Redeye updates on Embracer post Q2-results which were stronger than expected in both Fellowship and Embracer ex Fellowship. The outlook for H2 remains positive with Stage Tour and Dawn of War IV as key releases in Q3 while the main release is Metro 2039 in Q4. We have raised our 2026/27E forecasts on the back of the report while group Cash EBIT for 2027/28-28/29E is largely unchanged, albeit with shifts between Fellowship and Embracer ex Fellowship.
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