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    Amar Galijasevic • Carnegie Investment Bank

    Amar Galijasevic is an Equity Research Analyst at Carnegie Investment Bank AB in Stockholm, specializing in Nordic equities since joining the firm in June 2021. He covers publicly listed companies including Embracer Group AB, Verve, and is referenced in consensus estimate compilations with a buy-heavy track record and target prices notably above market average. Galijasevic’s professional history is focused on equity research at Carnegie, where he provides financial estimates and moderates investor events, with several years’ industry experience. While his quantitative performance metrics are tied to consensus successes and bullish recommendations, specific credentials and securities licenses are not publicly disclosed.

    Amar Galijasevic's questions to Embracer Group AB (EBCRY) leadership

    Amar Galijasevic's questions to Embracer Group AB (EBCRY) leadership • Q4 2025

    Question

    Amar Galijasevic asked for clarification on the conservatism of the 9-AAA game pipeline beyond FY26, the expected release cadence, the disconnect between high Q4 mobile UA spend and limited Q1 top-line growth, and the rationale for placing DECA and CrazyLabs within Fellowship.

    Answer

    CEO Lars Wingefors stated that while the 9-AAA pipeline plan is current, it's prudent to assume one or a few titles could slip into later years, but the release cadence should be 'fairly stable'. On Mobile, he explained that UA spend has a delayed reward and that profitability can increase if spending is reduced on a competitive title, muting top-line growth. He clarified that the mobile units have limited operational synergies with either group and are placed in Fellowship, but he remains 'open-minded' about maximizing their value.

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    Amar Galijasevic's questions to Embracer Group AB (EBCRY) leadership • Q3 2025

    Question

    Amar Galijasevic of Carnegie Investment Bank inquired about the performance of Kingdom Come: Deliverance II against expectations, key learnings from its success, the scale of the upcoming AAA game pipeline, and future ROI expectations. He also asked about the strategic rationale for the remaining mobile business and relayed a query regarding the high costs associated with the Asmodee spin-off.

    Answer

    CEO Lars Wingefors stated that Kingdom Come: Deliverance II exceeded internal forecasts, attributing the success to allowing the creative team ample time and resources for polishing, a key learning for future projects. He described two upcoming AAA titles as having budgets comparable to or larger than Kingdom Come. Wingefors affirmed his confidence in the ongoing efficiency measures and expressed strong support for the remaining mobile units as a platform for future growth. Regarding Asmodee's listing costs, he explained they were a result of negotiating with banks from a weaker financial position a year prior.

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    Amar Galijasevic's questions to Embracer Group AB (EBCRY) leadership • Q3 2025

    Question

    As the moderator, asked about the success of Kingdom Come: Deliverance II and its lessons, the size and ROI expectations for the upcoming AAA pipeline, the company's current structure and cost-cutting efforts, the rationale for the remaining mobile business, and the high cost of the Asmodee spin-off.

    Answer

    Kingdom Come II exceeded expectations, teaching the value of creative freedom and extra polish time. The upcoming AAA games are large, and ROI is expected to improve. More efficiency work is still needed. The remaining mobile businesses are strong platforms for future growth. The high Asmodee spin-off costs were due to limited negotiating power during a financially difficult period a year ago.

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