Ninja Kiwi

Annual and Sustainability Report 2025

Modern Times Group (MTG) concluded the 2025 fiscal year with a transformative shift in its operational structure and a significant expansion of its mobile gaming portfolio.

• MTG’s net sales increased 92% year-on-year to SEK 11,579 million, primarily driven by the USD 659 million acquisition of Plarium.
• The company reported a net loss of SEK 62 million for 2025, an improvement over the previous year’s SEK 210 million loss.
• MTG transitioned to a net debt position of SEK 3,916 million due to the debt-financed Plarium acquisition and investments in intangible assets.

Modern Times Group Q3 2023 Investor Presentation

Modern Times Group’s Q3 2023 investor presentation highlights a period of strong operational performance and financial growth, characterized by a return to organic expansion and improved profitability.

• Modern Times Group achieved record Q3 2023 sales of 1,494 million SEK, a 6% year-over-year increase, and a record adjusted EBITDA of 449 million SEK.
• The company raised its full-year adjusted EBITDA margin guidance to 25–27%, up from the previous 23–25% range.
• Marketing spend remains a significant operational cost, accounting for 37% of total revenue, which the company balances against growth in casual gaming segments.

Conference Call Q1 2023

Modern Times Group (MTG) reported a mixed financial performance for the first quarter of 2023, characterized by strong results in specific gaming franchises despite an overall decline in organic revenue.

• MTG reported Q1 2023 net revenues of SEKm 1,306, marking a 4% year-on-year decrease and an 11% organic decline driven by difficult comparisons against pandemic-era performance.
• Adjusted EBITDA reached SEKm 263 with a 20% margin, which represents an underlying margin increase on a like-for-like basis when excluding prior-year platform bonuses.
• PlaySimple’s Word Games franchise maintained its position as the company’s strongest performer for the fifth consecutive quarter, while Ninja Kiwi’s Tower Defense IP showed continued resilience.

Modern Times Group Q4 2022 Investor Presentation

Modern Times Group’s Q4 2022 investor presentation outlines a fiscal year defined by resilience in a challenging, low-visibility gaming market.

• Modern Times Group achieved full-year 2022 revenue of SEK 5,537 million, representing 5% pro forma organic growth despite a 4% organic sales decline in Q4.
• The company maintained a 25% adjusted EBITDA margin for the full year, though this figure compressed to 22% during the fourth quarter.
• Portfolio performance was bifurcated: growth in Tower Defense, Racing, and Word games (PlaySimple, Ninja Kiwi, Hutch) was offset by declines in Strategy and Simulation segments (InnoGames, Kongregate).

Modern Times Group Q4 2021 Investor Presentation

Modern Times Group’s Q4 2021 investor presentation outlines a strategic transition into a pure-play gaming company, highlighted by the divestment of ESL Gaming to Savvy Gaming Group.

• Modern Times Group is transitioning into a pure-play gaming company following the divestment of ESL Gaming to Savvy Gaming Group to unlock capital and shareholder value.
• Q4 2021 financial performance reached SEK 1,658 million in total revenue and a record-high adjusted EBITDA of SEK 346 million.
• The gaming segment grew 13% on a pro forma basis, driven by the successful integration of acquisitions including PlaySimple, Hutch, and Ninja Kiwi.

Modern Times Group Q3 2021 Financial Results

Modern Times Group achieved record financial results in the third quarter of 2021, characterized by a 16% organic pro forma net sales growth.

• Modern Times Group achieved 16% organic pro forma net sales growth in Q3 2021, supported by a 21% adjusted EBITDA margin.
• The gaming division reported a 63% increase in net sales at constant currencies, driven by the acquisitions of PlaySimple, Ninja Kiwi, and Hutch.
• Mobile platforms now account for 73% of gaming revenue, with the company implementing a new central organizational structure to drive synergies in user acquisition and data analytics.

MTG Q2 2021 Financial Results

The second quarter 2021 financial results for MTG demonstrate a period of strategic expansion and operational growth, characterized by a dual-focus strategy in the gaming and esports verticals.

• MTG achieved a 15% increase in net sales at constant currencies in Q2 2021, reaching a total of SEK 1,198 million.
• The gaming vertical reported pro forma sales of SEK 1,169 million, representing an 8% year-over-year increase driven by mobile acquisitions like Ninja Kiwi and Hutch.
• MTG expanded its gaming portfolio through the acquisition of PlaySimple, a leader in the word games genre, as part of its ongoing 'Buy & Build' strategy.

MTG Q1 2021 Financial Results

Modern Times Group’s financial performance for the first quarter of 2021 reflects a bifurcated operational landscape, characterized by robust growth in the gaming segment contrasted with ongoing pandemic-related headwinds in the esports vertical.

• Modern Times Group reported total net sales of 1,064 million SEK in Q1 2021, a 9% increase when adjusted for foreign exchange.
• The gaming division drove performance with a 32% increase in net sales and a 55% rise in adjusted EBITDA, supported by the integration of Hutch.
• MTG acquired New Zealand-based developer Ninja Kiwi for 1,217 million SEK to secure the Bloons intellectual property and expand its tower defense portfolio.

MTG Q1 2021 Interim Report

Modern Times Group achieved a 9% increase in net sales during the first quarter of 2021, reaching SEK 1,011 million.

• Modern Times Group achieved a 9% increase in net sales to SEK 1,011 million in Q1 2021, driven by an 8% organic growth rate in the gaming vertical.
• The gaming segment's performance was bolstered by the strategic acquisitions of Hutch and Ninja Kiwi, helping to offset an 18% decline in the esports division caused by pandemic-related event cancellations.
• Adjusted EBITDA improved to SEK 100 million, supported by internal cost-saving measures and the strength of the gaming portfolio.

MTG Q2 2021 Interim Report

Modern Times Group achieved a 15 percent increase in net sales at constant currencies during the second quarter of 2021, signaling a period of aggressive expansion within the global gaming and esports sectors.

• Modern Times Group achieved a 15 percent increase in net sales at constant currencies in Q2 2021, reaching a total of SEK 1,198 million.
• The company’s 'Buy & Build' strategy drove gaming net sales to SEK 810 million through the acquisitions of Ninja Kiwi, PlaySimple, and Hutch, which offset a 14 percent organic decline in the gaming segment.
• Despite revenue growth, the company reported a net loss of SEK 11 million and a flat adjusted EBITDA of SEK 155 million due to acquisition costs and strategic investments.

MTG Q3 2021 Interim Report

Modern Times Group achieved substantial financial growth during the third quarter of 2021, characterized by a 58 percent year-over-year increase in net sales to SEK 1,438 million.

Modern Times Group Q4 2021 Interim Report

Modern Times Group concluded the 2021 fiscal year by initiating a fundamental strategic pivot toward becoming a pure-play gaming entity.