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EMBRACER GROUP PUBLISHES YEAR IN BRIEF FOR 2023
[ 21 June 2023 ]
Embracer Group, owners of 138 internal studios including Gearbox Software, Crystal Dynamics and Eidos Montreal, has published its Annual Report and Year In Brief for the financial year 2022/2023. Highlights include 221 projects under development, of which 164 are unannounced, 3,248 SEK million in completed game development investments and 6,079 SEK million invested in game development.
On continued growth, Embracer Group states: "Embracer Group has grown increasingly diversified in recent years, adding stability to results and cash flows. In the financial year 2022/23, net sales grew 121% to SEK 37.7 billion. Adjusted EBIT increased by 43% to SEK 6,366 million (4,416) corresponding to an Adjusted EBIT margin of around 17% (26%)."
"Embracer Group continued its long-term mindset in building enduring and innovative businesses in a creative industry and expanded the group from 10 to 12 operative groups. During the year, we also have acquired some incredible IPs and companies, and finalized our transition to IFRS and successfully changed the listing venue from Nasdaq Stockholm First North Growth Market to Nasdaq Stockholm Main Market."
On Crystal Dynamics, Embracer Group states: "Crystal Dynamics - Eidos employs close to 800 developers at four locations in the United States and Canada. The studios operate independently but share a passion for storytelling through art, animation, and innovation. With nearly 40 games shipped in the last 30 years, Crystal Dynamics - Eidos are two of the most storied game developers in the entertainment industry and together they form Embracer's 12th operative group."
"Crystal Dynamics has developed and published more than 30 games during its award-winning, 30-year adventure. Some of the company's beloved franchises include Legacy of Kain and TOMB RAIDER, which has sold more than 95 million copies worldwide. TOMB RAIDER's protagonist, the hero Lara Croft, has been a cultural icon for more than 25 years, appearing in more than 20 games, and has made an indelible mark on virtually every facet of entertainment. In addition to its headquarters in San Mateo, CA, Crystal Dynamics has two additional studios: Crystal Northwest in Bellevue, WA, and Crystal Southwest in Austin, TX."
On Eidos Montreal, Embracer Group states: "Eidos-Montreal is a premiere developer of interactive entertainment based on new intellectual properties and beloved franchises including the acclaimed Deus Ex series. Renowned as master storytellers, the studio builds immersive worlds and adventures that create lasting memories for players across the globe. Eidos-Montreal crafts its multiple interactive projects with close-knit teams in a hybrid work environment, keeping their focus on creativity and technological innovation."
Lars Wingefors, Co-founder & Group CEO of Embracer Group states: "As we close the books on FY 22/23, we can conclude that it has been a challenging year, characterized by a weaker consumer market but also, for Embracer specifically, game delays and a high-profile deal that did not materialize. It has, however, also been a year in which we have advanced our leading market position, adding some of the world's most beloved IPs to our portfolio and reaching several notable milestones, including the listing change to the Main Market at Nasdaq Stockholm."
"Looking ahead, we remain focused on executing on our games pipeline, partnership approach, and efficiency improvement initiatives. I am confident that Embracer will come out stronger."