Embracer Reveals Metro 2039 Performance So Far, and It's Looking Great

Embracer Group published its Q1 FY 2026/27 interim report this week, covering the first quarter of 2026, and the headline figures tell a considerably better story than twelve months ago. Net sales reached 3,943m SEK – 24% growth year-on-year, 33% organically. Cash EBIT came in at 47m SEK compared to -99m SEK the same quarter last year. Free cash flow was a positive 3m SEK against -383m SEK a year prior.

At the time of writing, 1 USD equals 9.55 SEK.

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By Jaime Tugayev

The Metro 2039 figure buried in CEO Phil Rogers' comments is the one most of you will be most excited about. After its April reveal, the game raced to one million wishlists faster than any title in Embracer's history. Wishlists are continuing to grow ahead of expectations, and the company is bringing Metro 2039 to Gamescom in Cologne later this month for players to experience hands-on for the first time.

What Metro 2039 Actually Is

For anyone who hasn't been following, Metro 2039 is the fourth mainline entry in 4A Games' post-apocalyptic FPS series, set four years after the events of Metro Exodus. It was announced in April 2026 and fully revealed during an Xbox showcase the same month.

The game returns to the Moscow Metro tunnels – more claustrophobic and confined than Exodus's larger outdoor environments – and introduces a new political villain: Hunter, the legendary Spartan who has united the underground factions under the authoritarian Novoreich, ruling through propaganda and fear.

After its April reveal, the game raced to one million wishlists faster than any title in Embracer's history.

4A Games is a Ukrainian studio, and that context shapes Metro 2039 in ways that feel significant rather than marketing language. Russia's full-scale invasion of Ukraine directly influenced the game's development, with the creative team drawing on lived experience to inform a story centered on choices, consequences, and what it costs to secure a future. The game continues its long-running collaboration with Metro novelist and franchise creator Dmitry Glukhovsky, who was sentenced to prison in absentia in Russia for his opposition to the war.

Metro 2039 is targeting PC – Steam, the Microsoft Store, and the Epic Games Store – alongside Xbox Series X/S and PS5. It's not coming to older hardware, and it's built on 4A Games' proprietary 4A Engine.

The Quarter Itself

Metro 2039 sits under Fellowship Entertainment, Embracer's publishing and licensing segment, which posted headline organic growth of -22% – though that number requires context. The same quarter last year contained the release of Kingdom Come: Deliverance II, which was a significant commercial event. Comparison against that naturally drags the figure down. Catalog performance from Kingdom Come, Metro Exodus, Remnant II, and Dead Island 2 came in above internal expectations, and the segment's adjusted EBIT margin held at 20%.

The Embracer segment – covering PC/console, mobile, and entertainment services – had a considerably stronger quarter with 63% organic growth. Gothic 1 Remake was the standout, reaching 500,000 copies sold in its first week and already close to recouping its full development and marketing spend. REANIMAL continued performing well in the catalog, and the Entertainment & Services business area grew strongly through PLAION Partners, up 83% year-on-year.

Headcount across the group now sits at 4,991, down from 6,261 the same quarter last year. Total game development projects have dropped from 106 to 72. The leaner structure is reflected in the improved margins.

What Is Next For Embracer Group?

The release schedule through the rest of FY 2026/27 is reasonably well loaded. Warhammer 40,000: Dawn of War IV has moved from Q2 to Q3 and is now targeting December 3rd. Stage Tour is also expected in the holiday window. Tomb Raider: Legacy of Atlantis is confirmed for February 2027. Metro 2039 anchors Q4, also in February. Rogers is explicit that earnings are weighted toward Q3 and especially Q4 given the timing of these releases.

Beyond the current financial year, the pipeline includes Darksiders 4 from Gunfire Games, the next Kingdom Come entry from Warhorse Studios, and Tomb Raider: Catalyst from Crystal Dynamics. The Fellowship Entertainment spin-off, expected to create a separately listed IP-focused entertainment company, is progressing toward a CY 2027 listing on Nasdaq Stockholm.

Embracer's net cash position sat at 3.5 SEKbn as of June 30th, with available funds at 6.4 SEKbn. The company is maintaining its full-year Cash EBIT forecast of at least 1.0 SEK billion, and Rogers said confidence in that figure has grown following Q1's performance.

One million wishlists faster than any game in Embracer's history. Gamescom in a few weeks. February 2027 is when it is revealed whether all of this will actually matter, but the early signals are as clear as Embracer is willing to make them.