Observed Signal · Nov 5, 2026 · Earnings Report · Source: MTG · Impact: 2/5
Another solid quarter with SEK 3 bn net sales, 23% adjusted EBITDA margin
Modern Times Group (MTG) reported stable year-over-year net sales of SEK 2,988 million and an adjusted EBITDA of SEK 693 million (23% margin) for Q3 2026. The group reiterated its full-year outlook, targeting pro forma revenue growth of 5-8% (at the lower end) and an adjusted EBITDA margin of 22-24% (at the upper end). During the period, MTG exercised put/call options to reach 100% ownership of Snowprint, acquired WARP36, and postponed the planned IPO of Playsimple due to Indian market conditions.
Demonstrates how mobile gaming publishers are shifting substantial revenues (42%) to direct-to-consumer (DTC) channels to offset high platform fees and maintain operating margins amid stricter app store policies.
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Key Takeaways & Evidence Grounding
- Q3 2026 net sales reached SEK 2,988 million (flat YoY, -2% in constant currencies), with adjusted EBITDA rising 3% YoY to SEK 693 million (23% margin).
- User acquisition (UA) spend was SEK 1,178 million in Q3, representing 39% of total net sales.
- Direct-to-consumer (DTC) revenues accounted for 42% of total group revenues in Q3 2026, up from 26% in Q3 2025.
- MTG exercised final put/call options to take 100% ownership of Snowprint and acquired WARP36, developers of Star Trek: Warp.
- The potential IPO of Playsimple was postponed on October 9, with timing set to be revisited in 2027.
Connected Companies & Entities
2 Entities mapped“Reported its Q3 2026 financial results, maintaining full-year margin targets and detailing operational restructuring across its gaming distr...”
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10-Q Financial Filing Analysis for Lowe's (2026-08-27)
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