EMBRACER GROUP TO SPIN OFF FELLOWSHIP ENTERTAINMENT IN 2027 LISTING PLAN

[ 20 May 2026 ]

Embracer Group has announced plans to spin off its Fellowship Entertainment division as a separate company listed on Nasdaq Stockholm. The separation is expected to take place in calendar year 2027. Existing Embracer shareholders will receive shares in the new entity through a Lex ASEA dividend, subject to approval. Both companies will maintain a dual A and B share class structure. From the first quarter of the 2026/27 financial year, Embracer will report the two businesses as separate segments.

Fellowship Entertainment will focus on game development, publishing, and licensing activities. It will include the Lord of the Rings and Tomb Raider franchises, along with other properties such as Darksiders, Dead Island, Metro, Kingdom Come Deliverance and Remnant. The division will comprise studios including 4A Games, Crystal Dynamics, Eidos-Montreal, Dambuster Studios, Warhorse Studios and others. For the illustrative 2025/26 financial year, it reported net sales of SEK 4,393 million and employed approximately 2,169 people.

The remaining Embracer company will continue with its other gaming, mobile, distribution and entertainment operations. These include THQ Nordic, Aspyr, CrazyLabs, Limited Run Games, Milestone and PLAION. For the same illustrative period, it reported net sales of SEK 11,544 million and employed approximately 3,518 people. Phil Rogers, currently chief executive of Embracer Group, will become chief executive of Fellowship Entertainment following the separation. A recruitment process is under way for a new chief executive and chief financial officer for the continuing Embracer entity.

Embracer Group