The MBXP subsidiary Paygoo has made a MSEK 4.4 reservation for bad debt loss and inventory write down in conjunction with bankruptcy proceedings of one of its Mastercard issuing partners, which will affect the results of this year’s third quarter negatively. The Paygoo operations going forward have been secured and are not affected.

In July and August, MBXP developed positively compared to Q2, with higher sales of experience products, lower redemptions, and balanced costs of retailing. We expect that Q3, excluding the write down of MSEK 4.4, will be a more normalized quarter in terms of profitability for MBXP.

As already communicated, Awardit´s Group CEO Erik Grohman has taken over as acting CEO of MBXP. An interim CFO has also joined the company. He will work in parallell with the present CFO for the coming three months, at which time the present CFO will leave the company. The former CEO and deputy CEO of MBXP (both founders) are no longer employed or with the company.

As a result of MBXPs poor profitability in the first half of 2023 an internal audit for the period of 2021-2023 has been initiated, with special focus on periodization of revenues and costs between 2022 and 2023. The audit aims to provide a correct and fair view of what should constitute the basis of the earn-out calculation for MBXP.