Modern Times Group Mtg Ab Class A · OMXSTO:MTG_A
Modern Times Group Mtg Ab Class A — Q1 2026 Earnings Presentation
30 slides from Modern Times Group Mtg Ab Class A's earnings presentation, Apr 29, 2026
Slide 1: Q1 2026
Q1 2026 Maria Redin, CEO Nick Hopkins, CFO April 29, 2026
Slide 2: Strong start to 2026
Strong start to 2026 Q1 2026 performance Net Net sales Pro forma UA spend sales CC 1 YoY growth YoY growth SEK 3,159 m 37 % 14 % SEK 1,199 m ($333 m) Adj. EBITDA Unlevered LTM U nlevered Adj. EBITDA margin free cash flow cash conversion SEK 802 m 25 % SEK 582 m 78 % ($84m) (30 % YoY growth) ($61m) N
Slide 3: 6th sequential quarter of organic growth
6 th sequential quarter of organic growth Reported revenue 1, SEKm Reported revenue 1, SEKm LTM YoY Organic growth Reported at c onstan t FX 9% 15% 8% 12% 117% 126% 108% 37% CAGR 2 12,181 11,579 3,123 3,159 2,987 4% 3 2,911 +5% 10,148 2,557 35% 8,599 7,126 5,829 5,970 5,949 1,693 5,537 5,564 5,893 6
Slide 4: RAID and PlaySimple's new games the largest growth drivers
RAID and PlaySimple’s new games the largest growth drivers Q1 revenue Q1 largest games CC YoY growth Revenue by top games, SEKm per district by revenue 3,123 3,159 2,987 +1% 2,911 190 174 161 222 248 184 -30% 2,557 246 216 173 274 1,309 22% 1,127 +25% 1 1,044 1,078 41% 794 47% 78% 6% 6% 1,461 1,472
Slide 5: Continued UA investment at 38% of revenue
Continued UA investment at 38% of revenue UA spend development Midcore UA spend, SEKm Casual UA spend, SEKm UA spend as % of total revenue • Group UA spend 38% of revenues in Q1 2026 1,192 1,199 1,200 1,111 1,054 1,000 959 • Group UA spend up 17% pro forma YoY 694 735 800 736 694 • Midcore District
Slide 6: Strong 25% adjusted EBITDA margin
Strong 25% adjusted EBITDA margin Reported adj. EBITDA 1, SEKm Reported adj. EBITDA 1, SEKm LTM Adj. EBITDA margin 24% 22% 23% 23% 25% +30% CAGR 2 +50% 802 2,834 2,648 +7% 31% 717 675 2,386 640 616 2,101 1,886 1,682 1,711 1,651 1,666 449 455 1,548 439 426 397 396 390 1,416 1,451 1,372 1,408 378 357
Slide 7: Midcore District: 10% pro forma growth with 28% margin
Midcore District: 10% pro forma growth with 28% margin Revenue and Adj. EBITDA DAU & ARPDAU Net Pro forma DAU APRDAU sales sales YoY 8 SEK 2,466 m 10 % (Organic growth YoY 7%) 6 6.3 6.5 6.7 6.6 5.1 4.2 4.1 4.0 4.0 3.9 Adj. EBITDA 4 Adj. EBITDA margin 698 2 SEK m 28 % 0 Q1’25 Q2’25 Q3’25 Q4’25 Q1’26
Slide 8: Casual District: 29% organic growth with 24% margin
Casual District: 29% organic growth with 24% margin Revenue and Adj. EBITDA DAU & ARPDAU Net Organic sales YoY sales DAU APRDAU 6 29 5.5 SEK 693 m % 4.8 5.0 4.9 4.8 4 Adj. EBITDA Adj. EBITDA margin 2 1.6 1.4 1.3 1.4 1.4 SEK 166 m 24 % 0 Q1’25 Q2’25 Q3’25 Q4’25 Q1’26 8
Slide 9: Direct-to-Consumer now 39% of group revenues
Direct - to- Consumer now 39% of group revenues Revenue streams Revenue generated by platform, % IAP Third party publication platforms (Other) Mobile app stores Other IAA Direct to consumer 79% 78% 80 77% 90 75% 74% 80 78% 76% 77% 78% 70 75% 75% 61% 62% 69% 70% 69% 59% 60% 70 60 58% 58% 64% 60 56% 5
Slide 10: AI reinforces our competitive moat
AI reinforces our competitive moat Our AI focus areas “Low barriers to entry, very high barriers to scale” Engineering Corporate Marketing & Art (Data x IP x Human expertise) x AI = Increasing competitive moat Product & Data Sound & and scale - driven advantages Design language Notes: Image generate
Slide 11: LTM unlevered cash conversion of 78%
LTM unlevered cash conversion of 78% Group cash flow statement, SEKm Q1’26 LTM Q1’26 Income before tax adjusted for items not included in cash flow 734 2,464 Taxes paid -18 -499 Changes in working capital -111 188 1.18x 1.52x Cash flow from operations 605 2,152 Financial leverage Leverage ratio 4 ra
Slide 12: Outlook for 2026 and reminder of medium-term targets
Outlook for 2026 and reminder of medium - term targets Pro forma revenue growth¹ Adj. EBITDA margin Outlook 5% – 8% 22% – 24% 2026 Annual gross revenue 2 Unlevered steady state Adj. EBITDA margin growth cash conversion 2 Medium term guidance 3% – 7% > 24% > 60% Notes: 1) MTG calculates pro forma gro
Slide 13: Conclusion: Great start to the new 2026
Conclusion: Great start to the new 2026 • Very strong Q1 sets the stage for 2026 Strategic priorities i c G ro w th • Rapid AI adoption across the Group O r ga n DTC • DTC initiatives delivering tangible benefits • PlaySimple DRHP filed and work towards potential listing continues New Games AI • Mid
Slide 14: Q&A
Q&A 14
Slide 15: AI in MTG Midcore
Ai in mtg midcore Moving beyond theory Oliver Bulloss, CEO Midcore 15
Slide 16: AI supercharges our execution and reinforces our competitive moat
AI supercharges our execution and reinforces our competitive moat “Low barriers to entry, very high barriers to scale” We win through + Trillions of data points + World class teams and creativity + E vergreen IPs with dedicated player bases + AI as a way of work ing, not just a tool Notes: Image gen
Slide 17: The lifecycle of a game
The lifecyle of a game testing optimization & ideation prototyping development testing launc h new co ntent LiveOps Phase Development Phase marketing 17
Slide 18: AI integrated into workflows across the entire lifecycle
AI integrated into workflows across the entire lifecycle of game development Cursor, Claude Code, Nano Banana ... • Quickly create concept art in dozens of different styles and themes We utilise 50+ tools • 1 person teams create gameplay prototypes to find the fun across the entire game development
Slide 19: AI integrated into workflows across the entire lifecycle
AI integrated into workflows across the entire lifecycle of game development We utilise 50+ tools across the entire game development process testing ideation & optimization & development testing launch prototyping new co ntent LiveOps Phase Development Phase marketing Claude Code, A gentic workflows
Slide 20: AI integrated into workflows across the entire lifecycle
AI integrated into workflows across the entire lifecycle of game development BigQuery AI agent + Claude MCP ... • AI agents test parts of the game and feedback based on player archetypes built from real data We utilise 50+ tools • Analyze the AB tests we run across the entire game • Suggested tests
Slide 21: AI integrated into workflows across the entire lifecycle
AI integrated into workflows across the entire lifecycle of game development We utilise 50+ tools across the entire game development process testing ideation & optimization & development testing launch prototyping new co ntent LiveOps Phase Development Phase marketing Comfy UI, Scenario, Suno, Typin
Slide 22: AI integrated into workflows across the entire lifecycle
AI integrated into workflows across the entire lifecycle of game development We utilise 50+ tools across the entire game development process testing ideation & optimization & development testing launch prototyping new co ntent LiveOps Phase Development Phase marketing Cursor , Claude Code, ComfyUI .
Slide 23: AI integrated into workflows across the entire lifecycle
AI integrated into workflows across the entire lifecycle of game development BigQuery AI agent + Claude MCP ... • AI agents test parts of the game and feedback based player archetypes built from real data We utilise 50+ tools • Analyze the AB tests we run across the entire game • Suggested tests dev
Slide 24: Marketing asset creation has been revolutionized
Marketing asset creation has been revolutionized over the last 6 months. What would have taken months , now takes days. Video trailer before AI $80k -$100k 2-3 months app store feature graphic Video trailer with AI video trailer 1 person $1k tokens 2 weeks Cost savings: up to 99% AI Influencer Spotl
Slide 25: Data and Analytics have always been at the core
Data and Analytics have always been at the core of what we do, with AI it’s more important than ever • Across the Midcore District we have trillions of data points on our players ’ behavior • In the past analysts and data scientists would be needed to find patterns and answer questions, that’s chang
Slide 26: BigQuery AI agent + Claude MCP lets the whole team leverage our data
BigQuery AI agent + Claude MCP lets the whole team leverage our proprietary data to find insights and make better decisions Question Results Insights Before AI Analyst s a bottleneck Complex requests 2 -5 days With AI Everyone is in the data User asks a question about the data The agent returns resu
Slide 27: Merge Gardens able to add a new event in record time
Merge Gardens able to add a new event in record time • Proof on Concept made with 100% Before AI AI art and code by 1 designer From prototype : Full team • Software engineers acted as code 100% AI code, 100% AI image gene editors Up to 7 weeks • Positive KPI results when released in the game With AI
Slide 28: New games are being developed with an AI first approach
New games are being developed with an AI first approach allowing for quicker iteration and AI integration 5 new games started in 2026 with an AI first approach Agentic Small Teams Multiple NEW Tools workflows with focused on delivering new game ideas build quickly by AI for different specialized qui
Slide 29: In our studios AI has become a key part of the day-to-day workflow
In our studios AI has become a key part of the day - to- day workflow in many areas • Leaders are rethinking what the right shape of a game team is in the AI Age, especially for new games • AI technology moves quickly we are continuing to explore and change how we work • Utilizing AI is not only abo
Slide 30: Q&A
Q&A 32
Modern Times Group MTG — Q1 2026 Earnings Presentation on 6ix