Raid: Shadow Legends, casual arm PlaySimple and web store revenue drive rising MTG profits
In MTG’s Q2 earnings the roll-up group posted a seventh sequential quarter of revenue growth, led by Raid: Shadow Legends, casual arm PlaySimple and rising D2C income. Raid: Shadow Legends continues to be a standout performer, with Q2 revenue growing to $111m (SEK 1,076m), a 9% year-over-year rise, despite...
In MTG’s Q2 earnings the roll-up group posted a seventh sequential quarter of revenue growth, led by Raid: Shadow Legends, casual arm PlaySimple and rising D2C income.
Raid: Shadow Legends continues to be a standout performer, with Q2 revenue growing to $111m (SEK 1,076m), a 9% year-over-year rise, despite a quieter content period after an exceptionally strong Q1.
MTG’s other named titles had a more mixed Q2. Warhammer 40,000: Tacticus grew revenue to $17m (SEK 169m), up 5% YoY, while Forge of Empires continued to shrink, down to $19m (SEK 189m), a 22% YoY decline.
Overall, Q2 group revenue was $306m (SEK 2,965m), with profits as measured by adjusted EBIDTA at $73m (SEK 707m) and a 24% adjusted EBITDA margin. Full-year guidance was left unchanged.
PlaySimple revenue was up 29% YoY, driven primarily by Crossword Go, Cryptogram and Tile Match. It has filed a Draft Red Herring Prospectus as part of preparations for a potential 2026 listing.
The financial report also revealed that 38% of group revenue now comes via MTG’s own direct-to-consumer (D2C) stores rather than Apple and Google, up from 24% a year ago. In its midcore business, this is even more pronounced, with over half (51%) of revenue stemming from D2C, suggesting the firm has built meaningful alternatives to sidestep platform fees.
Q2 2026 at a glance- Group revenue: $306m (SEK 2,965m) (+2% YoY)
- Adjusted EBITDA: $73m (SEK 707m) (+10% YoY, 24% margin)
- Net income: $10m (SEK 99m) (Up from a loss of $6m (SEK -61m) YoY)
- Cash flow from operations: $49m (SEK 471m) (+45% YoY)
- User acquisition spend: $120m (SEK 1,163m) (+10% YoY, 39% of revenue)
- Raid: Shadow Legends revenue: $111m (SEK 1,076m) (+9% YoY)
- PlaySimple revenue: $76m (SEK 736m) (+29% YoY)
- Forge of Empires revenue: $19m (SEK 189m) (-22% YoY)
- Group revenue: $631m (SEK 6,125m) (+12% YoY)
- Adjusted EBITDA: $156m (SEK 1,509m)(+20% YoY, 25% margin)
- Net income: $24m (SEK 237m) (up from $0.4m (SEK 4m) YoY)
- Cash flow from operations: $111m (SEK 1,076m) (+114% YoY)
- User acquisition spend: $244m (SEK 2,362m) (+17% YoY, 39% of revenue)
- Raid: Shadow Legends revenue: $246m (SEK 2,385m) (+30% YoY)
- PlaySimple revenue: $147m (SEK 1,429m) (+29% YoY)
- Forge of Empires revenue: $38m (SEK 373m) (-28% YoY)
Original reporting appears on the publisher’s site.
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