Slight Media miss but solid start to Q2 and kept FY guidance
GiG Media delivered a solid 21% of organic sales growth, and 52% in total following strong contribution from AskGamblers, and the recent inclusion of KaFe Rocks. Media sales were 4% below our and consensus expectations, however, but costs were lower as well so the EBITDA miss was only 3% which is neglectable among iGaming affiliates. While sales were a bit short compared to our and consensus expectations, we are encouraged by the cost control in Q1. The q-o-q top line growth in Media was 6% which initially looks soft given the inclusion of KaFe Rocks during December, but remember that Q4 was particularly strong making the sequential comps tough. April figures of ~EUR 10m, up 19% organically, looks solid, where our pre-Q1 estimates are at EUR 31m for the full Q2. We also highlight that Q2 is likely somewhat tilted towards the latter part given the Euro's 2024 as well as Copa America 2024. The full year sales guidance of EUR 125-135m is reiterated, where we and consensus are close to the mid point. As such, we expect limited Media revisions from consensus.
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