Redeye updates on G5 Entertainment after Q3-results which showed a somewhat soft topline but strong profitability supported by a solid gross margin and cost optimisations. We have lowered our growth assumptions after the report, but higher gross margin and reduced opex assumptions result in a net positive effect on earnings forecasts. While the core games are still declining, new growth drivers are gradually developing, led by the G5 Store, third-party distribution and further positive progress in the soft launch of Spooky Suites. We still expect a return to growth, although we push it out to 2028E from previously 2027E.
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