October - December 2024 in Summary
- Net Revenue of SEK 512.9 (473.1) million, representing an FX-adjusted organic growth of 4.0 percent.
- EBITDA of SEK 275.0 (99.4) million and Adjusted EBITDA of SEK 128.7 (98.2) million. The difference between EBITDA and Adjusted EBITDA is mainly explained by SEK -141.5 million reduction of contingency consideration to the sellers of Piranha.
- EBIT of SEK -148.4 (45.2) million and Adjusted EBIT of SEK 57.4 (43.9) million, the difference between EBIT and Adjusted EBIT is primarily due to a net effect of SEK 141.5 million from the reduction of contingent consideration to the sellers of Piranha and a SEK 342.3 million goodwill write-down in Piranha.
- Profit before tax of SEK -150.5 (34.2) million.
- Earnings per Share of SEK -2.07 (0.64) and Adjusted Earnings per Share of SEK -0.23 (0.62).
- Cash flows from operations of SEK 195.9 (100.7) million.
- Cash balance of SEK 321.5 million, with no material bank debt.
- Subsequent to the quarter-end, cost reduction measures were taken, resulting in estimated annualized cost savings of SEK 87.7 million going forward.
Comment from Ji Ham, CEO of EG7:
For the fourth quarter 2024, the group delivered Net Revenue of SEK 512.9 (473.1) million, representing an 8.4 percent growth year-over-year. EBITDA came in at SEK 275.0 (99.4) million with Adjusted EBITDA of SEK 128.7 (98.2) million, representing a 25.1 percent margin. Operating Cash Flow for the period was solid, coming in at SEK 195.9 (100.7) million.
For the full year 2024, EG7 reported Net Revenue of SEK 1.7 (2.0) billion and Adjusted EBITDA of SEK 325.5 (542.0). The unfavorable year-over-year comparison against 2023 is largely attributable to My Singing Monsters normalizing at a lower level compared to its record performance in 2023. In addition, as previously communicated, 2024 represented a year of transition where the group focused on investing in new projects for medium to longer-term growth. Some of the investments, including Palia and Cold Iron's new title, are expected to come to market and contribute to the group in 2025.
Overall, we are starting out 2025 with more optimism than 2024 and aiming to deliver a solid year of performance.
FOR MORE INFORMATION, PLEASE CONTACT:
Fredrik Rüdén, Group Deputy CEO and CFO
Phone: +46 733 117 262
fredrik.ruden@enadglobal7.com
Ludvig Andersson, Head of Investor Relations & Sustainability
Phone: +46 730 587 608
ludvig.andersson@enadglobal7.com
About EG7
EG7 is a group of companies within the gaming industry that develops, markets, publishes and distributes PC, console and mobile games to the global gaming market. The company employs 470+ game developers and develops its own original IPs, as well as acts as consultants to other publishers around the world through its game development divisions Daybreak Games, Piranha Games, Toadman Studios and Big Blue Bubble. In addition, the group's marketing department Petrol has contributed to the release of 2,000+ titles, of which many are world famous brands such as Call of Duty, Destiny, Dark Souls and Rage. The group's publishing and distribution departments Fireshine Games hold expertise in both physical and digital publishing. EG7 is headquartered in Stockholm with approximately 630 employees in 16 offices worldwide.
Enad Global 7 is listed on Nasdaq Stockholm with Ticker Symbol: EG7
This information is information that Enad Global 7 is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact persons set out above, at 2025-02-07 07:00 CET.
