In Q1, we achieved organic growth of 20 % and Adjusted EBIT of SEK 1.7 billion. In recent months, we have released two successful sequels, Dead Island 2 and Remnant II. We now have increased confidence regarding earnings this year and we are on track to deliver on the restructuring program announced on June 13, 2023, with a series of initial actions now taken. Even though it’s a challenging time for everyone impacted, I am confident we will emerge a stronger company.
Embracer’s Q1 Net sales grew by 47 % to SEK 10.5 billion. Organic growth amounted to 20 %, driven by solid performance for Dead Island 2 in the PC/Console Games segment, as well as solid topline development in the Tabletop Games and Entertainment & Services segments. Adjusted EBIT came in at SEK 1.7 billion, representing a notable improvement sequentially. The Q1 result is also ahead of management expectations for the quarter. The positive sequential margin development in the quarter is a result of how we deliver on our games pipeline, and our Q1 execution builds a strong foundation to further improve the margin during the year after a challenging FY 2022/23.
Embracer CEO’s 2023 Q1 interim report:
Tl;dr: it wasn’t necessary.