In H1 FY25, LBG grew revenue by 13% and Adjusted EBITDA by 18% yoy, tracking well against our full year expectations. LBG remains confident in growing FY25 revenue by 10% in constant currency. Due solely to the weak US dollar, we lower revenue and Adjusted EBITDA forecasts by 2% and 5%, respectively. We continue to forecast double digit revenue growth and widening margins and believe LBG is mispriced. We believe the value of LBG’s proprietary access and engagement with Gen Z and Millennials is o ....
