European Entertainment Group AB (publ) releases its Q1 2026 report
Total revenue | Adj. EBITDA | Adj. EBITDA margin | Online Gaming rev. | Customer deposits | Active customers |
€84.6m | €21.6m | 26% | €62.1m | €217m | 352,430 |
vs €88.4m Q1 2025 | vs €24.5m Q1 2025 | vs 28% Q1 2025 | +1% vs Q1 2025 | +8% vs Q1 2025 | +7% vs Q1 2025 |
European Entertainment Group AB (publ) ("EEG") has today published its interim report for the first quarter ended 31 March 2026.
Group revenue amounted to €81.9 million in Q1 2026 (Q1 2025: €88.4 million), a decrease of 7%, reflecting softer contributions from the Game Development and Online Marketing segments. The core Online Gaming business demonstrated continued resilience, with revenue up 1% year-on-year. On a like-for-like basis, excluding the strategic exit from the German market and including the Netherlands business, Online Gaming growth amounted to approximately 7.4% (+10% at normalised gaming margin).
Adjusted EBITDA was €21.6 million at a 26% margin (Q1 2025: €24.5 million, 28% margin). Loss for the period was €21.1 million (Q1 2025: profit of €19.3 million), primarily driven by negative foreign exchange movements and higher net financial expenses.
Customer deposits increased 8% year-on-year to €217 million, and active customers grew 7% to 352,430, reflecting stable underlying demand across the Group's multi-brand offering. Net debt remained broadly stable compared to year-end 2025 at €559.7 million.
The full Q1 report has been made available on the company's website: https://europeanentertainmentgroup.com/.
Segment performance
Segment | Q1 2026 rev. | Q1 2025 rev. | Change | Adj. EBITDA Q1 2026 |
Online Gaming | €62.1m | €61.7m | +1% | €15.8m |
Game Development | €13.2m | €14.1m | -6% | €3.2m |
Online Marketing | €7.1m | €13.5m | -48% | €2.8m |
Significant events during Q1 2026
• Finnish licence application was successfully submitted ahead of the expected market opening on 1 July 2027. Finland is the fourth largest online gaming market in Europe and a key long-term growth opportunity for the Group.
• Strategic exit from the German Online Gaming market was completed on 26 March 2026, following a review of the long-term regulatory and commercial outlook. German operations represented approximately 1.8% of Group revenue in 2025.
• Management transition at CEO level within the Online Marketing segment: Jonas Cederholm, founder of Game Lounge, succeeded Richard Dennys as CEO, supporting the next phase of operational transformation.
Significant events after the quarter end
• In-housing of the final part of Online Gaming operations previously on a third-party platform (ComeOn! Netherlands) completed, expected to generate annualised cost savings exceeding €1 million through reduced platform fees.
• The Swedish Gambling Authority (Sw. Spelinspektionen) initiated a supervisory review involving certain brands operated by the Group. The Group is cooperating fully and management is unable to reliably assess any potential financial impact at this stage.
CEO comment
"The first quarter of 2026 represented a transitional period for the Group as we continued executing strategic initiatives to improve the long-term quality and resilience of earnings. While reported revenue declined year-on-year, the period included deliberate actions to reduce exposure to lower-quality revenues and increase focus on regulated, strategically important markets. The core Online Gaming business continued to demonstrate resilient performance, and the submission of our Finnish licence application marks a major milestone ahead of one of Europe's most attractive long-term regulated market opportunities."
Itai Frieberger, CEO
Financial calendar
Q2 2026 results: 28 August 2026
Q3 2026 results: 30 November 2026
Q4 2026 / Full Year results: 26 February 2027
About European Entertainment Group
EEG is a Stockholm-based gaming group operating across online gaming, game development and online marketing. The Group - ComeOn, Yggdrasil, Game Lounge and Highlight Games.
This information is information that European Entertainment Group AB (publ) is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact person[s] set out above, at 9am CEST on 29th May 2026.
For more information, please contact:
Raffaele Amodio, CFO, raffaele.amodio@eeintressenter.com
