Q4 2025 Investor Presentation

The Q4 2025 investor presentation details a period of record financial performance for the company, characterized by significant revenue growth and successful strategic integration. The primary thesis centers on the company’s transformative year, highlighted by the successful consolidation of Plarium and a shift toward a midcore gaming focus. For the fourth quarter of 2025, the company achieved net sales of SEK 3,123 million, representing an 8% organic growth rate and a 108% increase in constant currency year-over-year. Adjusted EBITDA reached SEK 717 million, maintaining a 23% margin, while unlevered free cash flow totaled SEK 878 million with a 66% conversion rate.

The scope of the report covers the global gaming operations of the company throughout the 2025 fiscal year, with specific emphasis on the fourth quarter. Key operational findings indicate that user acquisition (UA) spending rose to 38% of revenue in Q4, a 98% year-over-year increase in constant currency, largely driven by the integration of Plarium and the scaling of casual and racing franchises. Revenue streams showed a notable shift, with direct-to-consumer contributions rising 600 basis points to 32% of the total. Franchise performance was bolstered by strong results in the racing and word game segments, which saw year-over-year growth of 43% and 28%, respectively.

Methodologically, the financial data is presented on a reported basis, with constant currency adjustments applied to isolate organic growth trends. The report incorporates full-year 2025 figures and highlights the impact of the Plarium acquisition, which was integrated into the group starting in February 2025. Looking ahead, the company concludes the period with a stable leverage ratio and a new organizational structure, positioning itself for continued midcore expansion and the potential public offering of its PlaySimple division.