Updated Jun 1, 2026 by Coffee Stain Group AB
Financial
Published by Coffee Stain Group AB
Historical Financial Information Combined statement of profit or loss 2 Combined statement of comprehensive 2 Combined statement of financial position 3 Combined statement of changes in equity 5 Combined cash flow statement 6 Note 1 Material accounting principles 7 Note 2 Significant estimates and 8 Note 3 Revenue from contracts with 8 Note 4 Other operating income 9 Note 5 ...
FINANCIAL STATEMENTS Combined statement of profit or loss 2 Combined statement of comprehensive 2 income Combined statement of financial position 3 Combined statement of changes in equity 5 Combined cash flow statement 6 GROUP NOTES Note 1 Material accounting principles 7 Note 2 Significant estimates and 8 Note 3 Revenue from contracts with 8 Note 4 Other operating income 9 Note 5 Auditor's fees 10 Note 6 Employees and personnel expenses 11 Note 7 Financial income 13 Note 8 Financial expenses 13 Note 9 Income tax 13 Note 10 Goodwill 14 Note 11 Intangible assets 15 Note 12 Property, plant and equipment 17 Note 13 Leases 18 Note 14 Investments in associates 19 Note 15 Financial instruments 19 Note 16 Non-current financial assets 22 Note 17 Financial risks 23 Note 18 Prepaid expenses 25 Note 19 Group companies 26 Note 20 Equity 26 Note 21 Accrued expenses 27 Note 22 Cash flow statement 27 Note 23 Pledged assets and contingent 27 Note 24 Related party transactions 28 Note 25 Significant events after the end of the 28 financial year
COMBINED STATEMENT OF PROFIT OR LOSS Amounts in SEK m Note - 01/04/2024 01/04/2023 31/03/2025 - 31/03/2024 Net sales 3 1,089 1,085 Other operating income 4 6 2 Total operating income 1,095 1,087 Work performed by the Company for its own use and capitalized 146 155 Goods for resale -117 -109 Other external expenses 5 -121 -159 Personnel expenses 6 -255 -239 Depreciation, amortization and impairment 11, 12, 13, -431 -337 Other operating expenses -4 -4 Share of profit of an associate 14 9 9 Operating profit/loss (EBIT) 322 404 Financial income 7 35 83 Financial expenses 8 -93 -74 Profit before tax 264 412 Income tax 9 -72 -93 Net profit for the period 192 319 Net profit/loss for the period attributable to: Equity holders of the parent 191 321 Non-controlling interests 1 -2 COMBINED STATEMENT OF COMPREHENSIVE INCOME Amounts in SEK m Note - 01/04/2024 01/04/2023 31/03/2025 - 31/03/2024 Net profit/loss for the year 192 319 Other comprehensive income Items that may be reclassified to profit or loss (net of tax): Exchange differences on translation of foreign operations -92 47 Total other comprehensive income for the year, net of tax -92 47 Total comprehensive income for the year, net of tax 100 366 Total comprehensive income attributable to: Equity holders of the parent 99 368 Non-controlling interests 1 -2
> **[Chart page]** This page contains visual data — view in PDF for the best experience. COMBINED STATEMENT OF FINANCIAL POSITION Amounts in SEK m Note 31/03/2025 31/03/2024 01/04/2023 ASSETS Non-current assets Goodwill 10 2,019 2,097 2,064 Intangible assets 11 918 1,088 1,164 Property, plant and equipment 12 17 17 14 Right-of-use assets 13 24 26 22 Investments in associates 14 243 231 218 Non-current financial assets 15, 16, 17 14 33 93 Deferred tax assets 9 4 2 2 Total non-current assets 3,239 3,492 3,578 Current assets Trade receivables 15, 17 188 276 540 Current tax assets 54 74 1 Other receivables 15, 42 121 52 Prepaid expenses 18 9 11 8 Cash and cash equivalents 15, 22 472 312 586 Total current assets 766 794 1,187 TOTAL ASSETS 4,005 4,287 4,764
> **[Chart page]** This page contains visual data — view in PDF for the best experience. COMBINED STATEMENT OF FINANCIAL POSITION CONTINUED Amounts in SEK m Note 03/31/2025 03/31/2024 04/01/2023 EQUITY AND LIABILITIES Equity 20 Share capital 0 0 0 Reserves 100 192 146 Retained earnings, including net profit 1,347 1,465 1,485 Total equity attributable to equity holders of the parent 1,447 1,656 1,630 Non-controlling interests 9 8 9 Total equity 1,456 1,664 1,640 Non-current liabilities Liabilities to owners 15, 17 1,631 1,632 2,267 Lease liabilities 13, 17 10 12 10 Provisions 0 0 0 Contingent considerations 15, 17 53 60 73 Non-current liabilities to employees related to historical acquisitions 6, 15, 17 9 27 11 Deferred tax liabilities 9 195 225 254 Total non-current liabilities 1,898 1,957 2,616 Current liabilities Trade payables 15, 17 59 70 16 Lease liabilities 15, 17 14 13 12 Contract liabilities 3, 15, 17 7 — — Contingent considerations 15, 17 — 6 117 Tax liabilities 0 0 25 Liabilities to owners 425 464 0 Other current liabilities 15, 17 6 5 6 Accrued expenses 15, 21 141 107 332 Total current liabilities 652 666 509 TOTAL EQUITY AND LIABILITIES 4,005 4,287 4,764
> **[Chart page]** This page contains visual data — view in PDF for the best experience. COMBINED STATEMENT OF CHANGES IN EQUITY Equity attributable to equity holders of the parent Retained Share earnings Total equity Non- Amounts in SEK m capital Reserves1) including profit attributable to equity controlling Total for the period holders of the parent interests equity Opening balance 01/04/2023 0 146 1,485 1,630 9 1,640 Net profit/loss — — 321 321 -2 319 Other comprehensive income — 47 — 47 47 Total comprehensive income for the period — 47 321 368 -2 366 Transactions with the owners Group contribution — -443 -443 — -443 Tax effect on group contribution — — 91 91 — 91 Other* 10 10 10 Total — — -342 -342 — -342 Closing balance 31/03/2024 0 192 1,464 1,656 8 1,664 Opening balance 01/04/2024 0 192 1,464 1,656 8 1,664 Net profit/loss — — 192 192 1 192 Other comprehensive income — -92 — -92 — -92 Total comprehensive income for the period — -92 192 100 1 100 Transactions with the owners Group contribution — — -399 -399 — -399 Tax effect on group contribution 82 82 82 Other* — — 8 8 — 8 Total — -309 -309 — -309 Closing balance 31/03/2025 0 100 1,347 1,447 9 1,456 1)Includes currency translation difference. *) Other includes the movements in equity related to the combined financial statements.
COMBINED CASH FLOW STATEMENT Amounts in SEK m Note - 01/04/2024 01/04/2023 31/03/2025 - 31/03/2024 Operating activities Profit before tax 264 412 Adjustments for non-cash items, etc. 22 475 350 Tax paid -4 -130 Cash flow from operating activities before changes in working capital 735 632 Cash flow from changes in working capital Change in operating receivables 88 290 Change in operating liabilities 24 -188 Cash flow from operating activities 847 734 Investing activities Acquisition of property, plant and equipment 12 -6 -8 Acquisition of intangible assets 11 -226 -219 Acquisition of subsidiaries, net of cash acquired 1) 15 — -87 Acquisition of financial assets 2 -6 Cash flow from investing activities -230 -320 Financing activities Proceeds from borrowings — 5 Transactions with owners -439 -679 Payment of lease liabilities -17 -17 Cash flow from financing activities -456 -691 Total cashflow 161 -277 Cash and cash equivalents at the beginning of period 312 586 Exchange-rate differences in cash and cash equivalents -1 3 Cash and cash equivalents at the end of period 22 472 312 1)The change in the year refers to historical acquisitions.
an Investment Governance Statements Information Thunderful Group was founded in 2019 as a company with the opportunity to provide creative, high-quality entertain ment products to people of all ages. We are driven by our vision “To be a leader in a world where everyone can play”, and we work actively with devel opment, publishing and investment in games, as well as dis tribution of Nintendo products, games, game accessories Our operations fulfil an important function, in which our product a...
PCF Group S.A., operating under the People Can Fly brand, has entered into a significant development and publishing agreement with Microsoft Corporation to produce a new AAA video game currently titled Project Maverick. This partnership, formalized on June 13, 2023, establishes a work-for-hire framework where the studio develops the title using intellectual property owned by Microsoft. The agreement aligns with the studio’s updated corporate strategy to pursue high-value collaborative opportunities with major industry publishers alongside its own internal projects. The financial scope of the project is substantial, with Microsoft providing a total production budget ranging between $30 million and $50 million. Funding is structured around a milestone-based payment system, where the publisher provides capital as the studio completes specific stages of development outlined in a detailed product appendix. This arrangement ensures that the entirety of the production costs is covered by the publisher, mitigating financial risk for the developer while securing a high-budget project for its production pipeline. The scope of this agreement covers the full development cycle of the game, though specific release windows or geographic target markets are not disclosed. The terms of the contract are described as standard for the industry, containing no unusual conditions or deviations from typical AAA publishing agreements. By securing this contract, People Can Fly reinforces its position as a leading global developer capable of handling large-scale, high-budget productions for major platform holders, leveraging its technical expertise within a secure financial framework provided by one of the industry's largest entities.
The decision to downsize the development team for the Bifrost project was formally adopted on 4 June 2025 by the board of PCF Group S.A., headquartered in Warsaw, invoking the authority granted under Article 17, paragraph 1 of the MAR Regulation. The primary objective of the decision is to align the project’s staffing levels with the company’s strategic shift toward self‑publishing, financed entirely from the Group’s own resources. Implementation of the decision will affect more than fifty employees, who are subject to termination of employment. Remaining staff members have been offered relocation to other ongoing projects within the Group, reflecting an effort to retain talent while consolidating development activities. The action follows an earlier suspension of work on Bifrost reported on 1 June 2025, indicating a continued reassessment of the project’s viability. The scope of the announcement is limited to PCF Group’s internal operations, covering its Warsaw‑based corporate entity and its self‑publishing development model. No external market or geographic data are presented, and the report does not rely on survey methodology; instead, it is based on internal governance procedures and legal compliance requirements. Future updates concerning Bifrost will be communicated through separate current reports in accordance with applicable legal provisions.
Modern Times Group (MTG) reported a mixed financial performance for the first quarter of 2023, characterized by strong results in specific gaming franchises despite an overall decline in organic revenue. Net revenues reached SEKm 1,306, representing a 4% decrease year-on-year and an 11% organic decline. This downturn was primarily attributed to challenging year-on-year comparisons for InnoGames, which benefited from a post-pandemic boost in early 2022, and a non-recurring platform incentive payment received by PlaySimple in the previous year. The company’s portfolio showed divergent trends across its core segments. The Word Games franchise, led by PlaySimple, remained the strongest performer for the fifth consecutive quarter, while Ninja Kiwi’s Tower Defense IP demonstrated continued resilience. Conversely, the Strategy & Simulation and Racing segments faced difficulties, particularly in attracting new players during the first half of the quarter. However, management noted signs of stabilization for InnoGames and gradual improvements in Strategy & Simulation performance toward the end of the period. Financial health remains stable with an adjusted EBITDA of SEKm 263 and a margin of 20%. While the reported margin was lower than the 25% seen in Q1 2022, the underlying margin increased slightly on a like-for-like basis when adjusting for the prior year’s platform bonuses. User metrics showed a slight decline in Monthly Active Users (MAU) to 29.4 million, though Daily Active Users (DAU) remained relatively stable at 6.4 million. MTG maintains a robust balance sheet with a strong cash position and a total debt and earn-out capacity of approximately SEK 6 billion. This liquidity is intended to support future M&A activities and shareholder value creation. Despite a negative free cash flow after earn-out payments of SEKm 329 for the quarter, the company reported a 51% cash conversion rate from operations, signaling a solid foundation for its ongoing portfolio diversification strategy.