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Embracer Group
Embracer Group (EMBRAC) investor relations material
Embracer Group Q3 25/26 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 25/26 earnings summary12 Feb, 2026
Executive summary
Q3 net sales were SEK 5,176 million, down 26% year-over-year and 8% organically, mainly due to divestments and a slow quarter for new releases, but results exceeded management expectations.
Adjusted EBIT was SEK 528 million, a 44% decrease year-over-year, but ahead of plan and improved over Q1 and Q2, with core IPs like Kingdom Come: Deliverance, Dead Island, and Tomb Raider driving outperformance.
Coffee Stain Group was spun off and reclassified as discontinued operations, impacting year-on-year comparisons and segment results.
Strategic focus sharpened on an IP-first approach, operational discipline, and targeted cost initiatives, including divestment of non-strategic businesses.
Free cash flow for the trailing twelve months was SEK -15 million, a significant improvement from SEK -399 million in the prior period.
Financial highlights
Net sales: SEK 5,176 million, impacted by SEK 900 million from divestments and SEK 400 million from FX effects.
Adjusted EBIT: SEK 528 million, with margin at 13%, showing sequential improvement.
Gross profit margin: 55%, down from 58% year-over-year, but up 3 points excluding divestments.
Free cash flow after working capital: SEK -75 million for the quarter, with TTM showing significant improvement.
Net cash position at quarter-end: SEK 2.9 billion, with available funds of SEK 5.8 billion.
Outlook and guidance
Adjusted EBIT forecast for FY 2025/26 is at least SEK 750 million, revised from SEK 1.0 billion due to the Coffee Stain Group spin-off; on a comparable basis, this is a modest upgrade.
Management sees upside potential in underlying business performance and expects a confident earnings inflection for next year, supported by a major in-house title and several mid-sized releases.
Long-term focus on increasing CapEx allocation to core IPs, targeting 80% over time (currently at 40%).
What specific actions drive FY26/27 inflection point?
New release strategy given mixed Q3 performance?
How will FCF normalize to support cash distribution?
Core IP CapEx: What's the path to 80% allocation?
Unannounced major title: Its role in FY27 pipeline?
Remaining loss-making assets: What's the EBIT impact?
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Next Embracer Group earnings date
Q4 25/2620 May, 2026
Embracer Group
Next Embracer Group earnings date
Q4 25/2620 May, 2026
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Frequently asked questions
The Swedish gaming conglomerate
Embracer Group is a Swedish developer, distributor, and publisher of video games. The Group consists of several subsidiary groups such as Coffee Stain, Saber Interactive, Koch Media, Gearbox Entertainment, and THQ Nordic. Further, these groups consist of other smaller studios that make up the total of Embracer Group. Some of the games Embracer Group has developed and published are Biomutant, Saints Row, Dead Island, Darksiders, Borderlands, and Valheim. The group was previously known as THQ Nordic. Embracer Group was founded by Lars Wingefors in 2011 and is headquartered in Karlstad, Sweden.
The humble founder
The founder of Embracer Group is Lars Wingefors. He started his first business when he was just thirteen years old selling comic books. At just 15 years old he was one of the largest mail-order retailers for comic books in Sweden. He then went on to resell other things such as vinyl records, t-shirts, and video games. He started to notice that video games were becoming more and more popular and already after two years he managed to sell for 10M SEK. He traveled to conventions and fairs all over the world to negotiate prices and things were going well when his company was acquired in 2000. Due to the turbulence of the dot.com era, the company went into bankruptcy and Wingefors lost almost all of his money since most of it was in stock. He managed to turn this around and build an even bigger video game empire, Embracer Group.
Swedish gaming industry
Sweden has a long record of creating successful video games alongside game studios. One example is the Swedish game developer Digital Illusions CE or DICE that got acquired by Electronic Arts. Their first game was the 1990’s success Pinball Dreams but they are perhaps more known as the developers of the Battlefield series. Another example includes the worldwide popular game Minecraft which was developed by Mojang Studios that was later acquired by Microsoft. Other notable examples are Candy Crush developed by King, Crusader Kings developed by Paradox Interactive, Brothers: A Son’s Story developed by Starbreeze, and It takes two developed by Hazelight Studios.
Building a powerhouse
Embracer Group has a long history of building the company through acquisitions. This includes acquiring studios and publishers such as Koch Media, Coffee Stain Holding, Saber Interactive, Gearbox Software, and the board games group Asmodee. A key strategy by Wingefors has been to attract entrepreneurs to the Embracer Group and let them maintain their freedom and creativity to further serve the company’s ecosystem of studios. Another aspect of this strategy is to build a backlog of strong intellectual property that the group can leverage further. Historically, the IP strategy has been to acquire IP more broadly and focus more on older titles but in recent years, with the acquisition of Gearbox Software, the group has started to compete in the AAA-games segment as well. Embracer Group is one of Europe’s biggest gaming companies.
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