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Embracer Group (EMBRAC) investor relations material
Embracer Group Coffee Stain CMD 2025 summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Coffee Stain CMD 2025 summary17 Nov, 2025
Strategic direction and business model
Operates a decentralized, lean structure with small, creative teams focused on high-quality, community-driven games, supporting around 250 employees across 13 studios and 2 publishers.
Growth is driven by nurturing core IPs, developing new games, and selective M&A, with a preference for minority investments and partnerships over full acquisitions.
The spinoff from Embracer aims to unlock shareholder value, provide strategic flexibility, and position the company as a standalone, publicly listed entity.
The company maintains a strong culture and risk-mitigating approach by scaling teams as projects mature and leveraging external partners for development peaks.
Emphasizes creativity, early community involvement, and continuous innovation to drive long-term engagement and success.
Financial performance and guidance
Achieved SEK 1 billion in sales with a 44% cash EBIT margin in the last year, with 90% of revenue from six core IPs.
Maintains a lean cost base, with 80% of spending on core games and 20% on new projects, and a strong gross margin of 89%.
Cash flow remains robust, with over SEK 350 million generated in the last 12 months and a proforma net cash position of SEK 500 million post-spinoff.
Baseline net sales have grown at a 34% CAGR from FY19/20 to FY24/25, with high free cash flow conversion (113% average over recent years).
No fixed financial targets are set due to the unpredictable nature of game development, but the focus is on long-term growth and reinvestment, with dividends considered if no suitable opportunities arise.
Portfolio and growth opportunities
Six core franchises (Goat Simulator, Satisfactory, Deep Rock Galactic, Teardown, Welcome to Bloxburg, Valheim) account for the majority of revenue and are supported by ongoing updates, DLCs, and platform expansions.
New content, spinoffs, and platform launches (e.g., Satisfactory on console, Valheim on PlayStation, Deep Rock Galactic Rogue Core, Teardown multiplayer) are key growth drivers.
Smaller studios and new projects are supported to discover the next breakout hit, balancing risk and creativity.
Plans include expanding IPs through new content, game modes, spin-offs, DLCs, and transmedia, while also developing new IPs and exploring new platforms.
The company is open to expanding beyond Scandinavia if cultural fit and opportunity align, but proximity and culture remain important.
Coffee Stain's capital allocation priorities
Coffee Stain's strategy for portfolio growth
What M&A targets align with Coffee Stain's focus?
Publisher role in saturated market?
Future monetization of core IPs?
M&A strategy with strong cash position?
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Next Embracer Group earnings date
Q3 202612 Feb, 2026
Next Embracer Group earnings date
Q3 202612 Feb, 2026
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Frequently asked questions
The Swedish gaming conglomerate
Embracer Group is a Swedish developer, distributor, and publisher of video games. The Group consists of several subsidiary groups such as Coffee Stain, Saber Interactive, Koch Media, Gearbox Entertainment, and THQ Nordic. Further, these groups consist of other smaller studios that make up the total of Embracer Group. Some of the games Embracer Group has developed and published are Biomutant, Saints Row, Dead Island, Darksiders, Borderlands, and Valheim. The group was previously known as THQ Nordic. Embracer Group was founded by Lars Wingefors in 2011 and is headquartered in Karlstad, Sweden.
The humble founder
The founder of Embracer Group is Lars Wingefors. He started his first business when he was just thirteen years old selling comic books. At just 15 years old he was one of the largest mail-order retailers for comic books in Sweden. He then went on to resell other things such as vinyl records, t-shirts, and video games. He started to notice that video games were becoming more and more popular and already after two years he managed to sell for 10M SEK. He traveled to conventions and fairs all over the world to negotiate prices and things were going well when his company was acquired in 2000. Due to the turbulence of the dot.com era, the company went into bankruptcy and Wingefors lost almost all of his money since most of it was in stock. He managed to turn this around and build an even bigger video game empire, Embracer Group.
Swedish gaming industry
Sweden has a long record of creating successful video games alongside game studios. One example is the Swedish game developer Digital Illusions CE or DICE that got acquired by Electronic Arts. Their first game was the 1990’s success Pinball Dreams but they are perhaps more known as the developers of the Battlefield series. Another example includes the worldwide popular game Minecraft which was developed by Mojang Studios that was later acquired by Microsoft. Other notable examples are Candy Crush developed by King, Crusader Kings developed by Paradox Interactive, Brothers: A Son’s Story developed by Starbreeze, and It takes two developed by Hazelight Studios.
Building a powerhouse
Embracer Group has a long history of building the company through acquisitions. This includes acquiring studios and publishers such as Koch Media, Coffee Stain Holding, Saber Interactive, Gearbox Software, and the board games group Asmodee. A key strategy by Wingefors has been to attract entrepreneurs to the Embracer Group and let them maintain their freedom and creativity to further serve the company’s ecosystem of studios. Another aspect of this strategy is to build a backlog of strong intellectual property that the group can leverage further. Historically, the IP strategy has been to acquire IP more broadly and focus more on older titles but in recent years, with the acquisition of Gearbox Software, the group has started to compete in the AAA-games segment as well. Embracer Group is one of Europe’s biggest gaming companies.
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