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Modern Times Group
Modern Times Group (MTG) investor relations material
Modern Times Group Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary5 Feb, 2026
Executive summary
Achieved record revenues and adjusted EBITDA in Q4 and full year 2025, driven by the Plarium acquisition and strong performance across key franchises, with organic growth of 9.4% for the year and 8% in Q4, exceeding guidance.
Implemented a new District model and transformation program from 2026, supporting mid-core and casual segments and targeting USD 20 million in annual savings.
Completed a pre-IPO study for PlaySimple, with preparations underway for a potential listing in India in 2026.
Four consecutive quarters of organic growth, with strong momentum entering 2026 and a clear strategy for continued growth.
Financial highlights
Q4 2025 net sales reached SEK 3,123 million, up 84% YoY, and full-year net sales were SEK 11,579 million, both at record levels and in the upper half of guidance.
Adjusted EBITDA was SEK 717 million in Q4 (23% margin) and SEK 2,648 million for the year, up 58% YoY, both at the top end of guidance.
Unlevered free cash flow was SEK 878 million in Q4 and SEK 1,723 million for the year, with a 66% cash conversion rate.
Net income was SEK -62 million for the year, with adjusted net income at SEK 1.4 billion and Adjusted EPS of SEK 11.33.
Outlook and guidance
Entered 2026 with strong momentum, especially for RAID: Shadow Legends and new game launches, and will provide 2026 guidance in Q1.
Ongoing transformation in the Midcore District expected to yield over USD 20 million in annual savings by end of 2026.
IPO of PlaySimple in India targeted for the second half of 2026, with majority ownership intended.
PlaySimple IPO: What M&A ambitions does it accelerate?
Midcore District: How will central services drive savings?
D2C revenue: What is the strategic importance?
PlaySimple IPO impact on Casual M&A strategy
Midcore shared platform service progress
UA spend vs. EBITDA margin balance strategy
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Next Modern Times Group earnings date
Q1 202629 Apr, 2026
Modern Times Group
Next Modern Times Group earnings date
Q1 202629 Apr, 2026
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