Interim Report for the Period January 1, 2022 to March 31, 2022

January – March 2022 in Summary

  • Net Revenue amounted to SEK 452.2 (303.6) million in Q1, representing a 49 percent growth. The organic growth, excluding Innova and Magic Online, amounted to 25 percent.
  • Adjusted EBITDA amounted to SEK 112.6 (80.7) million, corresponding to a growth of 40 percent and 24.9 percent Adjusted EBITDA margin. The adjustment for non-recurring items affecting EBITDA in the first quarter comparability of SEK 21.1 million was primarily M&A related costs.
  • EBITDA amounted to SEK 91.5 (87.0) million, representing an increase of 5 percent in Q1 2022.
  • EBIT of SEK 27.7 (48.2) million.
  • Adjusted EBIT of SEK 48.9 (41.9) million.
  • Profit before tax amounted to SEK 24.9 (30.7) million.
  • Earnings per share amounted SEK 0.02 (0.20).
  • Cash flow from operations amounted to SEK 50.0 (33.3) million for Q1.
  • Net debt of SEK -44.0 (-397.9) million, comprised of SEK 449.3 million of cash and cash equivalents and SEK 405.4 million of liabilities to credit institutions.
  • Magic Online contributed SEK 20.3 million in Net Revenue for the quarter.

 Comment from Ji Ham, Acting CEO of EG7:

For the first quarter 2022, EG7 delivered strong financial results above expectations, representing a third consecutive quarter of excellent performance. The company produced Net Revenue of SEK 452.2 (303.6) million for Q1 2022, representing 49 percent growth over the same period last year. Adjusted EBITDA for the period was SEK 112.6 (80.7) million, representing 25 percent margin.

Service segment produced exceptional performance with Net Revenue of SEK 196.6 (89.6) million for the period, corresponding to 119 percent growth over the comparable period last year. Fireshine and Petrol led the way in driving significant growth for Service segment. Game segment delivered Net Revenue of SEK 255.6 (214.0) million, representing 19 percent growth over the first quarter 2021. The successful closing of Magic: The Gathering Online (Magic Online) in January 2022 contributed to Game segment’s growth for the quarter.

In April, the group announced its plan to divest Innova and relocate Toadman Interactive’s Russia studio, after which the group will no longer have any exposure to the uncertainties and risks stemming from the Russia / CIS region. Excluding Innova, the group leveraged its diversified and balanced asset portfolio to deliver a healthy 25 percent organic growth for the quarter.

Consistent with our expectations, Net Revenue for April came in at SEK 147 million, which reflects seasonal trends for the company during this period. For the full year 2022, we are now expecting Net Revenue in the range of SEK 1.6-1.7 billion with sustained margins, factoring in Innova divestiture.  



Ji Ham, Acting CEO
Phone: +46 70 065 07 53

Fredrik Rüdén, Deputy CEO and CFO
Phone: +46 733 117 262


EG7 is a group of companies within the gaming industry that develops, markets, publishes and distributes PC, console and mobile games to the global gaming market. The company employs 470+ game developers and develops its own original IPs, as well as acts as consultants to other publishers around the world through its game development divisions Daybreak Games, Piranha Games, Toadman Studios, Big Blue Bubble and Antimatter Games. In addition, the group's marketing department Petrol has contributed to the release of 1,500+ titles, of which many are world famous brands such as Call of Duty, Destiny, Dark Souls and Rage. The group's publishing and distribution departments Innova and Sold Out hold expertise in both physical and digital publishing. EG7 is headquartered in Stockholm with approximately 880 employees in 16 offices worldwide.

Nasdaq First North Growth Market Ticker Symbol: EG7

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