Enad Global 7 Annual Report 2025

Key insights

6 takeaways

01
Enad Global 7 reported a net loss of SEK 1,935.1 million in 2025, primarily driven by SEK 2.3 billion in intangible asset impairments and goodwill write-downs.See it on page 65
02
Net revenue declined 5.1% to SEK 1,626.3 million, impacted by currency fluctuations and the conclusion of specific game launch cycles.See it on page 22
03
The group maintained an adjusted EBITDA of SEK 254.0 million and a cash position of SEK 390.3 million, bolstered by a SEK 350 million bond issuance and the closure of the Toadman studio.See it on page 21
04
Strategic restructuring included a pivot to relocate future game development to Canada and downward budget revisions for the Daybreak and Fireshine segments.See it on page 101
05
The title 'Palia' emerged as a critical revenue driver for the group's decentralized portfolio, which focuses on live-service titles and recurring revenue models.See it on page 21
06
The company formalized sustainability reporting in 2025 to comply with EU directives, identifying climate impact, workforce management, and data privacy as key focus areas.See it on page 26

Summary

Enad Global 7’s 2025 annual report details a year of significant financial restructuring and strategic consolidation for the international gaming group. The company faced substantial headwinds, reporting a net loss of SEK 1,935.1 million, largely driven by SEK 2.3 billion in intangible asset impairments and goodwill write-downs. These impairments were primarily triggered by a strategic pivot to relocate future game development investments to Canada and lower budget forecasts for key segments, including Daybreak and Fireshine. Despite these losses, the group maintained an adjusted EBITDA of SEK 254.0 million and a cash position of SEK 390.3 million, supported by a SEK 350 million bond issuance and ongoing cost-saving measures, such as the closure of the Toadman studio.

Operationally, the company functions as a diversified, decentralized gaming group across six segments, focusing on live-service titles and recurring revenue models. While the year saw a 5.1% decline in net revenue to SEK 1,626.3 million—impacted by currency fluctuations and the conclusion of specific launch cycles—the successful performance of Palia served as a critical revenue driver. Governance remains focused on M&A and strategic oversight, with the board actively managing risks related to talent retention, competitive market pressures, and the valuation of intangible assets.

In 2025, the group formalized its sustainability reporting in alignment with the EU’s Corporate Sustainability Reporting Directive and European Sustainability Reporting Standards. Through a double materiality assessment, the company identified climate impact, workforce management, data privacy, and business conduct as its primary focus areas. While the group currently lacks formal climate-specific transition targets due to its digital-first, low-footprint business model, it has integrated sustainability objectives into its internal control framework and executive remuneration. The fiscal year concluded with a clean audit report, confirming that the company’s financial and sustainability disclosures comply with Swedish regulatory requirements and international accounting standards.