Game Development

Financial performance

  Q3   Jan-Dec
SEK M 2018 2017 ∆% 2017
Revenue 72 44 62% 169
EBITDA 19 19 -1% 72
EBITDA-margin 26% 42% 42%
EBIT 61 15 300% 59
2,017 2,018
MSEK Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3
Revenue 21 31.8 33.3 40.4 44.1 51.2 58 66.7 71.6
EBITDA-margin, % 43.7 41.6 39.8 44.4 42 42 31 33 26

Game Development

Our business area for game development includes Yggdrasil and Highlight Games.


Cherry conducts game development through its investment in Yggdrasil, operated as an independent business area. Yggdrasil develops innovative games for computer, mobile and tablet games. The company has licences in Malta, UK, Gibraltar and Romania. Yggdrasil also offers its customers the concept White Label Studios, where customers can, in partnership with Yggdrasil, tailor their own online slots. The company has a strong position as a quality supplier of so-called video slots and has been awarded a number of prestigious prices in recent years. Cherry holds 84 percent of the shares in Yggdrasil.

Highlight Games

Highlight Games develops innovative products for the virtual sports gaming market both online and in real, including content from league football. The company plans to launch games demanded in other sports, to the virtual and sports betting market 2017 and beyond. Highlight Games is formed from a team of industry experts from gaming and sports media. Cherry holds 60.4 percent of the shares in Highlight Games Ltd.