CEO Letter
The third quarter included a historic breakthrough for
Fable Media Group, as we distributed dividends for the
first time. The dividend amounted to SEK 0.10 per share,
corresponding to approximately SEK 3.4 million in total.
Currently, we are the only company among our listed
peers paying dividends. It is our ambition to continue
doing so on a quarterly basis, including during the fourth quarter,
thereby providing attractive returns to our shareholders.

In Q3, the group reported net sales of SEK 15.4 million and
EBITDA of SEK 10.5 million. Nominally, this represents a decline
compared to the corresponding period last year, which is
explained by the reduced commissions from the Brazil market. In
contrast, our underlying figures continue to demonstrate strong
growth in other markets, and net sales excluding Brazil grew 20
percent during the third quarter.

Nevertheless, the impact from the Brazil market combined with
weaker Q3 sportsbook margins in the industry had a larger effect
than expected, and we have therefore adjusted our full-year
forecast. The group now anticipates full-year revenue in the range
of SEK 67 to 77 million, with EBITDA of SEK 42 to 49 million.

As Brazil now accounts for a significantly smaller share of the
group's revenue than before, the impact from this market on our
comparison figures is expected to be limited from early 2026.

We are also proud that even during such challenging industry
conditions as the new regulations in Brazil have brought, our
team continues to deliver significant profits and we maintain our
industry-leading margins.

During the autumn, the board and I have worked on the refinancing
of our bond loan, and in late October we announced that we
had initiated a written procedure in this regard. Just recently, our
new bond loan was issued with a tenor of three years, providing
increased financial stability for the group. The new bond loan
amounts to SEK 60 million, and an important feature is that the
dividend cap that previously applied has now been removed. This
gives the company the flexibility to increase dividend payments
going forward. Following this change, we will communicate our
expected dividend levels in the near future. We are thus progressing
to realize the targets previously set.

Alexander Pettersson
CEO, Fable Media Group AB