Q4 2025 revenue reached SEK 3,123 million, representing 108% organic year-on-year growth and a 25% increase on a constant-currency basis.

According to "Q4 2025 Interim Report": Q4 2025 revenue reached SEK 3,123 million, representing 108% organic year-on-year growth and a 25% increase on a constant-currency basis.

Adjusted EBITDA for the quarter was SEK 717 million, maintaining a 23% margin consistent with the full-year performance.

According to "Q4 2025 Interim Report": Adjusted EBITDA for the quarter was SEK 717 million, maintaining a 23% margin consistent with the full-year performance.

User-acquisition spending grew 76% year-on-year, accounting for 38% of total quarterly revenue to support original studios and key franchises like RAID and racing titles.

According to "Q4 2025 Interim Report": User-acquisition spending grew 76% year-on-year, accounting for 38% of total quarterly revenue to support original studios and key franchises like RAID and racing titles.

The direct-to-consumer channel grew by 600 basis points to represent 32% of total revenue, signaling a successful strategic pivot toward higher-margin in-app purchases.

According to "Q4 2025 Interim Report": The direct-to-consumer channel grew by 600 basis points to represent 32% of total revenue, signaling a successful strategic pivot toward higher-margin in-app purchases.

The company reported an adjusted net income of SEK 1,390 million and an adjusted EPS of SEK 11.33, exceeding financial guidance.

According to "Q4 2025 Interim Report": The company reported an adjusted net income of SEK 1,390 million and an adjusted EPS of SEK 11.33, exceeding financial guidance.

Unlevered free cash flow reached SEK 878 million with a 66% cash-conversion rate, supporting a leverage ratio of five times EBITDA.

According to "Q4 2025 Interim Report": Unlevered free cash flow reached SEK 878 million with a 66% cash-conversion rate, supporting a leverage ratio of five times EBITDA.

The firm concluded a pre-IPO study for PlaySimple and is preparing for a new district-based organizational structure rollout in early 2026.

According to "Q4 2025 Interim Report": The firm concluded a pre-IPO study for PlaySimple and is preparing for a new district-based organizational structure rollout in early 2026.

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Key Insights

Q4 2025 Interim Report

Modern Times Group~5 min full read

01
Q4 2025 revenue reached SEK 3,123 million, representing 108% organic year-on-year growth and a 25% increase on a constant-currency basis.
02
Adjusted EBITDA for the quarter was SEK 717 million, maintaining a 23% margin consistent with the full-year performance.
03
User-acquisition spending grew 76% year-on-year, accounting for 38% of total quarterly revenue to support original studios and key franchises like RAID and racing titles.
04
The direct-to-consumer channel grew by 600 basis points to represent 32% of total revenue, signaling a successful strategic pivot toward higher-margin in-app purchases.
05
The company reported an adjusted net income of SEK 1,390 million and an adjusted EPS of SEK 11.33, exceeding financial guidance.
06
Unlevered free cash flow reached SEK 878 million with a 66% cash-conversion rate, supporting a leverage ratio of five times EBITDA.
07
The firm concluded a pre-IPO study for PlaySimple and is preparing for a new district-based organizational structure rollout in early 2026.

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