Modern Times Group FY2025 Q4 Investor Presentation

Q4 2025
Maria Redin, CEO
Nick Hopkins, CFO
February 5, 2026

All time high revenues and adjusted EBITDA
2
8 %
Organic
growth
SEK 717 m
Adj. EBITDA
SEK 3,123 m
Net
sales
SEK 878 m
Unlevered
free cash flow
25 %
Organic UA spend
YoY growth
108 %
Net sales
CC 1 YoY growth
(Like for like currency
impact of -12% )
23 %
Adj. EBITDA
margin
(58% YoY growth)
66 %
LTM U nlevered
cash conversion
Note: All numbers are for 2025 Q4 unless otherwise stated
Note: USD figure presented based on reported financials converted from SEK at an FX rate of 9.421 CC refers to constant currency
(98% total group CC 1 YoY growth) ($332 m)
($76m) ($92m)
Q4 2025 performance

4 sequential quarters of organic growth, with 9% for FY2025
1) Gaming only 2) Annualized CAGR, time period: 4.75 years 3) Reported at constant FX
Note: Figures from Plarium are included from 1 February in Q1 2025
3
Reported revenue 1, SEKm Reported revenue 1, SEKm LTM
767 810
Q3’21 Q4’21 Q1’22 Q2’22 Q3’22 Q4’22 Q1’23 Q2’23 Q3’23 Q4’23 Q1’24 Q2’24 Q3’24 Q4’24 Q2’25 Q3’25 Q4’25 Q1’25 Q1’21
1,081
1,272 1,357
1,379 1,412
1,388 1,306
1,458
Q2’21
1,571
1,447 1,437 1,438 1,494
2,557
2,911 2,987
3,123
1,693
5% 3
Q2’21 Q3’21 Q4’21 Q1’22 Q2’22 Q3’22 Q4’22 Q1’23 Q2’23 Q3’23 Q4’23 Q1’24 Q2’24 Q3’24 Q4’24 Q1’25 Q2’25 Q4’25 Q3’25
6,015
2,824 2,891
3,294
3,931
4,521
5,090
5,421 5,537
5,485
Q1’21
5,646
5,829 5,970 5,949 5,564
7,126
8,599
10,148
11,579
5,893
+14%
35 %
CAGR 2
YoY Organic growth Reported at constan t FX
6%
79%
9%
117%
15%
126 %
8%
108 %

Strong end to the year from Word Games, Racing & RAID
4
671
674
608
598 615 719 567
530 569 581
184 198 173
112 101 135
Q4’24
95 108 114
Q1’25
85 89
Q2’25
88 86
Q3’25
97 89
Q4’25
1,693
2,557
2,911 2,987 3,123
1,066
1,424 1,431 1,464
Other smaller franchises
Tower Defense
Racing
Strategy & Simulation
Word Games
Plarium
Revenue by franchise, SEKm
Q4 r evenue
per franchise
47%
23%
19%
6%
3%
3% 50%
8%
42%
Top 3
Top 5
Other
Q4 largest games
by revenue +28 %
-14% -10%
+43 %
YoY development
in reported
currencies
YoY development
at constant
currencies
-12%
+7%
+4%
+23 %
-13% -7%

Direct – to – Consumer contribution up 600bps to 32%
Note: Revenue generated by platform affected by the acquisition of Plarium in Q1’25 5
Revenue streams Revenue generated by platform, %
58% 58% 59% 61% 62%
75%
79% 78%
74%
35% 36% 35% 33% 32%
36%
19% 20% 22%
8% 6% 5% 6% 6% 4% 4% 2% 2% 4%
0
10
20
30
40
50
60
70
80
Q3’23 Q4’23 Q1’24 Q2’24 Q3’24
60%
Q4’24
21%
Q1’25 Q2’25 Q3’25 Q4’25
IAP
IAA
Third party publication platforms (Other)
75% 78% 75% 76% 77% 78%
69% 70% 69%
64%
20% 19% 20% 19% 19% 19%
24% 24% 26%
32%
4% 3% 4% 5% 5% 3% 7% 5% 5% 4%
0
10
20
30
40
50
60
70
80
90
Q3’23 Q4’23 Q1’24 Q2’24 Q3’24 Q4’24 Q1’25 Q2’25 Q3’25 Q4’25
Mobile app stores
Direct to consumer
Other

• Q4 25 UA spend represented 38% of revenues, up
slightly from 37% in Q3 25
• Full year 2025 UA spend represented 37% of
revenues
• Original studios UA spend up 25% YoY, driven by
scaling of new casual games and established
Racing franchise titles
Continued UA investment with positive momentum
6
600
527
470
548
677
959
1,054
1,112
1,192
0
100
200
300
400
500
600
700
800
900
1,000
1,100
1,200
38%
Q4’23
36%
Q1’24
33%
Q2’24
38%
Q3’24
40%
Q4’24
38%
Q1’25
36%
Q2’25
37%
Q3’25
38%
Q4’25
UA spend development
UA spend, SEKm
UA spend as % of revenue
• Total group UA spend up by 76% on reported
basis, and up 98% year over year in constant
currencies in Q4, driven by consolidation of
Plarium

23% adjusted EBITDA margin for both FY and Q4
1) Gaming only, 2) Annualized CAGR, time period: 4.75 years
Note: Figures from Plarium are included for a two -month period in Q1 2025
7
Reported adj. EBITDA 1, SEKm Reported adj. EBITDA 1, SEKm LTM
CAGR 2
Adj. EBITDA margin
27% 24% 22%
182 203
339
378
342 357 374
299
263
397
449 439
396 426
390
455
616 640
675
717
Q1’21 Q2’21 Q3’21 Q4’21 Q1’22 Q2’22 Q3’22 Q4’22 Q1’23 Q2’23 Q3’23 Q4’23 Q1’24 Q2’24 Q3’24 Q4’24 Q1’25 Q2’25 Q3’25 Q4’25
+58%
775 796 903
Q1’22 Q2’22 Q3’22 Q4’22 Q1’23 Q2’23 Q3’23 Q4’23 Q1’24 Q2’24 Q3’24 Q4’24 Q1’25 Q2’25 Q3’25 Q4’25
1,103
Q1’21 Q2’21 Q3’21
1,263
1,416 1,451 1,372
Q4’21
1,333 1,408
1,548
1,682 1,711
1,293
1,666
1,886
2,101
2,386
2,648
1,651
+11% +30%
+59%
23% 23%

Strong cash flow and cash conversion , with healthy leverage
1) Realised FX effects are added back to be excluded from UFCF
2) Paid interest is added back to be excluded from UFCF
3) Adj. Net Income is defined as net income excluding non -cash items in the net finance and PPA
4) Includes C -shares held in Treasury amounting to 6,194,343 as of 2025 -12-31 5 ) LTM EBITDA SEK 2,472 m including Plarium for the full period
8
Group cash flow statement, SEKm
Q4’25 LTM Q4’25
Income before tax adjusted for items not included in cash flow 66 8 2,2 59
Taxes paid -75 -69 5
Changes in working capital 247 159
Cash flow from operations 84 0 1,7 23
CAPEX -52 -19 8
Realised FX effects 1 -20 -22
Le vered free cash flow 808 1,547
Paid interest 2 -70 -191
Unlevered free cash flow 878 1,738
Adj. EBITDA 2,648
Unlevered cash conversion rate 66 %
Adj. Net Income 3 1,390
Average number of outstanding shares 4 122,695,176
Adj. EPS 11.33
UFCF per share 14.16
Sunrise Village
Financial leverage
ratio 5
1.02x
Leverage ratio 5
1.58x
Net financial debt
2,522
Net debt
3,916

Conclusion : Record end to a transformative year
9
• All -time high revenue and adjusted EBITDA
• Delivered on guidance
• New District structure implemented from start of 2026
• Midcore transformation progressing well
• Pre -IPO study for PlaySimple concluded
• Well -positioned to deliver on medium -term outlook

10
Q&A