MTG's D2C revenue hits 42% of Q3 sales as Google billing fees erode savings

Published 5 Nov 2026 · Games Atlas Editorial · Financial Results · Companies: Modern Times Group, Google

Games Atlas summary: MTG's Q3 net sales held flat year on year at SEK 2.99bn ($308m). Direct-to-consumer revenue reached 42% of total sales, up from 26% a year earlier. Google's new Android billing fees, active since October 1, cut into D2C cost advantages. Adjusted EBITDA rose 3% to SEK 693m ($71m) at a 23% margin.

D2C mix climbs as Google fees narrow the savings

• D2C share rose to 42% in Q3, from 38% in Q2 and 26% last year.
• At Playamp, formerly MTG's midcore division, D2C reached 55%, up from 33% last year.
• Google began charging fees on external Android payment links in the US on October 1.
• MTG said the fees erode part of D2C's cost advantage over app store billing.

UA spend absorbs the D2C fee savings

• UA spend rose 6% to SEK 1.18bn ($122m), now 39% of revenue.
• MTG said lower D2C platform fees were largely offset by the higher UA outlay.
• Full-year margin guidance already reflects the expected Google fee impact, MTG said.

What to watch

• MTG expects pro forma revenue growth near the low end of 5% to 8%.
• It expects full-year adjusted EBITDA margin near the high end of 22% to 24%.
• Playsimple's IPO stays postponed, with MTG revisiting timing in 2027.
• MTG expects to announce a major Plarium project, from Raid's team, in early 2027.

What this means

• For Publishers & Developers: Rebuild web-shop business cases on post-fee Android economics before further D2C migration.
• For Investors & VC: Haircut D2C margin-uplift assumptions in mobile diligence models to US Android post-fee levels.
• For Service Vendors: Pitch iOS-weighted web-store traffic routing to midcore publishers running high D2C mix.

Sources

• MTG revenue flat in Q3 as D2C hits 42% of sales – Mobilegamer.biz (mobilegamer.biz)