Thunderful Group Q1 2023 Presentation

Key insights

6 takeaways

01
Thunderful Group reported Q1 2023 net sales of 555.4 MSEK, a 1.7% increase year-over-year, with adjusted EBITA rising 86.5% to 52.5 MSEK.See it on page 10
02
The Games segment achieved 28% organic growth with net sales of 107 MSEK and a 109.8% increase in adjusted EBITA to 44.1 MSEK, despite limited new releases.See it on page 17
03
The Distribution segment saw net sales decline 3.3% to 448 MSEK, though adjusted EBITDA improved by 32% to 19 MSEK due to profitability gains at Bergsala and Amo Toys.See it on page 19
04
Operating cash flow reached 64.3 MSEK, negatively impacted by a 100 MSEK inventory build-up at Bergsala in preparation for a Q2 Zelda release.See it on page 4
05
Total capital expenditure for the Games segment reached 123.6 MSEK in Q1 2023, driven by an increased number of internal developers working on non-externally financed projects.See it on page 18
06
The company maintains a publishing pipeline of 14 external games, with 8 releases planned for 2023, starting with 'Planet of Lana' on May 23.See it on page 14

Summary

Anders Maiqvist Lennart Sparud aGames segment reaches 28% organic growth with Net Sales of 107 MSEK and adj. EBITA of 44 MSEK, despite limited contribution from new releases. Adj. EBITA is +110% y/o/y. aImproved profitability in Distribution driven by Bergsala and Amo Toys. Distribution segment's Net Sales of 448 MSEK is -3% y/o/y while adj. EBITDA of 19 MSEK is +32% y/o/y. aCash flow from operating activities reached +64 MSEK in Q1.