Swedish game company Embracer Group has delivered a "stable quarter" and now has over 25 AAA development projects in the pipeline.

According to the company's fiscal report for the three months ended December 31, 2021, net sales increased by 135 percent year-on-year to SEK 5 billion ($536 million) and EBITDA increased by 70 percent to SEK 1.48 billion.

The company noted that its games business reported an "encouraging" 16 percent organic growth in the quarter, driven by the strong performance of subsidiaries like Koch Media Publishing and Coffee Stain.

Embracer, known for snapping up studios and publishers with the maniacal gusto of a hungry hungry hippo, also said it will have over SEK 8 billion in cash and credit facilities to support further M&As after the closing of pending transactions.

The company currently owns over 250 IPs, multiple publishers, and 88 development studios, including major players like Gearbox Entertainment, Saber Interactive, THQ Nordic, Koch Media, and Deep Silver.

"The M&A market is busy with activities ranging from mega deals to smaller transactions. Our great business partners Microsoft, Sony and Take Two have all been making large moves lately with strategic logic, a testimony that gaming is a very attractive form of entertainment," said Embracer co-founder and group CEO, Lars Wingefors.

"We expect to keep growing our eco system with more entrepreneurs and creators in the coming quarters and years. We also have conversations with companies that would be financially transformative and could be the foundation for additional operative groups, but the timing on such deals is always difficult to assess."

Embracer described its recent spate of acquisitions as "transformative" and claimed it will soon have "one of the most diversified portfolio of IPs across the games industry."

Looking ahead, the group reiterated its operational EBIT forecast of SEK 4.3-4.7 billion for the fiscal year ended March 31, 2022.