October 2026
Largest Gaming - Console & PC Public Companies in Sweden
Benchmark revenue and EBITDA valuation multiples for public comps like
Embracer Group, Paradox Interactive, Modern Times Group, Coffee Stain Group and Enad Global 7.
 | Embracer Group AB is a parent company of businesses led by entrepreneurs in PC, console, mobile, and board games and other related media. The Group has an extensive catalog of several owned or controlled franchises and has a presence in various regions through its operative groups, namely THQ Nordic, Plaion, Coffee Stain, Amplifier Game Invest, and others. Its operating segments are: PC/Console Games, Mobile Games, and Entertainment & Services. Maximum revenue is derived from the Entertainment & Services segment, which is engaged in the development, publishing, and distribution of comic books, wholesale of publishing titles of games for console and PC, as well as films, and externally distributes films and TV series. Geographically, the Group generates maximum revenue from the USA. | $9 | -15% | $2B | $1.7B | 1.0x | 4.1x | ||
| Paradox Interactive AB is a Swedish company. It is engaged in the development and publishing of PC-based games. The company's product portfolio includes franchise brands such as Stellaris, Europa Universalis, Hearts of Iron, Crusader Kings, Cities, Skylines, Tyranny and Magicka. Paradox is also involved in the publishing and internal development of games and licensing of White Wolf's brands. The company distributes its games through the digital platform Steam as well as on Apple, Google Play, and Sony stores. It operates its business across the world. The majority of the company's revenue comes from the United States, while it also has its presence in Sweden, Rest of Europe and Rest of the World. | $14 | -21% | $1.4B | $1.4B | 6.2x | 14.0x | ||
| Modern Times Group (MTG) is a Swedish gaming group headquartered in Stockholm that owns and operates mobile and PC game studios, with A and B shares listed on Nasdaq Stockholm. Its studios include Plarium, maker of RAID: Shadow Legends, PlaySimple, a word- and casual-games developer acquired in 2021, InnoGames, Hutch, Ninja Kiwi (acquired 2021, known for Bloons TD), Snowprint and Futureplay. Most games are free to play, so revenue comes from in-app purchases and in-game advertising. MTG traces its origins to TV3, which Kinnevik launched in Sweden on New Year's Eve 1987 as Scandinavia's first commercial channel; its media assets were distributed to Kinnevik shareholders and listed in 1997. The group spun off its Nordic broadcasting and streaming arm as Nordic Entertainment Group (now Viaplay Group) in 2019 and sold esports operator ESL to Saudi Arabia's Savvy Gaming Group in 2022. In November 2024 it agreed to buy Plarium from Aristocrat Leisure for $620 million. In 2025 it reported record net sales of SEK 11,579 million and adjusted EBITDA of SEK 2,648 million, with 9% organic growth. Maria Redin is president and CEO. | $12 | -15% | $1.4B | $1.7B | 1.5x | 8.5x | ||
| Coffee Stain Group AB is a Scandinavian game developer and publisher with a portfolio of community-driven PC, console, and mobile games. The Group develops, publishes, and manages intellectual property rights for computer, video, and mobile games, with intellectual properties including Goat Simulator, Satisfactory, Deep Rock Galactic, Valheim, Teardown, and Welcome to Bloxburg. The Group consists of game studios, including Coffee Stain, Ghost Ship, and Tuxedo Labs, and operates in Sweden, the USA, Europe excluding Sweden, and other regions. | $2 | -- | $429M | $360M | 3.7x | 8.0x | ||
| Enad Global 7 AB operates within the gaming industry developing, marketing, publishing, and distributing PC, console, and mobile games to the gaming market. The company's game developers develop its original IPs, as well as act as consultants to other publishers around the world through its game development divisions Daybreak Games, Piranha Games, Toadman Studios, and Big Blue Bubble. In addition, the company's marketing department Petrol has contributed to the release of many titles, of which many are brands such as Call of Duty, Destiny, Dark Souls, and Rage. The company's reportable segments are; Daybreak which generates key revenue, Big Blue Bubble, Piranha, Toadman, Petrol, and Fireshine. Geographically, it derives key revenue from North America. | $2 | -16% | $135M | $140M | 0.8x | 5.6x | ||
| Envar Holding AB (publ) is an outsourcing and development studio with a focus on graphic design, 3D graphics, animations and illustrations for game development companies or other companies operating in the entertainment industry. The company has established itself as a provider of graphics and development services to gaming industry. The company is active in two key segments: outsourcing and co-development as well as game development for the console and PC market. | $4 | -27% | $56M | $52M | 5.5x | 33.4x | ||
| EMB Mission Bound AB predominantly operates in the gaming industry, delivering digital entertainment through a fully integrated value chain, offering games, platform technology, and comprehensive operator solutions. The company's offerings include slot game development, platform development, white label solutions, game content aggregation, payment solutions, digital marketing services, and UI/UX design. Its games are available through direct or indirect integration with operators or via distribution partners who have integrated their licensed platforms. The company has one reportable segment, being the development of online gaming technology. Geographically, it derives maximum revenue from Asia and the rest from other regions. | $0 | -43% | $18M | $18M | 1.1x | 5.4x | ||
| Starbreeze AB is a creator, publisher, and distributor of entertainment products. It mainly develops and publishes games for the Console, PC, and Mobile gaming markets. Its reportable segments are; game sales which generates key revenue, third-party publishing, licenses, and Others. | $0 | -32% | $16M | $14M | 0.6x | (0.6x) | ||
| Kinda Brave Entertainment Group AB is a game portfolio company focused on acquiring game studios and IP, developing internal studios and a 3rd party publishing division to scout new talented developers innovating for the next zeitgeist. It conduct
software development, publishing and consulting activities in digital entertainment as well as operation of associated IT solutions. | $0 | +24% | $13M | $14M | 306.2x | (7.0x) | ||
| Beyond Frames Entertainment AB is a video game company. It brings together skilled game developers with a common vision: crafting engaging, high-quality gaming experience for PC, console, XR including Virtual Reality (VR), Augmented Reality (AR), and Mixed Reality (MR) technologies. The company owns, fully or in part, three XR studios: Cortopia, Moon Mode, and Odd Raven. | $0 | -72% | $5M | $5M | 0.4x | 2.7x | ||
| Fragbite Group AB is a company specializing in digital gaming entertainment. It has subsidiaries that develop, adapt, and publish games and esports content within gaming, esports, and WEB3. Its products are developed for both traditional platforms, PC, mobile, and console, and modern platforms built on blockchain technology. | $1 | -42% | $5M | $4M | 0.2x | 0.3x | ||
| Qiiwi Games AB is a Swedish multi-platform social games developer. It focuses primarily on skill games, Qiiwi's games are available for both mobile (iOS/Android) and desktop play. Some of the games developed by the company are - Hell's Kitchen, Wordington, Backpacker, and Others. | $0 | +34% | $4M | $3M | 1.8x | (5.5x) | ||
| Jumpgate AB is an independent gaming group that includes the Visby-based gaming studio Tableflip Entertainment as well as Hamburg-based Tivola Games and gameXcite. The group produces and locates its own games and develops games and other digital products on behalf of external companies. Its companies have established collaborations with strong industry partners and exciting product portfolios with great potential. The group operates in the global market, distributes its games worldwide and has a large international network. | $0 | -11% | $4M | $3M | 0.7x | (2.0x) | ||
| Star Vault AB operates as a game developer in Sweden. It offers Mortal Online, an online game that is a massively multiplayer online role playing game and Kitten'd which is casual VR game for PC and Sony Playstation. | $0 | -49% | $2M | $2M | 2.1x | 4.4x | ||
| Edyoutec AB is a mobile game development company. It consists of two verticals: Games and EdTech. Within the EdTech vertical, the company focuses on developing products in genres such as game-based learning and Serious Games. Within the Games vertical, the business concept is based on developing and distributing free-to-play (F2P) games within mobile games for Android and iOS. | $0 | -75% | $2M | $2M | 1.2x | (0.6x) | ||
| Safe Lane Gaming AB is an acquisition-intensive company in the gaming industry. The company is engaged in developing and managing games for all platforms. | $0 | -4% | $1M | $1M | ||||
| FSport AB is an gaming platform company. It creates and delivers fair and genuinely entertaining sports betting on a proprietary platform, developed with the player at the center. FSport game is always challenging and designed to be used in mobile. | $0 | +66% | $1M | $993K | ||||
| Maximum Entertainment AB is an entertainment company dedicated to crafting indie to AA video game experiences through original content and licensed partnerships. It provides collaborative resources to its partners through in-house publishing labels Maximum Games, Modus, Merge Games, and Just For Games, and its development division, Modus Studios. | $0 | +4% | $1M | $62M | ||||
| Gold Town Games AB is a mobile games company. The company is engaged in the development, marketing and sales of mobile games, as well as carry out related activities. It has developed a hockey manager game for mobile platforms. | $0 | -26% | $675K | $1M | ||||
| Median | $0 | -18% | $5M | $14M | 1.1x | 2.7x |
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