XP Factory’s (XP) Christmas trading update is reflective of a challenging experiential leisure backdrop with negative LFLs in Boom Battle Bar (Boom), prompting management to downgrade guidance. Trading at Escape Hunt (EH) has been resilient with LFLs in positive territory. Reflecting the macro environment, XP will slow the pace of new EH site rollouts to maintain financial prudence. We downgrade our FY26E adj. EBITDA (Pre IFRS16) estimate by 31.9% to £5.2m, towards the bottom of the guidance ran ....
