EMBRAC-BNasdaq StockholmConsumer DiscretionaryIFRS · SEK

Embracer Group B

Embracer Group is a global conglomerate in the gaming and entertainment industry, focusing on the development, publishing, and distribution of video games across PC, console, and mobile platforms. The company boasts a vast portfolio of over 450 intellectual properties, including iconic titles in gaming, comics, and other media. With a workforce of over 7,000 talents spread across more than 30 countries, Embracer Group is organized into three main operating segments: PC/Console Games, Mobile Games, and Entertainment & Services. The company is undergoing a strategic transformation, including the spin-off of Asmodee and the planned separation into Fellowship Entertainment and Coffee Stain Group to enhance operational efficiency and unlock value.

Revenue21.3bn SEK
Operating profit (EBIT)0.0m SEK
−86.6 %y/y
EBIT margin0.0%
Net income-0.0m SEK

Fiscal year 2025 · change from previous year

Development 2021–2025

-40-200204060bn SEK2021: 17.1 bn SEK2021: EBIT -1.1 bn SEK20212022: 37.7 bn SEK2022: EBIT 0.19 bn SEK20222023: 42.2 bn SEK2023: EBIT -20.5 bn SEK20232024: EBIT 0.00 bn SEK20242025: 21.3 bn SEK2025: EBIT 0.00 bn SEK202521.30.00
RevenueOperating profit (EBIT)

Business

Share of revenue
PC/Console Games47 %

Development and publishing of games for PC and consoles.

Mobile Games24 %

Development and publishing of games for mobile platforms.

Entertainment & Services29 %

Includes film distribution and comic book publishing.

Customers

Embracer Group serves a diverse range of customer segments, primarily targeting gamers across PC, console, and mobile platforms. Their customer base includes casual gamers who enjoy mobile games, as well as hardcore gamers who seek immersive experiences on PC and consoles. The company also caters to entertainment enthusiasts through its film and comic book publishing services. By leveraging its extensive IP portfolio, Embracer attracts fans of iconic franchises, ensuring a loyal customer base. The strategic focus on IP development and distribution helps the company engage with both existing fans and new audiences.

Hardcore Gamers

Buy PC and console games for immersive experiences.

Casual Gamers

Engage with mobile games for entertainment on-the-go.

Entertainment Enthusiasts

Consume film and comic book content.

Strategy

Embracer Group's strategic priorities include the transformation into three separate publicly listed companies to enhance operational efficiency and unlock value. The company focuses on leveraging its vast IP portfolio to deliver high-quality gaming experiences and expand its entertainment services. Strategic divestments, such as the spin-off of Asmodee, are aimed at optimizing the asset base and strengthening financial performance. Embracer is committed to empowering its world-class teams to execute their visions, ensuring sustainable growth and profitability. The planned spin-off of Coffee Stain Group and the creation of Fellowship Entertainment are key steps in this strategic transformation.

Transformation into separate companiesMedium term

To enhance operational efficiency and unlock value

IP Portfolio LeverageShort term

To deliver high-quality gaming experiences

Geography

Embracer Group is headquartered in Karlstad, Sweden, and operates globally through its various subsidiaries, including THQ Nordic, PLAION, and Coffee Stain. The company has a significant presence in Europe and North America, with operations extending to nearly 30 countries. This global reach allows Embracer to tap into diverse markets and leverage regional strengths in gaming and entertainment. The strategic location of its subsidiaries supports efficient distribution and market penetration, enhancing its competitive position in the industry.

Risks

Embracer Group faces several business and financial risks, including dependence on key personnel for game development success and the performance of launched games. The company's reliance on a few distributors and the success of acquisitions also pose significant risks. Industry-specific risks include rapid technological changes and intense competition in the gaming sector. Additionally, geopolitical risks and regulatory changes in key markets could impact operations. The ongoing transformation and strategic initiatives may also introduce transitional risks as the company adapts to new structures.

Sorted by severity
LowMediumHighLowMediumHighImpact →Likelihood →Performance of launched games1Dependence on key personnel2Reliance on few distributors3
Impact is the risk’s severity and likelihood how probable it is over the next few years, both assessed from the company’s reports. Numbers match the list.
  1. Performance of launched gamesImpact: CriticalLikelihood: Medium

    Directly affects financial outcomes

  2. Dependence on key personnelImpact: HighLikelihood: Medium

    Critical for game development success

  3. Reliance on few distributorsImpact: HighLikelihood: Medium

    Poses distribution risks

Accounting

Judgemental items
Revenue recognition

Impacts timing and amount of reported revenue

Impact: high

Asset classification for spin-offs

Affects balance sheet presentation and depreciation

Impact: medium

Fair value measurements

Influences reported earnings through financial instruments

Impact: high

Publicly listed companies with a comparable business focus.

Last updated: 24/09/2026