Updated Mar 17, 2026 by Modern Times Group
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.
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.