Future Gaming

CEO Letter

As of this interim report, Fable Media Group is changing
the language for information disclosure to English. This
shift supports our commitment to clearer communication
with international stakeholders as our group continues to
demonstrate strong performance.

In the third quarter, Fable Media Group achieved
an EBITDA profit of SEK 15.2 million, marking an
increase of 34 percent compared to the same
period last year. While Q3 did not match the
record-breaking levels of Q2, it was still our second-
best quarter ever in EBITDA terms. Typically,
Q3 has been a seasonally softer period for us, as
several major sports leagues take a summer break
during this time. Additionally, lower sports betting
margins across the industry characterized the quarter.
In light of these factors, we are especially pleased
with our performance.

We continue to show high profitability with industry-
leading margins compared to our peers. This success
results from our strong operational performance
and a business model centered on revenue share
agreements. Nearly all our revenue comes from these
agreements, rather than one-time CPA commissions.
This approach means that when we succeed in referring
high-quality players to our partners, they generate
substantial, ongoing revenue for us over an extended
period. Our team has focused on this strategy for
many years, which now yields more stable, long-term
revenue and improved profit margins.

In addition, we have continued to strengthen our
balance sheet. In July, we repurchased additional
bonds for a nominal amount of SEK 7.6 million. I am
pleased to note that over the past two years, we have
effectively halved our bond debt and have settled the
majority of our earnout liability. These debt reductions
total more than SEK 90 million, significantly bolstering
Fable Media Group’s financial stability compared to
just a few years ago.

Lastly, Q4 has shown a promising start with several
new partnerships that are already generating
impressive player activity. We are eager to monitor
how these partnerships evolve and contribute to the
group over time.

Alexander Pettersson
CEO, Fable Media Group AB