January - March 2026
· Net sales decreased by 8% to 15.8 MSEK (17.1 MSEK)
· Recurring revenue amounted to 95.3% (99.4%) of net sales
· EBITDA decreased by 32% to 9.0 MSEK (13.2 MSEK)
· The EBITDA margin amounted to 57% (77%)
· Adjusted EBITDA decreased by 14% to 9.0 MSEK (10.5 MSEK) *
· The Adjusted EBITDA margin amounted to 57% (61%) *
· Operating profit (EBIT) amounted to 8.8 MSEK (13.2 MSEK)
· Profit after tax amounted to 5.5 MSEK (10.3 MSEK)
· Basic and diluted earnings per share: 0.16 SEK (0.30 SEK)
· Referred FTDs decreased by 39% to 13,410 (21,932) compared
to Q1 2025, while increasing by 58% compared to Q4 2025

* Figure for the comparative period excludes a positive earnout revaluation effect of SEK 2.8 million relating to the acquisition of Fable Media ApS
 

Current Trading
Q2 2026 started very strongly, with preliminary April figures
showing the highest monthly net sales since the Brazil regulatory
changes in early 2025.

Proposed Dividend
The Board of Directors proposes a dividend of SEK 0.20
per share for approval at the Annual General Meeting on 22
June 2026.

Full-Year 2026 Guidance
For 2026, Fable Media Group expects net sales of SEK 70-85
million and Adjusted EBITDA of SEK 45-55 million.

CEO Letter
While reported net sales for the first quarter decreased
by 8 per cent compared with the corresponding period
last year, the underlying operational performance was
stronger than the headline figures suggest.

Our operational KPIs developed positively during the quarter.
Referred First Time Depositors in Q1 2026 increased by 58 per
cent compared with Q4 2025. This reflects improved partner
agreements and increased marketing investments initiated earlier
this year to capitalise on attractive opportunities in the market.
Player deposits also increased by approximately 15 per cent
compared with the same quarter last year, further indicating
continued strengthening of the underlying business momentum.

EBITDA decreased by 32 per cent, although the comparison
figure was inflated by a revaluation of the earnout related to the
acquisition of Fable Media ApS. Adjusted for this effect, EBITDA
decreased by 14 per cent. Reported figures were also negatively
affected by higher consultancy costs and currency movements.
The Swedish krona strengthened materially against several of the
currencies in which the Group generates revenue. Roughly one
third of the year-on-year decline in net sales can be explained by
these exchange rate effects alone.

The Group's business model remains highly cash-generative and
scalable, with a high share of recurring revenue and continued
strong profitability. During the quarter, we also continued to
execute on our shareholder-friendly capital allocation strategy.
In March, Fable Media Group distributed its third and largest
dividend since the launch of the dividend strategy in the autumn
of 2025, providing a strong yield for shareholders. We remain
committed to our strategy of distributing quarterly dividends.

The quarter also included strategically important developments.
We strengthened our shareholder base through the addition of
Scandinavian Investment Group as a major shareholder, while
also further enhancing the Company's Board and IR capabilities.
We believe these steps support the Company's continued development
and improve its long-term visibility in the capital markets.

Looking ahead, the start of Q2 2026 has been encouraging.
Preliminary April figures indicate the highest monthly net sales
since the regulatory changes in Brazil at the beginning of 2025.
This supports our view that the operational measures implemented
during the past year are producing results and that the
business continues to strengthen.

The coming quarters are also expected to benefit from a
favourable sports calendar, including the FIFA World Cup in
North America, one of the world's largest sports betting events.
Combined with strong underlying KPIs, the outlook for the
remainder of 2026 remains promising. We therefore maintain our
forecast for 2026 of net sales of SEK 70-85 million and Adjusted
EBITDA of SEK 45-55 million.

Alexander Pettersson
CEO, Fable Media Group AB