Embracer Group vs Miniclip

Change in the number of shares and votes in Embracer Group

A new regulatory press release was added on September 30, 2026, regarding a change in the number of shares and votes in Embracer Group.

Embracer secures $200m revolving credit facility

Embracer Group has secured a new SEK 2 billion ($200 million) revolving credit facility with a two-year tenor and an option to extend for two additional years. The facility consolidates the company's financing, replacing several bilateral loans with different credit institutions. It will be used for general corporate purposes and is intended to be replaced following the planned spin-off of Fellowship Entertainment in 2027. As of June 30, 2026, Embracer had approximately SEK 1.525 billion in liabilities and SEK 4.997 billion in cash. The new facility offers improved terms, including a lower credit margin. Four Nordic banks participated, with SEB as coordinating mandated lead arranger and bookrunner, and DNB Bank, Nordea, and Swedbank as mandated lead arrangers.

• Embracer Group secured a SEK 2 billion ($200 million) revolving credit facility with a two-year tenor.
• The facility replaces several bilateral loans and provides improved terms.
• Embracer had SEK 4.997 billion in cash as of June 30, 2026.

Embracer Group secures new SEK 2,000 million revolving credit facility

Embracer Group has secured a new SEK 2,000 million revolving credit facility, announced on September 22, 2026.

SYBO CEO on Subway Surfers at 15, City Pivot, and Next Steps

In an interview, Mathias Gredal Nørvig, CEO of SYBO Games, discusses the 15-year journey of Subway Surfers, which remains the most downloaded mobile game ever with nearly 4.9 billion lifetime downloads. He reveals that the game still achieves about one million new installs per day at zero user acquisition cost, attributing this to its viral nature and strong organic presence on platforms like TikTok. Nørvig addresses the performance of Subway Surfers City, which has seen 40-50 million downloads and is profitable but is pivoting to better differentiate from the original. He contrasts the business models: the original relies heavily on ads (90% of revenue) while City focuses on in-app purchases. He also discusses the acquisition by Miniclip in 2022, the challenges of the evolving mobile gaming industry, and upcoming projects including a new game expected to soft launch early next year and a potential movie that is still in development.

• Subway Surfers has surpassed 4.5 billion lifetime downloads, with SYBO CEO citing 4.8-4.9 billion including reinstalls.
• The game still generates about one million new installs per day at zero user acquisition cost.
• Subway Surfers City has achieved 40-50 million downloads and is profitable but is undergoing a strategic pivot.

Miniclip launches AdSurge ad network with Tencent AI, Easybrain data

Miniclip, a Tencent-owned mobile games company, launched AdSurge, an AI-powered mobile advertising platform, as an independent standalone company. AdSurge offers integrated user acquisition and ad monetization for third-party game publishers, initially targeting games monetized through in-app ads. It aims to improve user experience by making ads skippable in half the time and requiring fewer clicks to close. Developed over three years, AdSurge leverages Miniclip's scale, the Easybrain acquisition, and Tencent's AI expertise, though its algorithms are built from scratch. It captures a low single-digit share of wallet on ad monetization across Miniclip's portfolio, with double-digit margins. CEO Paul Bugryniec cited squeezed publisher margins as motivation. The next phase will extend to games using IAP and hybrid monetization.

• Miniclip launched AdSurge, an AI-powered mobile advertising platform, as a standalone company.
• AdSurge provides integrated user acquisition and ad monetization, initially for ad-monetized games.
• AdSurge ads are skippable in half the time and require fewer clicks to close.