SteelSeries Strong Growth Continued in First Half of 2021

Copenhagen, Denmark, 25 August 2021. SteelSeries, a leader in gaming peripherals focused on quality, innovation and functionality, today published its financial results for first half of 2021.

Highlights

• Reported Group revenue increased by 56% to DKK 1,296 million
      • Americas grew 47%, constituting 45% of total revenue
      • EMEA grew 72%, constituting 41% of total revenue
      • APAC grew 44%, constituting 14% of total revenue
• Revenue from Direct-to-Consumer (through our own websites) sales was 11% of total revenue
• Sales related to SteelSeries audio products accounted for 57% of total revenue, whereas revenue from other products, including mice, keyboards, mousepads and performance accessories accounted for 43%
• Gross margin was 37%, on par with the first half of 2020, despite increased freight rates
• EBITDA (adjusted for special items) increased 130% to DKK 189 million, resulting in a margin of 14.6% compared to 9.9% in the first half of 2020

Ehtisham Rabbani, CEO of SteelSeries, said: “In the first half of 2021, we continued to see strong revenue development in our business, while simultaneously improving our margins. This was driven by our category-defining innovation, leadership in esports and enthusiast following. SteelSeries continues to demonstrate strong and consistent multi-year average growth rates highlighting the ongoing strength of our business fundamentals.

The gaming peripherals market was positively impacted by the global COVID-19 pandemic during the first half of the year. Going forward we expect to see more normalized industry growth rates, albeit from a higher baseline. I believe that SteelSeries is well placed to continue to outgrow the market as we strengthen our position as a leader in premium gaming peripherals.”

Gaming has evolved from an isolated activity to a community-driven team sport and mainstream medium of entertainment today. Gaming has become more popular than each of television, film and music, with gaming serving as a pillar of entertainment, social connection and relaxation for gamers. Gaming today crosses age groups and genders. Four out of every five U.S. consumers has played a video game in the past six months, two out of three new gamers are female and over half of gamers are aged 45 and above.

According to Newzoo’s Global Games Market Data (April 2021), revenues across PC, Console and Mobile games are estimated to reach $176 billion globally in 2021. The gaming industry has been driven by a consistent increase in the number of gamers over recent years, a trend which is expected to continue. As of 2020, the total number of gamers globally was estimated at 2.8 billion and is expected to grow to 3.2 billion by 2023, representing a CAGR of 5% from 2021 to 2023.

About SteelSeries

SteelSeries is a global leader in premium gaming peripherals focused on quality, innovation, and functionality. The company was founded in Denmark in 2001 and is one of the world's leading gaming brands, with products ideally positioned in the premium part of the global gaming market.

The group is controlled by the private equity fund Axcel.

For further information, please contact:
Steen Juul Jensen, Impact Partners
[email protected]
Phone: +45 2873 9081