Embracer Group (EMBRAC) AGM 2024 summary

Opening remarks and agenda

• The AGM was held on 19 September 2024 in Karlstad, Sweden, opening with a welcome, agenda overview, and presentations by key executives and an equity analyst.

• The agenda covered business activities, market updates, ESG/sustainability, and a Q&A session with stakeholders.

Financial performance review

• Net sales for FY 2023/24 grew by 12% to SEK 42.2 billion, with 1% organic growth, driven by acquisitions and strong segments.

• Adjusted EBIT reached SEK 7,063m, up 11% year-on-year, with a stable 17% margin.

• Free cash flow improved to SEK 1.5 billion, and operating cash flow was SEK 9.0bn, with SEK 6.4bn invested in game development.

• Restructuring led to reduced CapEx, OpEx, and net debt, and divestments of Gearbox and Saber Interactive assets were completed.

• Income statement and balance sheet, including consolidated accounts, were adopted for the year.

Board and executive committee updates

• The board held 54 meetings, focusing on restructuring, divestments, and the proposal to split into three standalone, publicly listed companies.

• Board set at seven directors; Yasmina Brihi, Bernt Ingman, Jacob Jonmyren, Cecilia Qvist, Kicki Wallje-Lund, and Lars Wingefors re-elected; Brian Ward newly elected.

• Cecilia Driving and David Gardner not re-elected; Kicki Wallje-Lund re-elected as chair.

• Board composition reviewed for diversity, independence, and expertise; PwC re-elected as auditor with Magnus Svensson Henryson as lead.