MTG publishes Q2 April-June 2021 interim financial results report

MTG publishes Q2 April-June 2021 interim financial results report

July 20, 2021
14.00 CEST
STOCKHOLM, July 20, 2021 — Modern Times Group MTG AB (publ) (“MTG”) today publishes its second quarter 2021 interim financial results report. MTG’s gaming vertical delivered a solid quarter driven by the inclusion of Ninja Kiwi and Hutch. The esports vertical - in parallel with its accelerated investments ahead of an expected normalized 2022 – reported a return to positive revenue growth driven by O&O and ESS development. Net sales for the Group increased by 15 percent at constant currencies

MTG’s Group President and CEO Maria Redin states in her CEO letter: “Our work to further diversify our gaming vertical through strategic M&A has continued /…/Operationally, our live games have continued to perform well. Gaming revenues increased by 14 percent at constant currencies. The performance was driven by the inclusion of Hutch and Ninja Kiwi with organic sales growth being impacted by tough comparisons. We expect this trend to continue into Q3.”

Maria Redin continues: “Despite the continued impact of the pandemic, our esports revenues increased by 18 percent at constant currencies. We maintained a successful online schedule for esports tournaments, with a strong fan reception and continued commitment from our partners.”

MTG’s Q2 2021 Interim Financial Results report highlights follows below. For the full report please see the attached file or

Operational Highlights

  • The gaming vertical delivered a solid quarter driven by good monetization and the inclusion of Ninja Kiwi, a leader in the tower defense genre
  • The esports vertical returned to positive revenue growth, driven by robust development for both O&O and ESS. ESL Gaming hosted six digital-only Master properties and successfully produced another season of Gamers Without Borders
  • MTG continued to deliver on its Buy & Build strategy in the gaming vertical and announced the acquisition of PlaySimple, a rapidly growing, highly profitable Indian gaming studio and a global leader in the mobile word games genre. On a pro forma basis, the gaming vertical had net sales of SEK 1,169 million with organic growth of 8 percent in the second quarter
  • MTG maintained a high level of strategic investments in its esports product portfolio and B2C platforms to strengthen its position and diversify its current offering ahead of a return to live-audience events, which is expected to take place by the end of 2021

Financial highlights

  • Net sales increased by 9 percent to SEK 1,198 (1,096) million or 15 percent at constant currencies. Organic growth amounted to -3 percent
  • Adjusted EBITDA of SEK 155 (167) million. Adjustments included long-term incentive programs (LTI) of SEK 25 (60) million and total M&A transaction costs of SEK 16 (3) million
  • EBITDA of SEK 114 (104) million and EBIT of SEK 12 (31) million
  • Net income of SEK -11 (-19) million and basic earnings per share, before dilution, of SEK -0.25 (-0.89)
  • Cash balance of SEK 1,229 (1,571) million

Financial overview

(SEKm) Q2 2021 Q2 2020 H1 2021 H1 2020 FY 2020
Net sales 1,198 1,096 2,210 2,020 3,997
     of which Gaming 810 743 1,578 1,368 2,682
     of which Esports 388 353 632 652 1,315
EBIT 12 31 -31 -110 35
EBITDA 114 104 168 35 319
Adjusted EBITDA 155 167 255 146 535
Net income -11 -19 -135 -151 -96
Earnings per share, before dilution, SEK -0.25 -0.89 -1.55 -2.99 -2.99
Sales growth, % 9% 0% 9% -1% -6%
Changes in FX rates, % -6% 0% -9% 2% -2%
Sales growth at constant FX, % 15% 0% 18% -3% -4%
       of which organic growth, % -3% 0% 2% -3% -4%

Shareholder information

Extraordinary General Meeting July 2021

The Extraordinary General Meeting will be held on Wednesday July 28, 2021, in Stockholm.

Due to the continuing coronavirus pandemic, the Board of MTG has decided that the Extraordinary General Meeting should be conducted only through postal voting in accordance with temporary legislation. It will not be possible for shareholders to attend the Extraordinary General Meeting in person or by way of a proxy holder.

All information relating to the Extraordinary General Meeting, including the notice, can be found at

Financial calendar


Extraordinary General Meeting July 2021 July 28, 2021
Q3 2021 Interim financial results report October 28, 2021
2021 Capital Markets Day December 7, 2021

Conference call

MTG AB will hold a conference call at 15.00 CEST today July 20, which will be hosted by MTG Group President and CEO Maria Redin and CFO Lars Torstensson. Use the following details to participate in the conference call:

Sweden +46 (0) 856 618 467
UK +44 (0) 844 481 9752
US +1 646 741 3167
Std. International +44 (0) 2071 928 338
Access pin code 404 31 77

To listen to a streamed webcast - listen only - of the conference call visit:

This information is information that Modern Times Group MTG AB (publ.) is obliged to make public pursuant to the EU Market Abuse Regulation and the Swedish Securities Markets Act. The information was submitted for publication, through the agency of the contact persons set out below, at 02.00pm CEST on July 20, 2021.

For more information: Oliver Carrà, Public Relations Director Direct: +46 70-464 44 44, Follow us: / Twitter / LinkedIn


About MTG MTG (Modern Times Group MTG AB (publ.)) ( is a strategic acquiror and operator of esports and gaming entertainment companies. Born in Sweden, the shares are listed on Nasdaq Stockholm (‘MTGA’ and ‘MTGB’).

Downlad the press files:
Q2 2021 Interim report April-June (PDF)
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