ATG Q1 profit jumps as casino grows and breach emerges
Table of contents
- ATG posted a 22% rise in operating profit in Q1 2026, with net gaming revenue up 0.5% to SEK1.214bn as casino delivered the group’s only segment growth.
- Horse racing revenue was broadly stable while sports betting declined, with total revenues reaching SEK1.389bn for the quarter.
- ATG also addressed a data breach affecting more than 150,000 customers, disputing that any successful cyberattack had taken place.
AB Trav och Galopp (ATG) reported improved profitability in its first-quarter 2026 results, as casino growth and tighter cost controls helped offset near-flat revenues and the disclosure of a significant customer data breach.
Net gaming revenue for the January-to-March period rose 0.5% year on year to SEK1.214bn, according to ATG’s Q1 2026 interim report. Total revenue increased 0.9% to SEK1.389bn, while operating profit climbed 22% following lower operating expenses.
Casino drives growth
Casino was the group’s sole growth engine during the quarter, with revenue rising 20% year on year to SEK172m. The segment’s share of total net gaming revenue increased from 9% to 11%.
Horse racing, ATG’s core business by a considerable margin, recorded a 1% year-on-year decline, though acting CEO Jörgen Forsberg described performance as stable. Sports betting net gaming revenue fell 11%, primarily due to unfavourable sporting outcomes during the quarter.
“Casino is the area that is delivering growth in our business at the beginning of the year,” Forsberg said. “Overall, net gaming revenue for the group is on par with the corresponding period last year, as development differs between our product areas.”
Pre-tax profit rose 25% to SEK329m, while net profit increased 24% to SEK317m.
Data breach disclosed
The quarterly update also addressed an ongoing cybersecurity issue. More than 150,000 ATG customers have reportedly had personal information leaked on the dark web, according to Swedish newspaper Dagens Nyheter.
The exposed data reportedly includes names, addresses, personal identification numbers and refund claims, with records belonging to individuals with protected identities also said to be affected.
The breach is believed to have originated in late 2025, although much of the leaked information appears to be older. Cybersecurity researchers previously linked ransomware group CoinbaseCartel to a claimed attack on ATG in December 2025.
ATG cybersecurity manager Erik Tåfvander said the company had not seen evidence of a successful intrusion.
“We are aware that ATG has previously been listed on sites that collect various darknet leaks from various threat actors, but we have not received any evidence that an attack has been successful.”
The incident could attract regulatory scrutiny under Swedish data protection laws, although no formal investigation by the Swedish Authority for Privacy Protection (IMY) has been announced.
Leadership and outlook
Forsberg acknowledged the structural challenges facing ATG, particularly in growing horse racing revenues following Sweden’s 2024 gambling tax increase, which lifted the gross gaming revenue tax rate from 18% to 22%.
“We have several challenges ahead of us, the biggest of which is creating growth in horse racing,” Forsberg said. “At its core, ATG is something unique: a gaming company with a mission that extends beyond numbers and balance sheets.”
The improved operating result reflects cost-cutting measures, including redundancies, beginning to flow through after a difficult 2025.
Forsberg was appointed acting CEO on 6 March, succeeding chairman Peter Norman, who had temporarily assumed executive duties following the departure of former CEO Hasse Lord Skarplöth in February. Forsberg continues to serve as CEO of Svensk Travsport, ATG’s majority owner, while the search for a permanent chief executive remains ongoing.
“In anticipation of a new CEO, I look forward to working together with all of ATG’s employees to continue developing ATG according to the board’s plans and safeguarding the company’s important role for the Swedish horse racing industry.”
ATG’s Finnish joint venture, Hippos ATG OY, also continues preparations for Finland’s expected market liberalisation in January 2027.
For investors and industry observers, the results suggest that earnings pressure following last year’s tax increase may be beginning to ease. However, the data breach, combined with the ongoing CEO search, ensures ATG still faces a complex operating environment.
Keep reading
Do you have a story worth sharing?
Send it over to our editors!
