Observed Signal · Feb 23, 2026 · Earnings Report · Source: Verve Group SE Investor Relations Monitor · Impact: 4/5 · Sentiment: Positive
MGI Reports Stable Revenue Amid Market Challenges
Media and Games Invest SE (MGI) reported Q2 2023 net revenues of EUR 76.2m (Q2 2022: EUR 78.1m) and adjusted EBITDA of EUR 21.3m (Q2 2022: EUR 21.1m). Revenue normalized for divestments and FX rose 3% year-over-year, with FX-adjusted organic growth of 1%. MGI via Verve Group reported in-app market shares of 11% on Google and 17% on Apple in North America per Pixalates. The company announced a structural personnel cost reduction of approximately EUR 10m annually while maintaining investments in platform innovation, data and AI. Updated guidance for FY 2023 expects revenue and adjusted EBITDA to be broadly stable year-over-year (guidance cites ~EUR 303m revenue normalized and adjusted EBITDA ~EUR 93m). Net interest-bearing debt was EUR 307.7m as of June 30, 2023, and leverage stood at 3.2x.
Quarterly interim results and updated full-year guidance provide material financial and operational information (revenues, adjusted EBITDA, leverage, cost-reduction program and market-share metrics) that affect stakeholders and reflect resilience amid advertising market weakness.
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Key Takeaways & Evidence Grounding
- Q2 2023 net revenues: EUR 76.2m (Q2 2022: EUR 78.1m); reported revenue declined 2% year-over-year.
- Q2 2023 adjusted EBITDA: EUR 21.3m (Q2 2022: EUR 21.1m); adjusted EBITDA margin 28% (Q2 2022: 27%).
- MGI via Verve Group achieved 11% market share in North America on Google in-app advertising and 17% on Apple in-app advertising according to Pixalates.
- MGI initiated an annual personnel cost savings program of approximately EUR 10m (about 12% of group personnel costs) in Q3 2023 while continuing investments in platform innovation, data and AI.
- Updated FY 2023 guidance: revenues and adjusted EBITDA expected to be at 2022 levels when normalized for divestments (~EUR 9m) and FX (~EUR 12m); cited normalized revenue ≈ EUR 303m and adjusted EBITDA ≈ EUR 93m.
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MGI Reports 16% Q4 Growth, Exceeds 2023 Revenue Goals
Media and Games Invest SE (MGI) reported strong organic growth in Q4 2023, with net revenues of €98.7m and 16% organic revenue growth adjusted for FX and divestments. Full-year 2023 revenues amounted to €322.0m (‑1% YoY) and exceeded the company’s updated FY guidance by ~6%. Adjusted EBITDA was €31.7m in Q4 and €95.2m for FY 2023. Adjusted net result more than tripled in Q4 to €7.5m and increased 172.5% year‑on‑year to €57.4m for the full year. MGI reported operational KPIs growth: a 19% increase in software clients to 2,276 and 14% higher ad impressions to 206 billion. Pixalate data cited MGI market share of 12% on both iOS and Android in North America. The company started 2024 with continued momentum (18% organic growth in January 2024) and highlighted AI-driven, ID-less targeting solutions and cost-efficiency measures.
Media & Games Invest Surges: 150% EBIT Growth!
Media & Games Invest plc (MGI) reported strong Q3 2020 results with net revenues of €35.0m (up 29% year-over-year) and adjusted EBIT of €4.0m (up 150% YoY). Adjusted EBITDA for the quarter was €6.4m (up 61%). Following the quarter, MGI raised its full-year 2020 guidance, expecting consolidated revenues up to €135m and reported EBITDA up to €26m. The company cited continued organic growth in gaming, contributions from its media unit (including user acquisition services for external advertisers such as Zynga, InnoGames and Ubisoft), and the acquisition of freenet Digital GmbH which it expects to boost mobile game revenues from Q4 onward. MGI also noted its listing on Nasdaq First North Premier and a concurrent capital increase that was oversubscribed. Management announced an investor presentation and highlighted ongoing M&A and organic growth initiatives.
Games industry M&A hits $2.3B in Q2 2026
Games industry M&A recorded 54 transactions worth $2.3 billion in Q2 2026, the highest quarterly deal count since 2022, driven by an uptick in mid-market deals above $100 million. PC and casual mobile studios accounted for the largest transactions, including Scopely’s $1 billion acquisition of Loom Games and several seven- and eight-figure deals. Public offerings recovered to $1.7 billion across 25 deals (up 72% year‑over‑year) while private investment surged to $3.1 billion across 108 deals, fuelled largely by gaming-adjacent mega-rounds in AI and AdTech (notably AppsFlyer’s $1 billion raise). Mobile performance weakened: quarterly gross in‑app purchase (IAP) revenue fell 4% year‑over‑year and installs dropped 12%. The report flags geographic growth in Singapore and Türkiye and continuing market volatility for mobile-first publishers.
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