Gaming Innovation GroupDelivering ~20% organic grow: th like clockwork - ABG

Q4 adj. EBITDA sightly below expectations on accelerated costs
Strong Media figures across the board, org. growth of ~24%
P&S division in transformation with multiple product launches


Strong Q4 top line with 20% organic growth remaining

GiG delivered normalised revenue of EUR 35.6m which is 6% vs ABGSCe 33.5m and 1% vs FS cons EUR 35.4m, +12% q-o-q and +37% y-o-y driven by 20% organic growth, coupled with contribution from the acquisition of AskGamblers (and slightly from KaFe Rocks in December as well). Group adj. EBITDA reached EUR 14.2m excluding split related costs (-3% vs ABGSCe EUR 14.7m and -8% vs cons EUR 15.5m), for a normalised margin of 40% which is 4pp lower than we expected, driven by both higher marketing costs and other opex. On division mix, we note that Media came in 10% better than we expected on both top line and adj. EBITDA, with strong y-o-y growth of 49% on the top line (24% organically according to our calculation), with 40% adj. EBITDA growth. Furthermore, FTD's once again came in strong, up 19% y-o-y despite tough comps from the World Cup. Platform and Sports Betting was 4% below ABGSCe on revenue, and significantly below on adj. EBITDA on higher costs e.g., driven by several senior hires as it is preparing for the split later during 2024, and a new series of product launches which were showcased on ICE last week.

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