The lead generation company Fable Media reports both lower revenue and adjusted Ebitda in the fourth quarter compared with the same period a year earlier. Revenue fell 27.2 percent to SEK 17.4 million (23.9). Excluding Brazil, sales increased by 18 percent during the quarter.The Ebitda result was SEK 11.3 million (16.5), with an Ebitda margin of 64.9 percent (69.0). Adjusted Ebitda came to SEK 10.0 million (16.5), with an adjusted Ebitda margin of 57.5 percent (69.0). The same performance measure was also lower for the full year, which, according to CEO Alexander Pettersson, is largely explained by the legislative changes introduced in the Brazilian market at the beginning of 2025. This negatively affected both Fable Media and the industry as a whole. In addition, the result was negatively affected by foreign exchange effects.Operating profit was SEK 11.2 million (15.5), with an operating margin of 64.4 percent (64.9). Profit after tax was SEK 8.3 million (11.2), and per share SEK 0.25 (0.33).No ordinary dividend is proposed (0).For the full year 2026, the company expects net revenue of SEK 70-85 million and adjusted Ebitda of SEK 45-55 million.Fable Media, SEK millionQ4-2025Q4-2024ChangeNet revenue17.423.9-27.2%Ebitda11.316.5-31.5%Ebitda margin64.9%69.0%Adjusted Ebitda10.016.5-39.4%Adjusted Ebitda margin57.5%69.0%Operating profit11.215.5-27.7%Operating margin64.4%64.9%Net income8.311.2-25.9%Earnings per share, SEK0.250.33-24.2%Ordinary annual dividend per share, SEK00