Redeye updates its estimates following Fable Media Group's Q2 2026 report, which we view as a strong quarter that came in bang in line with our expectations. Net sales grew 19% year-on-year to SEK20.2m, with an Adjusted EBITDA margin of 64% that remains comfortably industry-leading. We were positively surprised that Fable entered new markets during the quarter, an area where the company has historically excelled at finding and monetising fresh opportunities, and we think management's selective approach to First-Time Depositor (FTD) acquisition, prioritising return on investment over raw volume, is the right discipline for a margin-driven business. We leave our 2026e-2027e estimates essentially unchanged, noting they still sit toward the bottom half of Fable's own guided range, and raise our Base Case following an upgrade to our People score. With a bright start to Q3, continuing quarterly dividends and a continued attractive valuation, we see the setup into H2 2026 as constructive.
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