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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.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.
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