Report

MTG Annual and Sustainability Report 2024

1 March 2025185 pages50,160 words

Summary

Modern Times Group (MTG) transitioned through a transformative period in 2024 and early 2025, shifting from a mid-sized gaming collective to a top-ten mobile games developer in Western markets. The group reported 2024 revenues of SEK 6,015 million, representing 3% currency-adjusted growth, supported by a robust adjusted EBITDA margin of 28%. While operational performance remained steady, the group recorded a net loss of SEK 210 million for the year, primarily driven by non-cash financial adjustments related to the revaluation of earnout liabilities and an exceptionally high effective tax rate of 214.7%. The strategic centerpiece of this period is the February 2025 acquisition of Plarium Global Ltd for USD 655 million. This move is expected to double MTG’s revenue and EBITDA, adding the high-performing *RAID: Shadow Legends* IP to a portfolio that includes established franchises from PlaySimple, InnoGames, and Ninja Kiwi. Beyond scaling the "Gaming Village" model, the acquisition integrates Plarium’s proprietary "Flow Platform" tools, enhancing the group’s marketing, direct-to-consumer capabilities, and cross-promotion efficiency across its mid-core and casual segments. Geographically and operationally, MTG maintains a global footprint with major hubs in India, Germany, and the UK. The group’s financial position remains liquid, ending 2024 with SEK 3.5 billion in cash and a negative net debt, despite active share buyback programs totaling SEK 500 million. Sustainability and governance also saw increased focus, with the establishment of 2032 carbon reduction targets and a commitment to increasing female and non-binary representation in the workforce from 28% to 40%. Despite risks associated with platform dependency and the concentration of revenue in key titles like *Forge of Empires*, the group’s aggressive M&A strategy and centralized synergetic layer position it for significant scaling in the global mobile gaming industry.

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MTG Annual and Sustainability Report 2024

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