Q1 was a setback, but it could be temporary if G5 manages to reallocate UA spend to be more evenly spread over the year and be less dependent on the high season. The distribution of third-party games is picking up, while 2026 looks to be an investing year, as management expects significant cost savings to be reinvested into accelerated user acquisition spend. Our new fair value is SEK 77-124 per share (mid-point: SEK 98).
