Redeye comments on Fable Media Group’s Q1 2026 results, which came in below our estimates on both revenue and profitability, though the miss does not alter our investment thesis. Reported net sales declined 8% y/y to SEK 15.8m, but approximately one third of the y/y decline is attributable to FX effects alone. Management has maintained its full-year 2026 guidance of SEK 70-85m in net sales and SEK 45–55m in Adjusted EBITDA, and April has already delivered the highest monthly net sales since the Brazil regulatory changes in early 2025, providing a constructive setup ahead of the FIFA World Cup cycle.
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