Q1 adj. EBITDA miss, but unchanged guidance

A new base

Outlook remains uncertain

'25 guidance mid-point well below cons

Stronger Q4, but muted '25e could remain

Big Q4 beat, but cons '25e revisions might be small

Brazil in focus, as we see downside to '25e

ICE 2025: what we learned

Lack of visibility remains

Pre-announced EBITDA, but big EBIT miss

Reset

Q3 PW and sharp '24 target downgrade

Targets at risk after another miss

Q2 miss, and NDC's did not reassure

Busy Q2, but uncertainty remains

Q2 supported by Euros and Copa America, but note tough comps. Minor revisions; we arrive near the low-end of '24e EBITDA target. Stay away for now; a better entry should come.

Uncertain outlook - keep HOLD

Soft Q1 margin and rev-share NDC intake making us cut '24e and '25e adj. EBITA by 2% and 4%. Keep HOLD on uncertain outlook and limited valuation support.

Q1 miss, 4% below cons adj. EBITDA

Mind the comps

Q1e: 12% pro forma revenue decline y-o-y on notably tough comps. We cut '25e North America growth, weighing 6% on '25e-'26e EBITA. Maintain HOLD – keep awaiting a better entry point.

Better Collective - All aboard the rev-share train

Q3 miss does not deflate our optimism Solid outlook remains, limited adj. EBITA revisions Retain BUY at 8x ‘23e EV/EBITA

Better Collective - Reiterated 2022 targets is reassuring

Q3: miss on numbers, partly due to more rev-share We expect limited revisions on reiterated targets Share should outperform slightly today