SUMMARY OF INTERIM REPORT TWO
Reported figures from Q2 2026 comprise only the Group's in-game apps and web platforms, following the divestment of the Video Sales segment in March. Prior-year comparatives include Video Sales; the adjusted figures below exclude it in all periods.
This is the first full quarter reported since the divestment of UFG. Prior-year comparatives still include UFG, and the adjusted figures are therefore the most relevant basis for comparison.
HIGHLIGHTS 1 APRIL 2026 - 30 JUNE 2026
- Revenue amounted to SEK 15,8 million (65), a decrease of 76%.
- *Adjusted revenue amounted to SEK 15,8 million (20,7), a decrease of 24%.
- EBITDA amounted to SEK 6,4 million (11), a decrease of 43%, with a margin of 40% (17%).
- **Adjusted EBITDA amounted to SEK 6,5 million (9,3), a decrease of 31%, with a margin of 41% (45%).
- EBIT amounted to SEK 559 thousand (5,2 million), a decrease of 89%.
- Profit before tax amounted to SEK -1,5 million (-1,4).
- Total cash flow from the period amounted to SEK -98,4 million (-0,8).
- Earnings per share during the quarter amounted to SEK -0,1 (0,0).
HIGHLIGHTS 1 JANUARY 2026 - 30 JUNE 2026
- Revenue amounted to SEK 56,2 million (129,1), a decrease of 56%.
- *Adjusted revenue amounted to SEK 29,1 million (37,3), a decrease of 22%.
- EBITDA amounted to SEK 15,2 million (18,7), a decrease of 19%, with a margin of 27% (14%).
- **Adjusted EBITDA amounted to SEK 11,0 million (15,1), a decrease of 27%, with a margin of 38% (41%).
- EBIT amounted to SEK 3,9 million (6,8), a decrease of 43%.
- Profit before tax amounted to SEK -1,8 million (-10,2), an improvement of 82%.
- Total cash flow from the period amounted to SEK -19,7 million (-13,9).
- Earnings per share during the period amounted to SEK -0,1 (-0,4).
FINANCIAL POSITION AT 30 JUNE 2026
- Net debt amounted to SEK 126,5 million (210,3), a reduction of 40%.
- Equity/assets ratio of 53% (47%).
- Outstanding bond debt of EUR 11 million following the EUR 9 million redemption in April. A further mandatory redemption of EUR 1 million falls due before 30 September 2026, with the remaining bond maturing in February 2028.
- No cash interest payable on the bond until the end of November 2026.
COMMENTS BY THE CEO
BUILDING ON A STRONGER FOUNDATION
Q1 set the conditions for change. Q2 is where we began executing against them. While we are not satisfied with the financial outcome of the quarter, we made meaningful progress against the strategic and operational priorities that we believe will drive long-term value creation. We completed our cost reduction programme, continued the recovery in our web business, advanced our product strategy and further developed how M.O.B.A. Network builds and operates through AI.
REVENUE DEVELOPMENT
Revenue for the second quarter amounted to SEK 15.8 million (65). As communicated in Q1, our reported figures from Q2 onwards represent only our apps and web platforms following the completion of the UFG divestment in March. Prior year comparisons are therefore materially affected by the absence of Video Sales and should be read in that context. Adjusted revenue for Q2 2025, excluding UFG, was SEK 20.7 million.
Within our continuing operations, ad revenue from our apps is down 2.6% year-to-date in constant currency compared with the same period last year. This reflects a smaller active user base across certain gaming communities where participation has been in gradual decline over an extended period - a structural dynamic we are managing rather than one that has recently accelerated. Sequentially, app revenue grew 12.6% from Q1 to Q2, or approximately 10% in constant currency. Monetisation per engaged user continues to improve, reflecting the sustained product investment we have made.
The broader advertising market continues to face headwinds from global economic uncertainty, affecting ad spend across the industry. We remain focused on the variables within our control: user engagement, monetisation and the continued development of subscription revenue alongside advertising.
Our web business showed a meaningful recovery in Q2. Bot traffic inflation was at its most severe in Q1 2026, and our work to identify and block invalid traffic has had a clear impact. Year-to-date, web revenue is down 26% compared with the same period last year. Q1 was down 29%, while Q2 was down 22.5% in constant currency. The work is ongoing, but the direction has clearly improved.
Adjusted EBITDA for the quarter amounted to SEK 6.5 million (9.3), with an adjusted EBITDA margin of 41% (45%). Despite a 24% reduction in adjusted revenue, the margin declined by only four percentage points as our cost reduction programme came into full effect from May. The business is now right-sized for its current revenue base, with flexibility to reinvest as performance improves.
OUR STRATEGIC DIRECTION
We have sharpened our strategic direction considerably over the past two quarters. Our ambition is to build M.O.B.A. Network into a focused product company - concentrating investment in the products with the greatest long-term potential, building subscription revenue as a growing layer alongside advertising, and validating new opportunities quickly before committing significant resources.
AI is central to this strategy. It has changed the economics of experimentation: products that would previously have required significant development investment can now be built, launched and tested at a fraction of the cost. This allows us to pursue a broader range of opportunities while concentrating our deepest investment where traction is demonstrated. AI is now integrated across the majority of our workflows and tooling, enhancing productivity across the organisation.
Our ambitions extend beyond faster product development. We are actively developing and deploying our in-house AI platform, Maestro, which brings together our codebases, documentation, analytics and operational knowledge to support analysis, planning and execution. Maestro already completes assigned development work end-to-end, with human review before deployment, and is now being rolled out across our most valuable products. As the platform matures, we expect an increasing share of work to move from AI-assisted to AI-driven execution, enabling us to scale innovation and operational capacity far beyond what would be possible through traditional workflows alone.
Alongside Maestro, we continue to develop specialised AI tooling across product development, content creation and operational workflows. Together, these initiatives improve our ability to continuously enhance existing products, develop and validate new ideas, and automate more work across the organisation. We believe this represents a structural change in how M.O.B.A. Network can innovate, execute and scale over time.
APPS: PLAYER PERFORMANCE STRENGTHENS OUR SUBSCRIPTION OFFERING
Porofessor remains the leading companion app for League of Legends and the clear flagship of our app portfolio, serving hundreds of thousands of daily active users.
The most significant product development of the quarter was the launch of Player Performance Tracking. The feature is now available to all users and provides players with measurable insights into their improvement over time. We believe it meaningfully strengthens our subscription offering and has the potential to become an important driver of recurring subscription revenue. During Q3, we will continue refining the feature while launching targeted marketing initiatives to increase user awareness and adoption.
We also developed a new marketing automation platform, which will be deployed in early Q3. For the first time, it gives us a personalised channel to engage Porofessor's more than 600,000 registered users at scale, supporting both user education and subscription conversion.
Finally, we continued expanding our Teamfight Tactics (TFT) offering. TFT reaches a large audience that only partially overlaps with the traditional League of Legends player base, significantly expanding our addressable market and creating new opportunities for future user growth.
WEB: ACTIVE MANAGEMENT DELIVERING RESULTS
The recovery in ad pricing across our web portfolio is the result of active work: identifying and blocking invalid traffic, improving ad configurations and continuously optimising with our partners. These are not one-time fixes, but the Q2 results demonstrate that the effort is producing measurable returns.
AI is also changing what our existing web products can become. We can now undertake meaningful product work at a cost and pace that makes continued improvement viable across a much broader part of the portfolio, including sites that would not have justified that investment under a traditional development model. Several such projects are underway, and the most advanced are already contributing positively to traffic and revenue performance.
We also launched several new websites during the quarter as early-stage fast bets in gaming ecosystems where we are not yet present. None are generating meaningful traffic today, and we will highlight them individually when traction is demonstrated. The ability to launch and validate these products quickly and efficiently is itself an important new capability.
AI: BUILDING OUR FUTURE OPERATING MODEL
Our AI journey has progressed through distinct phases. The first was organisational adoption. Today every team member actively uses AI as a standard part of how we build, create content and operate the business.
The second phase focused on experimentation. AI reduced the time and cost required to build and validate new ideas, enabling multiple fast bets and meaningful improvements to existing products.
The third phase is now underway. Through Maestro and the internal tooling around it, our ambition is to redesign how work itself is performed at M.O.B.A. Network. Today that means product development and maintenance, where Maestro analyses our codebases, documentation, logs, ideas, tickets and analytics, and already performs autonomous work with a human verifying the end results. Over time we aim to expand that model to content, marketing and other parts of the operation. This remains an ambitious long-term initiative. We do not expect progress to be linear, but we believe it has the potential to improve decision-making, execution, product quality and operational efficiency across the business.
FINANCIAL POSITION
Our balance sheet remains substantially stronger than a year ago. Following the EUR 9 million bond amortisation completed in April, our outstanding bond debt stands at EUR 11 million. The remaining mandatory partial redemption of EUR 1 million is due before 30 September 2026.
The interest cost savings from the April amortisation exceed the annual EBITDA contribution that UFG generated in 2025. Combined with the interest payment holiday running through November 2026, the financial flexibility available to us today is meaningfully greater than at any point in the past two years.
SUMMARY
M.O.B.A. Network is a business in transition, and we are transparent about that. We are not satisfied with the financial outcome of Q2, and the headline numbers remain below our targets. At the same time, the drivers of underperformance are being addressed directly and progress is becoming visible: web is recovering, app monetisation per user is improving, costs are aligned with our revenue base, and Player Performance has strengthened our subscription offering.
What gives me confidence is the way the business is changing. AI is enabling us to improve products that previously could not justify significant investment, develop and validate new opportunities faster, and increasingly automate work across the organisation. Maestro is the most ambitious expression of that change and, while still at an early stage, we believe it can materially improve how M.O.B.A. Network operates over time.
We have more work to do, but we are building on a stronger foundation. I look forward to reporting further progress.
Anders Ribbing, CEO, July 30th, 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 2026-07-30 08:30 CEST.
