Enad Global 7 Interim Report: Oct-Dec 2025

Key insights

6 takeaways

01
Enad Global 7 recorded a full-year 2025 net loss of SEK 2,051.3 million, driven by a strategic impairment charge of SEK 2,051.7 million intended to clear legacy financial burdens.See it on page 9
02
Total assets were reduced from SEK 3,590.4 million to SEK 1,885.7 million as part of a balance sheet stabilization effort, leading management to withdraw 2026 financial targets pending a strategic review.See it on page 13
03
Q4 2025 net revenue fell 14.8% year-over-year to SEK 436.9 million, though the company maintained stability through its live-service portfolio, specifically 'My Singing Monsters' and Daybreak titles.See it on page 9
04
The company ended 2025 with SEK 390.3 million in cash and secured SEK 724 million in tax benefits, while resolving contingent tax liabilities related to the Daybreak acquisition.See it on page 24
05
Future growth strategy is centered on the upcoming releases of the 'Cold Iron' project and 'Far Far West', alongside the continued operational optimization of the Fireshine Games publishing division.See it on page 8
06
A Capital Markets Day is scheduled for early 2027, at which point the company will provide updated financial guidance following its comprehensive strategic review.See it on page 24

Summary

Enad Global 7 concluded the 2025 fiscal year by prioritizing balance sheet stabilization over short-term growth metrics. Faced with a significant net loss of SEK 2,051.3 million for the full year, the company executed a strategic impairment charge of SEK 2,051.7 million. This accounting decision, while resulting in a substantial reduction in total assets from SEK 3,590.4 million to SEK 1,885.7 million, is intended to clear legacy financial burdens and facilitate a more transparent evaluation of the company’s core assets. Consequently, management has withdrawn its 2026 financial targets to conduct a comprehensive strategic review, with updated guidance expected during a Capital Markets Day in early 2027.

Operational performance during the fourth quarter of 2025 reflected a mixed landscape, with net revenue reaching SEK 436.9 million, representing a 14.8% year-over-year decline. Despite these headwinds, the company’s core live-service portfolio demonstrated resilience, particularly through the sustained success of My Singing Monsters and steady contributions from Daybreak titles. The group maintains a stable liquidity position, ending the year with SEK 390.3 million in cash and securing SEK 724 million in tax benefits to support future operations. The resolution of contingent tax considerations related to the Daybreak acquisition further underscores a commitment to improving long-term cash generation.

Operating across 12 global offices with a workforce of approximately 550 employees, the organization is now pivoting toward a refined development pipeline. Future growth is anchored by the upcoming release of the Cold Iron project and the title Far Far West, alongside the continued optimization of its publishing division, Fireshine Games. By cleaning its balance sheet and focusing on high-performing intellectual property, the company aims to transition away from recent commercial volatility and establish a more sustainable foundation for its international gaming operations.