Sweden mobile gaming group MTG's Q1 sales and adjusted EBITDA beat estimates

Modern Times MTG AB

29/04/2026 06:39

Overview

Sweden mobile gaming group's Q1 net sales rose 24% yr/yr, beating analyst expectations

Adjusted EBITDA for Q1 climbed 30% yr/yr and beat analyst expectations

Growth driven by strong performance in Midcore and Casual gaming districts, especially RAID: Shadow Legends

Outlook

MTG expects full-year 2026 pro forma revenue growth of 5-8%

Company sees 2026 group adjusted EBITDA margin in the range of 22-24%

MTG says outlook reflects strong start, game event timing and industry seasonality

Result Drivers

RAID: SHADOW LEGENDS CONTENT - Growth in the Midcore District was largely driven by RAID: Shadow Legends, which saw 25% pro forma yr/yr growth due to new in-game content and a strong IP partnership

NEW CASUAL GAMES - The Casual District's sales rose 29% yr/yr in constant currencies as PlaySimple scaled new games including Crossword Go and Tile Match

USER ACQUISITION SPEND - User acquisition investments increased, supporting growth in both districts, with spend up 17% pro forma and 48% in the Casual District

Company press release: ID:nWkr6j5gv

Key Details

Metric
Beat/Miss
Actual
Consensus Estimate
Q1 Sales
Beat
SEK 3.16 bln
SEK 2.87 bln (3 Analysts)
Q1 EPS
SEK 1.16
Q1 Net Income
SEK 138 mln
Q1 Adjusted EBITDA
Beat
SEK 802 mln
SEK 639.97 mln (3 Analysts)
Q1 EBIT
SEK 371 mln
Q1 EBITDA
SEK 754 mln


Analyst Coverage

The current average analyst rating on the shares is "strong buy" and the breakdown of recommendations is 6 "strong buy" or "buy", no "hold" and no "sell" or "strong sell"

The average consensus recommendation for the software peer group is "buy."

Wall Street's median 12-month price target for Modern Times Group MTG AB is SEK144.00, about 25.3% above its April 28 closing price of SEK114.90

The stock recently traded at 7 times the next 12-month earnings vs. a P/E of 7 three months ago

For questions concerning the data in this report, contact Estimates.Support@lseg.com. For any other questions or feedback, contact reuters.support@thomsonreuters.com.

(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)