Kvartalsrapport Q3 2025

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

Q3 2025 Modern Times Group MTG AB  1  
 
 
Exceptional 15% organic growth in Q3 with 23% adjusted 
EBITDA margin and on track to deliver on full-year outlook 
We delivered accelerated organic growth of 15% year over year in Q3 and 10% for the first nine months (9M) of 2025 with 
total revenues up 126% and 107% year over year in constant currencies for the two respective periods. Our organic 
growth in Q3 was driven by a very active and successful schedule of in-game content and events. RAID: Shadow 
Legends also had a very strong quarter of high single-digit growth. User acquisition spend (UA) in our original studios 
was up by 37% year over year in constant currencies in Q3 and 38% for the 9M period, as we continued to scale new 
games and drive momentum going into Q4. Our total UA spend represented 37% of our total revenues in both Q3 and for 
the 9M period. Total adjusted EBITDA was up by 73% year over year in Q3 and by 59% for the 9M period, with operating 
margins of 23% for both periods. We are therefore well-positioned to deliver on our raised 2025 outlook for organic sales 
growth of 7-9%, total group revenues of SEK 11.4-11.7 billion and a group operating margin of 21-24%.  
Financial highlights Q3 
■ Net sales increased by 108% to SEK 2,987 (1,438) million 
year over year and up 126% in constant currencies despite 
negative currency impact of -19%. Organic year over year 
growth was 15% 
■ UA spend of SEK 1,112 (548) million corresponding to 37% 
(38%) of revenues, and up 37% year over year for our 
original studios in constant currencies 
■ Adjusted EBITDA up by 73% year over year to SEK 675 
(390) million with an adjusted EBITDA margin of 23% (27%). 
Adjustments of SEK 48 (25) million for M&A transaction 
costs and revaluation of put/call options, and SEK 37 (2) 
million for non-recurring bonus structures  
■ Reported EBITDA of SEK 590 (363) million and EBIT of SEK 
232 (213) million impacted by increased amortization levels 
of intangible assets arising from the acquisition of Plarium, 
primarily related to RAID: Shadow Legends 
■ Net financial items of SEK -96 (50) million, driven by net 
interest amounted to SEK -82 (28) million and put/call 
options 
■ Tax amounted to SEK -97 (-89) million 
■ Total net income of 39 (174) million  
■ Cash flow from operations of SEK 382 (347) million and 
unlevered cash conversion of 60% 
■ Cash and cash equivalents at the end of the period 
amounted to SEK 1,221 (3,197) million with a net financial 
debt of SEK 3,095 (-3,038) million  
Financial highlights nine months 
■ Net sales increased by 96% to SEK 8,456 (4,322) million 
and up 107% in constant currencies. Organic year over 
year growth of 10%  
■ UA spend of SEK 3,125 (1,545) million corresponding to 
37% (36%) of revenues 
■ Adjusted EBITDA of SEK 1,931 (1,211) million with an 
adjusted EBITDA margin of 23% (28%) 
■ Reported EBITDA of SEK 1,780 (1,159) million and EBIT of 
SEK 745 (731) million 
■ Net financial items of SEK -312 (-393) million, of which  
SEK -175 (94) was net interest 
■ Total net income of SEK 43 (32) million and total basic 
earnings per share of SEK 0.36 (0.27) 
■ Cash flow from operations of SEK 884 (1,014) million and 
unlevered cash conversion of 46% for the 12-month period 
ended 30 September 2025 
Financial overview 
(SEKm)Q32025Q3 20249M20259M2024FY2024Net sales2,987 1,438 8,456 4,322 6,015EBIT¹ 232213745731901EBITDA¹ 5903631,7801,1591,476Adjusted EBITDA6753901,9311,2111,666Net income391744332-210Cash flow from operations3823478841,0141,340Basic earnings per share (SEK)0.331.450.360.27-1.74Diluted earnings per share (SEK)0.331.450.360.26-1.74GrowthSales growth, %108%-4%96%1%3%FX Impact-19%-2%-12%0%0%Sales growth at constant FX126%-2%107%2%3%of which organic growth15%-9%10%-4%-1%¹ Reallocation of SEK 5 million put call option in Q3 2024 between operating profit and  financial net

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

Q3 2025 Modern Times Group MTG AB  2  
 
 
President & CEO’s comments
Outstanding Q3 with 
exceptional organic 
growth  
I am very happy to deliver a 
strong Q3 with outstanding 
organic growth on the back of 
a very active, and successful, 
in-game event and content schedule, combined with 
strong performance from RAID: Shadow Legends. It is 
encouraging to see our organic growth coming from 
both recently launched new games and rapidly scaling 
games across our casual and midcore portfolios, as well 
as some of our largest established franchises.  
We have continued to expand our core games with key 
new features, while maintaining high volumes of live-ops 
combined with disciplined and scaled marketing. This 
was further supported by the very strong momentum we 
have been building in our original studios for the last five 
quarters. This enabled us to drive 15% organic year over 
year growth in Q3 and 10% for the first nine months of the 
year. We did this while maintaining our well-established 
focus on marketing discipline and cost control, enabling 
us to report operating margins of 23% in Q3 and 23% for 
the first nine months. 
Our organic growth continued to accelerate in Q3, which 
emphasizes the quality we have across our portfolio. On 
the casual side, PlaySimple delivered another quarter of 
double-digit growth. This was primarily driven by us 
finally being able to start fully scaling some of the new 
Word and adjacent Puzzle games that have previously 
been in early launch and finding more opportunities to 
scale our established word games, which supported our 
year over year growth. Thanks to this we have continued 
to increase our overall share of the extremely 
competitive causal games market, and I am very proud of 
the work our teams continue to deliver. 
Warhammer 40,000: Tacticus delivered another very 
strong quarter of double-digit growth. The game 
delivered record monthly revenue in September, thanks 
to a very successful three-year anniversary event 
combined with expanded content.  
F1 Clash had another stellar quarter, generating strong 
year over year growth on the back of the successful 
season reset in Q2, which expanded the game’s content 
and significantly improved player experience. This was 
further supported by easier comparative numbers for the 
game in Q3 last year. 
Heroes of History also continued to grow, driven by new 
in-game content including a highly successful one-year 
anniversary event and multiple in-game seasons.  
RAID: Shadow Legends delivered a very strong Q3 driven 
by successful live-ops and the launch of the Teenage 
Mutant Ninja Turtles IP tie-in. This latest IP partnership 
follows a number of very successful IP initiatives done 
over the last year, continuing to showcase the longevity 
and ongoing future potential of RAID. 
On a more general note, some of the ongoing changes to 
the digital competitive regulatory landscape in the US 
are providing our studios with opportunities to increase 
their focus on DTC revenues. This is an important part of 
our business and several of our games are today working 
on expanding the DTC offering to our players.  
Solid margins and optimized UA spend going 
into the end-of-year period 
We invested a total of SEK 1,112 million in user acquisition 
(UA) in Q3 and SEK 3,125 million in the first nine months 
of the year, corresponding to 37% of our total revenues 
for both periods. UA spend for our original studios was 
up by 37% year over year in Q3 in constant currencies, 
and up slightly from Q2 this year.  
We continued to maintain our proven UA discipline 
throughout Q3, focusing our marketing to areas where 
we saw the highest return. The year over year increase in 
organic UA spend was driven by a mix of investment in 
new fast scaling casual games, the racing mainstay F1 
Clash, which continued to perform very strongly and 
Heroes of History, which was launched in Q3 last year.  
Our continued marketing investments in Q4 are setting 
the foundation for a successful 2026. As I have written in 
prior quarters of 2025, given the typically higher 
marketing costs in the key year-end period and our 
strong pace of UA scaling in the first nine months of the

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

Q3 2025 Modern Times Group MTG AB  3  
 
 
year, we will continue to invest in our games where we 
see opportunities in Q4. We will, however, do so in a 
disciplined, balanced manner to optimize our UA spend.   
We reported adjusted EBITDA of SEK 675 million in Q3 
and SEK 1,931 million for the first nine months of the year. 
Our operating margins levels of 23% in Q3 and 23% for 
the nine-month period once again primarily reflected our 
increased levels of organic UA spend.  
We reported unlevered cash conversion of 60% in Q3 
and 46% for the 12-month period ended 30 September 
2025. The lower cash conversion levels for the rolling 12-
month period mainly reflected recent higher M&A costs 
and withholding tax payments in both Q2 and Q1.  
Evolving our operating model 
On 9th of October we had the pleasure to host a Capital 
Markets Day in Stockholm. During the day, we talked 
about how we are transforming MTG to create a better, 
faster and more agile gaming leader, including moving to 
a new structure with two Gaming Districts from the 
beginning of 2026.  
The purpose of our upcoming District model is to ensure 
that we can enable our current, and any future, studios, 
to make, scale and run great games. We will do this by 
preserving the creative integrity and cultures of our 
studios, while offering them the centralized tools, tech 
and infrastructure needed to drive growth.  
On the 9th of October we also announced a 
transformation program for our Midcore portfolio. This is 
a crucial part of the upcoming implementation of our 
Midcore District from the start of 2026. The purpose of 
this transformation is to create strong, effective and 
efficient central services, marrying the best of the tools 
and tech we have across the old MTG and Plarium, and 
future-proofing our business. This transformation is also 
expected to result in efficiency related savings for the 
group in excess of USD 20 million on an annualized run-
rate basis by the end of 2026, coming from a 
combination of measures across headcount, technology, 
outsourcing, and facilities.  
Like everything we do, our transformation work is based 
on close and honest dialog across our organization. Our 
goal is to continue building a Gaming Village that 
respects and protects the unique cultures and talent we 
have in our studios, while providing them with the tools 
they need to succeed and grow. We need to make tough 
choices along the way, but our ambition is, as always, to 
come out stronger on the other side of these changes – 
for our people, our players and our shareholders.  
Evaluating structural opportunities for the 
Casual District 
Our Casual District will start as a party of one. Our 
ambition is to grow this part of our group over time so 
that we can leverage the impressive knowledge, 
technology and experience that we have in the 
PlaySimple team.  
We will accomplish this both through organic initiatives 
and accretive M&A. To potentially accelerate these 
ambitions, we announced that we are conducting an IPO 
preparedness study for PlaySimple.  The outcome of this 
study will help us evaluate our options in 2026, and we 
will come back in due course once the study is 
concluded. It’s important to note that we have no plans to 
move below a majority ownership position in PlaySimple.   
New medium-term goals  
We have a clear strategy in place to drive sustainable 
growth. The strength, longevity and predictability of our 
evergreen titles deliver sustainable cash flows. This fuels 
our pipeline of new games in development as and 
enables the rapid scaling of recently launched titles – our 
rising stars. This growth flywheel, combined with our 
transformation initiatives, positions us well to continue 
delivering profitable growth and strong cash flows, and 
to create value over the medium and long term.  
We expect MTG to deliver annual gross revenue growth 
of 3-7% and to increase group adjusted EBITDA margin 
to over 24% over the next medium-term period. We also 
expect to deliver unlevered steady state cash conversion 
of over 60% over the medium-term.  
I am proud to see how far we have come since we 
distributed our broadcasting assets in 2019. We have 
transformed MTG again and again, acquiring exceptional 
gaming studios and divesting ESL Gaming. Today, we are 
the largest listed mobile-first gaming group in Europe. 
We have some of the best people in the industry in our 
Gaming Village, and the right games, tech, tools and 
scale to continue evolving MTG over the years to come.

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

Q3 2025 Modern Times Group MTG AB  4  
 
 
Thank you for being on this journey with us, and I look 
forward to sharing more news when the time is right.  
Maria Redin  
Group President & CEO, Modern Times Group MTG AB 
 
Updated 2025 outlook  
MTG’s performance positions the group well to deliver 
on its updated full year outlook which was presented at 
the Capital Markets Day on the 9th of October.  
MTG raised organic revenue growth guidance to 7-9% 
from 3-7% and reiterated our original guidance for a 
group adjusted EBITDA operating margin of 21-24%.  
MTG also expanded outlook to include total full year 
revenues, which we expect to be between SEK 11.4-11.7 
billion, reflecting the consolidation of Plarium from 
February this year.

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

Q3 2025 Modern Times Group MTG AB  5  
 
 
Significant events  
February 12 – MTG announces that it has successfully 
closed the transaction to acquire 100% of Plarium Global 
Ltd., the developer behind the #1 global RPG RAID: 
Shadow Legends, signed on November 11, 2024.   
February 25 – MTG announces that Nick Hopkins has 
been appointed as the group’s Chief Financial Officer. 
Nick brings extensive skills and experience from over 15 
years in investment banking, where he has covered and 
advised on a range of sectors including gaming, media, 
technology and consumer retail. Nick joined MTG in May. 
May 2 - Conclusion of MTG’s share buyback program 
that commenced on 17 May 2024. MTG has repurchased 
a total of 4,328,307 class B shares under the program, for 
a total value of SEK 400 million. 
May 15 - MTG’s Annual General Meeting (AGM) resolved 
on all proposals, including the adoption of income 
statements and balance sheets and treatment of MTG's 
result, and an incentive plan for 2025. 
October 1 – MTG announces plans for a new group 
structure to be implemented from January 2026. The 
group plans to transform its operations into a Midcore 
and a Casual District, to ensure that the studios in each 
can get the tools, tech and services that they need to 
drive growth. MTG also announced operational 
leadership changes and agenda for its Capital Markets 
Day (CMD) on 9 October. 
October 9 – MTG unveils key news ahead of CMD in 
Stockholm including:  
 Updated and expanded financial targets for the 
full year 2025 and updated medium-term 
financial targets 
 Transformation program and cost savings 
initiatives for the Midcore District 
 Intention to launch new SEK 400 million share 
buyback running until 15 May 2026 
 Evaluation of structural opportunities for the 
Casual District, which may include a public 
listing of PlaySimple in India 
 Video and presentations from the 2025 Capital 
Markets Day can be found here 
October 9 – MTG launches share buyback program of 
SEK 400 million. 
 
Further information about the group’s significant events 
can be found on MTG’s homepage on www.mtg.com

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

Q3 2025 Modern Times Group MTG AB  6  
 
 
Group performance 
Net sales  
  
Net sales for the group grew by 15% organically year over year in Q3. Total net sales grew by 126% in constant currency, and 
by 108% in reported numbers year over year in Q3 to SEK 2,987 million. The organic increase of 15% was driven primarily by 
the scaling of our new casual games both in Word and Puzzle-adjacent genres, as well as scaling of Warhammer 40,000: 
Tacticus and Heroes of History and the continued success F1 Clash. The year over year growth in total net sales also 
reflected the consolidation of Plarium as well as strong performance of RAID: Shadow Legends in the quarter.  
We reported a negative -19% currency impact in Q3. This relates to the absolute impact from FX movements on our total 
business year over year, compared with our reported Q3 revenues in 2024. MTG’s revenues in Q3 this year include both our 
organic businesses and Plarium, and the effect is calculated relative to our reported revenues in Q3 2024, which exclude 
Plarium. The reported impact is therefore roughly double the underlying change in the US dollar currency rate year over 
year due to the relative scale of Plarium to MTG’s original business.  
Reported sales by franchise 
Plarium, which was consolidated from 1 February 2025, 
grew by low single digits year over year in Q3 on a 
comparable basis. The company’s overall performance 
in Q3 reflected high year over year single digit growth in 
RAID: Shadow Legends, which more than offset the 
decline in Plarium’s legacy games.  
RAID: Shadow Legends delivered a very strong Q3 driven 
by a well-received IP tie-in with Teenage Mutant Ninja 
Turtles (TMNT) and strong live-ops. The IP collaboration 
was a strong driver of engagement and further boosted 
the game’s visibility, which amplified the game’s 
marketing efficiency in Q3. RAID also held a Summer 
Celebration and two Fragment Summon events during 
the quarter.  
Word Games franchise revenues were up by 11% year 
over year in Q3 and 21% year over year in constant 
currencies. The scaling of new games within both Word 
and adjacent casual genres was the primary driver of the 
year over year growth in Q3.  
In addition, the team continued to roll-out new features 
across existing games to further drive engagement, 
including Word Search Explorer introducing social 
features, such as clubs and competitive group events, 
and Word Trip offering players increased personalization 
features.  
(SEKm)Q32025Q3 20249M20259M2024FY2024Net sales2,987 1,438 8,456 4,322 6,015Sales growth, %108% -4% 96% 1% 3%FX Impact-19%-2%-12%0%0%Sales growth at constant FX126% -2% 107% 2% 3%of which organic growth15% -9% 10% -4% -1%
(SEKm)Q3 2025Q2 2025Q1 2025Q4 2024Q3 2024Plarium1,4311,4241,06600Word Games615598608671552Strategy & Simulation569530567674524Racing198184114135161Tower Defense8689108101120Other smaller franchises88859511281Total sales 2,987 2,911 2,557 1,693 1,438

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

Q3 2025 Modern Times Group MTG AB  7  
 
 
PlaySimple also continued to evolve soft launched 
games including Tile Match, Jigsaw, Crossword Go, 
Word Tour, Cryptogram and Two Square.  
Strategy & Simulation franchise revenues were up 9% 
year over year in Q3 and 11% year over year in constant 
currencies. 
Forge of Empire held three events in Q3 which included 
the second half of the summer event and the Care For 
Tomorrow and Fall events. The Q3 events did not deliver 
in line with our expectations and game revenues were 
down year over year. 
Heroes of History maintained its growth momentum and 
celebrated its one-year birthday with a dedicated 
anniversary season, which began at the end of the Q3. 
The game’s high live-ops tempo included two additional 
seasons, and three further events to drive player 
engagement. The team also released the Gothic Era, 
expanding the game’s content and progression depth. 
InnoGames also began leveraging Plarium’s distribution 
technology in September, when Heroes of History was 
soft launched on Plarium Play.  
Warhammer 40,000 Tacticus delivered another quarter 
of strong double-digit growth, with record monthly 
revenue achieved in September, driven by the three-year 
anniversary event that introduced a new faction and a 
Legendary character, and the launch of Mythic rarity, 
deepening the progression system in the game. The two 
additional events held during the quarter also supported 
the game’s growth.  
PC and Mac versions of Warhammer 40,000: Tacticus 
are now live with full cross-over play. These recent 
direct-to-consumer initiatives support the game’s long-
term monetization potential and improve the profit mix 
through lower platform fees.  
Racing franchise revenues were up by 23% year over 
year in Q3 and by 30% in constant currencies. 
The strong momentum generated by F1 Clash during the 
season reset in Q2 continued during the summer and 
into the autumn. Hutch successfully harnessed the 
increased player interest around the launch of “F1 the 
movie”, which enabled increased marketing spend and 
drove DAU’s to the highest levels in three years outside a 
season reset. The team also started testing a new 
webstore, expanding direct-to-consumer 
monetization.Top Drives delivered strong revenue 
performance, boosted by the 4th of July and anniversary 
events. The team added new cars from MINI and BMW, 
introduced fresh gameplay mechanics, and launched a 
live social leaderboard to help players’ track their car 
collections.  
Matchcreek Motors expanded with new cars and over 
400 additional levels, further strengthening engagement. 
Tower Defense franchise revenues were down -28% 
year over year in Q3 and –18% in constant currencies. 
The weaker revenue dynamics primarily reflected the 
continued decline in the active player base of Bloons TD 
6. During the quarter, Ninja Kiwi released the milestone 
update 50 for Bloons TD 6, which introduced a new Hero, 
a map and additional gameplay features.    
Ninja Kiwi continues to work on the development of three 
new games. The action multiplayer title Fightland is 
currently expected to launch during Q4, with further new 
titles expected in Q1 and Q2 2026 respectively.   
 
 
 
 
 
  
48%21%19%3%7%3%Sales by franchise, %PlariumWord GamesStrategy & SimulationTower DefenseRacingOther smaller franchises

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

Q3 2025 Modern Times Group MTG AB  8  
 
 
New games in early scaling and soft launch   
Title/platform expansion Publisher Type 
Matchcreek Motors Hutch Early scaling 
Crossword Go PlaySimple Early scaling 
Cryptogram PlaySimple Early scaling  
Two Square: 2048 Numbers Merge PlaySimple Commercial launch 
Tile Match  PlaySimple Commercial launch 
WordSearch Solitaire PlaySimple Soft launch 
Word Tour PlaySimple Early scaling 
Heroes of History InnoGames Early scaling 
Cozy Coast InnoGames Soft launch 
Fightland Ninja Kiwi New game launch 
TBA Ninja Kiwi New game launch 
Zombie Assault: Resurgence Ninja Kiwi New game launch 
Elf Islands Plarium Soft launch 
TBA Plarium New game launch 
TBA Plarium New game launch 
 
Key performance indicators 
 
Q3 2025Q2 2025Q1 2025Q4 2024Q3 2024DAU, million8.9 9.0 9.0 6.3 6.1MAU, million42.843.441.630.528.3ARPDAU, SEK3.73.53.12.92.6Revenue generated by the top 3 games, %51%50%49%41%39%Revenue generated by platform, %Mobile69% 70% 69% 78% 77%Direct to consumer26% 24% 24% 19% 19%Other5%5%7%3%5%Revenue generated by territory, %Europe36% 34% 35% 34% 35%North America55% 55% 57% 60% 59%Asia Pacific8% 9% 6% 5% 5%Rest of World2% 2% 1% 1% 1%Revenue generated by monetization type, %IAP78%79%75%60%62%IAA20% 19% 21% 36% 32%Other2%2%4%4%6%UA spend, SEKm1,1121,054959677548

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

Q3 2025 Modern Times Group MTG AB  9  
 
 
Total daily active users (DAU) grew 45% year over year, which mainly reflected new players added in the Word Games 
franchise and the consolidation of Plarium. DAU declined slightly quarter over quarter, reflecting lower player levels in the 
Word Games, Strategy & Simulation and Tower Defense franchises, partly offset by higher levels in Plarium and the Racing 
franchises. 
ARPDAU grew 3% sequentially, supported primarily by strong performance from Snowprint. ARPDAU was up 43% year over 
year in Q3, mainly reflecting the consolidation of Plarium and the successful season reset of F1 Clash, partly offset by the 
continued broader geographic expansion in key Word games titles with lower ARPDAU. 
The group’s top three largest games in Q3 were RAID: Shadow Legends, Warhammer 40,000: Tacticus and Forge of 
Empires. The three games accounted for 51% of the groups revenues in the third quarter, compared to 50% in the second 
quarter. Prior to the consolidation of Plarium, the top three largest titles in Q3 2024 accounted for 39% of the group’s 
revenue. Mobile represented 69% (77%) of total revenues in the third quarter, while direct to consumer revenues, including 
browser, accounted for 26% (19%). The year over year increase in direct-to-consumer revenues primarily reflects the full 
consolidation of Plarium. 
Total user acquisition (UA) costs accounted for 37% of group revenues in both Q3 and for the year to date, compared to 
38% in Q3 and 36% for the 9M period of 2024. UA spend for our original studios was up 37% year over year in constant 
currencies, driven by a mix of marketing investments in new games and scaling of games across casual and midcore. Total 
group UA spend was up 103% on a reported basis, and up 120% year over year in constant currencies in Q3, driven by the 
consolidation of Plarium.

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

Q3 2025 Modern Times Group MTG AB  10  
 
 
Adjusted EBITDA, EBITDA and EBIT 
 
We reported a 73% increase in adjusted EBITDA to SEK 675 (390) million in Q3, with an operating margin of 23%. The 
increase in adjusted EBITDA primarily reflected the flow-through of the increase in net sales, offset by the continued strong 
UA spend in the quarter. 
The group’s adjustments to reported EBITDA amounted to SEK 86 (27) million in the quarter. These were split between M&A 
transaction costs of SEK 48 (25) million and adjustments for non-recurring bonus structures of SEK 37 (2) million. The 
adjustments for M&A transaction costs mainly reflected performance-based revaluation of put/call options related to the 
acquisition of Snowprint. The adjustment for non-recurring bonus structures reflected higher costs for a multi-year 
employee share-options program in PlaySimple which was acquired by MTG in 2021. The program of PlaySimple has no net 
cash impact on MTG over its lifetime, even though the accounting expense is recognized during the reporting period by 
PlaySimple. 
Depreciation and amortization amounted to SEK 358 (149) million and included amortization of purchase price allocations 
(PPA) of SEK 308 (101) million. The increased amortization levels arise from allocated surplus values related to RAID: 
Shadow Legends as well as other identified intangible assets following the consolidation of Plarium.  Depreciation and 
amortization amounted to SEK 49 (49) million when excluding PPA.  
Consolidated EBIT was SEK 232 (213) million in the quarter, which corresponded to an EBIT margin of 8% (15%). Operating 
costs before depreciation and amortization increased by 123% year over year to SEK 2,398 (1,075) million.
  
(SEKm)Q32025Q3 20249M20259M2024FY2024EBIT¹ 232213745731901Amortization342135965384516Depreciation1614704459EBITDA¹ 5903631,7801,1591,476Impairment own capitalized costs----8Non-recurring bonus structures372382124M&A transaction costs and revaluation of put/call options482511331158Adjusted EBITDA6753901,9311,211 1,666Adjusted EBITDA margin23%27%23%28%28%¹ Reallocation of SEK 5 million put call option in Q3 2024 between operating profit and  financial net

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

Q3 2025 Modern Times Group MTG AB  11  
 
 
Net financials 
 
Total net financial items amounted to SEK -96 (50) million in the quarter, of which net interest amounted to SEK -82 (28) 
million and other financial items amounted to SEK -14 (22) million.  
Other financial items included discounting and exchange rate effects on the revaluation of earnout liabilities of SEK -9 (28) 
million. In addition, other financial items included a SEK 63 (30) million revaluation of the financial liability related to the class 
C shares held by the group as the final payment part of the agreement to acquire PlaySimple. MTG holds these C shares as 
an off-balance sheet item, and a future transfer of shares to PlaySimple would therefore not result in a cash impact. The 
revaluation of the financial liability related to the C shares was impacted by the decrease in the price of the MTG B share 
during the third quarter.  
Other financial items also comprise exchange rate differences in the quarter, which amounted to SEK 1 (-31) million. In 
addition, the revaluation of put/call options amounted to SEK -48 (-5) million and other revaluation effects amounted to SEK  
-18 (-1) million.   
Taxes 
The group’s tax amounted to SEK -97 (-89) million in the quarter. The increase primarily reflected the consolidation of 
Plarium, partially offset by lower tax in InnoGames, PlaySimple and Ninja Kiwi. 
Venture capital fund investments 
The MTG VC fund has invested a total of SEK 397 (USD 40) million in a total of 26 companies to date. VC investments 
complement MTG’s majority stake investment in InnoGames, Hutch, Ninja Kiwi, PlaySimple, Snowprint and Plarium.  
The portfolio assets range from start-up game developers across several game genres and game creation platforms in the 
US and Europe to pure esports-focused companies. VC investments related to esports remained in MTG after the 
divestment of ESL Gaming.
  
(SEKm)Q32025Q3 20249M20259M2024FY2024Net interest-8228-17594129Revaluation earnout effects-92896-474-690Revaluation PlaySimple debt (C-shares)6330-7942-68Revaluation purchase price -4--44--Put/call option¹ -48-5-38-5-111Exchange rate differences1-31-35-4435Other-18-1-35-5-14Total financial net¹ -96 50 -312 -393 -719¹ Reallocation of SEK 5 million put call option in Q3 2024 between operating profit and  financial net

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

Q3 2025 Modern Times Group MTG AB  12  
 
 
Financial review
Cash flow  
 
Cash flow from operations  
Total cash flow from operations amounted to SEK 382 (347) million in the quarter. The group’s paid tax amounted to SEK -
170 (-158) million in the quarter. The group reported changes in working capital of SEK 2 (84) million in the quarter, the year 
over year change is mainly due to timing differences and movements in accounts payable and accounts receivable in the 
comparative quarter. 
Cash flow from investing activities 
Total cash flow from investing activities amounted to SEK -244 (-26) million in the quarter. This mainly consisted of put/call 
amounting to SEK -192 (-) million for Snowprint. Investing activities also included capital expenditure on tangible and 
intangible assets amounting to SEK -51 (-12) million, primarily comprising capitalized development costs for games and 
platforms. In addition, other investments amounted to SEK -1 (-14) million, including an issued convertible loan.  
Cash flow from financing activities 
Total cash flow from financing activities amounted to SEK -129 (-151) million in the quarter. This mainly consisted of the first 
amortization of external loans amounting to SEK -94 (-) million and the group’s leasing payments.  
The net change in cash and cash equivalents amounted to SEK 10 (170) million in the quarter and the group had a total cash 
and cash equivalents of SEK 1,221 (3,197) million at the end of the period.  
Net debt 
Net financial debt refers to the sum of interest-bearing liabilities, less cash and cash equivalents. Net financial debt as of 
September 30, 2025, amounted to SEK 3,095 (-3,038) million. The net financial debt calculation included external financing 
of SEK 4,052 million (0), lease liabilities of SEK 263 (158) million, less SEK 1,221 (3,197) million in cash and cash equivalents. 
The financial leverage ratio amounted to 1.15x based on the 12-month period EBITDA including Plarium.  
Total net debt as of September 30 amounted to SEK 4,411 (-1,476) million. Total net debt comprised interest-bearing 
liabilities of SEK 4,316 (158) million, earn-out liabilities of SEK 1,128 (1,393) million and put/call options of SEK 188 (170) million, 
less cash and cash equivalents of SEK 1,221 (3,197) million. The leverage ratio amounted to 1.64x based on the 12-month 
period EBITDA including Plarium.
(SEKm)Q32025Q3 20249M20259M2024FY2024Cash flow from operations beforechanges in tax and working capital550 421 1,592 1,222 1,599Taxes paid-170 -158 -619 -371 -522Changes in working capital2 84 -89 162 264Cash flow from operations382 347 884 1,014 1,340Cash flow from investing activities-244 -26 -7,433 -509 -551Cash flow from financing activities-129 -151 4,467 -269 -388Total net change in cash and cash equivalents10 170 -2,082 236 401Cash and cash equivalents at the beginning of the period1,2303,1443,5432,9562,956Translation differences in cash and cash equivalents-19-117-2393186Cash and cash equivalents at end of the period1,2213,1971,2213,1973,543

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

Q3 2025 Modern Times Group MTG AB  13  
 
 
 
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 -1 (-19) million. Net interest amounted to SEK -1 (20) 
million. Unrealized and realized exchange rate differences amounted to SEK 0 (-38) million and other financial items to  
SEK 0 (-1) million. 
The parent company had cash and cash equivalents of SEK 231 (1,207) million at the end of the period.  
The total number of shares outstanding at the end of the period was 117,114,942 (119,599,202), excluding the 6,194,343 Class 
C shares held by MTG as treasury shares.  
 
 
  
(SEKm)Q32025Q3 20249M20259M2024FY2024Net sales 181553 44 59Net interest and other financial items-1-1914273157Income before tax and appropriations-37-54-36-39-1

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

Q3 2025 Modern Times Group MTG AB  14  
 
 
Other information 
Accounting policies 
This interim report has been prepared according to ‘IAS 
34 Interim Financial Reporting’ and the ‘Swedish Annual 
Accounts Act’. The interim report for the parent company 
has been prepared according to the Swedish Annual 
Accounts Act – Chapter 9 ‘Interim Report’. 
The group's consolidated accounts and the parent 
company’s accounts have been prepared according to 
the same accounting policies and calculation methods 
as were applied in the preparation of the 2024 Annual 
Report.  
Disclosures in accordance with IAS 34.16A appear in the 
financial statements and the accompanying notes as well 
as in other parts of the interim report.  
Related party transactions 
No transactions between MTG and related parties that 
have materially affected the Group’s position and 
earnings took place during the period. 
Risks and uncertainties 
Significant risks and uncertainties exist for the group and 
the parent company. These factors include the prevailing 
economic and business environments; commercial risks 
related to expansion into new territories; other political 
and legislative risks related to changes in rules and 
regulations in the various territories in which the group 
operates; exposure to foreign exchange rate 
movements, and the US dollar and euro-linked 
currencies in particular; the emergence of new 
technologies and competitors; and cyber-attacks. 
The group’s game development businesses depend on 
their ability to continue releasing successful titles that 
attract paying customers, conditions that are not under 
the group’s full control. 
Risks and uncertainties are also described in more detail 
in the 2024 Annual Report, which is available at 
www.mtg.com. 
 
Stockholm, 13 November 2025 
Maria Redin 
Group President & CEO, Modern Times Group MTG AB

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

Q3 2025 Modern Times Group MTG AB  15  
 
 
Auditor’s report 
To the Board of directors in Modern Times Group MTG 
AB (publ), corporate identity number 556309-9158 
Introduction 
We have conducted a limited review of the condensed 
interim financial information (interim report) for Modern 
Times Group MTG AB (publ) (“the Parent Company”) and 
its subsidiaries (together “the Group”) as of September 
30, 2025, and the nine-month period ended on that date. 
The board of directors and the CEO are responsible for 
preparing and presenting this interim report in 
accordance with IAS 34 and the Swedish Annual 
Accounts Act. Our responsibility is to express a 
conclusion on this interim report based on our limited 
review.   
The focus and scope of the limited review 
We have conducted our limited review in accordance 
with the International Standard on Review Engagements 
ISRE 2410, "Review of Interim Financial Information 
Performed by the Independent Auditor of the Entity." A 
limited review consists of making inquiries, primarily of 
persons responsible for financial and accounting 
matters, performing analytical procedures, and other 
review procedures. A limited review has a different focus 
and a significantly smaller scope compared to the focus 
and scope of an audit conducted in accordance with ISA 
and generally accepted auditing standards. The review 
procedures taken in a limited review do not enable us to 
obtain the assurance that we would become aware of all 
significant matters that might have been identified in an 
audit. Therefore, the conclusion expressed based on a 
limited review does not have the assurance that a 
conclusion expressed based on an audit has.   
Conclusion 
Based on our limited review, nothing has come to our 
attention that causes us to believe that the interim report 
is not, in all material respects, prepared for the group in 
accordance with IAS 34 and the Annual Accounts Act 
and for the parent company in accordance with the 
Annual Accounts Act.   
 
 
Stockholm, 13 November 2025 
Öhrlings PricewaterhouseCoopers AB  
 
Nicklas Kullberg 
Authorized Public Accountant 
 
 
 
 
 
 
 
 
 
This is a translation of the Swedish language original. In the event of any differences between this translation and the 
Swedish language original, the latter shall prevail.

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

Q3 2025 Modern Times Group MTG AB  16  
 
 
Condensed consolidated income statement 
 
Condensed statement of comprehensive income 
 
(SEKm)Q32025Q3 20249M20259M2024FY2024Net sales2,9871,4388,4564,3226,015Cost of goods and services-1,254-374-2,937-1,137-1,554Gross income1,7331,0645,5183,1854,462Selling expenses-1,192-563-3,474-1,612-2,302Administrative expenses-297-290-1,295-848-1,275Other operating income348782137Other operating expenses-46-6-81-15-21EBIT¹ 232213745731901Net interest-8228-17594129Other financial items¹ -1422-136-487-847Income before tax136264433337182Tax-97-89-391-305-392Total net income for the period391744332-210Net income for the period attributable to:Equity holders of the parent391744332-210Non-controlling interest-----Net income for the period391744332-210Basic earnings per share, SEK0.331.450.360.27-1.74Diluted earnings per share, SEK0.331.450.360.26-1.74Number of sharesShares outstanding at the end of the period117,114,942119,599,202117,401,194119,599,202118,306,464Basic average number of shares outstanding117,114,942120,163,768117,401,194121,044,035120,500,977Diluted average number of shares outstanding117,114,942120,444,647117,401,194121,383,251121,137,914¹ Reallocation of SEK 5 million put call option in Q3 2024 between operating profit and  financial net(SEKm)Q32025Q3 20249M20259M2024FY2024Net income391744332 -210Other comprehensive incomeItems that are or may be reclassified to profit or loss, net of tax:Currency translation differences-347-290-1,687200592Items that cannot be transferred to profit or loss, net of tax:Fair value change of equity instruments-47-22-726-22-55Total comprehensive income-354-137-2,370211327Total comprehensive income attributable to:Equity holders of the parent-354-137-2,370211327

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

Q3 2025 Modern Times Group MTG AB  17  
 
 
Condensed consolidated balance sheet 
   
(SEKm)Sep 30 2025Sep 30 2024Dec 31 2024Non-current assetsGoodwill 10,98910,06710,383Other intangible assets5,5791,8431,761Total intangible assets16,567 11,910 12,145Total tangible assets126 27 28Right of use assets254 156 150Shares and participations in associated and other companies4731,2851,289Other financial receivables208 101 124Total non-current financial assets681 1,386 1,412Total non-current assets17,628 13,479 13,735Current assetsOther receivables1,357665790Cash and cash equivalents1,2213,1973,543Total current assets2,5783,8624,333Total assets20,20617,34118,068EquityShareholders’ equity11,21113,72213,736Total equity11,211 13,722 13,736Non-current liabilitiesLiabilities to financial institutions3,662--Lease liabilities210122115Total non-current interest-bearing liabilities3,872 122 115Provisions966501422Contingent consideration111524670Other non-interest-bearing liabilities53113184Total non-current non-interest-bearing liabilities1,130 1,139 1,276Total non-current liabilities5,002 1,260 1,391Current liabilitiesContingent consideration1,0178691,004Liabilities to financial institutions  377 - -Lease liabilities533636Other non-interest-bearing liabilities 2,5461,4541,902Total current liabilities3,993 2,359 2,941Total liabilities8,9953,6194,332Total shareholders’ equity and liabilities20,20617,34118,068

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

Q3 2025 Modern Times Group MTG AB  18  
 
 
Condensed consolidated statement of cash flows 
 
Condensed consolidated statement of changes in equity 
 
(SEKm)Q32025Q3 20249M20259M2024FY2024Income before tax136 264 433 337 182Adjustment for items not included in cash flow4141581,1598851,417Taxes paid-170-158-619-371-522Changes in working capital284-89162264Cash flow from operations382 347 884 1,014 1,340Investments/divestments in deposits - - - 114 114Acquisition / sale of subsidiaries, associates and other investments -192 -14 -6,194 -42 -46Earnout payments - - -1,074 -521 -521Investments in other non-current assets-52 -12 -165 -59 -98Cash flow from investing activities-244 -26 -7,433 -509 -551Repurchase of shares--96-152-194-304Loan-109 - 4,698 - -Share swap regarding share incentive programs--47-39-47-47Other cash flow from/used in financing activities-20-9-41-28-38Cash flow from financing activities-129 -151 4,467 -269 -388Total net change in cash and cash equivalents10 170 -2,082 236 401Cash and cash equivalents at the beginning of the period1,2303,1443,5432,9562,956Translation differences in cash and cash equivalents-19-117-2393186Cash and cash equivalents at end of the period1,2213,1971,2213,1973,543(SEKm)Sep 30 2025Sep 30 2024Dec 31 2024Opening balance13,73613,71413,714Net income for the period4332-210Other comprehensive income for the period-2,412179536Total comprehensive income for the period-2,370211327Effect of employee share programs353745Share swap regarding share-based incentive program-39-47-47Repurchase of shares-153-194-304Closing balance11,21113,72113,736

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

Q3 2025 Modern Times Group MTG AB  19  
 
 
Parent company condensed income statement 
 
Net income for the period is in line with total comprehensive income for the parent company. 
Parent company condensed balance sheet 
 
(SEKm)Q32025Q3 20249M20259M2024FY2024Net sales 18 15 53 4459Gross income1815534459Administrative expenses-55-50-233-156-217Operating income-36 -35 -180 -112 -158Net interest and other financial items-1-1914273157Income before tax and appropriations -37-54-36-39-1Appropriations 0 - 0 - -217Net income for the period -37 -54 -36 -39 -218(SEKm)Sep 30 2025Sep 30 2024Dec 31 2024Non-current assetsMachinery and equipment111Shares and participations15,23113,82113,821Other financial receivables221014Total non-current assets15,25413,83213,836Current assetsCurrent receivables67297122Cash and cash equivalents2311,2071,344Total current assets2981,5031,466Total assets15,55215,33615,302Shareholders’ equityRestricted equity617642642Non-restricted equity14,17614,62314,343Total equity14,79215,26514,984Untaxed reserves-9-Non-current liabilitiesNon-interest-bearing liabilities111011Total non-current liabilities111011Current liabilitiesNon-interest-bearing liabilities74951307Total current liabilities74951307Total shareholders’ equity and liabilities15,55215,33615,302

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

Q3 2025 Modern Times Group MTG AB  20  
 
 
Financial instruments at fair value 
The carrying amounts are considered to be reasonable approximations of fair value for all financial assets and liabilities, 
except shares and participations in other companies and contingent considerations for which the valuation technique is 
described below. 
 
Valuation techniques  
Shares and participations in other companies – acquisition cost is initially considered to be a representative estimate of 
fair value. Subsequently, values are remeasured at fair value and gains/losses recognized when there is subsequent 
financing through participation by a third-party investor, in which case the price per share in that financing is used, when 
there is a realized exit or when there are indications that cost is not representative of fair value and sufficient, more recent 
information is available to measure fair value. Listed holdings are valued at the current share price.  
 
Contingent consideration – expected future values are discounted to present value. The discount rate is risk-adjusted. The 
most critical parameters are estimated future revenue growth and future operating margin. 
 
(SEKm)Sep 30 2025Dec 31 2024Fair value Level 1 Level 2 Level 3¹Fair value Level 1 Level 2 Level 3¹Financial assets measured at fair valueShares and participations in other companies473--4731,287--1,287Financial liabilities measured at fair valueContingent consideration1,128--1,1281,674--1,674Other liabilties681681--601601--1) The amount of unrealised gains/losses in profit or loss is included in the financial net. (SEKm)Sep 30 2025Dec 31 2024Opening balance 1 January1,287397Reported gains and losses in net income for the period-268Reported gains and losses in OCI for the period-701-105Acquisition¹ 11908Dividend-10-Translation differences in income-6430Translation differences in OCI-2550Closing balance4731,2871) Purchase price for Kongregate merging with Monumental during 2024 amount to SEK 889 million(SEKm)Sep 30 2025Dec 31 2024Opening balance 1 January1,6741,439Exercised payments, cash-based-1,074-521Revaluation- 346Acquisition70766Interest expense136216Translation differences-315128Closing balance1,1281,674

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

Q3 2025 Modern Times Group MTG AB  21  
 
 
 
  
(SEKm) 2025 2026 2027 2028+ TotalCash consideration¹                          -                        1,017  -                          111 1,128Total contingent consideration                              -                          1,017                               -                               111 1,1281) The table published in MTG's quarterly report for Q1 2025 contained an error, by which SEK 275 million which should have been included in the 2026 total was erroneously included in the 2028+ total instead. The error has been corrected in the table above.

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

Q3 2025 Modern Times Group MTG AB  22  
 
 
Alternative performance measures 
The purpose of alternative performance measures (APMs) is to facilitate the analysis of business performance and industry 
trends that cannot be directly derived from financial statements. MTG uses the following APMs: 
■ Adjusted EBITDA 
■ Change in net sales from organic growth 
Reconciliation of adjusted EBITDA 
Adjusted EBITDA is used to assess MTG’s underlying profitability. Adjusted EBITDA is defined as EBITDA adjusted for the 
effects of items affecting comparability, non-recurring bonus structures, acquisition-related transaction costs, revaluation 
of put/call options and impairment of capitalized internal work. Items affecting comparability refer to material items and 
events related to changes in the group’s structure or lines of business, which are relevant for understanding the group’s 
development on a like-for-like basis. During this year, the group changed its definition of adjusted EBITDA. The new 
definition of adjusted EBITDA also includes revaluation effects of put/call options.  
 
Reconciliation of sales growth  
Since the group generates the majority of its sales in currencies other than the reporting currency (i.e., SEK, Swedish krona) 
and currency rates have proven to be rather volatile, the group’s sales trends and performance are analyzed as changes in 
organic sales growth. This presents the increase or decrease in overall SEK net sales on a comparable basis, allowing for 
separate discussions of the impact of exchange rates, acquisitions, and divestments. The following table presents changes 
in organic sales growth as reconciled to the change in total reported net sales. 
 
  
(SEKm)Q32025Q3 20249M20259M2024FY2024EBIT¹ 232 213 745 731 901Amortization342135965384516Depreciation1614704459EBITDA¹ 590 363 1,780 1,159 1,476Impairment own capitalized costs - - - - 8Non-recurring bonus structures372382124M&A transaction costs and revaluation of put/call options4825                        113 31158Adjusted EBITDA675390                       1,931 1,2111,666¹ Reallocation of SEK 5 million put call option in Q3 2024 between operating profit and  financial net(SEKm)Q32025Q3 20249M20259M2024FY2024GroupOrganic growth15%-9%10%-4%-1%Acquisition/divestments112%7%97%6%4%FX Impact-19%-2%-12%0%0%Reported growth108%-4%96%1% 3%

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

Q3 2025 Modern Times Group MTG AB  23  
 
 
Business combinations 
Acquisitions in 2025 
On November 11, 2024, Modern Times Group MTG AB (publ) ("MTG") signed an agreement to acquire 100% of the shares in 
Plarium Global Ltd ("Plarium"), a leading international game developer with a strong portfolio of successful games, including 
the popular mobile role-playing game RAID: Shadow Legends. The acquisition strengthens MTG's position in the mid-core 
mobile games segment and adds further expertise in live ops, monetization and marketing. The acquisition was completed 
on February 12, 2025. The total purchase price amounts to USD 659 million, of which USD 20 million will be paid as a 
deferred payment in 2026, initially valued at USD 20 million. In addition, the agreement includes performance-based 
earnouts of up to USD 200 million, based on future revenues, initially valued at USD 32 million. The acquisition is financed 
through a combination of existing cash and cash equivalents and secured external financing comprising a term loan with a 
maturity of 3+1 years, as well as a revolving credit facility, totaling USD 460 million. 
Preliminary purchase price allocations for the year 
Refers to acquisitions completed during the first quarter of 2025.  
Goodwill arising from the acquisition is mainly attributed to Plarium's future revenue generating capacity, expertise in game 
development and synergies within MTG's existing operations. None of the goodwill recognized is expected to be tax 
deductible. The amounts recognized for intangible assets, such as IP, direct-to-consumer platform and paying player 
relationships, have been measured at the discounted value of future cash flows. The amortization periods for the identified 
assets reflect the determinable useful lives. The impact of the business combination on the group's cash and cash 
equivalents amounted to SEK 5,988 million. Estimated transaction costs for the acquisition amounted to SEK 109 million.  
 
 
 
 
(SEKm) PlariumIntangible fixed assets5,525Other fixed assets279Other current assets660Cash and cash equivalents632Deferred tax receivables/liabilities net-780Other liabilities-1,085Acquired net assets5,231Goodwill1,944Purchase price including other non-paid considerations7,175Less cash and cash equivalents in acquried operation-632Additional purchase price and other settlements, non-paid-555Effect on consolidated cash and cash equivalents5,988Cash flow from business combinationCash payment-6,620Acquired cash and cash equivalents632Total effect on cash flow from investing activities-5,988Estimated transaction costs for acquisition (included in operating activities)-109Net outflow cash and cash equivalent-6,097

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

Q3 2025 Modern Times Group MTG AB  24  
 
 
 
Effect of acquisition on the group´s results 
The acquisition of Plarium was completed on February 12, 2025. The closing balance is based on the accounts as of January 
31 and Plarium has been consolidated in MTG's accounts from this date.  
 
 
 
 
  
(SEKm)Sales 3,920Income before tax¹ 3531) Income before tax includes amortization of purchase price allocations of SEK 549 millionEffect of acquisition on the consolidated statement of Profit and Loss and Other Comprehensive IncomeGroup sales and income before taxes if the acquisition had occurred 1 January 2025(SEKm)Sales 9,014Income before tax¹ 3971) Income before tax includes amortization of purchase price allocations of SEK 938 million

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

Q3 2025 Modern Times Group MTG AB  25  
 
 
Events after the end of the period 
There were no other events after the end of the reporting period.

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

Q3 2025 Modern Times Group MTG AB  26  
 
 
Definitions 
Adjusted EBITDA 
EBITDA, adjusted for the effects of items affecting comparability, long-term incentive programs, acquisition-related transaction costs, 
revaluations of put/call options and impairment of own work capitalized, which are referred to as adjustments. 
Adjusted EBITDA margin 
Adjusted EBITDA compared to net revenues. Also referred to as “operating margin” in the text  
ARPDAU 
Average net revenue per daily active user. 
Capital expenditures (CAPEX) 
Capital expenditures is a financial investment made with the expectation of future revenues. 
Cash conversion 
Cash flow from operating activities including investments less realized exchange rate effects, as a percentage of adjusted EBITDA. 
Cash flow from operations 
Cash flow from operating activities shows changes in working capital including profit for the year adjusted for profit and loss items that 
have not affected changes in cash flow. 
DAU 
Daily active user. 
Earnings per share 
Earnings per share is expressed as net income attributable to equity holders of the parent divided by the average number of shares. 
EBITDA 
Profit for the period before other financial items, net interest, tax and depreciation and amortization.  
EBIT/Operating income 
Net income for the period before other financial items, net interest and tax. 
EBIT marginIAA 
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. 
Levered Cash Conversion (LCC) 
Cash flow from operating activities including net interest in cash flow, including investments less realized exchange rate effects, as a 
percentage of adjusted EBITDA 
MAU 
Monthly active user. 
Net financial debt 
Net financial debt refers to the sum of interest-bearing liabilities, less cash and cash equivalents.  
Net debt 
Net debt refers to the sum of interest-bearing liabilities, earn-out liabilities and put/call option liabilities less cash and cash equivalents.

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

Q3 2025 Modern Times Group MTG AB  27  
 
 
Organic growth 
The change in net sales compared with the same period last year, excluding acquisitions and divestments and adjusted for currency 
effects.  
ROAS 
Return on ad spend. 
Transactional currency effect 
The effect that foreign exchange rate fluctuations can have on a completed transaction prior to settlement. This refers to the exchange 
rate, or currency risk associated specifically with the time delay between entering into a trade or contract and then settling it. 
Translational currency effect 
Converting one currency to another, often in the context of the financial results of foreign subsidiaries into the parent company’s and/or 
the group’s functional currency. 
UA 
User acquisition. 
Unlevered Cash Conversion (UCC)  
Cash flow from operating activities excluding net interest in cash flow, including investments less realized exchange rate effects, as a 
percentage of adjusted EBITDA.

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

Q3 2025 Modern Times Group MTG AB  28  
 
 
Shareholder information 
MTG’s Annual General Meeting 2026 
The Annual General Meeting will be held on 21 May 2026 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. 
Nomination Committee ahead of the 2026 Annual General Meeting 
In accordance with the resolution by the Annual General Meeting of MTG shareholders regarding the procedure for the 
Nomination Committee, a Nomination Committee has been convened to prepare proposals for the 2026 Annual General 
Meeting. 
The Nomination Committee comprises: 
 Christian Rauda, appointed by EHM Holding GmbH 
 Klaus Roehrig, appointed by Active Ownership Corporation 
 Malin Björkmo, appointed by Handelsbanken Fonder AB and 
 Simon Duffy, the Chairman of the Board 
In line with past practice, the members of the Committee have appointed Christian Rauda, representing the largest 
shareholder on the last business day of August 2025, as the Committee Chairman. 
Please see the following section on MTG.com for information about the work of the Nomination Committee: 
https://www.mtg.com/governance/nomination-committee/ 
Shareholders wishing to propose candidates for election to the MTG Board of Directors should submit their proposals in 
writing to agm@mtg.com or to the “Company Secretary”, Modern Times Group MTG AB, Box 2094, SE-103 13 Stockholm, 
Sweden. 
Financial calendar 
Item Date 
Q4 and Full Year 2025 Financial Results report  5 February 2026 
Q1 2026 Financial Results report 29 April 2026 
Annual General Meeting 2026 21 May 2026 
Q2 & 6 Months 2026 Financial Results report 21 July 2026 
Q3 & 9 Months 2025 Financial Results report 11 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 13 November 2025. The call will be held in English.

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

Q3 2025 Modern Times Group MTG AB  29  
 
 
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 =====

Q3 2025 Modern Times Group MTG AB  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 November 13, 2025. 
This interim report contains statements concerning, among other things, MTG’s financial condition and results of 
operations that are forward-looking in nature. Such statements are not historical facts but, rather, represent MTG’s future 
expectations. MTG believes that the expectations reflected in these forward-looking statements are based on reasonable 
assumptions; however, forward-looking statements involve inherent risks and uncertainties, and a number of important 
factors could cause actual results or outcomes to differ materially from those expressed in any forward-looking statement. 
Such important factors include but may not be limited to MTG’s market position; growth in the gaming industry; and the 
effects of competition and other economic, business, competitive and/or regulatory factors affecting the business of MTG, 
its group companies and the gaming industry in general. Forward-looking statements apply only as of the date they were 
made, and, other than as required by applicable law, MTG undertakes no obligation to update any of them in the light of new 
information or future events.