MTG D2C revenue hits 51% of midcore sales, reshaping margin structure
Summary
MTG Q2 2026 revenue reached $306m (+2% YoY), adjusted EBITDA up 10% to $73m at 24% margin
D2C web store share of group revenue jumped from 24% to 38% YoY, hitting 51% in midcore
Q2 operating cash flow surged 45% YoY to $49m; H1 up 114% YoY to $111m
Raid: Shadow Legends ($111m, +9%) and PlaySimple ($76m, +29%) carry the portfolio as Forge of Empires falls 22%
01
D2C shift drives the MTG D2C revenue margin story
D2C share of group revenue rose 14 percentage points YoY, from 24% to 38%
In midcore, 51% of revenue now bypasses Apple and Google storefronts
App store fees typically consume 15-30% of transaction value on redirected revenue
H1 EBITDA grew 20% YoY against 12% revenue growth - the gap reflects fee-bypass economics
02
Growth is concentrated in two units, not the full portfolio
Raid: Shadow Legends hit $246m in H1 (+30% YoY) despite a quieter Q2 content slate
PlaySimple H1 revenue reached $147m (+29% YoY), led by Crossword Go, Cryptogram and Tile Match
Warhammer 40,000: Tacticus grew to $17m in Q2 (+5% YoY) - a marginal contributor
Forge of Empires fell to $38m in H1 (-28% YoY), continuing multi-quarter decline
03
PlaySimple IPO prep raises the valuation stakes
PlaySimple filed a Draft Red Herring Prospectus for a potential 2026 listing
29% YoY growth across two consecutive halves positions it strongly for a casual-mobile public comp
Group-level D2C mix strengthens the listing narrative by demonstrating reduced platform dependency
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