Embracer: 'Kingdom Come: Deliverance II' Doing Well

2025-06-20 12:46:58 ET

Embracer ( THQQF ) ( EBCRY ) had a decent quarter indeed with a strong showing from Kingdom Come: Deliverance II (KCD2) as we discussed in our previous coverage . It drove solid segment results and is performing on timelines. The pipeline is actually not terrible at the moment. Of relevant titles, we are looking at the full release for Hyperlight Breaker , Gothic Remake , Titan Quest II and Killing Floor 3 . We think there is actually more ahead than behind Embracer at this moment in time and for this game development cycle, though they need some solid upcoming releases to be ready for sale within two years from this point, which they don't currently have. We believe the thinner pipeline is the reason for the company to carry a significantly lower EV/EBITDA multiple than peers like Sega Sammy ( SGAMY ) and the other U.S. majors....

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