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Enad Global 7 AB
(EG7)
Enad Global 7 AB (EG7) vs. iShares MSCI Sweden ETF (EWD)
Enad Global 7 AB Business Overview & Revenue Model
Enad Global 7 AB Earnings Call Summary
Enad Global 7 AB Financial Statement Overview
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 1.63B | 1.92B | 2.09B | 1.88B | 2.04B |
| Gross Profit | -2.06B | 1.56B | 1.55B | 1.41B | 1.50B |
| EBITDA | 132.50M | 471.10M | 489.10M | 472.10M | 576.30M |
| Net Income | -1.94B | -236.40M | 156.10M | -268.10M | 96.80M |
Balance Sheet | |||||
| Total Assets | 2.53B | 4.91B | 4.87B | 4.95B | 6.01B |
| Cash, Cash Equivalents and Short-Term Investments | 390.30M | 321.50M | 478.30M | 405.20M | 481.20M |
| Total Debt | 436.50M | 69.00M | 80.90M | 145.10M | 458.50M |
| Total Liabilities | 995.00M | 939.80M | 972.30M | 1.05B | 1.41B |
| Stockholders Equity | 1.54B | 3.97B | 3.90B | 3.90B | 4.60B |
Cash Flow | |||||
| Free Cash Flow | 96.70M | -137.90M | 190.70M | 174.50M | 4.20M |
| Operating Cash Flow | 102.80M | 194.10M | 437.80M | 374.60M | 162.70M |
| Investing Cash Flow | -309.60M | -306.50M | -231.60M | -58.00M | -625.80M |
| Financing Cash Flow | 312.10M | -66.30M | -126.00M | -331.80M | -164.20M |
Enad Global 7 AB Technical Analysis
Enad Global 7 AB Peers Comparison
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
66 Neutral | kr12.32B | 1.40 | 10.27% | ― | -46.66% | ― | |
61 Neutral | $37.18B | 12.37 | -10.20% | 1.83% | 8.50% | -7.62% | |
61 Neutral | kr12.75B | 102.46 | 22.69% | 3.16% | -18.54% | 71.38% | |
61 Neutral | kr423.97M | 13.68 | 12.65% | 9.28% | -14.68% | -29.97% | |
56 Neutral | kr142.01M | -11.15 | -3.04% | 13.12% | -3.51% | -192.91% | |
46 Neutral | kr2.26B | -0.93 | ― | ― | -11.82% | -7499.16% | |
44 Neutral | kr1.38B | -0.71 | ― | ― | 1.74% | -5214.06% |
Enad Global 7 AB Corporate Events
Enad Global 7 has released five years of historical financial data for its business units, covering 2021 to 2025, to help current and prospective investors better assess the value of the group and perform sum-of-the-parts valuations. The one-off disclosure is part of a broader strategic review by the board and management, with some details also discussed in the company’s latest interim report and webcast.
The company highlights that its core cash-generating assets, Daybreak Games (excluding Palia) and Big Blue Bubble, produced SEK 873 million in net revenue and SEK 189 million in EBITDAC in 2025, corresponding to a 22 percent margin. At the same time, EG7 has invested more than SEK 600 million over the past three years in three key assets with potential to transform future performance from 2026 onward.
Cold Iron has received USD 31.6 million in net investment to develop a AA title slated for release in the third quarter of 2026, where EG7 will first recoup its outlay and then share 50 percent of net profits. Palia, a growing live-service game, attracted more than USD 10 million in funding in 2024–2025 and generated over USD 12 million in net revenue with 70 percent growth in the second half of 2025 year-on-year but has yet to turn cash-flow positive.
Fireshine, EG7’s indie publishing arm, has invested GBP 14 million in digital titles, building digital revenue to more than GBP 11 million in 2025 and steadily growing that line since its digital transformation initiative began five years ago. The group also notes potential upside from currently break-even revenue-generating assets Petrol and Piranha Games, which together delivered SEK 229 million in net revenue in 2025.
EG7 reports tax loss carryforwards amounting to SEK 724 million as of 31 December 2025, which can be used without time limitation to offset future taxable profits. Following recent tax-related payments to the sellers of Daybreak, the company ended 2025 with pro forma cash of SEK 290 million, interest-bearing debt and contingent considerations of SEK 360 million, and net debt of roughly SEK 70 million, underscoring a relatively modest leverage profile as it pursues its investment-led growth strategy.
The most recent analyst rating on (SE:EG7) stock is a Hold with a SEK12.00 price target. To see the full list of analyst forecasts on Enad Global 7 AB stock, see the SE:EG7 Stock Forecast page.
Enad Global 7 reported fourth-quarter 2025 net revenue of SEK 436.9 million, down 14.8 percent year-on-year with a 4.4 percent FX-adjusted organic decline, as unfavorable currency movements weighed on sales and margins. EBITDA fell sharply and a large SEK 2,051.7 million impairment pushed EBIT deep into negative territory, though most of the write-down was not tied to weaker performance expectations.
Operationally, the group saw solid engagement from new content, with expansions for EverQuest, EverQuest II, and The Lord of the Rings Online, continued growth for Palia, strong DLC-driven sales for MechWarrior 5, and record December revenue for My Singing Monsters after a TikTok collaboration. EG7 highlighted progress on its upcoming title with Cold Iron, targeted for a 2026 launch, and ended the quarter with positive net cash and a refreshed board, positioning its live games and pipeline as key drivers for future performance.
The most recent analyst rating on (SE:EG7) stock is a Hold with a SEK12.00 price target. To see the full list of analyst forecasts on Enad Global 7 AB stock, see the SE:EG7 Stock Forecast page.
Enad Global 7 AB has agreed to accelerate and fully settle the remaining tax-related contingent consideration tied to its acquisition of Daybreak by paying USD 11 million now, covering both outstanding obligations for 2024–2025 and future periods through 2035. The move reduces future nominal payments from USD 21 million to USD 11 million, cuts contingent consideration on the group balance sheet to SEK 11.8 million and is expected to improve annual cash generation by USD 1–3 million over the next 12 years.
As part of the settlement, EG7 terminates the related-party arrangement with Daybreak’s sellers and retains the full economic benefit of the remaining U.S. tax amortization from the deal, representing a tax shield of USD 44.6 million by end-2025 and total group tax benefits of SEK 724.3 million for use against future revenues. The transaction, which also lifts Q1 2026 net profit by about SEK 19 million, has been reviewed and approved by EG7’s independent board members, who consider the early settlement beneficial for both shareholders and the sellers.
The most recent analyst rating on (SE:EG7) stock is a Hold with a SEK12.00 price target. To see the full list of analyst forecasts on Enad Global 7 AB stock, see the SE:EG7 Stock Forecast page.
Enad Global 7 has launched a broad strategic review of its business areas, including significant recent investments in Fireshine, Singularity 6 and an upcoming Cold Iron project, to reassess long-term value creation and capital allocation. The company plans to present a comprehensive strategic update at a Capital Markets Day in early 2027, after it has gathered post-release data on the Cold Iron title and evaluated its portfolio of successful IPs and potential strategic partnerships.
As part of this reset, EG7 has withdrawn its previously stated 2026 financial targets of SEK 3 billion in revenue and SEK 1 billion in adjusted EBITDA, without introducing new quantitative goals. Management is prioritizing balance sheet cleanup, improved net profit for 2026 and greater flexibility for dividends and share buybacks under its bond agreement, signaling a focus on financial discipline and long-term shareholder value over near-term guidance.
The most recent analyst rating on (SE:EG7) stock is a Hold with a SEK12.00 price target. To see the full list of analyst forecasts on Enad Global 7 AB stock, see the SE:EG7 Stock Forecast page.
Enad Global 7 will book a non-cash impairment of SEK 2,051.7 million on intangible assets for 2025, driven mainly by a strategic decision to shift certain potential future game investments to Canada, where it aims to benefit from lower costs and strong local developer talent. Most of the SEK 1,816.5 million strategic write-down relates to acquisition-related goodwill and other intangibles in an entity that will no longer receive those planned projects, without reflecting weaker expectations for any ongoing games.
An additional SEK 235.2 million impairment stems from weaker physical publishing at Fireshine and underperformance of the original MechWarrior 5: Clans title at Piranha, further reducing the carrying value of assets tied to those operations. Combined, the impairments will lower annual amortization by about SEK 120 million from 2026 onward, boosting net profit by the same amount and leaving the holding company with expected equity of around SEK 1.5 billion by the end of 2026, which shapes the group’s future capacity for dividends and share buybacks.
The most recent analyst rating on (SE:EG7) stock is a Hold with a SEK12.00 price target. To see the full list of analyst forecasts on Enad Global 7 AB stock, see the SE:EG7 Stock Forecast page.
Enad Global 7 AB, the Stockholm-listed gaming group behind development studios such as Daybreak Games, Piranha Games and Big Blue Bubble and marketing agency Petrol, which has worked on over 2,000 game launches, is a diversified player in the global PC, console and mobile games market, offering development, marketing, publishing and distribution services via its Fireshine Games unit. The company has invited shareholders and other stakeholders to a live presentation and Q&A of its 2025 year-end report on 17 February 2026 at 9:00 CET, to be led by CEO Ji Ham and deputy CEO/CFO Fredrik Rüdén and accessible via webcast, underlining its focus on investor communication and transparency ahead of the disclosure of its full-year financial and operational performance.
The most recent analyst rating on (SE:EG7) stock is a Hold with a SEK13.50 price target. To see the full list of analyst forecasts on Enad Global 7 AB stock, see the SE:EG7 Stock Forecast page.
Enad Global 7 announced the release of new expansions for the online role-playing games EverQuest and EverQuest II, developed by its studio Darkpaw Games. These expansions introduce new level caps, questlines, and zones, enhancing the gaming experience for players. The EverQuest expansion revolves around a murder mystery, while EverQuest II takes players into a challenging nightmarish realm. These updates are expected to strengthen EG7’s position in the gaming market by offering fresh content to its player base.
The most recent analyst rating on (SE:EG7) stock is a Hold with a SEK13.50 price target. To see the full list of analyst forecasts on Enad Global 7 AB stock, see the SE:EG7 Stock Forecast page.
Enad Global 7’s subsidiary, Standing Stones Games, has launched the ‘Kingdoms of Harad’ expansion for The Lord of the Rings Online, a free-to-play MMORPG. This expansion, priced between $39.99 and $129.99, introduces four new zones and over 400 quests, enhancing the game’s content. As the only MMORPG based on J.R.R. Tolkien’s Middle-earth, following the cancellation of a competing title, this release strengthens the game’s unique position in the market.
The most recent analyst rating on (SE:EG7) stock is a Hold with a SEK13.50 price target. To see the full list of analyst forecasts on Enad Global 7 AB stock, see the SE:EG7 Stock Forecast page.
Enad Global 7’s subsidiary, Piranha Games, has released the second DLC for MechWarrior 5: Clans, titled ‘Wolves of Tukayyid’. This expansion follows the storyline of the Battle of Luthien and introduces new missions and ‘Mechs, enhancing the gaming experience. The release is part of EG7’s strategy to expand its gaming portfolio and strengthen its position in the global gaming market.
The most recent analyst rating on (SE:EG7) stock is a Hold with a SEK13.50 price target. To see the full list of analyst forecasts on Enad Global 7 AB stock, see the SE:EG7 Stock Forecast page.
Enad Global 7 AB held an extra general meeting where shareholders elected new directors to the board, including Alexander Albedj as chairman and Jason Epstein as deputy chairman. The meeting also confirmed the remuneration for board members and committee members, maintaining the amounts set at the 2025 annual general meeting. These changes are expected to influence the company’s governance structure and strategic direction.
The most recent analyst rating on (SE:EG7) stock is a Hold with a SEK12.50 price target. To see the full list of analyst forecasts on Enad Global 7 AB stock, see the SE:EG7 Stock Forecast page.
Eros Capital Partners AB, the largest shareholder of Enad Global 7, has called for an Extraordinary General Meeting to propose new board members and implement strategic changes. Eros aims to enhance shareholder value through governance improvements, potential share buy-backs, and strategic partnerships, while also considering taking the company private if beneficial.
The most recent analyst rating on (SE:EG7) stock is a Hold with a SEK12.50 price target. To see the full list of analyst forecasts on Enad Global 7 AB stock, see the SE:EG7 Stock Forecast page.