CEO Letter
We have had an eventful few months, during which
we continued to deliver on the goals we previously
set. Our revenue and EBITDA for the second
quarter were significantly lower than a year ago,
mainly due to the regulatory changes in Brazil and
the exceptionally strong comparative period driven
by UEFA Euro 2024. However, excluding the Brazilian market,
Fable Media Group achieved net sales growth of 15 percent in
Q2, highlighting the company's strong underlying growth and the
team's ability to capture new opportunities.

At the same time, the group has continued to de-leverage its
balance sheet to further strengthen its financial position. In April,
we completed the earnout settlement related to the acquisition
of our subsidiary Fable Media ApS, which improved the group's
cash position. In June, we entered into an agreement to repurchase
additional bonds with a nominal value of SEK 11.4 million.
Compared with three years ago, our debt related to the bond loan
and earnout has been reduced by more than SEK 130 million,
helping stabilize the business despite the challenges in Brazil.

These steps have allowed Fable Media Group to continue working
toward its ambition of becoming a dividend-paying company.
Following an agreement with the company's bondholders, we are
now ready to realize this goal.

Last week, our board proposed a dividend of approximately
SEK 0.10 per share, equivalent to a total of SEK 3.5 million and
representing the maximum amount allowed under our current
bond terms. The proposal, which is supported by the company's
majority shareholder, marks an important milestone: Fable Media
Group will become the only entity among its listed peers currently
paying dividends. The company intends to distribute dividends
on a quarterly basis, which, relative to the current share price, is
expected to deliver strong annual returns to shareholders.

Operationally, the team continues to navigate both challenges
and opportunities. In May, we announced the acquisition of a
portfolio of affiliate websites in Brazil, which are expected to
strengthen the group's online traffic channels and support adaptation
to the new marketing environment. Given Brazil's previous
importance, the regulatory changes and the resulting revenue
decline in that market led us to revise our forecast. For 2025,
Fable Media Group now expects revenue of SEK 76-86 million
and EBITDA of SEK 50-60 million.

As mentioned earlier, our team has been successful in identifying
new opportunities and growth markets. Referred First
Time Depositors increased by 23 percent in the second quarter
compared with last year. As a result, revenue is now more evenly
distributed across a number of markets, providing a solid foundation
for continued stable growth.

Alexander Pettersson
CEO, Fable Media Group AB