XP Factory’s (XP) FY26 trading update points to broadly in line revenue of £59m (CavE: £60.0m), although adj. EBITDA (Pre-IFRS16) will be “marginally ahead” of our CavE £5.2m estimate. LFLs seen were consistent with much of the commentary through FY26; negative in Boom and positive in Escape Hunt (EH). The more challenging competitive socialising backdrop is sharpening management’s focus on the EH consolidation opportunity in the short term. In our view, EH remains a highly scalable format with ....
