Regulatory Press release • February 13, 2019 • 06:00

THQ Nordic publishes interim report, Q4 2018: OPERATIONAL EBIT INCREASED 84% to SEK 194 MILLION

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The Group had a stable quarter with continued growth. Net sales increased 441% to SEK 1,380 million in the quarter. EBITDA increased 109% to SEK 326 million. Operational EBIT grew 84% to SEK 194 million and EBIT increased 49% to SEK 152 million. Cash flow from operating activities were SEK 455 million in the quarter. THQ Nordic, Koch Media and Coffee Stain all contributed to the Group’s operational EBIT during the quarter.

We have decided to disclose operational EBIT from this quarter onwards, in order to provide a fair picture of the underlying operational performance. This alternative key performance metric excludes amortization of acquisition-related goodwill, surplus values of specific business areas and IP values. These are amortized equally over five years according to local Swedish GAAP (K3). The disclosure of operational EBIT will also simplify comparison with the performance of industry peers using other accounting standards and amortization principles.

Net sales in our Vienna based business area THQ Nordic increased 38% to SEK 352 million, largely driven by the release of Darksiders 3. The game has performed within management’s range of expectations and has recouped all investments made in development and marketing during the quarter. In 2019, we will release several DLC’s that will give the game a further boost. Darksiders remains one of the Group’s key IP’s.

Net sales of Munich based business area Deep Silver were SEK 187 million. There were no significant releases in the quarter, however the team has worked intensively on preparing for the Metro Exodus launch, which will be the Group’s biggest release so far. Net sales in the Partner Publishing business were SEK 828 million, driven by several notable releases from our partners. There will be a similar number of releases in the current, fifth, quarter of the extended fiscal year.

In November of last year we welcomed both Coffee Stain and Bugbear to our family. We are increasingly excited about both companies. They bring high ambitions in all aspects and I am confident that they will both positively contribute to the Group.

The highly anticipated Metro Exodus will be released on Friday the 15th this week on Microsoft Xbox One, PlayStation 4 and PC. The digitally distributed PC version of Metro Exodus will be solely available via the Epic Game Store.

I see the gaming market as more vibrant than ever before. There is an ongoing shift in distribution platforms and technologies, involving both established companies and large new entrants. I am in general embracing new opportunities and technology advancements that will enable us to distribute our content more efficiently and to a broader base of fans and gamers. This will challenge established business models, make room for new business partnerships and present a wide array of new opportunities.

We are looking forward to our most exciting year ever. By the end of the quarter, we had a record 77 games under development. 48 of these are still in the pipeline waiting to be announced including a few that are scheduled for release in 2019.

We continue to patiently execute on our M&A strategy, with the ambition of welcoming more companies to the Group. Our strategy to let local management teams independently develop their own businesses, is a winning formula that is attracting more companies to join our family. We do share a lot of knowledge and experience between our operating entities. However ultimately, I am a firm believer in empowering great people to make their own decisions.



  • Net sales increased 441% to SEK 1,380.6 m (255.4).
  • Owned IP’s represented SEK 396.0 m (208.2), or 72%, of business area Games sales in the quarter.
  • EBITDA increased 109% to SEK 326.4 m (156.4), corresponding to an EBITDA margin of 24%.
  • Operational EBIT increased 84% to SEK 194.4 m (105.8).
  • EBIT increased 49% to SEK 152.1 m (102.0), corresponding to an EBIT margin of 11%.
  • Cash flow from operating activities amounted to SEK 455.0 m (98.6).
  • Earnings per share was SEK 1.33 (0.93).
  • Two owned IP’s and nine publishing titles were released in the fourth quarter. 


  • Net sales increased 713% to SEK 4,123.6 m (507.5).
  • Owned IP’s represented SEK 906.5 m (391.2), or 50%, of business area Games sales in the period.
  • EBITDA increased 257% to SEK 974.1 m (272.6), corresponding to an EBITDA margin of 24%.
  • Operational EBIT increased 139% to SEK 484.0 m (202.3).
  • EBIT increased 114% to SEK 402.6 m (188.2), corresponding to an EBIT margin of 10%.
  • Cash flow from operating activities amounted to SEK 579.2 m (179.1).
  • Earnings per share was SEK 3.50 (1.88).
  • As of 31 December 2018, cash and cash equivalents were SEK 921.7 m. Available liquidity including credit facilities was SEK 2,216.4 m.

The full interim report is available via link below and on

For additional information, please contact:
Lars Wingefors, Founder and CEO
Tel: +46 708 471 978

About THQ Nordic
THQ Nordic develops and publishes PC and console games for the global games market. The company has an extensive catalogue of over 100 owned franchises, such as Saints Row, Goat Simulator, Dead Island, Darksiders, Metro (license), Titan Quest, MX vs ATV, Kingdoms of Amalur, Time Splitters, Delta Force, Alone in the Dark, Wreckfest amongst many others. The group has a global presence, with its group head office located in Karlstad, Sweden and with three divisions; Deep Silver/Koch Media, THQ Nordic and Coffee Stain. The group has fifteen internal game development studios based in Germany, UK, Finland, USA and Sweden and engages close to 2,000 people.

THQ Nordic's shares are publicly listed on Nasdaq First North Stockholm under the ticker THQN B with FNCA Sweden AB (e-mail: phone: +46-8-528 00 399) as its Certified Adviser.

For more information, please visit:

This Interim Report is information that is mandatory for THQ Nordic to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact person set out above, at 6:00 a.m. CET on 13 February 2019.


Arman Teimouri Head of External Relations +46 54 53 56 50
Oscar Erixon Head of Investor Relations +46 730 24 91 42


Embracer Group is a global group of creative and entrepreneurial businesses in PC/console, mobile and board games and other related media. The Group has an extensive catalog of over 900 owned or controlled franchises.

With its head office based in Karlstad, Sweden, Embracer Group has a global presence through its ten operative groups: THQ Nordic, PLAION, Coffee Stain, Amplifier Game Invest, DECA Games, Easybrain, Asmodee Group, Dark Horse Media, Freemode and Crystal Dynamics – Eidos. The Group has 106 internal game development studios and is engaging more than 11,000 employees in more than 40 countries.