Redeye views the headline figures for Q1 2026 as a soft but not material miss. Adjusted EBITDA of SEK9.0m missed our estimate by 16.3%, with the adjusted EBITDA margin of 56.7% below the 61% in Q1 2025, though it remains comfortably the highest in the peer group. The operational picture is more encouraging, with referred First-Time Depositors (FTDs) rose 58% sequentially to 13,410, April indicated the highest monthly net sales since Brazil's regulatory changes in early 2025, and management maintained full-year guidance of SEK70-85m in net sales and SEK45-55m in Adjusted EBITDA. We make modest revisions while maintaining the Base Case at SEK7. At a share price of SEK5.40, the stock offers a forward dividend yield of approximately 15% on our 2026e estimates, and with the FIFA World Cup approaching, we view the current setup as compelling.
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