Modern Times Group Mtg Ab Class A · OMXSTO:MTG_A
Modern Times Group Mtg Ab Class A — Q3 2025 Earnings Presentation
11 slides from Modern Times Group Mtg Ab Class A's earnings presentation, Nov 13, 2025
Slide 1: Q3 2025
Q3 2025 Maria Redin, CEO Nick Hopkins, CFO November 13, 2025
Slide 2: Exceptional 15% organic growth, strong margins of 23%
Exceptional 15% organic growth, strong margins of 23% and well on track to deliver on updated full-year outlook Net Net sales Organic Organic UA spend sales CC1 YoY growth growth YoY growth SEK 2,987 m 126 % 15 % 37 % ($316m) (108% on reported basis) (120% total group CC1 YoY growth) Adj. EBITDA Unl
Slide 3: Total revenues up 126% YoY in constant FX driven by consolidation of Plarium
Total revenues up 126% YoY in constant FX driven by consolidation of Plarium Reported revenue1, SEKm Reported revenue1, SEKm LTM YoY Organic growth Reported at constant FX 9% 6% 9% 15% 6% 79% 117% 126% CAGR2 10,148 2,987 2,911 7%3 8,599 2,557 +18% 32% 7,126 5,949 5,829 5,970 5,537 5,564 5,893 6,015
Slide 4: 15% YoY organic growth in Q3
15% YoY organic growth in Q3 (10% YTD) driven by strongly performing new games & high LiveOps density in established games YoY development YoY development Revenue by franchise, SEKm in reported currencies at constant currencies Other smaller franchises Racing Word Games Tower Defense Strategy & Simu
Slide 5: ARPDAU grew QoQ driven primarily by Snowprint
ARPDAU grew QoQ driven primarily by Snowprint, whilst DAU broadly flat; ARPDAU & DAU up 43% and 45% on YoY basis Revenue streams User development DAU IAP Third party publication platforms (Other) ARPDAU IAA millions SEK 79% 78% 80 75% 10 5.0 9.0 9.0 8.9 9 4.5 70 61% 62% 60% 8 4.0 58% 58% 59% 3.7 60
Slide 6: 37% YoY increase in UA spend for original studios
37% YoY increase in UA spend for original studios, and 120% YoY increase for total group UA spend on constant currency basis UA spend development UA spend, SEKm • UA spend accounted for 37% of group revenues LTM UA spend as % of revenue 1,112 in Q3, up from 36% sequentially, and compares to 1,054 38
Slide 7: Strong 23% adjusted EBITDA margin in Q3 and 9m YoY
Strong 23% adjusted EBITDA margin in Q3 and 9m YoY, up by 73% YoY vs. Q3 ‘24 Reported adj. EBITDA1, SEKm Reported adj. EBITDA1, SEKm LTM Adj. EBITDA margin 27% 27% 24% 22% 23% +73% CAGR2 +45% 675 2,386 640 616 +30% 2,101 +14% 1,886 1,682 1,711 1,651 1,666 449 439 455 1,548 426 397 396 390 1,416 1,45
Slide 8: Strong cash flows with 60% UCC in Q3, and healthy leverage levels
Strong cash flows with 60% UCC in Q3, and healthy leverage levels Group cash flow statement, SEKm Q3’25 LTM Q3’25 Income before tax adjusted for items not included in cash flow 550 1,967 Taxes paid -170 -771 Changes in working capital 2 13 1.15x 1.64x Cash flow from operations 382 1,208 Financial le
Slide 9: Updated targets for full-year 2025 at our CMD in October
Updated targets for full-year 2025 at our CMD in October Total Reported Total Adj EBITDA Organic Growth¹ Revenue Margin² Current guidance 3%–7% n/a 21%–24% New SEK bn 7%–9% 21%–24% guidance 11.4–11.7 Notes: 1) Organic growth is defined as revenues from the studios MTG owned throughout the whole of 2
Slide 10: Exceptional 15% organic growth, solid adj. EBITDA margin - Conclusion
Exceptional 15% organic growth, solid adj. EBITDA margin - on track to deliver on raised FY 2025 outlook Conclusion • 15% organic growth in Q3, driven by double digit growth in PlaySimple and Warhammer 40,000: Tacticus, also supported by great performance from the F1 Clash season reset in Q2 and the
Slide 11: Q&A
Q&A 11
Modern Times Group MTG — Q3 2025 Earnings Presentation on 6ix