Updated Mar 23, 2026 by Modern Times Group
The company achieved Q4 2025 net sales of SEK 3,123 million, marking 8% organic growth and a 108% year-over-year increase in constant currency.
Adjusted EBITDA for Q4 2025 reached SEK 717 million with a 23% margin, supported by an unlevered free cash flow of SEK 878 million.
User acquisition spending surged to 38% of revenue in Q4, representing a 98% year-over-year increase driven by the integration of Plarium and scaling of casual and racing franchises.
Direct-to-consumer revenue contributions grew by 600 basis points to reach 32% of total Q4 revenue.
Key franchise segments showed strong momentum, with racing games growing 43% and word games growing 28% year-over-year.
Following the February 2025 integration of Plarium and a strategic shift toward midcore gaming, the company is evaluating a potential public offering for its PlaySimple division.
The company achieved Q4 2025 net sales of SEK 3,123 million, marking 8% organic growth and a 108% year-over-year increase in constant currency.
Adjusted EBITDA for Q4 2025 reached SEK 717 million with a 23% margin, supported by an unlevered free cash flow of SEK 878 million.
User acquisition spending surged to 38% of revenue in Q4, representing a 98% year-over-year increase driven by the integration of Plarium and scaling of casual and racing franchises.
Direct-to-consumer revenue contributions grew by 600 basis points to reach 32% of total Q4 revenue.
Key franchise segments showed strong momentum, with racing games growing 43% and word games growing 28% year-over-year.
Following the February 2025 integration of Plarium and a strategic shift toward midcore gaming, the company is evaluating a potential public offering for its PlaySimple division.