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G5 Entertainment Q1: EBIT above expectations - SEB

While missing 1% on the top line versus consensus, Q1 EBIT came in above expectations supported by FX-related gains; accounting for this, EBIT was +2% vs consensus for the quarter. FCF is strong at SEK 85m, growing 100% y/y, supported by working capital. The company sees Q1 user metrics as supportive versus previous quarters, although highlights Q2 and Q3 as normally seasonally challenging. We expect largely neutral revisions.

While missing 1% on the top line versus consensus, Q1 EBIT came in above expectations supported by FX-related gains; accounting for this, EBIT was +2% vs consensus for the quarter. FCF is strong at SEK 85m, growing 100% y/y, supported by working capital. The company sees Q1 user metrics as supportive versus previous quarters, although highlights Q2 and Q3 as normally seasonally challenging. We expect largely neutral revisions.
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