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Modern Times Group (MTG) investor relations material
Modern Times Group Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary13 Nov, 2025
Executive summary
Achieved 15% organic revenue growth year-over-year in Q3 and 10% for the first nine months, driven by new game launches, live ops, and successful IP integrations, with total revenues up 126% in constant currencies due to Plarium consolidation.
Adjusted EBITDA margin reached 23% in Q3 and year-to-date, with SEK 675 million in adjusted EBITDA, up 73% year-over-year, and 60% unlevered cash conversion for the quarter.
User acquisition (UA) spend increased 37% year-over-year in Q3, representing 37% of total revenues, with group UA spend up 120% in constant currencies.
Confident in delivering full-year guidance for organic growth and operating margin, supported by robust performance across both casual and mid-core portfolios.
Announced new group structure with two Gaming Districts and transformation program for cost savings and efficiency.
Financial highlights
Q3 net sales reached SEK 2,987 million, up 108% reported and 126% in constant currencies year-over-year, with 15% organic growth.
Adjusted EBITDA for Q3 was SEK 675 million, up 73% year-over-year, with a 23% margin.
Net income for Q3 was SEK 39 million; basic EPS SEK 0.33.
Cash flow from operations in Q3 was SEK 382 million; unlevered cash conversion at 60% for the quarter and 46% for the last 12 months.
Net financial debt at SEK 3,095 million; leverage ratio at 1.15x EBITDA (rolling 12 months).
Outlook and guidance
Raised 2025 organic growth outlook to 7%-9% (from 3%-7%), with full-year reported revenues expected between SEK 11.4 billion and SEK 11.7 billion.
Expecting adjusted EBITDA margin for 2025 to remain within 21%-24%.
Q4 expected to be strong but with tough year-over-year comps, especially for Plarium and Raid.
Medium-term goals: annual gross revenue growth of 3-7%, adjusted EBITDA margin over 24%, and unlevered cash conversion above 60%.
Execution remains on track to deliver on the raised FY 2025 outlook.
Midcore transformation savings composition
PlaySimple IPO study's strategic rationale
Plarium acquisition's intangible asset impact
PlaySimple IPO M&A targets: What genres?
D2C impact on EBITDA margin beyond 24%?
Plarium's non-RAID games: Optimization strategy?
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Next Modern Times Group earnings date
Q4 20256 Feb, 2026
Next Modern Times Group earnings date
Q4 20256 Feb, 2026
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