Year-End Report Q4 (fmg q4 2025)

YEAR-END REPORT 2025

FABLE MEDIA GROUP AB

Q4 net sales excluding Brazil grew by 18%

"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)

30

25

20

15

10

5

0

Q4

Q1 Q2

2024

Q3 Q4

Q1 Q2

2025

Q3 Q4

October - December 2025

• Total revenue decreased by 27% to 17.4 MSEK (23.9 MSEK)

• Net sales decreased by 31% to 16.0 MSEK (23.3 MSEK)

• Net sales excluding Brazil grew 18% to 13.9 MSEK (11.8 MSEK)

• Recurring revenue amounted to 98.8% of net sales (99.4%)

• EBITDA decreased by 31% to 11.3 MSEK (16.5 MSEK)

• The EBITDA margin amounted to 71% (71%)

• Adjusted EBITDA decreased by 39% to 10.0 MSEK (16.5 MSEK) *

• The Adjusted EBITDA margin amounted to 62% (71%) *

  Net Sales excluding Brazil (MSEK)

  16

  12

  8

  4

  0

  Q1 Q2

  2024

  Q3

  Q4

  Q1 Q2

  2025

  Q3 Q4

• Operating profit (EBIT) amounted to 11.2 MSEK (15.5 MSEK)

• Profit after tax amounted to 8.3 MSEK (11.2 MSEK)

• Basic and diluted earnings per share: 0.25 SEK (0.33 SEK)

• Referred FTDs decreased by 69% to 8,607 (27,695)

  January - December 2025

• Total revenue decreased by 27% to 69.7 MSEK (95.3 MSEK)

• Net sales decreased by 31% to 65.5 MSEK (94.3 MSEK)

• Net sales excluding Brazil grew 22% to 55.7 MSEK (45.6 MSEK)

• Recurring revenue amounted to 99.3% of net sales

• EBITDA decreased by 12% to 46.2 MSEK (52.4 MSEK)

  Adjusted EBITDA (MSEK)

  24

  20

  16

  12

  8

  4

  0

  Q4

  Q1 Q2

  2024

  Q3 Q4

  Q1 Q2

  2025

  Q3 Q4

• The EBITDA margin amounted to 71% (56%)

• Adjusted EBITDA decreased by 37% to 42.2 MSEK (67.4 MSEK) * ** ***

• The Adjusted EBITDA margin amounted to 64% (71%) * ** ***

• Operating profit (EBIT) amounted to 46.0 MSEK (48.0 MSEK)

• Profit after tax amounted to 31.9 MSEK (33.5 MSEK)

• Basic and diluted earnings per share: 0.94 SEK (0.99 SEK)

• Referred FTDs decreased by 22% to 58,632 (74,948)

  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.

  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 EBITDA margin

  * Excludes positive foreign exchange effects of SEK 1.3 million (SEK 0.0 million) relating to discontinued operations

  ** Excludes positive earnout revaluation effects of SEK 2.8 million (SEK 0.0 million) relating to the acquisition of Fable Media ApS

  *** Excludes negative earnout revaluation effects of SEK 0.0 million (SEK -15.0 million) relating to the acquisition of Fable Media ApS

  Please refer to page 8 for updated KPI definitions

  Fable Media Group | Year-End Report 2025

  2

  
  
  

  "

  CEO Letter

  In Q4, Fable Media Group continued its quarterly dividend programme

  I

  n November, Fable Media Group refinanced its bond loan, paving the way for greater financial stability and allowing us to continue our strategy of rewarding shareholders with quarterly dividends. Consequently, in December we made another dividend distribution, this time amounting to SEK 0.15 per share, totalling SEK 5.1 million. On an annualised basis, this

  represented a dividend yield of approximately 13% at the time of distribution. We retain the ambition to increase dividends over

  time, with the aim of distributing 60-80% of the Group's net profit to shareholders for the current financial year. Accordingly, we intend to propose a new round of dividends shortly.

  In Q4, the Group reported net sales of SEK 16.0 million and EBITDA of SEK 11.3 million, supported by SEK 1.3 million in positive foreign exchange effects related to discontinued operations. To provide a better understanding of underlying

  financial performance, we have updated our KPI definitions and introduced Adjusted EBITDA as an additional measure, which amounted to SEK 10.0 million for the fourth quarter. For the full year 2025, the Group reported net sales of SEK 65.5 million, while EBITDA totalled SEK 46.2 million and Adjusted EBITDA reached SEK 42.2 million.

  "

  At first glance, this represents a decrease compared with last year. However, this is largely explained by the legislative changes in the Brazilian market at the beginning of 2025, which negatively affected Fable Media Group and the industry as a whole. The depreciation of major currencies versus the Swedish krona also weighed on our reported SEK figures.

  Net sales excluding Brazil grew 18% in Q4

  Nevertheless, we continue to demonstrate strong underlying growth in markets other than Brazil, as net sales excluding Brazil grew by 18% during the fourth quarter.

  Furthermore, 2026 is set to be an exciting year for sports, with the Winter Olympics currently underway and the FIFA World Cup taking place in North America during the summer. From a sports betting perspective, especially the latter is one of the biggest events globally, and we expect it to provide a significant boost to our business.

  Additionally, early this year, our team successfully negotiated improved agreements with several key partners, supporting continued growth, and we are already seeing the benefits. As a result, we anticipate a significant increase in referred First Time Depositors in Q1 2026 compared with Q4 2025.

  Taking the above into account, we expect continued positive financial momentum. Accordingly, for the full year 2026, Fable Media Group forecasts net sales of SEK 70-85 million and Adjusted EBITDA of SEK 45-55 million. Combined with continued strong quarterly dividends, this should further strengthen the Company's investment appeal.

  Alexander Pettersson

  CEO, FABLE MEDIA GROUP AB

  
  
  

  Fable Media Group | Year-End Report 2025 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 fourth quarter

• On 24 October 2025, Fable Media Group AB announced that the company has decided to initiate a written procedure (the "Written Procedure") to refinance the outstanding bond loan 2017/2025 with ISIN SE0010547422 (the "Existing Bonds") through a mandatory securities exchange pursuant to which all existing Bonds will be mandatorily exchange for new senior secured bonds. The securities exchange is supported by holders representing in excess 66 2/3 percent of the Existing Bonds. The new bonds are proposed to be issued in a total nominal amount corresponding to approximately SEK 121 million, which corresponds to the nominal amount including capitalized and accrued interest under the existing bonds. The new bonds are proposed to have a tenor of three years. Fable Media Group AB later expects to cancel bonds held on its own account, in order to ultimately reach a total nominal amount, including capitalized and accrued interest, of approximately SEK 60 million.

• On 27 October, Fable Media Group AB announced that the refinancing of the bond is supported by the required majority of bondholders and is expected to pave the way for increased dividend distributions by the company. As outlined in the written procedure that was initiated on October 24, the new bond loan is proposed to have a tenor of three years and

will carry a fixed interest rate of 9% per annum. There will

also be an annual fee payable to the guarantor of the bond, amounting to 3% of the nominal adjusted amount, as defined in the new bond terms. The proposed new bond terms will permit dividends without a capped amount, as opposed to the current bond terms, provided that the Company meets the covenant requirement - the so-called maintenance test

- as set out in the new terms. This change will enable higher dividend payments and marks another important milestone in the Company's ambition to distribute a significant share of its profits to shareholders.

• On 6 November, Fable Media Group AB announced that it expects Q3 2025 group revenue of approximately SEK 15.4 million and EBITDA of SEK 10.5 million. The group also updated its full-year forecast for 2025. The group now anticipates full-year revenue in the range of SEK 67 to 77 million, with an EBITDA of SEK 42 to 49 million.

• On 12 November, Fable Media Group AB announced the successful completion of the written procedure initiated on 24 October, through which a mandatory securities exchange has been carried out. In accordance with the proposal in the

  written procedure, the Company's outstanding bonds with ISIN SE0010547422 were mandatorily exchanged for newly issued senior secured bonds with ISIN SE0026853301. The issue date of the new bonds was 11 November 2025.

  Fable Media Group | Year-End Report 2025

  4

  
  
  

  • On 13 November, Fable Media Group published its Q3 2025 report. During the third quarter of 2025, revenue amounted to SEK 15.4 million, and the EBITDA was SEK 10.5 million.

  • On 17 November, the Board of Directors of Fable Media Group AB proposed a dividend of SEK 0.15 per share, corresponding to a total distribution of approximately SEK 5.1 million. The Company intends to continue distributing dividends on a quarterly basis.

  • On 19 November, the Company announced that as part of the refinancing of the bond loan of Fable Media Group, the

    Company has carried out purchase and sale transactions under its new bond loan with ISIN SE0026853301. The net effect of these transactions is expected to have a positive impact on net financial items for the fourth quarter of 2025 of approximately SEK 0.9 million. The Company has repurchased bonds and subsequently sold all bonds held on its own account to new investors. Following the completion of these transactions, external investors now hold the full outstanding amount of the new bond loan, totalling SEK 60 million.

• On 24 November, Fable Media Group AB announced the introduction of a dividend policy under which the Company aims to distribute 60 to 80 per cent of its net profit to shareholders going forward.

• On 15 December, at the Extraordinary General Meeting held in Fable Media Group AB, the meeting resolved to distribute a dividend of SEK 0.15 per share, corresponding to a total amount of approximately SEK 5.1 million. In addition, the

  meeting resolved on a guarantee fee payable by the Company to its majority shareholder.

  Significant events after the end of the quarter

• There were no significant events after the end of the quarter.

Fable Media Group | Year-End Report 2025 5

Financial development during the quarter

(Amounts in parentheses refer to the comparative period of the previous year.)

During the quarter, the Company updated the definitions of EBITDA and the EBITDA margin and also introduced measures for Adjusted EBITDA and the Adjusted EBITDA margin. Please refer to page 8 for updated KPI definitions.

The Group's total revenue for the fourth quarter of 2025 decreased by 27% to SEK 17.4 million (SEK 23.9 million).

Net sales decreased by 31% to SEK 16.0 million (SEK 23.3 million).

Net sales excluding Brazil grew by 18% to SEK 13.9 million (SEK 11.8 million).

EBITDA decreased by 31% to SEK 11.3 million (SEK 16.5 million) and the EBITDA margin was 71% (71%).

Adjusted EBITDA decreased by 39% to SEK 10.0 million (SEK 16.5 million) and the Adjusted EBITDA margin was 62% (71%). Adjusted EBITDA excludes positive foreign exchange effects of SEK 1.3 million (SEK 0.0 million) related to discontinued operations.

Operating profit (EBIT) for the fourth quarter of 2025 amounted to SEK 11.2 million (SEK 15.5 million).

The decrease in revenue and profitability is mainly explained by adverse changes to affiliate agreements due to new legislation in the Brazilian market.

Liquidity and Financing

On 31 December 2025, Fable Media Group's bank deposits amounted to SEK 5.1 million (SEK 4.5 million).

As of the same date, Fable Media Group's net bond loan totalled SEK 58.5 million (SEK 60.4 million). The amount represents the nominal amount plus accrued interest, less 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 loans amounted to SEK 1.0 million (SEK 0.2 million) for the fourth quarter of 2025.

The Group's Net Interest Bearing Debt to Adjusted EBITDA ratio was 1.27 as of 31 December 2025 (0.83).

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.

Depreciation and Amortization

The Group's results for the fourth quarter of 2025 include charges of SEK 0.1 million (SEK 1.0 million) related to depreciation and amortization, primarily of intangible assets.

Equity and Share Capital

As of 31 December 2025, the Group's equity amounted to SEK

111.3 million (SEK 89.4 million), with an equity ratio of 62% (50%). The parent company's equity amounted to SEK 242.1 million (SEK 210.8 million).

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 December 2025, the total number of shares was 33,970,630 (33,970,630).

The average number of shares during the fourth quarter of 2025, both before and after dilution, was 33,970,630 (33,970,630).

(Trailing 12 Months EBITDA)

Q3 Q4

Q1 Q2 2025

Q3 Q4

Q1 Q2 2024

Q4

0.0

Q4 2024 Q4 2025

Earnout

Q4 2022 Q4 2023

Bond

Q4 2021

1.5

1.0

0.5

140

120

100

80

60

40

20

0

Net Interest Bearing Debt / Adjusted EBITDA

Debt (MSEK)

Business Model

Fable Media Group's business model involves marketing the Group's partners (clients) online. In return, the group receives a commission on 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 mainly through "paid media," meaning the group purchases online advertising space and place ads on behalf of its partners. The Group

achieves profitability by identifying attractive player segments and then cost-efficiently marketing its partners towards 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).

98.8% of Fable Media Group's net sales for the fourth quarter of 2025 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 fourth quarter of 2025, Fable Media Group referred 8,607 (27,695) First Time Depositors to its partners, representing a 69% decrease. The Group continuously tests new partners and markets to optimize 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 Depositors

30,000

25,000

20,000

15,000

10,000

5,000

0

Q1 2024

Q2

Q3

Q4

Q1 2025

Q2

Q3

Q4

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.

Reverse Acquisition

On 31 March 2022, Fable Media Group AB acquired Fable Media ApS. The transaction was partly financed through a new share issue in Fable Media Group AB. In accordance with IFRS 3, "Business Combinations", the acquisition has been classified as a reverse acquisition. This means that the Group's consolidated financial statements are presented in the financial reports and notes as a continuation of the financial statements of the subsidiary, Fable Media ApS.

‌Key Performance Indicators

During the quarter, the Company updated the definitions of EBITDA and EBITDA margin and also introduced measures for Adjusted EBITDA and Adjusted EBITDA margin. The changes were made to provide a better understanding of the Group's operational performance. Comparative periods have been restated accordingly.

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

Proposal for the appropriation of profits

The Board of Directors proposes that no dividend be paid for the financial year 2025.

During the year, the Company has paid quarterly dividends and intends to maintain a quarterly dividend practice, subject to the Board's evaluation of the Company's financial position, cash flow and future prospects.

Annual General Meeting and Annual Report

The Annual General Meeting is scheduled to be held on 22 June 2026. The annual report and auditor's report for 2025 are planned to be available for download on the Company's website no later than 16 April 2026.

Upcoming Reporting Dates

The company will provide recurring financial information according to the following schedule:

Annual Report 2025 16 April 2026

Interim Report Q1 2026 13 May 2026

Interim Report Q2 2026 27 August 2026

Interim Report Q3 2026 12 November 2026

Year-End Report 2026 18 February 2027

19 February 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 | Year-End Report 2025

8

Consolidated Income Statement

Consolidated Statement of Financial Position

AMOUNTS IN SEK THOUSANDS 2025-12-31 2024-12-31

Goodwill 160,808 160,808

Other intangible assets 1,088 -

Deposits 77 81

Equipment - 1

Accounts receivable 5,768 8,691

Current tax receivables 3,465 125

Other receivables 1,496 2,044

Prepaid expenses and accrued income 1,176 1,400

Cash and cash equivalents 5,132 4,495

Share capital Retained earnings Translation reserve

Bonds - 60,409

Accounts payable 5,003 5,435

Current tax liabilities 8 7,373

Other liabilities 3,221 14,416

Accrued expenses and prepaid income 1,027 564

Consolidated Statement of Changes in Equity

OTHER CONTRI-

RETAINED EARNINGS INCLUDING PROFIT

Consolidated Statement of Cash Flows

Income Statement - Parent Company

Fable Media Group | Year-End Report 2025 15

fablemedia.se