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SENASTE
G5 delivered a Q1/22 report which was a little below consensus, likely thanks to slightly higher extraordinary costs (SEK 15m) from the war in Ukraine, with reported EBIT of SEK 54m, -12.1% vs. cons. Adjusted for these G5 would have had its strongest EBIT margin ever of 20.6%. We are also encouraged by the strong gross margin of 66.7% (+1.1pp vs. cons), thanks to 70.5% of revenues now being generated by own games (up 3.5pp q-o-q).
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