FinancialNitro Games
Interim Report: January–March 2025
1 Mar 202521 pages~26 min full read
Nitro Games experienced a 9% year-over-year revenue decline to €2.43 billion in Q1 2025, driven by a sharp contraction in the Games segment from €263 million to €75 million.
Profitability metrics saw significant drops, with EBITDA falling 30% to €416 million, EBIT decreasing 45% to €87 million, and net profit declining 46% to €58 million.
The cancellation of a Netflix-commissioned project was a primary operational factor behind the steep revenue decline in the Games segment.
The company’s equity ratio improved significantly to 37% as of March 31, 2025, up from 22% a year prior, despite net debt remaining at approximately €3.1 billion.
Revenue is heavily concentrated in North America, which accounted for €2.34 billion of the total €2.43 billion in sales.
Workforce headcount increased by 8% year-over-year to an average of 49.7 employees, with 49 employees remaining at the end of the quarter.
The interim analysis evaluates Nitro Games’ financial and operational performance for the first quarter of 2025, focusing on revenue trends, profitability, capital structure, workforce dynamics and geographic exposure. Total revenue fell 9 % year‑over‑year to €2.43 billion, driven primarily by a sharp contraction in the Games segment, which dropped from €263 million to €75 million, while the Service segment remained relatively stable. EBITDA declined to €416 million, a 30 % decrease, and EBIT fell to €87 million, down 45 %; net profit reached €58 million, a 46 % reduction. Cash balances contracted to €1.09 billion and net debt stayed around €3.1 billion, yet the equity ratio improved markedly to 37 % from 22 % a year earlier, indicating a stronger balance‑sheet position despite weaker earnings.
Workforce metrics show an average headcount of 49.7 employees, an 8 % increase over the prior year, with 49 employees at quarter‑end. The share‑holding structure as of 31 March 2025 reflects a modest share capital of €80 k. A notable operational setback was the cancellation of a Netflix‑commissioned project, which contributed to the steep decline in the Games segment.
Geographically, revenue concentration shifted heavily toward North America, accounting for €2.34 billion of total sales, while the European Union market contributed a comparatively small share. The combined financial and operational indicators suggest that, although Nitro Games faces significant top‑line pressure and reduced profitability, its capital structure
