Updated Mar 17, 2026 by Modern Times Group
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.
User engagement metrics saw a slight decline in Monthly Active Users (MAU) to 29.4 million, while Daily Active Users (DAU) remained stable at 6.4 million.
The company maintains a strong liquidity position with approximately SEK 6 billion available for debt and earn-out capacity to support future M&A and shareholder value creation.
Despite a negative free cash flow of SEKm 329 after earn-out payments, the company achieved a 51% cash conversion rate from operations.
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.
User engagement metrics saw a slight decline in Monthly Active Users (MAU) to 29.4 million, while Daily Active Users (DAU) remained stable at 6.4 million.
The company maintains a strong liquidity position with approximately SEK 6 billion available for debt and earn-out capacity to support future M&A and shareholder value creation.
Despite a negative free cash flow of SEKm 329 after earn-out payments, the company achieved a 51% cash conversion rate from operations.