Q2 and H1 2026 Performance Report

The Q2 and H1 2026 performance report for MTG highlights a period of stable organic growth and strong operational efficiency. The company reported Q2 net sales of SEK 2,965 million, supported by a 5% year-over-year organic revenue increase. This growth was primarily driven by the performance of key titles such as RAID: Shadow Legends and the PlaySimple portfolio. Adjusted EBITDA for the quarter reached SEK 707 million, representing a 24% margin, while the company maintained an 81% unlevered cash conversion rate over the last twelve months.

The business is divided into two primary segments: the Midcore District and the Casual District. The Midcore segment generated SEK 2,230 million in revenue with 1% organic growth and a 26% EBITDA margin. Conversely, the Casual segment demonstrated higher momentum, achieving SEK 736 million in revenue with 29% organic growth and a 24% EBITDA margin. User acquisition (UA) remains a central strategic pillar, with total UA spend reaching SEK 1,163 million, or 39% of total revenue. This investment reflects a 15% year-over-year increase in constant currency, with significant scaling efforts focused on new casual titles like Crossword Go and Tile Match.

Strategic initiatives for the remainder of the year include a continued focus on direct-to-consumer revenue streams, which now account for nearly 40% of group revenue, and preparations for a potential IPO of the PlaySimple business. Management has reiterated its full-year 2026 outlook, targeting 5% to 8% pro forma revenue growth and an adjusted EBITDA margin between 22% and 24%. With a clean balance sheet and consistent cash flow generation, the company maintains a stable financial foundation to support its ongoing transformation and future value-creation projects.