Embracer Group full-year sales rise to $3.9bn, but $1.5bn debt remains

gamesindustry.biz:

Embracer has released its full-year financial results, showing a rise in overall sales despite a slow final quarter.

The company reported net sales of SEK 42.2 billion ($3.9 billion) for the full fiscal year, a rise of 12% year-on-year. Sales for the three months ended March 31, 2024 came in at SEK 8.9 billion ($830.9 million), down 5% compared to the same period last year.

The group's debt stands at SEK 16.4 billion ($1.53 billion), compared to SEK 15.6 billion ($1.46 billion) at this time in 2023. Speaking to GamesIndustry.biz last month, CEO Lars Wingefors explained that tabletop leader Asmodee is expected to clear most of this debt.

Embracer Group has been through a rough restructuring period that saw multiple studios closed or sold, plus more than 1,400 staff laid off.

Alongside its financial results this morning, Embracer announced that CFO and deputy CEO Johan Ekström is stepping down.

Here's what you need to know:

Full year (twelve months ended March 31, 2024)

Q4 (three months ended March 31, 2024)

For the final quarter of the year, the company cited Tomb Raider 1-3 Remastered and Deep Rock Galactic: Survivor as key releases that performed well. Embracer also reported that some mid-sized titles from THQ Nordic saw "a more mixed performance," likely referring to the rebooted Alone in the Dark and South Park: Snow Day.

Looking ahead, the group expects "similar performance" for the new fiscal year, ending March 2025, with the "potential for earnings growth" across PC/console, tabletop and mobile.

Kingdom Come: Deliverance 2 and Killing Floor 3 were highlighted as key releases, and are expected to perform "largely in line with" Dead Island 2 and Remnant 2, which launched in the previous fiscal year.

Overall, Embracer Group expects to release more than 70 games by March 31, 2025, including at least three unannounced titles. Looking further ahead, the company expects to release a higher number large-sized PC/console games, both from established and new IPs.

The company