At first glance, G5's results came in lower than expected although diving into the numbers, it seems to be mainly driven by 1) larger negative FX impact on EBIT and 2) higher user acquisition spend. Accounting for this, results are largely in line with our expectations. At a -1.7% q/q organic growth into a seasonally weaker Q2 and a step-up in UA spend, it could be an indication of improvements ahead. Mechanical revisions excl. FX (but incl. higher UA) is -6% on FY2025 EBIT.

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