Thunderful Group Year-End Report Q4 2025

Key insights

7 takeaways

01
Thunderful Group is set to become a wholly owned subsidiary of Atari following a resolved directed share issue of up to 350 million shares at a subscription price of SEK 0.10 per share.See it on page 2
02
The company reported a net loss of SEK 442.3 million for the full year 2025, an improvement from the SEK 867.7 million loss recorded in 2024.See it on page 9
03
Full-year net revenue declined 11.4% to SEK 259.3 million, with Q4 revenue falling 16% year-over-year to SEK 65.1 million.See it on page 6
04
Operating profit (EBIT) for the full year was SEK -493.4 million, heavily impacted by SEK 342.2 million in write-downs of intangible fixed assets, including SEK 267.9 million in goodwill.See it on page 7
05
Personnel expenses decreased by 34.7% to SEK 183.9 million for the year, reflecting the impact of ongoing restructuring programs initiated in 2024 and 2025.See it on page 8
06
As of December 31, 2025, the group held SEK 10.8 million in cash and equivalents, with an additional SEK 1.1 million available from a confirmed credit facility.See it on page 10
07
The Publishing segment remained the primary driver of losses, posting an adjusted EBITA of SEK -213.0 million for the year, compared to a positive SEK 4.7 million adjusted EBITA in the Co-development & services segment.See it on page 8

Summary

Share Issue Resolved - Thunderful Group to Become Wholly Owned by Atari Fourth quarter October-December 2025 The period January-December 2025 • Net revenue decreased SEK 12.3 million to SEK 65.1 million (77.4).

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