MTG launches new SEK 100 million share repurchase program

Modern Times Group MTG AB (“MTG”) today announced that its Board of Directors has decided to launch a new share repurchase program of up to SEK 100 million. The program will run from 24 April 2024 up until and including 15 May 2024. The Board of Directors’ view is that the share repurchase program will provide a flexible and sustainable increase in the value created for MTG’s shareholders.

MTG continues to have a strong balance sheet, and MTG’s Board of Directors has decided to launch a new share repurchase program of up to SEK 100 million to run up to and including 15 May 2024, being the last day prior to the Annual General Meeting 2024.

The repurchased shares shall be cancelled through a reduction of the group’s share capital, which requires an approval from the Annual General Meeting. The Board of Directors intends to seek such approval at the 2025 Annual General Meeting. The value of the program (if utilized in full) equals approximately 1% of MTG’s current market cap (calculated on the basis of all MTG A and B shares, excluding shares held in treasury).

The share repurchase program will be carried out in accordance with the Market Abuse Regulation (EU) No 596/2014 (”MAR”) and the Commission Delegated Regulation (EU) No 2016/1052 (the “Safe Harbour Regulation”). The share repurchase program will be managed by Kepler Cheuvreux, who will make its trading decisions regarding the timing of the repurchase of MTG’s shares independently of MTG.

The share repurchase program is subject to the following terms:

• Share repurchases can be made during the period from 24 April 2024 up and until 15 May 2024. MTG will repurchase shares for a maximum amount of SEK 100 million during this period.

• Repurchases are to be made on Nasdaq Stockholm and in accordance with Nasdaq Stockholm’s Rule Book for Issuers, MAR and the Safe Harbour Regulation.

• Repurchases of shares on Nasdaq Stockholm are to be made at a per-share price within the registered interval for the going rate at any given time, which denotes the interval between the highest purchase price and the lowest selling price.

• According to the authorisation given at the Annual General Meeting on 17 May 2023, MTG’s holding of its own shares may not at any time exceed 10 percent of the outstanding shares in MTG. The total number of outstanding shares currently amounts to 131,668,727. MTG currently holds 3,662,980 B-shares and 6,324,343 C-shares in treasury (9,987,323 own shares in total) which means that a maximum of 3,179,549 shares may be repurchased until the Annual General Meeting 2024.

• Payment for the shares will be made in cash.

Forward-Looking Statements

Statements made in the press release relating to future status or circumstances, including future performance and other trend projections are forward-looking statements. By their nature, forward-looking statements involve risk and uncertainty because they relate to events and depend on circumstances that will occur in the future. There can be no assurance that actual results will not differ materially from those expressed or implied by these forward-looking statements due to many factors, many of which are outside the control of MTG.