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Edge16 Oct 2026
Winner, Winner: The Chicken McNugget Story
How a 1940s breeding contest, a Cornell food scientist, and a hedge by Ray Dalio helped McDonald's turn the Chicken McNugget into a fast-food icon.
Embracer Group
Embracer Group (EMBRAC) investor relations material
Embracer Group AGM 2026 summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.AGM 2026 summary24 Sep, 2026
Opening remarks and agenda
AGM held in Karlstad on 24 September 2026; Ian Gulam was approved as chair and English as the meeting language.
Represented shareholders held 62.22% of capital and 72.09% of votes; the voting list and agenda were approved.
Meeting declared duly convened after notice was published on 24 August on the website and on 27 August in the Swedish Official Gazette and Svenska Dagbladet.
Financial performance review
FY 2025/26 net sales were SEK 15.9bn, down 25% reported and 3% organically; adjusted EBIT was SEK 905m, with a 6% margin.
FY free cash flow was SEK 50m; operating cash flow of SEK 3bn funded game-development capex, and year-end net cash was SEK 3.8bn.
A quiet PC/Console release slate, divestments and FX weighed on comparisons; roughly half of the seven-point YoY software-adjusted EBIT margin decline reflected the Easybrain divestment.
Q1 FY 2026/27 organic growth was 33%; Cash EBIT improved SEK 146m YoY and cash flow improved SEK 386m YoY.
Kingdom Come: Deliverance II and REANIMAL performed strongly; Coffee Stain Group's spin-off was completed.
Board and executive committee updates
Lars Wingefors was re-elected Chair and Kicki Wallje-Lund appointed Deputy Chair; Jacob Jonmyren, Yasmina Brihi, Cecilia Qvist and Brian Ward were proposed for re-election.
Six directors were confirmed, with Audit and Sustainability Committee and Remuneration Committee memberships; PwC was re-elected auditor, with Magnus Svensson Henryson as lead auditor.
Bernt Ingman stepped down after three years on the board; he chaired the Audit Committee and was recognized for disciplined oversight and cost focus.
The nomination committee held five recorded meetings, reviewing board evaluations and strategy and interviewing each director and the auditor.
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Latest events from Embracer Group
- Aspyr’s porting expertise and publishing reach join Saber in a $100m upfront deal.EMBRAC
M&A announcement - Net sales up 24% YoY, Cash EBIT positive, and FY 2026/27 outlook for SEK 1.0bn reaffirmed.EMBRACQ1 26/27
- Separation into two listed companies announced, with strong Q4 cash flow and SEK 1B+ Cash EBIT guidance.EMBRACQ4 25/26
- Q3 sales dropped 26% YoY, but core IPs outperformed and EBIT guidance is SEK 750 million.EMBRACQ3 25/26
- Lean teams, strong IPs, and SEK 500m net cash drive growth and shareholder returns.EMBRACCoffee Stain CMD 2025
- Divestments strengthened cash as the three-entity transformation advanced; no dividend, SEK 500m buyback announced.EMBRACAGM 2025
- All proposals passed as the group restructures into three listed entities with strong sales growth.EMBRACAGM 2024
- Targets >18% EBITDA margin, mid-single digit growth, and lower leverage after EUR 400m investment.EMBRACAsmodee CMD 2024
- Q4 organic growth, strong cash flow, and Coffee Stain spin-off set stage for future expansion.EMBRACQ4 24/25
Next Embracer Group earnings date
Q2 26/2711 Nov, 2026
Embracer Group
Next Embracer Group earnings date
Q2 26/2711 Nov, 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.