MAG Interactive (MAGI) Q1 2026 earnings summary

Executive summary

• Organic revenue growth reached 18% year-over-year in USD, with a 5% increase in SEK, impacted by currency headwinds and the divestment of Primetime.

• ARPDAU increased 35% year-over-year, reaching record levels and driven by QuizDuel and Crozzle.

• QuizDuel achieved record revenue days post-quarter and with the launch of the Teams feature, highlighting strong retention and monetization.

• Crozzle experienced user acquisition volatility but is expanding in Europe and internationally, with new game modes and high engagement.

• Portfolio performance remains stable, with Wordzee and evergreen titles providing predictable revenue streams.

Financial highlights

• Net sales increased 3% year-over-year to 70,749 KSEK, with adjusted net sales up 5% and adjusted net sales in USD up 18%.

• Adjusted EBITDA margin was 20%, with adjusted EBITDA at 14,160 KSEK, down year-over-year but improved from Q4.

• Cash and cash equivalents at period end were 78 million SEK.

• User acquisition costs rose 46% to 19,332 KSEK, impacting profitability.

• Free cash flow was -5,981 KSEK, down from -833 KSEK year-over-year.

Outlook and guidance

• Continued focus on expanding Crozzle globally, with new language launches, product enhancements, and operational focus on QuizDuel and Wordzee.

• Plans to increase UA investment as long as profitability is maintained and as Crozzle expands.

• Joint operations team established to drive synergies across QuizDuel, Wordzee, and Crozzle.

• Continued investment in tech platform and new games to increase production speed and efficiency.

• New game cores and features expected to further boost ARPDAU.