Gentoo Media

* Guidance downgrade following Brazil ban * New financing includes both a new loan and an equity raise * Trading at 4x '27e P/E at the subscription price of the equity issue Brazil ban leads to guidance downgrade Following the Brazilian President's decree...

* Sports margin flat y-o-y as FIFA World Cup... * ...did not aid the operations as much as we had expected * Trading 30-35% below peers at 3.8x '26e EV/EBITDA World Cup did not aid Q2 Q2 was a bit softer than we had anticipated on both revenue and adj...

* Q2 adj. EBITDA 19% below FactSet consensus * '26 adj. EBITDA guidance down to EUR 44-47m (49-54m) * Value of deposits up 3% q-o-q to EUR 207m Q2 outcome Gentoo reported Q2 revenue of EUR 22.9m, corresponding to a -9% y-o-y decline. This was 12% below...

* Q2e: 6% revenue growth y-o-y * '26e adj. EBITDA just below the low end of '26 guidance * Trading ~30% below peers at ~4x '26e EV/EBITDA World Cup unlikely to be a significant tailwind We expect Q2 revenue of EUR 26m, implying 6% y-o-y growth. This ...