Embracer Sees Asmodee's Spin-off on Track and Sells Easybrain to Miniclip

In presenting its rather modest Q2 results, Embracer Group announced the sale of Easybrain to Switzerland-based Miniclip for SEK 12.9 billion (€1.11 billion). Meanwhile, the spin-off of Asmodee, which is showing promising results, is expected to be completed soon.

Embracer Group’s interim report for the second quarter of its financial year, covering July through September, shows weaker-than-expected results in several key areas. Sales declined by 21% to SEK 8.55 billion (€736 million), with PC game sales taking the largest hit, dropping by 46%. Excluding revenue from divested units, organic revenue fell by 14% year-on-year. EBIT for the quarter was halved, totaling SEK 468 million (€40.29 million).

Cumulative results for the first half of the year show a similar trend. Sales fell by 23%, or 18% when adjusted for divestments, while EBIT remained negative. The group’s loss for the first half reached SEK 971 million (€83.6 million), nearly double that of the same period last year.

Alongside these figures, Embracer confirmed it had reached an agreement with Swiss gaming company Miniclip to sell Easybrain. Miniclip, which is majority-owned by China’s Tencent, plans to acquire Easybrain for SEK 12.9 billion, equivalent to $1.2 billion or €1.1 billion. The deal, expected to close in early 2025, has strategic benefits for Embracer, primarily by helping to reduce debt and improve financial stability.

On the buyer’s side, Miniclip CEO Saad Choudri and Easybrain CEO Oleg Gruushevich expressed confidence that the acquisition aligns well with both companies' objectives.

Another divestment is also progressing smoothly for Embracer. “We confirm that the process to spin off Asmodee is on track for this financial year,” said Embracer Group CEO Lars Wingefors. Asmodee is performing comparatively well, with adjusted EBIT increasing by 5% year-on-year. While Asmodee’s organic revenue has decreased, this is attributed not to a drop in sales of Asmodee’s own products—which have grown—but to a reduction in sales from partner companies, which had been exceptionally strong the previous year, according to Embracer.

“After attending SPIEL Essen, a major consumer board game exhibition, in early October and with a strengthened balance sheet, we’re even more confident that Asmodee is well-positioned to build on its successful track record and unlock shareholder value,” Wingefors added.

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