• Net revenues amounted to 62.9 mEUR (Q3’20: 35.0 mEUR), which is an increase of 80% and is based on strong Organic Growth of 41% (27% incl. closures/divestments) in the quarter as well as on the positive development of acquisitions like KingsIsle and Smaato carried out in 2021.
  • EBITDA tripled to 19.0 mEUR (Q3’20: 6.4 mEUR) reflecting a significant improvement of the adjusted EBITDA-margin from 18% to 30% based on scale, realized synergies as well as cost savings post M&A.
  • In Q3’21 MGI achieved the highest earnings and Organic Growth rates ever, despite major changes and uncertainties in current market environment. Management sees the company well positioned to benefit from the current changes in the upcoming quarters.
  • MGI intends to further improve its governance reflecting the dynamic growth and internationalization.

November 15, 2021 – Media and Games Invest SE (“MGI” or the “Company”, ISIN: MT0000580101; ticker M8G; Nasdaq First North Premier Growth Market and Scale Segment Frankfurt Stock Exchange) publishes its interim report for Q3 2021 and successfully continues its “BUY. INTEGRATE. BUILD & IMPROVE.” strategy, resulting in a revenue CAGR of 78% since 2018 and an even more remarkable development of the adjusted EBITDA margin to 30% today. While until 2017 the focus was solely on inorganic growth – to build critical mass – since 2018 MGI has increased its Organic Growth1 from 5% year-on-year to 41% (27% incl. the closure / divestment of the influencer and performance marketing business) in Q3’21.


  • Net revenues amounted to 62.9 mEUR (Q3’20: 35.0 mEUR), which is an increase of 80%.
  • EBITDA2 amounted to 19.0 mEUR (Q3’20: 6.4 mEUR), which is an increase of 199%.
  • EBIT3 amounted to 15.0 mEUR (Q3’20: 4.0 mEUR), which is an increase of 270%.
  • Earnings per share (EPS) undiluted/diluted amounted to EUR 0.02 (Q3’20: EUR 0.02). EPS undiluted/diluted adjusted for PPA-amortization amounted to EUR 0.04 (Q3’20: EUR 0.04).


  • Net revenues amounted to 172.0 mEUR (Q1-Q3’20: 91.5 mEUR), which is an increase of 88% compared to Q1-Q3’20.
  • EBITDA amounted to 47.8 mEUR (Q1-Q3’20: 19.0 mEUR), which is an increase of 151%.
  • EBIT amounted to 35.4 mEUR (Q1-Q3’20: 11.7 mEUR), which is an increase of 204%.
  • Net interest-bearing debt4 as of September 30, 2021 amounted to 172.8 mEUR (December 31, 2020: 61.6 mEUR).
  • Leverage ratio5 amounted to 3.0 as per September 30, 2021 (2.1 as per December 31, 2020). On a pro forma basis -taking the acquired LTM-EBITDAs of Smaato and KingsIsle into account- the net leverage is well below 2.5x.
  • Cash and cash equivalents amounted to 198.5 mEUR (December 31, 2020: 46.3 mEUR) due to the capital increase as well as a bond raise in Q1-Q3’21.


In mEUR Q3 2021 Q3 2020 Q1-Q3 ‘21 Q1-Q3 ‘20 FY 2020
Net Revenues 62.9 35.0 172.0 91.5 140.2
YoY Growth in revenues 80% 29% 88% 64% 67%
EBITDA6 17.5 5.9 44.1 17.5 26.5
EBITDA margins7 28% 17% 26% 19% 19%
Adj. EBITDA 19.0 6.4 47.8 19.0 29.1
Adj. EBITDA margins 30% 18% 28% 21% 21%
Adj. EBIT 15.0 4.0 35.4 11.7 17.5
Adj. EBIT margins8 24% 12% 21% 13% 12%
Net Result 3.0 0.3 8.7 0.7 2.7


MGI Games Segment                                            
In mEUR Q3 2021 Q3 2020 Q1-Q3 ‘21 Q1-Q3 ‘20 FY 2020
Net Revenues 28.1 18.0 83.6 50.7 75.2
YoY Growth in revenues 56% 65% 74%
EBITDA 10.3 4.8 30.0 14.6 21.4
EBITDA margins 37% 27% 36% 29% 29%
Adj. EBITDA 10.7 5.0 32.1 15.5 23.2
Adj. EBITDA margins 38% 28% 38% 31% 31%
MGI Media Segment          
In mEUR Q3 2021 Q3 2020 Q1-Q3 ‘21 Q1-Q3 ‘20 FY 2020
Net Revenues 34.8 17.0 88.4 40.8 65.0
YoY Growth in revenues 105% 117% 59%
EBITDA 7.2 1.1 14.2 3.0 5.1
EBITDA margins 21% 7% 16% 7% 8%
Adj. EBITDA 8.3 1.4 15.6 3.5 6.0
Adj. EBITDA margins 24% 8% 18% 9% 9%

The Interim Q3 2021 report is available on MGI’s corporate website at www.mgi-se.com in the Investor Relations section. All financials are preliminary and neither reviewed nor audited. 

A Word from Remco Westermann, CEO

“In Q3’21, the overall market was strongly characterized by uncertainties due to several and partly even disruptive changes in our industries. These changes included, for example, the regulations of the games industry by the Chinese government and Apple’s implementation of its changes to IDFA, as well as uncertainty amongst investors about the future of the so-called Corona winners, to name just a few. The market changes however did not have a negative impact on MGI’s operating business. Rather the contrary: MGI experiences the changes and disruptions as opportunities to improve its position. Especially the changes to IDFA and the increased focus of games companies on efficient user acquisition to drive Organic Growth are supporting MGI’s growth. Q3’21 was another record quarter for MGI, with its highest earnings and Organic Growth rates so far.”, says Remco Westermann, CEO & Chairman of the Board of Media and Games Invest SE. 

Corporate Governance

To adequately reflect the strong revenue growth – and the size now reached – MGI has taken and will further focus on various measures to improve its governance. For example, a project has been initiated with KPMG to further improve overall procedures and governance throughout the Group, in order to be in a position to increase revenues within these structures by 25-30% per year over the next decade. Another example is the relocation away from Malta. The planned change from a PLC to a SE has been concluded. But, as the originally planned relocation from Malta to Luxembourg is no longer possible due to Euroclear’s recent decision – not to link companies from not already connected countries to their system and thus to the Swedish Stock Exchange – MGI is currently in the process of evaluating possible target countries together with its advisors. Currently, management expects the relocation process to become effective latest on January 1, 2023.

In addition, MGI intends to expand the Board of Directors to better reflect the international nature of the company and add additional key expertise and professionalism. In this context, the formation of various committees is being discussed. As the new jurisdiction will also have an impact on the required governance structure, the Board and management are working with independent Tier 1 experts to submit proposals for an improved governance structure to the shareholders before the next Annual General Meeting.

Remco Westermann: “As part of our efforts to improve transparency, we have also expanded our quarterly reports, and started reporting on Organic Growth, implemented segment reporting, and now also publish an annual Sustainability and Governance Report”. While the Sustainability Report was already published in June 2021, MGI’s first Governance Report is now available on the company’s website in the governance section. In the future, both reports will be part of the annual report.

Notes – All Notes are defined as in the Interim Report for Q3 2021 of MGI
Note (1) Organic Growth: Organic revenue growth does include growth calculated on a year-over-year basis from companies being within the Group for twelve months or more. What is excluded is the revenue growth from acquisitions that have not been part of the group in the last twelve month, and the decline from sales stemming from closures/divestment of whole businesses.
Note (2) Adjusted EBITDA: Reported EBITDA excluding one-time costs. EBITDA adjustments amounted to 1.5 mEUR and were made largely for one-time costs due to the closure/divestment of the influencer and performance business, M&A (legal and advisory) related costs for the Smaato acquisition as well as the ESOP program.
Note (3) (Adjusted) EBIT: Earnings before interest and taxes excluding one-time costs and PPA depreciation. [For adjustments, please see footnote 2 above.]
Note (4) Net interest bearing debt: Interest bearing Financial Indebtedness excluding Shareholder and Related Party Loans minus Cash and Cash Equivalents.
Note (5) Leverage ratio: Net Interest-Bearing Debt divided by adjusted EBITDA for the past 12 months.
Note (6) EBITDA: Earnings before interest, taxes, depreciation, and amortization.
Note (7) EBITDA margin: EBITDA as a percentage of net revenues.
Note (8) Adjusted EBIT margin: Adjusted EBITDA as a percentage of net revenues

Invitation to investor presentation

MGI invites investors to participate in the presentation of the Q3 results by Remco Westermann (CEO) and Paul Echt (CFO) on Tuesday, November 16, 2021 at 3pm CET. The presentation will be held in English and will also be available on-demand on the Company’s website www.mgi-se.com.

To participate via webcast, please visit:

To participate via phone, please call:
Sweden: +46856642705
United Kingdom: +443333009034
USA: +16467224902
Germany: +4969222220377

Responsible parties

The information in this release has been made public through the agency of the responsible persons set out below for publication at the time stated by MGI’s news distributor EQS Newswire at the publication of this release. The responsible persons below may be contacted for further information.

For further information, please contact:

Sören Barz
Head of Investor Relations
+49 170 376 9571
soeren.barz@mgi-se.com, investor@mgi-se.com

Jenny Rosberg, ROPA, IR contact Stockholm

Axel Mühlhaus / Dr. Sönke Knop, edicto GmbH, IR contact Frankfurt
+49 69 9055 05 51

About Media and Games Invest SE

Media and Games Invest SE is a digitally integrated games and media company with main operational presence in Europe and North America. The company combines Organic Growth with value-generating synergetic acquisitions, demonstrating continuous strong, profitable growth with a revenue CAGR of 78% since 2018. Next to strong Organic Growth, the MGI Group has successfully acquired more than 35 companies and assets in the past 6 years. The acquired assets and companies are integrated and amongst others cloud technology is actively used to achieve efficiency gains and competitive advantages. The Company’s shares are listed on Nasdaq First North Premier Growth Market in Stockholm and in the Scale segment of the Frankfurt Stock Exchange. The Company has a secured bond that is listed on Nasdaq Stockholm and on the Frankfurt Stock Exchange Open Market.

The Company’s certified advisor on Nasdaq First North Premier Growth Market is FNCA Sweden AB; info@fnca.se, +46-8-528 00 399.

Forward-looking statements

This release contains forward-looking statements that reflect the Company’s intentions, beliefs, or current expectations about and targets for the Company’s and the group’s future results of operations, financial condition, liquidity, performance, prospects, anticipated growth, strategies and opportunities and the markets in which the Company and the group operates. Forward-looking statements are statements that are not historical facts and may be identified by words such as “believe”, “expect”, “anticipate”, “intend”, “may”, “plan”, “estimate”, “will”, “should”, “could”, “aim” or “might”, or, in each case, their negative, or similar expressions. The forward-looking statements in this release, including the pro-forma financial figures addressed therein, are based upon various assumptions, many of which are based, in turn, upon further assumptions. Although the Company believes that the expectations reflected in these forward-looking statements and pro-forma financial numbers are reasonable it can give no assurances that they will materialize or prove to be correct. Because these statements are based on assumptions or estimates and are subject to risks and uncertainties, the actual results or outcome could differ materially from those set out in the forward-looking statements as a result of many factors. Such risks, uncertainties, contingencies and other important factors could cause actual events to differ materially from the expectations expressed or implied in this release by such forward-looking statements. The Company does not guarantee that the assumptions underlying the forward-looking statements in this release (including the pro-forma financial figures) are free from errors and readers of this release should not place undue reliance on the forward-looking statements in this release. The information, opinions and forward-looking statements that are expressly or implicitly contained herein speak only as of its date and are subject to change without notice. Neither the Company nor anyone else undertake to review, update, confirm or to release publicly any revisions to any forward-looking statements to reflect events that occur or circumstances that arise in relation to the content of this release, unless it is so required by law or applicable stock exchange rules.