Preliminary Q1 2026: revenue €285M (-3% y/y), operating income/EBIT €34M (-47% y/y). B2B licensing revenue plunged 43% to €51M, blamed on lower activity from a single unnamed customer. Shares fell more than 20% intraday and closed down 14.4% at SEK 90.10. Regional results: Latin America +24% (€93M), CEECA -21% (€96M), Nordics -18% (€31M), Western Europe +9% (€61M). Gross margin declined to 57.6% from 64% as locally regulated (higher-tax) revenue reached a record 73%; tax costs rose to €53M from €45M. Management said several unprofitable B2C markets cost €10–15M per quarter; early Q2 daily revenue tracking ~9% above the same period in 2025. Full Q1 report due April 24.

EBIT fell 47% to €34M and B2B licensing revenue collapsed 43% to €51M due to lower activity from a single customer; shares dropped >20% intraday and closed down 14.4%, gross margin fell to 57.6% and tax costs increased—concrete financial declines and immediate share-price reaction justify negative sentiment and material near-term market impact.