Kvartalsrapport Q1 2025

Automatiskt nyckeltalsindex

Detta är sökträffar och textkontext, inte verifierade eller normaliserade redovisningsvärden.

Fulltext

===== SIDA 1 =====

Q1 2025 Modern Times Group MTG AB  1 
 
 
MTG kicks off 2025 with a strong Q1  with 6% organic revenue 
growth and healthy operating margin of 24%  
Historic milestone Q1 defined by closing of transformative acquisition of Plarium and strong organic growth1 on the 
back of scaled-up marketing for key titles and new games. Plarium was consolidated from 1 February and reported 
revenues were therefore up 77% year over year in Q1. Our original studios continued to successfully scale profitable 
marketing, with UA spend up 26% year over year  for our original studios in Q1. Total user acquisition spend (UA) 
represented 38% of net sales in Q1. Total adjusted EBITDA amounted to SEK 616 million in Q1, a 56% increase year 
over year in, with an operating margin of 24%.  
Financial highlights Q1 
■ Net sales increased by 77% to SEK 2,557 (1,447) million year over year (6% organic growth) and were up 79% in constant currencies 
■ UA spend of SEK 960 (527) million corresponding to 38% (36%) of revenues and up 26% year over year for our original studios 
■ Adjusted EBITDA up by 56% year over year to SEK 616 (396) million with an adjusted EBITDA margin of 24%  (27%), adjustments 
included SEK 14 million for M&A transaction costs and revaluation of put/call options 
■ Reported EBITDA of SEK 594 (377) million and EBIT of SEK 290 (236) million driven by increased amortization levels of intangible 
assets arising from the acquisition of Plarium, primarily related to RAID: Shadow Legends 
■ Net financial items of SEK - 85 (-157) million, driven mainly by MTG’s outstanding liability of the Class C shares  held as part of the 
PlaySimple transaction. Net interest amounted to SEK -19 (33) million  
■ Tax amounted to SEK -140 (-111) million 
■ Total net income of 65 (-31) million  
■ Non-cash impairment of SEK 675 million of MTG’s shareholding in Monumental 2 impacting OCI due to lower -than-expected 
performance in the company combined with lowered future expectations 
■ Cash flow from operations of SEK 176 (293) million driven by changes in working capital , including a non-cash change in deferred 
revenues at the time of the acquisition of Plarium. Cash conversion of 56% for the 12-month period ended 31 March 2025 
■ Cash and cash equivalents at the end of the period amounted to SEK 2,176 (3,332) million with a net financial debt of SEK 2,493 million  
■ MTG’s has set November 13 as the new date for the announcement of our financial results for Q3 and nine-month period of 2025  
 
 
Financial overview
 
 
1 Organic growth is defined as revenues from the studios MTG owned throughout the whole of 2024 and is calculated in 
constant currencies 
2 MTG owns 30% of the shares and less than 20% of the votes in Monumental, and reports this investment as a financial 
asset. MTG received the shares as payment for Monumental's acquisition of Kongregate in February 2024. 
(SEKm)
Q1
2025
Q1
2024
FY
2024
Net sales 2,557 1,447 6,015
EBIT 290 236 901
EBITDA 594 377 1,476
Adjusted EBITDA 616 396 1,666
Net income 65 -31 -210
Cash flow from operations 176 293 1,340
Basic earnings per share (SEK) 0.55 -0.26 -1.74
Diluted earnings per share (SEK) - -0.26 -1.74
Growth
Sales growth, % 77% 11% 3%
Changes in FX rates -3% 1% 0%
Sales growth at constant FX 79% 10% 3%
of which organic growth 6% 4% -1%

===== SIDA 2 =====

Q1 2025 Modern Times Group MTG AB  2 
 
 
President & CEO’s comments
Strong Q1 kicks off 
2025 with 6% organic 
growth, healthy 
margins and closed 
transformative deal 
The first quarter of 2025 is one 
of the most significant 
milestone periods in our history. The closing of the 
transformative acquisition of Plarium significantly 
enhances our scale as a combined gaming group, nearly 
doubling our total revenues . The closing expands our 
portfolio with both high quality games, headlined by RAID: 
Shadow Legends, and effective commercial tools, 
including a best -in-class publishing platform. In addition, 
the consolidation expands our pipeline of new  games for 
2025 and 2026, which is a key element in our future growth 
journey.   
It also makes me very happy to report strong organic year 
over year growth of 6%, together with scaled up marketing 
in our original studios in Q1. This, combined with a healthy 
operating margin in the quarter, reflects the strength of our 
operating model and quality of our studios.  
We kicked off the integration work  immediately after 
closing the Plarium transaction and are now evaluating 
how the combination of ours and Plarium’s tech and tools 
can help us accelerate our strategic execution  and 
delivery. I am convinced that MTG and Plarium are set to 
be better together, and I am also excited about the 
prospects of what we can achieve over the medium and 
long term as a scaled gaming group.  
Good operational momentum in Q1  
Our good operational momentum continued throughout 
Q1 and into April . This sets us up to continue scaling 
marketing in Q2, and  to deliver profitable organic growth 
in 2025 and beyond. Our studios remain focused on  
delivering effective live-ops and engaging content in our 
established evergreen titles, combined with an ambitious 
agenda to launch and scale new games  to expand our 
portfolio over time.  
Our organic revenue growth in the quarter  was driven by 
the ongoing traction in our Word Games, continued strong 
growth in Warhammer 40,000: Tacticus and our new title 
Heroes of History, which has been resonating with players 
and scaling rapidly with encouraging KPIs. RAID: Shadow 
Legends, now our largest title, had an encouraging March 
with strong event performance.  
Total net sales were up 77% year over year in Q1 following 
the consolidation of Plarium . Our top line results in the 
quarter were negatively  affected by currency headwinds 
from the weakening US dollar  and we therefore reported 
79% year on year sales growth in constant currencies.  
Front-loaded marketing investments 
driving growth 
We invested a total of SEK 960 million in user acquisition 
in Q1, corresponding to 38% of our revenues. UA spend 
was up 26% year over year for our original studios, as we 
continued to invest at healthy return levels  after the 
seasonally strong Q4 last year.  
The biggest drivers of our year over year increase in UA 
were the geographical expansion of our word games, our 
new well-performing strategy and city building title Heroes 
of History and Warhammer 40,000: Tacticus. We are very 
happy with this performance and will continue to invest in 
growth while maintaining our disciplined approach to 
return on ad spend.  
We reported SEK 616 million of total adjusted EBITDA in 
Q1. This performance reflected the consolidation of 
Plarium and the increased user acquisition levels in three 
of our studios  mentioned above. We therefore delivered 
an operating margin of 24% in the first quarter.  
We reported a cash conversion of  56% for the 12-month 
period ending on 31 March 2025, which was  within our 
current long-term guided range of 50%-60% . The result 
mainly reflected negative working capital in the quarter , a 
non-cash change in deferred revenues at the time of the 
Plarium acquisition and higher tax payments.  
We are building a scaled, leading ecosystem 
for game makers  
Thanks to the Plarium acquisition, we are now the largest 
listed mobile gaming company in Europe and in the top-10 
list of mobile developers in the West.  Part of our vision 
and strategy as a gaming group is to build a synergetic 
common layer of shared proprietary tech and tools. The 
acquisition of Plarium enables us to accelerate this 
journey by adding strong proprietary technol ogies like  
GoGame, which is Plarium’s marketing tools and tech, and 
Plarium Play, a strong publishing platform, to our portfolio. 
We have already made good progress on evaluating areas 
of collaboration and the potential for acceleration and 
commercial synergies and increased efficiency that comes 
from our combined portfolio of tools and tech.  Our firm 
belief is that we will be a better group together, and our 
ambition is to accelerate our overall commercial evolution 
and help our studios to work closer together.  
We also continue to explore future M&A. As we scale and 
evolve, we can offer new studios more opportunities, more 
support and more knowledge when they join MTG. I want 
MTG to be a place that game makers are proud to call 
home and a group that attracts new , exciting talents. At 
the same time, we have a firm M&A framework in place, 
and we will continue to be highly selective in any future 
deals.

===== SIDA 3 =====

Q1 2025 Modern Times Group MTG AB  3 
 
 
Last, but not least, we continue to execute on the share 
buyback program that runs until the end of April this year.  
Our Board of Directors is also seeking a new share 
repurchase mandate from the 2025 AGM in May.  
Thank you for following our journey.  We have a lot of 
exciting work ahead of us  in 2025 and I look forward to 
continue updating you on our progress as we continue to 
transform MTG for the future. 
Maria Redin  
Group President & CEO, Modern Times Group MTG AB 
 
2025 outlook  
MTG’s outlook for the full year 2025 is for organic sales 
(sales from MTG’s businesses prior to the acquisition of 
Plarium, in constant currencies) to be within the range of 
3% to 7%.  
MTG intends to continue driving organic growth through 
continued scaled, but disciplined, marketing. The group 
therefore expects its full year, total reported adjusted 
EBITDA margin (including Plarium) to be within the range 
of 21% to 24%. The  final margin will depend on the returns 
on, and levels of investment in, the marketing of new and 
established games, combined with the success of our 
geographical expansion.

===== SIDA 4 =====

Q1 2025 Modern Times Group MTG AB  4 
 
 
Significant events  
February 12 – MTG announces that it has su ccessfully 
closed the transaction, signed on November 11, 2024, to 
acquire 100% of Plarium Global Ltd., the developer behind 
the #1 global RPG RAID: Shadow Legends . The deal 
ensures that MTG has the relevant scale to become one 
of the world’s leading operators of successful mid-core 
and casual games. 
February 25 – MTG announces that Nick Hopkins has 
been appointed as the group’s Chief Financial Officer. 
Nick will join in May and will leverage skills and experience 
from over 15 years in investment banking, where he has 
covered and advised on a range of sectors including 
gaming, media, technology and consumer retail.  
Further information about the group’s significant 
events can be found on MTG’s homepage on 
www.mtg.com

===== SIDA 5 =====

Q1 2025 Modern Times Group MTG AB  5 
 
 
Group performance 
Net sales  
  
Following the acquisition of Plarium, our games portfolio now includes 47 live games. Net sales for the group were up by 6% 
organically year over year and by 77% year over year in Q1 to SEK 2,557 million, with a -3% negative impact from currency 
effects. The organic increase was driven by Snowprint, PlaySimple, Ninja Kiwi and InnoGames, while the reported year over 
year increase reflected the consolidation of Plarium.  
Reported sales by franchise 
Word Games franchise revenues were up  7% year over 
year but  decreased by -5% sequentially in constant 
currencies. The growth was primarily  driven by  the 
ongoing geographical expansion of key games  beyond 
English-speaking markets, which has expanded the player 
base for the franchise, setting the stage for long- term 
organic growth. 
PlaySimple has continued to expand its  established 
games with features designed to boost engagement  and 
improve the player experience. The team updated the 
visuals in Word Tri p, launched a new puzzle format and 
live-ops in Daily Themed Crossword to support level 
progression and retention , added new  puzzle types to 
enrich the  gaming experience  in Crossword Jam . To 
further strengthen engagement, the team launched a PvP 
event and refreshed content in Word Search while Word 
Roll received features for a more seamless player 
experience.  
The team also continued to actively evolve its casual 
games outside the Word Games franchise. Tile Match was 
expanded with new in-game events and content to drive 
engagement. The user experience was enhanced in Two 
Square: 2048 Numbers Merge with targeted 
improvements aimed at strengthening player retention. 
During the quarter, PlaySimple also soft-launched Word 
Search Solitaire and Crossword Go on iOS. These games 
are currently in a testing phase and have not yet been 
officially released. 
Strategy & Simulation franchise revenues were up 10% 
year over year but down sequentially by -13% in constant 
currencies. 
Forge of Empires hosted the Wildlife and the St Patrick’s  
events during the quarter  which were well received by 
players. They also launched a third event at the end of 
March.  
Heroes of History continues to outperform previous new 
releases from InnoGames on a like -for-like basis. In Q1, 
the team expanded the game significantly with three in-
game seasons featuring six new heroes, including Amelia 
Earhart and Wolfgang Amadeus Mozart. 
Snowprint launched a downloadable PC desktop version 
of Warhammer 40,000: Tacticus, offering players greater 
flexibility and creating new monetization opportunities.  
The team also rolled out a web store loyalty program, 
adding an extra layer of rewards for players and 
encouraging gameplay outside of the mobile app stores . 
The legendary character Dante made a highly anticipated 
debut, drawing strong engagement from the community 
and further cementing the game’s appeal among core 
Warhammer fans.  
Plarium franchise games were consolidated from 
February 1 and contributed SEK 1,066 million of revenue 
in Q1. RAID: Shadow Legends, now our largest title 
following the acquisition of Plarium, celebrated its sixth 
anniversary in March with the Festival of Creation - a 
large-scale in-game event. The celebration included a 
special Fusion event and free in-game content designed 
to drive player engagement and reactivation. The 
milestone celebration delivered an all-time daily revenue 
record for the game, with March 2025 being the 4th all-
time highest month ever in terms of revenues. During the 
quarter, the team expanded the game’s reach and 
launched it on an alternative app store called Aptoide. 
(SEKm)
Q1
2025
Q1
2024
FY
20
24
Net sales 2,557 1,447 6,015
Sales growth, % 77% 11% 3%
Changes in FX rates -3% 1% 0%
Sales growth at constant FX 79% 10% 3%
of which organic growth 6% 4% -1%
(SEKm)
Q1 
2025
Q4 
20 24
Q3 
2024
Q2 
2024
Q1 
2024
Plarium 1,066 - - - -
Wo
rd Games 608 671 552 561 575
Strategy & Simulation 567 674 524 507 521
Racing 114 135 161 166 129
Tower Defense 108 101 120 120 114
Other smaller franchises 95 112 81 84 108
Total sales 2,557 1 ,693 1, 4 3 8 1, 4 3 7 1 ,447

===== SIDA 6 =====

Q1 2025 Modern Times Group MTG AB  6 
 
 
They also introduced five new Champions inspired by 
Alice in Wonderland to the game, adding fresh content to 
drive player engagement. 
Mech Arena hosted a St Patrick ’s Day celebration with 
green themed puzzles and events to keep players 
engaged. In March, they launched a new season –  Dead 
Tropical Island – introducing the new Mech Leech, new 
weapons, a new map, and two new skins for each Mech. 
Plarium’s casual title, Merge Gardens, continued to grow 
its live operations.  The team launched a Valentine’s Day 
event with themed puzzles, mission boards and special 
offers to boost engagement and in-game spending. In 
March, the game introduced Maze Quest, a new game 
mode in tournament style that was also featured on the 
Apple App Store, which resulted in increased visibility and 
installs. A new monetization system was also introduced, 
with the goal of increasing in-game purchases. 
Tower Defense franchise revenues was up 3% year over 
year and up 15% sequentially in constant currencies.  
In February Ninja Kiwi launched Rogue Legends, a major 
expansion for Bloons TD 6, which  offers a new single-
player mode with dynamic content . The expansion was 
well received by  the Bloons community and has been a 
major driver behind the franchise’s revenue performance 
in the quarter . The team also added a new map and an 
advanced new tower to the game.  
Bloons Card Storm  is still in soft launch and introduced 
several new features in thei r latest update, most notably 
the new Ranked mode –  a competitive real -time 
multiplayer experience that has quickly became a player 
favorite.  
Ninja Kiwi continued development on two upcoming titles 
during the quarter. The team plans to release Fightland, a 
large-scale team battle arena based on a new IP, in early 
access next quarter. Work also progressed on Zombie 
Assault: Resurgence, the second instalment in the popular 
action shooter game. 
Racing franchise revenues were down by -12% both year 
over year and sequentially in constant currencies. The first 
quarter is typically slower for the franchise, as the annual 
F1 Clash season reset is launched in Q2, following the 
launch of the F1 racing season in March. The team has 
successfully continued to focus on driving the game’s 
performance in the off -season with key content, and  
revenues in F1 Clash were therefore up year over year.  
The team has also focused on the launch of  Matchcreek 
Motors, taking the learnings from the match-3 game Forza 
Customs. As Hutch has reallocated their resources from 
Forza Customs to Matchcreek Motors, the push has led to 
a natural short-term year over year decline in revenues for 
the racing franchise. The new game targets a somewhat 
older and more casual audience. The team is monitoring 
early KPIs and will begin testing marketing performance at 
low levels in Q2. 
  
 
 
New games in early scaling and soft launch   
Title/platform expansion Publisher Type 
Matchcreek Motors Hutch Early scaling 
Hot Wheels: Race Off Hutch Apple Arcade launched 
Crossword Go PlaySimple Soft launch, Apple only  
Cryptogram PlaySimple Soft launch, Android & Apple  
Two Square: 2048 Numbers Merge PlaySimple Commercial launch 
Tile Match  PlaySimple Commercial launch 
WordSearch Solitaire PlaySimple Soft launch 
Word Trip  PlaySimple Commercial launch 
Heroes of History InnoGames Early scaling 
Cozy Coast InnoGames Soft launch during Q2 
Bloons Card Storm Ninja Kiwi Early scaling 
Fightland Ninja Kiwi New game launch 
Bloons TD 6 Ninja Kiwi Switch launch 
Zombie Assault: Resurgence Ninja Kiwi New game launch 
Elf Islands Plarium Soft launch 
42%
24%
22%
4%
4% 4%
Sales by franchise, %
Plarium Word Games St rate gy & Simulat ion
T ower Defense R acing Other smaller franchises

===== SIDA 7 =====

Q1 2025 Modern Times Group MTG AB  7 
 
 
Key performance indicators 
 
The group’s total daily active users (DAU) grew by 44% sequentially, due to the inclusion of Plarium and supported by strong 
contributions from PlaySimple’s geographical expansion of their  word games. The Strategy & Simulation franchise also 
reported increased DAU levels, driven by the strong performance of new title Heroes of History. DAU’s were up on an organic 
basis in Q1, both year over year and from Q4 2024.  
Average Revenue per Daily Active User (ARPDAU) grew sequentially by 7 %, driven by the consolidation of Plarium. 
Combined ARPDAU for our original studios declined somewhat sequentially from the fourth quarter , as PlaySimple ’s user 
base grew rapidly, which resulted in lower ARPDAU levels. The year over year growth was driven by the inclusion of Plarium, 
as well as increased ARPDAU levels in Hutch, Ninja Kiwi and InnoGames, offset by lower year over year ARPDAU levels in 
our PlaySimple, reflecting the growing user base in new territories.   
The group’s top three largest games in Q1 were RAID: Shadow Legends, Forge of Empires and Warhammer 40,000: Tacticus. 
Together, these games accounted for 49% of the group’s revenues in the first quarter, compared to 41% in the fourth quarter. 
Mobile represented 73% (75%) of total revenues in the first quarter, while direct to consumer revenues, including browser, 
accounted for 24% (20%). 
  
Q1 
2025
Q4 
2024
Q3 
2024
Q2 
2024
Q1 
2024
DAU, million 9.0 6.3 6.1 5.8 6.5
MAU, million 41.6 30.5 28.3 26.9 31.9
ARPDAU, SEK 3.1 2.9 2.6 2.7 2.5
Revenue generated by the top 3 games, % 49% 41% 39% 38% 40%
Revenue generated by platform, %
Mobile 73% 78% 77% 76% 75%
Direct to consumer 24% 19% 19% 19% 20%
Other 3% 3% 5% 5% 4%
Revenue generated by territory, %
Europe 35% 34% 35% 33% 32%
North America 57% 60% 59% 61% 63%
Asia Pacific 7% 5% 5% 5% 4%
Rest of World 1% 1% 1% 1% 1%
Revenue generated by monetization type, %
IAP 76% 60% 62% 61% 59%
IAA 21% 36% 32% 33% 35%
Other 3% 4% 6% 6% 5%
UA spend, SEKm 960 677 548 470 527

===== SIDA 8 =====

Q1 2025 Modern Times Group MTG AB  8 
 
 
Adjusted EBITDA, EBITDA and EBIT 
 
Total user acquisition (UA) costs accounted for 38% of group revenues in Q1, up from 36% in the same period last year but 
slightly down from 40% in Q4. UA spend for our original studios was up 26% year over year in constant currencies, driven by 
scaled marketing investments in the geographical expansion of word games, our new Strategy and Simulation franchise title 
Heroes of History and Warhammer 40,000: Tacticus. Total group UA spend was up 84% year over year in Q 1, following the 
consolidation of Plarium from 1 February 2025.  
We reported a 56%  increase in adjusted EBITDA to SEK 616  (396) million in Q 1, with an operating margin of 24%  in Q1, 
primarily driven by the consolidation of Plarium and increased marketing investments in several of our game franchises. 
The group’s adjustments to reported EBITDA amounted to SEK 21 (19) million in the quarter. This included an adjustment for 
non-recurring bonus structures of SEK 7 (14) million and an adjustment for M&A transaction costs of approximately SEK 14 
(5) million. The group’s adjustments to reported EBITDA also included the performance-based revaluation of put/call options.  
Depreciation and amortization amounted to SEK 304 (141) million and included amortization of purchase price allocations 
(PPA) of SEK 245 (100) million. The increased amortization levels arise from allocated surplus values related to RAID: 
Shadow Legends as well as other identified intangible assets following the consolidation of Plarium.   
Excluding PPA, depreciation and amortization amounted to SEK 59 (41) million.  
Consolidated EBIT was SEK 290 (236) million in the quarter, which corresponded to an EBIT margin of 11% (16%). Operating 
costs before depreciation and amortization increased by 84% year over year to SEK 1,963 (1,069) million.
  
(SEKm)
Q1
2025
Q1
2024
FY
2024
EBIT 290 236 901
Amortization 275 126 516
Depreciation 29 15 59
EBITDA 594 377 1, 4 7 6
Items affecting comparability - - 0
Impairment own capitalized costs - - 8
Non-recurring bonus structures 7 14 24
M&A transaction costs and revaluation of put/call options 14 5 158
Adjuste d EBITDA 6 16 396 1 ,666
Adjusted EBITDA margin 24% 27% 28%

===== SIDA 9 =====

Q1 2025 Modern Times Group MTG AB  9 
 
 
Net financials 
 
Total net financial items amounted to SEK -85 (-157) million in the quarter, of which net interest amounted to  
SEK -19 (33) million and other financial items to SEK - 67 (-190) million. Other financial items comprised discounting effects 
and revaluation and exchange rate effects on earnout liabilities and amounted to SEK 76 (-241) million.  
In addition, other financial items included a SEK -101 (16) million revaluations of financial liability related to the class C shares 
held by the group as the final payment part of the agreement to acquire PlaySimple.  MTG holds these C shares as an off -
balance sheet item, and a future transfer of shares to PlaySimple will not have a cash impact. The revaluation of the financial 
liability related to the C shares was impacted by the uplift in the MTG B share price during the quarter. Other financial items 
also a SEK -41 million effect from the final adjustment of the purchase price in PlaySimple related to an incentive plan taken 
over by MTG at the time of the acquisition. 
Other financial items also included the revaluation of put/call options of SEK 2 (-) million and exchange rate differences in the 
quarter amounted to SEK 20 (37) million, of which SEK -10 (-12) million relates to VC fund s. In addition other revaluation 
effects amounted to SEK -23 million.   
Taxes 
The group’s tax amounted to SEK -140 (-111) million in the quarter.  
Venture capital fund investments 
The MTG VC fund has invested a total of  SEK 415 (USD 40) million in a total of  26 companies to date. VC investments 
complement MTG’s majority stake investment in InnoGames, Hutch, Ninja Kiwi, PlaySimple, Snowprint and Plarium.  
The portfolio assets range from start -up game developers across several game genres and game creation platforms in the 
US and Europe to pure esports-focused companies. VC investments related to esports remained in MTG after the divestment 
of ESL Gaming.
  
(SEKm)
Q1
2025
Q1
2024
FY
2024
Net interest -19 33 129
Revaluation earnout effects 76 -241 -690
Revaluation PlaySimple debt (C-shares) -101 16 -68
Revaluation purchase price -41 - -
Put/call option 2 - -111
Exchange rate differences 20 37 35
Other -23 -1 -14
Total financial net -85 - 15 7 - 7 19

===== SIDA 10 =====

Q1 2025 Modern Times Group MTG AB  10 
 
 
Financial review
Cash flow  
 
Cash flow from operations  
Total cash flow from operations amounted to SEK 176 (293) million in the quarter . The group reported changes in working 
capital of SEK -140 (39) million in the quarter. The year over year change in working capital reflected the timing of certain 
payments and effects from the consolidation of Plarium, which included differences in accounts receivables  and a non-cash 
accounting change in deferred revenues at the time of the acquisition. Paid taxes amounted to of SEK -214 (-78) million in 
the quarter, driven in part by the payment of taxes related to 2023 in one of our studios. 
Cash flow from i nve sting act ivit ie s  
Total cash flow relating to investing activities amounted to SEK -6,045 (-45) million in the quarter . This mainly consisted of 
acquisition of subsidiaries amounted to SEK -5,988 (0) million. Investing activities also included capital expenditure on tangible 
and intangible assets amounting to SEK -41 (-24) million, primarily comprising capitalized development costs for games and 
platforms. In addition, other investments amounted to SEK -16 (-4) million.  
Cash flow from f inancing activit ie s  
Total cash flow relating to financing activities amounted to SEK 4,685 (-10) million, mainly consisting of a repurchase of shares 
amounted to SEK -110 (-199) million, loans amounted to SEK 4,807 (0) million and the group’s leasing payments.  
The net change in cash and cash equivalents amounted to SEK -1,184 (240) million in the quarter and the group had a total 
cash and cash equivalents of SEK 2,176 (3,332) million at the end of the period.  
Net debt 
Net financial debt refers to the sum of interest-bearing liabilities less cash and cash equivalents. Net financial debt as of March 
31, 2025, amounted to SEK 2,493  (-3,165) million. The net debt calculation include d external financing of  
SEK 4,416 million (0), lease liabilities of SEK 253 (167) million, less SEK 2,176 (3,332) million in cash and cash equivalents. 
The financial leverage ratio amounted to 0.82x based on the 12-month period EBITDA including Plarium.  
Total net debt comprised interest-bearing liabilities of SEK 4,669 (167) million, earn-out liabilities of SEK 2,249 (1,680) million 
and put/call options of SEK 322 (159) million, less cash and cash equivalents of SEK 2,176 (3,332) million. Total net debt as 
at March 31 amounted to SEK 5,064 (-1,326) million. The leverage ratio amounted to 1.66x based on the 12-month period 
EBITDA including Plarium.
 
 
  
(SEKm)
Q1
2025
Q1
2024
FY
2024
Cash flow from operations before
changes in tax and working capital 530 332 1,599
Taxes paid -214 -78 -522
Changes in working capital -140 39 264
Cash flow from operations 17 6 293 1, 3 4 0
Cash flow from investing activities -6,045 -45 -551
Cash flow from financing activities 4,685 - 10 -388
Total net change in cash and cash equivalents - 1, 18 4 240 401
Cash and cash equivalents at the beginning of the period 3,543 2,956 2,956
Translation differences in cash and cash equivalents -183 137 186
Cash and cash equivalents at end of the period 2 , 17 6 3,332 3,543

===== SIDA 11 =====

Q1 2025 Modern Times Group MTG AB  11 
 
 
Parent company 
Modern Times Group MTG AB is the group's parent company and is responsible for group-wide management, administration, 
and financing. 
 
Net interest and other financial items for the quarter amounted to SEK 144 (90) million. Net interest amounted to SEK 8 (24) 
million. Unrealized and realized exchange rate differences amounted to SEK -13 (67) million and other financial items to  
SEK -1 (-1) million. 
The parent company had cash and cash equivalents of SEK 66 (1,774) million at the end of the period.  
The total number of shares outstanding at the end of the period was  117,507,931 (121,681,404), excluding the 4,522,073 
Class B shares and the 6,280,623 Class C shares held by MTG as treasury shares. 
 
 
  
(SEKm)
Q1
2025
Q1
2024
FY
2024
Net sales 17 15 59
Net interest and other financial items 144 90 157
Income before tax and appropriations 77 55 -1

===== SIDA 12 =====

Q1 2025 Modern Times Group MTG AB  12 
 
 
Other information 
Accounting policies 
This interim report has been prepared according to ‘IAS 
34 Interim Financial Reporting’ and the ‘ Swedish Annual 
Accounts Act’. The interim report for the parent company 
has been prepared according to the Swedish Annual 
Accounts Act – Chapter 9 ‘Interim Report’. 
The group's consolidated accounts and the parent 
company’s accounts have been prepared according to the 
same accounting policies and calculation methods as 
were applied in the preparation of the 2024 Annual Report.  
Disclosures in accordance with IAS 34.16A appear in the 
financial statements and the accompanying notes as well 
as in other parts of the interim report.  
Related party transactions 
No transactions between MTG and related parties that 
have materially affected the Group’s position and earnings 
took place during the period. 
Risks and uncertainties 
Significant risks and uncertainties exist for the group and 
the parent company. These factors include the prevailing 
economic and business environments; commercial risks 
related to expansion into new territories; other political and 
legislative risks related to changes in rules and regulations 
in the various territories in which the group operates; 
exposure to foreign exchange rate movements, and the 
US dollar and euro-linked currencies in particular; the 
emergence of new technologies and competitors; and  
cyber-attacks. 
The group’s game development businesses depend on 
their ability to continue releasing successful titles that 
attract paying customers, conditions that are not under the 
group’s full control. 
Risks and uncertainties are also described in more detail 
in the 202 4 Annual Report, which is available at 
www.mtg.com. 
 
Stockholm, 29 April 2025 
Maria Redin 
Group President & CEO, Modern Times Group MTG AB

===== SIDA 13 =====

Q1 2025 Modern Times Group MTG AB  13 
 
 
Condensed consolidated income statement 
 
 
Condensed statement of comprehensive income 
 
 
(SEKm)
Q1
2025
Q1
2024
FY
2024
Continuing operations
Net sales 2,557 1,447 6,015
Cost of goods and services -775 -383 -1,554
Gross income 1, 7 8 3 1, 0 6 3 4,462
Selling expenses -1,051 -542 -2,302
Administrative expenses -460 -286 -1,275
Other operating income 29 7 37
Other operating expenses -11 -5 -21
EBIT 290 236 901
Net interest -19 33 129
Other financial items -67 -190 -847
I ncome before tax 205 80 18 2
Tax -140 -111 -392
Total net income for the period 65 -31 - 2 10
Net income for the period attributable to:
Equity holders of the parent 65 -31 -210
Non-controlling interest - - -
Net income for the period 65 -31 - 2 10
Basic earnings per share, SEK 0.55 -0.26 -1.74
Diluted earnings per share, SEK - -0.26 -1.74
Number of shares
Shares outstanding at the end of the period 117,507,931 121,681,404 118,306,464
Basic average number of shares outstanding 117,913,590 121,681,404 120,500,977
Diluted average number of shares outstanding - 122,257,218 121,137,914
(SEKm)
Q1
2025
Q1
2024
FY
2024
Net income 65 -31 -210
Other comprehensive income
Items that are or may be reclassified to profit or loss, net of tax:
Currency translation differences -1,095 512 592
Items that cannot be transferred to profit or loss, net of tax:
Fair value change of equity instruments -675 - -55
Total comp rehensive income - 1, 7 0 6 481 327
Total comprehensive income attributable to:
Equity holders of the parent -1,706 481 327

===== SIDA 14 =====

Q1 2025 Modern Times Group MTG AB  14 
 
 
Condensed consolidated balance sheet 
   
  
(SEKm)
Mar 31 
2025
Mar 31 
2024
Dec 31 
2024
Non-current assets
Goodwill 11,480 10,277 10,383
Other intangible assets 6,520 2,097 1,761
Total intangib le assets 1 8,001 12 , 3 7 4 12 , 14 5
Total tangib le assets 14 6 36 28
Right of use assets 252 166 150
Shares and participations in associated and other companies 585 1,328 1,289
Other financial receivables 207 212 124
Total non-current financial assets 792 1, 5 4 0 1, 4 12
Total non-current assets 19 , 19 0 14 , 116 1 3,735
Current assets
Other receivables 1,396 697 790
Cash and cash equivalents 2,176 3,332 3,543
Total current assets 3,572 4,029 4,333
Total assets 22,762 18 , 14 5 18 , 0 6 8
Equity
Shareholders’ equity 11,932 14,208 13,736
Total equity 11, 9 3 2 14 , 2 0 8 1 3,736
Non-current liab ilities
Liabilities to financial institutions 4,299 - -
Lease liabilities 199 134 115
Total non-current interest-b earing liab ilities 4,499 13 4 115
Provisions 1,144 556 422
Contingent consideration 954 1,205 670
Other non-interest-bearing liabilities 177 180 184
Total non-current non-interest-b earing liab ilities 2,275 1, 9 4 2 1, 2 7 6
Total non-current liab ilities 6,774 2,0 76 1, 3 9 1
Current liab ilities
Contingent consideration 1,295 475 1,004
Liabilities to financial institutions 100 - -
Lease liabilities 54 33 36
Other interest-bearing liabilities 718 518 602
Other non-interest-bearing liabilities 1,888 835 1,300
Total current liab ilities 4,056 1, 8 6 2 2,941
Total liab ilities 1 0,830 3,937 4,332
Total shareholders’ equity and liab ilities 22,762 18 , 14 5 18 , 0 6 8

===== SIDA 15 =====

Q1 2025 Modern Times Group MTG AB  15 
 
 
Condensed consolidated statement of cash flows 
 
 
Condensed consolidated statement of changes in equity 
 
  
(SEKm)
Q1
2025
Q1
2024
FY
2024
Income before tax 205 80 182
Adjustment for items not included in cash flow 325 253 1,417
Taxes paid -214 -78 -522
Changes in working capital -140 39 264
Cash flow from operations 17 6 293 1, 3 4 0
Investments/divestments in deposits - - 114
Acquisition / sale of subsidiaries, associates and other investments -6,003 -20 -46
Earnout payments - - -521
Investments in other non-current assets -41 -24 -98
Other cash flow from/used in investing activities - - -
Cash flow from investing activities -6,045 -45 -551
Repurchase of shares -110 - -304
Loan 4,807 - -
Share swap regarding share incentive programs - - -47
Other cash flow from/used in financing activities -12 -10 -38
Cash flow from financing activities 4,685 - 10 -388
Total net change in cash and cash equivalents - 1, 18 4 240 401
Cash and cash equivalents at the beginning of the period 3,543 2,956 2,956
Translation differences in cash and cash equivalents -183 137 186
Cash and cash equivalents at end of the period 2 , 17 6 3,332 3,543
(SEKm)
Mar 31 
2025
Mar 31 
2024
Dec 31 
2024
Opening balance 1 3,735 13 , 7 14 13 , 7 14
Net income for the period 65 -31 -210
Other comprehensive income for the period -1,771 512 536
T otal comprehensive income for the period - 1, 7 0 6 481 327
Effect of employee share programs 13 12 45
Share swap regarding share-based incentive program - - -47
Repurchase of shares -110 - -304
Closing b alance 11, 9 3 2 14 , 2 0 8 1 3,736

===== SIDA 16 =====

Q1 2025 Modern Times Group MTG AB  16 
 
 
Parent company condensed income statement 
 
Net income for the period is in line with total comprehensive income for the parent company. 
Parent company condensed balance sheet 
  
(SEKm)
Q1
2025
Q1
20
24
FY
2024
Net sales 17 15 59
Gross income 17 15 59
Administrative expenses -84 -50 -217
Op erating income -67 -35 - 15 8
Net interest and other financial items 144 90 157
I ncome before tax and appropriations 77 55 -1
Appropriations 0 - -217
Net income for the period 77 55 - 2 18
(SEKm)
Mar 31 
2025
Mar 31 
20
24
Dec 31 
2024
Non-current assets
Machinery and equipment 1 1 1
Shares and participations 15,231 13,821 13,821
Other financial receivables 9 4 14
Total non-current assets 15 , 2 4 1 1 3,827 1 3,839
Current assets
Current receivables 57 31 122
Cash and cash equivalents 66 1,774 1,344
Total current assets 12 4 1, 8 0 4 1, 4 6 6
Total assets 1 5,365 1 5,631 1 5,305
Shareholders ’ equity
Restricted equity 642 658 642
Non-restricted equity 14,322 14,916 14,343
Total equity 1 4,964 1 5,575 14 , 9 8 4
U ntaxed reserves - 9 -
Non-current liab ilities
Provisions 9 15 11
Total non-current liab ilities 9 15 11
Current liab ilities
Other interest-bearing liabilities - - -
Non-interest-bearing liabilities 392 33 307
Total current liab ilities 392 33 307
Total shareholders ’ equity and liab ilities 1 5,365 1 5,631 1 5,302

===== SIDA 17 =====

Q1 2025 Modern Times Group MTG AB  17 
 
 
Financial instruments at fair value 
The carrying amounts are considered to be reasonable approximations of fair value for all financial assets and liabilities, 
except shares and participations in other companies and contingent considerations  for which the valuation technique is 
described below. 
 
Valuation techniques  
Shares and participations in other companies – acquisition cost is initially considered to be a representative estimate of 
fair value. Subsequently, values are remeasured at fair value and gains/losses recognized when there is subsequent financing 
through participation by a third-party  investor, in which case the price per share in that financing is used, when there is a 
realized exit or when there are indications that cost is not representative of fair value and sufficient,  more recent information 
is available to measure fair value. Listed holdings are valued at the current share price.  
 
 
Contingent consideration – expected future values are discounted to present value. The discount rate is risk-adjusted. The 
most critical parameters are estimated future revenue growth and future operating margin. 
 
 
 
  
(SEKm)
Mar 31 
2025
Dec 31 
2024
Fair 
value L evel 1 L evel 2 L evel 3¹
Fair 
value L evel 1 L evel 2 L evel 3¹
Financial assets measured at fair value
Shares and participations in other companies 584 - - 584 1,287 - - 1,287
Financial liab ilities measured at fair value
Contingent consideration 2,249 - - 2,249 1,674 - - 1,674
1) The amount of unrealised gains/losses in profit or loss is included in the financial net. 
(SEKm)
Mar 31 
2025
Dec 31 
2024
Opening balance 1  January 1, 2 8 7 397
Reported gains and losses in net income for the period 6 8
Reported gains and losses in OCI for the period -660 -105
Acquisition¹ 4 908
Translation differences in income -38 30
Translation differences in OCI -15 50
Loan converted to shares - -
Closing b alance 584 1, 2 8 7
1) Purchase price for Kongregate merging with Monumental during 2024 amount to SEK 889 million
(SEKm)
Mar 31 
2025
Dec 31 
2024
Opening balance 1  January 1, 6 7 4 1, 4 3 9
New acquisitions 651 66
Exercised payments, cash-based - -521
Exercised payments, share-based - -
Revaluation - 346
Interest expense 76 216
Translation differences -152 128
Closing b alance 2,249 1, 6 7 4
(SEKm) 2025 2026 2027 2028+ Total
Cash consideration                  1,109                     754  -                    386 2,249
Total contingent consideration                1, 10 9                   754                     -                    386 2,249

===== SIDA 18 =====

Q1 2025 Modern Times Group MTG AB  18 
 
 
Alternative performance measures 
The purpose of alternative performance measures (APMs) is to facilitate the analysis of business performance and industry 
trends that cannot be directly derived from financial statements. MTG uses the following APMs: 
■ Adjusted EBITDA 
■ Change in net sales from organic growth 
Reconciliation of adjusted EBITDA 
Adjusted EBITDA is used to assess MTG’s underlying profitability. Adjusted EBITDA is defined as EBITDA adjusted for the 
effects of items affecting comparability, non-recurring bonus structures, acquisition -related transaction costs, revaluation of 
put/call options and impairment of capitalized internal work. Items affecting comparability refer to material items and events 
related to changes in the group’s structure or lines of business, which are relevant for understanding the group’s development 
on a like-for-like basis. During this year, the group changed its definition of adjusted EBITDA. The new definition of adjusted 
EBITDA also includes revaluation effects of put/call options. 
  
Reconciliation of sales growth  
Since the group generates the majority of its sales in currencies other than the reporting currency (i.e., SEK, Swedish krona) 
and currency rates have proven to be rather volatile, the group’s sales trends and performance are analyzed as changes in 
organic sales growth. This presents the increase or decrease in overall SEK net sales on a comparable basis, allowing for 
separate discussions of the impact of exchange rates, acquisitions, and divest ments. The following table presents changes 
in organic sales growth as reconciled to the change in total reported net sales. 
 
  
(SEKm)
Q1
2025
Q1
20
24
FY
2024
EBIT 290 236 901
Amortization 275 126 516
Depreciation 29 15 59
EBITDA 594 377 1, 4 7 6
Items affecting comparability - - 0
Impairment own capitalized costs - - 8
Non-recurring bonus structures                                         7 14 24
M&A transaction costs and revaluation of put/call options                                        14 5 158
Adjuste d EBITDA                                 61 6 396 1 ,666
(SEKm)
Q1
2025
Q1
20
24
FY
2024
Group
Organic growth 6% 4% -1%
Acquisition/divestments 73% 7% 4%
Changes in FX rates -3% 1% 0%
Reported growth 77% 11% 3%

===== SIDA 19 =====

Q1 2025 Modern Times Group MTG AB  19 
 
 
Business combinations 
Acquisitions in 2025 
On November 11, 2024, Modern Times Group MTG AB (publ) ("MTG") signed an agreement to acquire 100% of the shares 
in Plarium Global Ltd ("Plarium"), a leading international game developer with a strong portfolio of successful games, including 
the popular mobile role-playing game RAID: Shadow Legends. The acquisition strengthens MTG's position in the mid-core 
mobile games segment and adds f urther expertise in live ops, monetization and marketing. The acquisition was completed 
on February 12, 2025. The total purchase price amounts to USD 659 million, of which USD 20 million will be paid as a deferred 
payment in 2026, initially valued at USD 20 million. In addition, the agreement includes performance-based earnouts of up to 
USD 200 million, based on future revenues, initially valued at USD 32 million. The acquisition is financed through a 
combination of existing cash and cash equivalents and secured external financing comprising a term loan with a maturity of 
3+1 years, as well as a revolving credit facility, totaling USD 460 million. 
Preliminary purchase price allocations for the year 
Refers to acquisitions completed during the first quarter of 2025.  
Goodwill arising from the acquisition is mainly attributed to Plarium's future revenue generating capacity, expertise in game 
development and synergies within MTG's existing operations. None of the goodwill recognized is expected to be tax 
deductible. The amounts recognized for intangible assets, such as IP, direct -to-consumer platform and paying player 
relationships, have been measured at the discounted value of future cash flows. The amortization periods for the identified 
assets reflect the determinable useful lives. The impact of the business combination on the group's cash and cash equivalents 
amounted to SEK 5,988 million. Estimated transaction costs for the acquisition amounted to SEK 109 million.  
 
 
 
 
 
 
 
 
(SEKm) Plarium
Intangible fixed assets 5,525
Other fixed assets 279
Other current assets 656
Cash and cash equivalents 632
Deferred tax receivables/liabilities net -780
Other liabilities -1,085
Acquired net assets 5,227
Goodwill 1,948
Purchase price including other non-paid considerations 7,1 75
Less cash and cash equivalents in acquried operation -632
Additional purchase price and other settlements, non-paid -555
Effect on consolidated cash and cash equivalents 5,988
Cash flow from business combination
Cash payment -6,620
Acquired cash and cash equivalents 632
Total effect on cash flow from investing activities -5,988
Estimated transaction costs for acquisition (included in operating activities) -109
Net outflow cash and cash equivalent -6,097

===== SIDA 20 =====

Q1 2025 Modern Times Group MTG AB  20 
 
 
Effect of acquisition on the group´s results 
The acquisition of Plarium was completed on February 12, 2025. The closing balance is based on the accounts as of January 
31 and Plarium has been consolidated in MTG's accounts from this date.  
 
 
 
 
 
  
(SEKm)
Sales 1,065
Income before tax¹ 118
1) Income before tax includes amortization of purchase price allocations of SEK -133 million
Effect of acquisition on the consolidated statement of Profit and L oss and Other Comprehensive Income
Group sales and income before taxes if the acquisition had occurred 1  January 2025
(SEKm)
Sales 3,081
Income before tax¹ 171
1) Income before tax includes amortization of purchase price allocations of SEK -315 million

===== SIDA 21 =====

Q1 2025 Modern Times Group MTG AB  21 
 
 
Events after the end of the period 
There were no other events after the end of the reporting period.

===== SIDA 22 =====

Q1 2025 Modern Times Group MTG AB  22 
 
 
Definitions 
Adj usted E B I TDA 
EBITDA, adjusted for the effects of items affecting comparability, long- term incentive programs, acquisition- related transaction costs , 
revaluations of put/call options and impairment of own work capitalized, which are referred to as adjustments. 
ARPDAU 
Average net revenue per daily active user. 
Cap ital e xp e nd iture s (C APEX) 
Capital expenditures is a financial investment made with the expectation of future revenues. 
Cash conversion  
Cash flow from operating activities including investments less realized exchange rate effects, as a percentage of adjusted EBITDA. 
Cash flow from operations  
Cash flow from operating activities shows changes in working capital including profit for the year adjusted for profit and loss items that have 
not affected changes in cash flow. 
DAU 
Daily active user. 
Earnings per share  
Earnings per share is expressed as net income attributable to equity holders of the parent divided by the average number of shares. 
EBIT/ Op e rating income  
Net income for the period from continuing operations before other financial items, net interest and tax. 
EBITDA 
Profit for the period from continuing operations before other financial items, net interest, tax and depreciation and amortization.  
IAA 
In app advertising. 
IAP 
In app purchases. 
Interest -b e aring liab ilitie s 
Interest-bearing liabilities include external financing and lease liabilities. 
Ite ms affe cting comp arab ility (IAC)  
Items affecting comparability refers to material items and events related to changes in the group’s structure or lines of bus iness, which are 
relevant for understanding the group’s development on a comparable basis. 
MAU 
Monthly active user. 
Net financial debt  
Net financial debt refers to the sum of interest-bearing liabilities, less cash and cash equivalents.  
Net debt  
Net debt refers to the sum of interest-bearing liabilities, earn-out liabilities and put/call option liabilities less cash and cash equivalents.  
Organic growth  
The change in net sales compared with the same period last year, excluding acquisitions and divestments and adjusted for currency effects. 
RO AS 
Return on ad spend. 
Transactional currency effect  
The effect that foreign exchange rate fluctuations can have on a completed transaction prior to settlement. This refers to the exchange rate, 
or currency risk associated specifically with the time delay between entering into a trade or contract and then settling it. 
Translational currency effect  
Converting one currency to another, often in the context of the financial results of foreign subsidiaries into the parent com pany’s and/or the 
group’s functional currency. 
UA 
User acquisition.

===== SIDA 23 =====

Q1 2025 Modern Times Group MTG AB  23 
 
 
Shareholder information 
MTG’s Annual General Meeting 2025 
The Annual General Meeting will be held on 15 May 2025 in Stockholm.  
All information relating to the Annual General Meeting, including the notice, the Nomination Committee's proposals and related 
materials has been published at www.mtg.com 
Financial calendar 
Item Date 
Annual General Meeting 2025 15 May 2025 
Q2 & Half Year 2025 Financial Results report 18 July 2025 
Q3 & 9 Months 2025 Financial Results report 
Please note that this is the new date for the Q3 report 13 November 2025 
Questions? 
Anton Gourman, VP Communications  
Direct: +46 73 661 8488, anton.gourman@mtg.com  
Follow us: mtg.com / LinkedIn 
Conference call  
MTG will host a livestream and conference call at 10.00 CET today, on 29 April 2025. The call will be held in English.  
How to join: 
• To participate via livestream, please use this link.  
• To join via phone, please register usin g this link . After you’ve registered,  you’ll receive the dial -in number and 
conference ID to access the teleconference. 
• You can ask questions via phone during the teleconference or by using the livestream Q&A tool.

===== SIDA 24 =====

Q1 2025 Modern Times Group MTG AB  24 
 
 
 
 
 
 
 
Modern Times Group MTG AB (publ) – Reg no: 556309-9158 – Phone: +46 (0) 8-562 000 50 
 
MTG (Modern Times Group MTG AB (publ)) (www.mtg.com) is an international mobile gaming group that owns and operates 
gaming studios with popular global IPs across a wide range of casual and mid-core genres. The group is focused on 
accelerating portfolio company growth and supporting founders and entrepreneurs. MTG is an active driver of gaming industry 
consolidation and a strategic acquirer of gaming companies around the world. We are born in Sweden but have an 
international culture and global footprint. Our shares are listed on Nasdaq Stockholm (“MTGA” and “MTGB”). 
 
This information is information that Modern Times Group MTG AB (publ) is obliged to make public pursuant to the 
EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact 
persons set out above, at 7:30 CET on April 29, 2025. 
This interim report contains statements concerning, among other things, MTG’s financial condition and results of operations 
that are forward-looking in nature. Such statements are not historical facts but, rather, represent MTG’s future expectations. 
MTG believes that the expectations reflected in these forward-looking statements are based on reasonable assumptions; 
however, forward-looking statements involve inherent risks and uncertainties, and a number of important factors could cause 
actual results or outcomes to differ materially from those expressed in any forward-looking statement. Such important factors 
include but may not be limited to MTG’s market position; growth in the gaming industry; and the effects of competition and 
other economic, business, competitive and/or regulatory factors affecting the business of MTG, its group companies and the 
gaming industry in general. Forward-looking statements apply only as of the date they were made, and, other than as required 
by applicable law, MTG undertakes no obligation to update any of them in the light of new information or future events.