CEO Letter

(From Interim Report Q3 2024)

In the third quarter, Fable Media Group achieved

an EBITDA profit of SEK 15.2 million, marking an

increase of 34 percent compared to the same

period last year. While Q3 did not match the

record-breaking levels of Q2, it was still our second-

best quarter ever in EBITDA terms. Typically,

Q3 has been a seasonally softer period for us, as

several major sports leagues take a summer break

during this time. Additionally, lower sports betting

margins across the industry characterized the quarter.

In light of these factors, we are especially pleased

with our performance.

We continue to show high profitability with industry-

leading margins compared to our peers. This success

results from our strong operational performance

and a business model centered on revenue share

agreements. Nearly all our revenue comes from these

agreements, rather than one-time CPA commissions.

This approach means that when we succeed in referring

high-quality players to our partners, they generate

substantial, ongoing revenue for us over an extended

period. Our team has focused on this strategy for

many years, which now yields more stable, long-term

revenue and improved profit margins.

In addition, we have continued to strengthen our

balance sheet. In July, we repurchased additional

bonds for a nominal amount of SEK 7.6 million. I am

pleased to note that over the past two years, we have

effectively halved our bond debt and have settled the

majority of our earnout liability. These debt reductions

total more than SEK 90 million, significantly bolstering

Fable Media Group’s financial stability compared to

just a few years ago.

Lastly, Q4 has shown a promising start with several

new partnerships that are already generating

impressive player activity. We are eager to monitor

how these partnerships evolve and contribute to the

group over time.

Alexander Pettersson
CEO, Fable Media Group AB