Thunderful Group Year-End Report: 2023

Key insights

7 takeaways

01
Thunderful Group reported a net loss of 609.4 MSEK for 2023, driven primarily by a 600 MSEK write-down of goodwill and capitalized development costs in the Games segment.See it on page 5
02
Full-year net revenue fell 4.6% to 2,818.2 MSEK, with the Games segment experiencing a 17.3% revenue decline to 425.3 MSEK and the Distribution segment dipping 1.9% to 2,392.9 MSEK.See it on page 1
03
The company initiated a restructuring program expected to reduce annual costs by 90–110 MSEK, with full financial impact anticipated by the second half of 2024.See it on page 3
04
Operating profit (EBIT) for the full year plummeted 410.8% to -609.3 MSEK, resulting in an operating margin of -21.6% compared to 6.6% in 2022.See it on page 1
05
Distribution segment performance was mixed, as strong results from Amo Toys were offset by a 27.7% revenue decline in Nordic Game Supply and weaker Nintendo Switch hardware sales at Bergsala.See it on page 2
06
Adjusted EBITDA for the full year decreased 35.6% to 241.9 MSEK, reflecting a margin of 8.6% compared to 12.7% in the prior year.See it on page 5
07
The Group has consolidated its game development and publishing operations under Thunderful Publishing to improve strategic focus and governance.See it on page 3

Summary

Challenges in Games but positive results in Distribution Fourth quarter Full year October-December 2023 January-December 2023 • Net revenue decreased 18.4 percent to 953.2 MSEK (1,168.11)). • Net revenue decreased 4.6 percent to 2,818.2 MSEK (2,953.31)).