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G5 Entertainment: EBIT impacted by weaker USD - SEB

G5 reported sales of SEK 316.7m (+0.5% vs SEB 315.2m and -2.6% vs cons 325.0m) but EBIT of SEK 10m was -64% vs cons, driven by revaluations of USD denominated items on the balance sheet. Adjusting for that, EBIT was SEK 25m. Still 16% below consensus, which should trigger downward revisions of about 3-5% to 2024E adj. EBIT. Organic growth was -12%, weak; we expected -11% so in that regard, the weaker sales development does not come as a surprise to us.

G5 reported sales of SEK 316.7m (+0.5% vs SEB 315.2m and -2.6% vs cons 325.0m) but EBIT of SEK 10m was -64% vs cons, driven by revaluations of USD denominated items on the balance sheet. Adjusting for that, EBIT was SEK 25m. Still 16% below consensus, which should trigger downward revisions of about 3-5% to 2024E adj. EBIT. Organic growth was -12%, weak; we expected -11% so in that regard, the weaker sales development does not come as a surprise to us.
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