As part of its 2023/2024 restructuring program, Embracer Group continues to alter its company with additional closures, brand downsizes, and divestments. What started as a large-scale executive inception in June 2023 is now a three-part action plan to assist with financial needs.

The news comes to us through the Embracer Group Annual Meeting for 2023. Here, a number of Embracer Group employees and executives present new information on what’s to come with the restructuring phases.

As detailed by Embracer Group Founder and CEO Lars Wingefors during the aforementioned meeting, we’re given a vital update on the restructuring program. Beforehand, Wingefors presents some of the operational and financial highlights from 2022 and 2023. He then moves on to a display of gameplay facts that showcase big numbers for their subsidiaries. These include the likes of Tomb Raider, Dead Island 2, Metro, and the newly-released Payday 3.

Upon approaching the context in question, Wingefors presents an overview of Embracer Group’s recent operations with game releases and company goals. That’s when the presentation transitions to the challenges that the company is facing.

It’s more of a chart for reference that Wingefors provides, with the update sharing its company goals. Though of course, this may come at a cost. “As difficult as some of the decisions that we will take will be, we are confident that we will emerge as a stronger, more efficient company setting out on a stable future to build even greater value across many studios and a uniquely diversified portfolio of IPs,” Wingefors informs during the presentation.

The solution comes in the form of a three-phase action plan:

• Phase 1 – Opex and initial phase capex savings
• Phase 2 – Further capex savings and capital allocation initiatives
• Phase 3 – Further capital allocation initiatives and efficiency improvements including consolidation

In short, Wingefors and Embracer Group are anticipating promising results with this action plan for divestments and other implementations. A lot of work is at play here, though Wingefors reassures us that he is looking forward to the process. “We are confident and determined to deliver on the goals we set out by the end of the fiscal year,” Wingefors says as he finishes his presentation.

You can check out his portion of the Embracer Group Annual Meeting for 2023 with the provided video above (time stamp is 23:50-36:56). Be sure to check out the full video for more information on Embracer Group’s restructuring plans.