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Financial
Thunderful Group Q4 2024 Report
Thunderful Group underwent a profound structural transformation throughout 2024, shifting its strategic focus toward external publishing and core internal development while divesting its distribution segment and several subsidiaries, including Headup and Jumpship. This transition resulted in a significant decline in financial performance, with annual net revenue falling 23.8% to 292.8 MSEK and Q4 revenue dropping 27.6% to 77.4 MSEK. The fiscal year was defined by a substantial operating loss of 917.3 MSEK, primarily driven by 848 MSEK in depreciation and asset write-downs. These impairments reflect the aggressive cleanup of the balance sheet as the organization streamlined its workforce to 297 employees and moved away from non-core business units. Despite the heavy accounting losses and a deterioration of the adjusted EBITDA margin to -14.1%, the group successfully stabilized its financial position by reducing interest-bearing net debt from 402.1 MSEK to -7.7 MSEK. This improvement in liquidity was largely achieved through a drastic reduction in core working capital and the settlement of liabilities. Furthermore, a comprehensive cost-savings program is expected to generate between 80 and 90 MSEK in annual savings, positioning the company for a return to positive cash flow in the coming year. The outlook for 2025 remains optimistic, supported by a robust release pipeline consisting of twelve ongoing development projects. This portfolio includes eight internally developed titles, such as Reignbreaker and Lost in Random: The Eternal Die. By concentrating resources on a leaner operational model and a high-potential publishing slate, the group aims to recover from the volatility of its restructuring phase and establish a more sustainable, profitable trajectory within the global gaming market.
ThunderfulJan 2025
Financial
Fiscal Year Ending 1st Half Financial Overseas Titles
The financial results for the first half of the fiscal year ending March 2011 reveal a period of transition and strategic realignment following the merger of Koei and Tecmo. During the six months ending September 2010, net sales reached 11,069 million yen, a decline from the 15,264 million yen reported in the previous year. The period saw an operating loss of 1,656 million yen, influenced in part by 510 million yen in goodwill amortization expenses related to the merger and the acquisition of Koei Net Co., Ltd. Despite these short-term losses, the full-year forecast remains optimistic, targeting 34,500 million yen in sales and a return to profitability with a projected 4,000 million yen in operating profit. Geographically, the Japanese market remains the primary revenue driver, accounting for 85.5% of sales in the first half. However, there is a clear strategic shift toward international expansion, with plans to increase overseas sales from 15.8% to 18.1% of total revenue by the end of the fiscal year. North America and Europe are identified as key growth regions. To support this, a Global Marketing Department has been established to integrate overseas market feedback into the early planning stages of game development, ensuring titles are better tailored for international audiences. A significant pillar of the future growth strategy involves aggressive entry into the social and mobile gaming sectors. Successes with titles like Nobunaga’s Ambition for Everyone, which surpassed one million registered users on the Mobage platform, serve as a blueprint for leveraging established intellectual property in rapidly growing digital markets. Moving forward, the focus will shift toward continuous content releases, smartphone implementation, and breaking into global social platforms like Facebook. This digital expansion is paired with a commitment to cost reduction and the maximization of internal IP to stabilize long-term financial performance.
Koei TecmoJan 2010
Financial
FY23 Financial Results
The FY23 financial results show a contraction in revenue to £104.6 million, an 8 % decline from the previous year, driven largely by lower sales of the F1® Manager series. Adjusted EBITDA swung from a £6.7 million profit in FY22 to a £4.6 million loss, while the IFRS operating loss widened to £26.6 million. Non‑cash intangible charges of £28.7 million—primarily the closure of Foundry (£13.7 m) and a £15 million impairment on the F1® Manager franchise—were key contributors to the loss. Cash reserves fell from £38.7 million to £28.3 million, reflecting higher operating expenses and capitalised development costs. The portfolio remains dominated by legacy titles, with 72 % of revenue generated from pre‑FY23 releases such as Jurassic World Evolution 2. New initiatives include the acquisition of Complex Games in November 2022 and the planned launch of Warhammer Age of Sigmar: Realms of Ruin, a real‑time strategy title slated for November 2023. The company has refocused on Creative Management Simulation games, closing Foundry and reallocating resources to two new CMS projects. Leadership reviews aim to improve return on investment. For FY24, market consensus expects revenue of £108 million and an adjusted EBITDA loss of £9 million. The company anticipates that the new RTS release, alongside continued support for existing titles and undisclosed revenue streams, will offset the F1® Manager shortfall. The strategy shift toward core CMS titles and tighter cost management underpins confidence in returning to profitable performance over the medium term.
Frontier Developments
Report
Integrated Report 2025
SEGA SAMMY HOLDINGS INTEGRATED REPORT 2025 SEGA SAMMY HOLDINGS INTEGRATED REPORT 2025 Key Visual from Sonic the Hedgehog 3 movie Group Value Introduction Strengthening of Non-Financial Capital Creativity is Mindset and DNA SEGA SAMMY Group Core Businesses 02 Materiality 56 Creativity is Alway...
Sega Sammy Holdings