Lead generation company Fable Media has been informed of negative changes to affiliate agreements due to new legislation in the Brazilian market. This is expected to have a negative impact on the company's quarterly revenue and ebitda of approximately SEK 5 million from the first quarter of 2025, according to a press release.

"However, strong growth in other regions is expected to significantly mitigate the negative impact from the Brazilian market for the remainder of 2025," the company writes.

The background is the regulation of the Brazilian gaming market that has led to operators revising their affiliate agreements. The changes include reduced commissions for affiliates in Brazil to compensate for taxes and other costs associated with the new licenses.