Modern Times Group FY2025 Q3 Investor Presentation

Q3 2025Maria Redin, CEONick Hopkins, CFONovember 13, 2025

Exceptional 15% organic growth, strong margins of 23% and well on track to deliver on updated full-year outlook215%Organic growthSEK675mAdj. EBITDA SEK2,987mNet salesSEK404mUnlevered free cash flow37% Organic UA spendYoY growth 126% Net sales CC1 YoY growth(108% on reported basis) 23% Adj. EBITDA margin(73% YoY growth)60% Q3 unlevered cash conversion(46% LTM unlevered cash conversion) Note: All numbers are for 2025 Q3 unless otherwise statedNote: USD figure presented based on reported financials converted from SEK at an FX rate of 9.41 at 30-Sep-25 spot rate 1 CC refers to constant currency(120% total group CC1 YoY growth) ($316m) ($72m) ($43m)

Total revenues up 126% YoY in constant FX driven by consolidation of Plarium1) Gaming only 2) Annualized CAGR, time period: 4.75 years 3) Reported at constant FXNote: Figures from Plarium are included from 1 February in Q1 20253Reported revenue1, SEKmReported revenue1, SEKm LTM635767810Q2’21Q3’21Q4’21Q1’22Q2’22Q3’22Q4’22Q1’23Q2’23Q3’23Q4’23Q1’24Q2’24Q3’24Q1’25Q2’25Q3’25Q4’24Q4’201,0811,2721,3571,3791,4121,3881,306Q1’211,4941,5711,4471,4371,4581,6932,5572,9112,9871,4387%3Q1’21Q2’21Q3’21Q4’21Q1’22Q2’22Q3’22Q4’22Q1’23Q2’23Q3’23Q4’23Q1’24Q2’24Q3’24Q4’24Q1’25Q3’25Q2’256,0152,6822,8242,8913,2943,9314,5215,0905,4215,537Q4’205,5645,6465,8295,9705,4855,8937,1268,59910,1485,949+18%32%CAGR2YoY Organic growthReported at constant FX9%6%6%79%9%117%15%126%

15% YoY organic growth in Q3 (10% YTD) driven by strongly performing new games & high LiveOps density in established games455267152467460859861516156753056918419881120Q3’24112101135Q4’24951081141,066Q1’2585891,424Q2’2588861,431Q3’251,4381,6932,5572,9112,987Other smaller franchisesTower DefenseRacingStrategy & SimulationWord GamesPlariumRevenue by franchise, SEKmQ3 revenue per franchise48%21%19%7%3%3%51%9%40%Top 3Top 5OtherQ3 largest games by revenue+23%+9%+11%+30%YoY development in reported currenciesYoY development at constant currencies -28%+11%-18%+21%+9%+13%

ARPDAU grew QoQ driven primarily by Snowprint, whilst DAU broadly flat; ARPDAU & DAU up 43% and 45% on YoY basisNote: Q2’24 DAU levels affected by the divestment of Kongregate, Q1’25 DAU levels affected by the acquisition of Plarium5Revenue streamsUser development58%58%59%61%62%75%79%78%35%36%35%33%32%36%19%20%8%6%5%6%6%4%4%2%2%01020304050607080Q3’23Q4’23Q1’24Q2’24Q3’2460%Q4’2421%Q1’25Q2’25Q3’25IAPIAAThird party publication platforms (Other)0123456789100.50.01.01.52.02.53.54.04.55.03.0Q2’25Q3’256.42.56.52.66.52.75.86.12.69.03.19.03.58.93.7millionsSEKQ3’23Q4’23Q1’24Q2’242.5Q3’246.32.9Q4’24Q1’25DAUARPDAU

•UA spend accounted for 37% of group revenues in Q3, up from 36% sequentially, and compares to 38% for the same period last year and•LTM UA spend as a percentage of revenue was 37%, up from 36% LTM last year•Original studios UA spend up by 37% year over year, driven by a mix of marketing investments in new games and in scaling games in both midcore and casual 37% YoY increase in UA spend for original studios, and 120% YoY increase for total group UA spend on constant currency basis655460052747054867795939%Q3’2339%Q4’2338%Q1’2436%Q2’2436%Q3’2437%Q4’2437%Q1’2538%Q2’2537%Q3’251,0541,112UA spend developmentUA spend, SEKmLTM UA spend as % of revenue•Total group UA spend up by 103% on reported basis, and up 120% year over year in constant currencies in Q3, driven by consolidation of Plarium

Strong 23% adjusted EBITDA margin in Q3 and 9m YoY, up by 73% YoY vs. Q3 ‘241) Gaming only, 2) Annualized CAGR, time period: 4.75 yearsNote: Figures from Plarium are included for a two-month period in Q1 20257Reported adj. EBITDA1, SEKmReported adj. EBITDA1, SEKm LTMCAGR227%Adj. EBITDA margin27%24%22%178182203339378342357374299263397449439396426390455616640675Q4’20Q1’21Q2’21Q3’21Q4’21Q1’22Q2’22Q3’22Q4’22Q1’23Q2’23Q3’23Q4’23Q1’24Q2’24Q3’24Q4’24Q1’25Q2’25Q3’25+73%698775796903Q3’21Q4’21Q2’22Q3’22Q4’22Q1’23Q2’23Q3’23Q4’23Q1’24Q2’24Q3’24Q4’24Q1’25Q3’25Q1’22Q4’20Q2’25Q1’211,1031,2631,4161,4511,3721,293Q2’211,4081,5481,6821,7111,3331,6661,8862,1012,3861,651+14%+30%+45%23%

Strong cash flows with 60% UCC in Q3, and healthy leverage levels1) 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) Excludes C-shares held in Treasury amounting to 6,194,343 5) LTM EBITDA SEK 2,691m including Plarium for the full period8Group cash flow statement, SEKmQ3’25LTM Q3’25Income before tax adjusted for items not included in cash flow5501,967Taxes paid-170-771Changes in working capital213Cash flow from operations3821,208CAPEX-51-184Realised FX effects114-4Levered free cash flow3171,027Paid interest2-88-60Unlevered free cash flow4041,087Adj. EBITDA6752,386Unlevered cash conversion rate60%46%Adj. Net Income33611,157Average number of outstanding shares4117,114,942Adj. EPS9.88UFCF per share9.28Sunrise VillageFinancial leverage ratio51.15xLeverage ratio51.64xNet financial debt3,095Net debt4,411

Updated targets for full-year 2025 at our CMD in OctoberNotes: 1) Organic growth is defined as revenues from the studios MTG owned throughout the whole of 2024 and is calculated in constant currencies; 2) Adj EBITDA Margin for MTG including Plarium9Current guidanceNew guidance3%–7%n/a21%–24%7%–9%SEK bn 11.4–11.721%–24%Organic Growth¹Total Reported RevenueTotal Adj EBITDA Margin²

Exceptional 15% organic growth, solid adj. EBITDA margin – on track to deliver on raised FY 2025 outlook10Conclusion•15% organic growth in Q3, driven by double digit growth in PlaySimple and Warhammer 40,000: Tacticus, also supported by great performance from the F1 Clash season reset in Q2 and the continued scaling of Heroes of History•Strong quarter for RAID: Shadows Legends anchored by the Teenage Mutant Ninja Turtles IP and live-ops execution•UA spend in original studios up by 37% YoY in Q3 in constant currencies and total group UA spend up 120% YoY in constant currencies•Execution on track to deliver on updated FY 2025 outlook

11Q&A