Financial targets

The Board of Directors has adopted the following financial targets and dividend policy intended to guide the Cherry Group, measured over an economic cycle:

Sales Growth

Cherry’s target is to grow more quickly than the European gaming market over an economic cycle. In addition to this, Cherry intends to grow through acquisi-tions. The target for the Restaurant Casino business area is to account for 70 per cent of the restaurant casino market in Sweden.


Cherry’s target is to increase the adjusted EBITDA margin over time and in the medium term to achieve an adjusted EBITDA margin of between 15 and 18 per cent.

Capital structure

Cherry’s capital structure should allow for a high degree of financial flexibility and provide scope for acquisitions. The company’s target is for the equity ratio to be at least 30 per cent.

Dividend policy

Cherry’s target is to distribute 50 percent, or more, of net profit as dividend. Account should, however, be taken of the company’s financial position, cash flow, opportunities for acquisitions and future prospects.

The company has based its financial targets on the following assumptions:

  • Continued migration to online gaming.
  • The company continues to be given an opportunity to focus on the European market for online gaming and games development.
  • The company continues to be able to handle its cost structure and cope with the effects of entering regulated markets and paying applicable taxes.
  • The company’s customer offering is regarded as attractive.
  • The company retains the licences necessary for its operations.
  • No significant adverse effects occur as a result of material changes in the political, fiscal, market and administrative treatment of the Group.