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USWE Sports: Getting in shape for a new season
Research update Q3 2025/26
|2026-01-30
- Revenue below expectations, but margins improved
- US presence strengthened across multiple fronts
- We maintain our fair value estimate of SEK 13.46 per share.
Revenues for Q3 in USWE Sports’ fiscal year 2025/26 amounted to MSEK 32.9, clearly below our forecast of MSEK 37.8. At the same time, the company continued to demonstrate solid cost control, with both gross and EBITDA margins strengthening in line with our assumptions of 58 percent and 10 percent respectively. The weaker revenue outcome prompts adjustments to our short-term assumptions. Our long-term view, however, remains unchanged and we reiterate our fair value of SEK 13.46 per share.
Read our latest analysis below. The report is available in Swedish.
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Tobias Karlsson
Analyst
Erik von der Lancken
Analyst