Equity research Angler Gaming, Q2 2026: Growth confirmed, margins at new highs

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Angler Gaming delivered a strong Q2, with revenue of EUR 8.4m, beating our EUR 8.2m estimate, and EBIT of EUR 2.9m, well above our EUR 1.8m forecast. The EBIT margin reached 33.9%, reflecting the full benefit of the renegotiated B2B model. We raise our fair value to SEK 7.9 per share (6.3) on upgraded estimates across the forecast period.

Revenue inflection confirmed, profitability surges

Net revenue of EUR 8.4m grew 27% year on year, beating our EUR 8.2m estimate by 2%. B2B operations drove the bulk of the growth, with the proprietary iGaming platform continuing to gain traction among partners. B2C revenues from PremierGaming remained a small but stable contributor, accounting for 3.5% of group revenue in the quarter.

Gross profit rose 65% to EUR 4.7m, with the gross margin expanding to 55.1% from 42.4%. Operating expenses declined 7% year on year despite the revenue increase, and EBIT of EUR 2.9m (our est. EUR 1.8m) corresponded to a margin of 33.9%, up from 13.6% in Q2 2025. The improvement reflects both the B2B model transition, which shifted payment costs to partners, and continued cost discipline across the group. Cash from operations reached EUR 2.6m at the end of Q2, up from EUR 0.9m a year earlier.

Momentum carries into Q3, platform strategy takes shape

The Q3 2026 trading update is encouraging, with average daily net gaming revenue running 21% above the full Q3 2025 level. This confirms that the revenue inflection we anticipated around Q2 is now firmly established.

The B2B platform remains the primary growth engine. Management continues to emphasise the competitive advantage of a fully configurable, proprietary iGaming platform, and the formalisation of software development as a standalone technology unit is expected to be completed during 2026. We view this initiative as an opportunity to sustain the strong momentum. On the B2C side, PremierGaming is refining its niche strategy with a more innovative product approach planned for H2 2026, while maintaining disciplined marketing spend. The Board did not recommend a dividend for FY2025, prioritising growth investment. Given the strong earnings trajectory, we see scope for resumed distributions in 2027.

Estimates raised and fair value lifted

We raise our full-year 2026 revenue estimate by 3.7% to EUR 35.4m and our EBIT estimate by a material 22.3% to EUR 11.1m, reflecting the stronger-than-expected margin expansion. Our new fair value is calculated at SEK 7.9 per share (6.3) over the upcoming 6-month period. Out valuation corresponds to an EV/EBIT NTM of 4.9x and P/E NTM of 6.0x. This can be compared to the reference group, currently valued at a media EV/EBIT NTM of 8.3x and P/E NTM of 11.3x.

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