Embracer Group EMBRAC B
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Full analysis: 6 Apr 2026
Latest news check: 2 Aug 2026
General analysis — not personal advice.
HOLD
6/10
Confidence
Wait for the Q4 report; consider adding only after cash-flow improvement is confirmed.
Profitability is improving but growth and cash flow remain uncertain, supporting the HOLD signal ahead of the Q1 report.
Market sentiment
7/10
↑
Trend: Improving
Cautious optimism prevails around the streamlining and buybacks as signals of capital discipline, while the market awaits clearer delivery from the AAA pipeline.
Price context
The share trades around 67 SEK after a 4.6 % gain in the past week but remains 40 % below the 52-week high. The level reflects cautious pricing of structural changes and buyback support pending execution.
Risk assessment
7/10
Dilution:
Low
Net cash and no announced equity raise
Jurisdiction:
Low
Sweden and Western markets dominate
Execution:
High
AAA pipeline requires consistent hit delivery
Cash flow:
18 mo
Recent changes
- The company reported Q4 adjusted EBIT of 360 MSEK and FY adjusted EBIT of ~905 MSEK, alongside a large non-cash impairment (~SEK 7.2bn) and a buyback program of up to 750 MSEK.
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Show all changes (2) — follow the company freeAbout the company
Embracer Group is a gaming and entertainment group listed on Nasdaq Stockholm with a large IP portfolio across PC/console/mobile. The company is in restructuring with spin-offs (Asmodee and Coffee Stain & Friends) and a planned rebrand to Fellowship Entertainment. Adjusted EBIT is positive, but revenue and free cash flow have been under pressure.
Sector:
Game development and publishing
Type:
Tech
Next report
13 Aug 2026
Q1
Catalysts
31 Mar 2027
Share buyback programme up to SEK 750 m
Medium
2027
Fellowship Entertainment spin-off
High
Horizon:
Bull case
Cost savings and the Fellowship Entertainment spin-off can surface IP values and improve margins.
Bear case
Continued revenue decline and uncertainty around AAA deliveries may keep valuation depressed despite net cash.
Signal rationale (informational)
Profitability is improving but growth and cash flow remain uncertain, supporting the HOLD signal ahead of the Q1 report.
Recent news
- Embracer has continued B-share buybacks throughout July 2026 under the SEK 750 million programme. Additional details on the Fellowship Entertainment spin-off have been released, including Phil Rogers taking over as CEO of the new entity.
Price & valuation
Last close
SEK 70.06
1 week
+5.7 %
3 months
+2.2 %
12 months
-30.1 %
From 52w high
-37.6 %
From 52w low
+58.4 %
Exchange
Stockholm
Type
Technology
Sector
Game development and publishing
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Firelda provides general information and analysis, not personal investment advice. Content does not consider your financial situation or goals. Investments can rise and fall in value. Always do your own research.