Embracer Group loses $433M in latest fiscal year
Swedish video game holding company Embracer Group has shared its financial performance for its latest fiscal year, covering April 2021 to March 2022.
Brass tacks: The company has been on an acquisition spree.
- Net sales grew 89% to $1.7B (SEK 17B). Gains here were largely the result of acquisitions made by the company, including the likes of Asmodee, Easybrain, and Gearbox.
- Year-on-year, the company had organic growth of -7% and increased its EBITDA (earnings before interest, taxes, depreciation, and amortization) by 54% to $616M (SEK 6.1B).
- Embracer Group made a post-tax loss of $433M (SEK 4.29B) and an operating profit of -$374M (SEK -3.7B).
The group: Embracer Group is one of a few major companies that is currently snapping up games studios.
- The group announced in May 2022 that it would spend $300M to acquire three studios and a host of game IPs from Square Enix.
- Other companies under its ownership include Coffee Stain Holding, Dark Horse Media, Saber Interactive, and THQ Nordic. Each of its 10 subsidiaries has its own operations, studios, and business units.
- "Looking ahead, we expect to achieve substantial organic growth in FY 22/23 primarily driven by our premium games segment through multiple releases of games from our well-invested project pipeline," said Embracer CEO Lars Wingefors.