Interim report
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INTERIM REPORT Q2 2026 FABLE MEDIA GROUP AB
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Q2 net sales increased by 19% Fable Media Group AB”, ”FMG AB” or ”the Company” refers to the parent company with Swedish registration number 556706-8720. ”Fable Media Group”, “the Group” or ”FMG” refers to the entire group. Amounts in parentheses refer to the comparative period of the previous year. April – June 2026 • Net sales increased by 19% to 20.2 MSEK (16.9 MSEK) • Recurring revenue amounted to 94.0% (99.5%) of net sales • EBITDA increased by 17% to 13.0 MSEK (11.1 MSEK) • The EBITDA margin amounted to 64% (66%) • Adjusted EBITDA increased by 17% to 13.0 MSEK (11.1 MSEK) • The Adjusted EBITDA margin amounted to 64% (66%) • Operating profit (EBIT) amounted to 12.9 MSEK (11.1 MSEK) • Profit after tax amounted to 8.6 MSEK (8.8 MSEK) • Basic and diluted earnings per share: 0.25 SEK (0.26 SEK) • Referred FTDs decreased by 3% to 17,075 (17,683) compared to Q2 2025, while increasing by 24% compared to Q1 2026 January– June 2026 • Net sales increased by 6% to 36.0 MSEK (34.0 MSEK) • Recurring revenue amounted to 94.6% (99.5%) of net sales • EBITDA decreased by 10% to 21.9 MSEK (24.3 MSEK) • The EBITDA margin amounted to 61% (72%) • Adjusted EBITDA increased by 2% to 21.9 MSEK (21.6 MSEK) * • The Adjusted EBITDA margin amounted to 61% (63%) * • Operating profit (EBIT) amounted to 21.7 MSEK (24.3 MSEK) • Profit after tax amounted to 14.1 MSEK (19.1 MSEK) • Basic and diluted earnings per share: 0.42 SEK (0.56 SEK) • Referred FTDs decreased by 22% to 30,865 (39,615) compared to Q2 2025 Proposed Dividend The Board of Directors proposes a dividend of SEK 0.20 per share for approval at the Extraordinary General Meeting in late September. Full-Year 2026 Guidance For 2026, Fable Media Group expects net sales of SEK 70–85 million and Adjusted EBITDA of SEK 45–55 million. * Figure for the comparative period excludes a positive earnout revaluation effect of SEK 2.8 million relating to the acquisition of Fable Media ApS 0 3 6 9 12 15 18 21 2025-Q1 2025-Q2 2025-Q3 2025-Q4 2026-Q1 2026-Q2 Net sales (MSEK) 0 2 4 6 8 10 12 14 2025-Q1 2025-Q2 2025-Q3 2025-Q4 2026-Q1 2026-Q2 Adjusted EBITDA (MSEK) 0,00 0,05 0,10 0,15 0,20 0,25 Sep-25 Dec-25 Mar-26 Jun-26 Dividend per share (SEK) 0% 10% 20% 30% 40% 50% 60% 70% 80% 2024-Q2 2024-Q3 2024-Q4 2025-Q1 2025-Q2 2025-Q3 2025-Q4 2026-Q1 2026-Q2 Peers: Adjusted EBITDA margin Fable Media Acroud Better Collective Catena Media Grandstand Gentoo Media Raketech
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CEO Letter New Leadership I am excited to take on the role as CEO of Fable Media Group as of 1 August. It is a great responsibility, but also an exciting opportunity. I would like to thank the Board for the confidence they have placed in me. At the same time, I want to thank Alexander Pettersson for his work as CEO and the strong foundation he has helped build. As he continues in the role of CFO, I am very pleased that we will keep working closely together. His deep knowledge of the business, our finances and our partners will remain an important asset to Fable Media Group. A Strong Quarter with Continued Underlying Growth Turning to the second quarter, I am pleased to see continued growth across the business, with both revenue and profitability developing positively year-on- year. Net sales increased by 19 percent, while EBITDA increased from SEK 11.1 million to SEK 13.0 million. First-Time Depositors increased from 13,790 in Q1 to 17,075 in Q2, following the opening of new opportunities in selected markets where we were able to increase our customer acquisition. The second quarter coincided with the FIFA World Cup in the US, Mexico and Canada, the largest sporting event in the world. The tournament naturally contributed to increased activity across the betting market, while we maintained a disciplined approach to customer acquisition. We remained selective in our marketing investments and only pursued FTD volume where we found the underlying economics attractive. During the quarter, we also strengthened our operational focus, including expanding our use of AI in our day-to-day work. Our aim is simple: to improve efficiency and allow our teams to focus more on where they create the most value. Continued Commitment to Shareholders In July, we paid our fourth dividend since launching our dividend strategy in September 2025. We remain committed to rewarding our shareholders with industry- leading dividends while at the same time investing in the growth of the business. At the end of September, we will hold an Extraordinary General Meeting where the Board will propose an additional dividend of SEK 0.20. This reflects our continued ambition to balance investments in the business with returning capital to our shareholders. A Strong Start to the Third Quarter Despite July traditionally being one of the quieter months of the year, we have seen a strong start to the quarter. While the World Cup contributed to increased betting activity, the ongoing underlying growth of the company has been the main driver of the strong Q2 and a very good start to Q3. Following the first half of 2026, we have taken a clear step in the right direction towards our full-year guidance. We therefore reiterate our 2026 guidance of net sales of SEK 70–85 million and Adjusted EBITDA of SEK 45–55 million. Our focus for the remainder of the year remains on executing our strategy, maintaining discipline in customer acquisition and continuing to deliver profitable growth. Carl Magnusson CEO, FABLE MEDIA GROUP AB “ Net Sales Increased by 19%
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Fable Media Group | Interim Report Q2 2026 4 Fable Media Group invests in lead generation businesses. The parent company Fable Media Group AB is listed on Spotlight Stock Market in Stockholm since 2012 with the ti cker FABLE. Through its subsidiaries, the group focuses on promoting online sports betting operators, utilizing performance -based affiliate marketing. Significant events during the second quarter • On 16 April, Fable Media Group AB published its annual and consolidated financial statements for 2025. • On 13 May, Fable Media Group published its Q1 2026 report. During the first quarter of 2026, net sales amounted to SEK 15.8 million and Adjusted EBITDA to SEK 9.0 million. • On 22 June, the Annual General Meeting of Fable Media Group AB was held. The meeting resolved to adopt the presented income statement and balance sheet, as well as the consolidated income statement and consolidated balance sheet. It was further resolved to allocate the company's earnings in accordance with the adopted balance sheet and to distribute a dividend of SEK 0.20 per share, corresponding to a total dividend of approximately SEK 6.8 million. The meeting also resolved to grant discharge from liability to the Board of Directors and the CEO for the financial year 2025. The meeting resolved to re-elect Stefan Vilhelmsson, Jørgen Beuchert, Frederik Cardel Falbe-Hansen and Philip August Lerche as ordinary Board members. Stefan Vilhelmsson was elected Chairman of the Board. Additionally, the meeting resolved to elect the audit firm Moore Allegretto AB as the company’s auditor, with authorized public accountant Patrik Ekenberg as the auditor in charge until the end of the next Annual General Meeting. Significant events after the end of the quarter • On 1 July, Fable Media Group AB announced that the dividend of SEK 0.20 per share, resolved at the Annual General Meeting held on 22 June 2026, had been successfully distributed to shareholders through Euroclear Sweden. The total distribution amounted to approximately SEK 6.8 million and was in line with the Company’s strategy of distributing quarterly dividends. Together with the previous dividends, the four distributions combined amount to SEK 0.65 per share, corresponding to approximately 81% of the Group’s net profit for the twelve-month period April 2025 – March 2026. • On 31 July, it was announced that the Board of Directors of Fable Media Group AB had appointed Carl Magnusson as Chief Executive Officer of the Company, effective 1 August 2026. Carl Magnusson will also continue to serve as Head of Operations. He brings 12 years of experience from the online marketing and iGaming industry and has played a central role in Fable Media Group's strategy, operational development and industry-leading profitability. Previous CEO Alexander Pettersson will continue as Chief Financial Officer, supporting the Company's financial and strategic development, while also pursuing other professional opportunities outside the Company. Alexander has served as the Company's combined CEO and CFO since 2018 and has led the Company through a period of significant transformation and growth.
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Fable Media Group | Interim Report Q2 2026 5 Financial development during the quarter (Amounts in parentheses refer to the comparative period of the previous year.) The Group’s net sales for the second quarter of 2026 increased by 19% to SEK 20.2 million (SEK 16.9 million). EBITDA increased by 17% to SEK 13.0 million (SEK 11.1 million) and the EBITDA margin was 64% (66%). Adjusted EBITDA increased by 17% to SEK 13.0 million (SEK 11.1 million) and the Adjusted EBITDA margin was 64% (66%). Operating profit (EBIT) for the second quarter of 2026 amounted to SEK 12.9 million (SEK 11.1 million). Liquidity and Financing On 30 June 2026, Fable Media Group’s bank deposits amounted to SEK 7.2 million (SEK 4.9 million). As of the same date, Fable Media Group’s net bond loan totalled SEK 58.5 million (SEK 47.3 million). The amount represents the nominal amount plus accrued interest, less any repurchased bonds and capitalized loan costs. The interest rate on the previous bond loan with ISIN SE0010547422 was 0% until 8 December 2024, after which it increased to 5%. On 11 November 2025, the previous bond loan was replaced by a new bond loan with ISIN SE0026853301 through a mandatory securities exchange. The total outstanding nominal amount under the new bond loan is SEK 60 million. The loan has a tenor of three years and carries a fixed interest rate of 9% per annum, payable semi-annually, as well as an annual guarantee fee corresponding to 3% of the nominal adjusted amount. The Company intends to reduce the outstanding loan amount over time. The net interest expense on the bond loan amounted to SEK 1.4 million (SEK 0.8 million) for the second quarter of 2026. The Group’s Net Interest Bearing Debt to Adjusted EBITDA ratio as of 30 June 2026 was 1.21 (0.80). Earnout The acquisition of Fable Media ApS included an earnout provision based on the profit after tax of Fable Media ApS and its subsidiaries for the period from 1 January 2022 to 30 June 2025. The remaining earnout liability was fully settled in April 2025. Depreciation and Amortization The Group’s results for the second quarter of 2026 include charges of SEK 0.1 million (SEK 0.0 million) related to depreciation and amortization, primarily of intangible assets. Equity and Share Capital As of 30 June 2026, the Group’s equity amounted to SEK 112.1 million (SEK 108.5 million), with an equity ratio of 61% (60%). The parent company’s equity amounted to SEK 246.1 million (SEK 250.0 million). Dividends During the second quarter of 2026, the Company decided on a dividend of SEK 0.20 per share. The total distribution amounted to approximately SEK 6.8 million and was paid on 1 July 2026. The Company’s strategy is to distribute quarterly dividends. The Board of Directors has proposed a new dividend of SEK 0.20 per share for approval at the Extraordinary General Meeting in late September. The Share The Company has one class of shares. The Company’s share is listed on Spotlight Stock Market in Stockholm under the ticker “FABLE.” As of 30 June 2026, the total number of shares was 33,970,630 (33,970,630). The average number of shares during the second quarter of 2026, both before and after dilution, was 33,970,630 (33,970,630). (Trailing 12 Months EBITDA) 0 20 40 60 80 100 120 2022-Q2 2023-Q2 2024-Q2 2025-Q2 2026-Q2 Debt (MSEK) Bond Earnout 0,0 0,5 1,0 1,5 Net Interest Bearing Debt / Adjusted EBITDA
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Fable Media Group | Interim Report Q2 2026 6 Business Model Fable Media Group’s business model involves online marketing of the Group’s partners. In return, the Group receives commissions for the players/end users it refers to its partners. The partners mainly consist of well-established sports betting operators. Fable Media Group drives traffic to its partners primarily through “paid media”, whereby the Group purchases online advertising space and places ads on behalf of its partners. The Group achieves profitability by identifying attractive player segments and cost-efficiently marketing its partners to these players. Revenue type & referred players Fable Media Group focuses its business model on revenue share agreements with the sports betting operators, as opposed to one- time commissions (CPA). 94.0% (99.5%) of Fable Media Group’s net sales for the second quarter of 2026 came from revenue share agreements. Through these agreements, the group receives a portion of the gaming revenue generated by the players at the sports betting operators. Some players may generate significant revenue over time, which helps the group to maintain high profit margins. Therefore, the primary goal is to deliver high -quality players to the group’s partners. During the second quarter of 2026, Fable Media Group referred 17,075 (17,683) First Time Depositors (“FTDs”) to its partners, representing a 3 % decrease compared to Q2 2025, but a 24% increase compared to Q1 2026. FTDs for the second quarter of 2026 were somewhat hampered by one of the Group’s main partners pausing its marketing activities during the first half of the FIFA World Cup. The Group continuously tests new partners and markets to optimise its return on investment, which naturally leads to fluctuations in FTD levels. Full-Year 2026 Guidance For the full year 2026, Fable Media Group expects net sales of SEK 70-85 million and Adjusted EBITDA of SEK 45-55 million. The guidance is mainly based on the expected development of net sales and marketing expenditure for existing and new partnerships, taking into account typical seasonality effects. 0 5 000 10 000 15 000 20 000 25 000 30 000 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Referred First Time Depositors
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Accounting and Valuation Principles Fable Media Group AB (publ) applies International Financial Reporting Standards (IFRS) as adopted by the EU. This interim report has been prepared in accordance with IAS 34 Interim Financial Reporting, the Swedish Annual Accounts Act (“Årsredovisningslagen”), and RFR 1 Supplementary Accounting Rules for Groups. The parent company’s financial statements are prepared in accordance with the Swedish Annual Accounts Act and the Swedish Financial Reporting Board’s recommendation RFR 2 Accounting for Legal Entities. The same accounting principles as for the Group are applied, except in cases specified under the section “Parent Company’s Accounting Principles” in the most recently published annual report. Key Performance Indicators EBITDA: Earnings before interest, taxes, depreciation and amortization Adjusted EBITDA: EBITDA excluding earnout revaluations and foreign exchange effects related to discontinued operations EBITDA margin: EBITDA / Net sales Adjusted EBITDA margin: Adjusted EBITDA / Net sales Upcoming Reporting Dates The company will provide recurring financial information according to the following schedule: Interim Report Q3 2026 ......................... 12 November 2026 Year-End Report 2026 ........................... 18 February 2027 27 August 2026 Fable Media Group AB (publ) The Board of Directors This report has not been subject to a review by the Company’s auditor. For further information: Fable Media Group AB Carl Magnusson, CEO carl@fablemedia.se Fable Media Group | Interim Report Q2 2026 7
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Fable Media Group | Interim Report Q2 2026 8 Consolidated Income Statement Amounts in SEK thousands 2026-04-01 2025-04-01 2026-01-01 2025-01-01 2025-01-01 2026-06-30 2025-06-30 2026-06-30 2025-06-30 2025-12-31 Net sales 20,174 16,927 35,968 34,030 65,474 Revaluation of earnout – – – 2,753 2,753 Other operating income 27 3 259 61 1,440 20,201 16,930 36,227 36,844 69,667 Direct expenses -3,191 -2,600 -6,575 -5,911 -10,743 Other external expenses -3,169 -2,035 -6,093 -4,387 -8,615 Employee benefits -823 -784 -1,568 -1,657 -3,407 Depreciation and amortisation -113 -39 -224 -40 -270 Other operating expenses -38 -377 -55 -539 -666 Operating profit / loss 12,866 11,096 21,712 24,309 45,965 EBITDA 12,979 11,134 21,936 24,349 46,235 Adjusted EBITDA 12,979 11,134 21,936 21,596 42,150 Interest income and similar income 100 1 240 3 25 Interest expenses and similar charges -1,320 -819 -2,689 -1,583 -3,467 Other financial items -126 1,069 -284 1,123 -681 Net financial items -1,345 251 -2,732 -457 -4,124 Profit / Loss before taxes 11,521 11,347 18,980 23,852 41,841 Tax -2,909 -2,520 -4,858 -4,728 -9,947 Profit / Loss for the period 8,612 8,826 14,122 19,125 31,894 Basic earnings per share, SEK 0.25 0.26 0.42 0.56 0.94 Diluted earnings per share, SEK 0.25 0.26 0.42 0.56 0.94 Consolidated Statement of Comprehensive Income Amounts in SEK thousands 2026-04-01 2025-04-01 2026-01-01 2025-01-01 2025-01-01 2026-06-30 2025-06-30 2026-06-30 2025-06-30 2025-12-31 Profit / Loss for the period 8,612 8,826 14,122 19,125 31,894 Total other comprehensive income Items that may be reclassified subsequently to profit or loss; Translation differences from the conversion of foreign subsidiaries 111 573 297 -111 -1,592 Total other comprehensive income for the period 8,723 9,400 14,419 19,013 30,302
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Fable Media Group | Interim Report Q2 2026 9 Consolidated Statement of Financial Position ASSETS Amounts in SEK thousands 2026-06-30 2025-06-30 2025-12-31 Fixed assets Goodwill 160,808 160,808 160,808 Other intangible assets 884 1,354 1,088 Deposits 80 80 77 Total fixed assets 161,772 162,242 161,973 Current assets Accounts receivable 7,209 10,975 5,768 Current tax receivables 4,834 101 3,465 Other receivables 1,764 1,596 1,496 Prepaid expenses and accrued income 1,275 1,197 1,176 Total current assets 15,081 13,869 11,905 Cash and cash equivalents 7,157 4,855 5,132 TOTAL ASSETS 184,011 180,966 179,011 EQUITY AND LIABILITIES Amounts in SEK thousands 2026-06-30 2025-06-30 2025-12-31 Equity Share capital 143,115 143,115 143,115 Retained earnings -40,189 -55,400 -63,893 Translation reserve 437 1,620 140 Profit for the period 8,723 19,125 31,894 Total equity 112,086 108,460 111,256 LIABILITIES Non-current liabilities Bonds 58,505 – 58,496 Total non-current liabilities 58,505 – 58,496 Current liabilities Bonds – 47,336 – Accounts payable 1,874 5,457 5,003 Current tax liabilities 225 3,008 8 Other liabilities 4,202 4,806 3,221 Accrued expenses and prepaid income 7,120 11,899 1,027 Total current liabilities 13,420 72,506 9,259 TOTAL EQUITY AND LIABILITIES 184,011 180,966 179,011
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Fable Media Group | Interim Report Q2 2026 10 Consolidated Statement of Changes in Equity Amounts in SEK thousands Share capital Other contributed capital Reserves Retained earnings including profit for the period Total Equity at the beginning of the year 143,115 – 140 -31,999 111,256 Profit/loss for the period 14,122 14,122 Other comprehensive income – Translation differences 297 297 Transactions with owners – Dividends -13,588 -13,588 Equity 2026-06-30 143,115 – 437 -31,466 112,086
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Fable Media Group | Interim Report Q2 2026 11 Consolidated Statement of Cash Flows Amounts in SEK thousands 2026-04-01 2025-04-01 2026-01-01 2025-01-01 2025-01-01 2026-06-30 2025-06-30 2026-06-30 2025-06-30 2025-12-31 Cash flows from operating activities Earnings before interest and taxes (EBIT) 12,866 11,096 21,712 24,309 45,965 Adjustments for non-cash flow items; - Amortisation, depreciation and impairment 113 39 224 40 270 - Revaluation of earnout liability and currency effects from discontinued operations – – – -2,753 -4,085 Interest received – 1 – 3 25 Interest paid -2,670 -1,567 -2,689 -1,575 -3,007 Tax paid -1,968 -2,712 -5,934 -8,948 -20,588 Cash flows from operating activities before changes in working capital 8,342 6,857 13,314 11,076 18,580 Change in accounts receivable -373 -2,711 -1,271 -2,509 2,500 Change in other current receivables -457 362 -359 552 615 Change in accounts payable -832 468 -3,522 193 -110 Change in other current liabilities -5,107 1,354 670 1,589 -647 Cash flows from operating activities 1,572 6,330 8,832 10,900 20,938 Cash flows from investing activities Payment of acquisition-related earnout – -3,979 – -9,086 -9,086 Investments in intangible assets – -1,387 – -1,387 -1,383 Investments in financial assets – – -1 -1 -1 Cash flows from investing activities – -5,365 -1 -10,474 -10,470 Cash flows from financing activities Proceeds from borrowings and repayment of borrowings – – – – -1,150 Dividend to the parent company’s shareholders – – -6,794 – -8,493 Cashflows from financing activities – – -6,794 – -9,643 Cash flow for the period 1,572 965 2,037 427 825 Reconciliation of changes in cash and cash equivalents Cash and cash equivalents at the beginning of the period 5,674 3,841 5,132 4,495 4,495 Exchange difference on cash and cash equivalents -89 49 -12 -66 -187 Cash and cash equivalents at the end of the period 7,157 4,855 7,157 4,855 5,132 Change in cash and cash equivalents 1,483 1,014 2,025 360 638
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Fable Media Group | Interim Report Q2 2026 12 Income Statement - Parent Company 2026-04-01 2025-04-01 2026-01-01 2025-01-01 2025-01-01 Amounts in SEK thousands 2026-06-30 2025-06-30 2026-06-30 2025-06-30 2025-12-31 Net sales 600 600 1,200 1,200 2,400 Other operating income – – – 18 18 Other external expenses -598 -942 -1,219 -1,843 -3,498 Employee benefits -222 -244 -458 -495 -949 Other operating expenses -5 -10 -11 -17 -32 Operating profit / loss -225 -596 -488 -1,137 -2,061 Result from shares in group companies 20,784 40,273 20,784 40,273 40,273 Other financial income and expenses -216 1,303 -399 1,627 -65 Interest income and similar income 108 – 312 1 1 Interest expenses and similar charges -1,350 -823 -2,700 -1,578 -3,409 Net financial items 19,325 40,753 17,997 40,323 36,800 Profit / Loss after financial items 19,100 40,157 17,509 39,186 34,739 Appropriations – – – – 5,080 Tax – – – – 0 Profit / Loss for the period 19,100 40,157 17,509 39,186 39,819
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Fable Media Group | Interim Report Q2 2026 13 Statement of Financial Position - Parent Company Amounts in SEK thousands 2026-06-30 2025-06-30 2025-12-31 ASSETS Financial fixed assets Shares in group companies 304,007 304,007 304,007 Total fixed assets 304,007 304,007 304,007 Current assets Receivables from group companies 15,908 7,573 9,910 Current tax receivables 4 13 0 Other receivables 28 13 118 Prepaid expenses and accrued income 195 237 153 Total current assets 16,135 7,836 10,181 Cash and cash equivalents 7,087 553 1 TOTAL ASSETS 327,228 312,396 314,189 EQUITY AND LIABILITIES Restricted equity Share capital 143,115 143,115 143,115 Revaluation reserve 42,000 42,000 42,000 185,115 185,115 185,115 Non-restricted equity Share premium reserve 150,778 150,778 150,778 Retained earnings -107,347 -125,086 -133,578 Profit for the period 17,509 39,186 39,819 60,940 64,879 57,019 Total equity 246,055 249,993 242,134 Non-current liabilities Bonds 58,505 – 58,496 Total non-current liabilities 58,505 – 58,496 Current liabilities Bonds – 47,336 – Accounts payables 201 246 662 Liabilities to group companies 12,205 2,904 11,940 Current tax liabilities – 8 8 Other liabilities 3,233 121 20 Accrued expenses and prepaid income 7,030 11,787 929 Total current liabilities 22,669 62,402 13,559 TOTAL EQUITY AND LIABILITIES 327,228 312,396 314,189
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Statement of Changes in Equity - Parent Company Amounts in SEK thousands 2026-06-30 2025-06-30 2025-12-31 Equity at the beginning of the year 242,134 210,808 210,808 Profit/loss for the period 17,509 39,186 39,819 Dividends -13,588 – -8,493 Equity at the end of the period 246,055 249,993 242,134
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