1、 Disclosures&Disclaimer This report must be read with the disclosures and the analyst certifications in the Disclosure appendix,and with the Disclaimer,which forms part of it.Issuer of report:HSBC Bank Middle East Ltd,DIFC View HSBC Global Investment Research at:https:/ Thank you for your supportSee

2、 resultsHSBC in Extel Survey 2025 1Q26:Solid beat and unchanged FY26 guidance Raising FY26e bookings by 1%and HSBC EPS by c2%Maintain Buy and increase TP to USD191(from USD190)1Q26 top line and earnings beat:EA released a good set of 1Q26 results after market close on July 29th.Net bookings at USD1,

3、298m were+3%y-o-y and+4%ahead of Visible Alpha consensus,which management attributed to strong performance from titles EA FC and Split Fiction and better-than-expected results from Apex,with strong game sales(bookings+27%y-o-y)helping offset softer Live Services(bookings down 1%y-o-y,up“single digit

4、s”when excluding Apex).Net revenues of USD1,382m were+1%y-o-y(+3%vs HSBCe),adj.gross profit at USD1,032m was+2%y-o-y(+6%vs HSBCe),adj.operating income of USD77m was-46%y-o-y(+192%vs HSBCe),while adj.EPS at USD0.25 beat HSBCe(USD0.11)and consensus(USD0.10)estimates.26e outlook unchanged with some shu

5、ffling:2Q26 bookings guidance of USD1,850m(at the range midpoint)fell short of consensus estimate of USD2,040m which EA attributed to the decision to phase Sports FC Deluxe Edition content into 3Q26 and a more normalised demand curve for FC College Football this year(vs more front loaded unit sale c

6、omps accompanying launch last year).But FY26 bookings guidance of USD7,800m(at the range midpoint)was unchanged supported by forecast growth in Madden NFL 26 bookings and positive FX tailwinds.EA would not comment on claims in an Associated Pres report from June 30th that they were considering expan