INTERIM REPORT Q1 2026
FABLE ME IA GROUP AB
58% Sequential FT Growth & Maintained Guidance
Fable Media Group AB", "FMG AB" or "the Company" refers to the parent company with Swedish registration number 556706-8720. "Fable Media Group", "the Group" or "FMG" refers to the entire group. Amounts in parentheses refer to the comparative period of the previous year.
Net Sales (MSEK)
18
15
12
9
6
3
0
Q1 2025
Q2
Q3
Q4
Q1 2026
January - March 2026
Net sales decreased by 8% to 15.8 MSEK (17.1 MSEK)
Recurring revenue amounted to 95.3% (99.4%) of net sales
EBITDA decreased by 32% to 9.0 MSEK (13.2 MSEK)
The EBITDA margin amounted to 57% (77%)
Adjusted EBITDA decreased by 14% to 9.0 MSEK (10.5 MSEK) *
The Adjusted EBITDA margin amounted to 57% (61%) *
Operating profit (EBIT) amounted to 8.8 MSEK (13.2 MSEK)
Profit after tax amounted to 5.5 MSEK (10.3 MSEK)
Adjusted EBIT A (MSEK)
12
10
8
6
4
2
0
Q1 2025
Q2
Q3
Q4
Q1 2026
Basic and diluted earnings per share: 0.16 SEK (0.30 SEK)
Referred FTDs decreased by 39% to 13,410 (21,932) compared to Q1 2025, while increasing by 58% compared to Q4 2025
Current Trading
Q2 2026 started very strongly, with preliminary April figures showing the highest monthly net sales since the Brazil regulatory changes in early 2025.
Proposed
ividendividend per share (SEK)
0.20
0.15
0.10
0.05
0
Sep 2025
ec 2025
Mar 2026
The Board of Directors proposes a dividend of SEK 0.20 per share for approval at the Annual General Meeting on 22 June 2026.
Full-Year 2026 Guidance
For 2026, Fable Media Group expects net sales of SEK 70-85 million and Adjusted EBITDA of SEK 45-55 million.
Q1 2026
Q4
Q3
Q2
Q1 2025
Q4
Q3
Q2
Q1 2024
Acroud
Catena Media
Raketech
Gambling.com
Better Collective
Fable Media
Gentoo Media
80%
70%
60%
50%
40%
30%
20%
10%
0%
Peers: Adjusted EBIT A margin
* Figure for the comparative period excludes a positive earnout revaluation effect of SEK 2.8 million relating to the acquisition of Fable Media ApS
Fable Media Group | Interim Report Q1 2026
2
"
CEO Letter
Preliminary April figures show the highest monthly net sales since the regulatory changes in Brazil
W
hile reported net sales for the first quarter decreased by 8 per cent compared with the corresponding period last year, the underlying operational performance was stronger than the headline figures suggest.
Our operational KPIs developed positively during the quarter. Referred First Time Depositors in Q1 2026 increased by 58 per cent compared with Q4 2025. This reflects improved partner agreements and increased marketing investments initiated earlier this year to capitalise on attractive opportunities in the market. Player deposits also increased by approximately 15 per cent compared with the same quarter last year, further indicating continued strengthening of the underlying business momentum.
"
EBITDA decreased by 32 per cent, although the comparison figure was inflated by a revaluation of the earnout related to the acquisition of Fable Media ApS. Adjusted for this effect, EBITDA decreased by 14 per cent. Reported figures were also negatively affected by higher consultancy costs and currency movements. The Swedish krona strengthened materially against several of the currencies in which the Group generates revenue. Roughly one third of the year-on-year decline in net sales can be explained by these exchange rate effects alone.
Player deposits increased by appr. 15% YoY
The Group's business model remains highly cash-generative and scalable, with a high share of recurring revenue and continued strong profitability. During the quarter, we also continued to execute on our shareholder-friendly capital allocation strategy.
In March, Fable Media Group distributed its third and largest dividend since the launch of the dividend strategy in the autumn of 2025, providing a strong yield for shareholders. We remain committed to our strategy of distributing quarterly dividends.
The quarter also included strategically important developments. We strengthened our shareholder base through the addition of Scandinavian Investment Group as a major shareholder, while also further enhancing the Company's Board and IR capabilities. We believe these steps support the Company's continued development and improve its long-term visibility in the capital markets.
Looking ahead, the start of Q2 2026 has been encouraging. Preliminary April figures indicate the highest monthly net sales since the regulatory changes in Brazil at the beginning of 2025. This supports our view that the operational measures implemented during the past year are producing results and that the business continues to strengthen.
The coming quarters are also expected to benefit from a favourable sports calendar, including the FIFA World Cup in North America, one of the world's largest sports betting events. Combined with strong underlying KPIs, the outlook for the remainder of 2026 remains promising. We therefore maintain our forecast for 2026 of net sales of SEK 70-85 million and Adjusted EBITDA of SEK 45-55 million.
Alexander Pettersson
CEO, FABLE ME
IA GROUP ABFable Media Group | Interim Report Q1 2026 3
About Fable Media Group
Fable Media Group invests in lead generation businesses. The parent company Fable Media Group AB is listed on Spotlight Stock Market in Stockholm since 2012 with the ticker FABLE. Through its subsidiaries, the group focuses on promoting online sports betting operators, utilizing performance-based affiliate marketing.
Significant events during the first quarter
On 19 February, Fable Media Group published its Year-End Report for 2025. During the fourth quarter of 2025, net sales amounted to SEK 16.0 million and Adjusted EBITDA to SEK
10.0 million.
On 20 February, the Board of Directors of Fable Media Group AB proposed a dividend of SEK 0.20 per share, amounting to a total distribution of approximately SEK 6.8 million. The Company thereby continued to implement its strategy of distributing quarterly dividends. Together with the dividends
paid in September and December 2025, the three distributions combined correspond to SEK 0.45 per share, or approximately 48% of the Group's net profit for 2025.
On 2 March, the Company announced that majority owner Frederik Cardel Falbe-Hansen had sold 10% of the shares in Fable Media Group AB to Scandinavian Investment Group A/S. Its CEO, Michael Hove, has extensive experience from listed small-cap companies and will act as an advisor to the
Company's Board, with a focus on continued profitable growth
and further strengthening the Company's IR policies.
On 20 March, at the Extraordinary General Meeting held in Fable Media Group AB, the meeting resolved to distribute a dividend of SEK 0.20 per share, corresponding to a total
amount of approximately SEK 6.8 million. The resolution was in accordance with the proposal earlier presented by the Board of Directors.
On 27 March, Fable Media Group AB announced that the dividend of SEK 0.20 per share, resolved at the Extraordinary General Meeting held on 20 March, had been successfully distributed to shareholders through Euroclear Sweden AB.
Significant events after the end of the quarter
On 16 April, Fable Media Group AB published its annual and
consolidated financial statements for 2025.
Financial development during the quarter
(Amounts in parentheses refer to the comparative period of the previous year.)
The Group's net sales for the first quarter of 2026 decreased by
8% to SEK 15.8 million (SEK 17.1 million).
EBITDA decreased by 32% to SEK 9.0 million (SEK 13.2 million) and the EBITDA margin was 57% (77%).
Adjusted EBITDA decreased by 14% to SEK 9.0 million (SEK 10.5 million) and the Adjusted EBITDA margin was 57% (61%).
Adjusted EBITDA for the comparison period excludes a positive earnout revaluation effect of SEK 2.8 million relating to the acquisition of Fable Media ApS.
Operating profit (EBIT) for the first quarter of 2026 amounted to
SEK 8.8 million (SEK 13.2 million).
Liquidity and Financing
On 31 March 2026, Fable Media Group's bank deposits amounted to SEK 5.7 million (SEK 3.8 million).
As of the same date, Fable Media Group's net bond loan totalled SEK 60.0 million (SEK 61.2 million). The amount represents the nominal amount plus accrued interest, less any repurchased bonds and capitalized loan costs.
The interest rate on the previous bond loan with ISIN SE0010547422 was 0% until 8 December 2024, after which it increased to 5%. On 11 November 2025, the previous bond loan was replaced by a new bond loan with ISIN SE0026853301 through a mandatory securities exchange.
The total outstanding nominal amount under the new bond loan is SEK 60 million. The loan has a tenor of three years and carries a fixed interest rate of 9% per annum, payable semi-annually,
as well as an annual guarantee fee corresponding to 3% of the nominal adjusted amount. The Company intends to reduce the outstanding loan amount over time.
The net interest expense on the bond loan amounted to SEK 1.4 million (SEK 0.8 million) for the first quarter of 2026.
The Group's Net Interest Bearing Debt to Adjusted EBITDA ratio as of 31 March 2026 was 1.34 (0.91).
Earnout
The acquisition of Fable Media ApS included an earnout provision based on the profit after tax of Fable Media ApS and its subsidiaries for the period from 1 January 2022 to 31 March 2025. The remaining earnout liability was fully settled in April 2025.
epreciation and AmortizationThe Group's results for the first quarter of 2026 include charges of SEK 0.1 million (SEK 0.0 million) related to depreciation and amortization, primarily of intangible assets.
Equity and Share Capital
As of 31 March 2026, the Group's equity amounted to SEK 110.2 million (SEK 99.1 million), with an equity ratio of 60% (56%). The parent company's equity amounted to SEK 233.7 million (SEK 209.8 million).
ividendsDuring the first quarter of 2026, the Company distributed a dividend of SEK 0.20 per share. The total distribution amounted to approximately SEK 6.8 million. The Company's strategy is to distribute quarterly dividends.
The Share
The Company has one class of shares. The Company's share is listed on Spotlight Stock Market in Stockholm under the ticker "FABLE." As of 31 March 2026, the total number of shares was 33,970,630 (33,970,630).
The average number of shares during the first quarter of 2026,
both before and after dilution, was 33,970,630 (33,970,630).
(Trailing 12 Months EBITDA)
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 2024 2025 2026
0.0
Q1 2026
Q1 2025
Earnout
Q1 2022 Q1 2023 Q1 2024
Bond
0
1.0
0.5
1.5
120
100
80
60
40
20
Net Interest Bearing ebt / Adjusted EBIT A
ebt (MSEK)
Business Model
Fable Media Group's business model involves online marketing of the Group's partners. In return, the Group receives commissions for the players/end users it refers to its partners. The partners mainly consist of well-established sports betting operators.
Fable Media Group drives traffic to its partners primarily through "paid media", whereby the Group purchases online advertising space and places ads on behalf of its partners. The Group achieves profitability by identifying attractive player segments and cost-efficiently marketing its partners to these players.
Revenue type & referred players
Fable Media Group focuses its business model on revenue share agreements with the sports betting operators, as opposed to one-time commissions (CPA).
95.3% (99.4%) of Fable Media Group's net sales for the first quarter of 2026 came from revenue share agreements. Through these agreements, the group receives a portion of the gaming revenue generated by the players at the sports betting operators. Some
players may generate significant revenue over time, which helps the group to maintain high profit margins. Therefore, the primary goal is to deliver high-quality players to the group's partners.
During the first quarter of 2026, Fable Media Group referred 13,410 (21,932) First Time Depositors ("FTDs") to its partners, representing a 39 % decrease compared to Q1 2025, but a 58% increase compared to Q4 2025. Furthermore, FTD data is missing for one of the Group's main partners, meaning that the actual number of FTDs for Q1 2026 is estimated to have been approximately 1,500 higher than the reported figure. The Group continuously tests new partners and markets to optimise its return on investment, which naturally leads to fluctuations in FTD levels.
Full-Year 2026 Guidance
For the full year 2026, Fable Media Group expects net sales of SEK 70-85 million and Adjusted EBITDA of SEK 45-55 million. The guidance is mainly based on the expected development of net sales and marketing expenditure for existing and new partnerships, taking into account typical seasonality effects.
Referred First Time epositors
30,000
25,000
20,000
15,000
10,000
5,000
0
Q1 2024
Q2
Q3
Q4
Q1 2025
Q2
Q3
Q4
Q1 2026
Accounting and Valuation Principles
Fable Media Group AB (publ) applies International Financial Reporting Standards (IFRS) as adopted by the EU. This interim report has been prepared in accordance with IAS 34 Interim Financial Reporting, the Swedish Annual Accounts Act
("Årsredovisningslagen"), and RFR 1 Supplementary Accounting
Rules for Groups.
The parent company's financial statements are prepared in accordance with the Swedish Annual Accounts Act and the Swedish Financial Reporting Board's recommendation RFR 2 Accounting for Legal Entities. The same accounting principles as for the Group are applied, except in cases specified under the section "Parent Company's Accounting Principles" in the most recently published annual report.
Key Performance Indicators
EBITDA: Earnings before interest, taxes, depreciation and
amortization
Adjusted EBITDA: EBITDA excluding earnout revaluations and foreign exchange effects related to discontinued operations
EBITDA margin: EBITDA / Net sales
Adjusted EBITDA margin: Adjusted EBITDA / Net sales
Upcoming Reporting
atesThe company will provide recurring financial information according to the following schedule:
Interim Report Q2 2026 27 August 2026
Interim Report Q3 2026 12 November 2026
Year-End Report 2026 18 February 2027
13 May 2026
Fable Media Group AB (publ)
The Board of Directors
This report has not been subject to a review by the Company's auditor.
For further information:
Fable Media Group AB Alexander Pettersson, CEO alexander@fablemedia.se
Fable Media Group | Interim Report Q1 2026 7
Consolidated Income Statement
2026-01-01 | 2025-01-01 | 2025-01-01 | |
AMOUNTS IN SEK THOUSAN S | 2026-03-31 | 2025-03-31 | 2025-12-31 |
Net sales | 15,794 | 17,104 | 65,474 |
Revaluation of earnout | - | 2,753 | 2,753 |
Other operating income | 232 | 58 | 1,440 |
16,026 | 19,914 | 69,667 | |
Direct expenses | -3,383 | -3,311 | -10,743 |
Other external expenses | -2,924 | -2,352 | -8,615 |
Employee benefits | -745 | -873 | -3,407 |
Depreciation and amortisation | -111 | -1 | -270 |
Other operating expenses | -17 | -163 | -666 |
Operating profit / loss | 8,846 | 13,214 | 45,965 |
EBITDA | 8,957 | 13,215 | 46,235 |
Adjusted EBITDA | 8,957 | 10,462 | 42,150 |
Interest income and similar income | 140 | 2 | 25 |
Interest expenses and similar charges | -1,369 | -764 | -3,467 |
Other financial items | -158 | 54 | -681 |
Net financial items | -1,387 | -708 | -4,124 |
Profit / Loss before taxes | 7,459 | 12,506 | 41,841 |
Tax | -1,950 | -2,207 | -9,947 |
Profit / Loss for the period | 5,509 | 10,298 | 31,894 |
Basic earnings per share, SEK | 0.16 | 0.30 | 0.94 |
Diluted earnings per share, SEK | 0.16 | 0.30 | 0.94 |
Consolidated Statement of Comprehensive Income
2026-01-01 | 2025-01-01 | 2025-01-01 | |
AMOUNTS IN SEK THOUSAN S | 2026-03-31 | 2025-03-31 | 2025-12-31 |
Profit / Loss for the period | 5,509 | 10,298 | 31,894 |
Total other comprehensive income Items that may be reclassified subsequently to profit or loss; Translation differences from the conversion of foreign subsidiaries | 186 | -685 | -1,592 |
Total other comprehensive income for the period | 5,696 | 9,614 | 30,302 |
Consolidated Statement of Financial Position
AMOUNTS IN SEK THOUSAN S 2026-03-31 | 2025-03-31 | 2025-12-31 |
Fixed assets Goodwill 160,808 | 160,808 | 160,808 |
Other intangible assets 986 | - | 1,088 |
Deposits 79 | 77 | 77 |
Total fixed assets 161,873 | 160,885 | 161,973 |
Current assets Accounts receivable 6,737 | 8,061 | 5,768 |
Current tax receivables 5,670 | 167 | 3,465 |
Other receivables 1,472 | 1,958 | 1,496 |
Prepaid expenses and accrued income 1,121 | 1,164 | 1,176 |
Total current assets 15,000 | 11,349 | 11,905 |
Cash and cash equivalents 5,674 | 3,841 | 5,132 |
TOTAL ASSETS 182,548 | 176,076 | 179,011 |
Profit for the period | 5,509 | 10,298 | 31,894 |
Total equity | 110,157 | 99,060 | 111,256 |
Liabilities | |||
Non-current liabilities | |||
Bonds 60,008 | - | 58,496 | |
Total non-current liabilities 60,008 | - | 58,496 | |
Current liabilities Bonds - | 61,214 | - | |
Accounts payable 2,318 | 4,856 | 5,003 | |
Current tax liabilities 138 | 3,220 | 8 | |
Other liabilities 8,966 | 7,188 | 3,221 | |
Accrued expenses and prepaid income 960 | 538 | 1,027 | |
Total current liabilities 12,383 | 77,016 | 9,259 | |
TOTAL EQUITY AND LIABILITIES 182,548 | 176,076 | 179,011 | |
143,115 | 143,115 | 143,115 |
-38,793 | -55,400 | -63,893 |
326 | 1,047 | 140 |
Share capital Retained earnings Translation reserve
AMOUNTS IN SEK THOUSAN S | SHARE CAPITAL | BUTE CAPITAL | RESERVES | FOR THE PERIO | TOTAL |
Equity at the beginning of the year | 143,115 | - | 140 | -31,999 | 111,256 |
Profit/loss for the period Other comprehensive income Translation differences | 186 | 5,509 | 5,509 -186 | ||
Transactions with owners Dividends | -6,794 | - -6,794 | |||
Equity 2026-03-31 | 143,115 | - | 326 | -33,284 | 110,157 |
Consolidated Statement of Changes in Equity
OTHER CONTRI-
RETAINE EARNINGS INCLU
ING PROFITConsolidated Statement of Cash Flows
2026-01-01 | 2025-01-01 | 2025-01-01 | |
AMOUNTS IN SEK THOUSAN S | 2026-03-31 | 2025-03-31 | 2025-12-31 |
Cash flows from operating activities | |||
Earnings before interest and taxes (EBIT) | 8,846 | 13,214 | 45,965 |
Adjustments for non-cash flow items; | |||
- Amortisation, depreciation and impairment | 111 | 1 | 270 |
- Revaluation of earnout liability and currency effects from | - | -2,753 | -4,085 |
discontinued operations | |||
Interest received | - | 2 | 25 |
Interest paid | -19 | -9 | -3,007 |
Tax paid | -3,966 | -6,236 | -20,588 |
Cash flows from operating activities before changes in working capital | 4,972 | 4,219 | 18,580 |
Change in accounts receivable | -898 | 202 | 2,500 |
Change in other current receivables | 98 | 190 | 615 |
Change in accounts payable | -2,690 | -276 | -110 |
Change in other current liabilities | 5,777 | 235 | -647 |
Cash flows from operating activities | 7,259 | 4,570 | 20,938 |
Cash flows from investing activities | |||
Payment of acquisition-related earnout | - | -5,107 | -9,086 |
Investments in intangible assets | - | - | -1,383 |
Investments in financial assets | -1 | -1 | -1 |
Cash flows from investing activities | -1 | -5,108 | -10,470 |
Cash flows from financing activities | |||
Proceeds from borrowings and repayments of borrowings | - | - | -1,150 |
Dividend to the parent company's shareholders | -6,794 | - | -8,493 |
Cash flows from financing activities | -6,794 | - | -9,643 |
Cash flow for the period | 464 | -538 | 825 |
Reconciliation of changes in cash and cash equivalents | |||
Cash and cash equivalents at the beginning of the period | 5,132 | 4,495 | 4,495 |
Exchange difference on cash and cash equivalents | 77 | -115 | -187 |
Cash and cash equivalents at the end of the period | 5,674 | 3,841 | 5,132 |
Change in cash and cash equivalents | 542 | -654 | 638 |
Income Statement - Parent Company
2026-01-01 | 2025-01-01 | 2025-01-01 | |
AMOUNTS IN SEK THOUSAN S | 2026-03-31 | 2025-03-31 | 2025-12-31 |
Net sales | 600 | 600 | 2,400 |
Other operating income | - | 18 | 18 |
Other external expenses | -621 | -901 | -3,498 |
Employee benefits | -236 | -251 | -949 |
Other operating expenses | -6 | -7 | -32 |
Operating profit / loss | -262 | -541 | -2,061 |
Result from shares in group companies | - | - | 40,273 |
Other financial income and expenses | -182 | 324 | -65 |
Interest income and similar income | 204 | 1 | 1 |
Interest expenses and similar charges | -1,350 | -755 | -3,409 |
Net financial items | -1,328 | -431 | 36,800 |
Profit / Loss after financial items | -1,591 | -971 | 34,739 |
Appropriations | - | - | 5,080 |
Tax | - | - | - |
Profit / Loss for the period | -1,591 | -971 | 39,819 |
Statement of Financial Position - Parent Company | |||
AMOUNTS IN SEK THOUSAN S | 2026-03-31 | 2025-03-31 | 2025-12-31 |
ASSETS Financial fixed assets Shares in group companies | 304,007 | 304,007 | 304,007 |
Total fixed assets | 304,007 | 304,007 | 304,007 |
Current assets Receivables from group companies | 7,874 | 691 | 9,910 |
Current tax receivables | - | 81 | - |
Other receivables | 22 | 5 | 118 |
Prepaid expenses and accrued income | 191 | 236 | 153 |
Total current assets | 8,087 | 1,013 | 10,181 |
Cash and cash equivalents | 14 | 183 | 1 |
TOTAL ASSETS | 312,108 | 305,202 | 314,189 |
EQUITY AND LIABILITIES Restricted equity Share capital | 143,115 | 143,115 | 143,115 |
Revaluation reserve | 42,000 | 42,000 | 42,000 |
Non-restricted equity | 185,115 | 185,115 | 185,115 |
Share premium reserve | 150,778 | 150,778 | 150,778 |
Retained earnings | -100,553 | -125,086 | -133,578 |
Profit for the period | -1,591 | -971 | 39,819 |
48,635 | 24,721 | 57,019 | |
Total equity | 233,749 | 209,836 | 242,134 |
Non-current liabilities Bonds | 60,008 | - | 58,496 |
Total non-current liabilities | 60,008 | - | 58,496 |
Current liabilities Bonds | - | 61,214 | - |
Accounts payables | 288 | 252 | 662 |
Liabilities to group companies | 13,884 | 29,487 | 11,940 |
Current tax liabilities | - | 8 | 8 |
Other liabilities | 3,348 | 3,982 | 20 |
Accrued expenses and prepaid income | 832 | 423 | 929 |
Total current liabilities | 18,351 | 95,366 | 13,559 |
TOTAL EQUITY AND LIABILITIES | 312,108 | 305,202 | 314,189 |
Statement of Changes in Equity - Parent Company | |||
AMOUNTS IN SEK THOUSAN S | 2026-03-31 | 2025-03-31 | 2025-12-31 |
Equity at the beginning of the year | 242,134 | 210,808 | 210,808 |
Profit/loss for the period | -1,591 | -971 | 39,819 |
Dividends | -6,794 | - | -8,493 |
Equity at the end of the year | 233,749 | 209,836 | 242,134 |
Fable Media Group | Interim Report Q1 2026 14
fablemedia.se