Fable Media Group (FABLE) Q1 2025 earnings summary

Executive summary

• Q1 2025 revenue declined 10% to SEK 19.9 million, with net sales down 22% to SEK 17.1 million compared to Q1 2024, mainly due to regulatory changes in Brazil; net sales excluding Brazil grew 33%.

• EBITDA decreased 30% to SEK 10.5 million, with a margin of 61% (68% in Q1 2024), reflecting operational efficiency despite market headwinds.

• Profit after tax was SEK 10.3 million, up from SEK 10.0 million year-over-year; EPS remained at SEK 0.30.

• Referred First Time Depositors (FTDs) increased 41% to 21,899, indicating strong underlying business momentum.

Financial highlights

• Net sales: SEK 17.1 million (down 22% YoY); revenue: SEK 19.9 million (down 10% YoY).

• EBITDA: SEK 10.5 million (down 30% YoY); EBITDA margin: 61% (68% YoY).

• EBIT: SEK 13.2 million (SEK 13.9 million YoY), positively impacted by SEK 2.8 million earnout revaluation.

• Net income: SEK 10.3 million (SEK 10.0 million YoY); basic/diluted EPS: SEK 0.30.

• Bank deposits at quarter-end: SEK 3.8 million; equity: SEK 99.1 million; equity ratio: 56%.

Outlook and guidance

• Full-year 2025 revenue expected at SEK 85–95 million; EBITDA forecasted at SEK 60–70 million, unchanged despite Brazilian regulatory impact.

• Q2 2025 has started stronger, with improved sportsbook margins in Brazil and positive momentum in other markets.