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    Martin Arnell • DNB Markets

    Martin Arnell is an Equity Analyst at DNB Markets, specializing in Nordic equity research with a focus on consumer sectors. He covers prominent companies including Evolution Gaming Group and has contributed to seven Nordic consumer IPOs since 2005, reflecting a strong performance track record in this space. Arnell began his analyst career at ABG Sundal Collier AB and later moved to Carnegie Investment Bank AB before joining DNB Markets in February 2015, accumulating over twelve years of experience in the industry. His professional background highlights deep expertise in Nordic equities, though specific details on FINRA registrations or securities licenses have not been publicly disclosed.

    Martin Arnell's questions to Embracer Group AB (EBCRY) leadership

    Martin Arnell's questions to Embracer Group AB (EBCRY) leadership • Q3 2025

    Question

    Martin Arnell from DNB asked for details on the performance and growth outlook for the Coffee Stain business. He also questioned the strategy behind increased user acquisition (UA) investments in the mobile segment and inquired if there were alternative plans to the proposed spin-off of Coffee Stain & Friends.

    Answer

    CEO Lars Wingefors responded that Coffee Stain had one of its strongest quarters ever, driven by the Goat Simulator franchise and Satisfactory. While positive on the long-term, he remained cautious about specific near-term growth forecasts. He expressed full confidence in the mobile UA investment strategy, noting it will mute short-term profitability but generate positive long-term cash flow. Regarding the spin-off, Wingefors confirmed the company is proceeding with the current plan and declined to speculate on alternatives.

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    Martin Arnell's questions to Embracer Group AB (EBCRY) leadership • Q3 2025

    Question

    Asked about the performance and outlook for the Coffee Stain business, the strategy for the mobile segment's user acquisition investments, and potential alternatives to the planned spin-off.

    Answer

    Coffee Stain had a very strong quarter driven by Goat Simulator and Satisfactory, with a positive long-term outlook. The company is confident in its mobile UA investment strategy, expecting long-term returns despite short-term profit impact. The current plan remains the spin-off of Coffee Stain & Friends, and no alternatives are being discussed publicly.

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    Martin Arnell's questions to Embracer Group AB (EBCRY) leadership • Q2 2025

    Question

    Martin Arnell inquired about the weak performance in the PC/Console segment, the impact of game delays versus underperformance, cash flow generation drivers, Asmodee's seasonality, and the strategic importance of the Easybrain divestment for Embracer's balance sheet and Asmodee's future M&A capabilities.

    Answer

    CEO Lars Wingefors attributed the PC/Console weakness to a lack of major releases compared to the prior year, some underperforming smaller titles, and the financial impact of game delays. CFO Muge Bouillon noted the negative working capital was a normal seasonal buildup for Asmodee, with a cash flow reversal expected in the second half of the year. Asmodee CEO Thomas Kœgler added that the Easybrain divestment strengthens Asmodee's position by enabling a lower leverage profile, which is beneficial for resuming its M&A strategy.

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