MAG Interactive (MAGI) Q4 25/26 earnings summary

Executive summary

• FY net sales fell 4% to SEK 263.9m; reported EBITDA rose to SEK 62.7m, EBIT turned positive at SEK 1.4m and net profit was SEK 0.9m.

• FY ARPDAU reached a record 9.0 US cents, up 21%.

• Platform expansion, a faster new-game pipeline and reusable features underpin the growth strategy.

Financial highlights

• Q4 net sales fell 17% YoY to SEK 63.6m; EBIT improved to SEK 3.0m from a SEK 9.9m loss, and net profit was SEK 2.7m.

• Q4 EBITDA rebounded to SEK 19m as user-acquisition spending declined to SEK 13.0m from SEK 34m a year earlier.

• FY reported EBITDA was SEK 62.7m versus SEK 49.8m; adjusted EBITDA was SEK 60.8m versus SEK 53.9m.

• Q4 in-app purchase sales fell 25% to SEK 29.0m and advertising sales fell 10% to SEK 34.3m; game contribution rose 36% to SEK 42.1m.

• Q4 free cash flow was SEK 0.8m versus SEK -2.7m; operating cash flow was SEK 10.3m versus SEK 6.1m.

Outlook and guidance

• Long-term targets remain SEK 500m in annual revenue and SEK 100m in EBIT, equivalent to a 20% EBIT margin.

• FY 26/27 priorities include converting product-development momentum into higher user-acquisition volumes and revenue growth.

• User-acquisition policy targets full payback within 180 days, with longer periods for games with proven lifetime value; cohorts target at least 50% returns within 2–3 years.