M.O.B.A. Network (MOBA) Q4 2025 earnings summary

Executive summary

• Revenue for 2025 was SEK 251 million, down 22% year-over-year, with Q4 revenue at SEK 63 million, down 32% from Q4 2024.

• EBITDA for 2025 was SEK 37 million, a 40% decrease year-over-year; Q4 EBITDA was SEK 10 million, down 50% from Q4 2024.

• EBIT for 2025 was SEK -28 million, compared to SEK 38 million in 2024, impacted by SEK 41.7 million in non-cash impairments.

• The company initiated a strategic review and announced the divestment of Union for Gamers (Magic Find Inc.) to reduce leverage and focus on high-margin assets.

Financial highlights

• Adjusted EBIT for 2025 was SEK 13 million, down 134% year-over-year; Q4 adjusted EBIT was SEK 4 million.

• Profit before tax for 2025 was SEK -62 million, compared to SEK 1 million in 2024.

• Cash flow from operating activities before changes in working capital was SEK 8 million for 2025.

• Equity at year-end was SEK 230 million, with an equity/assets ratio of 40%.

• Net debt at year-end was SEK 203 million.

Outlook and guidance

• 2026 is expected to benefit from cyclical advertising demand drivers such as the U.S. midterm elections and FIFA World Cup.

• Strategic focus is on scaling the app ecosystem, growing subscription revenues, and strengthening the balance sheet.

• The company aims to conclude refinancing and extend long-term financial stability.