Enad Global 7: Q3 Interim Report 2026
July – September, 2026
- Net Revenue of SEK 495.6 (355.3) million, up 39.5 percent, corresponding to an FX-adjusted organic growth of 39.0 percent.
- EBITDA of SEK 125.4 (54.4) million and Adjusted EBITDA of SEK 125.8 (63.2) million.
- EBIT of SEK -322.9 (-22.8) million and Adjusted EBIT of SEK 45.0 (-14.0) million. The quarter was affected by impairment charges of SEK 367.5 million, of which SEK 361.8 million related to Aliens: Fireteam Elite 2. This impairment has no impact on cash flow.
- Profit before tax of SEK -330.5 (-29.5) million.
- Earnings per share were SEK -2.83 (0.22). Adjusted earnings per share of SEK 0.47 (0.30).
- Cash flow from operations increased to SEK 109.6 (50.9) million.
- Cash balance of SEK 368.3 million and an unutilized revolving credit facility of SEK 100.0 million.
- Net cash by the end of the quarter amounted to SEK 19.8 million.
Comment in summary from Ji Ham, CEO of EG7
Net Revenue rose to SEK 495.6 (355.3) million, up 39.5 percent, corresponding to an organic growth of 39.0 percent in local currencies. EBITDA amounted to SEK 125.4 (54.4) million, while Adjusted EBITDA was SEK 125.8 (63.2) million, corresponding to an Adjusted EBITDA margin of 25.4 (17.8) percent. This represents the strongest quarter in the past seven quarters. Operating Cash Flow increased to SEK 109.6 (50.9) million.
Several studios contributed to the strong performance. Big Blue Bubble grew 44 percent, driven by higher player engagement from the 14th anniversary campaign, while Fireshine grew 67 percent, supported by additional content releases for Far Far West and the launches of Denshattack! and Duskfade. At Daybreak, the launch of EverQuest Legends exceeded our expectations and strengthened the franchise by driving increased activity across the IP. More challenging was the launch of Aliens: Fireteam Elite 2, which contributed to growth but did not meet our high commercial expectations. The book value for that game has been adjusted accordingly, and the launch on Nintendo Switch 2 is planned for Q1 2027.
Together with the recent acquisition of Fair Games and the 11 percent year-over-year growth in the more predictable revenue base, EG7 has further strengthened its position in the mid-market gaming segment, with an attractive potential to generate good cash flows going forward.
Significant events after the period
On October 7, 2026, EG7 announced that Fireshine acquires Fair Games ApS, the studio behind the survival-crafting game Necesse. The game has sold approximately 2.5 million units and generated approximately USD 14.4 million in gross revenue since its launch in 2019. The acquisition strengthens Fireshine’s position in the survival-crafting genre and provides opportunities to expand Necesse to additional platforms and geographies, as well as to further develop the franchise.
Had the acquisition of Fair Games taken place on January 1, 2026, it would have contributed SEK 14.8 million in Net Revenue and SEK 6.6 million in Adjusted EBITDA to the Group from January 1, 2026, to September 30, 2026, on a pro forma basis. The Group’s Net Revenue and Adjusted EBITDA would thereby have amounted to SEK 1,330.3 million and SEK 282.8 million, respectively, on a pro forma basis for January 1, 2026, to September 30, 2026.