For Q3, we expect 2% q/q group revenue growth (3% y/y) thanks to modest improvement in Games revenue and the consolidation of Ruby Games, and a sequential uplift in adjusted EBIT margin due to lower UA spend, mainly for Small Town Murders and Darkfire Heroes. Our Q3 estimates are 1% above Refinitiv consensus for revenue and 19% above for adjusted EBIT. Looking ahead to 2022, we see the upside from the launch of Hunter Assassin 2 (a sequel to Hunter Assassin, the sixth-most-downloaded game globally in 2020) by the recently acquired Ruby Games. Our updated fair value range is EUR 6.9-8.7 (6.9-9.0). Marketing material commissioned by Rovio.

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