Kvartalsrapport Q1 2026

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MTG reports record Q1 with 14% pro forma growth and 25% 
adjusted EBITDA margin 
Financial highlights Q1 
 Net sales up 24% YoY to SEK 3,159 (2,557) million and up 37% in constant currencies 
o Pro forma1 sales up 14% YoY and organic sales up 12% YoY 
 Group total UA spend of SEK 1,199 (959) million, or 38% (38%) of total revenues, up 17% on a pro forma basis  
 Adjusted EBITDA up by 30% YoY to SEK 802 (616) million, with adjusted EBITDA margin of 25% (24%)  
o Adjustments of SEK -49 (-21) million for M&A transaction costs, revaluation of put/call options and 
other adjustments 
 Reported EBITDA of SEK 754 (594) million and EBIT of SEK 371 (290) million  
 Net financial items of SEK -160 (-86) million, including net interest of SEK -64 (-19) million  
 Tax of SEK -72 (-140) million 
 Net income of SEK 138 (65) million, and adjusted net income of SEK 550 (326) million   
 Cash flow from operations of SEK 605 (176) million and unlevered cash conversion of 78% for the 12-month 
period ended 31 March 2026 
Strategic and operational highlights Q1 
 PlaySimple’s Draft Red Herring Prospectus filed on 23 April as part of potential 2026 IPO preparations 
 Midcore District transformation well underway and on track for annualized cost savings of USD 20 million by 
the end of 2026 
 AI integration proceeding at rapid pace across the group, with adoption of external and internal AI tools 
across areas such as concept development, data analytics, marketing and game localization  
o Today’s extended Q1 call will include an AI update and Q&A  
 Increasing contribution from Direct-to-consumer revenues, up to 39% (24%) of group revenues in Q1 
Financial overview 
 
1 MTG calculates pro forma growth on a like-for-like basis: as if all currently owned businesses had been consolidated (or de-consolidated) 
for the entirety of both the current and comparative periods, and on a constant currency basis. 
(SEKm)Q12026Q12025FY2025Net sales3,1592,55711,579EBIT371290963EBITDA7545942,383Adjusted EBITDA8026162,648Net income13865-62Cash flow from operations6051761,723Basic earnings per share (SEK)1.160.55-0.53Diluted earnings per share (SEK)1.160.55-0.53GrowthSales growth, %24%77%92%Organic growth, %12%6%9%Pro forma growth, %14%--

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Letter from the President and CEO  
A great way to kick off 2026 
I am incredibly proud of our performance in Q1, as the positive momentum of our games that we 
built through strong execution in 2025 has continued into 2026. We had another record quarter, 
with 14% pro forma growth year over year. This performance is another proof point that MTG 
delivers on its promise as a growth company, with Q1 marking our 6th sequential quarter of 
strong organic growth. This doesn’t come easily or for free. It is testament to the fusion of the 
high quality of our games and IP’s, the drive and ambition of our teams, and our focus on consistent strategic 
execution.  
This report has a new format that reflects our new operating model with two Gaming Districts, that we implemented 
from the beginning of the year. This operating model has been designed from the ground up to make us better at 
empowering and supporting our studios. It enables us to best realize the benefits from our proprietary tech and tools, 
and emergent technologies like AI at scale, and it reinforces our competitive moat – together strengthening our 
ability to ship great games and content, and to deliver continued profitable growth.  
Our Midcore District had a strong Q1, reporting 10% pro forma year over year growth. This was largely driven by RAID: 
Shadow Legends, with exceptional 25% pro forma year over year growth driven by a busy schedule of in-game 
content in the quarter, including a highly successful IP partnership in January and a very strong anniversary event in 
March. The release of new content for RAID: Shadow Legends will be more measured in Q2 and the summer period, 
which is important for the long-term health of the game and the player base, before a step-up in pace through the 
second half of the year. In the Casual District, sales were up an outstanding 29% year over year in constant 
currencies, as PlaySimple continued to rapidly and successfully scale key new games including Crossword Go and 
Tile Match.  
Strong margins of 25% despite continued UA investments  
We remain focused on driving long term profitable growth and I’m pleased that we were able to continue to invest in 
marketing our games at attractive return levels. We invested a total of SEK 1,199 million in user acquisition in Q1, 
corresponding to 38% of our total revenues in the period and representing a pro forma increase of 17%. User 
acquisition spend for the Midcore District was up 3% on year over year on a pro forma basis, primarily reflecting the 
strong momentum in RAID: Shadow Legends and F1 Clash. User acquisition spend for the Casual District was up 48% 
year over year in constant currencies as PlaySimple continued to scale key new games. 
We reported a record SEK 802 million in adjusted EBITDA in Q1, up 30% year over year, and with a strong adjusted 
EBITDA margin of 25%. The Midcore District reported an adjusted EBITDA margin of 28%, underscoring the inherent 
strength of evergreen midcore titles. I want to again call out the success of RAID: Shadow Legends in the quarter, 
which showcased how strong in-game content that resonates with our player base can have a very direct and

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noticeable impact on our bottom line, as growth is underpinned by an increase in ARPDAU. Our margins also 
benefited from our continued strategic focus on DTC initiatives, as the Midcore District generated almost half of its 
revenues from direct-to-consumer sales in Q1. Our Casual District, which continues to have a focus on scaling new 
games, reported a strong margin of 24% in Q1 despite ongoing investments in marketing.  
Our unlevered cash conversion amounted to 78% of adjusted EBITDA for the rolling 12-month period ended 31 March 
2026. The strong performance reflected robust underlying cash generation across the group, and in particular 
Plarium, complemented by certain timing effects including a one-off tax-related item. While we expect some quarter-
to-quarter variation during 2026, due to both the natural seasonality of the business and the timing of certain working 
capital items, we do however expect unlevered cash conversion to remain materially above our medium-term 
guidance of being in excess of 60%. 
Midcore transformation on track   
We are progressing well in our roll-out of an advanced and efficient state-of-the-art central services platform to 
empower our Midcore studios. This transformation is enabling our studios to more effectively do what they love and 
are great at – developing, launching and scaling games to serve our players - whilst making us faster and more agile.  
PlaySimple IPO first milestone reached with public filing of Draft Red Herring Prospectus 
PlaySimple submitted the Draft Red Herring Prospectus (“DRHP”) on April 23, 2026. We therefore remain on track, 
subject to all requisite regulatory approvals and commercial considerations, for a potential public listing of 
PlaySimple in the second half of 2026. We remain firmly convinced that a potential listing presents an exciting 
opportunity for MTG and PlaySimple, which we believe could in turn strengthen our ability to deliver shareholder 
value and growth over the medium and long term. We will come back with further details about the final size of the 
offering, the timing and the use of proceeds at the appropriate time.  
New full-year outlook for 2026 underpins our growth ambitions  
We remain confident in delivering on the medium-term guidance we set last year, targeting group gross revenue 
growth of 3-7%, a group adjusted EBITDA margin of over 24% and steady state unlevered cash conversion of over 
60%. For 2026 we expect full year pro forma revenue growth to be in the range of 5-8% and a group adjusted EBITDA 
margin in the range of 22-24%. This outlook reflects our very strong start to the year, as well as the timing of key game 
events in the year, the typical seasonality of our business and industry, and our new game release pipeline. 
We look forward to another transformative year for our group 
MTG has clear goals and priorities, and we are executing on the strategy we presented in October last year. We 
continue to deliver growth with healthy margins and high levels of cash generation. We have clear and ambitious 
strategic initiatives to deliver shareholder value in 2026 and beyond. Leveraging the new AI technologies at our 
disposal to the fullest is one of these core strategic priorities across the group. Our teams are embracing new ways of 
working driven by AI, and are rapidly building out internal tools that empower our people to get more out of our

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creativity, proprietary data and technologies. As you may have seen, we will host an extended video conference call 
today, where Oliver Bulloss, the CEO of the Midcore District, will present and answer questions about the progress on 
AI adoption within the District.  
I remain excited and enthusiastic about the strength and quality of our games, our people and our ability to execute 
on our plans in a highly competitive and rapidly evolving market and macroeconomic environment.  
Thank you for your continued support. I look forward to sharing more news with you when the time is right. 
Maria Redin,   
Group President & CEO, MTG

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2026 full year outlook 
 MTG expects full year 2026 pro forma revenue growth to be in the range of 5-8%. 
 MTG expects full year 2026 its group adjusted EBITDA margin to be the range of 22-24%.   
Significant events 
January 7 - MTG to transfer 6,194,343 class B shares to the sellers of PlaySimple by the end of January 2026 and 
reduce holding of own shares and votes below 5%. 
April 23 – PlaySimple files Draft Red Herring Prospectus as part of preparation for potential listing of the company in 
2026.  The prospectus can be downloaded on this link.  
Further information about the group’s significant events can be found on MTG’s homepage on www.mtg.com

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Group performance 
 
Total group revenues amounted to SEK 3,159 million in the quarter, corresponding to revenue growth of 24% year 
over year in reported currencies and 37% growth in constant currencies. Revenues were up 14% year over year on a 
pro forma basis, primarily reflecting the continued rapid scaling of PlaySimple’s new casual games and a very strong 
quarter for RAID: Shadow Legends, but also the continued growth in F1 Clash.  
The group’s three largest games are RAID: Shadow Legends, Forge of Empires and Warhammer 40,000: Tacticus. 
These games accounted for 53% of the group’s total revenues in the quarter, an increase from 49% in the first quarter 
of 2025 and 50% in the fourth quarter of 2025. 
RAID: Shadow Legends generated revenues of SEK 1,309 million in Q1, delivering pro forma growth of 25% year over 
year. Highlights of the quarter included the Assassin’s Creed IP partnership in January, the launch of a new in-game 
faction supported by a dedicated event, and the popular 7-year anniversary event in March. The team also continued 
to deploy a highly active flow of live-ops throughout the quarter. As a result, there were positive player dynamics 
across both DAU and ARPDAU during the period. Whilst the team have an exciting content release slate for the rest 
of 2026, and beyond, RAID’s event line-up in Q1 was more intense than a typical quarter, and the release of new key 
content will unfold at a slightly slower pace over the coming months, to optimize the balance of engagement and 
monetization. This is crucial for ensuring the long-term health of the player base, before the next step-up in pace in 
the second half of the year.   
Forge of Empires revenues were down by 30% year over year in constant currencies to 184 million SEK. 2026 marks 
the 14th anniversary of the game, and as such, Forge of Empires is a mature game which continues to deliver strong 
profitability and cash generation. Given the maturity of the game, retaining and engaging long-term players is key, 
and the main driver of the decline in revenue has been due to too low levels of content aimed at long-term players. 
This is something that the team is now working to address and we expect to see new content aimed at our veteran 
players from Q3.  
(SEKm)Q12026Q12025FY2025Net salesRAID: Shadow Legends1,3097944,040Forge of Empires184274983Warhammer 40,000: Tacticus174173745Other games1,4921,3165,811Total net sales3,1592,55711,579Sales growth, %24%77%92%Organic growth, %12%6%9%Pro forma growth, %14%--User acquisition-1,199-959-4,316Adjusted EBITDA8026162,648Adjusted EBITDA margin, %25%24%23%

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Warhammer 40,000: Tacticus revenues were up by 1% year on year in constant currencies in Q1 to SEK 174 million, 
as strong underlying USD performance was impacted by negative exchange rate movements in our SEK reporting 
currency. The team has continued to expand in-game content by introducing the well-received new Leagues of 
Votann faction in February. Warhammer 40,000: Tacticus continued to have an active live-ops schedule in Q1 with 
multiple concurrent events running throughout the quarter, including recurring Legendary and Hero Release events.  
The group invested a total of SEK 1,199 (959) million in user acquisition in the first quarter, which was a 25% increase 
year over year and reflected the consolidation of Plarium from February 2025. User acquisition spend was up 17% 
year over year on a pro forma basis. The pro forma growth reflected increased marketing spend in the Casual District 
to scale new games and higher user acquisition spending in RAID: Shadow Legends, somewhat offset by lower 
marketing spend in Forge of Empires and certain other games. User acquisition represented 38% of the group’s total 
revenues in Q1, which was stable year over year.   
The group reported SEK 802 (616) million in adjusted EBITDA in Q1, representing a 30% year over year increase. This 
was primarily driven by the consolidation of Plarium from February 2026, the strong operational performance in RAID: 
Shadow Legends, and the increase in DTC revenue contribution.  
Segment performance  
Midcore District 
 
The Midcore District reported total revenues of SEK 2,466 (1,949) million in the quarter, corresponding to a growth of 
27% year over year in reported currencies and 10% on a pro forma basis. The increase in reported revenue primarily 
reflected the consolidation of Plarium from 1 February 2025, whilst the double-digit pro forma growth was driven 
largely by the strong performance of RAID: Shadow Legends, F1 Clash and Heroes of History, more than offsetting 
the decline in Forge of Empires and certain other games.  
Daily active user (DAU) levels for the Midcore District were stable year over year, amounting to 4.1 (4.2) million. Whilst 
DAU levels were stable, the Midcore District reported a 29% year over year increase in average revenue per daily 
user (ARPDAU) to SEK 6.6 (5.1) in Q1, driven by higher ARPDAU levels in RAID: Shadow Legends and F1 Clash 
offsetting lower ARPDAU in Forge of Empires and other games. 
(SEKm)Q12026Q12025FY2025Net sales2,4661,9499,039Sales growth, %27%124%147%Organic growth, %7%5%5%Pro forma growth, %10%--DAU, million4.14.24.0ARPDAU, SEK6.65.16.1User acquisition-735-603-2,727Adjusted EBITDA6984852,278Adjusted EBITDA margin, %28%25%25%

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The Midcore District generated 49% (32%) of its revenues from direct-to-consumer (DTC) sales in Q1, up from 42% in 
Q4 2025. This strong performance reflected the continued strategic focus on driving DTC revenues and initiatives 
launched in the second half of 2025 in RAID: Shadow Legends and Warhammer 40,000: Tacticus in particular.  
The Midcore District invested a total of SEK 735 (603) million in user acquisition in Q1, with the increase primarily 
reflecting the consolidation of Plarium from February 2025. District UA spend was up 3% year over year in Q1 on a pro 
forma basis, driven by higher UA spend in RAID: Shadow Legends offsetting lower marketing spend in Forge of 
Empires and certain other games.   
The Midcore District reported SEK 698 (485) million in adjusted EBITDA in Q1, with the increase reflecting the 
consolidation of Plarium from February 2025, combined with the flow-through impact to profitability from the more 
active event schedule in RAID: Shadow Legends driving an increase in ARPDAU in the quarter. Profitability also 
increased due to the strong continued growth in DTC revenues. The Midcore District therefore reported an adjusted 
EBITDA margin of 28% in Q1, up from 25% for the corresponding period of last year.    
Casual District – PlaySimple 
 
The Casual District reported total revenues of SEK 693 million in the quarter, corresponding to growth of 14% year 
over year in reported currencies and 29% in constant currencies. The very strong Q1 performance was predominantly 
driven by the continued rapid scaling of new word games such as Crossword Go, and the ongoing expansion into 
adjacent non-word genres from games like Tile Match, as well as growth from several of our established 
titles. PlaySimple also continued to rapidly integrate AI into their technology platform and across the game 
development value chain, which supports time-to-market for new content and the successful scaling of new titles. 
Daily active user (DAU) levels for the Casual District were stable year over year at 4.8 (4.8) million as rapid user intake 
in new games offset lower DAU levels in certain established titles. Casual District ARPDAU was up by 15% year over 
year to SEK 1.6 (1.4). These dynamics reflect the ongoing evolution of PlaySimple’s portfolio, where newer games with 
higher monetization levels are increasing their contribution to the overall revenue. The improved monetization of 
these new titles reflects the continued development of Little Engine, PlaySimple’s data-driven technology platform, 
(SEKm)Q12026Q12025FY2025Net sales6936082,540Sales growth, %14%6%8%Organic growth, %29%7%17%Pro forma growth, %29%--DAU, million4.84.85.1ARPDAU, SEK1.61.41.4User acquisition-464-356-1,589Adjusted EBITDA166166576Adjusted EBITDA margin, %24%27%23%

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together with a disciplined approach to our marketing investments. This supports continued investment in user 
acquisition whilst maintaining attractive return levels given the positive impact to the life-time-value of the players. 
The Casual District invested a total of SEK 464 (356) million in user acquisition in Q1, which was a 48% increase in 
constant currencies, reflecting the rapid scaling of new titles discussed above. Casual District adjusted EBITDA was 
flat year over year in Q1 and amounted to SEK 166 (166) million, with an operating margin of 24% (27%). The margin 
performance reflected the scaled revenue and UA levels in the quarter and the timing of the marketing ramp-up of 
new titles. Casual District operating expenses had some one-off benefits in the quarter, driven by currency exchange 
gains, some one-off cost adjustments, and as a result, we expect the Casual District cost base to be slightly higher on 
a normalized basis going forward.

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Key performance indicators 
 
 
 
Q1 2026Q4 2025Q3 2025Q2 2025Q1 2025GroupDAU, million8.99.48.99.09.0ARPDAU, SEK3.93.63.73.53.1Revenue generated by platform, %     Mobile app stores56%64%69%70%69%     Direct to consumer39%32%26%24%24%     Other5%4%5%5%7%Revenue generated by monetization type, %     IAP77%74%78%79%75%     IAA20%22%20%19%21%     Other3%4%2%2%4%Revenue generated by territory, %     Europe33%35%36%34%35%     North America56%55%55%55%57%     Asia Pacific9%8%8%9%6%     Rest of World2%2%2%2%1%Revenue generated by the top 3 games, %53%50%51%50%49%MidcoreDAU, million4.13.94.04.04.2ARPDAU, SEK6.66.76.56.35.1Revenue generated by platform, %     Mobile app stores45%54%62%64%63%     Direct to consumer49%42%33%31%32%     Other6%4%5%5%6%Revenue generated by monetization type, %     IAP95%94%95%95%94%     IAA2%3%3%3%3%     Other3%3%2%2%3%CasualDAU, million4.85.54.95.04.8ARPDAU, SEK1.61.41.41.31.4Revenue generated by platform, %     Mobile app stores96%97%97%95%91%     Direct to consumer0%0%0%0%0%     Other4%3%3%5%9%Revenue generated by monetization type, %     IAP10%9%13%15%16%     IAA87%90%88%83%78%     Other3%1%-1%3%6%

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Financial review 
Adjusted EBITDA 
 
We reported a 30% increase in adjusted EBITDA to SEK 802 (616) million in Q1, with an adjusted operating margin of 
25%. The increase in adjusted EBITDA primarily reflected the flow-through of the increase in gross sales, the 
increased contribution of DTC revenue in the mix, and the consolidation of Plarium, partially offset by UA 
investments. 
The group’s adjustments to reported EBITDA amounted to SEK 49 (21) million in the quarter. These were split 
between M&A transaction costs of SEK 38 (14) million, adjustments for non-recurring bonus structures of SEK 2 (7) 
million, and items affecting comparability of SEK 9 (0) mainly related to restructuring costs. The adjustments for M&A 
transaction costs mainly reflected the performance-based revaluation of put/call options related to the acquisition of 
Snowprint. 
Depreciation, amortization and impairment, amounted to SEK 383 (304) million and included amortization of 
purchase price allocations (PPA) of SEK 292 (245) million and a SEK 47 million impairment related to a Midcore 
District game which did not perform in line with expectations.  
Consolidated EBIT was SEK 371 (290) million in the quarter, which corresponded to an EBIT margin of 12% (11%). 
Operating costs before depreciation and amortization increased by 23% year over year to SEK 2,405 (1,963) million. 
 
 
  
SEKmQ12026Q12025FY2025Adjusted EBITDA8026162,648Items affecting comparability-9                                    -   -25Non-recurring bonus structures-2-7-45M&A transaction costs and revaluation of put/call options-38-14-195EBITDA7545942,383Depreciation, amortization and impairment-383-304-1,419EBIT371290963

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Cash flow 
 
Cash flow from operations 
Total cash flow from operations amounted to SEK 605 (176) million in the quarter. The group’s paid tax amounted to 
SEK -18 (-214) million in the quarter, partly impacted by a one-off tax refund in Plarium. The group reported changes in 
working capital of SEK -111 (-140) million in the quarter. The negative working capital in the quarter reflected a reversal 
of the positive effect in Q4 2025, partially offset by positive effects in accounts payable and other timing effects in Q1. 
Cash flow from investing activities 
Total cash flow from investing activities amounted to SEK -710 (-6,045) million in the quarter. Investing activities in the 
quarter included the final earn-out payment to the founders of PlaySimple, amounting to SEK -630 million. Cash flow 
from investing activities for the comparable period of 2025 amounted to SEK -5,988 million and primarily comprised 
the acquisition of Plarium, which was closed on 12 February 2025. Investing activities also included capital 
expenditure on tangible and intangible assets amounting to SEK -57 (-41) million, primarily comprising capitalized 
development costs for games and platforms. In addition, other investments amounted to SEK -23 (-16) million. 
Cash flow from financing activities 
Total cash flow from financing activities amounted to SEK 220 (4,685) million in the quarter. This mainly consisted of 
raising of new external loans of SEK 594 (5,008) million, the repurchase of shares amounting to SEK -172 (-110) million, 
and amortization of external loans amounting to SEK -201 (-212) million and the group’s leasing payments. The net 
SEKmQ12026Q12025FY2025Cash flow from operations before taxes and changes in 7345302,259Taxes paid-18-214-695Changes in working capital-111-140159Cash flow from operations6051761,723Cash flow from investing activities-710-6,045-7,502Cash flow from financing activities2204,6853,827Total net change in cash and cash equivalents116-1,183-1,952Cash and cash equivalents at the beginning of the period1,2303,5433,542Translation differences in cash and cash equivalents35-183-360Cash and cash equivalents at end of the period1,3812,1761,230Cash flow from operations6051761,723Investments-57-41-198Realized exchange rate differences and paid interest-34-7-257Unlevered free cash flow5821421,783

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change in cash and cash equivalents amounted to SEK 116 (-1,183) million in the quarter and the group had total cash 
and cash equivalents of SEK 1,381 (2,176) million at the end of the period. 
Unlevered cash conversion 
Our unlevered cash conversion amounted to 78% of adjusted EBITDA for the rolling 12-month period ended 31 March 
2026. The elevated performance in the quarter reflected a combination of effects, including the very strong 
underlying cash generation in Plarium and a positive one-off impact from a tax return, whilst on a rolling 12-month 
basis we had the positive impact of the very high cash conversion in Q4 2025.  We continue to expect to see some 
fluctuations in cash conversion in the coming quarters of 2026, reflecting both the seasonality of the business and 
the timing of certain working capital items. However,  unlevered cash conversion is expected to remain materially 
above our medium term guidance of being in excess of 60%.

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Net financials 
 
Total net financial items amounted to SEK -160 (-86) million in the quarter, of which net interest amounted to SEK -64 
(-19) million and other financial items amounted to SEK -97 (-68) million. 
Other financial items included exchange rate differences of SEK -41 (156) million, of which SEK -64 (163) million were 
unrealized exchanges rate differences and SEK 23 (-7) million realized exchange rate differences. Discounting effects 
on earnout liabilities amounted to SEK -28 (-76) million. Revaluation effects amounted to SEK -21 (-19) million, mainly 
related to the revaluation of the put/call options related to Snowprint. Additionally, financial items also included gain 
and loss of SEK -4 (-124) and other SEK -2 (-3) million SEK.  
Taxes 
The group’s tax amounted to SEK -72 (-140) million in the quarter. 
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, 2026, amounted to SEK 3,009 (2,493) million. The net financial debt calculation included external 
financing of SEK 4,141 (4,416) million, lease liabilities of SEK 249 (253) million, less SEK 1,381 (2,176) million in cash and 
cash equivalents. The financial leverage ratio amounted to 1.18x based on the 12-month period EBITDA. Total net debt 
as of March 31 amounted to SEK 3,875 (5,064) million. Total net debt comprised interest-bearing liabilities of SEK 
4,390 (4,669) million, earn-out liabilities of SEK 592 (2,249) million and put/call options of SEK 274 (322) million, less 
cash and cash equivalents of SEK 1,381 (2,176) million. The leverage ratio amounted to 1.52x based on the 12-month 
period EBITDA. 
  
SEKmQ12026Q12025FY2025Revaluation-21-19-182Gain and loss-4-124-158Net interest-64-19-243Unrealized exchange rate differences-64163254Realized exchange rate differences23-7-21Discounting effects-28-76-183Other-2-3-8Total-160-86-543

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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 -4 (144) million. Net interest amounted to SEK  
-2 (8) million. Unrealized and realized exchange rate differences amounted to SEK -1 (-13) million and other financial 
items to SEK - (-1) million. The parent company had cash and cash equivalents of SEK 132 (66) million at the end of the 
period.  The total number of shares outstanding at the end of the period was 120,179,285 (117,507,931), excluding the 
3,130,000 Class B shares held by MTG as treasury shares.

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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 2025 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 2025 Annual Report, which is available at 
www.mtg.com. 
 
Stockholm, 29 April 2026 
Maria Redin 
Group President & CEO, Modern Times Group MTG AB

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Condensed consolidated income statement 
 
 
Condensed statement of comprehensive income 
 
SEKmQ12026Q12025FY2025Net sales3,1592,55711,579Total revenue3,1592,55711,579Platform fees-394-408-1,834Other sales related costs-59-43-235User acquisition-1,199-959-4,316Other external expenses-183-139-701Personnel expenses-630-454-2,276Own work capitalized4620174Depreciation, amortization and impairment-383-304-1,419Other operating income282985Other operating expenses-13-11-93Operating result (EBIT)371290963Net financial items-160-86-543Profit before tax210205421Taxes for the period-72-140-484Net result for the period13865-62Basic earnings per share (SEK)1.160.55-0.53Diluted earnings per share (SEK)1.160.55-0.53Number of sharesShares outstanding at the end of the period120,179,285117,507,931115,808,942Basic average number of shares outstanding119,173,022117,913,411117,174,874Diluted average number of shares outstanding119,173,022117,913,411117,174,874(SEKm)Q12026Q12025FY2025Net income13865-62Other comprehensive incomeItems that are or may be reclassified to profit or loss, net of tax:Currency translation differences174-1,095-2,032Items that cannot be transferred to profit or loss, net of tax:Fair value change of equity instruments-9-675-728Total comprehensive income303-1,706-2,822Total comprehensive income attributable to:Equity holders of the parent303-1,706-2,822

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

18 
 
 
Condensed consolidated balance sheet 
 
(SEKm)Mar 31 2026Mar 31 2025Dec 31 2025Non-current assetsGoodwill                           10,847                             11,480                            10,700 Other intangible assets                             4,984                              6,520                               5,148 Total intangible assets                               15,831                                18,001                               15,848 Total tangible assets                                       118                                       146                                        118 Total right of use assets                                     244                                      252                                      250 Shares and participations349                                585                                  351 Other receivables                                207                                 207                                  199 Total non-current financial assets                                     555                                      792                                       551 Total non-current assets                               16,749                                19,190                                16,767 Current assetsOther receivables                              1,246                               1,396                               1,289 Cash and cash equivalents                              1,381                               2,176                               1,230 Total current assets                                 2,627                                  3,572                                  2,519 Total assets                               19,376                               22,762                               19,286 EquityShareholders’ equity                            11,376                             11,932                             10,617 Total equity                                11,376                                11,932                                10,617 Non-current liabilitiesLiabilities to credit institutions                              3,701                              4,299                               3,119 Lease liabilities                                 192                                  199                                  198 Total non-current interest-bearing liabilities                                 3,893                                 4,499                                   3,317 Provisions                                858                               1,144                                 909 Contingent consideration                                 122                                 954                                  129 Other non-interest-bearing liabilities                                   40                                   177                                    61 Total non-current non-interest-bearing liabilities                                 1,020                                  2,275                                  1,099 Total non-current liabilities                                 4,913                                  6,774                                  4,416 Current liabilitiesContingent consideration                                470                               1,295                               1,016 Liabilities to credit institutions                                430                                  100                                 368 Lease liabilities                                   57                                    54                                    55 Other non-interest-bearing liabilities                               2,130                              2,606                               2,814 Total current liabilities                                 3,087                                 4,056                                  4,253 Total liabilities                                8,000                               10,830                                 8,669 Total shareholders’ equity and liabilities                               19,376                               22,762                               19,286

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

19 
 
 
Condensed consolidated statement of cash flows 
 
Condensed consolidated statement of changes in equity 
 
 
 
 
(SEKm)Q12026Q12025FY2025Income before tax210205421Adjustment for items not included in cash flow5243251,838Taxes paid-18-214-695Changes in working capital-111-140159Cash flow from operations6051761,723Acquisition / sale of subsidiaries, associates and other investments-630-6,003-6,200Earnout payments--41-1,074Investments in other non-current assets-80--228Cash flow from investing activities-710-6,045-7,502Repurchase of shares-172-110-306Loan3934,8074,229Share swap regarding share incentive programs---39Other cash flow from/used in financing activities--12-57Cash flow from financing activities2204,6853,827Total net change in cash and cash equivalents116-1,183-1,952Cash and cash equivalents at the beginning of the period1,2303,5433,542Translation differences in cash and cash equivalents35-183-360Cash and cash equivalents at end of the period1,3812,1761,230(SEKm)Mar 31 2026Mar 31 2025Dec 31 2025Opening balance10,61713,73513,735Net income for the period13865-62Other comprehensive income for the period165-1,771-2,760Total comprehensive income for the period303-1,706-2,823Effect of employee share programs271350Share swap regarding share-based incentive program-80--39Repurchase of shares-172-110-306Re-distribution of repurchased shares680--Closing balance11,37611,93210,617

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

20 
 
 
Parent company condensed income statement 
 
  
SEKmQ12026Q12025FY2025Net sales191772Total revenue191772Other external expenses-24-51-168Personnel expenses-57-43-196Depreciation, amortization and impairment-10-1Other operating income1911Other operating expenses-11-2Operating result (EBIT)-63-67-284Net financial items-4144139Income before tax and appropriations-6677-144Appropriations--267Net result for the period-6677122

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

21 
 
 
Parent company condensed balance sheet 
 
  
(SEKm)Mar 31 2026Mar 31 2025Dec 31 2025Non-current assetsMachinery and equipment                                      1                                       1                                       1 Shares and participations                           15,366                             15,231                             15,231 Other financial receivables                                   35                                      9                                    26 Total non-current assets                              15,402                                15,241                               15,258 Current assetsCurrent receivables                                568                                    57                                  321 Cash and cash equivalents                                 132                                    66                                    111 Total current assets                                     700                                       124                                      432 Total assets                               16,102                               15,365                               15,690 Shareholders’ equityRestricted equity                                 617                                 642                                  617 Non-restricted equity                           14,545                            14,322                             14,194 Total equity                                15,161                               14,964                                 14,811 Non-current liabilitiesNon-interest-bearing liabilities                                    11                                      9                                     14 Liabilities to financial institutions                                  80                                     -                                       -   Total non-current liabilities                                         91                                            9                                          14 Current liabilitiesNon-interest-bearing liabilities                                849                                 392                                 866 Total current liabilities                                     849                                      392                                      866 Total liabilities                                    940                                      401                                     880 Total shareholders’ equity and liabilities                               16,102                               15,365                               15,690

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

22 
 
 
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. 
 
 
  
(SEKm)Mar 31 2026Dec 31 2025Fair value Level 1 Level 2 Level 3¹ Fair value Level 1 Level 2 Level 3¹Financial assets measured at fair valueShares and participations             349  -  -           349               351  -  -            351 Other receivables                45  -  -              45                 30  -  -              30 Financial liabilities measured at fair valueContingent consideration             592  -  -           592             1,145  -  -          1,145 Other liabilties                 -                 -    -               -                680           680  -               -   1) The amount of unrealised gains/losses in profit or loss is included in the financial net. 
(SEKm)Mar 31 2026Dec 31 2025Opening balance 1 January3511,287Reported gains and losses in net income for the period-7-144Reported gains and losses in OCI for the period-13-701Acquisition4 -Investments during the year- 14Dividend- -10Translation differences in income9 -67Translation differences in OCI4 -28Closing balance348351

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

23 
 
 
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. 
 
 
 
Operating segments 
 
 
(SEKm)Mar 31 2026Dec 31 2025Opening balance 1 January1,1451,674Exercised payments, cash-based-601-1,074Acquisition- 707Interest expense28180Translation differences20-342Closing balance5921,145(SEKm) 2026 2027 2028 2029+ TotalCash consideration475-5859592Total contingent consideration                   475                         -                         58                       59 592Q12026(SEKm)Revenue from external customers                   2,466                        693                                              -                       3,159 Total revenue                      2,466                           693                                                      -                          3,159 User acquisition-735-464                                                     -   -1,199Adjusted EBITDA698166-62802Items affecting comparability-9                           -                                                -   -9Non-recurring bonus structures                           -   -1-1-2M&A transaction costs and revaluation of put/call options-35                           -   -3-38EBITDA655165-66754Depreciation, amortization and impairment-354-28-1-383EBIT301137-67371Net financial items-160Profit before tax210
Midcore CasualGroup operations and eliminationsGroup total
Q1 2025(SEKm)Revenue from external customers1,949608                                             -   2,557Total revenue1,949608                                             -   2,557User acquisition-603-356                                             -   -959Adjusted EBITDA485166-35616Non-recurring bonus structures                           -   0-7-7M&A transaction costs and revaluation of put/call options-14                           -                                                -   -14EBITDA470166-42594Depreciation, amortization and impairment-265-38-1-304EBIT205128-43290Net financial items-85Profit before tax205
Midcore CasualGroup operations and eliminationsGroup total

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

24 
 
 
 
  
FY2025(SEKm)Revenue from external customers9,0392,540                                             -   11,579Total revenue9,0392,540                                             -   11,579User acquisition-2,727-1,589                                             -   -4,316Adjusted EBITDA2,278576-2062,648Items affecting comparability-25                           -                                                -   -25Non-recurring bonus structures-9-36                                             -   -45M&A transaction costs and revaluation of put/call options-191-1-4-195EBITDA2,053540-2102,383Depreciation, amortization and impairment-1,278-135-6-1,419EBIT775405-217963Net financial items-542Profit before tax421
Midcore CasualGroup operations and eliminationsGroup total

===== SIDA 25 =====

25 
 
 
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 
 Adjusted net income 
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 
and revaluation of put/call options. 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. 
 
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 divestments. The following 
table presents changes in organic sales growth as reconciled to the change in total reported net sales. 
 
 
(SEKm)Q12026Q12025FY2025EBIT371290963Amortization3122781,288Depreciation2526104Impairment tangible and intangible assets47                                    -   28EBITDA7545942,383Items affecting comparability9                                    -   25Non-recurring bonus structures2745M&A transaction costs and revaluation of put/call options                                   38 14195Adjusted EBITDA                                     802 6162,648
(SEKm)Q12026Q12025FY2025Organic growth12%6%9%Acquisition/divestments25%73%98%FX Impact-13%-3%-15%Reported growth24%77%92%

===== SIDA 26 =====

26 
 
 
Adjusted net income 
Net income adjusted for PPA related amortizations, non-cash items in financial net. 
 
  
(SEKm)Q12026Q12025FY2025Net income13865-62Non-Cash items in the net finance12016276Amortization (PPA)2922451,176Adjusted net income5503261,390

===== SIDA 27 =====

27 
 
 
Definitions 
Adjusted EBITDA 
EBITDA, adjusted for the effects of items affecting comparability, non-recurring bonus structures, acquisition-related transaction 
costs and revaluations of put/call options. 
Adjusted EBITDA margin 
Adjusted EBITDA compared to net revenues. Also referred to as “operating margin” in the text. 
Adjusted net income 
Net income adjusted for PPA related amortizations, non-cash items in financial net.  
ARPDAU 
Average net revenue per daily active user. 
Capital expenditures (CAPEX) 
Capital expenditure is a financial investment made with the expectation of future revenues. 
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. 
Direct-to-consumer revenue share 
Revenue from selling products directly to customers and thereby bypassing any third-party. 
Earnings per share 
Earnings per share are expressed as net income attributable to equity holders of the parent divided by the average number of 
shares. 
EBIT/Operating income 
Net income for the period before other financial items, net interest and tax  
EBIT margin 
EBIT as a percentage of net sales.  
EBITDA 
Profit for the period before other financial items, tax, net interest, depreciation, amortization and impairment on tangible and 
intangible assets.  
Financial leverage ratio 
Net financial debt divided by last twelve months EBITDA. 
IAA 
In app advertising. 
IAP 
In app purchases. 
Interest-bearing liabilities 
Interest-bearing liabilities include external financing and lease liabilities. 
Items affecting comparability (IAC) 
Items affecting comparability refers 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 comparable basis. 
Leverage ratio 
Net debt divided by last twelve months EBITDA.

===== SIDA 28 =====

28 
 
 
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.  
Net financial debt 
Net financial debt refers to the sum of interest-bearing liabilities, less cash and cash equivalents.  
Net sales growth in constant currencies 
Net sales at constant exchange rates is a financial measure that shows sales growth excluding the effects of exchange rate 
fluctuations. 
Organic growth 
The change in net sales compared with the same period last year, excluding acquisitions and divestments and adjusted for currency 
effects.  
Pro forma growth 
Pro forma growth is calculated on a like-for-like basis, as if all currently owned businesses had been consolidated (or de-
consolidated) for the entirety of both the current and comparative periods and on a constant currency basis. 
Sales growth 
Change in net sales compared with a previous period. 
UA 
User acquisition. 
Unlevered Cash Conversion (UCC)  
Cash flow from operating activities excluding paid interest in cash flow, including investments less realized exchange rate effects, 
as a percentage of adjusted EBITDA. 
Unlevered free cash flow  
Cash flow from operating activities excluding paid interest in cash flow, including investments less realized exchange rate effects.

===== SIDA 29 =====

29 
 
 
Shareholder information 
MTG’s Annual General Meeting 2026 
The Annual General Meeting will be held on 21 May 2026 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 2026 21 May 2026 
Q2 & 6 Months 2026 Financial Results report 21 July 2026 
Q3 & 9 Months 2026 Financial Results report 5 November 2026 
Questions? 
MTG Investor Relations 
Direct: +46 8 562 000 50, ir@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 2026. The call will be held in English.  
How to join: 
To participate via livestream, please use this link.  
To join via phone, please register using 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 30 =====

30 
 
 
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, 2026. 
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.