I’ve tried to translate, but there seem to be some references and in-jokes for the Kinnikuman series that I’m not familiar with, so sorry if this makes no sense:
 
Panel 1: It’s the “Who is the real princess?” challenge!  
[L-R] Twilight Soldier, Twilight Mariposa, Twilight Phoenix, Twilight Big Body  
Ehhhh…..!? What’s this “Scramble for the Throne”-like thing… Hey wait a minute, don’t give me that “Big Body” crap! Who do you take me for!!??
 
Panel 2 [it appears that the order is left to right]: And then… Twilight Zebra is Zecora!!
 
Panel 3: I was asked to fill a gap by that floating severed head… I mean that Evil God.  
What do you mean “fill a gap”!? And who the heck is the “Evil God”!!??
 
Panel 4: No way… The Evil God is Princess Celestia?!  
-Celestia? No….. My name is “Celestia of Intelligence”.  
-Wouldn’t you reject Celestia’s and the Evil God’s descent?!
 
Panel 5: Eh? What? Didn’t catch that!  
-Woah… I wanna punch you so bad right now!!  
One way or another, a long battle has begun.