Q3 2025 Modern Times Group MTG AB Earnings Call Transcript

Nov 13, 2025 / 09:00AM GMT

Release Date Price: €10.96 (-3.09%)

Transcript

Key Points

Positve

Modern Times Group MTG AB (FRA:MRTA) reported a strong Q3 with organic revenues up 15% year-over-year.
The company achieved a 23% adjusted EBITDA margin in Q3, aligning with their full-year margin objective of 21% to 24%.
The successful integration of IPs like Teenage Mutant Ninja Turtles into games like RAID: Shadow Legends contributed to high single-digit growth.
The company experienced a 126% year-over-year increase in total sales in constant currencies, driven by the consolidation of Plarium and strong performance in key games.
Modern Times Group MTG AB (FRA:MRTA) generated SEK404 million in cash flow from operations in Q3, with a 60% unlevered cash conversion rate.

Negative

The Tower Defense franchise revenues declined by 18% year-over-year in Q3 due to underperforming content updates.
There was a decline in revenues from some older games within Plarium, offsetting growth in RAID: Shadow Legends.
The company faces tough year-over-year comps for Plarium in Q4, particularly for RAID: Shadow Legends.
The guidance for organic growth in Q4 suggests a slowdown compared to Q3's 15% growth.
Non-UA marketing selling costs showed significant volatility, making it challenging to model future expenses accurately.

Anton Gourman

Modern Times Group MTG AB - Vice President - Communications and IR

Good morning, everyone, and thank you for joining us today for our results for Q3 and the first nine months of 2025. My name is Anton Gourman, and I'm the VP of Communications and Investor Relations at MTG. With me and hosting this call are CEO, Maria Redin; and CFO, Nick Hopkins.

There will be an opportunity to ask questions after the presentation. If you are dialing in, please instructions from the operator when the time is right. Otherwise, please use the online form for your questions and I will read them up as always.

Thank you. I now hand over to Maria. Maria, please go ahead.

Maria Redin

Modern Times Group MTG AB - Group President, Chief Executive Officer

Thank you, Anton, and hello, everyone. I'm incredibly pleased to deliver an exceptionally strong Q3, driven by a higher-than-usual pace of in-game content, live ops and successful IP integration into our games as well as the continued strong performance of some of our new and scale new games. MTG's

Already have an account? Log in

Get the full story

Subscribe Now

	Access to All Earning Calls and Stock Analysis
	30-Year Financial on one screen
	All-in-one Stock Screener with unlimited filters
	Customizable Stock Dashboard
	Real Time Insider Trading Transactions
	8,000+ Institutional investors’ 13F holdings
	Powerful Excel Add-in and Google sheets Add-on
	All data downloadable
	Quick customer support
	And much more...

30-Day 100% money back guarantee

Subscription fee may be tax deductible.

Excellent

4.6 out of 5

Trustpilot

Research Tools

All-In-One Screener Stock Ideas Stock List Guru List Guru Real-Time Picks Insider List Insider Trades Economic Indicators Sector & Industry Performance DCF Calculator Calculators Discussion Board

Product

Pricing Plans Excel Add-In Google Sheets Add-on Data API Stock Comparison Table Manual of Stocks Instant Alerts Mobile App Newsletters Signup 中文

Education

Financial Glossary Tutorials FAQ Buffett Indicator Shiller P/E Yield Curve Today U.S. Inflation Rate Global Market Valuation Fed Net Liquidity Buffett Assets Allocation

Company

About GuruFocus Career Contact Us Advertise Term of Use Privacy Policy Referral Program Partner Program

Survey

We'd love to learn more about your experiences on GuruFocus.com and how we can improve!

Take Survey

Disclaimers

GuruFocus.com is not operated by a broker or a dealer. Under no circumstances does any information posted on GuruFocus.com represent a recommendation to buy or sell a security. The information on this site, and in its related newsletters, is not intended to be, nor does it constitute investment advice or recommendations. The individuals or entities selected as "gurus" may buy and sell securities before and after any particular article and report and information herein is published, with respect to the securities discussed in any article and report posted herein. Gurus may be added or dropped from the GuruFocus site at any time. In no event shall GuruFocus.com be liable to any member, guest or third party for any damages of any kind arising out of the use of any content or other material published or available on GuruFocus.com, or relating to the use of, or inability to use, GuruFocus.com or any content, including, without limitation, any investment losses, lost profits, lost opportunity, special, incidental, indirect, consequential or punitive damages. Past performance is a poor indicator of future performance. The information on this site, and in its related newsletters, is not intended to be, nor does it constitute investment advice or recommendations. The information on this site is in no way guaranteed for completeness, accuracy or in any other way. The gurus listed in this website are not affiliated with GuruFocus.com, LLC. Stock quotes are provided by QuoteMedia, Inc. (CSI). Company fundamental data is provided by Morningstar. Analyst estimates data is sourced from both Refinitiv and Morningstar, with priority given to Refinitiv data. Data is updated daily.