CEO Letter

In November, Fable Media Group refinanced its bond loan,
paving the way for greater financial stability and allowing us to
continue our strategy of rewarding shareholders with quarterly
dividends. Consequently, in December we made another
dividend distribution, this time amounting to SEK 0.15 per
share, totalling SEK 5.1 million. On an annualised basis, this
represented a dividend yield of approximately 13% at the time
of distribution. We retain the ambition to increase dividends over
time, with the aim of distributing 60-80% of the Group's net profit
to shareholders for the current financial year. Accordingly, we
intend to propose a new round of dividends shortly.
 

In Q4, the Group reported net sales of SEK 16.0 million and
EBITDA of SEK 11.3 million, supported by SEK 1.3 million
in positive foreign exchange effects related to discontinued
operations. To provide a better understanding of underlying
financial performance, we have updated our KPI definitions and
introduced Adjusted EBITDA as an additional measure, which
amounted to SEK 10.0 million for the fourth quarter. For the full
year 2025, the Group reported net sales of SEK 65.5 million, while
EBITDA totalled SEK 46.2 million and Adjusted EBITDA reached
SEK 42.2 million.
 

At first glance, this represents a decrease compared with last
year. However, this is largely explained by the legislative changes
in the Brazilian market at the beginning of 2025, which negatively
affected Fable Media Group and the industry as a whole. The
depreciation of major currencies versus the Swedish krona also
weighed on our reported SEK figures.

Nevertheless, we continue to demonstrate strong underlying
growth in markets other than Brazil, as net sales excluding Brazil
grew by 18% during the fourth quarter.

Furthermore, 2026 is set to be an exciting year for sports, with
the Winter Olympics currently underway and the FIFA World Cup
taking place in North America during the summer. From a sports
betting perspective, especially the latter is one of the biggest
events globally, and we expect it to provide a significant boost to
our business.

Additionally, early this year, our team successfully negotiated
improved agreements with several key partners, supporting
continued growth, and we are already seeing the benefits. As a
result, we anticipate a significant increase in referred First Time
Depositors in Q1 2026 compared with Q4 2025.

Taking the above into account, we expect continued positive
financial momentum. Accordingly, for the full year 2026, Fable
Media Group forecasts net sales of SEK 70-85 million and
Adjusted EBITDA of SEK 45-55 million. Combined with continued
strong quarterly dividends, this should further strengthen the
Company's investment appeal.

Alexander Pettersson
CEO, Fable Media Group AB