Redeye views Q4 as a soft but expected quarter, fully explained by Brazil. Excluding Brazil, Fable delivered 18% growth, highlighting the strength of its core operations. With clear 2026 guidance of strong growth, tailwinds from the FIFA World Cup, renegotiated partner terms, and momentum outside Brazil, we believe the setup for 2026 is attractive. Trading at sub 5x EV/FCF with industry-leading margins, the valuation remains compelling.

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