FinancialModern Times Group
Q3 2025 Investor Presentation
1 Nov 202511 pages~6 min full read
Q3 2025 net sales reached SEK 2.987 billion, representing a 15% year-over-year organic increase and a 126% rise in constant-currency revenue driven by the Plarium acquisition.
The company raised its FY 2025 guidance to a total revenue target of SEK 11.4–11.7 billion, with an expected adjusted EBITDA margin of 21–24%.
Adjusted EBITDA for Q3 2025 was SEK 675 million (23% margin), with free cash flow of SEK 404 million and a 60% cash-conversion rate.
User-acquisition spend increased significantly, rising 120% on a constant-currency basis to represent approximately 37% of total revenue.
Growth was anchored by double-digit gains in PlaySimple and Warhammer 40,000: Tacticus, alongside strong performance from RAID: Shadow Legends following its Teenage Mutant Ninja Turtles IP integration.
Daily active users remained broadly flat after adjusting for the Kongregate divestment and the Plarium consolidation, while ARPDAU improved quarter-over-quarter.
The presentation delivers a quarterly performance update and revised full‑year outlook for a mid‑core and casual gaming group, emphasizing the impact of organic growth and the recent integration of Plarium. In Q3 2025 the company recorded SEK 2.987 billion in net sales, a 15 % year‑over‑year organic increase and a 126 % rise in constant‑currency revenue driven largely by the Plarium consolidation. Adjusted EBITDA reached SEK 675 million, translating to a 23 % margin, while unlevered EBITDA margin stood at 60 % and free cash flow amounted to SEK 404 million, supporting a 60 % cash‑conversion rate.
User‑acquisition spend rose sharply, with original studios increasing spend by 37 % and total group spend climbing 120 % on a constant‑currency basis, now representing roughly 37 % of revenue. Core metrics such as ARPDAU improved quarter‑over‑quarter, notably on the Snowprint title, while daily active users remained broadly flat after accounting for the Kongregate divestment and Plarium acquisition. The franchise portfolio showed double‑digit growth in PlaySimple, Warhammer 40,000: Tacticus, and a strong performance from RAID: Shadows Legends anchored by the Teenage Mutant Ninja Turtles IP.
Based on these results the company raised its FY 2025 guidance, targeting 7‑9 % organic revenue growth and total revenue of SEK 11.4‑11.7 billion, with an adjusted EBITDA margin of 21‑24 %. The outlook underscores confidence in continued scaling of live‑ops, new‑title launches and disciplined investment in user acquisition.
