Q1e: 19% org. growth and 43% adj. EBITDA margin
We forecast Q1 normalised sales and adj. EBITDA of EUR 28m and 12.2m, respectively, corresponding to sales growth of 48% y-o-y (19% organically) and a normalised adj. EBITDA margin of 43%. Sequentially, we estimate platform sales to be flattish following weaker seasonality after a strong Q4 including the WC, partly offset by underlying growth on the continued addition of new signings. In Media, we expect 13% q-o-q growth, mainly on the addition of AskGamblers from Feb'23 and onwards. On opex, we expect limited opex changes sequentially following the savings programme, offset by a small increase in normalised marketing due to higher media revenue.
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