Enad Global 7 (EG7) Q3 2026 earnings summary

Executive summary

• Q3 net revenue rose 39.5% YoY to SEK 495.6m, with FX-adjusted organic growth of 39.0%; adjusted EBITDA reached SEK 125.8m, the strongest quarter in seven quarters.

• Studio growth and new releases supported results, while SEK 367.5m in impairment charges—mainly for Aliens: Fireteam Elite 2—drove reported EBIT to SEK -322.9m and net loss to SEK 250.5m.

Financial highlights

• Net revenue was SEK 495.6m versus SEK 355.3m; adjusted EBITDA was SEK 125.8m versus SEK 63.2m.

• Adjusted EBITDA margin reached 25.4%, up 7.6 percentage points YoY; reported EBITDA was SEK 125.4m after SEK 0.4m of items affecting comparability.

• Adjusted EBIT was SEK 45.0m versus SEK -14.0m; reported EBIT was SEK -322.9m versus SEK -22.8m, reflecting impairment charges of SEK 367.5m.

• Operating cash flow increased to SEK 109.6m from SEK 50.9m; quarter-end cash was SEK 368.3m.

Outlook and guidance

• Q4 pipeline includes LOTRO: The Wolves of Mordor, EverQuest: Favors of Fortune, EverQuest II: Descent to Val'Zyroth, Palia releases and further Far Far West content.

• Q1 2027 plans include EverQuest Legends: Rulers of Kunark and Aliens: Fireteam Elite 2 on Nintendo Switch 2; Necesse platform and content upgrades are also planned.

• Two game prototypes received Board approval for a combined maximum investment of USD 6m; subject to further approval, both could enter production in 2027.

• Fair Games sees opportunities to expand Necesse across platforms and geographies and develop the franchise further.