Enad Global 7
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Enad Global 7 (EG7) investor relations material

Enad Global 7 Q4 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q4 2025 earnings summary17 Feb, 2026

Executive summary

  • Q4 2025 net revenue was SEK 437 million, a 4.4% year-over-year decline excluding FX, with adjusted EBITDA at SEK 80 million (18.2% margin); full-year net revenue was SEK 1,626 million, down 1.1% year-over-year excluding FX, and adjusted EBITDA was SEK 254 million (15.6% margin).

  • The quarter included a SEK 2,051.7 million impairment, mainly due to a strategic shift to lower-cost game development in Canada, resulting in a net loss of SEK 1,944.7 million.

  • Daybreak and Palia delivered strong growth, with Palia achieving 146% net revenue growth year-over-year and becoming the largest contributor to Daybreak's live game portfolio.

  • Big Blue Bubble rebounded late in the year due to influencer-driven engagement, despite a 32% net revenue decline.

  • Strategic initiatives included cost structure optimization, transparency improvements, and a focus on value creation, with a strategic review and new long-term plan to be presented at Capital Markets Day in Q1 2027.

Financial highlights

  • Q4 net revenue: SEK 437 million; adjusted EBITDA: SEK 80 million (18.2% margin); full-year net revenue: SEK 1,626 million; adjusted EBITDA: SEK 254 million (15.6% margin).

  • Live service and back catalog titles generated SEK 346 million in Q4, up 4% year-over-year, and accounted for 79.3% of Q4 revenue.

  • Operational cash flow in Q4 was SEK 74 million; net cash position at quarter-end was SEK 43 million, with a cash balance of SEK 390 million.

  • EBIT for Q4 was SEK -2,015.2 million, mainly due to impairment; adjusted EBIT was SEK 0.6 million.

  • Earnings per share for Q4: SEK -21.95; adjusted EPS: SEK -3.88.

Outlook and guidance

  • Positive momentum expected for Daybreak, Palia, and Fireshine into 2026, with Palia's second annual expansion on track for late spring 2026.

  • Cold Iron's major game release delayed to Q3 2026, expected to significantly contribute to 2026 results.

  • Fireshine plans 10 new titles for 2026, split between physical and digital.

  • 2026 growth targets from 2023 Capital Markets Day are retracted; updated strategy to be presented in Q1 2027.

What drove the SEK 1.8B non-performance impairment?
Detail 2026's key growth contributors and investments.
Impact of tax-related earnout settlement on cash?
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Enad Global 7 is a Swedish game developer and publisher. The Company develops, markets, publishes and distributes PC, console and mobile games in Europe, North America and internationally.

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