Financial targets

Growth

• Thunderful Games targets to deliver an annual organic sales growth exceeding 25%, complemented by add-on acquisitions, and;
• Thunderful Distribution (excluding the Nintendo operations) targets to deliver an annual organic growth of 5-7% and the growth of the Nintendo operations will be closely correlated to the developments of Nintendo and its platform releases

Profitability

• Thunderful Games targets to deliver an EBIT margin of at least 35%, and;
• Thunderful Distribution (including the Nintendo operations) targets to maintain an EBIT margin of 8%

Capital structure

• Thunderful Group targets to have a net-interest-bearing debt in relation to adjusted EBITDA before items affecting comparability (on a rolling 12-month basis) below 1.5x, excluding temporary deviations following acquisitions

Dividend policy

• Thunderful Group aims to invest its profits and cash flows in organic growth initiatives and acquisitions to support value creation, and therefore, does not expect to pay annual dividends in the medium term