Embracer Group AB (THQQF) Thursday said that its first quarter loss narrowed from a year ago due to absence of divestment costs as seen in the comparable quarter. Sales fell 31 percent, affected by poor performances in PC/Console Games and Mobile Games.
The Swedish video game holding company posted first-quarter loss of 410 million Swedish Kroner or 2.01 Kroner per share, compared to loss of 1.86 billion Kroner or 9.23 Kroner per share in the same period last year. The improvement was mainly due to costs regarding the divestment of Gearbox in the year-ago quarter impacting EBIT and also higher tax costs.
On an adjusted basis, first quarter loss was 0.69 Kroner per share, compared to earnings of 0.41 per share in the year-ago period.
According to the company, net sales fell to 3.36 billion Kroner in the first quarter from 4.89 billion Kroner last year, mainly due to the divestments of certain segments.
EBIT for the period came in at -257 million Kroner, compared to -1.45 billion Kroner in the previous-year quarter. Adjusted EBIT declined 87 percent to 75 million Kroner from 579 million Kroner in the first quarter of 2024.
Looking ahead, the company forecasts an adjusted EBIT of around 1.0 billion Kroner for fiscal 2026.
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