Q4 2025 Financial Report

1. 01
   MTG AB achieved all-time high revenues and adjusted EBITDA in Q4 2025, with 8% organic growth for the quarter and 9% for the full year 2025. Total revenues were up 108% in Q4 and 107% for the full year in constant currencies, while adjusted EBITDA increased by 58% in Q4 and 59% for the full year.See it on page 2
2. 02
   Net sales for Q4 2025 reached SEK 3,123 million, an 84% increase year-over-year. Full-year net sales for 2025 were SEK 11,579 million, up 92% from 2024.See it on page 1
3. 03
   The strong performance was driven by scaling user acquisition (UA) at attractive return levels, particularly in Word Games and Racing franchises, and RAID: Shadow Legends. Total UA spend in original studios increased by 25% year-over-year in Q4 in constant currencies.See it on page 8
4. 04
   MTG has concluded a pre-IPO study for PlaySimple and is now preparing for a potential listing in 2026, which is seen as an opportunity to accelerate M&A ambitions in the casual gaming market.See it on page 2
5. 05
   Plarium's consolidation from February 1, 2025, significantly impacted sales growth, contributing SEK 1,464 million to Q4 sales. The acquisition's effect on sales for the full year 2025 was SEK 5,384 million.See it on page 21
6. 06
   Daily active users (DAU) were up 50% year-over-year in Q4, primarily due to strong DAU growth in the Word Games franchise from new game scaling and geographical expansion.See it on page 8
7. 07
   Unlevered cash conversion for the full year ended December 31, 2025, was 66% of adjusted EBITDA, exceeding the medium-term guidance of above 60%.See it on page 11

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