October - December 2025
- Net Revenue of SEK 436.9 (512.9) million, representing an FX-adjusted organic decline of 4.4 percent.
- EBITDA of SEK 115.5 (275.0) million and Adjusted EBITDA of SEK 79.6 (128.7) million.
- EBIT of SEK -2,015.2 (-148.4) million and Adjusted EBIT of SEK 0.6 (57.4) million. The quarter was charged with SEK -2,051.7 million in impairment of which SEK -1,816.5 million has no connection with performance expectations.
- Profit before tax of SEK -2,019.9 (-150.5) million.
- Earnings per share were SEK -21.95 (-2.07). Adjusted earnings per share of SEK -3.88 (-0.23).
- Cash flow from operations came in at SEK 73.9 (195.9) million.
- Cash balance of SEK 390.3 million, and an unutilized revolving credit facility of SEK 100.0 million.
- Net cash by the end of the quarter amounted to SEK 42.8 million.
- An Extra General Meeting was held on November 26, 2025, where Alexander Albedj was elected Chairman of the Board of EG7, and Jimmy Eriksson was elected as Board member.
Significant events after the period
The Board of EG7 has made several strategic decisions in early 2026 as described below. These decisions reflect the Board's commitment to enhance transparency, highlight the fundamental values inherent in the Company and clean up the balance sheet ahead of 2026 - a year with significant potential as prior years of net investments are expected to translate into results, putting EG7 in a strong position to generate short- and long-term shareholder value. More than SEK 600 million has been net invested over the last three years in three business units, and data points will be carefully collected and investments evaluated in 2026 to build a new long-term plan to be communicated in connection with a Capital Markets Day planned for Q1 2027.
February 16, 2026, EG7 communicated a strategic update and a withdrawal of financial targets for 2026. EG7 is performing a strategic review, and the outcome will be presented on a Capital Markets Day currently planned for Q1 2027.
February 16, 2026, EG7 announced that it accelerates the settlement of the tax-related contingent consideration linked to the Daybreak acquisition by paying USD 6.0 million relating to 2026 and later, and USD 5.0 million relating to historical periods. This settlement results in the termination of the related party relationship connected to the contingent consideration, resulting in a USD 1-3 million in improved annual cash generation over the next 12 years and approximately SEK 19 million Net Profit contribution in 2026.
February 16, 2026, EG7 announced an impairment of SEK 2,051.7 million for 2025 of which SEK -1,816.5 million has no connection with performance expectations in any ongoing projects in the Group but is an outcome of a strategic decision to move certain potential future game investments to Canada. As a result, the annual amortization decreases and is expected to improve Net Profit by approximately SEK 120 million per year starting 2026.
February 17, 2026, EG7 presents historical financial data in local currencies to improve transparency and visualize hidden values for investors to evaluate the different business units and EG7 as a whole group. Summarizing the data highlights four key conclusions:
(1) SEK 873 million in more predictable revenue and SEK 189 million in EBITDA minus capitalized game investments, is generated by the two largest assets, Daybreak (excluding Singularity 6), and Big Blue Bubble, in 2025.
(2) Over SEK 600 million has been invested the last three years in potential transformative assets for 2026; namely Cold Iron, with a planned release in Q3 2026; Palia, with 70% growth in H2 2025 vs. H2 2024 to a total of over USD 12 million in revenue in 2025; and Fireshine, which has consistently grown its digital revenue with GBP 14 million in investments over the last 3 years to generate over GBP 11 million in digital revenues in 2025.
(3) EG7 has SEK 724 million in tax benefits to be used against future revenues without time limitations.
(4) EG7 has two additional assets, Petrol and Piranha Games, that generated a combined Net Revenue of SEK 229 million in 2025 and are currently operating at break-even, with potential for future profit contribution.
Comment in summary from Ji Ham, CEO of EG7
For the fourth quarter, Net Revenue was SEK 436.9 (512.9) million, representing an FX-adjusted organic decline of 4.4 percent year-over-year. Unfavorable currency movements negatively impacted Net Revenue by SEK 53.3 million in the period. EBITDA for the quarter amounted to SEK 115.5 (275.0) million, while Adjusted EBITDA was SEK 79.6 (128.7) million, corresponding to an Adjusted EBITDA margin of 18.2 (25.1) percent. Operating cash flow came in at SEK 73.9 (195.9) million.
In the fourth quarter, Daybreak released expansions for EverQuest and EverQuest II in December, as well as the Kingdom of Harad expansion for The Lord of The Rings Online. Palia delivered steady growth from Q3, building on the momentum supported by additional content releases as part of the Winterlight Season. Piranha followed up the successful release of the 7th DLC for MechWarrior 5: Mercenaries with the 2nd DLC for MechWarrior 5: Clans in December, contributing to increased sales of the base game. My Singing Monsters (MSM) delivered the highest monthly revenue for the year in December, resulting from a highly successful collaboration with a top influencer on TikTok.
The progress in the co-operation with Cold Iron continues, where EG7 has approved further deliveries. The title is targeted for release in Q3 2026 and is expected, together with Palia and My Singing Monsters, to be an important contributor to the Group's 2026 performance.
FOR MORE INFORMATION, PLEASE CONTACT:
Fredrik Rüdén, Group Deputy CEO and CFO
Phone: +46 733 117 262
fredrik.ruden@enadglobal7.com
Robin Lundell, Head of Investor Relations & Sustainability
Tel: +46 733 117 262
robin.lundell@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 approximately 360 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 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 560 employees in 12 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 2026-02-17 07:00 CET.
