Slide 1: Q3 FY 2025/26 Interim Report
Q3 FY 2025/26 EMBRACER GROUP INTERIM REPORT OCTOBER – DECEMBER 2025
Slide 2: Disclaimer
Q3 INTERIM REPORT FY 2025/26 Disclaimer IMPORTANT INFORMATION – PLEASE READ THE FOLLOWING BEFORE CONTINUING READING express or implied, is made by the Company or any of its affiliates, directors, advisors, employees and representatives as to the accuracy, completeness or verification of any informat
Slide 3: What we cover today
Q3 INTERIM REPORT FY 2025/26 What we cover today Highlights Operating segments PC/Console Games Mobile Games Entertainment & Services Financial performance Looking ahead Q&A 3
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Slide 5: Game Review Scores
9/10 9/10 4/5 8/10 Nintendo Life GamingBolt Eurogamer Push Square 8.5/10 8/10 84/100 Playstation Universe GameSpot COGconnected 5
Slide 6: Highlights from Q3
Q3 INTERIM REPORT FY 2025/26 Highlights from Q3 Net sales | Q3 Adjusted EBIT | Q3 Free cash flow1 | TTM SEK 5,176 m SEK 528 m SEK -15 m -26% YoY (-8% organic) (SEK 948 m) (SEK -399 m) (or SEK 678 m excl. divested assets) Sharper strategic focus Core IPs continue to drive Higher underlying following
Slide 7: Operating segments
1. Operating segments
Slide 8: PC/Console Games | Q3
PC/Console Games | Q3 PERFORMANCE COMMENTS SEK m Stable organic development, driven by solid back catalog Growth: -11% | Organic growth: -3% 4,000 40% performance across core IPs such as Kingdom Come: 35% Deliverance, Tomb Raider and Dead Island 33% A slow quarter for new releases, which include
Slide 9: PC/Console Games ROI
PC/Console Games | ROI ROI (CONTRIBUTION/INVESTMENT) COMMENTS Times Dataset 2016-2025 The value of completed games 14x No. Projects 101 amounted to approximately Investments SEK 10.4 bn Contribution SEK 18.8 bn SEK 598 million in Q3 12x Net Sales SEK 26.6 bn The weighted average ROI of all title
Slide 10: 30 Announced Titles to-Date
PC/Console | Pipeline details 30 Announced titles to-date * Selected upcoming releases Ride 6 | 12 February 2026 REANIMAL | 13 February 2026 NORSE: Oath of Blood | 17 February 2026 Screamer | 26 March 2026 Tides of Tomorrow | 22 April 2026 Gothic 1 Remake | 5 June 2026 Still to be dated
Slide 11: Mobile Games | Q3
Mobile Games | Q3 PERFORMANCE COMMENTS SEK m Growth: -66% | Organic growth: -15% Organic growth YoY impacted by lower UAC with a 2,000 100% gradual scaling of Glow Fashion Idol Solid sales and earnings trend in recent quarters. The 90% 80% lower profitability YoY is explained by the Easybrain 1,
Slide 12: Entertainment & Services | Q3
Entertainment & Services | Q3 PERFORMANCE COMMENTS SEK m Growth: -15% | Organic growth: -10% Seasonal uptick in sales and earnings driven by PLAION 4,000 20% Partners, Limited Run Games and Dark Horse Media 18% Organic growth impacted by PLAION Partners, partly SEK 2,621 m 16% offset by a slight
Slide 13: Financial performance
2. Financial performance Magic The Gathering: Tales of Middle-earth, © & TM Mee under lic. to Wizards of the Coast
Slide 14: Financial development
FINANCIAL PERFORMANCE | Q3 FY 2025/26 Financial development NET SALES & GROSS MARGIN DEVELOPMENT | SEK million DEVELOPMENT OF MARKETING EXPENSES | SEK million 8,000 140% 15% 14% 120% 6,000 6,985 1,000 206 12% 100% 10% 5,176 80% 4,000 8% 8% 58% 55% 60% 500 6% 2,000 165 40% 4% 840 254 20% 2% 0 0% 0 0%
Slide 15: Cash flow and net cash
FINANCIAL PERFORMANCE | Q3 FY 2025/26 Cash flow and net cash FY25/26 FY24/25 FY 25/26 FY 24/25 Dec. 31, Dec. 31, SEKm SEKm Q3 Q3 Q3 TTM Q3 TTM 2025 2024 Adjusted EBITDA 1,196 1,722 4,528 5,993 Cash 4,876 3,258 Cash Tax -71 -187 -434 -693 Current liabilities to credit institutions -901 -589 Other ite
Slide 16: Net cash bridge | Q3 FY 2025/26
FINANCIAL PERFORMANCE | Q3 FY 2025/26 Net cash bridge | Q3 FY 2025/26 Q3 FY 2025/26 COMMENTS SEK m FCF after WC SEK -75m Maintained strong net cash 6,000 position after key strategic and 1,133 M&A and financial cash flow SEK -1,296m corporate actions completed in 5,000 Q3 4,237 -771 Estimated earn-o
Slide 17: Higher underlying forecast
FINANCIAL PERFORMANCE | Q3 FY 2025/26 Higher underlying forecast Adjusted EBIT at least SEK 750 million The forecast compares to our previous expectation of at least SEK 1.0 billion, which included Coffee Stain Group for the full FY 2025/26 We see upside potential to our forecast from the underl
Slide 18: Looking ahead
3. Looking ahead
Slide 19: Concluding remarks
Q3 INTERIM REPORT FY 2025/26 Concluding remarks Core IPs continued to outperform in Q3, driving higher underlying forecast Executing against well-defined pipeline with at least one major in-house title from FY 2026/27, together with a range of important mid-sized titles Focusing on three strat
Slide 20: Questions & Answers
QUESTIONS & ANSWERS UNTIL ~ 10:00 CET
Slide 21: Embracer Group
EMBRACER* GROUP