Fable Media Group

Interim Report Q3 2026: Net sales increased by 21%

Källa: Cision
Negativ

Sammanfattning

Fable Media Group rapporterar en nettoomsättning på 18,7 MSEK för Q3 2026, en ökning med 21% jämfört med föregående år. Samtidigt minskade EBITDA-marginalen till 57% från 68% och bolaget har reviderat ner helårsprognosen på grund av svagare marginaler och regulatoriska förändringar i Brasilien.

Analys

Bolaget visar tillväxt i nettoomsättningen men marginalerna pressas, vilket återspeglas i en sänkt helårsprognos. Den minskade andelen återkommande intäkter (93% vs 99.6%) och den regulatoriska förändringen i Brasilien, som effektivt stoppat verksamheten där, är betydande utmaningar. Trots detta föreslås en utdelning om 0,15 SEK per aktie, vilket indikerar en fortsatt tro på bolagets långsiktiga potential och strategi att balansera investeringar med kapitalåterföring.
Se relaterad nyhet

VD-ord

försiktig · PDF

VD:n beskriver ett utmanande kvartal med ökad försäljning men lägre marginaler. Regulatoriska förändringar i Brasilien har stoppat verksamheten där. Bolaget har reviderat sin helårsprognos nedåt.

Utsikter: För helåret 2026 förväntas nettoomsättningen bli 69–74 miljoner SEK och justerad EBITDA 40–45 miljoner SEK.

Nyckeltal

Net sales Q3 2026
18.7 MSEK
Net sales growth Q3 2026
21%
EBITDA margin Q3 2026
57%
Recurring revenue Q3 2026
93.0%
Earnings per share Q3 2026
0.20 SEK
Full-year net sales guidance 2026
69–74 MSEK

Insikter

  • • The ban in Brazil highlights the need for market diversification.
  • • Investments in marketing are impacting short-term margins.
  • • Despite challenges, the company maintains a dividend policy.
Fundamental påverkan
Negativ

Net sales growth is positive, but declining margins and the ban in Brazil negatively impact profitability and future outlook, leading to a revised guidance.

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July – September 2026

•    Net sales increased by 21% to 18.7 MSEK (15.4 MSEK)

•    Recurring revenue amounted to 93.0% (99.6%) of net sales

•    EBITDA increased by 1% to 10.6 MSEK (10.5 MSEK)

•    The EBITDA margin amounted to 57% (68%)

•    Adjusted EBITDA grew by 1% to 10.6 MSEK (10.5 SEK)

•    The Adjusted EBITDA margin amounted to 57% (68%)

•    Operating profit (EBIT) amounted to 10.5 MSEK (10.4 MSEK)

•    Profit after tax amounted to 6.9 MSEK (4.4 MSEK)

•    Basic and diluted earnings per share: 0.20 SEK (0.13 SEK)

•    Referred FTDs increased by 27% to 13,233 (10,414)

January– September 2026

•    Net sales increased by 11% to 54.6 MSEK (49.4 MSEK)

•    Recurring revenue amounted to 94.0% (99.5%) of net sales

•    EBITDA decreased by 7% to 32.6 MSEK (34.9 MSEK)

•    The EBITDA margin amounted to 60% (71%)

•    Adjusted EBITDA grew by 1% to 32.6 MSEK (32.1 MSEK)

•    The Adjusted EBITDA margin amounted to 60% (65%)

•    Operating profit (EBIT) amounted to 32.2 MSEK (34.7 MSEK)

•    Profit after tax amounted to 21.0 MSEK (23.6 MSEK)

•    Basic and diluted earnings per share: 0.62 SEK (0.69 SEK)

•    Referred FTDs decreased by 12% to 44,104 (50,029)

Proposed Dividend

The Board of Directors proposes a dividend of SEK 0.15 per share for approval at the Extraordinary General Meeting in December.

Full-Year 2026 Guidance

For 2026, Fable Media Group expects net sales of SEK 69–74 million and Adjusted EBITDA of SEK 40–45 million.

CEO Letter Growth in a Challenging Quarter Net sales for the third quarter increased by 21% year on year to SEK 18.7 million, and the number of referred First Time Depositors rose by 27% to 13,233. The growth is largely the result of increased marketing efforts, where we have chosen to invest more in markets and partnerships with good long-term potential.

Net sales were, however, below the level of a strong second quarter. The quarter started well in July, followed by a significantly weaker August, driven by lower margins across the industry. EBITDA remained stable at SEK 10.6 million, while the investments in marketing affected margins in the short term.

Regulatory Change in Brazil The regulatory developments in Brazil during the quarter clearly illustrate the importance of diversification. Following the nationwide ban on sports betting and casino activities at the end of September, our activities in Brazil have effectively come to a halt for the time being. While this will have a negative impact on the Group's revenue contribution, it further reinforces the importance of continuing to diversify our market presence and reduce our reliance on individual markets. Maintaining the flexibility to adapt to changing regulatory conditions is an important part of building a sustainable business over the long-term.

Updated Full-Year Outlook Following the end of the quarter, weaker-than-expected margins in October, combined with the regulatory developments in Brazil, led us to revise our full-year guidance. As communicated on 3 November, we now expect net sales of SEK 69–74 million and Adjusted EBITDA of SEK 40–45 million for 2026. 

At the same time, we see clear signs of underlying strength. Over the past year, commission from our high-value markets significantly increased. This is an important driver of our year-on-year growth in net sales and shows that we are building a stronger revenue base. While near-term conditions remain challenging, as reflected in our updated guidance, this gives us a solid foundation to build on going forward.

A Solid Foundation Fable Media Group continues to have a solid foundation for future development. Our asset-light business model, established partner relationships and experience across multiple markets provide us with a strong platform for further growth. We believe there is still considerable potential to develop our existing business, strengthen our market position and pursue new opportunities.

Reflecting this, the Board of Directors proposes a further dividend of SEK 0.15 per share, to be resolved at an Extraordinary General Meeting in December. This underlines our continued ambition to balance investments in the business with returning capital to our shareholders.

Focus on Sustainable Growth  Looking ahead, our focus remains on strengthening the Group's market diversification, developing our existing partnerships and adapting to the changing conditions in our industry. While market conditions remain challenging, we see opportunities to further develop our business and strengthen our position across multiple markets. We will continue to take a disciplined approach, with a long-term focus on building a sustainable and profitable business.

The information was submitted for publication, through the agency of the contact person, on 12-11-2026 08:00 CET

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