Modern Times Group FY2024 Q1 Investor Presentation

Apr, 2024 Q12024Maria Redin, CEONils Mösko, CFOApril 24, 2024

2Company presentation | Modern Times Group MTG ABRevenues up 11% and 7% pro forma growth, strong operating margin of 27%CONFERENCE CALL Q1 2024Net salesAdjusted EBITDAAdjusted EBITDA marginCash flow from operations11% reported YoY growth10% growth YoY at constant FX7% YoY pro forma growth1,447 SEKm51% YoY reported growth in Q1396 SEKmCash conversion LTM 62%27%SEK 293mStrong margin performance 20% adj. EBITDA margin in Q1’23

3Company presentation | Modern Times Group MTG AB•The market is expected to grow low to mid-single digits during 2024 according to Newzoo, which is in line with our own observations•We are evaluating the effects of Google’s changes to the ad bidding system and upcoming privacy changes. This, together with delayed new games, reduces our short-term UA initiatives and thus improves our margin, supported by an improved underlying operating leverage•Our 2024 pipeline includes several new games and localization of key word gamesMTG provides 2024 outlookCommentsReported sales growth(currencyadjusted)1 –5%Adjusted EBITDA margin26 – 29%

4Company presentation | Modern Times Group MTG AB1) Gaming only 2) Annualized CAGR, time period: 4.75 yearsHiReported revenue1, SEKmReported revenue1, SEKm LTM6486296506257436796357678101,0811,2721,3571,3791,4121,3881,3061,4581,4941,5711,447Q2’19Q3’19Q4’19Q1’20Q2’20Q3’20Q4’20Q1’21Q2’21Q3’21Q4’21Q1’22Q2’22Q3’22Q4’22Q1’23Q2’23Q3’23Q4’23Q1’24-8%-2%6%6%1%13%3%-11%-4%4%11%2,4262,4372,5312,5522,6472,6972,6822,8242,8913,2943,9314,5215,0905,4215,5375,4855,5645,6465,8295,970Q2’19Q3’19Q4’19Q1’20Q2’20Q3’20Q4’20Q1’21Q2’21Q3’21Q4’21Q1’22Q2’22Q3’22Q4’22Q1’23Q2’23Q3’23Q4’23Q1’24+2%+21%YoY Sales growthYoY Organic growth11% sales growth and all time high LTM RevenuesCONFERENCE CALL Q1 2024CAGR2YoY Pro forma7%7%

5Company presentation | Modern Times Group MTG AB517596610630575372424440539521127134143137114138164166149129151141134117108Q1’23Q2’23Q3’23Q4’23Q1’241,3061,4591,4941,5711,447Sales growth driven by Word Games and Strategy & Simulation franchiseOther smaller franchisesRacingTower DefenseStrategy & SimulationWord GamesRevenue by franchise, SEKmSequential growth at constant currenciesYoYgrowthat constantcurrencies-29%-10%-8%+39%+11%-7%-14%-16%-2%-8%CONFERENCE CALL Q1 2024

6Company presentation | Modern Times Group MTG ABReleased in Q1 2024Executing on our pipelineCONFERENCE CALL Q1 2024Early phase /scaling gamesH1 2024H2 20242025+TBDTBDTDBNASCARManagerForzaCustomsBTD6PlayStationBTD6+Vision ProBTD6 SwitchTBDTBDBloonsCard StormBloons TDBattles 2BTD6XboxCrosswordExplorerWord BingoJigsawWord SearchExplorer2048 TilesWord TripSearchTile MatchTBDTBDWarhammer40K TacticusRevamp of Rise of CulturesNow considered an established titleLocalizationcurrent titles

7Company presentation | Modern Times Group MTG ABStrategy & Simulation and Word Games drive ARPDAU growthCONFERENCE CALL Q1 202466%63%63%61%60%61%59%58%58%59%26%28%26%28%32%33%35%35%36%35%8%10%11%11%8%7%6%8%6%5%0510152025303540455055606570Q4’21Q1’22Q2’22Q3’22Q4’22Q1’23Q2’23Q3’23Q4’23Q1’24IAPIAAThird party publication platforms (Other)Revenue streamsUser development7.06.76.46.56.46.66.46.56.52.12.12.12.42.32.32.42.52.62.50.00.51.01.52.02.53. 03. 54.04.55. 00.00.51.01.52.02.53. 03. 54.04.55. 05. 56.06.57.0millionsSEK6.5Q4’21Q1’22Q2’22Q3’22Q4’22Q1’23Q2’23Q3’23Q4’23Q1’24DAUARPDAU%

8Company presentation | Modern Times Group MTG ABLower UA spend while we work on new titles and localization in Word Games franchiseCONFERENCE CALL Q1 202457650049955953756355460052742%Q1’2236%Q2’2235%Q3’2240%Q4’2241%Q1’2339%Q2’2337%Q3’2338%Q4’2336%Q1’24UA spend, SEKm•Maintained prudent approach to UA spend focused on healthy ROAS levels and UA down 2% YOY•Change in UA mainly driven by Word Games. PlaySimple working on new titles and localization of current hits and plans to scale UA when ready•Continued ROAS discipline and lower UA spend in Strategy & SimulationCommentsUA spend developmentForge of Empires

9Company presentation | Modern Times Group MTG AB1) Gaming only, 2) Annualized CAGR, timeperiod: 4.75 yearsStrong adjusted EBITDA of SEK 396m and 27% margin and all time high adjusted EBITDA on rolling 12-month basisReported adj. EBITDA1, SEKmReported adj. EBITDA1, SEKm LTM186118174105182233178182203339378342357374299263397449439396Q2’19Q3’19Q4’19Q1’20Q2’20Q3’20Q4’20Q1’21Q2’21Q3’21Q4’21Q1’22Q2’22Q3’22Q4’22Q1’23Q2’23Q3’23Q4’23Q1’24+51%5795376055835796946987757969031,1031,2631,4161,4511,3721,2931,3331,4081,5481,682Q2’19Q3’19Q4’19Q1’20Q2’20Q3’20Q4’20Q1’21Q2’21Q3’21Q4’21Q1’22Q2’22Q3’22Q4’22Q1’23Q2’23Q3’23Q4’23Q1’24+9%+25%+30%Adj. EBITDA marginAdj. EBITDA – CAPEX margin23%27%27%30%25%28%15%20%26%27%CONFERENCE CALL Q1 2024CAGR2

10Company presentation | Modern Times Group MTG ABGroup cash flow statement, SEKmCONFERENCE CALL Q1 2024Balance sheet, SEKbnSunrise VillageQ1’24LTM Q1’24Cash flow from operations13351,594Taxes paid-78-430Changes in working capital3960CAPEX-24-174Free cash flow2721,050Adj. EBITDA3961,681Cash conversion rate69%62%Earnout payment0940Free cash flow after earnout payment2721101) Excluding realized FX effects 1.7 SEKm in Q1’24 and 67 SEKm LTM Q1’24Continuedstrong cash generation withcash conversionat 62% on LTMCash positionEarn out debtNet cash position3.31.71.6

11Company presentation | Modern Times Group MTG ABStarting the yearCONFERENCE CALL Q1 2024•Strong start to the year with 11% net sales and 7% pro forma sales driven by PlaySimple, InnoGames and Snowprint•We report +51% increase in adj. EBITDA YoY with a margin of 27%•Cash conversion LTM of 62% LTM•Exciting pipeline of new games and major features to support scaling when ready•New share buyback program launched today and intention to launch next program after 2024 AGM•1-5% sales growth on a currency adjusted basis for the full year •Adj. EBITDA margin of 26-29% forthefullyearNASCAR ManagerConclusionOutlook 2024

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