“The third quarter is our best this year. Revenue, EBITDA and EBITDA margin have all risen for two quarters in a row, and revenue is almost back at last year's level. EBITDA grew by 20% year-on-year to SEK 7.9 million, with a margin of 48%. These are our actual figures for the quarter, with no adjustments - the only adjustment is that last year's comparison excludes Union for Gamers, which we sold in March. We have also secured the final mandatory amortisation of our bond, halving our bond debt this year, and updated the valuation of our intangible assets to reflect current forecasts. We now have a profitable, cash-generating business, and a clear task ahead of us: to grow again.” - Extract from Björn Mannerqvist’s CEO Comment
SUMMARY OF INTERIM REPORT THREE
Reported figures from Q2 2026 onwards comprise only the Group's in-game apps and web platforms, following the divestment of the Video Sales segment in March 2026. Prior-year comparatives include Video Sales; the adjusted figures below exclude it in all periods and are therefore the most relevant basis for comparison.
HIGHLIGHTS 1 JULY 2026 - 30 SEPTEMBER 2026
HIGHLIGHTS 1 JANUARY 2026 - 30 SEPTEMBER 2026
FINANCIAL POSITION AT 30 SEPTEMBER 2026
*Adjusted revenue excludes the business segment Video Sales and therefore excludes the now divested Magic Find Inc. and the Youtube creator network, Union for Gamers.
**Adjusted EBITDA excludes the operating result of the Video Sales segment (UFG) in all periods (SEK 0.7 million YTD 2026), excludes the gain on disposal of Magic Find Inc. (SEK 7.3 million) and adds back non-recurring transaction costs related to the divestment (SEK 3.8 million).
CEO COMMENT - HIGHER MARGINS, LOWER DEBT - READY FOR GROWTH
The third quarter is our best this year. Revenue, EBITDA and EBITDA margin have all risen for two quarters in a row, and revenue is almost back at last year's level. EBITDA grew by 20% year-on-year to SEK 7.9 million, with a margin of 48%. These are our actual figures for the quarter, with no adjustments – the only adjustment is that last year's comparison excludes Union for Gamers, which we sold in March. We have also secured the final mandatory amortisation of our bond, halving our bond debt this year, and updated the valuation of our intangible assets to reflect current forecasts. We now have a profitable, cash-generating business, and a clear task ahead of us: to grow again.
A Leaner Company That Earns More
Revenue for the quarter amounted to SEK 16.4 million. Compared with last year excluding Union for Gamers, revenue decreased by only 3% (SEK 17.0 million adjusted), following decreases of 20% in Q1 and 24% in Q2. Sequentially, revenue has now grown two quarters in a row, from SEK 13.4 million in Q1 to SEK 15.8 million in Q2 and SEK 16.4 million in Q3.
Profitability is where the quarter really stands out. EBITDA increased by 20% to SEK 7.9 million (6.6), and the EBITDA margin rose to 48% (39%). It is our first year-on-year EBITDA growth this year, and the margin is up from 41% in Q2. This is the full effect of the cost programme we carried out in the spring. A smaller, more focused organisation now earns more than the larger organisation did a year ago, on almost the same revenue. Excluding the write-downs, profit for the period was SEK 2.6 million (-7.3), supported by the interest waiver under our bond terms.
Revenue from our in-game apps decreased by 8% year-on-year, against a considerably larger decline in daily active users. We earn materially more per active user than a year ago, and app revenue grew by 6.6% compared with Q2, or around 3.5% in constant currency. Revenue from our websites was in line with last year, driven by continuous optimisation of our ad setup and user experience, with video as a particular focus.
The improvement is also visible in our cash flow. Cash flow from operating activities before changes in working capital amounted to SEK 9.4 million for the first nine months (-2.4). We used the interest waiver to strengthen our position rather than consume it: utilisation of our overdraft facility fell from SEK 15.4 million at the end of Q1 to SEK 6.1 million, and net debt decreased by 35% to SEK 123 million (189). The sale of Union for Gamers has also paid off - the interest we save through the bond amortisations exceeds the earnings the business previously generated. We meet the resumption of interest payments at the end of November with a leaner cost base, a lower overdraft and a business that generates cash.
A New Chapter For M.O.B.A. Network
On 14 September I returned to the role of CEO, which I held until June 2024. As co-founder, Board member since June and most recently COO, I take on the role with a clear view of both our opportunities and the work that remains. Anders Ribbing continues in Group Management as COO & CCO, responsible for our operational and commercial development.
I want to thank Anders for leading the company through a demanding period, including the divestment of Union for Gamers and the reset of our capital structure. I am glad that we continue to work closely together. The Board elected in June, chaired by David Nylén, has been closely engaged in the work of the past quarter.
Bond Debt Halved This Year
In our Q1 report we said we were confident that we would meet the full EUR 10 million redemption requirement under our amended bond terms within the stipulated timeline. We have done so. The remaining EUR 1 million will be financed through a directed share issue of SEK 11.3 million, approved unanimously at the extraordinary general meeting on 30 September.
Once settled, our outstanding bond debt will amount to EUR 10 million, down from EUR 20 million at the start of this year and EUR 25 million at issue. The issue is backed by all major shareholders, part of it was paid by converting bonds into shares, and I also participated personally. I see this as a strong expression of commitment to M.O.B.A. Network and to the direction we have set.
Write-Down Of Intangible Assets
During the quarter, the Board conducted a review of all the Group’s assets, including updated forecasts for each business based on current trends in traffic, user activity and the advertising market. Based on this review, it was deemed necessary to write down intangible assets by SEK 149.9 million, mainly relating to Wargraphs (SEK 90.8 million) and CriticalClick (SEK 38.7 million), with an effect on profit after tax of SEK 139.4 million. The main reason is lower forecast cash flows than when the assets were acquired, reflecting lower user activity in some gaming ecosystems and weaker development in parts of our web portfolio.
In accordance with IFRS, the impairment tests are based on the businesses in their current form and do not take into account new products or other initiatives we may develop going forward. The write-downs are non-cash and do not affect our cash flow or EBITDA. Equity now amounts to SEK 98.8 million, an equity ratio of 34%.
Back To Growth: The Work Has Started
I want to be direct: the number of active users in our in-game apps has declined, and reversing that trend is my highest priority. Better monetisation has offset much of the decline so far, which is great but long-term growth requires more users.
That work is already under way. We have introduced logged-in user accounts on League of Graphs and Porofessor.gg, bringing two of our largest web brands closer to our app ecosystem. We launched a complete redesign of League of Graphs, and Porofessor.gg is next in line. After the period, we launched a new in-game window and second-screen experience for Teamfight Tactics in the Porofessor app, reaching an audience that only partly overlaps with our core users. Our marketing automation programme is now live, giving us, for the first time, a personal channel to more than 740,000 registered app users - to drive engagement, ad revenue via ID solutions and subscription conversion.
A new dedicated team has also taken over Overframe, with a roadmap aimed at the next phase of growth for the website and app.
We will not publish a detailed roadmap, but I want to be clear about the direction. Every part of the organisation is now working towards growth, and that is what I expect us to be measured on.
AI: Less Technical Debt, More Room To Grow
In our Q2 report we described the third phase of our AI journey: redesigning how work itself is performed through our in-house AI platform, Maestro. That work is now delivering. Maestro takes development tasks from analysis to finished code. Changes assessed as low-risk are deployed fully autonomously, while other changes are verified by a developer before release. Our developers describe a steep change in their own productivity.
Just as important, we are far less held back by technical debt than before. Work that used to tie up development resources for weeks can now be done quickly, which means we can improve all of our web assets - including several sites that have received little development in recent years. I see this as one of our clearest growth opportunities: established brands with loyal audiences that we can now develop at a pace that simply was not possible before. It is also why a smaller organisation can execute a broader roadmap than ever.
Looking Ahead
The fourth quarter is seasonally our strongest, and we enter it with a profitable business, substantially lower debt and a team focused on clear priorities. My task as CEO is to turn this stronger base into growth. I want to thank our shareholders, bondholders, Board, employees and partners for their continued support. I look forward to reporting further progress.
Björn Mannerqvist, CEO - November 12th, 2026
SIGNIFICANT EVENTS IN Q3
SIGNIFICANT EVENTS AFTER THE PERIOD