Saber Interactive

Annual Financial Report and Non-Financial Performance Statement 2024-2025

PULLUP Entertainment, formerly Focus Entertainment, achieved a transformative financial recovery during the 2024/25 fiscal year, characterized by record-breaking growth and a strategic corporate reorganization.

• PULLUP Entertainment achieved a financial turnaround in 2024/25, reporting a 108% revenue increase to €390.0 million and a net profit of €19.4 million, compared to a €19.9 million loss the previous year.
• The commercial success of Warhammer 40,000: Space Marine 2, which attracted over 7 million players, served as the primary catalyst for the company's record-breaking growth.
• The company significantly improved its balance sheet by nearly halving net debt from €132.6 million to €70.1 million, supported by a €23.1 million capital increase and strong cash generation.

Rapport Financier Semestriel S1 2024/2025

Pullup Entertainment achieved a historic financial turnaround during the first half of the 2024/2025 fiscal year, reporting record revenue of €234.3 million.

• Pullup Entertainment achieved record H1 2024/2025 revenue of €234.3 million, a 176% year-over-year increase driven primarily by the launch of Warhammer 40,000: Space Marine 2.
• The company transitioned from a net loss to a positive EBITA of €48.3 million and a consolidated net income of €22.1 million.
• Operational risk is concentrated in a high dependency on Saber Interactive, which accounts for 30% of the company's projected investments over the next three years.

Embracer Group Interim Report: Q1 2024/25

The Embracer Group Interim Report for the first quarter of the 2024/25 fiscal year outlines the company’s financial performance and strategic progress during the period of April to June 2024.

• Embracer Group is executing a corporate split into independent entities, prioritizing the spin-off of Asmodee with a Capital Market Day scheduled for the third quarter of the 2024/25 fiscal year.
• Net sales for Q1 2024/25 fell 24% year-over-year to SEK 7,933 million, while adjusted EBIT declined 51% to SEK 828 million.
• Free cash flow improved significantly to SEK 47 million, reversing the negative SEK 599 million reported in the same quarter of the previous year.

Embracer Group Annual Report 2023/24

The Embracer Group’s 2023/24 fiscal year was defined by a fundamental strategic pivot from aggressive acquisition-led expansion to a comprehensive restructuring program aimed at deleveraging and operational streamlining.

• Embracer Group is splitting into three independent, publicly listed companies: Asmodee Group, Coffee Stain & Friends, and Middle-earth Enterprises & Friends.
• The company reported a net loss of SEK 18,177 million for the 2023/24 fiscal year, driven by SEK 22.5 billion in goodwill impairments and divestment costs.
• Despite the net loss, the company achieved record net sales of SEK 42.2 billion and an 11% increase in adjusted EBIT.

Embracer Group Full Year Report: FY 2023/24

The Embracer Group fiscal year 2023/24 report outlines the successful conclusion of a comprehensive restructuring program designed to improve operational efficiency, reduce debt, and transition the organization into three distinct, publicly listed entities.

• Embracer Group is splitting into three independent, publicly listed entities: Asmodee, Coffee Stain & Friends, and Middle-earth Enterprises & Friends.
• Full-year net sales reached SEK 42,206 million (a 12% increase) and adjusted EBIT rose 11% to SEK 7,063 million.
• The company completed a restructuring program that reduced the workforce by 27% and achieved annual savings of SEK 2.9 billion in capital expenditures and SEK 0.8 billion in operating expenses.

Embracer Group Q4 and Full Year Report: FY 2023/24

Embracer Group’s fiscal year 2023/24 was defined by a comprehensive restructuring program aimed at correcting past over-expansion and stabilizing the company’s financial foundation.

• Embracer Group is splitting into three independent, publicly listed entities: Asmodee, Coffee Stain & Friends, and Middle-earth Enterprises & Friends to increase operational focus.
• The company reported a net loss of SEK 20.5 billion for FY 2023/24 on net sales of SEK 42.2 billion, heavily impacted by over SEK 11 billion in goodwill impairments.
• Restructuring efforts successfully reduced the annualized capital expenditure run-rate by 45% and improved Q4 Adjusted EBIT by 56% to SEK 1.4 billion.

Embracer Group 21/22 Q4 & Full Year Report

Embracer Group’s fiscal year 2021/22 was defined by a transformative expansion strategy, characterized by aggressive mergers and acquisitions that significantly scaled the company’s global footprint.

Rapport Financier Semestriel 2021-22

Focus Home Interactive experienced a transformative first half of the 2021-22 fiscal year, characterized by a strategic shift toward internalizing development capabilities and strengthening its financial foundation.

• Focus Home Interactive underwent a significant structural pivot, raising €70.35 million in capital and securing a €140 million financing package to fund an aggressive acquisition strategy.
• The company acquired Streum On Studio, Douze-Dixièmes, and a 77.5% stake in Dotemu for €53.5 million, effectively increasing headcount and expanding its internal development capabilities.
• H1 2021-22 revenue declined 18% year-over-year to €85.1 million with net income falling to €5.5 million, largely due to pandemic-related delays and the underperformance of Hood: Outlaws & Legends.

Embracer Group Interim Report: Q2 FY21/22

Embracer Group’s Q2 FY21/22 interim report details a period of significant financial expansion and operational scaling.

Embracer Group Interim Report: July–September 2021

Embracer Group demonstrated substantial financial and operational expansion during the second quarter of 2021, characterized by a 38 percent increase in net sales to SEK 3,296 million and a 49 percent rise in Operational EBIT to SEK 973 million.

• Embracer Group reported a 38% increase in net sales to SEK 3,296 million and a 49% rise in Operational EBIT to SEK 973 million for the second quarter of 2021.
• The company recorded a net loss of SEK 721.8 million, primarily driven by SEK 1.3 billion in acquisition-related amortizations rather than operational underperformance.
• An aggressive expansion strategy added eight studios during the quarter, bringing the total to 151 studios and over 9,000 employees across 40 countries.

Interim Report 2: July–September 2020

Embracer Group experienced a period of substantial financial expansion during the second quarter of 2020, characterized by an 89 percent increase in net sales to SEK 2,383.2 million.

• Embracer Group reported an 89% increase in net sales to SEK 2,383.2 million for the quarter ending September 2020, driven by a 61% organic growth in its core games business.
• Operational EBIT rose by 171% to SEK 653 million, while EBITDA reached SEK 969 million, reflecting improved profitability and operational scaling.
• The company executed an aggressive acquisition strategy during the period, purchasing nine entities including 4A Games, Vertigo Games, and DECA Games, while successfully integrating Saber Interactive.

Embracer Group Q1 FY20/21 Interim Report

Embracer Group’s Q1 FY20/21 interim report details a period of record-breaking financial performance, characterized by an 81% year-over-year increase in net sales to SEK 2,069 million.

• Embracer Group reported record Q1 FY20/21 performance with net sales rising 81% year-over-year to SEK 2,069 million and operational EBIT surging 249% to SEK 712 million.
• The company’s growth was fueled by the acquisition of Saber Interactive, strong back catalog performance, and increased consumer demand during pandemic lockdowns.
• Management is aggressively scaling development, with projected costs for released games expected to double to between SEK 1.2 billion and 1.4 billion for FY20/21.