Redeye comments on the Q3-report from Embracer. Operational EBIT was almost exactly as we had estimated (SEK 1,119 million versus SEK 1,112 million). Net Sales however was way above our expectations due to massive sales in its physical distribution business and the mobile games unit “Easybrain”. Due to the fact that distribution is a low margin business and User Acquisition Costs were higher than expected in the mobile games business the EBIT margin was relatively low. Investments in User Acquisition however usually pay off the following quarters, which lays a solid foundation for the mobile games business.