Gentoo Media

* Guidance downgrade following Brazil ban * New financing includes both a new loan and an equity raise * Trading at 4x '27e P/E at the subscription price of the equity issue Brazil ban leads to guidance downgrade Following the Brazilian President's decree...

* Sports margin flat y-o-y as FIFA World Cup... * ...did not aid the operations as much as we had expected * Trading 30-35% below peers at 3.8x '26e EV/EBITDA World Cup did not aid Q2 Q2 was a bit softer than we had anticipated on both revenue and adj...