Better than expected, '24e EBIT up ~25%

Fractal Gaming Group - Our thesis of better times ahead still holds tr...

Sequential improvements, but 6% sales miss We cut ‘23e-‘24e EBIT by 7% on FX and higher D&A 2023e should be a solid year – we reiterate BUY

Fractal Gaming Group - In line with ests. – relief in the share warran...

27% org. growth, sales -6% vs. ABGe and -2% vs. cons. EBIT SEK 7m (ABGSCe SEK 7m) Cuts to EBIT, but relief in the share warranted, +10%

Fractal Gaming Group - Growth to come, GPU shortages gone

Improved growth rates ahead as external headwinds fade Pent-up demand to drive 13% org. growth in ’23e Market to regain trust as growth returns: up to BUY (Hold)

Fractal Gaming Group - Improved growth rates on the agenda

Q2 sales hurt by a weak market and inventory releases ‘22e-‘23e sales cut by 3% - we still expect growth in H2 TP down to SEK 24 (25) on lowered ests. – keep HOLD

Fractal Gaming Group - Q2 on the weak side, but positive H2 signs

Sales 0% vs. ABGSCe, -8% y-o-y EBIT SEK -7.5m (ABGSCe SEK -4m) Neutral share price reaction warranted

Fractal Gaming Group - Too many negative data points

Sales set to improve in H2e… …but many negative data points make us cautious We downgrade to HOLD (Buy), TP of SEK 25 (28)

Fractal Gaming Group - Corsair issues another profit warning

Q2 sales down 40% y-o-y, -19% vs. cons… …but it still sees an improving self-built gaming market Negative read-across to Fractal

Fractal Gaming Group - Up to BUY on recent weakness

External headwinds starting to fade… …but one more tough quarter before the tide turns Valuation now attractive, time to accumulate slowly: BUY

Fractal Gaming Group - Better than expected

Sales +12% vs. ABGSCe, -31% y-o-y EBIT SEK 7.3m (ABGSCe SEK -0.6m, cons. SEK -2.8m) Share to outperform the market today, up 5%

Fractal Gaming Group - Corsair’s pre-released Q1 sales -15% vs. cons.

Preliminary Q1 sales of USD 380m was -15% vs. cons Highlights recently declining GPU prices – positive for H2 Neutral to slightly negative read-across to Fractal

Fractal Gaming Group - Late Q1 gift from USTR

Reinstated product tariff exclusion in the US… …which gives Fractal repayments of USD 0.7m Share to outperform the market tomorrow

Fractal Gaming Group - Market conditions yet to improve

10% sales beat, but market will remain weak in H1’22 We cut ’22e-‘23e EBIT by 11-6% due to higher opex Near-term uncertainty remains; HOLD, TP SEK 28 (30)

Fractal Gaming Group - A small step forward

Organic sales +2% y-o-y (ABGSCe -7%) Adj. EBIT SEK -1.6m (ABGe SEK 0.6m, cons SEK 2.4m) Share to outperform the market today

Fractal Gaming Group - No drama to Corsair’s pre-released FY’21 sales

Pre-released ’21 sales in conjunction with its investor day Guidance of 0-11% sales growth in a back heavy 2022 Improved sales for Fractal in H2’22e - reiterate HOLD

Fractal Gaming Group - Not yet out of the woods

Challenging market conditions have continued in Q4 We keep our estimates largely unchanged Maintain HOLD and TP of SEK 30

Fractal Gaming Group - Challenging near-term, improvements in H2’22

GPU prices and freight rates remain high Muted growth in ‘21e, albeit positive outlook for H2’22 2022e will be better, but it will also be back-heavy; HOLD

Fractal Gaming Group - Weak quarter, but 2022 looks much better

GPU shortages continue to hurt demand Small changes to ’21e-’23e sales, but lowered GMs 2022 will be better, but reiterate HOLD and TP SEK 30

Fractal Gaming Group - Continued headaches

Organic sales -53% y-o-y (ABGSCe -51%) Adj. EBIT SEK -6m (ABGe SEK -1.5m, cons SEK -0.4m) Share expected to underperform slightly today

Fractal Gaming Group - GPU shortage headaches

Expect a soft Q3 due to challenging market conditions Lowered estimates on GPU shortages & production halts Not out of the woods – HOLD, TP down to SEK 30 (31)