MGI – Media and Games Invest SE Reports Significant Organic Growth of 16% in Q4 2023 Resulting in FY 2023 Revenues of €322 Million, Outperforming Full-Year Guidance by 6% – Strong Start into 2024

  • Net Revenues increased by 6% to 98.7 mEUR in Q4 2023 (Q4 2022: 92.9 mEUR)
    • 16% Organic Growth1 adjusted for FX and divestments
    • 19% increase in number of software clients to 2,276
    • 14% increase in ad impressions to 206 billion
  • Adj EBITDA2 amounted to 31.7 mEUR in Q4 2023 (Q4 2022: 31.5 mEUR)
    • 1% increase in adj. EBITDA
    • Additional efficiency gains from reduced personnel and technology expenses expected
  • Adj. Net Result more than tripled to 7.5 mEUR (Q4 2022: 2.3 mEUR)
    • 225% increase in adj. Net Result driven by reduced financial expenses and taxes.
    • Back to profit: EPS amounted to EUR 0.03 undiluted / diluted (Q4 2022: EUR -0.18 undiluted / diluted)
  • Strong start into 2024 with 18% year on year organic growth in Jan-2411
    • Strong demand for MGI’s new ID-less, AI-optimized targeting solutions
    • Increasing budgets from blue-chip advertisers driving demand side growth
    • Increasing number of clients and share of wallet growth

February 29, 2024 (08:00 CET) – Media and Games Invest SE (“MGI” or the “Company”, ISIN: SE0018538068; ticker M8G; Nasdaq First North Premier Growth Market and Scale Segment Frankfurt Stock Exchange) publishes its Year End Report Q4 2023.

A Word from THE CEO Remco Westermann

“I am pleased to announce that MGI has delivered 16% organic growth in the fourth quarter of 2023. Now with visibility into February, the growth trend continues into 2024. The first three quarters of 2023 delivered only single digit organic growth due to the challenges posed by the general economic climate.  Still, 2023 was a year of significant milestones and gains in market share. MGI is today the market leader in in-app advertising in North America.3 Over 2023, our number of software clients increased by 19% to 2,276. The number of ad impressions also increased by 14% to 206 billion. Pixalate data shows that we further strengthened our market leading position to 12% market share on iOS and 12% on Android devices in North America. Currently, 2024 is off to a good start, and we expect our AI investments and the overall market recovery to deliver meaningful double digit revenue growth throughout the remainder of the year”, commented Remco Westermann, CEO of MGI Group.


  • Net Revenues amounted to 98.7 mEUR (Q4 2022: 92.9 mEUR), an increase of 6%. The Organic Revenue Growth Rate, adjusted for FX and divestments amounted to 16%. The increase was driven by new Software Clients and product releases as well as signs of the beginning of a recovery in the advertising market.
  • Adj. EBITDA amounted to 31.7 mEUR (Q4 2022: 31.5 mEUR), an increase of 1%. The solid performance was largely driven by reduced personnel expenses. EBITDA adjustments were primarily made for one-time audit and accounting advisory fees, restructuring expenses as well as non-cash expenses for the ESOP program.
  • Adj. EBIT4 amounted to 26.8 mEUR (Q4 2022: 28.1 mEUR), a decrease of -5% driven by an increase in software development related amortization expenses.
  • Adj. Net Result5 amounted to 7.5 mEUR (Q4 2022: 2.3 mEUR), an increase of 225% driven primarily by reduced financial expenses as well as taxes.
  • Earnings Per Share (EPS) amounted to EUR 0.03 undiluted / diluted (Q4 2022: EUR -0.18 undiluted / diluted). EPS adjusted for PPA-amortization amounted to EUR 0.05 undiluted / EUR 0.04 diluted (Q4 2022: EUR 0.01 undiluted / diluted).



  • Net Revenues amounted to 322.0 mEUR (FY 2022: 324.4mEUR), a decrease of -1%. The Organic Revenue Growth, adjusted for FX and divestments amounted to 5%.
  • Adj. EBITDA amounted to 95.2 mEUR (FY 2022: 93.2mEUR), an increase of 2%.
  • EBITDA Adjustments amounted to -33.3 mEUR and were primarily made for the AxesInMotion earn-out release, post-M&A legal and advisory costs, as well as restructuring expenses following the announced cost saving plan (see table EBITDA adjustments in the Year End Report Q4 2023).
  • Adj. EBIT amounted to 76.9 mEUR (FY 2022: 76.6 mEUR).
  • Adj. Net Result amounted to 57.4 mEUR (FY 2022: 21.1 mEUR), an increase of 172.5% largely driven by the release of the AxesInMotion earn-out as well as reduced tax expenses.
  • Net Interest-Bearing Debt6 as of December 31, 2023, amounted to 294.9 mEUR (December 31, 2022: 273.9 mEUR).
  • Leverage Ratio7 amounted to 3.1x as of December 31, 2023 (2.9x as of December 31, 2022) and increased primarily driven by cash outs for earn-out payments during the year. Target remains mid-term to be below 3.0x leverage.
  • Cash and Cash Equivalents amounted to 121.7 mEUR as of December 31, 2023, compared to 150.0 mEUR as of December 31, 2022. The cash decreased primarily due to earn-out payments as well as bond buybacks. Cash and cash equivalents remained strong, giving the Company a high degree of liquidity going forward.
  • Earnings Per Share (EPS) amounted to EUR 0.29 undiluted / EUR 0.26 diluted (2022: EUR -0.13 undiluted / diluted). EPS adjusted for PPA-amortization amounted to EUR 0.36 undiluted / EUR 0.32 diluted (2022: EUR 0.13 undiluted / EUR 0.12 diluted).


The Year End Report Q4 2023 is available on MGI’s corporate website at in the Investor Relations section.


In mEUR Q4 2023 Q4 2022 FY 2023 FY 2022
Net Revenues 98.7 92.9 322.0 324.4
Y-o-Y Growth in Revenues 6% 16% -1% 29%
EBITDA8 27.3 26.5 128.5 84.8
EBITDA Margins9 28% 28% 40% 26%
Adj. EBITDA 31.7 31.5 95.2 93.2
Adj. EBITDA Margins9 32% 34% 30% 29%
Adj. EBIT 26.8 28.1 76.9 76.6
Adj. EBIT Margins9 27% 30% 24% 24%
Adj. Net Result 7.5 2.3 57.4 21.1
Adj. Net Result Margins9 8% 2% 18% 6%


Initial Guidance

FY 2023


Updated Guidance




FY 2023

Revenue (in €m) 335-345  303 322
 Adj. EBITDA (in €m) 95-105  93 95


Notes – All Notes are defined as in the Year Report Q4 2023 of MGI

Note (1) Organic Revenue Growth: Organic revenue growth does include growth calculated on a year-over-year basis from companies being within the Company 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 months, and the decline from sales stemming from closures / divestment of whole businesses.

Note (2) Adjusted EBITDA: Reported EBITDA excluding items affecting comparability. EBITDA adjustments amounted to -33.3 mEUR in 2023 (4.4 mEUR in Q4 2023) and were primarily made for the AxesInMotion earn-out release, post-M&A legal and advisory costs, as well as restructuring expenses following the announced cost saving plan (see table EBITDA adjustments in the Year End Report Q4 2023).

Note (3) Pixalate: Mobile SSP Market Share Report Q4 2023.

Note (4) Adjusted EBIT: Earnings before interest and taxes excluding affecting comparability and PPA amortization10.

Note (5) Adjusted net result: Net result excluding PPA amortization.

Note (6) Net interest bearing debt: Interest bearing financial indebtedness excluding shareholder and related party loans minus cash and cash equivalents.

Note (7) Leverage ratio: Net interest-bearing debt divided by adjusted EBITDA for the past 12 months excluding shareholder and related party loans.

Note (8) EBITDA: Earnings before interest, taxes, depreciation, and amortization.

Note (9) EBITDA / Adjusted EBITDA / Adjusted EBIT / Adjusted Net Result margin: EBITDA / Adjusted EBITDA / Adjusted EBIT / Adjusted Net Result as a percentage of net revenues.

Note (10) PPA-amortization: IFRS Amortization on M&A-related purchase prices which are not tax deductible.

Note (11) This information has been derived from the Company’s management accounts and internal reporting for January 2024 and has not been audited or reviewed.


Invitation to investor presentation

MGI invites investors to participate in the presentation of the Q4 2023 results by Remco Westermann (CEO) and Paul Echt (CFO) on Thursday, February 29, 2024 at 13:00 CET. The presentation will be held in English and will also be available on-demand on the Company’s website

To participate via webcast, please visit:

To participate via phone and ask questions, please register at the following link:

Responsible parties

This press release contains inside information that MGI – Media and Games Invest SE is required to make public pursuant to the EU Market Abuse Regulation 596/2014. The information was submitted for publication, through the agency of the contact persons set out below, at the time stated by MGI’s news distributor EQS Newswire upon publication of this press release.

For further information, please contact:

Sören Barz
Head of Investor Relations
+49 170 376 9571,

Danesh Zare
​​Senior Investor Relations Manager
​​+46 70 916 7932

About MGI – Media and Games Invest SE

MGI – Media and Games Invest SE (MGI) operates a fast-growing, profitable ad-software platform that matches global advertiser demand with publisher ad-supply while improving results through first party data from own games. MGI’s main operational presence is in North America and Europe. Through investments in organic growth and innovation, as well as targeted M&A, MGI has built a one-stop shop for programmatic advertising, enabling companies to buy and sell ad space across all digital devices (mobile apps, web, connected TV and digital out of home), with the mission to make advertising better. MGI is registered as Societas Europaea in Sweden (registration number 517100-0143) and its 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 two secured bonds that are 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;

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.