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Next Games - No major surprises

Next Games' net sales in H2 amounted to EUR 12.8m, slightly below our estimate (EUR 13.6m Evli). The adj. EBIT was below our expectations at EUR -0.2m (EUR 0.5m Evli). Publishing operations profitability improved to EUR 3.0m (Evli EUR 3.4m) compared with EUR 1.5m in H2/19.
  • Net sales in H2 amounted to EUR 12.8m (EUR 15.5m in H2/19), slightly below our estimate (EUR 13.6m Evli). Net sales in H2 declined 17% y/y. Compared to our estimates, gross bookings of published games were quite in line with expectations while the new games did not yet contribute as anticipated.
  • The adj. operating profit in H2 amounted to EUR -0.2m (EUR -2.2m in H2/19), below our expectations (EUR -0.2m Evli). The EBITDA of publishing operations in H2 amounted to EUR 3.0m (Evli EUR 3.4m).
  • EBIT amounted to EUR -1.7m (H2/19: -3.9m), slightly below our estimate of EUR -1.3m.
  • TWD: NML (Q3/Q4) - DAU 146k/142k (163k/183k), MAU 456k/429k (479k/651k), ARPDAU EUR 0.34/0.31 (0.21/0.25).
  • TWD: OW (Q3/Q4)- DAU 66k/62k (127k/114k), MAU 246k/231k (529k/591k), ARPDAU EUR 0.43/0.43 (0.36/0.38).
  • Games in development: Blade Runner Rogue is planned to be launched in the main market the US during early 2021. The Stranger Things game was launched in the first selected markets in December 2020.
  • Outlook for 2021: Revenue is expected to grow to at least EUR 40m and full-year EBITDA is expected to be positive.
  • Next Games’ BoD proposes that no dividends be distributed (Evli EUR 0.00).
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