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.
02
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%.
03
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.
04
User-acquisition spend increased significantly, rising 120% on a constant-currency basis to represent approximately 37% of total revenue.
05
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.
06
Daily active users remained broadly flat after adjusting for the Kongregate divestment and the Plarium consolidation, while ARPDAU improved quarter-over-quarter.
Insights
01
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.
02
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%.
03
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.
04
User-acquisition spend increased significantly, rising 120% on a constant-currency basis to represent approximately 37% of total revenue.
05
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.
06
Daily active users remained broadly flat after adjusting for the Kongregate divestment and the Plarium consolidation, while ARPDAU improved quarter-over-quarter.