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G5 Entertainment Q2: Below expectations driven by revenue - SEB

G5 numbers come in below expectations, accentuated by negative forex-related items on the P&L, but also c. SEK 4m lower than consensus on EBIT accounting for this. Our take is that this is driven by lower revenue as underlying opex was in line with our expectations. We estimate FY24 mechanical revisions to EBIT of c. -5%, or c. -2.5% underlying when accounting for forex items.

G5 numbers come in below expectations, accentuated by negative forex-related items on the P&L, but also c. SEK 4m lower than consensus on EBIT accounting for this. Our take is that this is driven by lower revenue as underlying opex was in line with our expectations. We estimate FY24 mechanical revisions to EBIT of c. -5%, or c. -2.5% underlying when accounting for forex items.
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