Modern Times Group FY2026 Q1 Earnings Release

Q1 2026
Maria Redin, CEO
Nick Hopkins, CFO
April 29, 2026

Strong start to 2026
2
14 %
Pro forma
YoY growth
SEK 802 m
Adj. EBITDA
SEK 3,159 m
Net
sales
SEK 582 m
Unlevered
free cash flow
SEK 1,199 m
UA spend
37 %
Net sales
CC 1 YoY growth
25 %
Adj. EBITDA
margin
(30 % YoY growth)
78 %
LTM U nlevered
cash conversion
Note: All numbers are for 2026 Q1 unless otherwise stated
Note: USD figure presented based on reported financials converted from SEK at an FX rate of 9.5
Note: MTG calculates pro forma growth on a like -for -like basis, as if all currently owned businesses had been consolidated (or de -cons olidated) for the entirety of both the current and
comparative periods and on a constant currency basis1 CC refers to constant currency
($333 m)
($84m) ($61m)
Q1 2026 performance

6 th sequential quarter of organic growth
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
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 Q1’25 Q2’25 Q4’25 Q1’26 Q3’25
1,081
1,272 1,357
1,379 1,412
1,388 1,306
1,458 1,494
Q2’21
1,447 1,437 1,438
1,693 1,571
2,911 2,987
3,123 3,159
2,557
4% 3
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 Q1’26 Q4’25
6,015
2,891
3,294
3,931
4,521
5,090 5,421
5,537 5,485
5,564
Q2’21
5,829 5,970 5,949
5,893 5,646
8,599
10,148
11,579
12,181
7,126
+5%
35 %
CAGR 2
YoY Organic growth Reported at constan t FX
9%
117%
15%
126%
8%
108%
12%
37%

+25% 1
RAID and PlaySimple’s new games the largest growth drivers
4
794
274
246 216 248 184
173
161 222 190 174
Q1’25 Q2’25 Q3’25 Q4’25 Q1’26
2,557
2,911 2,987 3,123 3,159
1,316
1,044
1,461
1,078
1,472
1,127
1,559
1,309
1,492
Warhammer 40,000: Tacticus
Forge of Empires
RAID: Shadow Legends
Other games
Revenue by top games, SEKm
Q1 r evenue
per district
78%
22%
41% 47%
6%
6%
Q1 largest games
by revenue
-30%
CC YoY growth
+1%
+25%
Midcore Casual
1) Pro forma growth calculated on a like -for -like basis: as if all currently owned businesses had been consolidated (or de -consolidated) for the entirety of bo th the current and comparative
periods and on a constant currency basis

• Group UA spend up 17% pro forma YoY
• Midcore District UA spend up 3% pro forma YoY
o Higher spend on RAID, offset by lower spend on
Forge of Empire and certain other games
• Casual District UA spend up 48% YoY in CC
o Primarily scaling of new games Crossword Go and
Tile Match, as well as certain established title
Continued UA investment at 38% of revenue
5
356 360 375
498 464
603 694 736
694 735
0
200
400
600
800
1,000
1,200
38%
Q1’25
36%
Q2’25
37%
Q3’25
38%
Q4’25
38%
Q1’26
959
1,054
1,111
1,192 1,199
UA spend development
Midcore UA spend, SEKm Casual UA spend, SEKm UA spend as % of total revenue • Group UA spend 38% of revenues in Q1 2026
464

Strong 25% adjusted EBITDA margin
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
6
Reported adj. EBITDA 1, SEKm Reported adj. EBITDA 1, SEKm LTM
CAGR 2
Adj. EBITDA margin
24% 22%
203
339
378 342 357 374
299 263
397
449 439
396 426 390
455
616 640 675
717
802
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 Q1’26
+30%
796 903
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 Q1’26
1,103
Q2’21 Q3’21 Q4’21
1,263
1,416 1,451 1,372 1,293
Q1’22
1,408
1,548
1,682 1,711 1,651
1,333
1,886
2,101
2,386
2,648
2,834
1,666
+7% 31%
+50%
23% 23% 25%

Midcore District: 10% pro forma growth with 28% margin
7
SEK 698 m
Adj. EBITDA
SEK 2,466 m
Net
sales
10 %
Pro forma
sales YoY
(Organic growth YoY 7%)
28 %
Adj. EBITDA
margin
4.2 4.0 4.0 3.9 4.1
5.1
6.3 6.5 6.7 6.6
0
2
4
6
8
Q1’25 Q2’25 Q3’25 Q4’25 Q1’26
DAU APRDAU
Revenue and Adj. EBITDA DAU & ARPDAU

Casual District: 29% organic growth with 24% margin
8
SEK 166 m
Adj. EBITDA
SEK 693 m
Net
sales
29 %
Organic sales YoY
2 4 %
Adj. EBITDA
margin
0
2
4
6
Q1’25 Q2’25 Q3’25 Q4’25 Q1’26
4.8
1.4
5.0
1.3
4.9
1.4
5.5
1.4
4.8
1.6
DAU APRDAU
Revenue and Adj. EBITDA DAU & ARPDAU

Direct – to – Consumer now 39% of group revenues
Note: Revenue generated by platform affected by the acquisition of Plarium in Q1’25 9
Revenue streams Revenue generated by platform, %
58% 58% 59% 61% 62%
75%
79% 78%
74% 77%
35% 36% 35% 33% 32%
36%
19% 20% 22% 20%
8% 6% 5% 6% 6% 4% 4% 2% 2% 4% 3%
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 Q1’26
IAP
IAA
Third party publication platforms (Other)
75% 78% 75% 76% 77% 78%
70% 69%
64%
56%
20% 19% 20% 19% 19% 19%
24% 24% 26%
32%
39%
4% 3% 4% 5% 5% 3% 7% 5% 5% 4% 5%
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 Q1’26
69%
Mobile app stores
Direct to consumer
Other

AI reinforces our competitive moat
Notes: Image generated with the help of Midjourney and Scenario 10
“Low barriers to entry,
very high barriers to scale”
Our AI focus areas
Corporate Engineering Marketing
& Art
(Data x IP x Human expertise) x AI
=
Increasing competitive moat
and scale -driven advantages Sound &
language
Product &
Design
Data

LTM unlevered cash conversion of 78%
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 related amortizations
4) LTM EBITDA SEK 2,542m
11
Group cash flow statement, SEKm
Q1’26 LTM Q1’26
Income before tax adjusted for items not included in cash flow 734 2,464
Taxes paid -18 -499
Changes in working capital -111 188
Cash flow from operations 605 2,152
CAPEX -57 -214
Realised FX effects 1 23 8
Levered free cash flow 525 1,929
Paid interest 2 -56 -275
Unlevered free cash flow 582 2,205
Adj. EBITDA 2,834
Unlevered cash conversion rate 78%
Adj. Net Income 3 1,614
Average number of outstanding shares 119 ,173 ,022
Adj. EPS 13. 54
UFCF per share 18. 50
Sunrise Village
Financial leverage
ratio 4
1.18x
Leverage ratio 4
1.52x
Net financial debt
3,009
Net debt
3,875

Outlook for 2026 and reminder of medium – term targets
Notes: 1) MTG calculates pro forma growth on a like -for -like basis: as if all currently owned businesses had been consolidated (or de -cons olidated) for the entirety of both the current and
comparative periods and on a constant currency basis.
2) Over the medium -term
12
Outlook
2026
Medium term
guidance
5 % – 8% 22% – 24%
3% – 7% > 24% > 60%
Pro forma revenue growth¹ Adj. EBITDA margin
Annual gross revenue
growth
Adj. EBITDA margin 2 Unlevered steady state
cash conversion 2

Conclusion: Great start to the new 2026
13
• Very strong Q1 sets the stage for 2026
• Rapid AI adoption across the Group
• DTC initiatives delivering tangible benefits
• PlaySimple DRHP filed and work
towards potential listing continues
• Midcore transformation
progressing well; USD 20m
annualized savings on track
AdditionalV alue C reation
O rganic G row th
New Games
DTC
AI
Potential
PlaySimple
IPO
Midcore
Transformation
M&A
Strategic priorities

14
Q&A

Ai in mtg
midcore
Moving beyond theory
Oliver Bulloss, CEO Midcore
15

AI supercharges our execution and reinforces our competitive
moat
Notes: Image generated with the help of Midjourney and Scenario 16
Trillions of data points
+
World class teams and creativity
+
AI as a way of work ing, not just a tool
+
“Low barriers to entry,
very high barriers to scale”
We win through
Evergreen IPs with dedicated player bases
+

The lifecyle of a game
17
ideation prototyping development testing
testing
marketing
launc h
LiveOps Phase
Development Phase
op tim ization &
new co ntent

AI integrated into workflows across the entire lifecycle of game
development
Notes: Tools listed are examples 18
ideation &
prototyping
development testing launch
marketing
testing
Cursor, Claude Code, Nano Banana …
• Quickly create concept art in dozens of different styles and themes
• 1 person teams create gameplay prototypes to find the fun
• Lower investment means easier to move on, less sunk cost leading
to bad decisions
→ It’s now so quick to prototype we can merge the first two phases
LiveOps Phase
Development Phase
We utilise 50+ tools
across the entire game
development process
op ti mization &
new co ntent

AI integrated into workflows across the entire lifecycle of game
development
Notes: Tools listed are examples 19
ideation &
prototyping
development testing launch
marketing
testing
LiveOps Phase
We utilise 50+ tools
across the entire game
development process
Development Phase
op ti mization &
new co ntent
Claude Code, A gentic workflows…
• Smaller dev team
• More complete game s at launch and faster time to
market
• Leverag e our data to help inform decisions based
on real player behavior

AI integrated into workflows across the entire lifecycle of game
development
Notes: Tools listed are examples 20
ideation &
prototyping
development testing launch
marketing
testing
LiveOps Phase
We utilise 50+ tools
across the entire game
development process
Development Phase
op ti mization &
new co ntent
BigQuery AI agent + Claude MCP …
• AI agents test parts of the game and feedback
based on player archetypes built from real data
• Analyze the AB tests we run
• Suggested tests

AI integrated into workflows across the entire lifecycle of game
development
Notes: Tools listed are examples 21
ideation &
prototyping
development testing launch
marketing
testing
LiveOps Phase
We utilise 50+ tools
across the entire game
development process
Development Phase
op ti mization &
new co ntent
Comfy UI, Scenario, Suno, Typing mind, Seedance …
• More marketing assets to reach a wider audience
• More creates means more chance of lowering CPI
• Leveraging opportunities we have with IP and Big
Beats better
• UGC style and localized content allowing more geo
focused campaigns

AI integrated into workflows across the entire lifecycle of game
development
Notes: Tools listed are examples 22
ideation &
prototyping
development testing launch
marketing
testing
LiveOps Phase
We utilise 50+ tools
across the entire game
development process
Development Phase
op ti mization &
new co ntent
Cursor , Claude Code, ComfyUI …
• Better insights for everyone
with the massive data set we have
• Creat ing LiveOps more quickly
based on what we know works
• More and better content to players
to keep them engaged

AI integrated into workflows across the entire lifecycle of game
development
Notes: Tools listed are examples 23
ideation &
prototyping
development testing launch
marketing
testing
LiveOps Phase
Development Phase
op ti mization &
new co ntent
We utilise 50+ tools
across the entire game
development process
BigQuery AI agent + Claude MCP …
• AI agents test parts of the game and feedback
based player archetypes built from real data
• Analyze the AB tests we run
• Suggested tests
Comfy UI, Scenario, Suno, Typing mind, Seedance …
• More marketing assets to reach a wider audience
• More creates means more chance of lowering CPI
• Leveraging opportunities we have with IP and Big
Beats better
• UGC style and localized content allowing more geo
focused campaigns
Cursor , Claude Code, ComfyUI …
• Better insights for everyone
with the massive data set we have
• Creat ing LiveOps more quickly
based on what we know works
• More and better content to players
to keep them engaged

Marketing asset creation has been revolutionized over the last
6 months. What would have taken months , now takes days.
26
Cost savings:
Time savings:
Video trailer before AI
Video trailer with AI
up to 99%
app store feature graphic
app icon
video trailer
static ads
$80k -$100k
2-3 months
1 person
$1k tokens
2 weeks
~80% AI Influencer Spotlight

Data and Analytics have always been at the core of what we do,
with AI it’s more important than ever
• Across the Midcore District we have trillions of data points on our players ’ behavior
• In the past analysts and data scientists would be needed to find patterns and answer questions, that’s changed
• By adding AI into our data, we’re opening those insights to anyone in the team, and for the analysts we’re freeing up time to
focus on the areas that really need them
27
4b+
new data points per day
10,000+
terabytes of data
Thousands
of different graphs

BigQuery AI agent + Claude MCP lets the whole team leverage
our proprietary data to find insights and make better decisions
28
Time savings:
Before AI
With AI
~75%
Analyst s a bottleneck
Complex requests 2 -5 days
Everyone is in the data
1 day or less User asks a question about the data
What play habits do we see in different
users spend cohorts when we run
different event types with different
themes in the last 2 years?
The agent returns results in tables or
charts
Data visualization in tables and graph s
The agent provides insights based on
the results
Insights comparing game 1 to other
games in portfolio & suggested follow
up questions
Question Insights Results
The system lets the user select from a set of inhouse designed agents with distinct skills:
Example Agents: Marketing Analyst, LiveOps Expert, Game Analyst, Financial Analyst, Data Science Modeler …

Merge Gardens able to add a new event in record time
29
Time savings:
Before AI
With AI
~80+%
Full team
U p to 7 weeks
1 person
~1 week
• Proof on Concept made with 100%
AI art and code by 1 designer
• Software engineers acted as code
editors
• Positive KPI results when released
in the game
• Paves the way for quick content
cycles and more varied player
experiences
From prototype :
100% AI code, 100%
AI image gene
To final version :
AI assisted art and
background
creation

New games are being developed with an AI first approach
allowing for quicker iteration and AI integration
30
w orkflows with
different specialized
agents delivering
complex tasks
new game ideas
simultaneously to give
more opportunity to
succeed
focused on delivering
quickly
build quickly by AI for
the exact needs of the
team and game
5 new games started in 2026 with an AI first approach
Agentic Small Teams Multiple NEW Tools

In our studios AI has become a key part of the day – to – day
workflow in many areas
• Leaders are rethinking what the right shape of
a game team is in the AI Age, especially for
new games
• AI technology moves quickly we are
continuing to explore and change how we
work
• Utilizing AI is not only about the tools it is also
about how we work with AI
• We are a leading adopter of AI in Europe and
will continue to innovate
Notes: Image generated with Scenario and ComfyUI 31

32
Q&A