HIGHLIGHTS 1 JAN 2026 - 31 MARCH 2026
- Revenue amounted to SEK 40 million (64), a decrease of -37%.
- EBITDA amounted to SEK 7,8 million (7,5), an increase of 4%.
- EBIT amounted to SEK 2,3 million (1,5), an increase of 54%.
- Adjusted revenue* (excluding video sales) amounted to SEK 13,4 (16,6) million, a decrease of 20%.
- Adjusted EBITDA** amounted to SEK 5,2 million (7,5), a decrease of 31%.
- Adjusted EBIT*** amounted to SEK -0,3 million (1,5), a decrease of 118%.
- Profit before tax amounted to SEK -1,3 million (-9).
- Total cash flow from the period amounted to 79 (-13) MSEK.
- Earnings per share during the quarter amounted to SEK 0,0 (-0,4).
*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 gain on disposal of Magic Find Inc. (SEK 6,4 million) and adds back transaction costs related to the divestment (SEK 3.8 million). No adjustments were made to the comparative period.
***Adjusted EBIT excludes the gain on disposal of Magic Find Inc. (SEK 6,4 million) and adds back transaction costs related to the divestment (SEK 3.8 million). No adjustments were made to the comparative period.
COMMENTS BY THE CEO
STRONGER, SIMPLER AND READY TO BUILD
2025 was a difficult year for M.O.B.A. Network. What matters now is what has changed - and a great deal has changed. Q1 2026 is the first quarter where the results of our actions are becoming clearly visible. We are not yet where we want to be, but the direction is right and the underlying progress is genuine.
REVENUE AND EBITDA DEVELOPMENT
Revenue for the quarter amounted to 40 MSEK (64) and adjusted EBITDA to 5,2 MSEK (7,5), both representing a decrease compared to the same period last year. The majority of our revenue is generated in USD while we report in SEK, and the exchange rate moved significantly against us during 2025 and into early 2026, amplifying what was a minor decline in underlying USD terms.
A TRANSFORMED BUSINESS: THE UFG DIVESTMENT
The single most consequential event of the quarter was the completion of the UFG divestment in March 2026. UFG was our YouTube network and the sole driver of our video sales segment - a high-revenue but low-margin business structurally different from the rest of our portfolio. The decision to divest was not easy, but it was the right one. Investors should note that this divestment fundamentally changes our financial profile - from Q2 2026, our reported revenue will be substantially lower than prior year comparatives, while the impact on EBITDA will be considerably more modest, reflecting the higher-margin nature of our continuing business.
The agreed transaction value was 95 MSEK, and given that the acquisition was structured on a cash-free basis, total proceeds at closing exceeded this amount. We also retain meaningful upside through the earn-out structure over the 18 months following closing.
The divestment was the cornerstone of our plan to meet the bond redemption requirement of EUR 10 million before 30 September 2026. On 28 April we completed an initial amortization of EUR 9 million, representing 45% of our total outstanding bond volume. This reduces our outstanding bond debt from EUR 20 million to EUR 11 million, with a remaining redemption requirement of EUR 1 million to be met before 30 September 2026.
To meet this remaining requirement, we are actively working on several solutions and are in constructive dialogue with relevant parties. We are confident that we will satisfy the full EUR 10 million redemption requirement within the stipulated timeline.
The financial constraints that shaped so many of our decisions through 2025 have been materially reduced.
Our annual interest costs are expected to decrease by approximately SEK 12 million following the amortization - more than the approximately SEK 7 million EBITDA contribution that UFG generated in 2025. In addition, under the updated bond terms, no cash interest payments are due until the end of November 2026, providing further short-term cash flow flexibility.
The strategic effect is equally important. Without the video sales segment, M.O.B.A. Network is a simpler and more focused company. Our apps and web platforms are now the entirety of what we do. This clarity makes us easier to understand, easier to manage, and better positioned to put capital where it creates the most value.
APPS AND WEB: TWO DIFFERENT STAGES OF DEVELOPMENT
Our apps and web platforms are each at different stages of development, with their own distinct dynamics.
Our app business - led by Porofessor - had a strong quarter and is the clearest evidence that our strategy is working. While overall advertising sales declined, app revenue grew 14% year-on-year in Q1, accelerating to 25% growth in March alone. This growth was driven by a significant improvement in revenue per user, reflecting the sustained product investment we have made and our improving ability to engage and monetise our audience.
The product development pipeline continues to move forward at pace. In mid-April we launched more comprehensive support for Teamfight Tactics, including TFT Comps, expanding our coverage of the game mode and creating new entry points to attract a broader user base. We are also closing in on the launch of a new player performance tracking feature, which will be available both as a free offering and as an enhancement to our existing premium subscription - an important step in our strategy to grow subscription revenues alongside advertising. The momentum in our app business gives us real confidence.
Our web business is navigating a more challenging environment, primarily driven by the rapid growth of AI bot traffic which inflates measured pageviews without generating advertising revenue. This is an industry-wide development, but one we are actively working to address. We see real potential in our web portfolio - it remains home to some of the world's most engaged gaming communities - and we are investing in bot traffic management, ad optimisation, SEO and direct sales. We are concentrating product development resources on the sites with the strongest revenue potential, expanding their features and game coverage, while also launching new websites to enter additional gaming ecosystems. These new sites serve as revenue-generating platforms in their own right and as potential entry points for future app products. We are encouraged by the progress we are making.
BUILDING FOR THE FUTURE
With our financial position substantially strengthened and the business simplified, we have the conditions we need to execute our strategy with full intensity.
We are building M.O.B.A. Network into a product company. This means concentrating our resources on a smaller number of strategically important products, investing deeply where we see the highest long-term potential, and using AI to develop and scale new opportunities at a fraction of the traditional cost. Porofessor is the flagship today, and the results this quarter reflect the investment we have made in it. Beyond that, we are building a pipeline of new products across additional gaming ecosystems - launching quickly, validating traction, and committing resources only to the ideas that demonstrate real potential.
AI is central to how we operate. It makes us faster in product development, more sophisticated in the features that we can build, and more productive as an organisation than our size would otherwise allow. For a small team serving millions of users every month, this is not a minor advantage - it defines what is possible for us.
We have also made changes to our team structure during the quarter. These changes will have a positive impact on our cash flow from May onwards, strengthening our operational flexibility as we continue to focus resources on our highest-priority products.
SUMMARY
M.O.B.A. Network is emerging from a genuinely tough period in better shape than the headline numbers suggest. Adjusted revenue and adjusted EBITDA are not yet at the levels we are targeting, and currency headwinds continue to weigh on our reported figures. I won't minimise either of those realities.
But the fundamental picture has changed. Our balance sheet has been reset. The business has been focused on what we do best. Our app products are growing and proving the value of our investment. And, for the first time in some time, we have the financial flexibility to concentrate entirely on building.
The team at M.O.B.A. Network is small, talented, and deeply committed. I am proud of what we have delivered through a very difficult period, and I am optimistic about what we will build from here.
Finally, I want to thank our shareholders, bondholders, board of directors, employees, and partners for their continued support. We would not be in the position we are today without it.
Anders Ribbing
CEO, April 29th, 2026
Contacts
Anders Ribbing, CEO
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 2026-04-29 08:00 CEST.
