G%: Q4, sales in-line with but slighlty weak gross margin – SEB

G5 reported in-line with consensus overall, but with a slightly weaker gross margin of 67.1%(vs SEBe 67.9%) driven by higher than expected royalties due to own games coming in at 71%(vs SEBe 74%) of total revenues. User acquisition costs in the quarter were SEK 68m(vs SEBe 77m), which is in the lower half of their guidance of 17-22% of revenues. EBIT margin of 13.1% was in-line with consensus.

https://research.sebgroup.com/corporate/reports/118934

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