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Edge14 Aug 2026
Deutsche Qualität: The Story of Birkenstock
From an 18th-century German shoemaker to a global footwear brand, how Birkenstock turned an orthopedic insole into the world's most popular sandal.
Embracer Group
Embracer Group (EMBRAC) investor relations material
Embracer Group Q1 26/27 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q1 26/27 earnings summary13 Aug, 2026
Executive summary
Net sales reached SEK 3,943 million in Q1 FY 2026/27, up 24% year-over-year and 33% organically, driven by strong performance in the Embracer segment and new reporting structure ahead of the planned Fellowship Entertainment spin-off in 2027.
Cash EBIT improved to SEK 47 million from SEK -99 million, and free cash flow turned positive at SEK 3 million, exceeding internal expectations despite a quiet quarter for major game releases.
The company is transitioning to new reporting segments: Fellowship Entertainment and Embracer Group, with Cash EBIT as the key earnings measure.
The spin-off of Fellowship Entertainment is planned for 2027, with ongoing organizational changes and the appointment of Müge Boullion as Deputy CEO.
The group remains on track to double Cash EBIT for FY 2026/27, reiterating a forecast of at least SEK 1.0 billion.
Financial highlights
Net sales for the quarter were SEK 3,943 million, up 24% year-on-year and 33% organic growth when excluding divestments and FX effects.
Gross margin for the quarter was 56%, down 12 points year-on-year due to revenue mix.
Cash EBIT for the quarter was SEK 47 million, up SEK 146 million year-on-year.
Free cash flow was positive at SEK 3 million, a significant improvement from -SEK 383 million in Q1 last year; trailing 12-month free cash flow reached SEK 192 million.
Net cash position at quarter end was SEK 3.5 billion, with total available funds of SEK 6.4 billion.
Outlook and guidance
Full-year Cash EBIT guidance of at least SEK 1 billion is reiterated with increased confidence.
Q2 is expected to show year-on-year Cash EBIT improvement, with free cash flow weighted towards H2 due to seasonal working capital build-up.
Major releases such as Metro 2039 and Tomb Raider: Legacy of Atlantis are scheduled for February 2027, expected to drive significant growth.
The release pipeline for FY 2027 includes new Kingdom Come and Darksiders titles, aiming for at least two major games per year.
Recoupment status of Gothic 1 Remake
Fellowship's post-spin-off game release cadence
Physical disc distribution risks from 2028
Licensing contribution to Fellowship margins
Scope of the upcoming Warhorse Studios title
Mitigation strategy for GTA VI market impact
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Latest events from Embracer Group
- Separation into two listed companies announced, with strong Q4 cash flow and SEK 1B+ Cash EBIT guidance.EMBRAC
Q4 25/26 - Q3 sales dropped 26% YoY, but core IPs outperformed and EBIT guidance is SEK 750 million.EMBRACQ3 25/26
- Lean teams, strong IPs, and SEK 500m net cash drive growth and shareholder returns.EMBRACCoffee Stain CMD 2025
- All proposals passed as the group restructures into three listed entities with strong sales growth.EMBRACAGM 2024
- Easybrain divestment and Asmodee spin-off will transform the balance sheet and outlook.EMBRACQ2 24/25
- Targets 18%+ EBITDA margin and global IP growth, driven by M&A, digital, and sustainability.EMBRACAsmodee CMD 2024
- Sales and EBIT dropped, but cash flow and debt improved as spin-off plans progressed.EMBRACQ1 24/25
- Q4 organic growth, strong cash flow, and Coffee Stain spin-off set stage for future expansion.EMBRACQ4 24/25
- 7% organic growth, strong cash flow, and major spin-offs mark a transformative Q3.EMBRACQ3 24/25
Next Embracer Group earnings date
Q2 26/2712 Nov, 2026
Embracer Group
Next Embracer Group earnings date
Q2 26/2712 Nov, 2026
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