Huuuge Inc. – Analytical Report – update

On the occasion of the publication of the 2Q25 results, the Management Board announced the adoption of a capital distribution policy, which assumes the payment of 50-100% of free cash flow as early as next year. The results of 2Q25 prompted us to slightly adjust our forecasts, we increased the expected marketing expenditures, therefore, after the recent increase in the exchange rate, we decided to lower our recommendation from BUY to ACCUMULATE, and we set the target at PLN 27.3 (p 27.8) The long-awaited capital distribution policy and another share buyback