Equity analysis Angler Gaming, Q2 2026: Revenue and EBIT beat

Angler Gaming has reported its Q2 2026 interim outcomes. Revenue printed at EUR 8.4m, equivalent to a progress of 27% and a couple of% above our EUR 8.2m estimate. Gross revenue reached EURm 4.7, 13% forward of our EURm 4.1 forecast, with the gross margin increasing to 55% from 42% a 12 months earlier.

EBIT of EUR 2.9m beat our estimate of EUR 1.8m and up by a powerful 218% YoY. We initially attribute the profitability beat to decrease opex relative to our assumptions, with value of providers, advertising and marketing, and personnel bills all printing beneath expectations. Basic EPS got here in at EUR 0.032, 77% above our EUR 0.018 estimate and up, once more by a powerful determine of 413% YoY, additionally highlighting scalability.

We intend to publish a full Research Update throughout the coming days, revisiting our estimates and truthful worth in mild of the reported outcome.

 

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