Fable Media Group (FABLE) Q1 2026 earnings summary

Executive summary

• Net sales for Q1 2026 decreased by 8% year-over-year to SEK 15.8 million, with EBITDA down 32% to SEK 9.0 million and profit after tax at SEK 5.5 million, reflecting currency headwinds and higher consultancy costs.

• Operational KPIs improved sequentially, with referred First Time Depositors (FTDs) up 58% from Q4 2025 and player deposits up 15% year-over-year, indicating underlying business momentum.

• Recurring revenue remained high at 95.3% of net sales, and the business model continues to be highly cash-generative and scalable.

• The Board proposed a dividend of SEK 0.20 per share, continuing the quarterly dividend strategy.

• Strategic developments included strengthening the shareholder base and Board, and enhancing IR capabilities.

Financial highlights

• Net sales: SEK 15.8 million (down 8% year-over-year).

• EBITDA: SEK 9.0 million (down 32% year-over-year); Adjusted EBITDA: SEK 9.0 million (down 14% year-over-year, excluding prior earnout revaluation).

• EBITDA margin: 57% (prior year 77%); Adjusted EBITDA margin: 57% (prior year 61%).

• Operating profit (EBIT): SEK 8.8 million (down from SEK 13.2 million).

• Profit after tax: SEK 5.5 million (down from SEK 10.3 million); EPS: SEK 0.16 (down from SEK 0.30).

Outlook and guidance

• Full-year 2026 guidance maintained: net sales of SEK 70–85 million and Adjusted EBITDA of SEK 45–55 million.

• Q2 2026 started strongly, with April showing the highest monthly net sales since Brazil regulatory changes in early 2025.

• Favorable sports calendar, including the FIFA World Cup, expected to support results in coming quarters.