the business is engaged 
in development, publishing and distribution of comic books, 
conducts wholesale of publishing titles of games for console 
and PC as well as films, conducts publishing and external 
distribution of films and TV-series and produce and distribute 
merchandise.
The CODM primarily uses the performance measure Adjusted 
EBIT to assess the operating segments’ performance. The 
CODM does not follow up on the assets and liabilities of the 
segments for allocation of resources or assessment of 
performance. 
The same accounting principles are used for the segments as 
for the Group.
Oct-Dec
2025
PC/Console 
Games
Mobile 
Games
Entertainment 
& Services
Total 
segments Eliminations Corporate
Group 
total
Revenue from external customers 1,989 566 2,621 5,176 – – 5,176
Revenue from transactions with other 
operating segment 18 9 13 40 -40 – –
Total revenue 2,007 575 2,634 5,216 -40 – 5,176
Adjusted EBIT 252 80 252 584 – -56 528
Amortization of surplus values of acquired 
intangible assets -50 -50 -61 -162 – – -162
Personnel costs related to acquisitions -5 -13 -1 -20 – – -20
Items affecting comparability 312 -5 25 331 – -15 316
EBIT 509 11 214 734 – -71 663
Net financial items -87
Profit/loss before tax 576
Oct-Dec
2024
PC/Console 
Games
Mobile 
Games
Entertainment 
& Services
Total 
segments Eliminations Corporate
Group 
total
Revenue from external customers 2,223 1,669 3,093 6,985 – – 6,985
Revenue from transactions with other 
operating segment 3 12 8 23 -23 – –
Total revenue 2,226 1,681 3,101 7,008 -23 – 6,985
Adjusted EBIT 324 400 284 1,008 – -60 948
Amortization of surplus values of acquired 
intangible assets -90 -95 -89 -275 – – -275
Personnel costs related to acquisitions -58 -63 -1 -122 – – -122
Items affecting comparability -97 – – -97 – 1 -96
EBIT 78 242 194 513 – -59 454
Net financial items 578
Profit/loss before tax 1,032
Apr-Dec
2025
PC/Console 
Games
Mobile 
Games
Entertainment 
& Services
Total 
segments Eliminations Corporate
Group 
total
Revenue from external customers 5,078 1,621 5,277 11,975 – – 11,975
Revenue from transactions with other 
operating segment 23 36 24 82 -82 – –
Total revenue 5,100 1,656 5,300 12,057 -82 – 11,975
Adjusted EBIT 183 197 334 715 – -169 545
Amortization of surplus values of acquired 
intangible assets -169 -162 -195 -526 – – -526
Personnel costs related to acquisitions 9 139 -1 147 – – 147
Items affecting comparability 135 -5 -26 103 – -19 84
EBIT 158 169 112 438 – -188 250
Net financial items -230
Profit/loss before tax 20
CONT. >>
EMBRACER GROUP AB (PUBL) | OCTOBER-DECEMBER 2025 28

===== SIDA 29 =====

>> NOTE 3 CONTINUED
Apr-Dec
2024
PC/Console 
Games
Mobile 
Games
Entertainment 
& Services
Total 
segments Eliminations Corporate
Group 
total
Revenue from external customers 6,534 4,415 5,188 16,137 – – 16,137
Revenue from transactions with other 
operating segment 14 24 25 63 -63 – –
Total revenue 6,548 4,439 5,213 16,200 -63 – 16,137
Adjusted EBIT 392 1,292 292 1,976 – -180 1,796
Amortization of surplus values of acquired 
intangible assets -322 -309 -267 -898 – – -898
Personnel costs related to acquisitions -1,097 -147 -11 -1,255 – – -1,255
Remeasurement of contingent consideration 4 – – 4 – – 4
Items affecting comparability -755 – – -755 – 1 -754
EBIT -1,778 837 13 -928 – -179 -1,107
Net financial items -228
Profit/loss before tax -1,335
Apr 2024-
Mar 2025
PC/Console 
Games
Mobile 
Games
Entertainment 
& Services
Total 
segments Eliminations Corporate
Group 
total
Revenue from external customers 9,394 5,359 6,561 21,314 – – 21,314
Revenue from transactions with other 
operating segment 21 40 35 95 -95 – –
Total revenue 9,415 5,398 6,596 21,409 -95 – 21,314
Adjusted EBIT 1,341 1,383 324 3,049 – -256 2,793
Amortization of surplus values of acquired 
intangible assets -408 -371 -356 -1,135 – – -1,135
Personnel costs related to acquisitions -1,189 -335 -18 -1,542 – – -1,542
Remeasurement of contingent consideration 4 – – 4 – – 4
Items affecting comparability -3,815 8,424 -1,047 3,562 – -358 3,204
EBIT -4,067 9,101 -1,096 3,938 – -614 3,324
Net financial items -862
Profit/loss before tax 2,461
EMBRACER GROUP AB (PUBL) | OCTOBER-DECEMBER 2025 29

===== SIDA 30 =====

NOTE 4 REVENUE FROM CONTRACTS WITH CUSTOMERS
Oct-Dec
2025
PC/Console 
Games
Mobile 
Games
Entertainment 
& Services
Group
 total
Type of products
Digital products 1,345 566 127 2,038
Physical products 185 – 2,348 2,533
Other 1) 459 – 146 605
Revenue from contracts with customers 1,989 566 2,621 5,176
Oct-Dec
2024
PC/Console 
Games
Mobile 
Games
Entertainment 
& Services
Group
 total
Type of products
Digital products 1,318 1,667 564 3,549
Physical products 309 – 2,416 2,725
Other 1) 596 2 114 711
Revenue from contracts with customers 2,223 1,669 3,093 6,985
Apr-Dec
2025
PC/Console 
Games
Mobile 
Games
Entertainment 
& Services 2)
Group
 total
Type of products
Digital products 3,229 1,621 316 5,167
Physical products 349 – 4,591 4,939
Other 1) 1,500 – 370 1,869
Revenue from contracts with customers 5,078 1,621 5,277 11,975
Apr-Dec
2024
PC/Console 
Games
Mobile 
Games
Entertainment 
& Services
Group
 total
Type of products
Digital products 3,782 4,404 864 9,049
Physical products 707 – 4,083 4,790
Other 1) 2,045 12 242 2,298
Revenue from contracts with customers 6,534 4,415 5,188 16,137
Apr 2024-
Mar 2025
PC/Console 
Games
Mobile 
Games
Entertainment 
& Services
Group
 total
Type of products
Digital products 5,916 5,347 1,083 12,346
Physical products 903 – 5,144 6,046
Other 1) 2,576 12 334 2,922
Revenue from contracts with customers 9,394 5,359 6,561 21,314
1) See Operating segment, page 6-10
2) A correction is made of the Q1 figures 2025 with a reclassification from Digital to Physical sales.
In add ition to the breakdown by revenue from contracts with customers for PC/Console Games, Mobile Games and Entertainment & 
Services, Embracer also monitor PC/Console in categories below:
PC/Console Games
Oct-Dec
2025
Oct-Dec
2024
Apr-Dec
2025
Apr-Dec 
2024
Apr 2024-
Mar 2025
IP-rights
Owned titles 1,437 1,361 3,535 3,701 5,912
Publishing titles 552 862 1,542 2,833 3,482
Total 1,989 2,223 5,078 6,534 9,394
New releases 228 183 513 530 1,906
Back catalog 1,302 1,444 3,065 3,960 4,913
Other 459 596 1,500 2,045 2,576
Total 1,989 2,223 5,078 6,534 9,394
EMBRACER GROUP AB (PUBL) | OCTOBER-DECEMBER 2025 30

===== SIDA 31 =====

NOTE 5 FINANCIAL INSTRUMENT
Reclassification of the assets & liabilities under IFRS 5 has been 
returned to the balances in Note 5. The balances are, therefore, 
not affected by this reclassification as it does not have an effect 
before completion of the transactions.
Fair value measurement
Fair value is the price that would be received to sell an asset or 
paid to transfer a liability in an orderly transaction between 
market participants at the measurement date. The table below 
presents financial instruments measured at fair value based on 
the classification in the fair value hierarchy. The different levels 
are defined as follows:
Level 1  - Quoted (unadjusted) market prices for identical assets 
or liabilities in active markets.
Level 2  - Inputs other than quoted prices in level 1 that are 
observable for the asset or liability, either directly (i.e. price 
quotations) or indirectly (i.e. derived from price quotations). 
Level 3  - Input data for the asset or liability which is not based 
on observable market data (i.e. unobservable input data).
Financial assets measured at fair value
Financial assets measured at fair 
value as of December 31, 2025 Level 1 Level 2 Level 3 Total
Current investments 112 — — 112
Financial assets measured at fair 
value as of December 31, 2024 Level 1 Level 2 Level 3 Total
Current investments 45 — — 45
Financial assets measured at fair 
value as of March 31, 2025 Level 1 Level 2 Level 3 Total
Current investments 50 — — 50
Financial liabilities measured at fair value  
Financial liabilities measured at 
fair value as of December 31, 2025 Level 1 Level 2 Level 3 Total
Contingent consideration — — 472 472
Liabilities to employees related 
to historical acquisitions — — 297 297
Financial liabilities measured at 
fair value as of December 31, 2024 Level 1 Level 2 Level 3 Total
Contingent consideration — — 1,808 1,808
Liabilities to employees related 
to historical acquisitions — — 855 855
Financial liabilities measured at 
fair value as of March 31, 2025 Level 1 Level 2 Level 3 Total
Contingent consideration — — 1,317 1,317
Liabilities to employees related 
to historical acquisitions — — 843 843
Current receivables and current liabilities
For current receivables and liabilities, such as trade receivables 
and trade payables and for liabilities to credit institutions (long-
and short-term) and with variable interest rate, the carrying 
amount is considered to be a good approximation of the fair 
value.
Contingent consideration
The fair value of contingent considerations has been calculated 
based on expected outcome of financial and operational targets 
for each individual agreement. The estimated expected 
settlement will vary over time depending on, among other 
things, the degree of fulfillment of the conditions for the 
contingent considerations, the development of certain 
exchange rates against the Swedish krona and the interest rate 
environment. Contingent considerations to be settled with 
shares are also dependent on the development of Embracer’s 
share price.
Contingent considerations classified as financial liabilities are 
measured at fair value by discounting expected cash flows at a 
risk-adjusted discount rate of 1.8%-12.1%. Measurement is 
therefore in accordance with Level 3 in the fair value hierarchy. 
Significant unobservable input data consists of forecasted 
turnover and a risk-adjusted discount rate as well operational 
targets.
Contingent considerations
Apr-Dec
2025
Apr-Dec
2024
Apr 2024-
Mar 2025
Opening balance 2,264 3,935 3,935
Payment - shares to be issued -360 -79 -79
Payment - clawback shares -416 -459 -565
Payment - cash -377 -225 -243
FX effects 18 34 -85
Reclassifications -195 — —
Disposals/divestments -21 -252 -252
Change in fair value recognized in 
consolidated statement of profit or loss -137 -94 -447
Closing balance 776 2,860 2,264
Given the contingent considerations recognized at the end of 
the reporting period, a higher discount factor of 1.5 percentage 
points will have an impact on the fair value of SEK -41 million and 
a lower discount factor of 1.5 percentage points will have an 
impact with SEK 44 million.
CONT. >>
EMBRACER GROUP AB (PUBL) | OCTOBER-DECEMBER 2025 31

===== SIDA 32 =====

>> NOTE 5 CONTINUED
The Group´s contingent considerations will be settled in cash or with issued shares. As at December 31, 2025 , the contingent 
considerations are expected to be settled according to the table below.
Contingent consideration 
classified as financial liability Total contingent 
consideration 
classified as 
financial liability
Contingent consideration
 classified as equity
Total contingent 
considerationExpected settlement
Cash 
settlement
Newly 
issued shares
Newly 
issued shares
Total 398 74 472 304 776
As of December 31, 2025
Classified as 
financial liability
Of which
already issued
Classified as 
equity
Of which
already issued
Maximum number of shares related to contingent consideration 2,675,543 1,187,196 769,216 699,216
Liabilities to employees  related to historical acquisition s
Liabilities to employees related to historical acquisitions refers to part of the purchase price in historical acquisitions which according 
to IFRS is classified as personnel debt. Fair value for liabilities to em ployees related to historical acquisitions has been calculated 
based on expected outcome of financial and operational targets for each individual agreement. The estimated expected settlement will 
vary over time depending on, among other things, the degree of fulfillment of the conditions.
Liabilities to employees related to historical acquisitions
Apr-Dec
2025
Apr-Dec
2024
Apr 2024-
Mar 2025
Opening balance 843 1,434 1,434
Accrual of personnel cost in consolidated statement of profit or loss -196 309 395
Payment - cash after the acquisition day -311 -1,264 -1,294
Change in fair value recognized in consolidated statement of profit or loss 5 31 32
Reclassifications 27 -386 —
Disposals/divestments -49 713 317
FX-effects -23 19 -41
Closing balance 297 855 843
As of December 31, 2025 , the Group’s liabilities to employees related to historical acquisitions will be settled in cash.
EMBRACER GROUP AB (PUBL) | OCTOBER-DECEMBER 2025 32

===== SIDA 33 =====

NOTE 6 ASSETS (DISPOSAL GROUPS) HELD FOR SALE OR DISTRIBUTION
Divestment of group companies
During Q3 FY 2025/26 agreements were entered into to divest Arc Games, Cryptic Studios and Lost Boys Interactive. All transactions 
were closed in December 2025. Below table presents the effect in the quarter from divestments of subsidiaries and includes purchase 
price adjustments for divestments closed in previous quarters. 
Oct-Dec 2025
Divestment of entities Total
Total consideration 337
Carrying amount of net assets sold 294
Gain (loss) on sale before income tax and reclassification of foreign currency translation reserve 43
Reclassification of foreign currency translation reserve 307
Income tax expense on gain —
Gain (loss) on sale after income tax 350
Net cash consideration received 368
Less: Cash and cash equivalents in divested companies -149
Impact on the Groups' cash and cash equivalents 219
The net gain is recognized as Other operating income in the consolidated statement of profit or loss.
The carrying amount of the assets and liabilities at the date of each sale were:
Oct-Dec 2025
Assets and liabilities included in the sale Total
Intangible assets 198
Property, plant and equipment 9
Right-of-use assets 16
Other non-current financial assets 21
Trade receivables 28
Other current assets 89
Cash and cash equivalents 149
Total assets 510
Lease liabilities -15
Trade payables -10
Other liabilities -191
Total liabilities -216
Net assets 294
CONT. >>
EMBRACER GROUP AB (PUBL) | OCTOBER-DECEMBER 2025 33

===== SIDA 34 =====

NOTE 6 CONTINUED
IFRS 5 Non-current Assets Held for Sale and Discontinued Operations
Distribution to owners
At an extra general meeting held 3 November 2025 the formal 
decision to distribute all shares in Coffee Stain Group AB to the 
shareholders in Embracer was taken. In December the 
shareholders received one Coffee Stain share for each 
Embracer share. Coffee Stain Group was listed on Nasdaq First 
North Premier Growth Market in Stockholm on 11 December 
2025, with an opening price of SEK 26.62 per share. The 
amounts for continuing and discontinued operations in the 
consolidated financial statements are presented after 
elimination of intragroup transactions and balances unless the 
similar types of transactions and balances are expected to 
continue also after the disposal. The continuing operations 
within PC/Console Games will continue to perform development 
services towards Coffee Stain Group after the distribution.
At the distribution of the Coffee Stain shares, Embracer 
recognized a capital gain of SEK 861 million w ithin discontinued 
operations. The gain represents the difference between Coffee 
Stains fair value and the carrying amount of Coffee Stain's net 
assets at the time of the distribution. As part of the distribution 
all historical translation differences allocated to Coffee Stain 
Group, a mounting to SEK 0 million have been recycled to the 
income statement as Profit for discontinued operations.
Assets and liabilities included in disposal groups held for sale or distribution as of December 31, 
2025
Apr-Dec
2025
Apr-Dec 
2024 1)
Apr 2024-
Mar 2025
Goodwill — 14,255 —
Intangible assets — 19,553 —
Property, plant and equipment — 272 —
Right-of-use assets — 667 —
Other non-current assets — 45 —
Inventories — 2,288 —
Other current assets — 4,461 —
Cash and cash equivalents — 2,008 —
Total assets included in disposal group held for sale or distribution — 43,549 —
Non-current interest-bearing liabilities — -12,805 —
Non-current non-interest-bearing liabilities — -4,045 —
Current interest-bearing liabilities — -76 —
Current non-interest-bearing liabilities — -3,669 —
Total liabilities included in disposal group held for sale or distribution — -20,596 —
Net assets — 22,953 —
1) During the last financial year Embracer assessed that the former operating segment Tabletop (Asmodee) qualified as discontinued operation and during the last financial year 
Asmodee was distributed to the shareholders in Embracer. 
CONT. >>
EMBRACER GROUP AB (PUBL) | OCTOBER-DECEMBER 2025 34

===== SIDA 35 =====

NOTE 6 CONTINUED
Income statement for Discontinued operations
Oct-Dec
2025
Oct-Dec
2024
Apr-Dec
2025
Apr-Dec
2024
Apr 2024-
Mar 2025
Net sales 162 5,319 568 12,667 14,158
Other operating income 1 7 1 7 6
Total operating income 163 5,326 569 12,674 14,164
Work performed by the Company for its own use and capitalized 18 49 84 217 272
Goods for resale -15 -2,901 -60 -7,059 -7,940
Other external expenses -13 -904 -70 -1,749 -1,896
Personnel expenses -35 -646 -153 -1,799 -2,039
Depreciation, amortization and impairment 0 -369 -163 -1,146 -1,411
Other operating expenses 0 2 -8 -12 -12
Share of profit of an associate 1 6 2 29 32
Operating profit (EBIT) 120 563 202 1,153 1,170
Net financial items 0 -250 -24 -711 -925
Profit before tax 120 313 178 442 245
Income tax -11 -120 -6 -431 -364
Profit from operations 108 194 172 11 -119
Profit (Loss) on remeasurements to fair value
Profit from dividend of operations 861 — 861 — 2,611
Reclassification of foreign currency translation reserve — — — — 1,112
Net profit for the period, discontinued operations 969 194 1,033 11 3,605
Net profit/loss for the period attributable to:
Equity holders of the parent 966 192 1,029 23 3,617
Non-controlling interests 4 1 4 -13 -13
Cash flow statement for Discontinued operations
Oct-Dec
2025
Oct-Dec
2024
Apr-Dec
2025
Apr-Dec
2024
Apr 2024-
Mar 2025
Cash flow from operating activities 58 1,009 352 1,573 1,720
Cash flow from investing activities -29 -105 -117 -392 -455
Cash flow from financing activities 466 -250 260 -574 4,010
Cash flow for the period 495 654 495 607 5,274
EMBRACER GROUP AB (PUBL) | OCTOBER-DECEMBER 2025 35

===== SIDA 36 =====

NOTE 7 RELATED PARTY TRANSACTIONS
Related party transaction Related party
Oct-Dec 
2025
Oct-Dec 
2024
Apr-Dec 
2025
Apr-Dec 
2024
Apr 2024-
Mar 2025
Consulting service Logvreten AB 1) (supplier) 0 0 0 -1 -1
Transportation services Sola Service i Karlstad AB 2) (supplier) -3 -6 -9 -13 -17
Transportation services Sola Air AB 2) (supplier) 0 – 0 – –
Transportation services Empterwik Special Services Ltd 2) 
(supplier)
-5 -6 -15 -16 -22
Sale of goods/services Bröderna Wingefors AB 2) (supplier) – – – 0 0
Rent income Lars Wingefors AB 3) (purchaser) 0 – 0 – –
Consulting service LW Comics 2) (supplier) 0 0 0 0 0
Total -8 -11 -24 -30 -40
1) Kicki Walje-Lund has controlling influence over the company
2) The company is part of Lars Wingefors AB
3) Lars Wingefors AB is owned by Lars Wingefors, Erik Stenberg, Mikael Brodén, Klemens Kreuzer, Reinhard Pollice and Jacob Jonmyren.
NOTE 8 PERSONNEL EXPENSES
SEK m
Oct-Dec
2025
Oct-Dec
2024
Apr-Dec
2025
Apr-Dec
2024
Apr 2024-
Mar 2025
Personnel expenses -1,291 -1,577 -3,924 -5,037 -6,550
Personnel costs related to acquisitions - Excluding FX gain/loss 1) -19 -93 127 -1,243 -1,558
Total -1,309 -1,671 -3,797 -6,280 -8,107
1) Personnel costs related to acquisitions has a positive effect in Apr-Dec 2025 due to several changes related to estimations of fulfillment degree and timing of such fulfillment. 
NOTE 9 OTHER OPERATING EXPENSES
SEK m
Oct-Dec
2025
Oct-Dec
2024
Apr-Dec
2025
Apr-Dec
2024
Apr 2024-
Mar 2025
Other operating expenses -3 14 -78 9 -104
Divestment of subsidiaries — -87 — -707 0
Total -3 -85 -78 -711 -104
NOTE 10 NET FINANCIAL ITEMS
SEK m
Oct-Dec
2025
Oct-Dec
2024
Apr-Dec
2025
Apr-Dec
2024
Apr 2024-
Mar 2025
Interest income and other financial income 22 23 95 70 121
Interest expense and other financial expense -39 -131 -108 -553 -645
Sum -17 -108 -13 -483 -524
Change in fair value financial assets and liabilities -65 86 151 93 489
Interest deferred consideration — — — -9 -9
Realized and unrealized exchange rate gains/losses -5 600 -369 171 -818
Total financial net -87 578 -230 -228 -862
EMBRACER GROUP AB (PUBL) | OCTOBER-DECEMBER 2025 36

===== SIDA 37 =====

PARENT COMPANY’S INCOME STATEMENT
Amounts in SEK m Note
Oct-Dec
2025
Oct-Dec
2024
Apr-Dec
2025
Apr-Dec
2024
Apr 2024-
Mar 2025
Net sales 48 21 121 64 87
Other operating income 166 0 166 1 2
Total operating income 214 21 287 64 89
Operating expenses
Other external expenses -37 -35 -101 -105 -139
Personnel expenses -59 -35 -153 -100 -135
Depreciation, amortization and impairment of 
property, plant and equipment and intangible assets -1 -1 -3 -3 -4
Other operating expenses P2 -5 0 -3 -293 -389
Operating profit/loss 113 -51 28 -436 -578
Net financial items P3 -1,844 663 -1,826 -52 -2,570
Profit/loss after financial items -1,731 611 -1,798 -488 -3,148
Appropriations 154 290 49 78 52
Profit/loss before tax -1,578 902 -1,749 -410 -3,096
Income tax -7 -136 21 -14 95
Net profit/loss for the period -1,585 766 -1,728 -424 -3,001
Net profit/loss for the period in the parent company corresponds to the periods comprehensive income.
EMBRACER GROUP AB (PUBL) | OCTOBER-DECEMBER 2025 37

===== SIDA 38 =====

PARENT COMPANY BALANCE SHEET
Amounts in SEK m Dec 31, 2025 Dec 31, 2024 Mar 31, 2025
ASSETS
Non-current assets
Intangible assets 1 3 3
Tangible assets 3 5 5
Shares in group companies 13,958 38,877 15,258
Receivables from group companies 7,177 18,257 12,100
Other financial assets 160 59 95
Deferred tax assets 205 93 181
Total financial assets 21,501 57,286 27,634
Total non-current assets 21,504 57,294 27,642
Current assets
Receivables from group companies 6,786 3,588 3,096
Trade receivables 0 0 0
Other receivables 188 320 269
Prepaid expenses and accrued income 25 53 62
6,998 3,962 3,427
Cash and cash equivalents 3,665 1,281 5,648
Total current assets 10,663 5,242 9,075
TOTAL ASSETS 32,168 62,537 36,716
EQUITY AND LIABILITIES
Restricted equity 2 2 2
Unrestricted equity 23,530 54,642 27,751
Total equity 23,532 54,644 27,752
Untaxed reserves 270 171 270
Provisions 72 97 101
Long-term liabilities
Liabilities to credit institutions — 3,979 —
Liabilities to Group companies 1,177 1,220 1,220
Other long-term liabilities — 28 —
Total long-term liabilities 1,177 5,227 1,220
Current liabilities
Trade payables 13 35 30
Liabilities to group companies 7,021 2,152 7,231
Tax liabilities 48 58 70
Other current liabilities 4 78 4
Accrued expenses and prepaid income 28 75 38
Total current liabilities 7,116 2,397 7,372
TOTAL EQUITY AND LIABILITIES 32,168 62,537 36,716
Tax liabilities includes SEK 89 million in booked top-up tax according to Pillar 2 and has also been offset against tax receivables even 
though it is likely to be paid later than within 12 months.
EMBRACER GROUP AB (PUBL) | OCTOBER-DECEMBER 2025 38

===== SIDA 39 =====

NOTE P1 THE PARENT COMPANY'S MATERIAL ACCOUNTING PRINCIPLES
The year-end report for the parent company has been prepared 
in accordance with Chapter 9 of the Annual Accounts Act, 
Interim reports, and RFR 2 Accounting for legal entities. The 
same accounting principles, basis for calculations and 
assessments have been applied as applied in the Annual Report 
for FY 2024/25, with additions described below. For further 
description of the parent company´s applied accounting 
principles, see Note P1 in the Annual Report for FY 2024/25.
Accounting principles - Repurchase of own shares
Expenditure for the purchase of own shares reduces retained 
earnings in unrestricted equity in the Parent company. If these 
shares are sold, the sales proceeds are included in retained 
earnings in the equity pertaining to owners of the Parent 
company.
NOTE P2 OTHER OPERATING EXPENSES
SEK m
Oct-Dec
2025
Oct-Dec
2024
Apr-Dec
2025
Apr-Dec
2024
Apr 2024-
Mar 2025
Other operating expenses -5 0 -3 -263 -363
Loss sale of subsidiaries – – – -30 -26
Total -5 0 -3 -293 -389
NOTE P3 NET FINANCIAL ITEMS
SEK m
Oct-Dec
2025
Oct-Dec         
2024
Apr-Dec
2025
Apr-Dec
2024
Apr 2024-
Mar 2025
Dividend 137 296 137 10,184 12,923
Interest income 160 239 555 734 960
Interest expense -81 -87 -250 -396 -527
Other financial items 29 -29 -1 -133 -126
FX effects -96 247 -223 42 -432
Write-down subsidiaries -1,993 — -2,046 -10,500 -15,452
Expected credit loss — -3 2 18 85
Total -1,844 663 -1,825 -52 -2,570
EMBRACER GROUP AB (PUBL) | OCTOBER-DECEMBER 2025 39

===== SIDA 40 =====

DEFINITIONS OF ALTERNATIVE PERFORMANCE MEASURES (APMs) 
In accordance with the guidelines from ESMA (European Securities and Markets Authority), 
regarding the disclosure of alternative performance measures, the definition and reconciliation 
of Embracer’s alternative performance measures are presented below. The guidelines entail 
increased disclosures regarding the financial measures that are not defined by IFRS. The 
performance measures presented below are reported in this report. They are used for internal 
control and follow-up. Since not all companies calculate financial measures in the same way, 
these are not always comparable to measures used by other companies.
One impo rtant part of Embracer’s strategy is to pursue inorganic growth opportunities through 
acquisitions. Thereby expanding the ecosystem to include more entrepreneurs within the 
gaming and entertainment markets. An acquisitive strategy is associated with certain complexity 
in terms of accounting for business combinations. The board and management of Embracer 
believes that it is important to separate the operational performance of the business from the 
acquisition part. Certain APM’s are used to accomplish and give internal and external 
stakeholders the best picture of the underlying operational performance of the business, by the 
measurement of performance excluding specific items related to historical acquisitions and 
items affecting comparability. The individual APMs, definitions, purpose are described more in 
detail below.
Name Definition Reason for Use
Adjusted Earnings 
per share
Net profit for the period excluding specific items related to historical 
acquisitions and items affecting comparability net of tax, change in fair value 
contingent consideration net of tax and Interest expense contingent 
consideration net of tax divided by the average number of shares in the 
period. Net taxes are calculated using the effective tax rate.
Shows earnings per share after 
adjustments to specific items 
attributable to historical 
acquisitions, and items affecting 
comparability.
Adjusted Earnings 
per share after full 
dilution
Net profit for the period excluding specific items related to historical 
acquisitions and items affecting comparability net of tax, change in fair 
value contingent consideration net of tax and interest expense contingent 
consideration net of tax divided by the average number of shares after full 
dilution in the period. Net taxes are calculated using the effective tax rate.
Shows earnings per share after 
adjustments to specific items 
attributable to historical 
acquisitions and items affecting 
comparability with regard for full 
dilution.
Adjusted EBIT EBIT excluding specific items related to historical acquisitions and items 
affecting comparability.
Adjusted EBIT in order to provide a 
true and fair picture of the 
underlying operational performance, 
by excluding specific items related 
to historical acquisitions and items 
affecting comparability.
Adjusted EBIT 
margin
Adjusted EBIT as a percentage of net sales.
Adjusted EBITDA EBITDA excluding specific items related to historical acquisitions and items 
affecting comparability.
Adjusted EBITDA in order to 
provide a true and fair picture of 
the underlying operational 
performance, by excluding specific 
items related to historical 
acquisitions and items 
affecting comparability.
Adjusted EBITDA 
margin
Adjusted EBITDA as a percentage of net sales.
Average number of 
shares
Weighted average number of shares that are outstanding during the period. 
Number of shares have been recalculated with respect to split of shares.
Average number of 
shares after full 
dilution
Weighted average number of ordinary shares and potential ordinary shares. 
Number of shares have been recalculated with respect to split of shares.
EBIT margin EBIT as a percentage of net sales.
CONT. >>
EMBRACER GROUP AB (PUBL) | OCTOBER-DECEMBER 2025 40

===== SIDA 41 =====

>> CONTINUED
Name Definition Reason for Use
EBITDA Earnings before interest, taxes, depreciation and amortization. EBITDA and EBITDA margin are reported 
because these are metrics commonly used 
by investors, financial analysts and other 
stakeholders to measure the Company’s 
financial results.
EBITDA margin EBITDA as a percentage of net sales. EBITDA and EBITDA margin are reported 
because these are metrics commonly used 
by certain investors, financial analysts and 
other stakeholders to measure the 
Company’s financial results.
EBITDAC Adjusted EBITDA less Gross investments in intangible and 
tangible assets.
High level view on operational cash flow 
generation.
Free cash flow after 
working capital
Cash flow for the period, excluding cash flow from financing 
activities, acquisitions of subsidiaries including transaction costs, 
cash impact from personnel costs related to acquisitions and 
cash effect from items affecting comparability.
Provide a true and fair picture of the 
underlying operational performance, by 
excluding cash flow from specific items 
related to historical acquisitions and from 
items affecting comparability.
Gross margin Net sales less goods for resale divided by net sales. Measuring the profitability from the net sales 
of products and services.
Items affecting 
comparability
Transactions that are not related to recurring business 
operations, but affecting the financial outcome in a material way, 
and where the probability of reoccurrence over the coming year 
is limited.
Items affecting comparability includes events 
and transactions with significant effects, 
which are relevant for understanding the 
financial performance when comparing 
income for the current period with previous 
periods.
Net Debt (–) / Net 
Cash (+)
The company’s cash and short-term investments decreased with 
the company’s short- and long-term interest-bearing liabilities 
excluding leasing liabilities according to IFRS16, pension 
provisions, contingent consideration
The metric is commonly used by investors, 
financial analysts and other stakeholders to 
measure the debt compared to its liquid 
assets. This metric is also used in calculating 
the Company’s financial leverage.
Net investment in 
acquired companies
Acquisition of subsidiaries, net of cash acquired plus cash impact 
from specific items related to historical acquisitions, plus 
acquisition of IPs through asset deal structures.
A measure of cash flow allocated to 
inorganic growth opportunities in the 
reporting period.
Net sales growth Net sales growth for the current period compared to the same 
period previous year.
Net sales growth is reported by the Company 
because it regards this KPI as contributing to 
investor understanding of the Company’s 
historical progress.
Organic growth Growth between periods where net sales from companies 
acquired/divested in the last five quarters have been excluded. 
The comparison period is adjusted for differences in exchange 
rates.
Growth measure for companies that has 
been part of Embracer Group for more than 
one year excluding effects of differences in 
exchange rates.
Pro forma growth Growth between periods where net sales from companies 
acquired/divested in the last five quarters have been added/
adjusted historically. The comparison period is adjusted for 
differences in exchange rates.
Growth measure for all companies that are a 
part of Embracer Group as per reporting date 
regardless of when the company became a 
part of Embracer Group excluding effects of 
differences in exchange rates.
Specific items 
related to historical 
acquisitions
Specific income/expenses related to historical acquisitions 
consist of personnel cost related to acquisitions (In 
connection with certain business combinations, contingent 
consideration agreements that are not classified as part 
of the consideration transferred, as there is a requirement for 
continued employment to receive the amount. 
Accordingly, the amount is classified as consideration for 
future services), amortization of surplus values of acquired 
intangible assets (e.g. IP-rights, publishing rights, brand 
name), transaction costs (Costs for legal- financial- tax- and 
commercial due diligence for completed transactions.), 
remeasurement of participation in associated companies 
and remeasurement of contingent consideration.
Input used to calculate Adjusted EBITDA and 
Adjusted EBIT.
EMBRACER GROUP AB (PUBL) | OCTOBER-DECEMBER 2025 41

===== SIDA 42 =====

ALTERNATIVE PERFORMANCE MEASURES
ADJUSTED EBIT AND ADJUSTED EBITDA - DERIVATION Oct-Dec
2025
Oct-Dec
2024
Apr-Dec
2025
Apr-Dec
2024
Apr 2024-
Mar 2025Amounts in SEK m
EBIT 663 454 250 -1,107 3,324
Depreciation, amortization and impairment 850 1,049 2,891 3,290 8,684
EBITDA 1,513 1,503 3,141 2,183 12,008
Personnel costs related to acquisitions 20 122 -147 1,255 1,542
Remeasurement of contingent consideration — — — -4 -4
Items affecting comparability 1) -336 96 -289 754 -7,535
Adjusted EBITDA 1,196 1,722 2,706 4,188 6,011
Depreciation, amortization and impairment -850 -1,049 -2,891 -3,290 -8,684
Items affecting comparability 1) 20 — 205 — 4,330
Amortization of surplus values of acquired intangible assets 162 275 526 898 1,135
Adjusted EBIT 528 948 545 1,796 2,793
ADJUSTED EARNINGS PER SHARE - DERIVATION Oct-Dec
2025
Oct-Dec
2024
Apr-Dec
2025
Apr-Dec
2024
Apr 2024-
Mar 2025Amounts in SEK m
Net profit for the period attributable to equity holders of the parent 476 805 -22 -1,599 2,347
Adjustments
Personnel costs related to acquisitions 20 122 -147 1,255 1,542
Remeasurement of contingent consideration — — — -4 -4
Amortization of surplus values of acquired intangible assets 162 275 526 898 1,135
Change in fair value contingent consideration 102 -113 -148 -179 -555
Interest expense contingent consideration 1 27 19 95 72
Items affecting comparability 1) -316 96 -84 754 -3,203
Adjustments before tax -32 407 166 2,819 -1,013
Tax effects on adjustments -40 -64 -174 -213 -484
Adjustments after tax -73 343 -8 2,606 -1,498
Total continuing operations 403 1,147 -30 1,007 849
Average number of shares, million 2) 228 225 226 225 225
Adjusted Earnings per share, SEK 1.77 5.10 -0.13 4.48 3.78
Average number of shares after full dilution, million 2) 229 231 228 230 230
Adjusted Earnings per share after full dilution, SEK 1.76 4.97 -0.13 4.37 3.70
1) See next page for further explanation on items affecting comparability
2) Recalculated with respect to the reversed split 1:6 carried out on January 15, 2025 as resolved at the extra general meeting on January 7, 2025. Number of shares for previous 
periods have been adjusted.
CONT. >>
EMBRACER GROUP AB (PUBL) | OCTOBER-DECEMBER 2025 42

===== SIDA 43 =====

>> CONTINUED
ORGANIC GROWTH - DERIVATION Oct-Dec
2025
Oct-Dec
2024 ChangeAmounts in SEK m
Net sales 5,176 6,985  -26 %
Net sales from acquired/divested companies 1) -152 -1,097
Difference in exchange rate — -432
Organic growth 5,024 5,456  -8 %
PRO FORMA GROWTH - DERIVATION Oct-Dec
2025
Oct-Dec
2024 ChangeAmounts in SEK m
Net sales 5,176 6,985  -26 %
Net sales from acquired/divested companies 2) -152 -1,097
Difference in exchange rate — -432
Pro forma growth 5,024 5,456  -8 %
1) Net sales from companies acquired or divested in the last five quarters have been excluded. 
2) Net sales from acquired/divested companies in the last five quarters have been added/removed.
FREE CASH FLOW AFTER WORKING CAPITAL Oct-Dec
2025
Oct-Dec
2024
Apr-Dec
2025
Apr-Dec
2024
Apr 2024-
Mar 2025Amounts in SEK m
Cash flow for the period -1,191 251 -2,139 926 4,866
Cash flow from financing activities 766 56 576 2,706 12,041
Net cash flow from acquired/divested companies 97 401 217 -5,182 -17,795
Investments in other companies — — 33 — —
Payment personnel cost related to acquisitions 200 28 311 1,211 1,250
Cash flow effect IAC 53 -17 169 266 383
Free cash flow after working capital -75 719 -833 -73 745
ITEMS AFFECTING COMPARABILITY, IAC Oct-Dec
2025
Oct-Dec
2024
Apr-Dec
2025
Apr-Dec
2024
Apr 2024-
Mar 2025Amounts in SEK m
Revenue related to games reported as IAC — — 10 — —
Other external expenses -18 -1 -32 -1 -35
Personnel expenses -22 -9 -66 -49 -131
Profit or loss sale of subsidiaries 350 -87 384 -707 7,951
Other operating income/expenses 26 — -7 3 -250
Total IAC affecting EBITDA 336 -96 289 -754 7,534
Write-down intangible assets -20 — -205 0 -729
Write-down tangible assets — — — — -1
Impairment of goodwill — — — — -3,601
Total IAC affecting EBIT 316 -96 84 -754 3,203
EMBRACER GROUP AB (PUBL) | OCTOBER-DECEMBER 2025 43

===== SIDA 44 =====

DEFINITIONS, QUARTERLY INFORMATION
Clawback shares Shares of the company issued to sellers at completion of acquisitions of companies or assets. 
Clawback shares are part of the earnout consideration to sellers of companies or assets. Clawback 
shares are held by sellers, either in escrow accounts or on regular accounts, with an agreed right for 
the company to receive the shares back, at no consideration, if specific earnout targets are not met. 
Clawback shares are kept by the sellers if earnout targets are met.
Completed games Total book value of finished game development projects (released games) upon submission of 
completion. Upon completion the released games are reclassified from On-going Game Development 
Projects to Finished Games and amortization starts.
DAU Average daily active users in the period.
Digital product Product sold/transferred through digital/electronic channels.
Digital sales Sales and transfer of products, physical and digital, through digital/electronic channels.
External game developers Game developers engaged in game development projects by studios that are not owned by the group 
(external studios).
External Studios Studios not owned by the group engaged in game development project financed by the Group.
Game development projects On-going game development projects financed by the group and number of on-going game 
development projects financed by third party with notable expected royalty income.
Internal employees, 
non-development
Employees not directly engaged in game development (both employees and contractors).
Internal game developers Game developers (both employees and contractors) engaged in game development projects by 
studios that are owned by the group (internal studios).
Internal headcount Internal game developers + internal employees, non-development
Internal Studios Studios owned by the group.
MAU Average monthly active users in the period.
Max cash consideration The maximum potential consideration to be paid in cash including upfront consideration and earnout 
consideration. The earnout consideration is based on the maximum potential consideration and is 
calculated based on the terms and FX-rates stated in each individual agreement.
Max share consideration The maximum potential consideration to be paid in Embracer B shares including upfront consideration 
and earnout consideration. The earnout consideration is based on the maximum potential 
consideration and is calculated based on the terms, FX-rates and Embracer VWAP20 Share Price 
stated in each individual agreement.
Max total consideration The sum of the max cash and share consideration. Note that the total max consideration might deviate 
from the total consideration used in the Purchase Price Analysis following movements in FX-rates and 
Embracer Share price between the signing and closing date as well as if the expected achievement of 
the individual earnout targets deviate from the maximum scenario. The Max total consideration 
includes contingent consideration in cash and shares that is classified as remuneration for future 
services and not part of the transferred consideration in the PPA according to IFRS 2 and IAS 19. Also 
note that for a limited amount of acquisitions, for which there is a material difference between the 
expected consideration and the maximum potential consideration, the expected cash and shares 
consideration have been used as measure.
Net sales split – PC/Console segment
Owned titles Net sales of game titles that are owned IPs or titles that are controlled by the group.
Publishing titles Net sales of game titles of IPs the group does not own or control.
New releases Net sales of game titles that are released in the current quarter.
Back catalog Net sales of game titles that are not released in the current quarter.
Number of IP:s Number of IPs owned by the group.
Physical product Product sold/transferred through physical channels.
Physical sales Sales and transfer of products, physical and digital, through physical channels.
Total installs Total accumulated installs in the period.
UAC (User Acquisition Cost) Marketing costs in the operating segment Mobile Games.
EMBRACER GROUP AB (PUBL) | OCTOBER-DECEMBER 2025 44

===== SIDA 45 =====

INFORMATION BY FINANCIAL YEAR AND QUARTER
2020/21 2021/22 2) 2022/23 2) 2023/24 3) 2024/25 4) 2025/26 4)
Full year Full year Full year Full year
Full year 
Cont. op Apr-Jun Jul-Sep Oct-Dec
Net sales, SEK m 9,000 17,067 37,665 27,409 21,314 3,171 3,628 5,176
Sales growth, Group, YoY %  71%  90%  121%  -27%  -19%  -32%  -19%  -26% 
EBIT, SEK m 2,058 -1,126 194 -14,400 3,324 -272 -141 663
EBIT, margin, %  23%  -7%  1%  -53%  16%  -9%  -4%  13% 
Adjusted EBIT, SEK m 2,858 4,465 6,366 4,984 2,793 18 -1 528
Adjusted EBIT, margin, %  32%  26%  17%  18%  13%  1%  0%  10% 
Adjusted EBITDA, SEK m 4,016 5,942 9,866 8,931 6,011 703 806 1,196
Adjusted EBITDA, margin, %  45%  35%  26%  33%  28%  22%  22%  23% 
Basic shares weighted average, million1) 120 151 178 198 206 208 209 212
Diluted shares weighted average1) 120 154 180 198 207 208 209 212
Average number of shares, million1) 133 172 209 220 225 225 225 228
Average number of shares after full dilution, million1) 133 181 227 237 230 230 231 229
Basic earnings per share, SEK -20.97 6.47 25.00 -67.28 11.37 -2.01 -0.38 2.25
Diluted earnings per share, SEK -20.97 6.36 24.72 -67.28 11.36 -2.01 -0.38 2.25
Adjusted Earnings per share, SEK 1) 18.87 22.07 26.43 14.66 3.78 -0.84 -1.09 1.77
Adjusted Earnings per share after full dilution, SEK 18.82 20.95 24.33 13.56 3.70 -0.84 -1.09 1.76
Cash flow from operating activities, SEK m 3,825 4,070 5,383 5,694 2,660 318 250 443
Organic growth, YoY, %  — %  — %  — %  -2 %  -9%  -1%  7%  -8% 
Gross Margin, %  60%  72%  63%  73%  69%  68%  65%  55% 
Specific items related to historical acquisitions
Amortization of surplus values of acquired 
intangible assets -510 -1,316 -2,973 -2,203 -1,135 -185 -179 -162
Transaction costs, SEK m -150 -367 -290 -8 — — — —
Personnel costs related to acquisitions -181 -4,277 -2,631 -1,904 -1,542 -43 209 -20
Remeasurement of participation in associated
companies, SEK m 41 416 — 3 — — — —
Remeasurement of contingent consideration, SEK m — -46 — -18 4 — — —
Total -801 -5,591 -5,894 -4,129 -2,673 -228 30 -181
Investments
External game development and advances, SEK m 697 1,233 1,291 1,154 454 89 105 158
Internal capitalized development, SEK m 1,291 2,293 4,788 5,165 2,587 556 534 528
Sub-total - Investment in Game development, 
all segments 1,988 3,526 6,079 6,319 3,041 645 639 685
Other intangible assets/IP-rights, SEK m 151 190 416 537 354 63 152 78
Tangible assets, SEK m 71 344 500 225 122 28 15 23
Total 2,210 4,060 6,995 7,082 3,517 736 806 787
Completed games
Completed games, PC/Console, SEK m 837 1,218 3,248 3,421 2,165 162 1,142 598
Other KPIs
Game development projects, PC/Console
Announced Game Dev projects 53 64 56 43 30 32 26 24
Unannounced Game Dev projects 107 159 165 98 64 74 72 63
Total 160 223 221 141 94 106 98 87
Headcount
Total internal game developers 4,036 7,240 9,971 5,996 4,452 4,552 4,470 4,297
Total external game developers 1,079 1,346 1,455 1,387 688 670 490 442
Total internal employees, non-development 1,210 4,174 5,175 2,309 1,735 1,709 1,695 1,630
Total 6,325 12,760 16,601 9,692 6,875 6,931 6,655 6,369
Number of studios
Total number External Studios 66 63 56 41 19 15 12 9
Total number Internal Studios 60 118 138 86 61 58 57 55
Total 126 181 194 127 80 73 69 64
IP-rights 225 815 896 497 444 444 440 429
1) Number of shares for FY 2020/21 have been adjusted and recalculated with respect to the 2:1 split carried out on September 30, 2021. Further, the number of shares for the fiscal 
years 2020/21, 2021/22, 2022/23, 2023/24 and 2024/25 have been recalculated due to the 1:6 reversed split carried out January 15, 2025.
2)  Including discontinued operations
3)  Excluding operating segment Tabletop Games
4)  Excluding discontinued operations
EMBRACER GROUP AB (PUBL) | OCTOBER-DECEMBER 2025 45

===== SIDA 46 =====

Embracer Group is a global group of creative and entrepreneurial 
businesses in PC, console and mobile games, as well as other 
related media. The Group has an extensive catalog of over 400 
owned or controlled franchises. With its head office based in 
Karlstad, Sweden, Embracer Group has a global presence through 
its operative groups: THQ Nordic, PLAION, DECA Games, Dark 
Horse, Freemode and Crystal Dynamics – Eidos. The Group 
includes 55 internal game development studios and engages 
nearly 6,500 talents across nearly 30 countries.
Embracer Group AB (publ)
Tullhusgatan 1B
SE-652 09 Karlstad
Sweden
embracer.com