Updated Jun 1, 2026 by Coffee Stain Group AB
Legal
Published by Coffee Stain Group AB
Coffee Stain Group AB is preparing to list its class B shares on Nasdaq First North Premier following the distribution of Embracer Group holdings to Embracer shareholders. The listing will take place on 11 December 2025, with a record date of 9 December 2025. Swedish “Lex Asea” tax rules apply, and no brokerage fee will be charged for the transaction. The company’s disclosure is not audited and contains forward‑looking statements that carry risk factors. Revenue concentration remains a core concern: approximately 90 % of sales derive from six flagship titles, including *Goat Simulator*, *Satisfactory* and *Valheim*. These games generate robust free‑cash‑flow through DLCs, expansions and platform deals, yet the concentration exposes the group to rapid industry shifts, technology upgrades, cyber‑security threats and talent attrition. The decentralized studio model and heavy reliance on intellectual‑property protection further heighten vulnerability to IP disputes and regulatory non‑compliance. Currency exposure from USD‑denominated sales, goodwill impairment risk, and potential liquidity volatility for newly listed shares add to the financial uncertainty. Financially, FY 2024/25 adjusted EBIT fell from SEK 240 million to SEK 126 million, with margins dropping from 50 % to 31 %. Cash EBIT and free cash flow also declined, driven by higher acquisition amortisation and tax payments. Despite this volatility, the company maintains a healthy cash‑EBIT margin (~44 % FY24/25) and a debt‑free cash position of SEK 500 million as of Q2 2025/26, providing flexibility for growth or shareholder returns. Dividend policy remains uncertain; Swedish law and board discretion may preclude payouts if distributable funds are insufficient or debt levels rise. Governance is structured around a six‑member board led by CEO Anton Westbergh, with CFO Erik Sunnerdahl appointed in 2025. Share‑class distinctions grant A shares ten votes each and B shares one vote, with a total of 225 million shares after a late‑2025 split and bonus issue. The company’s articles of association outline preferential rights, capital limits, and procedures for issuing new shares, all governed by Swedish company law. Digital distribution agreements with major platforms secure publishing rights and IP ownership, while all related‑party transactions are declared arm’s‑length. The group’s competitive strengths lie in a capital‑light early‑access model, strong community engagement, and a diversified pipeline across sandbox, simulation and cooperative action genres.
COMPANY DESCRIPTION FOR ADMISSION TO TRADING OF THE CLASS B SHARES OF COFFEE STAIN GROUP AB (PUBL) ON NASDAQ FIRST NORTH PREMIER GROWTH MARKET Nasdaq First North Growth Market Disclaimer Nasdaq First North Growth Market is a registered SME growth market, in accordance with the Directive on Markets in Financial Instruments (EU 2014/65) as implemented in the national legislation of Denmark, Finland, Iceland and Sweden, operated by an exchange within the Nasdaq group. Issuers on Nasdaq First North Growth Market are not subject to all the same rules as issuers on a regulated main market, as defined in EU legislation (as implemented in national law). Instead, they are subject to a less extensive set of rules and regulations adjusted to small growth companies. The risk in investing in an issuer on Nasdaq First North Growth Market may therefore be higher than investing in an issuer on the main market. All issuers with Shares admitted to trading on Nasdaq First North Growth Market have a Certified Adviser who monitors that the rules are followed. The respective Nasdaq exchange approves the application for admission to trading.
IMPORTANT INFORMATION This company description (the "Company Description") has been prepared by the Board of Directors of Coffee Stain Group AB (publ) reg. no. 559280-0014 (in this Company Description, "Coffee Stain" or the "Company" and together with its subsidiaries the "Group" or the "Coffee Stain Group") following the resolution at an extraordinary general meeting held by Embracer Group AB (publ) ("Embracer Group") on 3 November 2025 to distribute all shares held by Embracer Group in Coffee Stain (the "Distribution") and to apply for the admission to trading of the class B shares in Coffee Stain on Nasdaq First North Premier Growth Market in Stockholm ("Nasdaq First North Premier") (the "Listing"). Skandinaviska Enskilda Banken AB, is acting as Lead Financial Advisor and DNB Carnegie Investment Bank AB (publ), Nordea Bank Abp, filial i Sverige and SB1 Markets, filial i Sverige are acting as Financial Advisors in connection with the Distribution and the Listing. Presentation of financial information Some of the figures contained in this Company Description have been rounded off. Consequently, certain tables may not appear to be added up correctly. No information contained in the Company Description has been audited or reviewed by the Company's auditors other than as expressly stated.
ormation Some of the figures contained in this Company Description have been rounded off. Consequently, certain tables may not appear to be added up correctly. No information contained in the Company Description has been audited or reviewed by the Company's auditors other than as expressly stated. Forward-looking statements The Company Description contains certain forward-looking statements and opinions. Forward-looking statements are statements that do not relate to historical facts and events and such statements and opinions pertaining to the future that, by example, contain wording such as "believes", "estimates", "anticipates", "expects", "assumes", "forecasts", "intends", "could", "will", "should", "would", "according to estimates", "is of the opinion", "may", "plans", "potential", "predicts", "projects", "to the knowledge of" or The Company Description has not been prepared in accordance with the Regulation (EU) 2017/1129 of the European Parliament and of the Council of 14 June 2017 on the prospectus to be published when securities are offered to the public or admitted to trading on a regulated market, and repealing Directive 2003/71/EC or the Financial Instruments Trading Act (SFS 1991:980) (Sw. Lag (1991:980) om handel med finansiella instrument). Accordingly, the Company Description does not constitute a prospectus or an offer document in the meaning set out in the foregoing regulations.
ket, and repealing Directive 2003/71/EC or the Financial Instruments Trading Act (SFS 1991:980) (Sw. Lag (1991:980) om handel med finansiella instrument). Accordingly, the Company Description does not constitute a prospectus or an offer document in the meaning set out in the foregoing regulations. similar expressions, which are intended to identify a statement as forward-looking. Forward-looking statements are based on current estimates and assumptions made according to the best of the Company's knowledge. Such forward-looking statements are subject to risks, uncertainties, and other factors that could cause the actual results, including the Company's cash flow, financial condition and results of operations, to differ materially from the results, or fail to meet expectations expressly or implicitly assumed or described in those statements or to turn out to be less favorable than the results expressly or implicitly assumed or described The Company Description has been prepared in accordance with in those statements. The Company cannot give any assurance Nasdaq First North Growth Market's Rulebook for Issuers of Shares regarding the future accuracy of the opinions set forth herein or and has been reviewed by Nasdaq Stockholm AB. The Board of as to the actual occurrence of any predicted developments. In Directors of Coffee Stain is responsible for the content of this light of the risks, uncertainties and assumptions associated with Company Description.
inions set forth herein or and has been reviewed by Nasdaq Stockholm AB. The Board of as to the actual occurrence of any predicted developments. In Directors of Coffee Stain is responsible for the content of this light of the risks, uncertainties and assumptions associated with Company Description. The Company Description has not been app- forward-looking statements, it is possible that the future events roved or registered by the Swedish Financial Supervisory Authority mentioned in the Company Description may not occur. Moreover, (Sw. Finansinspektionen). Any disputes regarding, or arising as a the forward-looking estimates and forecasts derived from thirdconsequence of, the content of this Company Description, or legal party studies referred to in the Company Description may prove circumstances related thereto shall be exclusively determined to be inaccurate. Actual results, performance or events may differ under the laws of Sweden and by a Swedish court of law whereu- materially from those in such statements due to, without limitation, pon the Stockholm District Court shall constitute the court of first other events or factors than those described in the section Risk instance. Factors. After the date of the Company Description, the Company assumes no obligation, except as required by law or Nasdaq First North Growth Market's Rule Book for Issuers, to update any This Company Description does not constitute an offer to subscribe forward-looking statements or to conform these forward-looking for or acquire shares in Coffee Stain in Sweden or in any other juris- statements to actual events or developments. diction.
arket's Rule Book for Issuers, to update any This Company Description does not constitute an offer to subscribe forward-looking statements or to conform these forward-looking for or acquire shares in Coffee Stain in Sweden or in any other juris- statements to actual events or developments. diction. The release, publication and distribution of the Company Description is subject to restrictions under applicable law and regu- Business and market data lations. The Company Description may not be released, published This Company Description includes historical market data and or distributed in the United States, Australia, Canada, Hong Kong, industry forecasts for the market in which Coffee Stain operates. Japan, New Zealand, Singapore, South Africa, Switzerland, or any The information has been sourced from industry publications, jurisdiction where such measure requires prospectus, registration third-party market surveys, and publicly available data. While these measures or other measures beyond those required by Swedish publications state that their content is based on information from law or otherwise in violation of applicable law or regulations in such multiple sources and methods considered reliable, the accuracy jurisdiction. Coffee Stain has not, and will not, take any measures and completeness of such information cannot be guaranteed. to facilitate an offer to the public or otherwise in any jurisdiction.
The interim filing presents the fourth‑quarter 2025 financial results for a midcore‑casual gaming group, emphasizing a record‑setting revenue run and the successful execution of a transformation agenda that includes the integration of the Plarium acquisition and the rollout of a new district structure in early 2026. Revenue reached SEK 3,123 million, reflecting 108 % organic growth year‑on‑year and a 25 % increase on a constant‑currency basis, while adjusted EBITDA rose to SEK 717 million, delivering a 23 % margin that matches the full‑year figure. Unlevered free cash flow amounted to SEK 878 million, with a cash‑conversion rate of 66 % and a leverage ratio of five times EBITDA, underscoring robust liquidity and disciplined capital management. User‑acquisition spending accelerated, representing 38 % of quarterly revenue—up from 37 % in the prior quarter—and grew 76 % on a reported basis, driven by heightened investment in original studios, new casual titles, and the racing franchise. The direct‑to‑consumer channel expanded by 600 basis points to 32 % of total revenue, reflecting a strategic shift toward higher‑margin in‑app purchases. Across the fiscal year, the company posted a 9 % organic revenue increase, with word‑games, racing, and RAID franchises delivering the strongest quarter‑end performance. Operating cash flow for the quarter stood at SEK 840 million, while adjusted net income was SEK 1,390 million, translating to an adjusted EPS of SEK 11.33. The financial outcomes exceed guidance and position the firm to meet its medium‑term outlook, with a pre‑IPO study for PlaySimple concluded and the midcore transformation progressing as planned.
The report announces the successful completion of the private subscription for a new issue of series H common bearer shares of PCF Group S.A., confirming that all 6 670 000 shares with a nominal value of 0,02 zł each were fully subscribed and paid for. The subscription was conducted between 6 and 11 August 2025, with the subscription agreements finalized on 14 August 2025, and the total consideration amounted to 20 010 000 zł, based on an issue price of 3,00 zł per share. Sixteen qualified investors participated in the offering, each entering into a subscription contract for the full allotment of shares. The process was executed as a private subscription under Article 56 of the Polish Public Offering Act and the Commercial Companies Code, and therefore did not require a prospectus. No allocation reductions were applied, and the shares were issued against cash contributions only; no non‑cash consideration, set‑off of receivables, or sub‑issuance arrangements were involved. The scope of the offering is limited to investors residing in the European Economic Area, the United Kingdom, and qualified institutional buyers under U.S. Rule 144A, explicitly excluding distribution in the United States, Canada, Australia, Japan, South Africa and other jurisdictions where the securities would be unlawful without registration. The report complies with EU Regulation 596/2014 on market abuse and the EU Prospectus Regulation, and it emphasizes that the information is for informational purposes only and does not constitute a solicitation or promotional material. Cost details for the issuance have not yet been finalized; the company will disclose the total and per‑share expenses in a subsequent report after receiving and approving the relevant invoices. The overall conclusion is that the subscription was fully executed on schedule, with the capital raised now available for the company’s use, while all regulatory and disclosure obligations have been satisfied.
Modern Times Group (MTG) reports significant financial expansion for the first quarter of 2025, primarily driven by the strategic consolidation of Plarium. Net sales reached SEK 2,557 million, representing a 79% increase in constant currencies year-over-year. While much of this growth is attributed to the acquisition, the company also maintained a 6% organic growth rate. The long-term performance remains robust, with a 4.75-year annualized compound annual growth rate (CAGR) of 18% for reported revenue and 28% for adjusted EBITDA. The integration of Plarium has fundamentally shifted the revenue mix and user base. Strategy and Simulation now represent the largest franchise segment, contributing SEK 1,066 million in the quarter, followed by Word Games and Tower Defense. In-app purchases (IAP) have increased to 76% of total revenue, up from 61% in the prior year, while advertising revenue (IAA) has decreased proportionally. Daily Active Users (DAU) rose to 9 million, influenced by both the Plarium acquisition and the localized expansion of Word Games, though Average Revenue Per Daily Active User (ARPDAU) saw a slight decline to SEK 3.1. Financial health remains stable with a reported adjusted EBITDA of SEK 616 million, yielding a 24% margin. This was achieved despite scaled marketing investments for new titles. The group reported a free cash flow of SEK 143 million for the quarter and maintains a net debt position of SEK 5,064 million, resulting in a financial leverage ratio of 1.66x. Looking ahead to the full year 2025, the outlook anticipates organic sales growth between 3% and 7% and a total reported adjusted EBITDA margin between 21% and 24%. Management intends to focus on the disciplined scaling of new titles and geographical expansion to sustain this momentum.
Thunderful Group’s interim report for the first quarter of 2025, covering January through March, details a period of significant structural transformation following extensive restructuring in 2024. The primary thesis centers on the company’s transition into a leaner, more focused entity specialized in game publishing and co-development after divesting its distribution businesses. Financial performance shows a 7.0% increase in net revenue to SEK 62.0 million, compared to SEK 58.0 million in the same period the previous year. While the company reported an operating loss (EBIT) of SEK 65.7 million, this represents a substantial improvement from the SEK 153.9 million loss in Q1 2024. The result was impacted by SEK 29.4 million in write-downs of intangible assets. Adjusted EBITDA improved to SEK –9.2 million from SEK –29.4 million, reflecting reduced personnel expenses, which fell 36.5% following a headcount reduction from 355 to 249 employees. The Publishing segment generated SEK 32.5 million in revenue, driven by back-catalog sales, while the Co-development & Services segment contributed SEK 29.6 million, primarily through work-for-hire projects at Coatsink. Strategic developments during the quarter included the transfer of all shares in Jumpship Ltd to its former owner and a directed share issue to Microcuts Holding GmbH to settle earnout obligations. Geographically centered in Gothenburg, Sweden, with operations across Europe, the group’s outlook relies on a heavy 2025 release schedule, including titles such as Lost in Random: The Eternal Die and Replaced. Management notes that while the restructuring has stabilized the cost base, future financial stability is highly dependent on the commercial success of these upcoming launches. Cash and unutilised credit facilities stood at SEK 83.1 million at the end of the period.