Angler Gaming: Q1 2026: Growth and margin expansion signals inflection point - Carlsquare
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Angler Gaming: Q1 2026: Growth and margin expansion signals inflection point - Carlsquare

Angler Gaming delivered a strong quarter with a return to revenue growth trajectory, in line with our estimate, and an EBIT beat by a full 49%. The gross margin expanded sharply to 58% from 43% in Q1 2025. The trading update shows average daily NGR running 24.84% above the full Q2 2025 level, signalling clear momentum.

Our new fair value is SEK 6.3 per share (5.1) over a 6-month investment horizon. At the current share price, the stock trades at an EV/EBIT NTM of 3.4x, a discount of ~63% to the reference group. We consider this discount excessive, given the demonstrated margin expansion and the outlook for a more sustainable growth path.
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