Market (Overall)·Updated Mar 17, 2026 by Keywords Studios
Keywords Studios reported €780 million in revenue for 2023, representing 13% total growth and 9% organic growth despite currency headwinds and U.S. labor strikes.
The company achieved an adjusted operating margin of 15.6% and an EBITDA of €158.3 million, supported by a strong cash conversion rate of 82.3%.
Management is pursuing a revenue target exceeding €1 billion, supported by a €225 million investment in five acquisitions during 2023 and a $400 million revolving credit facility.
The 'Create' division outperformed with 17.3% organic growth, while the 'Globalize' and 'Engage' sectors faced challenges from market volatility and project cancellations.
The firm plans to maintain an annual M&A spend of approximately €100 million while keeping net leverage below 2.0x to capitalize on the rising costs of AAA game development.
Keywords Studios currently services over 70% of top-tier industry award winners through a global workforce of 13,000 employees across 26 countries.
Future growth strategy focuses on the recovery of global content volumes and the integration of artificial intelligence to enhance creative and support services.
Keywords Studios reported €780 million in revenue for 2023, representing 13% total growth and 9% organic growth despite currency headwinds and U.S. labor strikes.
The company achieved an adjusted operating margin of 15.6% and an EBITDA of €158.3 million, supported by a strong cash conversion rate of 82.3%.
Management is pursuing a revenue target exceeding €1 billion, supported by a €225 million investment in five acquisitions during 2023 and a $400 million revolving credit facility.
The 'Create' division outperformed with 17.3% organic growth, while the 'Globalize' and 'Engage' sectors faced challenges from market volatility and project cancellations.
The firm plans to maintain an annual M&A spend of approximately €100 million while keeping net leverage below 2.0x to capitalize on the rising costs of AAA game development.
Keywords Studios currently services over 70% of top-tier industry award winners through a global workforce of 13,000 employees across 26 countries.
Future growth strategy focuses on the recovery of global content volumes and the integration of artificial intelligence to enhance creative and support services.