Enad Global 7

EG7’s Q2 2026 interim report demonstrates significant financial growth and improved operational efficiency across its diversified portfolio of gaming business units. The company achieved a net revenue of 474.6 million SEK, representing a 25.3% year-over-year increase, or 30.3% when adjusted for currency fluctuations. Profitability metrics showed substantial improvement, with adjusted EBITDA rising 165% to 99.4 million SEK and the adjusted EBITDA margin expanding by 11 percentage points to 20.9%. Net profit reached 46.0 million SEK, a marked increase from 8.4 million SEK in the same period of the previous year, resulting in a diluted earnings per share of 0.52 SEK.

The company’s performance was characterized by broad-based growth, with every operating business unit—Fireshine, Big Blue Bubble, Piranha, and Daybreak—achieving year-over-year adjusted EBITDA growth and maintaining profitability during the quarter. Fireshine emerged as a primary growth driver, recording a 127.2% increase in local currency net revenue, bolstered by the successful release of titles such as Far Far West. Piranha and Big Blue Bubble also contributed strong results, with revenue growth of 53.3% and 21.4%, respectively. These gains were supported by a robust operating cash flow of 120.5 million SEK.

Looking ahead to the third quarter of 2026, the company has maintained momentum through the July launches of Denshattack! and EverQuest Legends. Furthermore, the firm is preparing for the August 25 release of Aliens: Fireteam Elite 2, which is positioned as its largest premium title of the year. The company maintains a stable financial position, reporting a net debt of 3.6 million SEK, supported by a cash balance of 344.2 million SEK and a 100 million SEK unutilized revolving credit facility. These results reflect a successful execution of the company’s strategy to scale high-quality indie publishing and leverage its established live-service portfolio.

EG7 reported a robust Q3 2024 performance, with net revenue rising 32 % to MSEK 466 and adjusted EBITDA surging 204 % to MSEK 102, driven by a heavier backend‑weighted product pipeline and the launch of new titles. The acquisition of Singularity 6 on 2 July added its game Palia, contributing MSEK 28 to revenue. MechWarrior 5: Clans, released 17 October across Steam, Xbox, Game Pass and PlayStation, achieved a Metacritic score of 79 and a Steam rating above 77 %, positioning it to outperform its predecessor, which generated over SEK 300 million in net revenue. Despite a softer initial release window due to a delay near the Call of Duty launch, long‑tail sales are expected to strengthen with ongoing DLC support.

Segment contributions show Daybreak and Big Blue Bubble accounting for 46 % and 18 % of net revenue respectively, while the rest of the group contributed 36 %. Adjusted EBITDA margins improved to 20 % in Q3, slightly below the 2024 full‑year target of 20 % due to the MechWarrior delay. Cash flow from operations was MSEK 35, offset by investing outflows of MSEK 119 (S6 investments, capex and publishing) and financing inflows of MSEK 7, leaving a net cash position of MSEK 219.

The company projects 2024 full‑year net revenue near SEK 1.8 billion with adjusted EBITDA at 20 %, and a 2026 target of SEK 3 billion revenue and SEK 1 billion EBITDA. EG7 maintains a solid financial footing amid industry layoffs, focusing on organic growth through IP‑based titles and opportunistic M&A such as Singularity 6.