Thunderful Group Year-End Report 2022

Key insights

7 takeaways

01
Thunderful Group reported a full-year 2022 net revenue of 3,030.7 MSEK, a 3.5% decrease compared to 2021, while full-year operating profit (EBIT) declined 6.1% to 196.1 MSEK.See it on page 1
02
The company achieved a significant turnaround in cash flow, with operating activities generating 497.5 MSEK in 2022 compared to a negative 64.9 MSEK in 2021.See it on page 20
03
The Games segment demonstrated strong performance with an adjusted EBITDA of 138.3 MSEK for Q4 2022, representing an adjusted EBITDA margin of 60.5%.See it on page 8
04
Distribution segment performance was mixed, with Nordic Game Supply revenue falling 29.0% to 699.1 MSEK, while Amo Toys revenue grew 6.2% to 524.0 MSEK.See it on page 5
05
The Group implemented cost-cutting measures, including workforce reductions at Nordic Game Supply and the closure of a loss-making operation in Germany during Q4 2022.See it on page 2
06
Thunderful released eight games in Q4 2022 and maintains a pipeline of 29 ongoing game-development projects, consisting of 11 internal and 18 third-party titles.See it on page 11
07
The Board of Directors will not propose any dividend for the 2022 financial year, as the company prioritizes reinvesting profits into organic growth and acquisitions.See it on page 1

Summary

STRONG CASH FLOW AND IMPROVED PROFITABILITY Fourth quarter October-December 2022 Full year January-December 2022 • Net revenue decreased 9.2% to 1,200.5 MSEK (1,322.6). • Net revenue decreased 3.5% to 3,030.7 MSEK (3,140.8).