Embracer group Revenue

For the first six months of fiscal 2023 ending 9/30/22, Embracer Group (EMBRAC-B.ST) saw net sales grow 148% from the first six months of FY 22 to SEK 16,687.  In the second quarter ending 9/30 revenue grew 190% to SEK 9,569.

PC/Console games accounted for 38% of revenue, mobile games were 18%, tabletop games were 35% and entertainment services were 9%.


Sweden-based Embracer Group has been on an acquisition spree the past few years.  This includes the recent purchase of a large board game company, Asmodee, as well as the Eidos assets from Square Enix.

The challenge now is to try and organize these diverse holdings.  Embracer’s headcount has soared to over 15,000 people across the globe and the company needs to start delivering on products.  The August release of Saints Row was a major disappointment and resulted in a lowering of the full-year forecasts for FY 23.

DFC considers Embracer Group a high-risk company.  If Embracer can organize its newly acquired holdings and start driving some synergy and releasing hit products there could be major growth.  However, the track record for companies trying this acquisition approach to market entry is not strong. 

For more info on the Embracer Group see the full DFC analysis.