Thunderful Group Interim Report January–June 2025

Second quarter April–June 2025

• Net revenue decreased SEK 24.2 million to SEK 58.9 million (83.1).
• Operating profit (EBIT) increased SEK 10.4 million to SEK –51.3 million (–61.7), corresponding to an operating margin of –87.1 percent (–74.3).
• There were no write-downs of intangible fixed assets in the quarter.
• Adjusted EBITDA decreased SEK 25.7 million to SEK –23.2 million (2.5), corresponding to an adjusted EBITDA margin of –39.3 percent (3.1).
• Adjusted EBITA decreased SEK 0.8 million to SEK –47.1 million (–46.3), corresponding to an adjusted EBITA margin of –80.0 percent (–55.7).
• Profit & loss for the quarter amounted to SEK –64.9 million (–163.6), and for continuing operations SEK –63.9 million (–52.6).
• Earnings per share before and after dilution amounted to SEK –0.87 (–2.31), and for continuing operations SEK –0.86 (–0.58).
• Cash flow from operating activities amounted to SEK –27.3 million (409.3), of which SEK –1.7 million (454.9) pertained to discontinuing operations.
• Consolidated cash and cash equivalents together with unutilised credit facilities amounted to SEK 32.3 million (254.9) as per 30 June 2025.

The period January–June 2025

• Net revenue during the period decreased SEK 20.1 million to SEK 120.9 million (141.1).
• Operating profit (EBIT) increased SEK 98.6 million to SEK –117.0 million (–215.6), corresponding to an operating margin of –96.7 percent (–152.8).
• Write-down of intangible fixed assets in the period amounted to SEK 29.4 million, of which SEK 13.3 million comprised acquisition related goodwill.
• Adjusted EBITDA decreased SEK 5.5 million to SEK –32.4 million (–26.8), corresponding to an adjusted EBITDA margin of –26.8 percent (–19.0).
• Adjusted EBITA increased SEK 68.2 million to SEK –107.6 million (–175.8), corresponding to an adjusted EBITA margin of –89.0 percent (–124.6).
• Profit & loss for the period amounted to SEK –103.2 million (–401.1), and for continuing operations SEK –100.7 million (–197.4).
• Earnings per share before and after dilution amounted to SEK –1.42 (–5.67), and for continuing operations SEK –1.39 (–2.43).
• Cash flow from operating activities amounted to SEK –39.5 million (252.4), of which SEK –7.8 million (287.4) pertained to discontinuing operations. 

Events after the end of the quarter

• The Board of Thunderful Group has decided to initiate a restructuring program in order to promptly reduce the cost base with the aim of improving ongoing cash flow. The restructuring program is expected to result in cost reductions of SEK 6–8 million during the second half of 2025 and SEK 40–45 million for the full year 2026.
• The Board announces that Martin Walfisz is stepping down from his role as CEO. Martin will remain in his position until a new CEO has assumed the role, but no later than December 31, 2025.
• The Board has decided to recapitalize the company, which includes a directed share issue of approximately SEK 50 million, without preferential rights for existing shareholders, as well as an extension agreement with the current lender, Danske Bank. The share issue is directed to Atari SA (“Atari”), making Atari the new majority owner of Thunderful with a holding of approximately 81.7 percent. The transaction is conditional upon shareholder approval at the extraordinary general meeting on August 28, 2025. The extension agreement with Danske Bank is conditional upon the completion of the share issue.

Webcast August 27, 2025, 09.00 CEST
The Q2 2025 report will be presented, followed by a Q&A session. Questions can be submitted in writing via the webcast. A recorded version of the presentation will also be available on Thunderful Group's website. The presentation will be conducted in English.

The presentation will be moderated by Tomas Otterbeck, analyst at Redeye.

To access the webcast, please click on the link below:
https://www.redeye.se/events/1109429/live-q-thunderful-group-5