Kvartalsrapport Q3 2023

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

Q3 2023 Modern Times Group MTG AB  1 
We are well on track to deliver on our full-year revenue outlook. Q3 revenues were up 6% year over year to SEK 1,494 
million. Sales were up 1% year over year and up 2% from Q2 in constant currencies . Total user acquisition (UA) 
spend amounted to 37% of revenues in Q3. The group delivered record-breaking quarterly adjusted EBITDA of SEK 
449 million in Q3, with a strong  margin of 30%. We are increasing the outlook for our full-year adjusted EBITDA 
margin on the back of this strong performance and now expect the margin to be between 25% and 27% for the year. 
We are also very excited about our acquisition of a majority stake in Snowprint Studios after the end of the quarter.  
 Net sales increased by 6% year over year to SEK 1,494 (1,412) million. Sales were up by 1% year over year in constant 
currencies, and up 2% quarter over quarter  
 UA spend of SEK 554 (499) million corresponding to 37% (35%) of revenues  
 Adjusted EBITDA of SEK 449 (374) million with an adjusted EBITDA margin of 30% (27%) 
 Reported EBITDA of SEK 429 (325) million and EBIT of SEK 283 (193) million 
 Net financial items amounted to SEK 10 (304) million of which net interest amounted to SEK 44 (21) million and other 
financial items amounted to SEK -33 (283) million including discounted interest on earnouts of SEK -52 million, gain 
and loss from financial assets and liabilities of SEK -24 million, unrealized and realized exchange rate differences of 
SEK 45 million and other items totaling SEK -2 million 
 Total net income of SEK 194 (336) million and total basic earnings per share of SEK 1.55 (2.75) 
 Cash flow from operations in the quarter of SEK 444 (291) million including a realized currency exchange gain 
amounting to SEK 91 million and cash conversion of  69% in Q3 and 52% for the last 12 months  (October 2022 to 
September 2023) 
 Cash and cash equivalents at the end of the period amounted to SEK 3,989 (4,695) million. In addition, the group has 
SEK 123 million in long-term bank deposits 
 Maintained full year revenue outlook. We continue to expect sales within the range of -3% to +2%, adjusted for currency 
effects. We upgrade our adjusted EBITDA margin target for the year to a range of 25% to 27% (2023 outlook excludes 
contribution from Snowprint Studios) 
 Acquired 70% majority stake in Snowprint Studios after the end of the quarter

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

Q3 2023 Modern Times Group MTG AB  2 
We are very happy to report a 
strong Q3. Our sales and 
profitability were driven by a 
mix of the positive operational 
momentum we have been 
building throughout the year, 
combined with strong 
operational execution. I am also proud that we have grown 
sequentially in each of the quarters of the year, despite the 
normally seasonally weaker Q3.  
I am also excited to have closed our first major deal since 
2021 – the acquisition of Snowprint Studios after the end 
of the quarter. This enables us to add the fast-scaling mid-
core hit Warhammer 40,000: Tacticus to our portfolio and 
lets us welcome a great team of game industry veterans 
to our Gaming Village.   
Our continuously improving performance and strong 
operational dynamics mean that we are well on track  to 
delivering on our full year revenue goals, while also 
enabling us to upgrade our full year margin outlook. This 
upgrade is driven by the strength and ongoing scaling of 
our casual portfolio, another quarter of highly successful 
monetization of established users in Forge of Empires and 
strong growth from Bloons TD6.  
We reported record revenues of SEK 1 ,494 in Q3, which 
represented 6% year-over-year growth, supported by 
positive currency effects. We returned to organic growth in 
the quarter, with revenues up 1% year-over-year and 2% 
sequentially in constant currencies. The year-over-year 
growth was driven by PlaySimple and Ninja Kiwi, while 
nearly all  our studios  grew their sales on a sequential 
basis. It’s also worth keeping in mind  that PlaySimple 
received the last of its platform incentive payments in Q3 
last year, which means that our underlying growth is even 
more encouraging.   
PlaySimple is the largest studio in our portfolio and is now 
beginning to benefit from the scale they have been 
building over the last two years. The strong year-over-year 
growth reflected the much larger user base for our word 
games, as well as the strong performance of Word Search 
and Crossword Jam in the quarter. PlaySimple’s revenues 
were up slightly on a sequential basis , despite the  
seasonally weaker third quarter. The studio continued to 
work actively on optimization and live -ops in the quarter  
and is making good progress on several new games.  
InnoGames continued to stabilize its performance in the 
quarter. Revenues from our largest title, Forge of Empires, 
were up both year on year and quarter on quarter, thanks 
to another period of strong execution on live-ops and key 
events, as well as growing b rowser revenues . The 
performance in the period further cement s Forge of 
Empires as one of our most important evergreen titles and 
we continued to see high  engagement and healthy 
spending levels from our established players  in the 
quarter. This once again highlights how InnoGames has 
managed to energize  and refocus its team following the 
reorganization in April. The studio’s revenues were down 
year over year, mainly due to lower marketing investments 
in some titles while the team continues to work on the long-
term performance of their new games.  
Ninja Kiwi’s revenues were up significantly year over year 
and up slightly on a sequential basis in constant 
currencies. The growth was driven by Bloons TD 6, which 
continues to showcase the strength of Ninja Kiwi’s content 
combined with highly successful platform and distribution 
deals. The game also benefited from strong initial sales on 
Xbox. After the end of the quarter Ninja Kiwi launched a 
milestone update for Bloons TD 6, which included the 
brand-new Map Editor feature. Early data has shown very 
strong engagement for the Map Editor from both new and 
established players. The update has generated significant 
buzz in the Bloons community and was a strong driver of 
engagement out of the gate , prompting players to spend 
money in the app for the first time . At the end of 
September, Ninja Kiwi also revealed that their next game 
will be called Bloons Card Storm, a digital collectable card 
game set in the Bloons universe which will be launched in 
2024.   
Hutch’s revenues were down year over year  and 
compared to the second quarter, with both F1 Clash and 
Top Drives performing below our expectations. The game 
teams are committed to return these titles to growth and 
are exploring a range of options going forward. Hutch 
successfully test-launched its new title Forza Customs in 
four markets, with encouraging KPIs across the board . 
The game is now available globally  and Hutch is now 
preparing for a full commercial launch of the game. Hutch 
also announced that they have partnered with NASCAR to 
develop a new standalone mobile game in 2024.    
Kongregate’s sales were down year over year , but up 
slightly sequentially. The studio continued to focus on Web 
3.0 gaming, with multiple updates for Bit Heroes Quest  
launched in the quarter . Kongregate also launched Bit 
Heroes Runner on Android and IOS during the quarter and 
added 29 new games to the Kongregate.com platform.  
We invested a total of SEK 554 million in user acquisition 
in Q3, which was equivalent to 37% of our total revenues 
in the period. Our total UA spend was up year over year in 
constant currencies. This increase primarily reflected the 
strong growth and increased marketing spend in  our 
casual segment, while it has continued to be challenging 
to bring in new players to our mid-core games.  
We reported adjusted EBITDA of SEK 449 million in the 
quarter, corresponding to a margin of 30%. This was a 
significant increase compared to SEK 374 million and a 
margin of 27% in Q3 last year , when our results were 
boosted by the platform incentive payments in PlaySimple.

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

Q3 2023 Modern Times Group MTG AB  3 
Our current profitability levels reflect our underlying 
revenue growth in our Word Games and Tower Defense 
franchises and higher monetization levels from 
established players in Forge of Empires.  
We delivered a cash conversion of 69% in Q3 and 52% for 
the 12 -month period ending 3 0 September 2023. This 
performance reflected the strong cash generation levels in 
our high margin studios , somewhat lower CAPEX and 
slightly positive working capital in the quarter.  
On 5 October we announced that MTG had acquired a 
70% majority stake in the fast-growing Swedish mobile 
games’ developer Snowprint Studios, the team behind the 
new and rapidly growing hit Warhammer 40,000: Tacticus. 
The game was launched in August 2022 and is in the very 
early stages of its growth journey.  
We are convinced that we can help Snowprint accelerate 
their growth by providing them with access to the business 
intelligence and user acquisition toolkit available through 
the Flow Platform, which will help unlock new potential, 
and sharing our expertise in expanding games to new 
platforms. Snowprint has a small and highly experienced 
team in Stockholm and Berlin. The studio is led by three 
industry veterans, each with over 15 years of experience 
in mobile gaming.  
The acquisition is closely aligned with our overall business 
strategy and Snowprint proved to be a strong match with 
our highly selective M&A framework. The acquisition 
enables us to increase our relevant scale in the crucially 
important mid-core segment. It is also closely aligned with 
our belief in successful games based on powerhouse 
global IP’s. I am excited about the additional strength in 
our portfolio and the opportunities for growth and cross -
promotion we see from this in the future.  
At the same time, we are continuing to buy back shares , 
on the back of the SEK 300 million repurchase program 
we launched on 1 September. This program runs until the 
end of the year, and our Board of Directors will evaluate 
our next steps when the time comes.  
We expect the North American and European in-app 
purchase market to have been up by mid -single digits in 
Q3, which suggests that our markets continue to recover 
at a healthy rate. Given these positive dynamics, we now 
expect our overall market to be slightly up year over year 
in 2023, driven by the casual segment, while the mid-core 
market remains challenging.  
I’m excited  be heading into the rest of Q4 in a great 
position to deliver on our maintained revenue outlook and 
increased margin expectations. The acquisition of 
Snowprint adds another great studio to our Gaming Village 
and improves our potential to drive long -term synergies 
within the group. 
We have a clear growth strategy, with transparent long -
term growth and profitability targets. Our growth will come 
from our strong portfolio of established games and a very 
exciting pipeline of new titles that will be launched in next 
12 to 24 months. This will be supported by the Flow 
Platform, and we continue to elevate the tools, experience, 
and experts we have in our studios.  
I am excited about our future and look forward to sharing 
more news with you when the time comes.  
Thank you, 
Maria Redin  
Group President & CEO, Modern Times Group MTG AB

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

Q3 2023 Modern Times Group MTG AB  4 
 
MTG reiterates its revenue outlook for the full year 2023 
but raises its margin expectations.  
We continue to expect our full-year sales to be within the 
range of -3% to +2% after adjusting for currency effects. 
We now expect our adjusted EBITDA margin for the year 
to be 25% to 27%, slightly above our long-term outlook of 
23% to 25%. 
The outlook for 2023 excludes the contribution from  
Snowprint Studios, which was acquired on 5 October 
2023. 
  
March 28 – MTG increased its ownership in PlaySimple 
to approximately 93%, with the remaining shares held by 
PlaySimple founders. The group has consolidated 100% 
of PlaySimple since 1 August 2021 and has a contractual 
path to full ownership in place.  
April 13  – MTG’s German gaming studio, InnoGames, 
announced a strategic organizational realignment of its 
business.  
June 12 – MTG announced the appointment of Nils Mösko 
as its new CFO. Nils has extensive experience in strategy 
and financial management and most recently served as 
Chief Strategy Officer and Head of Business Development 
at the electric vehicle company Polestar.  
June 15 – MTG’s racing-focused studio, Hutch, teamed 
up with Turn 10 Studios, a well -known first -party video 
game developer and the creators of the Forza franchise, 
to release an exciting new mobile game targeting a broad 
audience. 
September 1 – MTG launched a SEK 300 million share 
repurchase program, starting on 4 September and running 
until 31 December 2023. The Board of Directors’ view is 
that the program will increase the value created for MTG 
shareholders.  
September 15 – MTG’s wholly owned studio, Ninja Kiwi, 
successfully launched the tower defense hit Bloons TD6 
on Xbox. Ninja Kiwi will continue evolving the game over 
time with additional features and content.  
September 21 – Hutch announced a new partnership with 
the recognized motorsport organization, NASCAR. The 
partnership will see Hutch developing a standalone title for 
mobile.  
September 22 – Ninja Kiwi announced Bloons Card 
Storm, a competitive digital collectible card game set 
within the Bloons universe. The game will be launched on 
mobile and PC during 2024.  
October 5  – MTG acquire d a 70% majority stake in 
Snowprint Studios, the studio behind Warhammer 40,000: 
Tacticus. Snowprint Studios specializes in turn -based 
tactics games, with Warhammer 40,000: Tacticus having 
won several industry awards. The goal is to accelerate 
Snowprint’s growth through the Flow Platform by offering 
market-leading business intelligence and user acquisition 
capabilities.  
Further information about the group’s significant 
events can be found on MTG’s homepage on 
www.mtg.com

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

Q3 2023 Modern Times Group MTG AB  5 
Group net sales were up 6% to SEK 1,494 million in Q3, supported by a 5% positive contribution from currency effects. Sales 
were up 1% year over year  and 2% quarter on quarter in constant currencies in Q3 , demonstrating the continued positive 
momentum for the business as a whole. PlaySimple and Ninja Kiwi were the drivers of the group’s year-over-year growth in 
Q3, while all the group’s studios besides Hutch increased their revenues quarter on quarter.   
PlaySimple’s strong growth reflected the scaling of the user base in the last 12 months  following investments in user 
acquisition and ad tech . Year-over-year growth was also affected by Q3 2022 comparison figures, which included the final 
platform incentive payment received by the studio.  
Ninja Kiwi  reported another quarter of strong year-on-year gr owth and grew sequentially thanks to the continued strong 
performance of Bloons TD 6. InnoGames ’ sales were down year over year, but the positive momentum the studio has built 
throughout the year continued in Q3 and the studio’s sales were up sequentially. The strong performance came from  its key 
title Forge of Empires, with revenues up both year over year and sequentially. The growth was driven by strong live-ops and 
events driving the successful  reactivation of established players, leading to improved monetization levels . Hutch reported 
lower sales both year over year and quarter on quarter as key games continued to underperform. Kongregate’s sales were 
down year over year but up slightly from the second quarter of this year. 
 
 
  
  
  
 
  
  
  
 
  
  
  
 
  
  
  
 
  
  
  
 
  
  
  
   
MTG reported a 20% year-over-year increase in adjusted EBITDA to SEK 449 (374) million . The adjusted EBITDA margin 
increased to 30% from 27% in Q3 last year. The improved profitability reflected the higher proportion of revenues from 
PlaySimple and Ninja Kiwi, with margins also benefiting from the higher proportion of browser revenues and reactivation and 
better monetization of established players in Forge of Empires . The group’s margin was also slightly positively affected by 
smaller non-recurring effects in the quarter.  
This was somewhat offset by higher user acquisition costs from our casual games as this part of the portfolio continues to 
scale. Total acquisition costs in the quarter represented 37% of total revenues, compared to 35% last year. Total acquisition 
costs were down from 39% in the second quarter in the seasonally weaker Q3. It is worth noting that the margin in Q3 2022 
was also positively affected by the platform incentive bonus received by PlaySimple.   
The group’s adjustments to reported EBITDA amounted to SEK 20 (49) million in the quarter. This included an adjustment for 
non-recurring bonus structures of SEK 6 (29) million and an adjustment for M&A transaction costs of SEK 14 (3) million. The 
group therefore reported EBITDA of SEK 429 (325) million and a margin of 29% (23) in the quarter. The adjustments for the 
year to date included SEK 40 million relating to the restructuring program in InnoGames in Q2 2023.

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

Q3 2023 Modern Times Group MTG AB  6 
Depreciation and amortization amounted to SEK 146 (132) million and included amortization of purchase price allocations 
(PPA) of SEK 92 (90) million. Excluding PPA, depreciation and amortization amounted to SEK 54 (42) million.  
Consolidated EBIT was SEK 283 (193) million in the quarter, which corresponded to an EBIT margin of 19% (14). Operating 
costs before depreciation and amortization decreased by 2% year over year to SEK 1,065 (1,087) million. 
 
  
  
  
  
 
  
  
  
  
 
  
  
  
  
 
  
  
  
  
      
 
  
  
  
  
      
      
 
  
  
  
  
 
  
  
  
  
 
  
  
  
  
      
      
 
  
  
  
  
 
  
  
  
  
 
  
  
  
  
 
  
  
  
  
      
 
  
  
  
  
The group’s total DAU (daily active users) declined by 2% while MAU (monthly active users) were up 1% on a sequential 
basis. This performance reflected the fact that Q3 is normally a seasonally weaker quarter, combined with the ongoing 
challenges to onboard new players to our mid-core games. DAU levels were flat and MAU levels were down slightly year over 
year, which reflected the previously mentioned challenges in mid-core user acquisition offset somewhat by higher year over 
year MAU and DAU levels in our Word Games and Tower Defense franchises.  
Average Revenue per Daily Active User (ARPDAU) was up by 12% year over year and up 3% on a sequential basis, reflecting 
the healthy levels of revenue generation from our established users in Forge of Empires in particular.  Similar to the first two 
quarters of the year , improved monetization was somewhat offset by a higher proportion of casual players in the group’s 
overall player mix.  
Forge of Empires, Word Trip, and Word Jam continued to be the group’s top three performing titles. The top three games 
represented 46% of the group’s revenues in the third quarter, compared to 47% in the second quarter.    
Mobile represented 75% (73%) of total revenues in the third quarter. The year over year increase in browser revenues 
primarily reflected the strong browser performance in Forge of Empires.

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

Q3 2023 Modern Times Group MTG AB  7 
 
  
  
  
  
  
 
  
 
  
 
  
 
  
 
  
 
  
  
  
  
  
Word Games franchise revenues were up 15% year over 
year and up 1% sequentially in constant currencies. The 
two new games in the franchise continued to perform 
strongly in the quarter, with Word Search growing nearly 
50% on a sequential basis.  
Key franchise developments in the quarter included the 
launch of Club Championship for Word Trip, a key  
foundational feature which is expected to significantly 
contribute to the game’s success going forward. 
PlaySimple also launched new features to drive 
engagement for Crossword Jam  as well as improved 
content for non-US geographies. PlaySimple continued to 
optimize Crossword Explorer for early cohor ts and 
launched a weekly quest event for the game.  
Strategy & Simulation franchise revenues were down by 
5% year over year in constant currencies but up 3% from 
Q2. The sequential growth was once again driven by the 
strong execution  of live-ops and events  in Forge of 
Empires. This drove engagement from older players , 
leading to higher monetization and an increase in browser 
revenues in the game, which grew both year over year and 
sequentially. Key events for Forge of Empires included the 
Fellowship event that began in June, as well as the Soccer 
event and the Fall event which began in September.  
The team continued to work on accelerating the 
performance of Sunrise Village  and tested several 
features to drive onboarding and early retention in the 
quarter. InnoGames also soft -launched the browser 
version of Sunrise Village in August,  with encouraging 
early performance indicators. The Strategy & Simulation 
franchise continued to face challenges with new user 
acquisition in the quarter, with lower UA spending as a 
result.  
As previously mentioned, MTG signed an agreement in 
October to acquire a majority stake in Snowprint Studios , 
the team behind Warhammer 40,000: Tacticus.  The 
game’s results, as well as Snowprint’s two other titles 
Legend of Solgard and Rivengard will be reported as part 
of the Strategy & Simulation franchise from the fourth 
quarter of 2023.   
Tower Defense franchise revenues were up 24% year 
over year  and up 6% from Q2 this year, thanks to the 
continued strong performance of the franchise hero title 
Bloons TD 6.  The strong performance in the quarter 
reflected growing distribution revenues, including from 
Apple Arcade and Netflix, as well as the first Bloons TD 6 
sales on Xbox . Revenues in the quarter were also 
positively impacted by a payment from a third party, who 
is exploring the possibility of developing a future version 
of Bloons TD 6 for the Chinese market. 
Ninja Kiwi has continued to deliver regular updates to the 
Bloons TD 6 . This included one content update in July, 
followed by another, major, update in October. The 
October update included the long -awaited Map Editor 
feature, which has been received very positively by the 
community. Early data Indicates that  the Map Editor is 
driving high levels of player engagement, which is driving 
in-game spending from players who have not paid for in-
app purchases before.   
Ninja Kiwi continues to work on Battles 2 and introduced 
a major update to the game with a range of important new 
gameplay features. In September Ninja Kiwi announced 
that their next game, due in 2024, is called Bloons Card 
Storm, a digital collectable card game set in the Bloons 
universe.   
Racing franchise revenues were down 22% year over 
year and were flat quarter on quarter  as a result of weak 
performance from both F1 Clash and Top Drives in the 
quarter. The game teams have continued to work actively 
on improving the performance of both games. F1 Clash 
received a several updates during the quarter. Hutch also 
partnered with Nexus, a platform for live services games 
that helps game content creators connect with their 
audiences and earn money from their content, based on a 
revenue share model. Top Drives received several 
updates during the quarter, and Hutch also launched the 
web store for the game.  
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Q3'22 Q4'22 Q1'23 Q2'23 Q3'23
Word Games Strategy & Simulation
Racing Tower Defense
Other smaller franchises

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

Q3 2023 Modern Times Group MTG AB  8 
Hutch has made significant progress on their new games 
in the quarter. Forza Customs, which Hutch developed in 
partnership with Turn 10 was successfully test-launched 
in four international markets. Following a successful test 
launch, Hutch is now preparing for a full commercial 
launch of the game. In September Hutch also announced 
that the studio has partnered up with NASCAR to develop 
a new standalone mobile game.  
Kongregate’s revenues were down year over year but up 
slightly on a sequential basis in Q3. The studio continued 
to invest in its growing Web 3.0 portfolio  and also added 
29 new games to the Kongregate.com platform in the 
quarter. Bit Heroes Runner was launched on Android in 
July and iOS in August , while Bit Heroes Quest received 
5 events during the quarter.  
Net financial items amounted to SEK 10 (304) million in 
the quarter, of which net interest amounted to SEK 44  
(21) million and other financial items to SEK -33 (283) 
million. Other financial items consist of unrealized and 
realized exchange rate differences (SEK 45 million), gain 
and losses from financial assets and liabilities (SEK -24 
million), discounted interest on earnouts (SEK -52 million) 
and other items (SEK -2 million). 
Unrealized and realized exchange rate differences 
amounted to SEK 45 million, net , of which realized 
exchange rate differences amounted to SEK 91 million 
and unrealized exchange rate differences amounted to 
SEK -46 million. Gains and losses from financial assets 
and liabilities amounted to SEK -24 million, of which:  
• SEK -58 million related to the revaluation of the 
earnout liability  
• SEK 32 million related to the valuation of a 
financial liability pertaining to the acquisition of 
the remaining outstanding 7.2% shares of Play -
Simple, (since the liability follows the value of a 
fixed number of shares)  
• SEK 2 million related to other changes.  
The group’s tax amounted to SEK -99 (-112) million.  
Net income for the quarter therefore amounted to SEK 194 
(385) million. 
MTG divested ESL Gaming to Savvy Gaming Group  in 
April 2022. As a result, the group’s esports vertical and 
operations have been reclassified as discontinued 
operations since Q1 2022 (including in this report). Further 
information can be found in the  2022 Annual Report , as 
well as in the 2022 quarterly reports. 
To date, the MTG VC fund has invested a total of SEK 411 
(USD 38.7) million in a total of  25 companies. VC 
investments complement MTG’s majority stake 
investment in Kongregate, InnoGames, Hutch, Ninja Kiwi, 
PlaySimple and Snowprint.  
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.

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

Q3 2023 Modern Times Group MTG AB  9 
Cash flow from operations before changes in working 
capital and taxes paid amounted to SEK  535 (540) million. 
This included a realized currency exchange gain amounting 
to SEK 91 million in the quarter.  Depreciation and 
amortization amounted to SEK -146 (-132) million, of which 
SEK -92 (-90) million pertained to amortization of PPA. Paid 
taxes amounted to SEK -130 (-119) million.    
The group reported a SEK 39 (-129) million change in 
working capital in the quarter.      
Net cash flow from operations therefore amounted to SEK 
444 (291) million. 
Total cash flow relating to investing activities amounted to 
SEK -160 (-625) million in the quarter and mainly consisted 
of an earnout payment  of SEK -112 million to Hutch and 
Ninja Kiwi. Capital expenditure on tangible and intangible 
assets, mainly consisting of capitalized development costs 
for games and platforms that have not yet been released, 
amounted to SEK -43 (-63) million in the quarter.  
Total cash flow relating to financing activities amounted to 
SEK -75 (-2,898) million, of which SEK -54 million related 
to the group’s repurchase of shares.  The cash flow in Q2 
2022 included the extraordinary cash value transfer to 
MTG’s shareholders through a share redemption plan, 
which entitled holders to a redemption of SEK 25.00 per 
share and which was approved by the 2022 AGM.  
The net change in cash and cash equivalents amounted to 
SEK 210 (-3,232) million.  
The group had cash and cash equivalents of SEK 3,989 
(4,695) million at the end of the period.  
Net debt refers to the sum of interest-bearing liabilities less 
cash and cash equivalents. Interest -bearing liabilities such 
as additional purchase considerations or lease liabilities are 
not included. 
Net debt as of September 30, 202 3, amounted to SEK 
3,989 (4,695) million. The net debt calculation includes 
external financing of SEK 0 (0) million less SEK 3,989 
(4,695) million in cash and cash equivalents.

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

Q3 2023 Modern Times Group MTG AB  10 
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 -100 (373) million. Net interest amounted to SEK -8 
(16) million. Unrealized and realized exchange rate differences amounted to SEK 2 (360) million and other financial items to 
SEK -94 (-3) million. 
The parent company had cash and cash equivalents of SEK 2,753 (4,085) million at the end of the period.  
The total number of shares outstanding at the end of the period was 124,055,202 (125,251,164), excluding the 1,289,182 
Class B shares and the 6,324,343 Class C shares held by MTG as treasury shares. In August, MTG cancelled 6,520,000  
B-shares previously repurchased by MTG under its share repurchase programs.

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

Q3 2023 Modern Times Group MTG AB  11 
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 2022 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.  
No transactions between MTG and related parties that 
have materially affected the Group’s position and earnings 
took place during the period. 
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 2 Annual Report, which is available at 
www.mtg.com. 
 
Stockholm, October 25, 2023 
 
Maria Redin 
Group President & CEO, Modern Times Group MTG AB

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

Q3 2023 Modern Times Group MTG AB  12 
We have reviewed the condensed interim financial 
information (interim report) of Modern Times Group MTG 
AB (publ) as of 30 September 2023 and the nine -month 
period then ended. The Board of Directors and the 
Managing Director are responsible for the preparation and 
presentation of this interim report in accordance with IAS 
34 and the Annual Accounts Act. Our responsibility is to 
express a conclusion on this interim report based on our 
review.  
We conducted our review in accordance with International 
Standard on Review Engagements ISRE 2410 Review of 
Interim Financial Information Performed by the 
Independent Auditor of the Entity. A review of interim 
financial information consists of making inquiries, primarily 
of persons responsible for financial and accounting 
matters, and applying analytical and oth er review 
procedures. A review is substantially less in scope than an 
audit conducted in accordance with International 
Standards on Auditing and other generally accepted 
auditing practices and consequently does not enable us to 
obtain assurance that we wou ld become aware of all 
significant matters that might be identified in an audit. 
Accordingly, we do not express an audit opinion.
 
Based on our review, nothing has come to our attention 
that causes us to believe that the interim report is not 
prepared, in all material respects, for the Group in 
accordance with IAS 34 and the Annual Accounts Act, and 
for the Parent Company in accordanc e with the Annual 
Accounts Act. 
Stockholm 25 October 2023 
KPMG AB 
 
 
  
Helena Nilsson  
Authorized Public Accountant

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Net income for the period is in line with total comprehensive income for the parent company.

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Q3 2023 Modern Times Group MTG AB  17 
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. 
 
     
     
 
  
  
  
  
  
  
  
  
         
 
  
  
  
  
  
  
  
  
         
 
  
  
  
  
  
  
  
  
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.

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Q3 2023 Modern Times Group MTG AB  18 
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 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 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 
the second quarter of 2022 the group changed its definition of adjusted EBITDA. The new definition of adjusted EBITDA does 
not include the group’s various operational incentive programs and only includes non-recurring bonus structures. 
 
  
  
  
 
  
  
  
 
  
  
  
 
  
  
  
 
  
  
  
 
  
  
  
 
  
  
  
 
  
  
  
 
  
  
  
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 the 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. 
   
 
 
After the end of the period, MTG has acquired a 70% majority stake in Swedish mobile game development studio Snowprint 
Studios, the purchase price is estimated to be USD 45 million. Snowprint is the studio behind the success of Warhammer 
40,000: Tacticus and the deal is made on a cash and debt free basis, for a cash consideration which will reflect a 1.8x multiple 
of 2023 revenues for Warhammer 40,000: Tacticus. The acquisition of Snowprint is closely aligned with the M&A -driven 
element of MTG’s growth strategy and enables MTG to add a critically acclaimed game with high affinity to our existing titles 
in our portfolio. The transaction is closed and MTG will consolidate Snowprint Studios from October.  
 
There were no other events after the end of the reporting period.

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Q3 2023 Modern Times Group MTG AB  19 
EBITDA, adjusted for the effects of items affecting comparability, long -term incentive programs, acquisition -related transaction costs and 
impairment of own work capitalized, which are referred to as adjustments. 
Average revenue per daily active user. 
Capital expenditures. 
Operating cash flow in relation to adjusted EBITDA. 
Daily active users. 
Earnings per share is expressed as net income attributable to equity holders of the parent divided by the average number of shares. 
Net income for the period from continuing operations before other financial items, net interest and tax. 
Profit for the period from continuing operations before other financial items, net interest, tax and depreciation and amortization.  
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 like-for-like basis. 
Monthly active users.   
The change in net sales compared with the same period last year, excluding acquisitions and divestments and adjusted for currency effects. 
The change in net sales compared with the same period last year as if the company had fully consolidated its acquisitions and divestments 
as of the previous period and adjusted for currency effects. The pro forma figures have been prepared with advice from external expertise in 
order to restate a GAAP financial statement to IFRS and may include timing adjustments for both income and costs. 
Revenue presented as if the company had fully consolidated its acquisitions and divestments. The pro forma figures have been prepared 
with advice from external expertise in order to restate a GAAP financial statement to IFRS and may include timing adjustments  for both 
income and costs. 
User acquisitions costs presented as if the company ha d fully consolidated its acquisitions and divestments as of the previous period. The 
pro forma UA spend figures are presented in local GAAP for the respective portfolio companies from the time periods prior to being 
consolidated by MTG. 
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. 
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. 
User acquisition.

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

Q3 2023 Modern Times Group MTG AB  20 
The Annual General Meeting will be held on 16 May 2024 in Stockholm. Shareholders wishing to have matters considered at 
the Annual General Meeting should submit their proposals in writing either by post to the “Company Secretary”, Modern Times 
Group MTG AB (publ), Annual General Meeting, P.O. Box 2094, SE-103 13 Stockholm, Sweden or by email to agm@mtg.com 
at least seven weeks before the Annual General Meeting in order for the proposal to be included in the notice to the meeting. 
Further details on how and when to register will be published in advance of the meeting.  
Date 
8 February 2024 
24 April 2024 
16 May 2024 
18 July 2024 
24 October 2024 
Anton Gourman, VP Communications  
Direct: +46 73 661 8488, anton.gourman@mtg.com  
Follow us: mtg.com / Twitter / LinkedIn 
MTG will host a livestream and conference call at 3.00 p.m. CEST today, on 25 October 2023. The call will be held in English.  
How to join: 
• To participate via livestream, please use this link.   
• To join via phone, please register on  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 21 =====

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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 a.m. CEST on October 25, 2023. 
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.