SUMMARY OF YEAR-END REPORT 2025
HIGHLIGHTS 1 OCT 2025 - 31 DEC 2025
- Revenue amounted to SEK 63 million (93), a decrease of 32%.
- EBITDA amounted to SEK 10 million (20), a decrease of 50%.
- Adjusted* EBIT amounted to SEK 4 million (15), a decrease of 127%.
- EBIT amounted to SEK -38 million (15), a decrease of 346%.
- Profit before tax amounted to SEK -46 million (4).
- Cash flow from operating activities before changes in working capital amounted to SEK 11 million (10).
- Earnings per share during the quarter amounted to SEK 0 (0.1).
HIGHLIGHTS 1 JAN 2025 - 31 DEC 2025
- Revenue amounted to SEK 251 million (321), a decrease of 22%.
- EBITDA amounted to SEK 37 million (62), a decrease of 40%.
- Adjusted* EBIT amounted to SEK 13 million (38), a decrease of 134%
- EBIT amounted to SEK -28 million (38), a decrease of 174%.
- Profit before tax amounted to SEK -62 million (1).
- Cash flow from operating activities before changes in working capital amounted to SEK 8 million (27).
- Earnings per share amounted to SEK 0 (0.0).
*Adjusted EBIT excludes write-downs totalling 41,7 million of which Critical Click Network amounted to 28,5 MSEK and Magic Find 13,2 MSEK.
COMMENTS BY THE CEO
As we enter 2026, M.O.B.A. Network stands at an important inflection point. Following a challenging operating year, we have taken decisive steps to materially strengthen our financial position, reduce risk, and sharpen the company's strategic focus on core platforms and consumer-facing apps.
A CHALLANGING QUARTER
The fourth quarter was disappointing, both in terms of revenue and EBITDA, and below our expectations. Revenue amounted to SEK 63 (93), a 32% year-on-year decrease, and EBITDA amounted to SEK 10 (20) MSEK.
The weaker performance was primarily driven by a continued weak advertising market, negative USD/SEK currency effects, and ongoing softness within certain of our important gaming ecosystems. While we have implemented operational adjustments during the year to adapt to these conditions, the financial outcome in the quarter was not satisfactory.
IMPAIRMENTS AND BALANCE SHEET ADJUSTMENTS
As part of our year-end review, we have recognized non-cash impairments of SEK 41,7 MSEK, primarily related to goodwill. These impairments negatively impact operating profit (EBIT) by SEK 41,7 in the quarter but don't have any effect on cash flow.
On the balance sheet, the carrying value of intangible assets has been reduced accordingly. While these adjustments weigh on reported earnings, they align asset values with current market conditions and result in a more conservative and transparent balance sheet going forward.
COVENANT BREACH AND FINANCING DIALOGUE
Due to the weaker earnings development, the company did not meet its financial covenant under its senior secured bonds and working capital facility for the fourth quarter and events of default under such financing agreements have therefore occurred. The agents under the respective financing agreements have been informed.
The company is in ongoing dialogues with certain larger bondholders and the bank providing the working capital facility regarding a waiver and potential long-term financing solution which may include an amend-and-extend of the outstanding senior secured bonds originally maturing in May 2026.
As of the date of this report, no formal waiver in respect of the outstanding events of default has been obtained and no binding agreement on the potential long term financing solution has been reached. We are working constructively with all parties and will provide further information once such dialogues have concluded.
DIVESTMENT OF UNION FOR GAMERS - REDUCING LEVERAGE AND SHARPENING FOCUS
Against this backdrop, we have taken decisive action to strengthen the company's financial position. We have announced the divestment of Union for Gamers through the sale of 100% of the shares in Magic Find Inc.
The transaction is structured as SEK 95 million in cash at closing, plus an earn-out where M.O.B.A. Network will receive 80% of EBITDA above the current LTM level and 80% of revenues derived from AI licensing over an 18-month period. At closing, Magic Find's website portfolio will be transferred to a Swedish subsidiary and retained within the group, while the YouTube creator network is divested.
On a pro forma basis, M.O.B.A. is divesting approximately 19% of Group EBITDA (SEK 7 million) and 70% of Group revenue (SEK 177 million), based on Q4 LTM 2025 figures. This reflects the structurally lower margin profile of the Union for Gamers business compared with the high-margin nature of M.O.B.A.'s remaining core assets that jointly have EBITDA margins of approximately 40%.
Closing is expected to take place after publication of this report. The net proceeds are intended to be used to redeem as much of the outstanding bond as possible, and the company intends to initiate a written procedure with the bond agent following completion.
We believe this divestment significantly reduces leverage, strengthens the balance sheet, and sharpens our strategic focus on higher-margin, product-driven platforms.
PRODUCT MOMENTUM AND MARKET OUTLOOK
We enter 2026 from a position of increasing strategic strength. While 2025 was an off-cycle advertising year without major cyclical drivers, it marked a pivotal transition period for M.O.B.A. Network. We have accelerated our shift toward a more app-driven, subscription-oriented ecosystem and strengthened our direct relationships with users.
The launch of the standalone Porofessor app clearly illustrates this progress. The app has already reached approximately 60,000 daily active users and has become an important driver of engagement within our ecosystem. Since October 2025, we have generated more than 370,000 new user accounts across our native and standalone applications. This represents a meaningful step toward building a more direct relationship with our audience and a key enabler of long-term monetization.
Through logged-in users and first-party data, we can now engage more actively with our community, communicate product improvements, and educate users about the value of our premium offering. This creates a more clear pathway to grow our subscriber base over time. At the same time, it strengthens our advertising proposition by enabling identity-based solutions that support higher CPMs and more resilient monetization.
In addition, we launched three new websites, released the Overframe desktop app, and expanded coverage across additional game titles. We continued to increase our focus on in-game applications and subscription-based monetization models, supported by ongoing product development across our products.
While these initiatives are still early in their financial contribution, they are expected to become increasingly important during 2026 as we scale our app ecosystem, deepen user engagement, and convert a larger share of our audience into recurring revenue streams.
Looking ahead, 2026 includes several events that historically stimulate advertising demand in the U.S., including the U.S. midterm elections and FIFA World Cup. Given that the majority of our revenue is generated in the U.S. market, these cyclical factors are expected to provide a more supportive demand environment compared to 2025 and provide incremental monetization opportunities across our platform.
At the same time, while macroeconomic expectations are stabilizing, uncertainty remains. We therefore continue to prioritize financial discipline while ensuring we are well positioned to benefit from an improving advertising backdrop.
CLEAR PRIORITIES GOING FORWARD
The past year has been challenging. We have taken necessary and concrete actions to address the financial situation, reduce leverage, and improve the company's long-term resilience. These measures, combined with our strategic repositioning, provide a stronger foundation as we move into 2026.
Our priorities are clear:
- Scale our app ecosystem, logged-in user base, and subscription revenues
- Capture advertising upside from cyclical and structural drivers
- Further strengthen our balance sheet
- Conclude the refinancing process and extend long-term financial stability
With a more focused portfolio of assets and constructive financing discussions, we are working toward establishing a more durable financial foundation for M.O.B.A. Network.
I would like to thank our shareholders, bondholders, board of directors, employees, and partners for their continued support during a demanding period. We remain fully focused on stabilizing the financial structure while executing on our strategy to drive sustainable growth and long-term value creation.
Anders Ribbing
CEO, February 26th, 2026
Contacts
Anders Ribbing, CEO
Jonas Bertilsson, Chairman of the Board
info@wearemoba.com
https://wearemoba.com
Certified Adviser - FNCA Sweden AB
About M.O.B.A. Network
M.O.B.A. Network owns and operates a diversified portfolio of gaming community platforms and in-game apps, with a vision to become the go-to destination for gamers and creators worldwide. Engaging millions of users across the world's most popular games, the company monetizes its platforms primarily through advertising, with an increasing share of subscription-based revenue. Headquartered in Stockholm, Sweden, M.O.B.A. Network is publicly listed on Nasdaq First North Growth Market under the ticker 'MOBA'.
For more information, please visit wearemoba.com
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This information is information that M.O.B.A. Network is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact persons set out above, at 2026-02-26 08:00 CET.
