Thunderful

Fourth quarter October–December 2023

• Net revenue decreased 18.4 percent to 953.2 MSEK (1,168.1*).
• Operating profit (EBIT) decreased 574.0 percent to –678.3 MSEK (143.1), corresponding to an operating margin of –71.2 percent (12.3). Write-down of goodwill amounted to 500 MSEK and capitalized development cost to 98 MSEK.
• Adjusted EBITDA decreased 98.4 percent to 2.9 MSEK (185.2), corresponding to an adjusted EBITDA margin of 0.3 percent (15.9).
• Adjusted EBITA decreased 186.8 percent to –143.8 MSEK (165.7), corresponding to an adjusted EBITA margin of –15.1 percent (14.2).
• Profit for the quarter amounted to –587.1 MSEK (130.4).
• Earnings per share after dilution amounted to –8.35 SEK (1.86).
• Cash flow from operating activities amounted to 304.2 MSEK (406.3).
• Consolidated cash and cash equivalents together with unutilized credit facilities amounted to 320.1 MSEK (493.7) as of 31 December 2023.
• Henrik Lundkvist assumed his role as CFO for Thunderful Group effective 1 December 2023, succeeded Annette Colin, interim CFO.

 Full year January–December 2023

• Net revenue decreased 4.6 percent to 2,818.2 MSEK (2,953.3*).
• Operating profit (EBIT) decreased 410.8 percent to –609.3 MSEK (196.1), corresponding to an operating margin of –21.6 percent (6.6). Write-down of goodwill amounted to 500 MSEK and capitalized development cost to 98 MSEK.
• Adjusted EBITDA decreased 35.6 percent to 241.9 MSEK (375.6), corresponding to an adjusted EBITDA margin of 8.6 percent (12.7).
• Adjusted EBITA decreased 97.3 percent to 7.7 MSEK (284.8), corresponding to an
  adjusted EBITA margin of 0.3 percent (9.6).
• Profit for the period amounted to –609.4 MSEK (121.2).
• Earnings per share after dilution amounted to –8.67 SEK (1.72).
• Cash flow from operating activities amounted to 315.4 MSEK (527.4).

* Income related to marketing activities has been reclassed from net revenue to other income in the prior periods.
 
Events after the end of the quarter
Thunderful Group announced that the company will implement a restructuring program to strengthen its long-term competitiveness. The program will aim to reduce costs and increase focus in areas with highest potential for future growth and profitability potential and is estimated to yield an annual savings of 90–110 MSEK.
 
Telephone conference
Thunderful Group invites to a webcast February 22, 2024, 09.00 CET. The Year-end Report for 2023 is presented and thereafter there is an opportunity to ask questions. A recorded version of the presentation will also be available on Thunderful Group's website. The presentation will be held in English. The presentation will be moderated by Anton Hoff, analyst at Redeye.

Link to webcast:
https://ir.financialhearings.com/thunderful-group-q4-report-2023