Modern Times Group Doubles Q3 Net Sales to $315.5 Million

Modern Times Group (MTG) reported a 108% year-over-year increase in third-quarter net sales, bringing total revenue to $315.5M. The company also posted a 3% sequential rise, continuing the momentum seen in Q2 2025, which had doubled its prior-year performance. Mobile platforms generated 69% of total revenue, and direct-to-consumer services reached a record 26% share.

Adjusted EBITDA grew 73% year-over-year to $71.2 million, supported by stronger contributions from recently acquired studios and expanding platform operations.

MTG Earnings Supported by Mobile and DTC Gains

RAID: Shadow Legends was the leading performer in the quarter, helped by live operations updates and a crossover event with the Teenage Mutant Ninja Turtles IP. The title was part of MTG’s acquisition of Plarium in February, valued at $620M. It contributed $150.8M in Q3, which was higher than any single genre across the rest of the portfolio.

PlaySimple recorded double-digit growth as new word and puzzle titles began scaling. The word-game category became MTG’s strongest segment outside Plarium, with an 11% year-over-year increase. Strategy and simulation titles rose 9% in the same period.

Genre performance varied across the wider catalog. Tower defence revenue declined 28%, while racing titles grew 23% year-over-year. Warhammer 40,000: Tacticus achieved a monthly revenue record in September, following its third-anniversary program. Across all titles, MTG’s top three games generated 51% of total revenue.

President and CEO, Maria Redin, said regulatory changes have improved MTG’s ability to expand direct-to-consumer operations, and called DTC “an important part” of the group’s business. She added that MTG has transformed “again and again” through acquisitions and divestments, including the exit from ESL Gaming.

MTG plans to split its Gaming Village division into two commercial units next year, saying the move will help streamline operations and support further growth in its mobile portfolio.